Blue Note Mining Closes $700,000 First Tranche Financing with the MineralFields Group

Blue Note Mining Inc. announce that it has closed the first tranche of the non-brokered private placement announced on September 10, 2009 through the sale of 3,500,000 Flow-Through Units (“FT Units”) at $0.20 per unit to the MineralFields Group for total gross proceeds of $700,000. Each FT Unit consists of one flow-through common share along with a full common share purchase warrant, each warrant being exercisable at $0.26 expiring 2 years from closing.

Conditional acceptance to this private placement was issued by the TSX Venture Exchange on September 16, 2009.

“We are very pleased to be entering into this relationship with MineralFields Group”, said Michael C. Judson, President and Chief Executive Officer of Blue Note. “This is an important milestone in the growth of Blue Note and we look forward to working with MineralFields Group as we develop our Williams Brook gold property in Northern New Brunswick.”

With respect to the $700,000 investment by MineralFields Group, Limited Market Dealer Inc. obtained a finder’s fee of 5% in cash and options equal to 10% of the number of units subscribed for on the same terms as the FT Units, at an exercise price of $0.20 per option for a period of 24 months. Each option consists of one flow-through common share along with a full common share purchase warrant, each warrant being exercisable at $0.26 expiring 2 years from closing. All of the securities issued pursuant to this offering will have a hold period until January 19, 2010.