Dauntless Capital Corp. Announces Closing of Qualifying Transaction

SYMBOL - DTL.P

VANCOUVER, Aug. 31 /CNW/ - Dauntless Capital Corp. (TSX-V:DTL.P) ("Dauntless" or the "Company") is pleased to announce that it has closed its qualifying transaction (the "Transaction") that was initially announced in a news release on May 27, 2010 and more particularly described in its supplementary news release of August 23, 2010 and filing statement dated August 18, 2010 (the "Filing Statement"). As a result of the completion of the Transaction, the Company has ceased to be a Capital Pool Company (as defined in the policies of the TSX Venture Exchange (the "TSXV")).

Concurrently with the issuance of the final bulletin of the TSXV approving the Transaction, the Company intends to change its name from "Dauntless Capital Corp." to "Tigris Uranium Corp.". The Company is expected to commence trading as a Tier 2 Mining Issuer on the TSXV at the opening of the market on September 1, 2010. The new trading symbol of the Company will be "TU".

The Company completed the Transaction through the acquisition of an exclusive option (the "Option") to earn interests in three properties located in McKinley County, New Mexico, USA, subject to a sliding scale gross proceeds royalty as more fully described in the Filing Statement. The Option was granted to the Company by NZ Uranium, LLC ("NZU"), a limited liability company organized under the laws of the State of Arizona. In exchange for the Option, the Company paid to NZU US$1,000,000 and issued to NZU 10,000,000 common shares of the Company which will be held in escrow in accordance with the policies of the Exchange.

In order to exercise the Option, the Company is required to make the following cash payments and issue the following common shares to NZU:

    
    (a) on or before five business days following the first anniversary of
        August 18, 2010 (the "Subject Removal Date") and on or before the
        second anniversary of the Subject Removal Date: (i) the sum of CDN
        $500,000, in cash, and (ii) either (at the election of the Company)
        (A) an additional sum of CDN$500,000, in cash, (B) that number of
        common shares as is calculated by dividing $500,000 by the product
        of (1) the VWAP (as defined in the Filing Statement) and (2) the
        difference between 100% and the Applicable Discount (as defined in
        the Filing Statement), or (C) some combination of (A) and (B); and

    (b) on or before each of the third and fourth anniversaries of the
        Subject Removal Date, either (at the election of the Company):
        (A) an additional sum of CDN$500,000, in cash, (B) that number of
        common shares as is calculated by dividing CDN$500,000 by the product
        of (1) the VWAP and (2) the difference between 100% and the
        Applicable Discount, or (C) some combination of (A) and (B).
    

To complete the exercise of the Option, the Company is also required to make an additional share issuance to NZU within 30 days of the fourth anniversary of the Subject Removal Date as more fully described in the Filing Statement.

In connection with the closing of the Transaction, the Company has appointed Justin Blanchet as Chief Financial Officer of the Company. Mr. Blanchet has been the Controller of Golden Predator Corp. and EMC Metals Corp. since February 2010 and CFO of Copper Ridge Explorations Inc. since June 2010. From December 2004 to February 2010, he was a public accountant with Davidson & Company LLP. From November 2003 to December 2004, he was an accountant with Fernandez, Young and Associates. Mr. Blanchet received a B.Tech. in Accounting from BCIT in May 2007 and his Chartered Accountant designation from the Institute of Chartered Accountants of British Columbia in January 2008.

As a result of the completion of the Transaction, the Company will be committed to providing shareholders with exceptional leverage to rising uranium prices through the acquisition of established resources. Tigris will achieve this through four value-enhancing strategies:

    
    -  Acquisition of uranium projects with established resources in stable
       mining jurisdictions such as the United States and Canada;
    -  Conducting geological and engineering work likely to expand resources,
       upgrade resources to reserves and improve recoverability;
    -  Advancing existing resources into and through the permitting process
       to accelerate the potential uranium production timeline; and
    -  Selling or partnering projects when they reach the production stage,
       to limit risk and share dilution.
    

For more information, please refer to the Filing Statement, which is available on the Company's profile on SEDAR at www.sedar.com.

Neither 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.

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Dauntless Capital Corp's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Dauntless Capital Corp. assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

SOURCE DAUNTLESS CAPITAL CORP.

For further information: For further information: Dauntless Capital Corp., William M. Sheriff, CEO, Phone: (604) 648-4653

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DAUNTLESS CAPITAL CORP.

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