DARNLEY BAY RESOURCES LTD ("DBL-V;DNLYF-0")
- Appoints Project Manager
Darnley Bay Resources Limited (the "Company" or "Darnley Bay") is
pleased to announce that it has appointed Jacquelin Gauthier, P. Eng, as
project manager for the Darnley Bay project in the Northwest Territories.
Mr. Gauthier's duties will initially involve a detailed review of past
exploration data in order to select drill targets, determining the best
drilling methods, budgeting and permitting. Subject to financing, Mr.
Gauthier will eventually manage the next drilling on the property.
Mr. Gauthier is a geologist who brings more than 30 years of strong
managerial experience to the company. He spent six years, until 2009, as
Exploration Manager for Bema Gold Corp., and later Kinross Gold Corp. in
the Magadan Oblast in the far east of
Russia. Previous to that, he held
senior exploration positions with a wide variety of companies including
Noranda Exploration Inc., Sullivan Mining Group and Cambior Inc.
The Darnley Bay property hosts North America's largest isolated
gravity anomaly which has been favourably compared by the Geological Survey
of Canada (the "GSC") to other prominent gravity anomalies such as those at
the prolific mining camps of Noril'sk in
Russia and Sudbury Basin in
Ontario. It is located near Paulatuk, Northwest Territories on the Arctic
Coast. The Darnley Bay anomaly is larger and stronger than any of these
comparatives by a wide margin, measuring 100 kilometres long north to south
and about 80 kilometres wide. The GSC discovered the anomaly in 1969 and
its source has never been explained. The Company has 100% control of its
exploration and potential development subject to certain back-in and other
rights of the Inuvialuit Regional Corporation on whose land it occurs.
Extensive geophysical work by the Company has identified 41 gravity,
magnetic and electromagnetic targets widely distributed over the extent of
the anomaly, in addition to larger zones of exploration significance.
The Company continues to discuss various financing and joint venture
proposals in order to drill this highly promising target. The $650,000
financing announced on January 31, 2013, is fully subscribed and is
expected to close within 14 days.
As part of his compensation, Mr. Gauthier will be granted 250,000
options to purchase common shares of Darnley Bay at a price of $0.05, for a
period of five years, subject to the approval of a new stock option plan by
the TSX Venture Exchange.
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical facts, that address future production, reserve
potential, exploration drilling, exploitation activities and events or
developments that Darnley Bay expects are forward-looking statements.
Although Darnley Bay believes the expectations expressed in such statements
are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ materially
from those in the statements. There are certain factors that could cause
actual results to differ materially from those in forward-looking
statements. These include market prices, exploitation and exploration
successes, continued availability of capital and financing, and general
economic, market or business conditions. Investors are cautioned that any
such statements are not guarantees of future performance and actual results
or developments may differ materially from those projected in the
forward-looking statements. For more information on Darnley Bay, investors
should review registered filings at www.sedar.com.
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.
TEL: (416) 862-7885 Jamie Levy, President and CEO
FAX: (416) 862-7889
EMAIL: jlevy@darnleybay.com
.