Zebra Holdings and Investments S.à.r.l. Acquires Units of Darnley Bay Resources Limited

LUXEMBOURG, LUXEMBOURG--(Marketwired - Dec. 20, 2016) - Zebra Holdings and Investments S.à.r.l. ("Zebra") 40, Boulevard Grande Duchesse Charlotte, L-1330 Luxembourg, a company controlled by a trust settled by the late Adolf H. Lundin, announced today that it had acquired on a private placement basis ownership and control of 12,500,000 Units (the "Units") of Darnley Bay Resources Limited ("Darnley Bay") at CDN$0.20 per Unit for an aggregate subscription price of CDN$2,500,000. Each Unit was comprised of one Common Share and one-half of one Warrant, each whole Warrant entitling the holder to purchase one Common Share at a price of CDN$0.30 per Common Share for a period of two (2) years from the date of issuance. The Units were acquired in the private placement announced by the Company on November 23, 2016 and December 8, 2016 (the "Offering").

As a result of this acquisition Zebra now holds 12,500,000 Common Shares representing approximately 13.68% of the issued and outstanding Common Shares of Darnley Bay. In addition, Zebra now also holds 6,250,000 Warrants and assuming exercise of the Warrants by Zebra and without taking into account the exercise of any other Warrants issued to subscribers in connection with the Offering, Zebra would hold approximately 19.21% of Darnley Bay's issued and outstanding Common Shares on a partially diluted basis.

Zebra has acquired the Common Shares and Warrants for investment purposes. Zebra may from time to time increase or decrease its investment in the common shares of Darnley Bay depending upon the business and prospects of Darnley Bay and depending upon future market conditions.

A copy of the Early Warning Report filed pursuant to National Instrument 62-103 will appear with Darnley Bay's documents on the System for Electronic Document Analysis and Retrieval and may be obtained from Sandy Kansky, 1-604-806-3574.