Blue Note Mining Reports Second Quarter Results - Concentrate Tonnage Sales Increase by 42%



    Shares Outstanding: 363 Million
    Symbol & Exchange: BN-TSX

    MONTREAL, Aug. 14 /CNW Telbec/ - Blue Note Mining reports the volume of
concentrate sold in the quarter ended June 30, 2008 was 42% higher than the
previous quarter. However, lower metal prices resulted in a revenue increase
of only 24% or $5 million, to $25.8 million for the period.
    Net losses in the quarter were $12.7 million or $0.035 per share compared
to $2.5 million or $0.01 per share in the first quarter of 2007.
    Blue Note invested approximately $3.3 million in its mining and
exploration activities during the quarter. The company's current cash and
short-term investment position is $ 18.4 million.

    
    Financial Highlights
    --------------------

    -------------------------------------------------------------------------
    For the three months                             2008               2007
    ended June 30
    -------------------------------------------------------------------------
                                                        $                  $
    -------------------------------------------------------------------------
    Revenues                                   25,796,421                  -
    -------------------------------------------------------------------------
    Direct operating expenses                  29,104,620                  -
    -------------------------------------------------------------------------
    Other expenses                              9,353,833          2,910,052
    -------------------------------------------------------------------------
    Consolidated net loss                     (12,662,032)        (2,486,197)
    -------------------------------------------------------------------------
    Per share consolidated net
     loss                                          (0.035)            (0.009)
    -------------------------------------------------------------------------

    Zinc concentrate sold in the quarter amounted to 19,283 wet metric tonnes.
An additional 8,401 wet metric tonnes of zinc concentrate were shipped in late
June and delivered in July. The revenue associated with this shipment will be
recorded in the third quarter of 2008. A total of 15,415 wet metric tonnes of
lead concentrate were sold in the quarter.

    Production numbers for the Second Quarter 2008:

                                                     2008               2008
                                       Three months ended   Six months ended
                                                  June 30,           June 30,
    -------------------------------------------------------------------------
    Ore Production - Mine
                            Caribou
                            Ore (tonnes)          107,598            207,054
                            Zinc (%)                 5.47               5.10
                            Lead (%)                 2.43               2.40
                            Copper (%)               0.28               0.25
                            Silver (g/t)               55                 62
                            Restigouche
                            Ore (tonnes)          131,634            257,319
                            Zinc (%)                 6.57               6.77
                            Lead (%)                 4.93               5.06
                            Copper (%)               0.25               0.26
                            Silver (g/t)              103                104

    Ore Production - Mill
                            Ore Milled (tonnes)   247,951            468,786
                            Zinc (%)                 6.14               5.95
                            Lead (%)                 3.78               3.75
                            Silver (g/t)               83                 88

    Concentrate Production
                    - Zinc  Tonnes                 23,271             42,269
                            Recovery (%Zn)           77.0               74.9
                            Grade (%Zn)              50.3               49.4
                    - Lead  Tonnes                 14,469             26,072
                            Recovery (% Pb)          67.7               64.7
                                     (% Ag)          37.5               35.6
                            Grade    (% Pb)          43.8               43.7
                                  (gm/t Ag)           534                562

    Metal in Concentrates
                            Zinc (tonnes)          11,699             20,902
                            Lead (tonnes)           6,331             11,386
                            Silver (kg)             7,736             14,594
    

    Complete financial statements and management discussion and analysis are
available on SEDAR at www.sedar.com.

    About Blue Note Mining
    ----------------------

    Blue Note Mining Inc. 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.

    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 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

Organization Profile

Blue Note Mining Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890