Blue Pearl Announces $36 Million Financing

    TORONTO, April 4 /CNW/ - Blue Pearl Mining Ltd.
(TSX:BLE)(TSX:BLE.WT.A)(FRANKFURT:A6R), the world's largest publicly traded,
pure molybdenum producer, today announced that it has arranged a private
placement of 3,000,000 common shares at a price of $12.00 per common share to
Sprott Molybdenum Participation Corporation for total proceeds of $36 million.
The private placement is expected to close on April 19, 2007. Subsequent to
the closing, Blue Pearl will reduce its debt (First Lien Credit Facility) by
$36 million. The private placement is subject to definitive documentation,
completion of Sprott Molybdenum Participation Corporation's proposed initial
public offering and receipt of all required regulatory approvals and consents,
including the approval of the Toronto Stock Exchange.

    About Blue Pearl Mining Ltd.

    Blue Pearl is the world's fifth-largest molybdenum producer. The company
in October 2006 purchased the Thompson Creek open-pit molybdenum mine and mill
in Idaho, 75% of the Endako open-pit mine, mill and roasting facility in
northern British Columbia, and a metallurgical roasting facility in Langeloth,
Pennsylvania. Blue Pearl is also developing the Davidson high-grade
underground molybdenum project near Smithers, B.C. The company has more than
700 employees. Its head office is in Toronto, Ontario. It also has executive
offices in Denver, Colorado (including sales and marketing) and Vancouver,
British Columbia. More information is available at

    Cautionary Note Regarding Forward-Looking Statements

    This news release contains "forward-looking information" which may
include, but is not limited to, statements with respect to the future
financial or operating performance of Blue Pearl, its subsidiaries and its
projects, and the anticipated closing of the private placement more
particularly described herein. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans", "expects",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", or "believes" or variations (including negative variations) of
such words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be achieved.
    Forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of Blue Pearl and/or its subsidiaries to be materially different
from any future results, performance or achievements expressed or implied by
the forward-looking statements. Such factors include, among others, general
business, economic, competitive, political and social uncertainties; the
anticipated benefits of the acquisition not occurring in the expected time
frame or at all; the actual results of current exploration activities; actual
results of reclamation activities; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined; future prices
of molybdenum; possible variations of ore grade or recovery rates; failure of
plant, equipment or processes to operate as anticipated; accidents, labour
disputes and other risks of the mining industry; political instability,
insurrection or war; delays in obtaining governmental approvals or delays in
financing or in the completion of development or construction activities, as
well as those factors discussed in the section entitled "Risk Factors" in Blue
Pearl's annual information form dated March 26, 2007 which is available on
SEDAR at Although Blue Pearl has attempted to identify
important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be
other factors that cause actions, events or results to differ from those
anticipated, estimated or intended. Forward-looking statements contained
herein are made as of the date of this news release and Blue Pearl disclaims
any obligation to update any forward-looking statements, whether as a result
of new information, future events or results or otherwise. There can be no
assurance that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in
such statements. Blue Pearl undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should
change. Accordingly, the reader is cautioned not to place undue reliance on
forward-looking statements.

    Shares outstanding: 108,284,659

For further information:

For further information: Blue Pearl Mining Ltd., Ian McDonald, Executive
Chairman, (416) 860-1438, Email:; or Blue Pearl Mining Ltd.,
Wayne Cheveldayoff, Director, Investor Relations, (416) 860-1438, or Toll
Free: 1-800-827-0992, Email:, Website:; or Renmark Financial Communications Inc., Christina Lalli,
(514) 939-3989, Email:

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