FOR: DALRADIAN RESOURCES INC. TSX SYMBOL: DNA AIM SYMBOL: DALR September 23, 2016 Dalradian Block Listing Application and Exercise of Warrants and Options TORONTO, ONTARIO--(Marketwired - Sept. 23, 2016) - Dalradian Resources Inc. (TSX:DNA)(AIM:DALR) ("Dalradian" or the "Company") provides notification that a block listing application has been made to the London Stock Exchange for the admission to trading on AIM of up to 26,349,096 common shares each in the Company (the "Block Listing Shares"). The 26,349,096 Block Listing Shares represent approximately 10.87% of the current issued share capital of the Company. The Block Listing Shares will be allotted from time to time pursuant to the exercise of warrants (26,349,096 common shares) issued in connection with the bought deal offering completed on 7 October 2015. The Company also announces that it has made application for admission of an additional 600,000 shares that were issued on September 15 and September 19, 2016 as a result of option exercises by two former directors at a range of prices averaging $0.84 per share (the "Stock Option Shares") for proceeds of $505,000. The Company has also made an application for an additional 222,000 shares that were issued from September 14 to September 22, 2016 as a result of warrants exercised in connection with the bought deal offering completed on 7 October 2015 at a price of $1.04 per share ("Bought Deal Shares") for proceeds of $230,880. The Block Listing Shares, Bought Deal Shares and the Stock Option Shares will be issued credited as fully paid and will rank pari passu with the existing Common Shares in issue, to be admitted to trading on AIM and admission is expected to occur at 8:00am on or around 29 September 2016 ("Admission"). Following Admission, the Company will have in issue 242,316,276 Common Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules. About Dalradian Resources Inc. Dalradian Resources Inc. is a gold exploration and development company that is focused on advancing its high- grade Curraghinalt Gold Project located in Northern Ireland, United Kingdom. The Company is completing a work program in support of a planning (permitting) application for construction of an operating mine at Curraghinalt. Components of the program include a feasibility study, an environmental and social impact assessment and underground exploration (960 metres of development with associated test stoping). In May 2016, Dalradian announced an updated mineral resource estimate for Curraghinalt, including a 109% increase in gold ounces contained in the Measured and Indicated categories compared with the 2014 resource. The current resource consists of 2.1 million ounces of contained gold in the Measured and Indicated categories (5.61 million tonnes at 11.61 g/t) and 2.3 million ounces of contained gold in the Inferred category (7.13 million tonnes at 10.06 g/t gold). For further information, see the NI 43-101 technical report entitled, "Technical Report for the Northern Ireland Gold Project, Northern Ireland", dated June 17, 2016 and prepared by Dr. Jean-Francois Couture, PGeo (APGO#0197) and Dr. Oy Leuangthong, PEng (PEO#90563867), both of SRK Consulting (Canada) Inc. and Stacy Freudigmann, PEng (APEGBC #33972) of JDS Energy & Mining Inc. FORWARD-LOOKING STATEMENTS This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its subsidiaries and its mineral project, the future price of metals, test work and confirming results from work performed to date, the estimation of mineral resources, the realization of mineral resource estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage, the timing and possible outcome of pending regulatory matters 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 statements 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 continued political stability in Northern Ireland, that permits required for Dalradian's operations will be obtained on a timely basis in order to permit Dalradian to proceed on schedule with its planned exploration and development programs, that skilled personnel and contractors will be available as Dalradian's operations continue to grow, that the price of gold will be at levels that render Dalradian'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 current mine plans, that the assumptions contained in the Company's Preliminary Economic Assessment are accurate and complete, that results from the infill drilling program continue to be positive, that the mineral resource update is positive, that the results of the Environmental and Social Impact Assessment and the Feasibility Study will be positive and that a permitting application for mine construction will be approved. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Dalradian 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 and future exploration activities; the actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; 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. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Marla Gale Vice President Communications +1 416 583 5622 [email protected] OR Grant Thornton UK LLP (Nominated Adviser) Philip Secrett / Richard Tonthat / Harrison Clarke +44 (0)20 7383 5100 OR Canaccord Genuity Limited (Broker) Henry Fitzgerald-O'Connor / Martin Davison +44 20 7523 8000 Dalradian Resources Inc.