Golden Dory Increases Resource Estimate at 100% Brady Gold Project;
60% increase in contained ounces
GANDER, NEWFOUNDLAND - September 4, 2013 - Golden Dory Resources Corp.("Golden Dory") is pleased to announce an updated NI 43-101 resource estimate for the 100% owned Brady Project in central Newfoundland, approximately 50 kilometers south of the town of Grand Falls - Windsor. The revised resource, prepared by Giroux Consultants, estimates that the Reid Zone contains an Inferred resource of 9,570,000 tonnes averaging 0.56 g/t gold for 173,000 ounces gold at a cutoff of 0.30 g/t gold. This represents a 60% increase in contained ounces from the original estimate completed in 2010. To date no economic assessment or scoping study of the Reid Zone has been performed, therefore a range of cutoff values have been provided. At present the Company has no plans to conduct exploration at Brady and is open to potential offers of interest in this project.
Brady Inferred Resource within the Mineralized Solid
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|Au Cut-off|Tonnes > Cut-off|Grade > Cut-off|Contained|
|(g/t) |(tonnes) |Au (g/t) |Ounces Au|
|------------------------------------------------------|
|0.10 |11,540,000 |0.50 |187,000 |
|------------------------------------------------------|
|0.20 |10,860,000 |0.52 |183,000 |
|------------------------------------------------------|
|0.30 |9,570,000 |0.56 |173,000 |
|------------------------------------------------------|
|0.40 |7,280,000 |0.63 |147,000 |
|------------------------------------------------------|
|0.50 |5,230,000 |0.70 |117,000 |
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The Reid Zone is a potentially open pit mineable, intrusion hosted system that has been tested by only 21 holes over a strike length of 300 meters, a width of 200 meters, and to a depth of about 250 meters. The deposit is exposed, and is nearly flat lying with a gentle southerly dip and is open for expansion. The property has partial road access and is proximal to key infrastructure, power and labour. The mineralization at Brady shares characteristics similar to the intrusion hosted Fort Knox gold deposit in Alaska (Kinross Gold Corp.). which hosts bulk tonnage, open pit mineable proven and probable reserves (2012 figures) of 238 million tonnes averaging 0.47 grams per tonne gold or 3.60 million ounces of gold (Kinross Gold Corp.'s website).
Kevin Keats, President and CEO of Golden Dory stated, "The increase in Inferred gold resources at Brady where the shallow deposit is still open for exploration in all directions, demonstrate a highly prospective opportunity in Newfoundland. This Project is available for option, joint venture or sale and we are willing to entertain any serious offer."
The resource estimate for the Reid Zone (Brady Property) was produced from a database consisting of a total of 3,232 assays taken from the 21 drill holes which intersected the deposit. Assays within the mineralized solid were capped at 4.2 grams per tonne gold and uniform down hole composites measuring 5 metres in length were created to honour the boundaries of the solid. A block model was created with blocks measuring 20 X 20 X 5 metres that were superimposed over the geologic solid. A specific gravity of 2.80 was applied to all blocks, which was measured by the weight in air / weight in water method. Gold grades were interpolated into the block model by ordinary kriging. The resource estimate can be classified as inferred mineral resources based on definitions from National Instrument 43-101and from CIM 2005.
The company is also announcing that it has terminated both the Pequop South and Reef Option agreements in the State of Nevada.
About Golden Dory
Golden Dory Resources Corp. (TSX.V-GDR) is primarily focused on iron ore exploration at the Iron Horse Project in Newfoundland & Labrador, Canada.
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.
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 the Corporation should be considered highly speculative. The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Golden Dory 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.
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