Montreal, Québec, April 12, 2012 – 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 now has until May 31, 2012, 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 gold properties located in the prolific Val d'Or region of Quebec. Blue Note also holds significant positions in the share capital of Amex Exploration (AMX.V) and GeoVenCap (GOV.V).
For additional information, please contact:
Executive Vice President
(514) 486-3095 x236
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.”