Attention Business/Financial Editors

Blue Note Mining signs binding agreement with First Gold to acquire 100% of Croinor gold project

	    MONTREAL, July 19 /CNW Telbec/ - Blue Note Mining Inc. (TSXV: BNT) ("Blue
Note") and First Gold Exploration Inc. (TSXV: EFG) ("First Gold") are pleased
to announce that they have entered into a binding agreement (the "Agreement")
providing for the acquisition by Blue Note of all of First Gold's interests in
the Croinor gold project located near Val-d'Or, Quebec.
	    Under the terms of the Agreement, Blue Note will make cash payments to
First Gold consisting of a non-refundable C$100,000 in five equal monthly
installments until December 31, 2010, and C$2,250,000 to be paid upon the
closing of the transaction, which is expected to occur as soon as financing is
arranged, but no later than December 31, 2010. The Agreement includes First
Gold's 71% ownership in the Matchi-Manitou property and is subject to TSX
Venture Exchange and other regulatory approvals.
	    In addition, it provides for a share issuance of 17.5 million Blue Note
common shares to be held in escrow, for release at a rate of 500,000 shares
per month over 35 months from the date of closing. First Gold shall have the
right, at its discretion, to maintain a 13.67% equity ownership in the
capitalization of Blue Note by participating in future private placements or
any business combinations thereof.
	    The 50/50 Croinor joint operatorship shall remain in effect until the
date of closing. In the meantime, First Gold shall be exempted from
participating in any further cash calls until such date. First Gold will also
have the right to nominate one board member on Blue Note's board of directors.
	    "The consolidation of our ownership in the Croinor gold project is
strategically important to the project's advancement towards production,
following the robust prefeasibility results just announced. Owning an
undivided interest will not only provide for a more focused and cost-effective
operation, but will facilitate the financing required for construction,"
commented Leon Methot, Chairman and Chief Executive Officer of Blue Note.
	    Eric Leboeuf, President and Chief Executive Officer of First Gold added,
"The Agreement will allow First Gold to concentrate its financial resources
and efforts on its flagship Rare Earth Pivert/Rose project which is currently
being drilled, while benefiting from the long term growth generated by the
Croinor gold project through its equity position. We have every confidence in
the project and in Blue Note management's ability to drive it forward and
achieve commercial success."

	    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
Canada, including the prolific Val-d'Or region of Quebec and northern New
Brunswick. Blue Note's top priority is to put the Croinor Gold Property into
production.

	    About First Gold Exploration

	    The goal of the Company is to create shareholder value by acquiring
promising projects that could be advanced to production stage in a short
period of time. This has been achieved with its interest in the Croinor gold
project, and the currently in progress Rare Metal Pivert/Rose property, among
other promising projects in the pipeline including the San Javier silver
property.

	    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, technical
uncertainties associated with operating an underground mine 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."





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	    /For further information: Blue Note shareholders, please contact: Jean
Mayer, Executive Vice President, (800) 937-3095 x 236,
[email protected]; www.bluenotemining.ca; First Gold shareholders,
please contact: Jean-Sebastien Lavallee, Director, (819) 824-2425,
[email protected]; www.firstgoldexploration.com/