Greenstone acquires additional shares of Heron Resources

GUERNSEY, CHANNEL ISLANDS--(Marketwired - Sept. 11, 2017) - Greenstone Resources L.P. is pleased to announce that its affiliate and nominee, Greenstone Management (Delaware) LLC, acing in its capacity as general partner of Greenstone HRR Holdings II L.P., ("Greenstone") has acquired an aggregate of 398,496,241 additional common shares of Heron Resources Limited ("Heron"), at a price per common share of Cdn$0.07, for aggregate gross proceeds of US$21,200,000 (approximately Cdn$27,895,000) (the "Greenstone Subscription"). The Greenstone Subscription forms part of a larger equity financing by Heron (the "Private Placement"), as disclosed by Heron in its press release of September 7, 2017.

The Greenstone Subscription occurred in two separate tranches that completed simultaneously. In connection with the Greenstone Subscription, Greenstone acquired an aggregate of 398,496,241 common shares of Heron. As such and including the 54,131,658 common shares owned by Greenstone and Greenstone HRR Holdings LP, a joint actor of Greenstone (the "Joint Actor") prior to the Greenstone Subscription, Greenstone and the Joint Actor currently have ownership of and control over a total of 452,627,899 common shares of the issuer, representing approximately 18.7% of the total issued and outstanding common shares of the issuer, representing an increase of 7% to the 11.7% ownership interest of common shares of the issuer owned by Greenstone and the Joint Actor prior to completion of the Greenstone Subscription.

Greenstone is a private equity fund specialising in the mining and metals sector. The Greenstone team has over 80 years of experience in the sector covering all aspects of mining project development. Further details on Greenstone can be found at www.greenstoneresources.com.

Greenstone acquired the common shares of Heron pursuant to the Greenstone Subscription for investment purposes. Depending on market conditions and other factors, Greenstone advises that it may from time to time acquire and/or dispose of securities of Heron or continue to hold its current position. A copy of the early warning report required to be filed by Greenstone with the applicable securities commission in connection with the transactions will be available on SEDAR at www.sedar.com and can be obtained by contacting Joanna Duquemin Nicolle and Sadie Morrison at Greenstone +44 1481 810 100.

Greenstone's registered office is at: