Darnley Bay Resources Announces Memorandum of Understanding With Diadem Resources

Darnley Bay Resources Limited (TSXV:DBL) has signed an MOU with Diadem Resources Ltd. (TSXV:DRL).

As quoted in the press release,

…Diadem to acquire DBL’s 50% interest in the Franklin Diamond Project on the Parry Peninsula and its 50% diamond interest in the South Lands. DBL retains its 100% interest to all other minerals on the South Lands. As consideration, Diadem will issue DBL 11,700,000 common shares and a 2% diamond royalty. In addition, Diadem shall undertake at least $1,250,000 of diamond exploration work on the Parry Peninsula and/or South Lands by September 30, 2012.

Click here to read the Darnley Bay (TSXV:DBL) press release.