Golden Dory Resources Receives Initial Iron Assays Confirming a New and Potentially Significant Discovery in the Labrador Trough

GL12-02 Cuts 81.50 metres of 28.27% Fe including 34.00 metres grading 34.23% Fe

GANDER, NEWFOUNDLAND – July 23, 2012 – Golden Dory Resources Corp., TSX.V-GDR ("Golden Dory") and Metals Creek Resources Corp., TSX.V-MEK, are pleased to provide preliminary assay results from the first two holes at the Gabbro Lake iron ore project in the Labrador Trough. Further assay results pending.

The five-hole, 1,188 metre program tested several features within the Anomaly D target in the southern portion of the property where all holes intersected massive to banded magnetite/hematite rich iron ore mineralization. Preliminary assays for the first two holes, GL12-01 and 02, some 1.2 kilometres apart, are tabulated as follows (reported thicknesses are core lengths, true thickness not known at this time):

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 |Hole    |      |From (m)|To (m)|  Length (m)|Fe (%)|
 |---------------------------------------------------|
 |GL12-01 |      |5.32    |43.33 |38.01       |33.64 |
 |---------------------------------------------------|
 |Dip -45o| and  |54.00   |61.66 |7.66        |28.36 |
 |---------------------------------------------------|
 |        |      |        |      |            |      |
 |---------------------------------------------------|
 |GL12-02 |      |61.50   |143.00|81.50       |28.27 |
 |---------------------------------------------------|
 |Dip -45 | incl.|109.00  |143.00|34.00       |34.23 |
 -----------------------------------------------------

Kevin Keats, President and CEO of Golden Dory, commented; “These initial results confirm a new and potentially significant near surface iron ore discovery at Gabbro Lake. We are very encouraged by our results to date and look forward to an equally successful Phase 2 drill program in the near future. The Labrador Trough is elephant country and we have yet to tap our largest targets. ”

All holes drilled to date tested various magnetic highs within the 2.0 by 2.2 kilometre Anomaly D target area in the south-central portion of the property (see map on website www.goldendoryresources.com) where the Company postulates potential for finding higher grade zones of iron ore. A number of large sub-crop and boulders of relatively non-magnetic hematite rich mineralization are found in abundance within the overall footprint of Anomaly D and suggest that deposits of higher grade iron may occur in the immediate area. Approximately 62% of the surface samples collected in 2011 assayed greater than 40% Fe2O3 (28% Fe) from a range assaying from 11.42% to 75.38% Fe2O3. Detail logging and core sampling of all Phase 1 holes has been completed and all remaining samples have been shipped to Activation Laboratory’s prep lab in Goose Bay, Labrador.

Golden Dory, the project operator, can earn a 70% interest in the Project as announced on May 16, 2012. The two companies will form an operating JV once Golden Dory has earned the 70% interest whereby Metals Creek will hold the remaining 30% (see news release May 16, 2012).

The Gabbro Lake Project is strategically located in the eastern portion of the Labrador Trough, 50 km from the rail line servicing the Schefferville mining camp and 8 km from an all-weather access road. Within the Gabbro Lake property, the magnetic data defines the targets as a structurally folded and faulted iron formation and shows a number of areas that may be thickened by the structural complexity. Work carried out by the joint venture, the first ever on the property, included airborne geophysics which outlined four significant “magnetic high” target areas, Anomalies A to D (see geophysical map on homepage at www.goldendoryresources.com).

All samples submitted for assay were delivered by Golden Dory personnel to Activation Laboratory’s prep lab in Goose Bay, Labrador. Pulps were then forwarded to Activation Laboratory’s facility in Ancaster, Ontario for analysis by XRF.


About Golden Dory

Golden Dory Resources Corp. (TSX.V-GDR) has several mineral projects in its portfolio. Gold projects include the Huxter Lane-Brady Project in Newfoundland & Labrador, Canada; the Long Canyon (Pequop South) and Reef properties in Nevada, USA. The Company is also seeking partners on its earlier stage gold, uranium and high grade base metal properties in Newfoundland, and its lithium/rare metals projects in Ontario. In 2012, the Company is taking over as operator of the Gabbro Lake Joint Venture (up to 70% interest) in the iron-rich Labrador Trough.

This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101.

For further information, please contact Kevin D. Keats, President and CEO of Golden Dory at (709) 256-4201, Cathy Hume at CHF Investor Relations at (416) 868-1079 x 231 or Stephanie Fitzgerald (416) 868 1079 x 222.


About Metals Creek

Metals Creek Resources Corp. is a well-funded junior exploration company incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol “MEK”. Metals Creek has earned a 50% interest in the Ogden Gold Property, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has a 8 km strike length of the prolific Porcupine-Destor Fault (PDF) that stretches between Timmins, Ontario and Val d’Or, Quebec. The Corporation is also engaged in the identification, acquisition, exploration and development of other mineral resource properties, and presently has mining interests in Ontario and Newfoundland and Labrador. Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under its profile at www.sedar.com.

For further information, please contact Alexander (Sandy) Stares, President and CEO of Metals Creek at (709) 256-6060 or email: astares@metalscreek.com.



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 and/or Metals Creek.