Dalradian Resources Inc.

Dalradian Resources Inc.

February 28, 2012 08:59 ET

Dalradian Closes Norwegian Acquisition

TORONTO, ONTARIO--(Marketwire - Feb. 28, 2012) - Dalradian Resources Inc. ("Dalradian" or the "Company") (TSX:DNA) is pleased to announce that it has closed its previously announced acquisition of approximately 1.7 million hectares of mineral rights (the "Properties") over four greenstone belts and an historic silver mining camp in Norway (the "Acquisition").

Pursuant to the terms of the Acquisition, Dalradian acquired its indirect interest in the Properties by acquiring all of the issued and outstanding shares of Norwegian Minerals Group Inc. ("Ontco"), which in turn holds all of the issued and outstanding shares of Norwegian Minerals Group AS ("NMG"). NMG holds a 100% interest in the Properties, subject to royalties of up to 0.75%. Dalradian acquired its 100% interest in Ontco in consideration of: (i) the issuance of an aggregate of 4,500,000 Common Shares upon closing; and (ii) the agreement to issue an additional 2,500,000 Common Shares in the event that any time prior to January 1, 2015, a National Instrument 43-101 compliant technical report discloses a minimum aggregate Mineral Resource of 1 million ounces of gold equivalent on the Properties. All of the Common Shares issuable on closing are subject to a 12 month escrow, to be released in tranches of 25% every four months with the first release on closing.

Dalradian has also funded an annual tax payment in January 2012 in respect of the Properties with an aggregate amount of approximately CAD$2,450,000 (the "Tax Payment") and also reimbursed certain indebtedness and expenses of NMG and vendors of the Properties in the aggregate amount of approximately US$800,000.

About Dalradian Resources Inc.:

Dalradian is a Canadian-based exploration company engaged in the acquisition, exploration and development of mineral properties. The Company's wholly owned subsidiary, Dalradian Gold Limited, holds a 100% interest, subject to certain royalties, in mineral prospecting licences and mining lease option agreements in counties Tyrone and Londonderry, Northern Ireland. The Department of Enterprise, Trade and Investment ("DETI") and the Crown Estate Commissioners ("CEC") have together granted to Dalradian base and precious metal mineral exploration rights to four contiguous areas collectively known as the Tyrone Project.

Dalradian's flagship deposit, Curraghinalt hosts an NI 43-101 compliant measured mineral resource of 0.02 MT grading 21.51 g/t gold for 10,000 contained ounces, indicated mineral resource of 1.11 MT grading 12.84 g/t gold for 460,000 contained ounces and inferred mineral resource of 5.45 MT grading 12.74 g/t for 2,230,000 contained ounces. Dalradian's NI 43-101 report, "An updated Mineral Resource Estimate for the Curraghinalt Gold Deposit, Tyrone Project, County Tyrone and County Londonderry, Northern Ireland" is dated January 10, 2012 and effective November 30, 2011, prepared by Messrs. Hennessey and Mukhopadhyay of Micon International Limited, and is available on SEDAR at www.sedar.com.


This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the estimation of mineral resources. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the receipt of applicable regulatory approvals, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's final short form prospectus dated February 8, 2012. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/DNAfig1.pdf.

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