Blue Note Mining Benefits from First Gold's Significant Share Price Increase

MONTREAL, Jan. 22 /CNW Telbec/ - Blue Note Mining Inc. ("Blue Note") (BNT:TSXV) reports that its shareholding in First Gold Exploration (EFG:TSXV) has appreciated substantially in recent days and has a current value of approximately $2.5 million. (See First Gold news releases dated January 19 and 21, 2010)

Blue Note holds 4,376,000 shares of First Gold and the two companies are 50-50 joint venture partners in the Croinor gold mine in Val-D'Or, Quebec that is slated to reopen later this year.

"We are delighted to see this shareholding performing so well," said Michael Judson, Blue Note's Chief Executive Officer. "We wish First Gold continued success".

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 Mexico and Canada, including the prolific Sierra Madre Gold Belt, the Val-d'Or region of Quebec and northern New Brunswick. The company's shares trade on the TSX Venture Exchange under the symbol BNT.

    
    Forward-Looking Statements
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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.

"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: Glenn Massad, Vice President, Investor Relations, Blue Note Mining Inc., (800) 937-3095 x230, gmassad@bluenotemining.ca, www.bluenotemining.ca

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Blue Note Mining Inc.

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