Attention Business/Financial Editors:

Blue Note Mining Reports Third Quarter Results - Concentrate Tonnage Sales Increase by 29%

    Shares Outstanding: 363 Million
    Symbol & Exchange: BN-TSX

    MONTREAL, Nov. 17 /CNW Telbec/ - Blue Note Mining reports the volume of
its concentrate sold in the quarter ended September 30, 2008 was 29% higher
than the previous quarter. However, lower metal prices resulted in a revenue
decrease of 46% or $11.8 million.
    Net losses in the quarter were $117.3 million or $0.32 per share compared
to $2.9 million or $0.010 per share in the third quarter of 2007. During this
quarter, the Corporation conducted an impairment analysis on its Caribou and
Restigouche mining assets and recorded an impairment charge of $111 million.
    Blue Note invested approximately $4.5 million in its mining and
exploration activities during the quarter.
    On October 17, 2008, the Corporation placed the Caribou and Restigouche
mines on care and maintenance due to declining commodity prices for zinc and
lead. The prices of zinc and lead traded at approximately USD $0.51/lb. and
USD $0.60/lb. respectively at October 17, 2008, as compared to USD $1.08/lb.
and USD $1.17/lb. respectively at December 31, 2007.

    <<
    Production numbers for the                  Three months     Nine months
     Third Quarter 2008:                               ended           ended
                                                September 30,   September 30,
    -------------------------------------------------------------------------
    Ore Production - Mine
      Caribou
      Ore (mt)                                       127,828         334,882
      Zinc (%)                                          6.02            5.45
      Lead (%)                                          2.82            2.56
      Copper (%)                                        0.30            0.27
      Silver (g/t)                                        63              63
      Restigouche
      Ore (mt)                                       128,830         386,149
      Zinc (%)                                          5.83            6.45
      Lead (%)                                          4.05            4.73
      Copper (%)                                        0.23            0.25
      Silver (g/t)                                        94             101
    Ore Production - Mill
      Ore Milled (Tonnes)                            266,933         735,719
      Zinc (%)                                          6.02            5.98
      Lead (%)                                          3.56            3.68
      Silver (g/t)                                        73              82

    Concentrate Production
      Zinc (tonnes)                                   26,674          68,942
        Recovery (%)                                    83.6            78.1
        Grade (% Zn)                                    50.4            49.8
      Lead (tonnes)                                   16,120          42,192
        Recovery (% Pb)                                 72.2            67.3
                 (% Ag)                                 42.6            37.8
        Grade (% Pb)                                    42.5            43.2
           (gm/t Ag)                                     514             544
    Metal in Concentrates
      Zinc (tonnes)                                   13,437          34,339
      Lead (tonnes)                                    6,845          18,221
      Silver (g)                                   8,288,000      22,882,000

    C$ operating costs, production basis             $18,030         $61,100
    C$ operating costs, per tonne milled,
     production basis                                    $68             $83
    >>

    Complete financial statements and management discussion and analysis are
available on SEDAR at www.sedar.com.

    About Blue Note Mining
    ----------------------

    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.

For further information: Lorne Woods, Vice President Investor Relations,
Blue Note Mining, (800) 937-3095, lwoods@bluenotemining.ca,
www.bluenotemining.ca