WHETSTONE MINERALS ANNOUNCES ANTICIPATED CLOSING DATE FOR ACQUISITION AND PRIVATE PLACEMENT

CALGARY, Feb. 22 /CNW/ -- 
CALGARY, Feb. 22 /CNW/ - (TSXV: WMI) - Whetstone Minerals Ltd. ("Whetstone") announces that, further to its press releases dated November 2, 2010,
 December 1, 2010, December 31, 2010 and January 21, 2011, Whetstone
 anticipates that, subject to the receipt of all necessary regulatory
 approvals (including TSXV approval), it will complete the previously
 announced acquisition (the "Acquisition") of the outstanding share of DGL Investments Number Four Mauritius
 from Duration Gold Limited in consideration for the issuance of
 45,000,000 common shares of Whetstone to Duration and the private
 placement financing of 50,000,000 common shares of Whetstone at an
 issue price of U.S.$0.10 per share (the "Private Placement") on or before March 21, 2011.


Forward-Looking Statements


In the interest of providing Whetstone shareholders and potential
 investors with information regarding Whetstone including management's
 assessment of the future plans and operations of Whetstone, certain
 statements contained in this press release constitute forward-looking
 statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. In
 particular, this press release contains, without limitation,
 forward-looking statements pertaining to the following: the anticipated
 timing of the completion of the Acquisition and the Private Placement.


With respect to forward-looking statements contained in this press
 release, Whetstone has made assumptions regarding, among other things:
 its ability to obtain the necessary regulatory approvals to complete
 the Acquisition and the Private Placement and its ability to raise the
 necessary funds to complete the Private Placement. Although Whetstone
 believes that the expectations reflected in the forward looking
 statements contained in this press release, and the assumptions on
 which such forward-looking statements are made, are reasonable, there
 can be no assurance that such expectations will prove to be correct.
 Readers are cautioned not to place undue reliance on forward-looking
 statements included in this press release, as there can be no assurance
 that the plans, intentions or expectations upon which the
 forward-looking statements are based will occur. By their nature,
 forward-looking statements involve numerous assumptions, known and
 unknown risks and uncertainties that contribute to the possibility that
 the predictions, forecasts, projections and other forward-looking
 statements will not occur, which may cause Whetstone's actual
 performance and financial results in future periods to differ
 materially from any estimates or projections of future performance or
 results expressed or implied by such forward-looking statements.


These risks and uncertainties include, among other things, the
 following: the failure of Whetstone to obtain the necessary regulatory
 approvals to complete the Acquisition and the Private Placement; the
 failure of Whetstone to raise the necessary funds to complete the
 Private Placement; and general economic and political conditions in
 Canada, Zimbabwe and abroad. Readers are cautioned that this list of
 risk factors should not be construed as exhaustive. These risk factors
 are discussed in Whetstone's information circular - proxy statement
 dated November 2, 2010, as filed with Canadian securities regulatory
 authorities.


The forward-looking statements contained in this press release speak
 only as of the date of this press release. Except as expressly required
 by applicable securities laws, Whetstone does not undertake any
 obligation to publicly update or revise any forward looking statements,
 whether as a result of new information, future events or otherwise. The
 forward-looking statements contained in this document are expressly
 qualified by this cautionary statement.


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.


To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2011/22/c4912.html



pplease contact the Corporation or Charles Vivian of Pelham Bell  Pottinger:/p p/p table valign="top" border="0"trtdWhetstone Minerals Ltd./td tdPelham Bell Pottinger/td/tr trtdAllan Dolan, Chairman and Interim Presidentbr/ and Chief Executive Officerbr/ Phone: [phone]/td tdCharles Vivianbr/ Phone: [phone]/td/tr/table piTo be added to Whetstone's private email list, please contact/iia href="mailto:[e-mail]"[e-mail]/a/i./p

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