MONTREAL, Jan. 15 /CNW Telbec/ - Blue Note Mining Inc. ("Blue Note") (BNT:TSXV) and X-Ore Resources Inc. ("X-Ore") (XOR:TSXV) jointly announce that X-Ore shareholders have voted overwhelmingly in favour of the amalgamation of X-Ore and 9216-4706 Québec Inc., a wholly-owned subsidiary of Blue Note at a Special Meeting of Shareholders held today. A total of 99.93% of the registered votes was in favour of the transaction.
"Upon completion of the transaction, Blue Note will have a debt free balance sheet, positive working capital, a highly experienced management team and a diversified property portfolio including a 50% interest in the Croinor gold deposit," said Michael Judson, Blue Note's President and CEO. "Blue Note's immediate attention will be to raise the capital required to restart mining operations at Croinor in 2010."
The transaction is subject to certain customary conditions, including the approval of the TSX Venture Exchange.
About Blue Note Mining Inc.
Blue Note Mining is a mineral exploration and mining company headquartered in Montreal. The company's shares trade on the TSX Venture Exchange under the symbol BNT.
About X-Ore Resources Inc.
X-Ore Resources is a mineral exploration company with 16 properties located in known gold regions of Mexico and Canada, including the prolific Sierra Madre Gold Belt and the Val-d'Or region of Quebec.
Forward-looking statements included or incorporated by reference in this document include statements with respect to (i) Blue Note's potential acquisition of X-Ore's outstanding securities; (ii) Blue Note's assets, financial position, management team, production targets and business plans following the Offer; and (iii) the benefits to the shareholders of X-Ore and Blue Note that will result from the Offer. Although Blue Note and X-Ore believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, they can give no assurances that these expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, the price of metals, actions by government or regulatory authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the products of Blue Note or X-Ore and competitive pressures. These factors and others are more fully discussed in the filings with Canadian securities regulatory authorities of Blue Note and X-Ore, including X-Ore's circular dated December 10, 2009.
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, firstname.lastname@example.org, www.bluenotemining.ca; Léon Méthot, President & CEO, X-Ore Resources Inc., (819) 824-5422, email@example.com, www.x-ore.com; Paul Goulet, Investor Relations, (514) 710-8290, firstname.lastname@example.org