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.
On behalf of the Board of Directors
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. Assumptions used by the Company to develop forward-looking statements include the following: the Niblack project will obtain all required environmental and other permits and all land use and other licenses, studies and exploration of the Niblack project will continue to be positive, and no geological or technical problems will occur. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, potential environmental issues or liabilities associated with exploration, development and mining activities, 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.
(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.