Blue Note Mining Inc. (TSXV: BNT) agreed to acquire 71% stake in Matchi-Manitou property from First Gold Exploration, Inc. (TSXV: EFG) on July 17, 2010. The consideration for the deal is in combination with another deal Blue Note and consists of a non-refundable CAD 0.1 million in five equal monthly installments until December 31, 2010 and CAD 2.25 million to be paid upon the closing of the transactions. Blue Note will also issue 17.5 million common shares to be held in escrow for release at a rate of 0.5 million shares per month over 35 months from the date of closing. In a related transaction, Blue Note signed a non-binding agreement to acquire the remaining 50% stake in Croinor gold project from First Gold. The transaction is subject to TSX Venture Exchange and other regulatory approvals.

As of December 24, 2010, the term of non-binding agreement for Croinor gold project which includes 71% stake in Matchi-Manitou property was extended. As of March 29, 2011, the terms of the agreement were extended, Blue Note has already made cash payments totaling CAD 0.125 million to Critical Elements and, in consideration of an additional payment of CAD 0.01 million, Blue Note now has until May 31, 2011, or such other later date as mutually agreed by Blue Note and Critical Elements, to make a final payment to complete the transaction.

As of June 1, 2011, the terms of the agreement were extended till December 31, 2011 or such later date as mutually agreed by Blue Note and Critical Elements to make the final payment.

As on April 12, 2012, the terms of the agreement were extended till May 31, 2012 or such later date as mutually agreed by Blue Note and Critical Elements to make the final payment.

Blue Note Mining Inc. (TSXV:BNT) cancelled the acquisition of 71% stake in Matchi-Manitou property from First Gold Exploration, Inc. (TSXV:EFG) on November 30, 2012.