Blue Note Mining Signs Definitive Agreement with Amex Exploration

IRJ Mar 18 - Blue Note Mining Inc. ("Blue Note") announces that it has entered into a definitive agreement pursuant to which Amex Exploration Inc. ("Amex") has agreed to acquire (the "Transaction") from Blue Note all of the outstanding shares (the "Shares") of X-Ore International Inc., the subsidiary that holds mining assets and conducts exploration activities in Mexico through its subsidiary Minerales X-Ore SA de CV.

The consideration for the Transaction will be staggered cash payments totaling $200,000 and the issuance of 7,000,000 Amex common shares and 1,000,000 common share purchase warrants of Amex to be exercisable over a period of 24 months following their issuance. In addition, Amex has agreed to assume all of X-Ore International and Minerales X-Ore SA de CV obligations and liabilities.

While Blue Note's focus is on near-term production projects like the Croinor gold project, Amex's focus is on highly prospective exploration projects. By becoming a significant shareholder of Amex, Blue Note shareholders will benefit from the advancement of the very prospective Mexico assets while Amex will provide the investment required to pursue the exploration work. Amex managers have had great successes with significant exploration projects in Latin America.

"The Mexican exploration assets should be in the hands of a company which can create the most value with them," said Michael Judson, Blue Note's President and CEO. "Blue Note is involved in some exploration work but it is not our focus. We are a mining company."

"Amex has a great track record of creating value in the exploration business and this transaction affords Blue Note shareholders the opportunity of sharing this success," added Mr. Judson.