Blue Note Closes First Tranche of Private Placement

MONTREAL, June 23, 2011 /CNW/ --
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE U.S./

MONTREAL, June 23, 2011 /CNW Telbec/ - Blue Note Mining Inc. (TSXV: BNT)
('Blue Note' or the 'Company') announces that it has closed the first
tranche of a previously-announced brokered private placement (the
'Private Placement') with Industrial Alliance Securities Inc. (the
'Agent') of 6,698,000 flow-through shares at a price of $0.10 each for gross proceeds of
$669,800 and 1,550,000 units, each at a price of $0.08 and comprised of one common share and
one-half of one common share purchase warrant for gross proceeds of
$124,000. Each whole warrant entitles the holder to acquire one common
share at $0.11 for a period of 18 months following the closing of the
Private Placement. In the event that the common shares of Blue Note
trade at $0.20 or higher for a period of 20 consecutive trading days,
Blue Note will have the option to accelerate the expiry date of the
warrants to 30 days from notice to warrant holders of such accelerated
expiry date. The total gross proceeds of the Private Placement are
$793,800.

The Company expects to close a second tranche under the Private
Placement on or about July 15, 2011.

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 October 24, 2011. Insiders of
the Company have subscribed under the Private Placement for 100,000
flow-through shares for a total consideration of $10,000. Closing of
the Private Placement remains subject to the approval of the TSX
Venture Exchange.

The Company has paid the Agent $30,000 in commissions from the gross
proceeds of the Private Placement. In addition, the Company has issued
to the Agent 170,000 non-transferable common shares purchase warrants.
Each warrant entitles the Agent to acquire one common share at a price
of $0.11 for a period of 24 months from the closing date.

The net proceeds from the units shall be used for working capital and
for general corporate purposes. Proceeds from the flow-through shares
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 2011 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.'

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Jean Mayer
Executive Vice President
(800) 937-3095 x236
jmayer@bluenotemining.ca
www.bluenotemining.ca