Heron Files IFRS Audit Opinion for Audited Consolidated Financial Statements for the Years Ended June 30, 2017 and 2016

Sydney, Australia, Sept. 12, 2017 (GLOBE NEWSWIRE) -- Heron Resources Ltd. (ASX:HRR TSX:HER, “Heron” or the “Company”) advises that, as a result of a review by the staff of the Ontario Securities Commission, Heron has filed an audit opinion in accordance with International Financial Reporting Standards (“IFRS”) for its audited consolidated financial statements for the year ended June 30, 2017 (“Annual Financial Statements”). The review was made in connection with a short form prospectus filing by the Company.

Heron has filed on the System for Electronic Document Analysis and Retrieval (“SEDAR®”), under Heron’s profile, the IFRS audit opinion and the Annual Financial Statements with the clarifications and modifications described below. Other than these clarifications and modifications, the Annual Financial Statements remain the same.

The Annual Financial Statements as at and for the year ended June 30, 2017 prepared in accordance with Australian Accounting Standards and audited in accordance with Australian Auditing Standards, did not identify that the Annual Financial Statements were also prepared in accordance with IFRS and that the audit of same was prepared in accordance with International Standards on Auditing. It has been confirmed that the Annual Financial Statements were prepared in accordance with International Financial Reporting Standards, since the Australian Accounting Standards are equivalent to IFRS, and the audit on the same was conducted in accordance with International Standards on Auditing, since the Australian Auditing Standards are equivalent to the International Standards on Auditing.

Furthermore, the auditor’s report of the Annual Financial Statements did not refer to the audit of comparative annual financial statements for the year ended June 30, 2016. As a result, the auditor’s report of the Annual Financial Statements now includes the consolidated statement of financial position of Heron as at June 30, 2017 and 2016, and the consolidated statement of profit or loss and other comprehensive income, changes in equity and cash flows for the year ended June 30, 2017 and 2016, and a summary of significant accounting policies and other explanatory information.

Other than the foregoing modifications, the Annual Financial Statements remain the same.

About Heron Resources Limited

Heron is engaged in the exploration and development of base and precious metal deposits in Australia. Heron’s primary development project is the high-grade Woodlawn Zinc-Copper Project located 250km southwest of Sydney, New South Wales.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This report contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws, which are based on expectations, estimates and projections as of the date of this report. This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management’s expectations with respect to, among other things, the timing and amount of funding required to execute the Company’s exploration, development and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining operations, the length of time required to obtain permits, certifications and approvals, the success of exploration, development and mining activities, the geology of the Company’s properties, environmental risks, the availability of labour, the focus of the Company in the future, demand and market outlook for precious metals and the prices thereof, progress in development of mineral properties, the Company’s ability to raise funding privately or on a public market in the future, the Company’s future growth, results of operations, performance, business prospects and opportunities, the use of proceeds of the Offering and the timing for filing the Prospectus. Wherever possible, words such as “anticipate”, “believe”, “expect”, “intend”, “may” and similar expressions have been used to identify such forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors, including, but not limited to, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Canada, Australia or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these uncertainties and contingencies can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking information. Although the forward-looking information contained in this report is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this report.

For further information regarding Heron please visit www.heronresources.com.au or contact:
Heron Resources 
Mr Wayne Taylor                                                  
Managing Director and CEO Heron Resources Ltd.                      
Tel: +61 2 9119 8111                                            
Email: heron@heronresources.com.au

Jon Snowball, FTI Consulting    
jon.snowball@fticonsulting.com
Tel: +61 2 8298 6100

Heron (Canada) 
Tel: +1 647-862-1157(Toronto)