TORONTO, ONTARIO--(Marketwired - Apr 10, 2013) - Darnley Bay Resources Limited (TSX VENTURE:DBL) (the "Company" or "Darnley Bay") has made a payment of $440,896, comprised of expenses, administrative fees and interest owing with respect to a previous drill program, to the Inuvialuit Regional Corporation. The payment brings the mineral concession agreement entered into between Darnley Bay and Inuvialuit Regional Corporation in 2009 into good standing. The final payment represents part of more than $3.8 million paid to the Inuvialuit Regional Corporation since 1995. Management intends, subject to financing, to initiate a drill program on the gravity anomaly on the property in 2013.
"We are happy to get these payments behind us and focus our funds on finding the source of the gravity anomaly. We look forward to working with the Inuvialuit Regional Corporation on this initiative," noted Kerry Knoll, Chairman of Darnley Bay Resources.
The Darnley Bay property hosts North America's strongest isolated gravity anomaly, which has been favourably compared by the Geological Survey of Canada to other prominent gravity anomalies such as those at the prolific mining camps of Noril'sk in Russia and Sudbury basin in Ontario. It is located near Paulatuk, Northwest Territories, on the Arctic coast. The Darnley Bay anomaly is larger and stronger than any of these comparatives by a wide margin, measuring 100 kilometres long north to south and about 80 kilometres wide. The GSC discovered the anomaly in 1969, and its source has never been explained. The company has 100-per-cent control of its exploration and potential development subject to certain back-in and other rights of Inuvialuit Regional, which holds the land on which it occurs.
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.