Blackheath Resources Inc.
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 June 07, 2016
Blackheath Closes First Tranche of Private Placement

 
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Blackheath Resources Inc. (TSXV: BHR) (the "Company") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement. The Company raised gross proceeds of $400,000 through the issuance of 4,000,000 units at a price of $0.10 per unit (the "Units"). Each Unit is comprised of one common share of the Company and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.18 per share for a period of 24 months from closing of the private placement.

Qualified persons acting as finders in connection with the Private Placement may receive finders' fees in accordance with the policies of the TSX Venture Exchange. Blackheath intends to expend the proceeds raised from the Private Placement on further exploration of its past-producing tungsten projects in northern Portugal and for general working capital purposes.

All securities issued or issuable under this tranche of the private placement are subject to a hold period under applicable Canadian securities laws expiring on October 8, 2016, in addition to such other restrictions as may apply under applicable securities laws outside Canada.

About Blackheath:

Blackheath Resources Inc. is listed on the TSX Venture Exchange, and is focused on tungsten exploration and development in Portugal. The Company holds the past-producing Covas, Borralha and Vale das Gatas tungsten projects and also the Bejanca tungsten/tin project. Management of Blackheath has previous experience in tungsten mining operations in Portugal through Primary Metals Inc., the operator of the Panasqueira Tungsten Mine from 2003 to 2007. Further information about the company's activities may be found at www.blackheathresources.com and under the company's profile at www.sedar.com

ON BEHALF OF THE BOARD

"Alexander Langer"
______________________________________
Alexander Langer, President & CEO

For further information please contact Investor Relations, at 604.684.3800 or info@blackheathresources.com

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.
 
 

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