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First Gold Exploration Inc. (TSX.V: EFG) (FSE: F12)
(US OTCQX: FGEXF) ("First Gold") and Blue Note Mining Inc. (TSX.V:
BNT) ("Blue Note") 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
First Gold's 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 $100,000 to First Gold and, in consideration of an additional
payment of $25,000, Blue Note now has until March
31, 2011 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 First Gold's 71% ownership in
the Matchi-Manitou property.
About First Gold Exploration
The goal of the Company is to create shareholder value by acquiring promising
projects that could be advanced to production stage in a short period of
time. This has been achieved with its interest in the Croinor
gold project, and the currently in progress Rare Metal Pivert/Rose
property, among other promising projects in the pipeline including the Rare
Earth, Rocky Mountain, British Columbia, properties.
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. 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.
First Gold shareholders,
please contact:
Jean-Sébastien Lavallée,
P.Geo
Interim President and CEO
819-354-5146
president@firstgoldexploration.com
www.firstgoldexploration.com
Blue Note shareholders, please contact:
Jean Mayer
Executive Vice President
1-800-937-3095, poste 236
jmayer@bluenotemining.ca
www.bluenotemining.ca
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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