Montreal, Québec, January 23, 2012 - Blue Note Mining Inc. (TSXV: BNT) ("Blue Note" or the "Company") announces that it has closed a non brokered private placement (the "Private Placement") of 4,687,500 flow-through shares at a price of $0.08 each for gross proceeds of $375,000.

These securities were issued pursuant to applicable prospectus exemptions and will be subject to a statutory hold period of four months and one day from closing expiring May 21, 2012. Closing of the Private Placement remains subject to the approval of the TSX Venture Exchange.

The net proceeds from the Private Placement 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 2012 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. 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."

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