The news on BN-X is great, Remember BWR gets royalties from BN and holds a debenture till 2010.
Symbol & Exchange: BN-TSXV
Blue Note Ships Zinc Concentrate
October 18, 2007, Montreal, QC. - Blue Note Mining reports that its first shipment of zinc concentrate has been shipped from the port of Belledune, New Brunswick on October 17, 2007. This first shipment of approximately 5,600 metric tonnes of concentrate is enroute to Antwerp, Belgium.
"We are pleased to be able to report delivery of this quantity of zinc concentrate this early in our ramp-up phase," said John Martin, Chief Operating Officer of Blue Note, "We have now successfully delivered both lead and zinc concentrates to our customers. Mine and mill operations are stabilizing and metallurgical performance is continuously improving. We expect to be meeting our planned production and metallurgical performance targets by year end"
Blue Note recently announced that it had customers for all of its lead concentrate and 85% of its zinc concentrate. "We are benefiting handsomely from record lead prices as lead accounts for roughly half of our total production," said Michael Judson, Blue Note's President and Chief Executive Officer.
Blue Note Mining is a Canadian mining company headquartered in Montreal with operations in Bathurst, New Brunswick. The company's shares trade on the TSX Venture Exchange under the symbol BN.
For more information please contact:
Lorne Woods
Vice President Investor Relations
Blue Note Mining
800-937-3095
lwoods@bluenotemining.ca
www.bluenotemining.ca
Plus
Letter of Intent Signed for Caribou DealMONTREAL, QC. JULY 12, 2005 -
Forest Gate Resources Inc. reports that a revised letter of intent ("LOI") between its wholly-owned subsidiary, Blue Note Metals, and Breakwater Resources and its wholly-owned subsidiary, CanZinco Ltd., regarding the acquisition of the Caribou and Restigouche mines has been signed by both parties.
The LOI sets out the provisions that will form the basis of a definitive agreement to be entered into between the two companies in the near future; the LOI replaces all other previously announced agreements and understandings between the parties.
Under the terms of the LOI, after raising sufficient funds, Blue Note will acquire the Caribou and Restigouche mines by (i) replacing the reclamation deposits with the New Brunswick government for environmental rehabilitation of approximately $7 million, and (ii) issuing to CanZinco a C$15 million convertible debenture with a maturity of five years.
The debenture is repayable in shares at CanZinco's option or in cash or shares at maturity at Blue Note's option. Additionally, CanZinco has the right to convert the debenture in return for a direct 20% ownership of the mines; this must be exercised within one year from the commencement of commercial production. Blue Note has also agreed to spend $1.5 million on exploration on the properties before the 12-month anniversary of the commencement of commercial production.
CanZinco will also receive a royalty on zinc metal production in the event the price of zinc reaches US$0.65 per pound or more as determined by the London Metals Exchange. In addition, Breakwater is granted a conditional first right of refusal on Blue Note's marketing rights of its metals concentrates produced from the properties.
The Caribou Mine site is located 50 kilometres west of Bathurst, New Brunswick and includes an underground mine currently being kept under care and maintenance, a 3000- tonne per day concentrator (mill) and a permitted tailings facility.
The Restigouche Mine site, located 30 kilometres further west, includes an open pit mine and associated infrastructure and is also currently under care and maintenance.
Extensive due diligence was done by a team of consultants lead by Ross Finlay 2000 Inc of Val D'Or, Quebec, using the Breakwater 2000 Reopening Plan as a basis. Ross Finlay reviewed the geology, ore reserves; ore reserve expansion potential, mine infrastructure, mine development and production plans and schedules, and mine reopening rehab requirements.
"The next step is to raise the funds to put the mines and mill back into production," said Blue Note Chairman, Michael Judson. "We expect that metals prices will strengthen in the last quarter and that is when we expect to execute a senior financing."
The transactions are subject to approval by securities, regulatory and governmental authorities and contingent on closing the senior financing for the project.
As previously announced, the company has asked its underwriters to raise its seed financing no later than October. The listing of Blue Note shares on the TSX Venture Exchange is anticipated to occur at the same time.
For more details, please contact:Lorne Woods
Vice President, Corporate Development
Blue Note Metals Inc.
800-937-3095
lwoods@bluenotemining.ca
And The Stock Is About To Break Out
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