Blue Note Mining Signs Definitive Agreement with Amex Exploration

MONTREAL, March 18 /CNW Telbec/ - Blue Note Mining Inc. ("Blue Note") announces that it has entered into a definitive agreement pursuant to which Amex Exploration Inc. ("Amex") has agreed to acquire (the "Transaction") from Blue Note all of the outstanding shares (the "Shares") of X-Ore International Inc., the subsidiary that holds mining assets and conducts exploration activities in Mexico through its subsidiary Minerales X-Ore SA de CV.

The consideration for the Transaction will be staggered cash payments totaling $200,000 and the issuance of 7,000,000 Amex common shares and 1,000,000 common share purchase warrants of Amex to be exercisable over a period of 24 months following their issuance. In addition, Amex has agreed to assume all of X-Ore International and Minerales X-Ore SA de CV obligations and liabilities.

While Blue Note's focus is on near-term production projects like the Croinor gold project, Amex's focus is on highly prospective exploration projects. By becoming a significant shareholder of Amex, Blue Note shareholders will benefit from the advancement of the very prospective Mexico assets while Amex will provide the investment required to pursue the exploration work. Amex managers have had great successes with significant exploration projects in Latin America.

"The Mexican exploration assets should be in the hands of a company which can create the most value with them," said Michael Judson, Blue Note's President and CEO. "Blue Note is involved in some exploration work but it is not our focus. We are a mining company."

"Amex has a great track record of creating value in the exploration business and this transaction affords Blue Note shareholders the opportunity of sharing this success," added Mr. Judson.

Completion of the Transaction is subject to final TSX Venture Exchange approval.

About Blue Note Mining Inc.

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.

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.

"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 Inc., (800) 937-3095 x230, gmassad@bluenotemining.ca, www.bluenotemining.ca

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