Shares Outstanding; 363 Million
Symbol & Exchange: BN-TSX
MONTREAL, June 26 /CNW Telbec/ - Blue Note Mining reports achieving new
metallurgical performance and production records at its Caribou zinc-lead
mines located near Bathurst, New Brunswick.
Blue Note achieved zinc recovery of 83.6% on June 14, a new record for
the company. Blue Note also achieved record lead recovery of 78.3% on June 14.
Mill throughput also hit record rates. From June 12 to June 16, mill
throughput tonnages ranged from 3323 to 3449 tonnes per day.
The company says that now that Caribou has achieved its production
performance its focus will be directed to maintaining its operations within
planned cost parameters. Blue Note further reports that it has cash on hand of
just over $21 million and is confident that it will maintain its planned
operating, development and exploration activities.
"We really are beginning to hit our stride," said John Martin, Blue
Note's Chief Operating Officer. "We believe we can achieve this performance
everyday as we continue to improve the process. These records indicate what is
possible at Caribou."
"There appears to be concern about our ability to withstand lower zinc
prices," said Michael Judson, Blue Note's Chief Executive Officer. "First of
all, we have enough cash in the bank. Management also has several options in
front of it to deal with low prices.
"We are also working on several cash accretive transactions that would
help our business grow." said Judson.
"We have said from the beginning that it was our intention to build the
next great Canadian mining house," he said. "We have proven that we are one of
the best operating groups in the business."
John Martin, Chief Operating Officer of Blue Note Mining Inc. is a
Qualified Person and has reviewed the technical information contained in this
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 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 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, firstname.lastname@example.org,