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Blackheath Increases Size of Private Placement Financing

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/20/13 -- Blackheath Resources Inc. (TSX VENTURE:BHR)(FRANKFURT:04B) ("Blackheath" or the "Company") is pleased to announce that it has increased the size of its previously-announced private placement from $1,050,000 to $1,708,000.

The non-brokered private placement will now comprise up to 4,880,000 units (the "Units") at a price of $0.35 per Unit for aggregate gross proceeds of up to $1,708,000 (the "Private Placement"). The Units will be issued to a strategic group of investors. Each Unit will comprise one common share of the Company and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of $0.50 per share for a period of 36 months from closing of the Private Placement.

The Warrants will be subject to acceleration such that, commencing on the date that is four months and one day after the closing of the Private Placement, if the closing price of the Company's common shares on the TSX Venture Exchange, or any other exchange on which the Company's shares are then listed, is at a price equal to or greater than $0.80 for a period of twenty (20) consecutive trading days, the Company will have the right to accelerate the expiry date of all Warrants by giving written notice to the holders of the Warrants that the Warrants will expire on the date that is not less than thirty (30) days from the date of the notice to the Warrant holders.

Qualified persons acting as finders in connection with the Private Placement will receive a cash commission of up to 7% of the proceeds raised from persons introduced to the Company by the finders and non-transferable units ("Finders' Units") equal to up to 7% of the number of Units sold to persons introduced to the Company by the finders. Each Finders' Unit will be comprised of one common share of the Company and one non-transferable common share purchase warrant having the same terms as the subscribers' Warrants.

Blackheath intends to expend the proceeds raised from the Private Placement on exploration of the Covas, Borralha and Bejanca tungsten projects in northern Portugal and for general working capital purposes.

Closing of the Private Placement remains subject to certain conditions, including, but not limited to, receipt of all required regulatory approvals.

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 Borralha and Bejanca tungsten projects and also the Covas tungsten project, where exploration and drilling is currently underway. 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

James Robertson, President, CEO and Director

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding plans for the completion of a private placement financing and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include market prices, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

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.

Contacts:
Blackheath Resources Inc.
James Robertson
President, CEO and Director
[email protected]
www.blackheathresources.com

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