Golden Dory Resources Completes Additional Earn In At Iron Horse; Increases Interest to 60%
(via Thenewswire.ca)
GANDER, NEWFOUNDLAND - October 30, 2012 - Golden Dory Resources Corp., TSX.V: GDR ("Golden Dory") is pleased to announce that it has successfully met the conditions to earn an additional 10% interest in the Iron Horse project in the Labrador Trough, and now owns an undivided 60% interest with Metals Creek Resources holding the remaining 40% interest.
The revised agreeement between Golden Dory and Metals Creek allowed Golden Dory the opportunity to earn a 60% interest in the project by funding 100% of the 2012 exploration program which was to include a minimum 1200 meters of diamond drilling. To date, Golden Dory has completed approximately 2400 meters of diamond drilling in two phases since May, 2012. Golden Dory can earn an additional 10% interest (70% total) by continuing to fund 100% of exploration costs and provide a NI 43-101 resource estimate exceeding 50 million tonnes of iron ore by May, 2016.
Kevin Keats, President and CEO of Golden Dory, commented; "We are extremely pleased to have reached this milestone and look forward to advancing the project as quickly as possible to ensure the next milestone of a 70% interest is met in a timely fashion. The results to date support our belief that the Iron Horse project has potential to host significant deposits of iron ore in Canada's leading iron ore producing region."
In 2012, the Company took over as operator of the Iron Horse Project (previously known as the Gabbro Lake Project) for which Golden Dory can earn up to a 70% interest in the joint venture. Strategically located in the eastern portion of the Labrador Trough, the Iron Horse Project is 50 km from the rail line servicing the Schefferville mining camp, and 8 km from an all-weather access road. Recent drilling has returned drill intercepts of 309 meters grading 28.6% Fe, confirming a new discovery in the Labrador Trough.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101.
About Golden Dory Resources Corp.
Golden Dory Resources Corp. (TSX.V-GDR) is primarily focused on iron ore exploration at the Iron Horse Project in Newfoundland & Labrador, Canada; and in the Long Canyon district (Pequop South), and Reef properties in the state of Nevada, USA.
For further information, please contact Kevin D. Keats, President and CEO of Golden Dory at (709) 256-4201, or CHF Investor Relations at (416) 868-1079.
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.
Copyright (c) 2012 Thenewswire.ca - All rights reserved.