|June 08, 2010|
Heatherdale Achieves Major Milestone
June 8, 2010, Vancouver, BC -- Heatherdale Resources Ltd. ("Heatherdale" or the "Company") (TSXV: HTR) announces that it has met its initial US$5 million project investment commitment before the first anniversary date of the agreement with Niblack Mineral Development Inc. (formerly CBR Gold Corp.), and will continue to fund exploration activities to rapidly advance the precious metals-enriched Niblack volcanogenic massive sulphide (VMS) project in southeast Alaska.
"We are very pleased with the progress and results of the drilling completed over the past eight months," said Heatherdale President & CEO Dave Copeland. "The development and confirmatory work on a geological model for the Lookout Zone is revealing strength, continuity and a spatial extent of mineralization that, when combined with a growing understanding of the overall system, our technical team believes represents a district-scale opportunity. We fully intend to continue necessary project investments in the months ahead to secure our 51% position and move this exciting project forward efficiently and expeditiously."
Currently two underground diamond drill rigs are working to delineate the copper-gold-silver-zinc mineral body at the Lookout Zone, one of six known VMS deposits within the 10 square mile Niblack property. The systematic, step-out drilling program continues to expand the dimensions of the newly discovered precious metals-enhanced deposit and demonstrate the strength and continuity of the mineralization.
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, operates 225 miles (370 km) to the northwest of Niblack on Admiralty Island.
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 has the right to retain a 51% interest in the Niblack Project by investing US$15 million over three years, and 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.
For further details 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.
On behalf of the Board of Directors
David Copeland, P.Eng.
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