Blue Note Mining Inc. (TSXV: BNT) signed a binding agreement to acquire the remaining 50% stake in Croinor gold project from First Gold Exploration, Inc. (TSXV: EFG) in cash and stock on July 19, 2010. The consideration for the deal is in combination with another deal Blue Note entered into with First Gold 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 agreed to acquire 71% stake in Matchi-Manitou property from First Gold Exploration on July 19, 2010. Blue Note Mining Inc. made cash payment of CAD 0.1 million on December 24, 2010. Blue Note now has until March 31, 2011 to make a final payment of CAD 2.25 million.

First Gold shall have the right at its discretion to maintain a 13.67% equity ownership in the capitalization of Blue Note by participating in future private placements or any business combinations. First Gold will be exempted from participating in any further cash calls until closing and it has the right to nominate one Board member on Blue Note's Board. The deal is subject to TSX Venture Exchange approval, and other regulatory approvals. Blue Note Mining and Critical Elements have agreed to extend the term of the binding agreement as on June 1, 2011. The acquisition is expected to close by March 31, 2011. As of April 12, 2012, Blue Note has now agreed to extend till May 31, 2012, to make a final payment of CAD 2.25 million to complete the transaction.

Blue Note Mining Inc. (TSXV:BNT) cancelled the acquisition of the remaining 50% stake in Croinor gold project from First Gold Exploration, Inc. (TSXV:EFG) in November 2012.