Blue Note and Critical Elements extend completion of Croinor acquisition
MONTREAL, June 1, 2011 /CNW/ --
MONTREAL, June 1, 2011 /CNW Telbec/ - Blue Note Mining Inc. (TSX.V: BNT)
('Blue Note') and Critical Elements Corporation (TSX.V: CRE) ('Critical
Elements') report that they have agreed to extend the term of the
binding agreement announced on July 19, 2010 (the 'Agreement')
providing for the acquisition by Blue Note of all of Critical Elements'
interests in the Croinor gold project located near Val-d'Or, Quebec.
Under the terms of the Agreement, Blue Note has already made cash
payments totaling $135,000 to Critical Elements and, in consideration
of additional monthly payments of $10,000, Blue Note now has until
December 31, 2011, or such other later date as mutually agreed by Blue
Note and Critical Elements, to make a final payment of $2,250,000 to
complete the transaction. In addition, Blue Note shall issue 17.5
million common shares to be held in escrow, for release at a rate of
500,000 shares per month over 35 months from the date of closing. The
transaction includes Critical Elements' 71% ownership in the
Matchi-Manitou property.
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.
About Critical Elements Corporation
Critical Elements is actively developing its 100%-owned Rose
lithium-tantalum flagship project located in Quebec. The project hosts
a current Indicated resource of 11.4 million tonnes of 1.34% Li(2)O and 165 ppm Ta(2)O(5) and Inferred resource of 2.1 million tonnes of 1.27% Li(2)O and 138 ppm Ta(2)O(5).
Critical Elements has commissioned a prefeasibility study for the
project from Genivar, one of the largest independent engineering firms
in Canada. Genivar is also doing an environmental study, and Acme
Metallurgical Ltd. of Vancouver is carrying out project metallurgy.
Critical Elements' portfolio also includes rare-earth and
tantalum-niobium projects in the Rocky Mountains of British Columbia
and in Quebec, as well as a 50% interest in the Croinor project, which
is located in Quebec and contains a measured and indicated resource of
814,228 tonnes at 9.11 g/t Au, for 238,414 ounces of gold at a 5 g/t
cut-off.
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. 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. Factors that could cause actual results to differ
materially from expectations include the effects of general economic
conditions, actions by government authorities, uncertainties associated
with contract negotiations, additional financing requirements, market
acceptance of the Company's products, technical uncertainties
associated with operating an underground mine and competitive
pressures. These factors and others are more fully discussed in Company
filings with Canadian securities regulatory authorities.
'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.'
To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/June2011/01/c9643.html
Blue Note shareholders, please contact:
Jean Mayer
Executive Vice President
(800) 937-3095 x 236
jmayer@bluenotemining.ca
www.bluenotemining.ca
Critical Elements shareholders, please contact:
Jean-Sébastien Lavallée, P.Geo
President & CEO 819-354-5146
president@cecorp.ca
www.cecorp.ca
Public Relations Paradox
514-341-0408