NEWS: Financing Update !BlueNote Completes Croinor 2011 Drill Program and Provides Update on TechnicalReport
MONTREAL, Nov. 3, 2011 /CNWTelbec/ - Blue Note Mining Inc. (TSXV: BNT) and Critical Elements Corporation(TSXV: CRE) announce results from the last six holes of a recently completed3,000 meter diamond drill program at the Croinor project, located near Vald'Or, Quebec.
The eleven hole drill program was designed toextend the limits of the mineralized lenses in the area of the current orereserves in order to provide additional definition required for mine planning.Significant mineralization was found in every hole with grades ranging from1.10 g/t Au up to 50.76 g/t Au (see news release dated October 20, 2011).
The best results from the last six holes werereturned from CR-11-416 that intersected a true width of 5.19 meters grading5.28 g/t Au from 210.4 to 215.7 meters and included 9.28 g/t Au over 2.16meters. Significant mineralized zones from holes CR-11-414 to CR-11-419 are asfollows:
| Hole no. | Section | Dip | From
(meters) | To
(meters) | Length
(meters) | True Width
(meters) | Au
(g/t) |
| CR-11-414 | 310-W | -56 | 240.0 | 241.6 | 1.60 | 1.08 | 4.41 |
| CR-11-415 | 270-W | -72 | 207.3 | 207.8 | 0.50 | 0.47 | 10.68 |
| CR-11-415 | | | 211.5 | 212.1 | 0.60 | 0.58 | 3.41 |
| CR-11-415 | | | 213.3 | 214.9 | 1.60 | 1.54 | 2.80 |
| Includes | | | 214.4 | 214.9 | 0.50 | 0.48 | 6.19 |
| CR-11-415 | | | 216.5 | 217.0 | 0.50 | 0.48 | 1.10 |
| CR-11-415 | | | 220.0 | 220.5 | 0.50 | 0.48 | 2.61 |
| CR-11-416 | 290-W | -67 | 210.4 | 215.7 | 5.30 | 5.19 | 5.28 |
| Includes | | | 213.5 | 215.7 | 2.20 | 2.16 | 9.28 |
| Includes | | | 215.2 | 215.7 | 0.50 | 0.49 | 20.41 |
| CR-11-417 | 260-W | -59 | 231.3 | 232.3 | 1.00 | 1.00 | 4.09 |
| CR-11-417 | | | 249.7 | 250.2 | 0.50 | 0.50 | 1.48 |
| CR-11-417 | | | 255.0 | 260.0 | 5.00 | 5.00 | 2.19 |
| Includes | | | 259.0 | 260.0 | 1.00 | 1.00 | 6.39 |
| CR-11-417 | | | 283.1 | 283.6 | 0.50 | 0.50 | 7.30 |
| CR-11-417 | | | 287.1 | 287.7 | 0.60 | 0.60 | 1.12 |
| CR-11-418 | 290-W | -56 | 137.3 | 138.0 | 0.70 | 0.70 | 3.85 |
| CR-11-418 | | | 162.0 | 163.9 | 1.90 | 1.90 | 4.28 |
| CR-11-419 | 240-W | -55 | 102.0 | 102.5 | 0.50 | 0.50 | 1.92 |
| CR-11-419 | | | 105.0 | 105.8 | 0.80 | 0.80 | 4.08 |
| CR-11-419 | | | 129.6 | 130.1 | 0.50 | 0.50 | 4.46 |
| CR-11-419 | | | 134.4 | 135.0 | 0.60 | 0.60 | 1.75 |
| CR-11-419 | | | 180.3 | 181.7 | 1.40 | 1.40 | 4.27 |
| Includes | | | 181.2 | 181.7 | 0.50 | 0.50 | 9.06 |
As with previous drilling proximal to the currentore reserves, the results from this recently completed drill program continueto demonstrate continuity of the mineralized lenses and the potential tofurther increase reserves in the immediate area of the current ore reserves atCroinor.
Update on Technical Report and ProjectFinancing
The update of the NI43-101 prefeasibility studyintegrating the 2010 and 2011 drilling results is well underway and is expectedto be completed in the coming weeks. During the course of the last few months,Blue Note has aggressively been pursuing project financing opportunities andcompletion of the updated prefeasibility study will enable Blue Note to furtheradvance discussions with potential project financing partners that have beenidentified.
The drill program was carried out by Forages LaVirole and was supervised by InnovExplo personnel under Carl Pelletier P.Geo.,a qualified and independent person as defined under NI 43-101 guidelines. Goldvalues were determined by fire assay and AAS, or fire assay and gravimetricanalyses if over 3 g/t, at the Techni-Lab S.G.B. Abitibi Inc. laboratory inSte-Germaine-Boulé, Quebec.
Arthur Hamilton, P.Geo., Exploration Manager forBlue Note Mining Inc. is a Qualified Person as defined under NI 43-101guidelines and has reviewed the technical information contained in thisrelease.
About Blue Note Mining
Blue Note Mining is a mineral exploration and mining company headquartered inMontreal with properties located in known gold regions of Canada, including theprolific Val-d'Or region of Quebec and northern New Brunswick.