From the Wires
Darnley Bay Appoints Project Manager
By: Marketwired .
Feb. 13, 2013 10:14 PM
TORONTO, ONTARIO -- (Marketwire) -- 02/14/13 -- Darnley Bay Resources Limited (TSX VENTURE:DBL) (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.
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.
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