VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/22/12 -- Blue Gold Mining Inc. (TSX VENTURE:BGX) reports financial results for the three and six months ended December 31, 2011, and provides a brief update on our corporate activities. All amounts are presented in Canadian dollars unless otherwise stated.

OVERVIEW

We are a gold exploration and development team focussed on converting modest capital investments into exceptional shareholder returns. We have an entrepreneurial-driven board and management team with skill sets in capital markets, M&A, audit and compliance, and, most importantly, resource discovery and development. We have a strong treasury enabling us to acquire and advance new projects globally.

HIGHLIGHTS

Leadership and Management

--  During the quarter, we continued to strengthen our management team with
    the appointment of Alex Holmes, as Vice President Business Development.
    Mr. Holmes brings a successful track-record in capital markets and M&A
    transactions, further enhancing Blue Gold's ability to realize new
    opportunities. Mr. Holmes was previously Vice President, Investment
    Banking for NCP Northland Capital Partners Inc. and a key member of the
    firm's Mining Team. 
--  We brought additional technical expertise to our Board with the
    appointment of Charlie Ronkos, Senior Vice President of Exploration at
    Goldcorp Inc. Mr. Ronkos is a well-respected and successful exploration
    professional with more than 30 years of industry experience.

Financing and Corporate Activities

--  Received gross proceeds of $24.6 million with the closing of a $20.0
    million best efforts offering and overalottment option for an additional
    $4.6 million. The offering included the participation of Goldcorp, one
    of the fastest-growing, lowest-cost senior gold producers. Goldcorp
    purchased 5 million units, representing approximately 8.6% of current
    issued and outstanding common shares.

Business Development Activities

--  The company has reviewed a large number of projects and companies for
    potential acquisition, and continues to review submisisons and seek out
    opportunities. As of the date of this press release, Blue Gold
    management has no current firm commitments to acquire any project. 

Exploration Activities

--  We completed a 500-line-kilometre airborne geophysical (magnetometer and
    electromagnetic) survey on the Titan gold-copper property, located in
    northwestern British Columbia. We intend to evaluate the results of the
    survey and complete follow-up geological work to define specific target
    areas for drilling. 

SELECTED FINANCIAL DATA

The following selected financial data is derived from our financial statements for the three and six months ended December 31, 2011 and 2010, as prepared in accordance with International Financial Reporting Standards ("IFRS").

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                                 Three months ended         Six months ended
                                    December 31               December 31   
                                 2011         2010         2011         2010
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Loss for the period        ($851,203)    ($15,453) ($3,281,061)    ($72,475)
Loss per share - basic                                                      
 and diluted                  ($0.02)      ($0.01)      ($0.08)      ($0.07)
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                                                                As at       
                                                    December 31      June 30
                                                           2011         2011
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Cash                                                $24,911,958   $2,189,899
Current assets                                      $25,103,000   $2,210,425
Non-current assets                                     $247,456      $36,704
Current liabilities                                    $432,118      $38,029
Non-current liabilities                                     $ -          $ -
Shareholders' equity                                $24,918,338   $2,209,100
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--  For the three and six months ended December 31, 2011, the Company
    recorded a net loss of $851,203 and $3,281,061, compared to net losses
    of $15,453 and $72,475 for the three and six month periods ended
    December 31, 2010. The net loss through the current period includes
    significant non-cash items. The increase in net loss of $3,208,586
    through December 31, 2011 was primarily due to a $2,363,736 increase in
    stock-based compensation expense for the six months ended December 31,
    2011 compared to the same period in 2010, a $546,171 increase in
    professional and consulting fees for project review, and an increase of
    $267,215 in wages and benefits expenses.  
--  Working Capital of $24,670,881 at December 31, 2011 includes $24,911,958
    in cash and $191,042 in receivables and prepaid expenses net of $432,118
    in accounts payable and accrued liabilities. 
--  Non-current assets of $247,456 is comprised predominantley of
    exploration and evaluation assets reflecting activity relating to the
    Company's Titan property.

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 and six months ended December 31, 2011. 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.

This news 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.

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.