TORONTO, ONTARIO– Jan. 31, 2017 – Darnley Bay Resources Limited (TSX VENTURE:DBL) (“Darnley Bay” or the “Company“) is pleased to announce the Company has appointed Parviz Farsangi and Brian Jennings to the board of directors (the “Board“) as independent directors.
Parviz Farsangi, P. Eng, MBA, PhD
Mr. Farsangi is a mining engineer with extensive mining and processing experience in Canada and internationally working with diverse cultures including USA, Jamaica, UK, Brazil, Mexico and Canada. From 2013-2016 he was the CEO of Canadian Royalties Inc. that commissioned and is operating the nickel mining and processing facilities in Northern Quebec, near Glencore’s Raglan operation. Previous to that he was President and CEO of Scorpio Mining Corporation, which operated a silver-lead mine and processing facilities in Mexico. He was also Executive Vice-President and Chief Operating Officer of Vale Inco and was responsible for Vale Inco’s wholly owned properties globally, overseeing a $2 billion operation budget, a $1 billion capital budget, and 8000 employees. Previous to that Mr. Farsangi spent 20 years in senior positions at Falconbridge, including General Manager of the Sudbury unit and President of both Gramercy Alumina (Louisiana) and St. Ann Bauxite (Jamaica).
Brian Jennings, CPA, CA, BSc
Mr. Jennings is a Chartered Accountant with 27 years of experience working as a senior financial executive and corporate restructuring professional for both public and private companies in a wide range of industries. Most recently he was Chief Financial Officer of Soltoro Ltd., an exploration company that was acquired by Agnico Eagle Mines in 2015, and President of Southeast Asia Mining Corp. for several years as it commenced permitting and development of a lead-zinc mine in Thailand. Mr. Jennings also spent 9 years with Ernst & Young in Halifax and Toronto, where he was Vice-President Corporate Restructuring, and where he was involved in several high profile assignments including Hollinger, Philip Services, and Sydney Steel. He is also a geologist.
Patricia Mannard has resigned from the Board, and remains with the Company as Vice-President Finance.
The company further announces that a total of 1,000,000 options to purchase common shares of the Company were granted on January 30th, 2017 to certain directors at an exercise price of $0.40 per share, expiring on January 30th, 2022, all subject to the terms and conditions of the Company’s stock option plan.
The company is also pleased announce that it has retained the services of Renmark Financial Communications Inc. to handle its investor relations activities. In consideration of the services to be provided, the monthly fees incurred by Darnley Bay Resources Limited will be a cash consideration of up to $8,000 CDN, starting February 1st, 2017 for a period of six months ending on August 1st, 2017 and monthly thereafter. Renmark Financial Communications does not have any interest, directly or indirectly, in Darnley Bay Resources Limited or its securities, or any right or intent to acquire such an interest.
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.