VANCOUVER, Dec. 16 /CNW/ - Heatherdale Resources Ltd. ("Heatherdale" or
the "Company") (TSXV: HTR) announces that it has completed the initial
contribution required to retain its 51% interest in the Niblack Project
in southeast Alaska.
Pursuant to the June 2009 agreement (the "Agreement") with Niblack
Mineral Development Inc. (formerly CBR Gold Corp.), the Company was
required to spend US$15 million on exploration activities within three
years to retain a 51% interest. Heatherdale has rapidly advanced
drilling and site investigations of the precious metals-enriched
volcanogenic massive sulphide ("VMS") project to achieve this milestone
in approximately 17 months. Two underground diamond drill rigs have
been focused on delineating the copper-gold-silver-zinc mineral body at
the Lookout Zone, one of six known VMS deposits within the 10 square
mile Niblack Project. Results for over 60,000 feet drilled have been
released to date.
The Company has also notified Niblack Mineral Development Inc. of its
election to earn an additional 9% ownership interest (resulting in a
total ownership Interest of 60%) as contemplated by the Agreement.
Additional underground drilling, engineering and environmental studies
are planned for 2011, which are designed to advance the project toward
feasibility. Existing underground development at Niblack will
facilitate the program of expanding and upgrading areas of known
mineralization, as well as testing several new targets.
"We are pleased to have secured our initial interest and to be moving to
the next phase," said President and CEO Patrick Smith. "Beyond
significant new mineral resources indicated by our work at Lookout, the
information derived from drilling and other investigations has advanced
our understanding and geological modeling of the overall Niblack
system. Our geological team is applying this new understanding to
develop targeting strategies for other deposits, with the expectation
that near-term exploration and development programs will identify
additional high-grade resources."
"Recent work demonstrates that the system has both size and grade
potential. We are increasingly confident that Niblack will support a
high-grade underground mining operation in the medium term," Smith
Niblack's location at tidewater on Prince of Wales Island in southeast
Alaska presents a number of project benefits - including year-round
marine access, a well-trained labour force, a mature supply and service
sector, proximity to Asian markets, and the support of community and
Alaska Native corporation partners. The project is located 27 miles
(44 km) from Ketchikan, a community of 8000 people with important
services to support project development, including a deep water port
and international airport. The State's burgeoning minerals industry
also enjoys a competitive tax regime and stable, predictable permitting
and regulatory oversight coordinated by the Alaska Department of
Natural Resources' 'Large Mine Permitting Team'. For reference,
Hecla's Greens Creek mine, a 2,100-ton per day underground massive
sulphide operation is located 225 miles (370 km) to the northwest of
Niblack, on Admiralty Island.
Mark Rebagliati, P. Eng., a Qualified Person as defined under National
Instrument 43-101, is supervising the exploration and quality assurance
and quality control programs on behalf of Heatherdale and has reviewed
the content of this release.
Heatherdale Resources Ltd. is a Vancouver-based mineral exploration and
development company focused on advancing the high-grade opportunity at
southeast Alaska's Niblack Project. The Company holds a 51% interest
in the Niblack Project, with an option to acquire up to a 70% interest
from Niblack Mineral Development Inc. by investing an additional US$10
million and completing a bankable feasibility study. Heatherdale is
affiliated with Hunter Dickinson Inc. (HDI), a private company
associated with successful mineral exploration and development projects
around the world.
On behalf of the Board of Directors
President and CEO
Neither the 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.
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address exploration drilling,
exploitation activities and events or developments that the company
expects are forward looking statements. Although the company believes
the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially
from those in the forward-looking statements. Factors that could cause
actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration
successes, continuity of mineralization, potential environmental issues
and liabilities associated with exploration and development and mining
activities, uncertainties related to the ability to obtain necessary
permits, licenses and title and delays due to third party opposition,
changes in government policies regarding mining and natural resource
exploration and exploitation, and continued availability of capital and
financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of
future performance and actual results or developments may differ
materially from those projected in the forward-looking statements. For
more information on the Company, investors should review the Company's
continuous disclosure filings that are available at www.sedar.com.
SOURCE Heatherdale Resources Ltd.
For further information: For further information:
on Heatherdale Resources Ltd., please visit the Company's website at www.heatherdaleresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114