Blue Note Closes Private Placement

    




 MONTREAL, Jan. 23, 2012 /CNW Telbec/ - Blue Note Mining Inc.   ("Blue Note" or the "Company") announces that it has closed a non  brokered private placement (the "Private Placement") of 4,687,500 flow-through shares at a price of $0.08 each for gross proceeds of  $375,000. 

 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 expiring May 21, 2012. Closing of the  Private Placement remains subject to the approval of the TSX Venture  Exchange. 

 The net proceeds from the Private Placement will be used to advance Blue  Note's Croinor and Chimo projects, which will constitute Canadian  exploration expenses (as defined in the Income Tax Act (Canada)) and will be renounced for the 2012 tax year. 

 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.sedar.com. Actual results may vary from the forward-looking information. 

 "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." 

BLUE NOTE MINING INC.


CONTACT:  Jean MayerExecutive Vice President(800) 937-3095 [e-mail] 


    

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