Darnley Bay Resources Limited

Darnley Bay Resources Limited

March 02, 2012 17:01 ET

Darnley Bay Releases 43-101 Technical Report and Announces Joint Venture Strategy

TORONTO, ONTARIO--(Marketwire - March 2, 2012) - Darnley Bay Resources (TSX VENTURE:DBL) announces the release, filing on SEDAR and posting on its own website of the 43-101 Technical Report (the "Report") prepared by Stephen Reford, P.Eng., a Qualified Person for the purposes of National Instrument 43-101 and the Company's Chief Technical Officer. The Report details the history of North America's strongest discrete gravity anomaly (the "Anomaly") and its exploration by the Company and others over a period of 17 years.

The Anomaly 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 and Sudbury Basin. The Darnley Bay Anomaly is stronger than any of these comparatives by a wide margin. The GSC discovered the Anomaly in 1969. 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.

The Report details the work undertaken by the Company to identify 41 gravity, magnetic and electromagnetic targets widely distributed over the 100 km by 80 km extent of the Anomaly, in addition to larger zones of exploration significance. It recommends an exploration and drilling strategy to fully test the base and precious metal potential of the property. In view of the size and potential significance of the Anomaly, the Company has now decided to undertake a thorough search for joint venture partners to assist in the further exploration of this unique but gigantic occurrence.

Darnley Bay's CEO Jay Richardson said, "This is an exciting opportunity in the Canadian North for the participation of larger, well-funded mining and exploration companies. We will be exhibiting in the PDAC Investors Exchange at Booth 3345 from March 4th to 7th and look forward to meeting interested parties."

About Darnley Bay Resources Limited:

Darnley Bay Resources Limited was formed in 1993 to explore the 132 mGal Darnley Bay gravity anomaly near Paulatuk, Northwest Territories, Canada. The source of the anomaly remains unexplained. Darnley Bay is exploring for base and precious metals and diamonds on its 4,600 km2 land holding.

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.

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