Blue Note's Shares to Begin Trading on TSX-V; Consolidation to take Effect



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

    MONTREAL, Aug. 28 /CNW Telbec/ - Blue Note Mining Inc. ("Blue Note") is
pleased to report that following its successful restructuring, Blue Note's
common shares (the "Common Shares") will be listed on the TSX Venture Exchange
as of the opening of trading on September 1st, 2009 under its new trading
symbol "BNT". The previously announced 1:30 consolidation of the Common Shares
will take effect then.
    Blue Note is sending a letter of transmittal to its registered
shareholders indicating the procedure to follow in order to exchange their
current share certificates for new post-consolidation share certificates.
Shareholders should follow the procedure outlined in that letter to receive
their new share certificates. Additional copies of the letter may be obtained
by contacting CIBC Mellon Trust Company by phone at 1-800-387-0825 or, in
Toronto, at 1-416-643-5500 or by email at inquiries@cibcmellon.com.
    In connection with Blue Note's plan of arrangement approved by the
Superior Court of Quebec on August 4, 2009 (the "Plan"), Blue Note has issued
14,847,649 Common Shares to PricewaterhouseCoopers Inc. (the "Monitor") as
monitor under the Plan, representing 31.43% of the outstanding Common Shares.
In accordance with the Plan, the Monitor will sell those Common Shares in an
orderly fashion and remit the proceeds to certain creditors of Blue Note, the
whole as described more fully in the Plan. Following implementation of the
Plan, Blue Note will have 47,240,066 shares outstanding on a
post-consolidation basis.
    In accordance with the requirements of Regulation 45-102 respecting
Resale of Securities, the Monitor will not sell any Common Shares before
December 29, 2009. Thereafter, Blue Note's quarterly news releases issued in
connection with its interim and annual financial statements shall disclose the
number of Common Shares the Monitor then holds.
    The Monitor has entered into a voting trust agreement with respect to the
Common Shares. Under that agreement, the Monitor may not exercise any voting
rights attached to the Common Shares it holds in trust, nor receive any
dividends declared or any remaining property of Blue Note upon dissolution.
    A copy of the early warning report to be filed may be obtained by
contacting Blue Note as per the contact information below.

    Blue Note Mining is a Canadian mineral exploration and mining company
headquartered in Montreal with operations in Bathurst, New Brunswick. The
company's shares trade on the NEX 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 NEX does not accept responsibility for the adequacy or accuracy of
    this news release.
    




For further information:

For further information: Michael Judson, President & Chief Executive
Officer, Blue Note Mining, (800) 937-3095, mjudson@bluenotemining.ca,
www.bluenotemining.ca

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Blue Note Mining Inc.

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