Blue Note undertakes extensive 30,000 meter drill campaign; arranges brokered
financing with D&D Securities

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

MONTREAL, Dec. 6 /CNW Telbec/ - Blue Note Mining Inc. (TSXV: BNT) ("Blue Note" or the "Company") is pleased to announce that, given the success of last summer's drill campaigns at its Croinor and Chimo gold projects, it will undertake an aggressive drill campaign aimed at increasing the resources.

At Croinor, Blue Note plans a 20,600 meter drill campaign in early 2011 to increase mineral resources within the current resource blocks, laterally and at depth. The recent seven hole drill program intersected significant gold grades and widths located in close proximity to planned development, clearly demonstrating the potential to expand the reserves. Values returned from the seven holes included 11.81 g/t Au over 7.5 meters, 10.50 g/t Au over 6.7 meters, 29.3 g/t Au over 5.7 meters with values as high as 78.15 g/t Au over 1 meter (see news releases of October 18 and November 11, 2010).

At Chimo, Blue Note plans a 12,500 meter drill campaign to establish an economically viable gold resource based on results from last summer's drill campaign, compilation of historical data, and new geophysical exploration techniques. Last summer's program of three holes confirmed the extension of previously identified but unexplored gold bearing mineralized zones, demonstrating the continuity near surface as well as the potential to develop resources beyond the historical mine workings of the Chimo mine (see news release of October 4, 2010). The Chimo gold deposit is contemplated to complement future production from the Croinor project.

Brokered Financing

Blue Note announces that it has entered into a brokered private placement agreement with D&D Securities Inc. ("D&D") whereby D&D will act as lead agent in a prospectus exempt private placement of (i) up to a maximum of $3.5 million of flow-through shares, and (ii) up to a maximum of $1.5 million of units ("Units") of Blue Note (the "Private Placement"). The flow-through shares will be priced at $0.15 per share and the Units will be priced at $0.12 per share. Each Unit would consist of one common share and one common share purchase warrant. Each whole warrant would entitle 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.

Blue Note will pay D&D a fee equal to 7% of the aggregate gross proceeds of the Private Placement at closing. In addition, Blue Note will issue D&D broker warrants to purchase that number of common shares of the Company that is equal to 7% of the number of shares subscribed for by investors under the Private Placement. Each broker warrant will be exercisable into one common share at $0.20 at any time prior to the date that is eighteen (18) months from closing.

It is anticipated that the Private Placement will be completed on or about December 15, 2010. Closing of the Private Placement is subject to certain conditions, including regulatory approval. The common shares and the flow-through common shares will be subject to a four-month hold period.

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 will be renounced for the 2010 tax year.

John Martin, P. Eng., President and Chief Operating Officer of Blue Note Mining Inc., is a Qualified Person as defined under NI 43-101 guidelines and has reviewed the technical information contained in this press release.

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 develop the Croinor gold 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. Such statements include those with respect to the drilling program set forth above and the Company's ability to raise 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 will be successful in its efforts to complete the drilling program described in this news release, (ii) D&D will fulfill its contractual obligations to complete the Private Placement on a "best-efforts" basis, (iii) D&D will be successful in its efforts to identify subscribers under the Private Placement, (iv) the subscribers under the Private Placement will complete the subscriptions they have agreed to make under their subscription agreements, (v) Blue Note's management will not identify and pursue other business objectives using the proceeds of the Private Placement and (vi) 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 inability or unwillingness of the subscribers under the Private Placement or of D&D to fulfill their contractual obligations, in whole or in part, (ii) the Company's failure to make effective use of the proceeds of the Private Placement, (iii) the failure of the drilling projects set forth above, for technical, logistical, labour-relations or other reasons, (iv) the Company's inability to obtain the necessary regulatory approvals for the Private Placement, (v) a decrease in the price of gold below what is necessary to sustain the Company's operations, (vi) an increase in the Company's operating costs above what is necessary to sustain its operations, (vii) accidents, labour disputes or the materialization of similar risks, (viii) a deterioration in capital market conditions that prevents the Company from raising the funds it requires on a timely basis and (ix) 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."

For further information:

Jean Mayer
Executive Vice President
[phone] x236
[email protected]
www.bluenotemining.ca