Niblack Mineral Development Inc.

Published : August 31st, 2011

Joint Venture Partner Completes Requirments To Secure 60% Interest In Niblack Project

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Keywords :   Copper | Gold | Market | Silver | Water | Zinc |
Niblack Mineral Development Inc.

Niblack Joint Venture Partner Completes Requirments To Secure 60% Interest In Niblack Project

August 31, 2011, Vancouver, BC � Niblack Mineral Development Inc. (�Niblack� or the �Company�) (TSXV: NIB) is pleased to announce that joint venture partner Heatherdale Resources Ltd. (�Heatherdale�) (TSXV: HTR) has satisfied requirements to earn an additional 9% ownership interest (resulting in a total ownership Interest of 60%) in the Niblack Project as contemplated by the June 2009 LLC Agreement of the Niblack Project LLC (the �Agreement�).

�We look forward to working with Heatherdale and utilizing the resources of both groups to expedite the advancement of the Niblack Project toward the prefeasibility stage,� stated Niblack�s President and CEO, John Williamson.

Heatherdale has advised Niblack that it has elected to pursue the property development under a 60/40 joint venture rather than continue to earn a larger percentage interest at this time.  Heatherdale and Niblack have approved a budget going forward and Heatherdale has agreed to sole fund operations for a 60 day period to facilitate the uninterrupted continuation of the current exploration program.

Since its formation in June 2009, the joint venture has completed some 130,000 feet of underground drilling at the Niblack Project and work programs have been very successful.  Earlier this year, the joint venture announced a 54% increase in mineral resources in the Lookout and Trio deposit over those known to exist in 2009.  At a US$50 NSR cut off1, the March 2011 estimate comprises 4.1 million tonnes of Indicated resources grading 1.13% copper, 2.32 g/t gold, 2.27% zinc and 38.70 g/t silver and 2.5 million tonnes of Inferred resources grading 1.21% copper, 1.77 g/t gold, 2.29% zinc and 25.90 g/t silver.  A continuous 1.5 million-tonne high-grade zone occurs within the indicated resource, grading 1.73% copper, 3.50 g/t gold, 3.84% zinc and 61.60 g/t silver at US$150 NSR cutoff (see March 7, 2011 news release). 

These resources laid the foundation for advancing the project to the next stage of engineering and scoping studies, which are a part of the 2011 program.  Further, recent results from drilling have confirmed that the geological model for the project is robust and successfully targeting new mineralization.  In particular, a new zone has been intersected in drilling (see July 28, 2011 news release) that is expected to add to the mineral resources.  As only approximately 1/4 of the six miles of prospective horizon that hosts the Niblack deposits has been tested by drilling, there is significant additional resource potential on the property.

The location of the Niblack Project 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, a 2,100-ton per day underground massive sulphide mine, operates 225 miles (370 km) to the northwest of Niblack on Admirality Island.

Peter Kleespies, P.Geol., a Qualified Person as defined under National Instrument 43-101, is supervising the exploration and quality assurance and quality control programs on behalf of Niblack and has reviewed the content of this release.

 

About Niblack Mineral Development Inc.

Niblack Mineral Development Inc. (NIB: TSX-V) is an exploration and development company with a number of mineral rich assets in South East Alaska.  The Corporation�s principal asset is the Niblack advanced stage copper-gold-zinc-silver project. This project is currently a joint venture operated by Heatherdale Resources Ltd. (part of the Hunter Dickinson group of companies) which has earned a 60% interest in the project.

Niblack Mineral Development Inc. is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.

On behalf of the Board

Niblack Mineral Development Inc.

/s/�John Williamson�

President, CEO & Director

For further information about Niblack Mineral Development Inc. or this news release, please contact:

Brian Budd
Director of Corp. Development
Email: brianb@niblack.com   
Tel. 604-697-2861 or toll-free 1-888-331-2269
Website: www.niblack.com  Mobile URL: m.niblack.com



"Neither 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.

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Niblack Joint Venture Partner Completes Requirments To Secure 60% Interest In Niblack Project

August 31, 2011, Vancouver, BC � Niblack Mineral Development Inc. (�Niblack� or the �Company�) (TSXV: NIB) is pleased to announce that joint venture partner Heatherdale Resources Ltd. (�Heatherdale�) (TSXV: HTR) has satisfied requirements to earn an additional 9% ownership interest (resulting in a total ownership Interest of 60%) in the Niblack Project as contemplated by the June 2009 LLC Agreement of the Niblack Project LLC (the �Agreement�).

�We look forward to working with Heatherdale and utilizing the resources of both groups to expedite the advancement of the Niblack Project toward the prefeasibility stage,� stated Niblack�s President and CEO, John Williamson.

Heatherdale has advised Niblack that it has elected to pursue the property development under a 60/40 joint venture rather than continue to earn a larger percentage interest at this time.  Heatherdale and Niblack have approved a budget going forward and Heatherdale has agreed to sole fund operations for a 60 day period to facilitate the uninterrupted continuation of the current exploration program.

Since its formation in June 2009, the joint venture has completed some 130,000 feet of underground drilling at the Niblack Project and work programs have been very successful.  Earlier this year, the joint venture announced a 54% increase in mineral resources in the Lookout and Trio deposit over those known to exist in 2009.  At a US$50 NSR cut off1, the March 2011 estimate comprises 4.1 million tonnes of Indicated resources grading 1.13% copper, 2.32 g/t gold, 2.27% zinc and 38.70 g/t silver and 2.5 million tonnes of Inferred resources grading 1.21% copper, 1.77 g/t gold, 2.29% zinc and 25.90 g/t silver.  A continuous 1.5 million-tonne high-grade zone occurs within the indicated resource, grading 1.73% copper, 3.50 g/t gold, 3.84% zinc and 61.60 g/t silver at US$150 NSR cutoff (see March 7, 2011 news release). 

These resources laid the foundation for advancing the project to the next stage of engineering and scoping studies, which are a part of the 2011 program.  Further, recent results from drilling have confirmed that the geological model for the project is robust and successfully targeting new mineralization.  In particular, a new zone has been intersected in drilling (see July 28, 2011 news release) that is expected to add to the mineral resources.  As only approximately 1/4 of the six miles of prospective horizon that hosts the Niblack deposits has been tested by drilling, there is significant additional resource potential on the property.

The location of the Niblack Project 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, a 2,100-ton per day underground massive sulphide mine, operates 225 miles (370 km) to the northwest of Niblack on Admirality Island.

Peter Kleespies, P.Geol., a Qualified Person as defined under National Instrument 43-101, is supervising the exploration and quality assurance and quality control programs on behalf of Niblack and has reviewed the content of this release.

 

About Niblack Mineral Development Inc.

Niblack Mineral Development Inc. (NIB: TSX-V) is an exploration and development company with a number of mineral rich assets in South East Alaska.  The Corporation�s principal asset is the Niblack advanced stage copper-gold-zinc-silver project. This project is currently a joint venture operated by Heatherdale Resources Ltd. (part of the Hunter Dickinson group of companies) which has earned a 60% interest in the project.

Niblack Mineral Development Inc. is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.

On behalf of the Board

Niblack Mineral Development Inc.

/s/�John Williamson�

President, CEO & Director

For further information about Niblack Mineral Development Inc. or this news release, please contact:

Brian Budd
Director of Corp. Development
Email: brianb@niblack.com   
Tel. 604-697-2861 or toll-free 1-888-331-2269
Website: www.niblack.com  Mobile URL: m.niblack.com



"Neither 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.

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Niblack Mineral Development Inc.Discovery Group

Niblack Mineral Development Inc.

PRODUCER
CODE : NIB.V
ISIN : CA65365X1096
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Niblack Mineral is a zinc and gold producing company based in Canada.

Niblack Mineral holds various exploration projects in Australia and in Canada.

Its main assets in production are 3 BLUFFS in Canada and JAURDI HILLS in Australia and its main exploration properties are BORDEN and NIBLACK in Canada and JAURDI HILLS (BLACK CAT) in Australia.

Niblack Mineral is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 15.5 millions as of today (US$ 15.5 millions, € 11.6 millions).

Its stock quote reached its highest recent level on January 23, 2004 at CA$ 9.95, and its lowest recent point on December 23, 2011 at CA$ 0.16.

Niblack Mineral has 35 977 000 shares outstanding.

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Annual reports of Niblack Mineral Development Inc.
2008 Annual Report
Financings of Niblack Mineral Development Inc.
1/4/2012Announces Private Placement
Project news of Niblack Mineral Development Inc.
1/12/2012Announces Security holder Approval for Arrangement with Heat...
12/1/2011(Niblack)Supports As Heatherdale Explores Niblack Project Partnership...
8/31/2011(Niblack)Joint Venture Partner Completes Requirments To Secure 60% In...
8/22/2011Joint Venture Receives Priority Permitting Approval From US ...
3/16/2011(Niblack)Larger Niblack Mine Estimates Released
7/13/2010(Niblack)Expands Precious Metals-Enriched VMS Deposit
5/6/2008(Commitee Bay)Exploration Program Set for 2008 Committee Bay Greenstone Be...
4/30/2008(Coolgardie)Concludes Sale of Coolgardie Gold Project for Total Consider...
4/15/2008(Coolgardie)Focus Minerals Shareholders Approve Acquisition of Committee...
3/13/2008(Commitee Bay)Significant Resource Upgrade for Three Bluffs Deposit Commit...
2/19/2008(Coolgardie)Further Resource Upgrade For High-Grade Perseverance Gold De...
1/30/2008(Redemption)Enters Exclusivity Agreement Redemption Joint Venture Proje...
12/20/2007(Redemption)Perseverance Feasibility Study Yields Positive Result Base C...
12/12/2007Further High Grade Drill Results from Perseverance Deposit
10/31/2007(Commitee Bay)Final 2007 Three Bluffs Drilling Results: 9.29 g/t Au over 8...
10/9/2007Upgraded Resource Within the "Tindals Gold Mining Centre"
9/13/2007(3 Bluffs)Three Bluffs Drilling Continues to Expand Resource Potential
9/5/2007New High Grade Intersections Increase Size Potential of Inuk...
Corporate news of Niblack Mineral Development Inc.
1/19/2012Announces Acquisition by Heatherdale Resources Ltd.
12/16/2011Mails Information Circular
11/29/2011(Niblack)Joint Venture Announces 31% Increase To Total Mineral Resour...
10/26/2011(Niblack)Definitive Agreement Reached between Niblack and Heatherdale
7/28/2011(Niblack)Drilling Continues To Intersect & Expand Mineralization At N...
3/7/2011Announces 54% Increase to Mineral Resources
5/6/2010Amends Warrant Terms
7/30/2008Acquire Key Areas on Borden Project Airborne Magnetics Surve...
6/20/20082008 Committee Bay Exploration Program Initiated
2/6/2008 Will Be Exhibiting at the 2008 Phoenix Resource Investment ...
11/6/2007 Present at the 2007 Money Talks Conference
11/5/20072007 President'sLetter and Corporate Update
10/18/2007 to present at Toronto and New Orleans Investment Conference...
9/14/2007Drill Program Extended at Three Bluffs Deposit
9/6/2007Three Bluffs Drilling Delivers Outstanding Intercepts 19.44 ...
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