|June 18, 2014|
Alaska Governor Signs Bill for AIDEA Financing of Heatherdale's Niblack Project
|June 18, 2014, Vancouver, BC -- Heatherdale Resources Ltd. ("Heatherdale" or the "Company") (TSXV:HTR) advises that Senate Bill 99 ("SB99"), authorizing the Alaska Industrial Development and Export Authority ("AIDEA") to issue bonds to finance up to $125 million in infrastructure that would support development of Heatherdale's Niblack Copper-Gold-Zinc-Silver Project, was signed into law by Alaska State Governor Sean Parnell on June 16, 2014.|
"This legislation will go a long way toward creating new opportunities for Alaskans and growing Southeast Alaska's economy as a whole," Governor Parnell said. "By authorizing AIDEA to issue bonds for the Bokan and Niblack mines, as well as the Blue Lake Expansion Project, we are moving these critical projects, and the many jobs they will create, one step closer to reality. I want to especially commend Senator Lesil McGuire for her work on this crucial legislation."
SB99, introduced by Senator Lesil McGuire, R-Anchorage and amended by Senator Bert Stedman, R-Sitka, was unanimously passed during the recent session of the Alaska State Legislature. The bill provides AIDEA with the ability to provide financing for the Niblack and Bokan mining projects in Southeast Alaska as well as a loan to the Blue Lake Hydroelectric Project near Sitka, Alaska.
Senator McGuire emphasized the important role that natural resources play in regional development in Alaska. "This bill isn't just about mining or electricity - it's about giving a big boost to the economy of Southeast Alaska," said Senator McGuire.
In the case of Niblack, the bill allows AIDEA to issue bonds to finance up to $125 million of the cost for constructing key infrastructure, including a mineral processing mill, and associated dock, loading and related infrastructure facilities at the Gravina Island Industrial Complex, and other facilities at the Niblack Project site on Prince of Wales Island. AIDEA must still go through its conventional project evaluation and due diligence process prior to authorizing the infrastructure financing for the Niblack Project.
The bill was signed during a luncheon hosted by the Greater Ketchikan Chamber of Commerce at the Cape Fox Lodge in Ketchikan. Heatherdale President and CEO Patrick Smith attended the luncheon.
"I am very pleased that the bill has now been signed into law and with the strong support that the Niblack Project has received through the legislative process," said Smith. "We appreciate the efforts of Governor Parnell and the Alaska legislators as well as the local officials, businesses and individual citizens who supported the legislation. A project like Niblack would create a significant number of new jobs for the region and the state. We look forward to securing a strategic partner, and moving into permitting, construction and operations at Niblack in the months and years ahead."
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 resources 1 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.
Heatherdale Resources Ltd. is a Vancouver-based exploration and development company focused on advancing its high-grade mine development opportunity at the Niblack Project. The Company is associated with the Hunter Dickinson group, which has a track record of successful mineral exploration and development projects around the world.
For more information on Heatherdale, 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 CEO
1Indicated 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.
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