Blue Note Mining Obtains Court Approval For Plan of Arrangement; Restructuring Successful



    Shares Outstanding: 363 Million
    Symbol & Exchange: BN.H-NEX

    MONTREAL, Aug. 4 /CNW Telbec/ - Blue Note Mining Inc. ("Blue Note") is
pleased to report that the Quebec Superior Court has ratified the plan of
arrangement and reorganization that Blue Note had prepared pursuant to the
provisions of the Companies' Creditors Arrangement Act to settle the claims of
its creditors (the "Plan"). Blue Note's creditors voted in favour of the Plan
at a meeting of creditors held on July 17, 2009.
    Under the terms of the Plan, the creditors will receive cash and new
common shares of Blue Note. The Plan also provides for a one for 30 share
consolidation of Blue Note's shares. Upon implementation of the Plan, Blue
Note will have about 48,435,910 shares outstanding and no debt, as Blue Note's
wholly owned subsidiary and operating unit responsible for the ownership and
management of the Caribou Mines, Blue Note Caribou Mines Inc., recently filed
for bankruptcy.
    See news release dated June 12, 2009 for further details of the Plan,
which is also available on SEDAR at www.sedar.com.
    Going forward, Blue Note will continue its business as a Canadian mineral
exploration and mining company with gold and base metal exploration properties
near Bathurst, New Brunswick. It will continue to pursue its business plan of
turning around challenging mining projects and target under-valued mining
opportunities. Blue Note will maintain its status as a reporting issuer in
accordance with Canadian securities laws. Blue Note has applied to be listed
on the TSX Venture Exchange.

    Blue Note Mining is a Canadian mineral exploration and mining company
headquartered in Montreal. The company's shares trade on the NEX under the
symbol BN.

    
    Forward-Looking Statements
    --------------------------
    

    The foregoing statement with respect to working capital is strictly based
on Blue Note's current levels of revenues and expenses and is subject to
change if Blue Note's revenues or expenses vary over the next 12 months. This
news release also contains discussion of other 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 NEX 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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