BGX Blue Gold Mining

Blue Gold Mining Inc. (TSX VENTURE:BGX) - 

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES.


Blue Gold Mining Inc. (TSX VENTURE:BGX) is pleased to announce the closing of
its recently announced $20 million financing. The agents exercised their
overallotment option for an additional $4.59 million, and as such, gross
proceeds are $24.59 million. 


Following closing of the offering, Blue Gold now has approximately $25 million
in cash and short-term deposits to be used for potential future acquisitions,
due diligence efforts and for general corporate purposes.


Under the offering, Blue Gold issued 24,590,000 units at a price of $1.00 per
unit. Each unit consists of one common share in the capital of the company and
one-half of one warrant. Each whole warrant will entitle the holder to acquire
one common share at a price of $1.50 for a period of two years following the
closing date. 2,500,000 of the warrants are subject to a restriction on exercise
in the first 12 months following closing. The offering was conducted by a
syndicate of agents led by Cormark Securities Inc. and included Axemen Resource
Capital Ltd., PI Financial Corp. and Canaccord Genuity Inc. 


Blue Gold is a new, emerging gold-focused exploration and development company.
We are focused on building a strong leadership and management team that is
technically focused and grounded in strong business fundamentals. In conjunction
with the financing, Blue Gold has agreed to appoint a yet-to-be-named nominee of
Goldcorp Inc. to its board of directors. Blue Gold recently announced additional
board appointments at its annual general meeting in September and they include:




--  Mark O'Dea, Chairman and CEO: Mr. O'Dea founded and developed Fronteer
    Gold from a start-up in 2001 to an advanced stage gold development
    company which was acquired by Newmont Mining Corp. this year for $2.3
    billion. 
--  Donald McInnes as Vice-Chairman: Mr. McInnes is a natural resource
    entrepreneur, who most recently founded and led Plutonic Power in
    expending over $900 million to build the largest run of river hydro
    project in Canada and B.C.'s largest wind farm. 
--  Lenard Boggio, Director: Mr. Boggio has almost 30 years of experience at
    PricewaterhouseCoopers LLP in Vancouver, where he is the lead partner of
    the Canadian Mining Practice. 
--  Nolan Watson, Director: Mr. Watson is founder, President and CEO of
    Sandstorm Gold Ltd., and Sandstorm Metals and Energy Ltd. 
--  Scott Lamacraft, Director: Mr. Lamacraft has been the CEO of Cormark
    Securities Inc., a Toronto-based investment dealer specializing in
    serving Canadian public companies, since 2001.



Blue Gold also enhanced its management team and financial oversight with the
recent appointment of Sean Tetzlaff as CFO. Mr Tetzlaff most recently served as
CFO of Fronteer Gold Inc. (2005-11) where he had oversight of financial, legal
and contractual matters and was responsible for the successful execution of
numerous equity investments, asset divestitures and M&A transactions.


This new release may contain forward-looking statements. These statements are
based on current expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially because of factors
discussed in the management discussion and analysis section of our interim and
most recent annual financial statements or other reports and filings with the
TSX Venture Exchange and applicable Canadian securities regulations. We do not
assume any obligation to update any forward-looking statements.

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