MONTREAL, Sept. 13, 2012 /CNW Telbec/ - Blue Note Mining Inc. (TSXV: BNT) (the "Company") announces completion of an agreement to sell its Pascalis property located 26 kilometers east of Val-d'Or.
Under the terms of the agreement, the Company through its wholly-owned subsidiary X-Ore resources Inc. has agreed to sell to Adventure Gold Inc.(AGE) a 100% interest in 43 claims in exchange of payment by AGE of the sum of 75,000$ in two installments, the issuance of 500,000 AGE shares and the granting of a 2.0% Net Smeller Royalty (NSR) on the claims. AGE shall have the right to purchase 1.0% of the NSR at any time by paying 1,000,000$.
The securities to be issued by AGE to the Company pursuant to the agreement will be subject to a four-month hold period from their date of issuance. The agreement is subject to regulatory approval.
About Blue Note Mining
Blue Note Mining is a mineral exploration and mining company headquartered in Montreal with gold properties located in the prolific Val d'Or region of Quebec. Blue Note also holds significant positions in the share capital of Amex Exploration (AMX.V) and GeoVenCap (GOV.V).
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.
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