Dalradian Closes C$27 Million Financings

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, July 31, 2014 /CNW/ - Dalradian Resources Inc. ("Dalradian" or the "Company") (TSX:DNA) is pleased to announce the closing of its bought deal prospectus offering pursuant to which the Company issued 19,205,000 units of the Company (which included the exercise in full of the over-allotment option) (the "Units") at a price of $0.90 per Unit (the "Offering Price") for gross proceeds of $17,284,500 (the "Offering").  The Offering was conducted through a syndicate of underwriters led by Canaccord Genuity Corp. and including Cormark Securities Inc., BMO Capital Markets, Beacon Securities Limited, Dundee Securities Ltd., Jennings Capital Inc. and National Bank Financial Inc. (collectively, the "Underwriters").  Each Unit consisted of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant").  Each Warrant is exercisable for one common share of the Company at an exercise price of $1.50 until July 31, 2017.

The Company has also completed a concurrent non-brokered private placement pursuant to which the Company issued 11,200,000 Units at the Offering Price for additional aggregate gross proceeds of $10,080,000 (the "Concurrent Placement").  Units in the Concurrent Placement were subscribed for by clients and affiliates of Sprott Private Wealth LP.  The Units issued pursuant to the Concurrent Placement, and all securities issuable thereunder, are subject to a statutory hold period under Canadian securities legislation until December 1, 2014.

The net proceeds from the Offering and the Concurrent Placement are expected to be used by the Company for exploration and development activities at the Company's Curraghinalt gold project and for general working capital purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.  The securities have not been and will not be registered under the U.S. Securities Act, or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Dalradian Resources Inc.:

Dalradian Resources Inc. is a TSX-listed gold development and exploration company focused on advancing its high-grade Curraghinalt gold deposit in Northern Ireland.

Dalradian's flagship deposit, Curraghinalt hosts an NI 43-101 compliant measured mineral resource of 0.02 MT grading 20.15 g/t gold for 15,100 contained ounces, indicated mineral resource of 2.98 MT grading 10.34 g/t gold for 989,000 contained ounces and inferred mineral resource of 8.01 MT grading 9.67 g/t for 2,487,700 contained ounces. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Dalradian's NI 43-101 report, "Curraghinalt Gold Deposit, Northern Ireland, Mineral Resource Estimate Update, NI 43-101 Technical Report" is dated May 30, 2014, and was prepared by Tim Maunula, P.Geo., President & Principal Geologist, T. Maunula & Associates Consulting Inc., and is available on SEDAR at www.sedar.com.

Dalradian's 2012 Preliminary Economic Assessment (the "PEA") reported positive results for a proposed underground mine at Curraghinalt.  Using 2012 3-year and 5-year trailing average gold prices of $1,378 and $1,166 per ounce, the PEA showed an after-tax IRR of 41.9% and 33.4% and NPV of US$467 and US$331 million respectively, based on an 8% discount rate. While the PEA is based on the November 2011 mineral resource estimate, its conclusions are not invalidated by the May 2014 mineral resource update. Dalradian's NI 43-101 report, "A Preliminary Economic Assessment of the Curraghinalt Gold Deposit, Tyrone Project, Northern Ireland" is dated September 6, 2012, and was prepared by Mr. B. Terrence Hennessey, P.Geo., Mr. Barnard Foo , P.Eng., Mr. Bogdan Damjanovic, P.Eng., Mr. Andre Villeneuve, P.Eng., and Mr. Christopher Jacobs, CEng MIMMM of Micon International Limited, and is available on SEDAR at www.sedar.com.

Dalradian's Common Shares and currently outstanding warrants are listed on the Toronto Stock Exchange under the symbol "DNA", "DNA.WT" and "DNA.WT.A" respectively. For further information, please see www.dalradian.com.

FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, receipt of final stock exchange approvals, the use of proceeds, test work and confirming results from work performed to date, estimation of mineral resources and the realization of the expected economics of the Curraghinalt Gold Deposit. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions, such as the  receipt offinal stock exchange approvals, the use of proceeds being applied as intended, continued political stability in Northern Ireland, that permits required for the Company's operations will be obtained in a timely basis in order to permit the Company to proceed on schedule with its planned development and exploration programs, that skilled personnel and contractors will be available as the Company's operations continue to grow, that the price of gold will be at levels that render the Company's mineral project economic, that the Company will be able to continue raising the necessary capital to finance its operations and realize on mineral resource estimates, and that the assumptions contained in the PEA are accurate and complete.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

SOURCE Dalradian Resources Inc.