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Blue Gold Reports First-Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/16/12 -- Blue Gold Mining Inc. ("Blue Gold" or the "Company") (TSX VENTURE:BGX) reports financial results for the three months ended September 30, 2012 and provides an update on the Company's corporate activities. All amounts are presented in Canadian dollars unless otherwise stated.

HIGHLIGHTS TO DATE

Business Development Activities


--  On October 18, 2012, Blue Gold and Riverstone Resources Inc.
    ("Riverstone") announced an agreement (the "Arrangement Agreement")
    whereby, subject to satisfaction of certain conditions, Riverstone will
    acquire 100% of the issued and outstanding common shares (the "Blue Gold
    Shares") of Blue Gold (the "Arrangement").
    
    The Arrangement is subject to the terms and conditions of the
    Arrangement Agreement, and will be executed pursuant to a plan of
    arrangement under the Business Corporations Act (British Columbia).
    Assuming the Arrangement becomes effective, (i) Blue Gold shareholders
    (other than Blue Gold shareholders who validly exercise dissent rights)
    will receive 0.801 of a common share of Riverstone (each whole share, a
    "Riverstone Share") for each Blue Gold Share held, (ii) holders of Blue
    Gold options will receive fully vested options to purchase Riverstone
    Shares, subject to the application of the exchange ratio of 0.801 (as it
    may be adjusted in accordance with the plan of arrangement), and (iii)
    holders of Blue Gold warrants, in accordance with the terms of the Blue
    Gold warrants, upon payment of the exercise price therefor, will receive
    the number of Riverstone Shares which the holder would have been
    entitled to receive as a result of the transactions contemplated by the
    plan of arrangement if, immediately prior to the effective time, such
    holders were the registered holders of the number of Blue Gold Shares to
    which the holder was theretofore entitled upon exercise of the Blue Gold
    warrants.
    
    On completion of the Arrangement, Blue Gold shareholders will hold 26%
    of the pro forma outstanding Riverstone Shares, on a fully-diluted
    basis. It is estimated that there will be 178.3 million basic Riverstone
    Shares outstanding upon closing. See Blue Gold's Management Information
    Circular dated November 9, 2012, available on SEDAR at www.sedar.com,
    for a detailed discussion of the benefits of the Arrangement to Blue
    Gold shareholders; 

--  In August 2012, Blue Gold acquired 6,054,212 units of Paget Minerals
    Corp. ("Paget") by way of a private placement at a price of $0.16 per
    unit for $968,674. Each unit consists of one common share and one half
    of one common share purchase warrant. Each warrant is exercisable into
    one common share of Paget at a price of $0.30 per share for a period of
    2 years from the date of issuance. 

Exploration Activities


--  In September 2012 a $2.65 million exploration program on the Ball Creek
    project was completed, focusing primarily on testing the Main Target, a
    1,400 metre by 500 metre zone of gold-copper mineralization associated
    with monzonite porphyry bodies. The program included 4,108 metres of
    diamond core drilling, geophysical surveying (airborne magnetics and
    ground IP), geological mapping and geochemical sampling. The program
    yielded results that demonstrate the robust potential of this property
    and confirms Main Zone mineralization is open to the south and west.
    Highlights from the drill program include 0.44 g/t gold and 0.15% copper
    over 307.0 metres including 0.50 g/t gold and 0.24% copper over 102.0
    metres in hole BC12-54. The Company will re-evaluate its plans with
    respect to the Ball Creek project should the Arrangement with Riverstone
    be completed in December 2012. 

SELECTED FINANCIAL DATA

The following selected financial data is derived from Blue Gold's financial statements for the three month period ended September 30, 2012, as prepared in accordance with International Financial Reporting Standards ("IFRS").


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                 Three months ended         
                                                    September 30            
                                                     2012        2011       
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Loss for the period                         $    (547,675)    $  (2,429,858)
Loss and comprehensive loss for the                                         
 period                                     $    (554,508)    $  (2,429,858)
Loss per share - basic and diluted          $       (0.01)    $       (0.08)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                          As at             
                                             September 30           June 30 
                                                     2012              2012 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash and short term investments             $  19,504,906     $  23,277,243 
Working capital                             $  19,478,401     $  23,590,110 
Total assets                                $  23,801,359     $  23,825,859 
Current liabilities                         $     679,647     $     218,496 
Non-current liabilities                     $           -     $           - 
Shareholders' equity                        $  23,121,712     $  23,607,363 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

--  For the three months ended September 30, 2012, we reported a net loss of
    $0.5 million or $0.01 per share compared to a net loss of $2.4 million
    or $0.08 per share for same period in the prior year.
    
    The most significant contributors to the losses for the three months
    ended September 30, 2012 were wages and benefits ($0.3 million) property
    investigation expenses ($0.2 million), office and general expenses ($0.1
    million), professional fees ($0.1 million) and stock based compensation
    expense ($0.1 million). These costs were offset by an income inclusion
    resultant from interest income earned on cash and short term investments
    ($0.1 million) and a change in fair value of the Company's financial
    instruments ($0.1 million).
    
    In the comparative period, the most significant contributor to the
    losses was stock based compensation expense of $2.3 million. Blue Gold
    did not become active under the current management until September of
    2011. 

--  Working capital of $19.5 million at September 30, 2012 includes $19.5
    million in cash and short term investments and $0.7 million in
    receivables and prepaid expenses, net of $0.7 million in accounts
    payable and accrued liabilities. 

--  Non-current assets of $3.6 million is comprised of exploration and
    evaluation assets of $2.3 million, reflecting activity relating to the
    Company's Ball Creek project, its investment in Paget of $1.0 million
    and its long-term deposit with Oxygen Capital Corp., a related party who
    provides management and technical services to the Company, of $0.3
    million. 

Details of the Company's financial results are described in the condensed interim financial statements and corresponding Management's Discussion and Analysis for the three months ended September 30, 2012. These and further details on Blue Gold's project and activities can be found on the Company's website at www.bluegoldmining.com and on SEDAR at www.sedar.com.

All technical information contained in this release has been reviewed and approved by Scott Heffernan, P. Geo., Vice-President - Exploration for Blue Gold and a "qualified person" within the meaning of National Instrument 43-101.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Blue Gold within the meaning of applicable Canadian securities laws, including statements that address exploration drilling, potential quantity and/or grade of minerals, potential size or location of a mineralized zone, potential expansion of mineralization and the timing of exploration programs and the completion of the Arrangement with Riverstone.

Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", " continue", " planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's property; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Blue Gold's operations and other risks and uncertainties, risk of not completing the Arrangement with Riverstone and including those described in Blue Gold's Annual Information Form for the year ended June 30, 2012.

Forward-looking statements are based on the beliefs, estimates and opinions of Blue Gold's management on the date the statements are made. Except as required by law, Blue Gold undertakes no obligation to update these forward-looking statements should management's beliefs, estimates or opinions, or other factors, change.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Blue Gold Mining Inc.
Mark O'Dea
Chairman and CEO
604-683-7790

Blue Gold Mining Inc.
Sean Tetzlaff
Chief Financial Officer
604-683-7790
www.bluegoldmining.com

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