|July 18, 2012|
Heatherdale Closes $4.4 Million Private Placement Financing
|July 18, 2012, Vancouver, BC - Heatherdale Resources Ltd. ("Heatherdale" or the "Company") (TSX Venture: HTR) announces that it has completed the previously announced $4.4 million non-brokered private placement financing with Rathdowney Resources Ltd. ("Rathdowney"), of 22,000,000 common shares at a price of $0.20 per share, for aggregate proceeds of $4.4 million. The common shares are subject to a four month and a day hold period beginning July 17, 2012. No finder's fees were payable on the financing.|
The proceeds will be used to advance drilling and engineering studies at the Niblack Project and for general corporate and working capital purposes. Rathdowney now owns 18.4% of the issued voting shares of Heatherdale and in an early warning report filing made today Rathdowney confirmed that the purchase of these shares was made by it for investment purposes and not with a view to influencing control or management of Heatherdale.
Heatherdale Resources Ltd. is a Vancouver-based exploration and development company focused on advancing two Alaska-based assets, the 100%-owned high-grade mine development opportunity at the Niblack copper-gold-zinc-silver project and the mid-stage Delta copper-lead-zinc-gold-silver project in which it holds a 60% interest.
Heatherdale has undertaken various corporate transactions and active exploration programs over the past three years, which it believes have added significant value to both projects. Earlier this year, the Company increased its interest in the Niblack Project to 100%. Heatherdale has also conducted extensive drilling at the site, outlining significant mineral resources in two of the six known deposits that laid the foundation for engineering studies. The Company's 2012 program is designed to further expand mineral resources to take the project into the pre-feasibility stage.
At Delta, Heatherdale initiated surface evaluation and drilling in 2011, enhancing the resource potential at the Mid Zone and the overall potential of the project.
For additional details 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.
On behalf of the Board of Directors
President and Chief Executive Officer
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