Blue Note Arranges a Private Placement with Industrial Alliance Securities

MONTREAL, June 6, 2011 /CNW/ --
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/

MONTREAL, June 6, 2011 /CNW Telbec/ - Blue Note Mining Inc. (TSXV: BNT)
('Blue Note' or the 'Company') announces that it has entered into an
agreement with Industrial Alliance Securities Inc. (the 'Agent') to
proceed with a private placement on a 'best efforts' basis for gross
proceeds of up to $2,000,000 (the 'Offering'). The Offering consists of
the issuance of a maximum of 9,090,909 flow-through common shares (the
'Flow-Through Shares') at a price of $0.11 per Flow-Through Share for
maximum gross proceeds of $1,000,000 and a maximum of 12,500,000 units
(the 'Units') at a price of $0.08 per Unit for maximum gross proceeds
of $1,000,000. Each Unit will be comprised of one (1) common share at a
price of $0.08 and one-half common share purchase warrant at a price of
$0.11 per share for a period of eighteen (18) months following the
closing of the Offering, subject to an acceleration provision if the
price of the common shares of Blue Note listed on the TSX Venture
Exchange is above $0.20 for a period of 20 consecutive trading days. In
this event, the warrants must be exercised or will expire thirty
calendar days after notice is mailed to the holders of warrants.

Blue Note will grant an over-allotment option to the Agent, which may be
exercised for 30 days following the closing of the Offering, pursuant
to which the Agent will have the right to sell additional Flow-Through
Shares and/or Units in a maximum amount equal to 15% of the number of
Flow-through Shares and Units sold in the Offering, respectively.  If
the over-allotment option is exercised in full, Blue Note will raise
gross proceeds of $2,300,000 from the Offering.

At the closing of the Offering, the Agent will receive a cash commission
equal to 7.5% of the gross proceeds raised under the Offering. In
addition, the Agent shall receive non-transferable warrants at a price
of $0.11 exercisable for a period of two (2) years from the date of
closing to acquire such number of common shares of the Company as is
equal to 4% of the aggregate number of Flow-Through Shares and Units
issued under the Offering.

The Offering is scheduled to close on or about June 17, 2011 and is
subject to certain conditions including, but not limited to, the
receipt of all necessary approvals including the approval of the TSX
Venture Exchange. All securities issued pursuant to the Offering will
be subject to a four month and one day hold period from the date of
closing of the Offering.

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 ability to raise funds under the Offering.
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) the
Agent will fulfill its contractual obligations to complete the Offering
on a 'best-efforts' basis, (ii) the Agent will be successful in its
efforts to identify subscribers under the Offering, (iii) the
subscribers under the Offering will complete the subscriptions they
have agreed to make under their subscription agreements, (iv) Blue
Note's management will not identify and pursue other business
objectives using the proceeds of the Offering and (v) 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 Offering or of
the Agent to fulfill their contractual obligations, in whole or in
part, (ii) the Company's failure to make effective use of the proceeds
of the Offering, (iii) the Company's inability to obtain the necessary
regulatory approvals for the Offering, (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