Dakar Resource Corp.
TSX VENTURE : DKR

January 29, 2013 09:30 ET

Dakar Relinquishes Option on NAP Property, Kamloops B.C.-Focus Remains on Acquisition of Proteus Energy

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Mr. Allen Wilson, President and CEO of Dakar Resource Corp. ("Dakar" or the "Company") (TSX VENTURE:DKR) announces that the Company has relinquished its option to acquire the NAP copper-gold-silver-zinc exploration property, located 40 kilometers south of Kamloops B.C. The Company's phase two exploration program results on the NAP property were announced on November 29, 2012.

Dakar remains focused on completing its acquisition of Proteus Energy Corporation ("Proteus"). The Proteus acquisition and concurrent financing (the "Transaction") was initially announced November 6, 2012. Full updated particulars of the Transaction were announced on December 20, 2012. Haywood Securities Inc and Emerson Equity LLC, co-agents for the minimum $5.0 million, maximum $6.0 million, financing component of the Transaction are in the process of completing due diligence on the Transaction.

Closing of the Transaction

The Transaction will result in a change of control of Dakar. The Transaction is considered an arm's length transaction. A finder's fee may be paid in connection with the Transaction. Closing of the Transaction is subject to certain closing conditions, including approval of the TSX Venture Exchange ("TSX-V"), approval of Dakar shareholders and Proteus shareholders holding at least 90% of the issued and outstanding Proteus shares being parties to the definitive share purchase agreement.

Completion of the transaction is subject to a number of conditions, including TSX-V acceptance, Dakar shareholder approval and Proteus shareholders holding at least 90% of the issued and outstanding Proteus shares being parties to the definitive share purchase agreement. The transaction cannot close until, among other conditions, the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Filing Statement to be prepared in connection with the transaction, any information released or received with respect to the RTO may not be accurate or complete and should not be relied upon. Trading in the securities of Dakar Resource Corp. should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

ON BEHALF OF THE BOARD

Allen Wilson, President, C.E.O. and Director

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual events and results to differ materially from Dakar's expectations include risks related to the exploration stage of Dakar's project; market fluctuations in prices for securities of exploration stage companies; and uncertainties about the availability of additional financing.

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.

Contact Information

  • Dakar Resource Corp.
    Allen Wilson
    President, C.E.O. and Director
    (604) 240-4349
    (604) 681-4760 (FAX)