VANCOUVER , March 24, 2014 /CNW/ - Heatherdale Resources Ltd. ("Heatherdale" or the "Company") (HTR.V) 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 ."
About Niblack
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
Patrick Smith
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.
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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.