Palos Capital Converts its $150,000 Debenture into Blue Note Common Shares

MONTREAL, Jan. 27 /CNW Telbec/ - Blue Note Mining Inc. ("Blue Note") (BNT:TSXV) is pleased to report that Palos Capital Pool Fund LLP has elected to convert its debenture's principal amount of $150,000, in full, into 1,200,000 common shares of Blue Note at the conversion price of $0.125 per share. Such debenture was issued to Palos by X-Ore Resources Inc. ("X-Ore") on July 17, 2009 and is convertible into shares of Blue Note under the amalgamation agreement between X-Ore and a wholly-owned subsidiary of Blue Note dated January 19, 2010.

"We are pleased with Palos' decision. It fits well with our strategy to strengthen our balance sheet", said Robert Therriault, Chief Financial Officer of Blue Note.

About Blue Note Mining

Blue Note Mining is a mineral exploration and mining company headquartered in Montreal with properties located in known gold regions of Mexico and Canada, including the prolific Sierra Madre Gold Belt, 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.

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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