Shares Outstanding; 363 Million
Symbol & Exchange: BN-TSX
BATHURST, NB, June 20 /CNW Telbec/ - Hon. Roland Hache, New Brunswick's
Minister of Environment, joined 300 community members, employees and local
politicians for the grand opening of Blue Note Mining's Caribou Mines.
"Two years ago we made the decision to reopen the Caribou mines because
we thought they could make it", said Michael Judson, President and CEO of Blue
Note Mining. "Now over 275 people from the Bathurst community make their
direct livelihood at Blue Note Caribou Mines, we are pleased about this".
Blue Note began operations at the Caribou mines in July 2007, with
commercial production getting underway in January of this year. The company
operates an underground base metal mine 50 kilometers west of Bathurst and the
Restigouche open pit mine 30 kilometers west of there. The combined operation
is designed to process 3,000 tonnes of zinc, lead and copper ore per day.
In July of 2007 the Government of New Brunswick announced a $15-million
loan guarantee to help finance the initial production costs during the
re-start of mining operations and in April 2008, the Government of New
Brunswick and Blue Note announced a $6-million joint investment to increase
reserves and support the current mine and mill infrastructure.
"Our government has been committed to the success of Blue Note Mining's
operation in the province since day one," said Hache. "Blue Note is a company
with the energy and vision to succeed; these are qualities we value in helping
to achieve our goal of becoming a self-sufficient province. The strong working
relationship we have formed between government and the company will help Blue
Note be more successful in our province."
"There is much to be proud of, but we take nothing for granted," says
Chief Operating Officer John Martin, Blue Note Mining. "We know we must be
vigilant and manage our business carefully and work closely with our
employees, our consultants and contractors, our customers, our suppliers, our
community and our government to continue our mission to be a viable, long-term
business and employer in New Brunswick."
The value of mineral production in New Brunswick in 2007 was
$1.57 billion. Exploration companies invested $34 million in the province and
are projected to spend 43 million in 2008.
John Martin, Chief Operating Officer of Blue Note Mining Inc. is a
Qualified Person and has reviewed the technical information contained in this
Blue Note Mining is a Canadian mining company headquartered in Montreal
with operations in Bathurst, New Brunswick. The company's shares trade on the
TSX under the symbol BN.
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 and
competitive pressures. These factors and others are more fully discussed in
Company filings with Canadian securities regulatory authorities.
The TSX does not accept responsibility for the adequacy or accuracy of
this news release.
For further information:
For further information: Media: Glenn Massad, Director of
Communications, Blue Note Mining, (800) 937-3095, ext 230, cell (514)
585-2236; Ryan Donaghy, Communications, Business New Brunswick, (506)
471-5554; For more information on blue note mining: Lorne Woods, Vice
President Investor Relations, Blue Note Mining, (800) 937-3095,