VANCOUVER, March 24, 2014 /CNW/ - Heatherdale Resources Ltd. ("Heatherdale" or the "Company") (TSXV:HTR) advises that the Alaska State Senate Labor and Commerce Committee on March 20, 2014 passed an amendment to SB 99 (the "bill") to authorize the Alaska Industrial Development and Export Authority ("AIDEA") to issue bonds of up to $125 million to finance infrastructure and construction costs of the Niblack Project including a mineral processing mill, and associated dock, loading and related infrastructure facilities at the Gravina Island Industrial Complex, and infrastructure at the Niblack Project site on Prince of Wales Island. The processing mill, and associated dock, loading and infrastructure facilities would be owned and/or financed by AIDEA. SB 99 was reported out of the Committee on March 20, 2014. The bill must still pass the full State Senate and go through the House before it would become law.
Heatherdale's 100%-owned Niblack Project has excellent potential to support an important copper-gold-zinc silver underground mining operation. The Gravina Island Industrial Complex ("GIIC") near Ketchikan, Alaska, is currently the leading site option for a mill to process material from Niblack, and would be a new value-added economic opportunity for Alaskans.
In 2013, Heatherdale reached a Memorandum of Understanding with AIDEA ("AIDEA MOU") to work collaboratively to advance the Niblack Project. The agreement covers a range of initiatives, including investigating potential plans to assist with financing energy facilities and other infrastructure development. The AIDEA MOU builds on an October 2012 MOU with the Ketchikan Gateway Borough ("KGB") which defined the process by which Heatherdale and KGB would investigate the suitability of the GIIC for the processing facility. This already-established industrial site provides excellent access to clean hydroelectric power and a local workforce.
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 current approval does not, as yet, commit any action by AIDEA or the State. AIDEA must also go through its traditional project evaluation and due diligence process. If the process is favorably completed, AIDEA will have legislative authorization necessary to use bonds in financing the project once SB 99 becomes law.
"AIDEA has successfully pursued its mandate to advance economic activity in Alaska through strategic partnerships with the mining industry on numerous occasions. I am very pleased that this committee of the Legislature has taken this first step in the approval process with AIDEA for our Niblack Project," said Heatherdale President & CEO Patrick Smith. "In partnership with local communities and public institutions, I am confident that Niblack can become an operating mine and a significant contributor to the economy of southeast Alaska."
The Niblack Project is located on tidewater near Ketchikan on Prince of Wales Island in southeast Alaska, an area with 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 mining.
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.
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.
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For more information on Heatherdale, 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.