Heatherdale Closes $3 Million Financing and Extends Deadline for Funding Expenditure on Delta Project

VANCOUVER, Dec. 31, 2012 /CNW/ - Heatherdale Resources Ltd. ("Heatherdale" or the "Company") (TSXV: HTR) announces that it has completed the previously announced $3 million private placement of a convertible debenture with Sino-Canada Natural Resources Fund I.  Any common shares issued under the convertible debenture will be subject to a hold period ending four months after December 31, 2012.

Heatherdale also announces that it has reached agreement with the holder of a 40% interest in the Delta Project to extend the deadline for the completion of Heatherdale's requirement to either fund expenditures or pay cash in the amount of $2 million under the Delta Project LLC Agreement to retain its 60% interest, by one month to February 1, 2013.

About Heatherdale Resources Ltd.

Heatherdale Resources Ltd. is a Vancouver-based exploration and development company focused on advancing its 100% owned high-grade mine development opportunity at the Niblack Project.  The Company also holds a 60% interest in the mid-stage Delta copper-lead-zinc-gold-silver project. Both projects are located in Alaska.  Heatherdale 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
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.

SOURCE: Heatherdale Resources Ltd.

For further details on Heatherdale Resources Ltd., please visit the Company's website at www.heatherdaleresources.com or contact Investor Services at [phone] or within North America at 1-800-667-2114.