Hedman Resources Limited
TSX VENTURE : HDM

Hedman Resources Limited

March 07, 2005 11:28 ET

Hedman to Acquire Additional Antigorite Deposits


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: HEDMAN RESOURCES LIMITED

TSX VENTURE SYMBOL: HDM

MARCH 7, 2005 - 11:28 ET

Hedman to Acquire Additional Antigorite Deposits

TORONTO, ONTARIO--(CCNMatthews - March 7, 2005) - HEDMAN RESOURCES
LIMITED (TSX VENTURE:HDM) announced today that it has contracted to
purchase by way of assignment a series of mining claims in Keith
Township, Ontario, from three Timmins area prospectors.

Preliminary assays and testing tabled by these prospectors confirm a
serpentine deposit of an antigorite concentration similar to Hedman's
deposits at Horwood Lake and suggesting an attractive magnesium/iron
ratio highly suitable for the Company's fiberization demands.

The consideration for this transaction is $50,000 at closing (inclusive
of a $10,000 deposit) plus an annual royalty fee until 2010 of .50 per
extracted ton of antigorite and a 10% of profit fee on any precious and
base metals discovered and ultimately marketed directly or through joint
venture.

This transaction is subject to a series of conditions in favour of the
Company including appropriate confirmations and approvals from the
Ontario Ministry of Northern Development and Mines, independent assays
and testing reports to establish the composition, projected quantity and
legally free chrysotile content of the antigorite deposits, verification
of immediate rail and road access and the approval of the Company's
board of directors.

Hedman has 120 days to satisfy due diligence conditions, with a closing
anticipated within 30 days thereafter.

"This is a vital, timely and most fortunate acquisition for our
Company," said Stephen A. Edell, president, CEO and managing director,
"and significantly expands our primary business initiative and long-term
viability and growth models. These deposits are proximate to those that
are the subject of our ongoing fiberization research and development
with the United States Department of Energy. If these deposits prove
suitable, Hedman will not only have intensified its monopoly on this
unique antigorite ore, but will vastly increase reserves to further
legitimize and broaden future business and joint venture opportunities."

Certain statements in this press release may constitute
"forward-looking" statements which involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements of Hedman Resources Limited (the "Company")
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
When used in this press release, such statements use such words as
"may," "will," "expect," "anticipate," "project," "believe," "plan" and
other similar terminology. The risks and uncertainties are detailed from
time to time in reports filed by the Company with securities regulatory
authorities to which recipients of this press release are referred for
additional information concerning the Company, its prospects and the
risks and uncertainties relating to the Company and its prospects. New
risk factors may arise from time to time and it is not possible for
management to predict all of those risk factors or the extent to which
any factor or combination of factors may cause actual results,
performance and achievements of the Company to be materially different
from those contained in forward-looking statements. Given these risks
and uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results.

The forward-looking information contained in this press release is
current only as of the date of this press release. There should not be
an expectation that such information will in all circumstances be
updated, supplemented or revised whether as a result of new information,
changing circumstances, future events or otherwise.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Hedman Resources Limited
    David Berman
    CFO
    (416) 630-6991
    dberman@hedmanresources.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.