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/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
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MONTREAL, Dec. 22 /CNW Telbec/ - Blue Note Mining Inc. (TSXV: BNT)
("Blue Note" or the "Company") announces that it has closed a
previously-announced brokered private placement (the "Private Placement
") with D&D Securities Inc. (the "Agent") of 9,518,334 flow-through shares at a price of $0.15 each for gross proceeds of
$1,427,750 and 7,254,166 units, each at a price of $0.12 and comprised of one common share and
one common share purchase warrant for gross proceeds of $870,500. Each
warrant entitles the holder to acquire one common share at $0.25 for a
period of 24 months following the closing of the Private Placement. In
the event that the common shares of Blue Note trade at $0.40 or higher
(on a volume weighted adjusted price) for a period of 15 days after the
date that is 4 months from closing, Blue Note will have the option to
accelerate the expiry date of the warrants to 30 days from notice to
warrants holders of such accelerated expiry date. The total gross
proceeds of the Private Placement are $2,298,250.


These securities were issued pursuant to applicable prospectus
exemptions and will be subject to a statutory hold period of four
months and one day from closing. Insiders of the Company have
subscribed under the Private Placement for 166,667 flow-through shares
for a total consideration of $25,000. Closing of the Private Placement
remains subject to the approval of the TSX Venture Exchange.


The Company has paid the Agent, Minvestec Capital Corp. and other
intermediaries $160,878 in commissions from the gross proceeds of the
Private Placement. In addition, the Company has issued to the Agent,
Minvestec Capital Corp. and the other intermediaries options to
purchase that number of common shares from the treasury of the Company
equal to 7% of the number of flow-through common shares and units
subscribed for under the offering. These options are exercisable at a
price of $0.20 for a period of 18 months from the closing date.


The net proceeds from the Private Placement of the common shares shall
be used for working capital and for general corporate purposes.
Proceeds from the Private Placement of the flow-through shares will be
used to finance the drill campaigns at Blue Note's Croinor and Chimo
projects, which will constitute Canadian exploration expenses (as
defined in the Income Tax Act (Canada)) and be renounced by the Company effective on or before
December 31, 2010.


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.


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. Such statements include those with
respect to the Company's use of funds under the Private Placement.
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. Such
assumptions, which may prove incorrect, include the following: (i) Blue
Note's management will not identify and pursue other business
objectives using the proceeds of the Private Placement and (ii) the
price of gold will remain sufficiently high and the costs of advancing
the Company's gold projects sufficiently low so as to permit Blue Note
to implement its business plans in a profitable manner. Factors that
could cause actual results to differ materially from expectations
include (i) the Company's failure to make effective use of the proceeds
of the Private Placement, (ii) the failure of the Company's drilling
projects, for technical, logistical, labour-relations or other reasons,
(iii) the Company's inability to obtain the necessary regulatory
approvals for the Private Placement, (iv) a decrease in the price of
gold below what is necessary to sustain the Company's operations, (v)
an increase in the Company's operating costs above what is necessary to
sustain its operations, (vi) accidents, labour disputes or the
materialization of similar risks, (vii) a deterioration in capital
market conditions that prevents the Company from raising the funds it
requires on a timely basis and (viii) generally, the Company's
inability to develop and implement a successful business plan for any
reason. These factors and others are more fully discussed in the
Company's filings with Canadian securities regulatory authorities
available at >www.bluenotemining.ca