Land-use agreement signed

Darnley Bay Resources Limited has signed a surface and sub-surface agreement with the Inuvialuit Regional Corporation and the Inuvialuit Land Corporation for the rights to explore for, assess, mine, extract, market and otherwise dispose of metals and diamonds in, on or under 185,320 ha of lands in the area around Paulatuk, NWT.

  The agreement is subject to Darnley Bay Resources paying ILC $626,268.21 before December 31, 2009. This sum represents 50% of Darnley Bay’s outstanding arrears owed to ILC. Agreements have been made with ILC to pay the outstanding balance by December 22, 2011.