NIB Niblack Mineral Development

Niblack Mineral Development Inc. (TSX VENTURE:NIB) ("Niblack" or the "Company")
announced on October 26, 2011 that Niblack and Heatherdale Resources Ltd.
("Heatherdale") had entered into an arrangement agreement ("Arrangement
Agreement") providing for: (i) the acquisition by Heatherdale of all of the
shares of Niblack in exchange for Heatherdale shares, on the basis of 0.50
Heatherdale shares per Niblack share; (ii) the amendment of all Niblack warrants
such that each would entitle the holder thereof 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 with an existing
exercise price of C$0.45 and C$1.73 in the case of warrants with an existing
exercise price of C$0.65; and (iii) the cancellation of all unexercised Niblack
options for consideration of C$0.01 per option (together, the "Arrangement").


As announced on October 26, 2011, the Arrangement was made subject to customary
closing conditions, including the approval of 66 2/3% of the votes cast by
shareholders, optionholders and warrantholders of Niblack, each voting
separately, and approval of the Arrangement by the Court of Queen's Bench of
Alberta.


On January 11, 2012, the Arrangement was approved by the aforementioned
supermajorities of voting Niblack securityholders. In addition, on January 12,
2012, the Arrangement was aproved by the appropriate court, the Court of Queen's
Bench of Alberta.


Under the terms of the Arrangement, the Arrangement will become effective on the
second business day after all of the conditions to closing specified in the
Arrangement Agreement are satisfied or waived or such other date as the parties
may agree.


Niblack and Heatherdale are currently working to bring about the satisfaction of
all remaining closing conditions.


About Niblack Mineral Development Inc.

Niblack Mineral Development Inc. (TSX VENTURE:NIB) is an exploration and
development company with a number of mineral rich assets in South East Alaska.
The Company's principal asset is its interest in the Niblack
copper-gold-zinc-silver project for which a Preliminary Economic Assessment is
currently underway. This project is currently in a joint venture operated by
Heatherdale Resources Ltd.


For further details, please visit the company website at www.niblack.com. 

On behalf of the Board of Directors

John Williamson, President & CEO of Niblack

This news release may contain forward - looking information including but not
limited to comments regarding the timing and content of upcoming transactions.
Forward - looking information includes disclosure regarding possible future
events, or conditions or results of operations that is based on assumptions
about future economic conditions and courses of action, and therefore, involves
inherent risks and uncertainties. Although management has a reasonable basis for
the conclusions drawn, actual results may differ materially from those currently
anticipated in such 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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