MONTREAL, Dec. 24 /CNW Telbec/ - Blue Note Mining Inc. (TSXV: BNT)
("Blue Note") and First Gold Exploration Inc. (TSXV: EFG) ("First
Gold") report that they have agreed to extend the term of the binding
agreement announced on July 19, 2010 (the "Agreement") providing for
the acquisition by Blue Note of all of First Gold's interests in the
Croinor gold project located near Val-d'Or, Quebec.
Under the terms of the Agreement, Blue Note has already made cash
payments totaling $100,000 to First Gold and, in consideration of an
additional payment of $25,000, Blue Note now has until March 31, 2011
to make a final payment of $2,250,000 to complete the transaction. In
addition, Blue Note shall issue 17.5 million common shares to be held
in escrow, for release at a rate of 500,000 shares per month over 35
months from the date of closing. The transaction includes First Gold's
71% ownership in the Matchi-Manitou property.
About Blue Note Mining
Blue Note Mining is a mineral exploration and mining company
headquartered in Montreal with properties located in known gold regions
of Canada, including the prolific Val-d'Or region of Quebec and
northern New Brunswick.
About First Gold Exploration
The goal of the Company is to create shareholder value by acquiring
promising projects that could be advanced to production stage in a
short period of time. This has been achieved with its interest in the
Croinor gold project, and the currently in progress Rare Metal
Pivert/Rose property, among other promising projects in the pipeline
including the Rare Earth, Rocky Mountain, British Columbia, properties.
This news release contains discussion of items that may constitute
forward-looking statements within the meaning of securities laws that
involve risks and uncertainties. Although the company believes the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurances that its expectations
will be achieved. Factors that could cause actual results to differ
materially from expectations include the effects of general economic
conditions, actions by government authorities, uncertainties associated
with contract negotiations, additional financing requirements, market
acceptance of the Company's products, technical uncertainties
associated with operating an underground mine and competitive
pressures. These factors and others are more fully discussed in Company
filings with Canadian securities regulatory authorities.
"Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
SOURCE Blue Note Mining Inc.
For further information: For further information:
Blue Note shareholders, please contact:
Executive Vice President
(800) 937-3095 x 236
First Gold shareholders, please contact:
Interim President & CEO