Montreal, Québec, March 29, 2011 – 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 $125,000 to Critical Elements and, in consideration of an additional payment of $10,000, Blue Note now has until May 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 Corporation is a Canadian mining exploration company whose objective is to create value for its shareholders by acquiring promising projects that can be brought into production in the short term. The Company is focused on the rare metals and rare earths, particularly tantalum. It has achieved its objective with the Rose tantalum-lithium project, which is currently at the advanced exploration stage. Rose is one of several promising projects in this sector, most notably the rare earths projects in the Rocky Mountains of British Columbia and the rare earths and tantalum-niobium projects in Quebec. The Company looks for projects that could increase its tantalum resources and enable it to become the largest tantalum producer in North America.
Blue Note shareholders, please contact:
Executive Vice President
Critical Elements shareholders, please contact:
Jean-Sébastien Lavallée, P.Geo
President & CEO
Relations publiques Paradox
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 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.”