Post by GEORGE BUSH on Nov 17, 2005 8:39:41 GMT -5
Blue Note Metals Shares Begin Trading
MONTREAL, Nov. 17, 2005 (Canada NewsWire via COMTEX) -- (Canada NewsWire)
Blue Note Metals Inc. announces that its shares have been listed for trading on the TSX Venture Exchange under the symbol BNT.
Pursuant to special resolutions passed by the shareholders of Forest Gate Resources Inc. on May 25, 2005, the TSX Venture Exchange accepted a Plan of Arrangement under Section 192 of the Canadian Business Corporations Act.
The Plan of Arrangement was completed on November 10, 2005 and resulted in the separation of the New Brunswick mineral properties from Forest Gate to Blue Note Metals effective November 10, 2005
Also transferred to Blue Note was a Letter of Intent signed with Breakwater Resources Ltd., Toronto, to acquire the Caribou and Restigouche lead-zinc mines.
Each Forest Gate shareholder of record as of 4:30 pm on November 10, 2005 will receive, immediately after the Arrangement, one New Forest Gate share for each Forest Gate share held which we will be identical in every respect to the present Forest Gate shares and, its pro rata number of shares issued in consideration of the metals properties on the basis of 0.1168 Blue Note shares for each Forest Gate share.
"Our first order of business is organizing the $50 million in equity financing required to re-open the Caribou and Restigouche mines," said Blue Note Chairman, Michael Judson. "We are confident that the metallurgical challenges this project has faced in the past have been solved."
"We can benefit from the significant technological improvements that have been made since the mill last ran in 1998," Judson said. "These advancements will be incorporated into our new flow sheet and mill engineering."
"On the financing front, we are currently in negotiations with various underwriters to execute the $50 million financing," said Judson.
Blue Note now intends to undertake an exploration program on its Canoe Landing Lake polymetallic deposit. Canoe Landing Lake is strategically located approximately 30 kilometres from the Caribou mine located near the city of Bathurst, New Brunswick.
The New Brunswick government files report that the Canoe Landing Lake property contains 22.8 million tons of sulphide mineralized rock grading 0.64% lead, 1.82% zinc, 0.94 ounces of silver per ton, and 0.034 ounces of gold per ton. This is an historical estimate as defined in National Instrument 43-101, and does not constitute any category of Resource under the criteria established by that Instrument. The source of this information is Brunswick Mining and Smelting (Noranda) and it is not 43-101 compliant.
Blue Note Metals also owns the California Lake silver property and the Rio Road gold property both located approximately 30 kilometres from Caribou and Canoe Landing Lake.
The company recently raised $1,000,000 by way of a private placement of 4 million Units consisting of a Common Share at $ 0.25 and a share purchase warrant at $ 0.30 exercisable for two years. Blue Note has 11.2 million shares outstanding.
The company believes that metals prices will continue to show significant strength over the next few years and intends to capitalize on this by acquiring undervalued metals assets and under-performing mining companies.
John Martin, BASc., P. Eng. and Qualified Person has edited and reviewed the technical information contained in this press release.
Blue Note Metals is a mineral exploration company with properties in New Brunswick. The company's shares trade under the symbol BNT on the TSX Venture Exchange. Please visit our website and register for updates at www.bluenotemetals.ca
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.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
SOURCE: Blue Note Metals Inc.
Michael Judson, Chairman, Blue Note Metals, (800) 937-3095, mjudson@bluenotemetals.ca, www.bluenotemetals.ca
Copyright (C) 2005 CNW Group. All rights reserved.
MONTREAL, Nov. 17, 2005 (Canada NewsWire via COMTEX) -- (Canada NewsWire)
Blue Note Metals Inc. announces that its shares have been listed for trading on the TSX Venture Exchange under the symbol BNT.
Pursuant to special resolutions passed by the shareholders of Forest Gate Resources Inc. on May 25, 2005, the TSX Venture Exchange accepted a Plan of Arrangement under Section 192 of the Canadian Business Corporations Act.
The Plan of Arrangement was completed on November 10, 2005 and resulted in the separation of the New Brunswick mineral properties from Forest Gate to Blue Note Metals effective November 10, 2005
Also transferred to Blue Note was a Letter of Intent signed with Breakwater Resources Ltd., Toronto, to acquire the Caribou and Restigouche lead-zinc mines.
Each Forest Gate shareholder of record as of 4:30 pm on November 10, 2005 will receive, immediately after the Arrangement, one New Forest Gate share for each Forest Gate share held which we will be identical in every respect to the present Forest Gate shares and, its pro rata number of shares issued in consideration of the metals properties on the basis of 0.1168 Blue Note shares for each Forest Gate share.
"Our first order of business is organizing the $50 million in equity financing required to re-open the Caribou and Restigouche mines," said Blue Note Chairman, Michael Judson. "We are confident that the metallurgical challenges this project has faced in the past have been solved."
"We can benefit from the significant technological improvements that have been made since the mill last ran in 1998," Judson said. "These advancements will be incorporated into our new flow sheet and mill engineering."
"On the financing front, we are currently in negotiations with various underwriters to execute the $50 million financing," said Judson.
Blue Note now intends to undertake an exploration program on its Canoe Landing Lake polymetallic deposit. Canoe Landing Lake is strategically located approximately 30 kilometres from the Caribou mine located near the city of Bathurst, New Brunswick.
The New Brunswick government files report that the Canoe Landing Lake property contains 22.8 million tons of sulphide mineralized rock grading 0.64% lead, 1.82% zinc, 0.94 ounces of silver per ton, and 0.034 ounces of gold per ton. This is an historical estimate as defined in National Instrument 43-101, and does not constitute any category of Resource under the criteria established by that Instrument. The source of this information is Brunswick Mining and Smelting (Noranda) and it is not 43-101 compliant.
Blue Note Metals also owns the California Lake silver property and the Rio Road gold property both located approximately 30 kilometres from Caribou and Canoe Landing Lake.
The company recently raised $1,000,000 by way of a private placement of 4 million Units consisting of a Common Share at $ 0.25 and a share purchase warrant at $ 0.30 exercisable for two years. Blue Note has 11.2 million shares outstanding.
The company believes that metals prices will continue to show significant strength over the next few years and intends to capitalize on this by acquiring undervalued metals assets and under-performing mining companies.
John Martin, BASc., P. Eng. and Qualified Person has edited and reviewed the technical information contained in this press release.
Blue Note Metals is a mineral exploration company with properties in New Brunswick. The company's shares trade under the symbol BNT on the TSX Venture Exchange. Please visit our website and register for updates at www.bluenotemetals.ca
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.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
SOURCE: Blue Note Metals Inc.
Michael Judson, Chairman, Blue Note Metals, (800) 937-3095, mjudson@bluenotemetals.ca, www.bluenotemetals.ca
Copyright (C) 2005 CNW Group. All rights reserved.
