Blue Note Mining Closes $1,000,000 Flow Through Financing with MineralFields

    
    Shares Outstanding: 104.8 Million
    Symbol & Exchange: BNT.V
    

MONTREAL, March 16 /CNW Telbec/ - Blue Note Mining Inc. ("Blue Note" or the "Company") announces that it has closed a non-brokered private placement through the sale of 8,333,333 Flow-Through Units ("FT Units") at $0.12 per unit to the MineralFields Group for total gross proceeds of $1,000,000. Each FT Unit consists of one flow-through common share along with a full common share purchase warrant, each warrant being exercisable at $0.25 expiring 2 years from closing. Conditional acceptance to this private placement was issued by the TSX Venture Exchange on March 11, 2010.

The proceeds will be allocated to the Company's Canadian projects, which include carrying out eligible flow-through activities on the Company's properties located in the Val-d'Or region of Quebec. "We are pleased with our continued working relationship with MineralFields Group as we continue the development of our newly acquired properties in Val-d'Or, Québec." said John Martin, Chief Operating Officer of Blue Note.

With respect to the $1,000,000 investment by MineralFields Group, Limited Market Dealer Inc. obtained a finder's fee of 5% in cash and options equal to 10% of the number of units subscribed for on the same terms as the FT Units, at an exercise price of $0.12 per option for a period of 24 months. Each option consists of one flow-through common share along with a full common share purchase warrant, each warrant being exercisable at $0.25 expiring 2 years from closing. All of the securities issued pursuant to this offering will have a hold period until July 17, 2010.

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 Val-d'Or region of Quebec and northern New Brunswick. The company's shares trade on the TSX Venture Exchange under the symbol BNT.

About MineralFields, Pathway and First Canadian Securities (R)

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities (R) (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities (R).

    
    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, 1-800-937-3095 x230, gmassad@bluenotemining.ca, www.bluenotemining.ca

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Blue Note Mining Inc.

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