Shares Outstanding; 362 Million
Symbol & Exchange: BN-TSXV
MONTREAL, Nov. 14 /CNW Telbec/ - Blue Note Mining Inc. (the Corporation)
has filed its unaudited financial statements for the quarter ended September
For this quarter, the Corporation incurred a consolidated net loss of
$ 2,965,678 ($0.01per share) compared to a net loss of $ 1,183,996 ($ 0.01 per
share) for the quarter ended September 30th, 2006.
During the period, the Corporation invested approximately $ 24.1 million
in the re-opening of the Caribou Mines and $ 81,974 in exploration activities.
Mr. John Martin, Chief Operating Officer of Blue Note Mining is happy to
present the following report on the activities at the company's Bathurst
During the 3rd quarter, ore production from the Caribou and Restigouche
mines was 71,300 tonnes and 63,426 tonnes respectively. Development and ground
rehabilitation at Caribou were completed to achieve the production
requirements. Rehabilitation of the bottom level of the underground mine
commenced and an area was prepared to set up a diamond drill to commence
drilling of the inferred resource. This drilling began in late September.
The Caribou underground mine continues to ramp up to full production on
schedule and the Restigouche open pit was operating at full production in
Mill throughput was 120,335 tonnes for the quarter. The stability of the
operations continued to improve as routine start-up problems were addressed
and resolved. Metallurgical performance also improved steadily, over the
quarter, both in terms of metal recoveries and concentrate grades.
By the end of the quarter, lead and zinc concentrates were being produced
to smelter specifications although stability was not yet achieved due
primarily to numerous shutdowns caused by minor problems associated with the
SAG mill liner installation. The lead content in the zinc concentrate, which
was a problem during the initial startup period, was reduced significantly.
Any remaining start-up issues, including the SAG mill problems, will be
addressed during the fourth quarter. With the exception of zinc recovery,
which is expected to be within 95% of full performance, throughput and all
other metallurgical parameters are expected to be at designed levels by years
Lead concentrate, as it was produced daily, was transported to the
Xstrata lead smelter in Belledune. The first shipment of zinc concentrate
totaling 5,600 wet metric tonnes was shipped in October from the Belledune
port to Antwerp for delivery to Nyrstar. A second zinc concentrate shipment is
scheduled for late November.
Additional information relating to the Corporation is available on SEDAR
Blue Note Mining is a Canadian mining company headquartered in Montreal
with operations in Bathurst, New Brunswick. The company's shares trade on the
TSX Venture Exchange under the symbol BN.
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, email@example.com,