VANCOUVER, Oct. 9, 2013 /CNW/ - Heatherdale Resources Ltd.
("Heatherdale" or the "Company") (TSXV:HTR) announces it has reached a
Memorandum of Understanding (MOU) with the Alaska Industrial
Development and Export Authority (AIDEA), a public corporation of the
State of Alaska. AIDEA is Alaska's development finance authority. Its
mission is to promote, develop, and advance economic growth and
diversification in the state by providing financing and investment. The
authority has a long history of supporting Alaska's minerals industry,
beginning with its financing and construction of the DeLong Mountain
Transportation System, the road and port serving the area that includes
Red Dog Mine, as well as energy facilities and infrastructure for other
mining projects in the state.
Under the MOU, the Company and AIDEA will work collaboratively to
advance opportunities associated with Heatherdale's 100%-owned Niblack
Project on Prince of Wales Island, as well as with potential processing
facilities at the Gravina Island Industrial Complex (GIIC) within the
Ketchikan Gateway Borough (KGB).
"AIDEA has successfully pursued on numerous occasions its mandate to
promote, develop and advance economic activity in Alaska through
strategic partnerships with the mining industry," said Heatherdale
President & CEO Patrick Smith, noting that transportation
infrastructure financed by AIDEA was critical to the development of the
Red Dog zinc mine in northwest Alaska. "We are very pleased to reach an
agreement that formalizes how we will collaborate with AIDEA to realize
the economic potential that Niblack holds for all Southeast Alaska
"In addition to its financing capabilities, AIDEA brings invaluable
experience as an organization that has partnered with mine developers,
and permitted and constructed industrial facilities in Alaska," Smith
continued. "Heatherdale remains fully committed to the Niblack Project
and we have every confidence that, over time and in partnership with
local communities and public institutions, it will become an operating
mine and significant contributor to the economy of southeast Alaska."
Under the terms of the MOU, Heatherdale and AIDEA will work together to
assess the potential for processing, port and tailings storage
facilities at the GIIC site near Ketchikan, and to determine how AIDEA
can support the development of copper-gold-zinc-silver deposits at
Niblack. The agreement identifies a range of initiatives that may be
pursued, including investigating AIDEA-supported financing options for
project infrastructure and other means to maximize local employment and
other economic benefits.
"The Niblack Project has tremendous potential economic benefit to
Southeast Alaska communities, residents and business," said AIDEA
Executive Director Ted Leonard. "This is a unique opportunity to
generate employment and economic activity on Prince of Wales Island and
in the greater Ketchikan area. We are pleased to work with Heatherdale
in evaluating the responsible development of this project."
The Company previously signed a MOU with the KGB in August 2012 to
investigate the suitability of the GIIC as a preferred site for
processing mineralized material from Niblack. AIDEA will now become a
party to those discussions, and will also participate in ongoing
consultation with local communities and other Niblack Project
Since 2009, Heatherdale has invested some $37 million and drilled more
than 200,000 feet of core to define 5.6 million tonnes of Indicated and
3.4 million tonnes of Inferred mineral resources1 at Niblack. While possessing significant potential for expansion, the
known mineral resources at Niblack provide a solid basis for the
initiation of engineering, environmental baseline and other technical
studies necessary for project planning and permitting.
Located on tidewater southwest of Ketchikan on Prince of Wales Island,
the Niblack Project has a number of important advantages. Southeast
Alaska possesses a skilled workforce, excellent power and
transportation infrastructure as well as a long history of public and
official support for responsible mineral resource development and
"Despite the difficulties inherent to the current market environment,
Heatherdale is in a very enviable position," Smith said. "We have a
well understood resource with the grades, volume and continuity along
with potential to support an underground mine. We have clear title in a
safe jurisdiction, with a very supportive community and political
climate in southeast Alaska for responsible mineral development."
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, 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.
1 Indicated grades 0.95% copper, 1.75 g/t gold, 1.73% zinc, 29.52 g/t
silver and inferred grades 0.81% copper, 1.32 g/t gold, 1.29% zinc,
20.10 g/t silver at a US$50 NSR cut-off. For further details see the
Heatherdale November 29 2011 news release.
SOURCE: Heatherdale Resources Ltd.
For further information:
For more 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.