DARNLEY BAY RESOURCES LIMITED
TSX VENTURE : DBL

DARNLEY BAY RESOURCES LIMITED

July 23, 2009 15:36 ET

Darnley Bay Resources Closes Private Placement Financing and Appoints American Financial Advisor

TORONTO, ONTARIO--(Marketwire - July 23, 2009) - Further to its news release of June 24, Darnley Bay Resources Limited (the "Company") (TSX VENTURE:DBL) announces that it has closed its Private Placement financing for 2,475,000 units @ $0.10 per unit for a total of $247,500. A finder's fee is applicable to a portion of the financing. There are now 55,405,380 shares outstanding in the Company.

Each unit consists of one common share (CS) and one CS purchase warrant exercisable for four years from the closing date at an exercise price of $0.20/share. A four month hold period is applicable.

The proceeds will be used for exploration and working capital. The Company has embarked on the environmental permitting process to undertake ground geophysical surveys on its prospecting permits south of Paulatuk NT.

The transactions are subject to certain conditions, including regulatory approval.

The Company is pleased to announce that it has engaged CIM Securities, LLC of Centennial, Colorado as its exclusive financial advisor in the United States.

Neither 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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