Golden Dory Resources Receives Tsx.v Approval to Increase Stake in the Iron Horse Project to 100%

GANDER, NEWFOUNDLAND - July 11, 2013 - Golden Dory Resources Corp., TSX.V: GDR ("Golden Dory") is pleased to announce that the TSX Venture Exchange has approved the proposed transaction between Golden Dory and Metals Creek Resources Corp. whereby Golden Dory can acquire 100% of the Iron Horse Project from Metals Creek by meeting specific conditions as outlined in a revised agreement.

The Property is host to two new and potentially significant Iron Ore discoveries made by Golden Dory in late 2012 on the 400 claim (10,000 ha) property located approximately 50 kilometres east of the common carrier rail line servicing the Schefferville Mining District. A total of eight holes were drilled in 2012 testing two of four previously untested magnetic anomalies (Anomalies A through D), and all holes successfully intersected significant thicknesses of iron formation including hole GLAA12-02 which returned 354 metres grading 27.8% Fe from Anomaly A in the northern portion of the property.

Work to date has focused on testing the magnetic targets as defined by previous airborne surveying. The company has recently completed a Falcon Airborne Gravity Gradiometer survey flown by Fugro Airborne Systems in an effort to locate potential direct shipping ore (DSO) targets on the property. The company does believe that DSO type targets do exist on the property as evidenced by numerous large blocks of high grade iron ore assaying in excess of 53% Fe. This higher grade material has not been intersected in the eight holes drilled to date. The company is expecting interpretive final reports from Fugro in two to four weeks.


The New Agreement

Golden Dory and Metals Creek have agreed to amend their existing Option and Joint Venture Agreement dated May 18, 2012 (the "JVOA"), to provide for Golden Dory to accelerate its interest in the Property to 100% by issuing 17.5 million shares of Golden Dory to Metals Creek without having to comply with a previous term which required Golden Dory to complete a NI 43-101 report resulting in a minimum of 50 million tonnes of product. In addition, Golden Dory will pay $1 million to Metals Creek upon completion of a bankable feasibility study on the Property; and by issuing to Metals Creek an additional 1% royalty on the Property. For the purposes of clarity, upon GDR acquiring all of MEK's interest in the Property, MEK will retain, in the aggregate, a 1.9% royalty in the Property while Golden Dory will retain a 2.1% royalty.

Kevin Keats, President and CEO of Golden Dory, commented; "We are pleased to have reached this very significant milestone and will now focus on finding a partner to move the project forward. The Iron Ore market has stabilized and the timing was right for us to maximize our stake in Iron Horse. With two discoveries to date, and a fresh gravity gradiometer survey expected shortly, we feel strongly that additional targets, including DSO, will be outlined. We are confident that the Iron Horse Project could potentially become a new mining district in Canada's premiere iron ore producing region."


About Golden Dory

Golden Dory Resources Corp. (TSX.V-GDR) is focused on advancing its 100% owned Iron Horse project located in the eastern portion of the Labrador Trough, Canada's premiere iron ore producing district. The Iron Horse Project is approximately 55kms from the rail line servicing the Schefferville mining camp and 8 km from an all-weather access road. To date, drilling has discovered iron-rich mineralization at Anomaly D and Anomaly A highlighted by a 354 meter intercept grading 27.8% Fe from Anomaly A. (See geophysical map on homepage at www.goldendoryresources.com).


For further information, please contact Kevin D. Keats, President and CEO of Golden Dory at (709) 256-4201, or Cathy Hume, CHF Investor Relations 416.868.1079 ext. 238 or emailcathy@chfir.com. This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101.



Neither the 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.

Investors are cautioned that trading in the securities of these Issuers should be considered highly speculative. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. The Issuers will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Golden Dory.