Blue Note Mining Inc. Announces Year-End Financial & Operating Results; Provides Updates



    Shares outstanding: 271 Million
    Symbol & Exchange: BN-TSXV

    MONTREAL, April 23 /CNW Telbec/ - Blue Note Mining Inc. announces that it
has published its financial statements and Management's Discussion and
Analysis for the year ended December 31, 2006. Key highlights include:

    
    - At December 31, 2006, cash & cash equivalents, including short-term
      investments, stood at $46,569,047.
    - The Company realized a net loss of $5,513,776 or $0.042 per share in
      2006 compared to a net loss of $391,915 or $0.065 per share in 2005.
    

    The Company has also re-stated and re-filed its third quarter statements
for the period ending September 30, 2006, following a review of the fair value
of its convertible debenture with Breakwater Resources Ltd. Based on an
independent valuation, the effective interest rate, originally set at 5.875%,
was established at 10.5%. The review has resulted in a decrease of $2,118,577
in the valuation of the convertible debenture, an increase of $2,167,537 in
the equity component of the convertible debenture and a non-cash increase of
$48,960 in accretion expense for the third quarter. Details of the restatement
are found in the notes to the restated financial statements on www.sedar.com.
    As an update on on-going litigation previously announced, the action for
declaratory judgment against the Fern Trust instituted by the Company and the
action of the Fern Trust for their claim of an "anticipatory breach" of the
terms of a 10% net profit interest they claim against the Caribou Mine has
been consolidated to bring all of the facts in front of the courts in the most
expeditious fashion; this will include a decision on whether the Fern Trust
has any rights under the net profits interest ("NPI") and in their claim of
$40 million for anticipatory breach. A copy of a document, purportedly being
the signed NPI, which is being claimed to have been transferred to the Fern
Trust, has been delivered. This will allow the Court to focus on the
substantive issues around this matter after considering the evidence which may
or may not confirm this document.
    John Mavridis, Vice-President Legal and Corporate Affairs for Blue Note
Mining Inc. stated "In reviewing the history of this matter with investors and
Blue Note's outside counsel, there has been nothing presented to us so far in
this litigation that would allow us to feel less comfortable with our position
in law."

    Blue Note Mining is a mineral exploration and mine development company
with properties in New Brunswick. The company's shares trade on the TSX
Venture Exchange under the symbol BN.

    Forward-Looking Statements

    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 Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this news release.




For further information:

For further information: Lorne Woods, Vice President, Investor
Relations, Blue Note Mining, (800) 937-3095, lwoods@bluenotemining.ca;
www.bluenotemining.ca

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Blue Note Mining Inc.

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