Blue Note commences lawsuit against Breakwater Resources and CanZinco - Lawsuit based on misrepresentations regarding Net Profit Interest claimed by t

Shares Outstanding; 363 Million

Symbol & Exchange: BN-TSX

MONTREAL, May 15 /CNW Telbec/ - Blue Note Mining Inc. ("Blue Note") has commenced a lawsuit against the former owners of its New Brunswick-based Caribou Mine, Breakwater Resources Ltd. ("Breakwater") and its wholly owned subsidiary, CanZinco Ltd. ("CanZinco").

The lawsuit, brought before the Superior Court of Justice of Ontario, seeks declarations that Breakwater and CanZinco are not entitled to rely upon two indemnities secured from Blue Note to protect the companies against any liabilities arising from the enforcement of an alleged 10% net profit interest (NPI) claimed by the Fern Trust.

The Fern Trust submitted a Claim for "Anticipatory Damages" in 2007 alleging that Blue Note repudiated its NPI in the Caribou Mine. As defendants in this process, former Caribou owners Breakwater and CanZinco are seeking to rely upon two indemnities against Blue Note to compensate them for legal fees and other amounts incurred in the defence of the New Brunswick litigation involving the Fern Trust.

Blue Note's lawsuit asserts, among other matters affecting the indemnities, that neither Breakwater nor CanZinco is entitled to indemnification as the indemnities were based on misrepresentations from Breakwater and CanZinco.

In its lawsuit, Blue Note seeks:

    
    - a declaration that Blue Note has no obligation to indemnify the
      Defendants in respect of costs associated with or claims arising from
      certain litigation in the Province of New Brunswick

    - a declaration that Blue Note has no obligation to indemnify the
      Defendants in respect of any and all liabilities arising from the
      enforcement of a Net Profit Interest ("NPI") (as defined herein);

    - an Order that the Defendants fully indemnify Blue Note and its
      subsidiaries in respect of costs associated with and all claims arising
      from the litigation in New Brunswick (as described herein);

    - an Order that the Defendants fully indemnify Blue Note and its
      subsidiaries in respect of any and all liabilities arising from the
      NPI;

    - the costs of this proceeding, plus goods and services tax; and such
      further and other relief as the Court deems just.
    

Blue Note Mining Inc. is a Canadian mining company headquartered in Montreal with operations in Bathurst, New Brunswick. The company's shares trade on the TSX under the symbol BN.

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 does not accept responsibility for the adequacy or accuracy of

this news release.

Contacts

Glenn Massad
Director of communications
Blue Note Mining
(800) 937-3095
gmassad@bluenotemining.ca
www.bluenotemining.ca