JV partner and operator Heatherdale Resources

Niblack advanced-stage copper-gold-zinc-silver project in southeast Alaska

Message: Heatherdale Resources Ltd - acquisition of Niblack
EDMONTON, ALBERTA -- -- Niblack Mineral Development Inc. (TSX VENTURE:NIB) ("Niblack" or the "Company") announces the successful completion by court-approved plan of arrangement (the "Arrangement"), of the acquisition of Niblack by Heatherdale Resources Ltd. ("Heatherdale"). Heatherdale has acquired all the outstanding common shares of Niblack in exchange for the issuance of 19,221,578 Heatherdale common shares, and now holds a 100% interest in the Niblack copper-gold-zinc-silver project located in southeast Alaska, USA.

Under the Arrangement, former shareholders of Niblack received 0.50 common shares of Heatherdale for each common share of Niblack. Each unexercised warrant that was outstanding at closing has been amended to give the warrantholder the right to purchase the number of Heatherdale shares equal to 50% of the number of Niblack shares subject to such warrant, at an exercise price of C$1.20 in the case of warrants that have a current exercise price of C$0.45 and C$1.73 in the case of warrants that have a current exercise price of C$0.65. All unexercised options at closing have been cancelled for C$0.01 per option. Niblack will be delisted from the TSX-V on or about January 19, 2012.

On behalf of the Board of Directors

John Williamson, President & CEO of Niblack


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