Darnley Bay Announces Increase in Size of Private Placement and Entering Into Definitive Option Agreement

TORONTO, ONTARIO--(Marketwired - April 29, 2016) - Darnley Bay Resources Limited (TSX VENTURE:DBL) ("Darnley" or the "Company") announces an increase to the size of its previously announced non-brokered private placement in an amount of $25,000 for aggregate gross proceeds of up to $325,000 (the "Offering"). The Offering will now be up to 13,000,000 units at a price of $0.025 per unit ("Unit"). Each Unit will consist of one common share ("Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant will be exercisable for one Common Share at a price of $0.05 per Common Share for a period of one year from the date of closing of the Offering, provided that should the Common Shares trade on the TSX Venture Exchange (the "TSXV") for 20 consecutive trading days at a price equal to or more than $0.10, the Warrants will expire 30 days later.

The Company would also like to announce that further to its press release of March 8, 2016, it has recently entered into a definitive option agreement (the "Definitive Agreement") with Roda Holdings Inc. ("Roda") to acquire a 100% interest in a Molybdenum property owned by Roda pursuant to the terms of the non-binding letter of intent as detailed in the March press release. In connection with the entering into of the Definitive Agreement, the Company made the first option payment of $50,000 to Roda.

This press release does not constitute an offer of the securities of the Company for sale in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, (the "1933 Act") as amended, and may not be offered or sold within the United States absent registration or an exemption from registration under the 1933 Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

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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.