World Mining Exploration News

Golden Dory Resources Corporate and Project Update

Golden Dory Resources (”Golden Dory”) is nowtrading under the ticker symbol (TSX-V: FA). Golden Dory received finalapproval from the TSX Venture Exchange and recently completed thequalifying transaction (reverse takeover of 540 Capital Corporation ofCalgary). The company has commenced exploration programs on its portfolioof uranium, copper and gold properties in the Province of Newfoundland &Labrador, Canada. Golden Dory recently completed a $1.83 million financingthrough Canaccord Capital Corporation and MPartners consisting of the saleof flow through and non flow through shares. The company’s key mineralproperties are described below. Technical reports on all key properties areavailable on SEDAR.

PROJECTS

Golden Dory has interests in 5 high quality projects in the mining friendlyjurisdiction of Newfoundland and Labrador, Canada, including 100% interestsin the Burin (U), Sterling (Cu/Co), and Brady (Au) projects. The companyalso holds a 50% interest in the Gabbro Lake (U) property, and a 30%interest in the Portage Lake (Ni/Cu) property.

Burin Project

The Burin Project consists of 2759 mineral claims covering 68,975 hectaresin the Fortune Bay and Burin Peninsula regions of southern Newfoundland,near the former mining town of St. Lawrence, where Alcan and others minedfluorspar for over 40 years. The property is underlain by lateNeoproterozoic volcanic and sedimentary rocks that are capped unconformablyby a Lower Paleozoic shale dominated cover sequence. These units have beenintruded by the metalliferous Devonian aged alaskitic St. Lawrence Granite,which is host to numerous base and precious metal occurrences as well asthe past producing fluorspar deposits at St. Lawrence. The St. LawrenceGranite is similar in many respects to the host rocks at the Rossinguranium mine in Namibia, one of the world’s largest producers of uranium.Extrusive phases of the St. Lawrence granite are also prospective forvolcanic hosted uranium as at the large Streltsovska complex in Russia.Newly discovered base metal mineralization is also being evaluated.

In the 1970s, previous workers identified numerous occurrences ofmoderately to strongly radioactive bedrock returning up to 6500 counts persecond (cps) and where historical grab sampling in the Lawn area returnedup to 0.33% U3O8 from the Radex showing. Check assaying by Golden Dorypersonnel returned 0.211% U3O8 from the Radex showing. Numerousgeochemical and radiometric anomalies remain unexplained from the 1970swork and reconnaissance exploration by Golden Dory has confirmed largeareas of anomalously radioactive intrusive rock using hand held RS 120Super Scints and RS 125 Super Specs ranging up to 37,000 cps over abackground ranging from 200-400 cps. The 2007 airborne magnetic andradiometric survey carried out over portions of the Burin Project byNovaTem on behalf of Golden Dory has been screened for high prioritytargets for an aggressive ground follow up program which is currentlyunderway. Reconnaissance rock sampling results are currently beingcompiled and the data will be released in the near future.

Brady Property

The Brady property consists of 419 claims totaling 10,475 hectares locatedwithin 3 kms (west) of Route 360 in central Newfoundland. The property lieswithin the Central Mobile Belt and is underlain by Cambro-Ordovicianophiolitic rocks (serpentinites) of the Dunnage Zone and metasedimentaryrocks of the Gander Zone.

In 2002, gold bearing float boulders assaying up to 4.0 g/t Au werediscovered by Datan Resources near the north bank of the Northwest GanderRiver, (Golden Dory has not verified the results). The property wassubsequently optioned to Linear Resources who carried out a program ofgeological, geochemical and geophysical surveying followed by a 15 hole,2500 meter drill program in 2003/2004. The drilling was successful indefining a mineralized zone (Reid Porphyry) consisting of disseminatedpyrite, arsenopyrite and chalcopyrite in brecciated and quartz veinedquartz porphyry and mafic volcanic rocks. Drill intercepts including 41.4 mgrading 1.1 g/t Au, and 20 meters grading 1.6 g/t Au were returned fromseparate drill holes (Linear Resources press release; results not verifiedby Golden Dory). The mineralization has not yet been closed off and isopen for expansion. The potential for additional mineralized intrusivebodies is considered excellent. In spite of its success, Linear Resourcesrelinquished the claims deciding to focus on its Mexican assets. GoldenDory obtained the Brady property from Datan Resources in 2007.

The Brady property is contiguous with the Huxter Lane property currentlythe subject of a joint venture between Yamana Gold and Paragon MineralsCorporation. Drilling has verified the existence of a similar mineralizedintrusive to that of the Brady property and has reported drill interceptsof 35 meters grading 2.2 g/t Au (Paragon Minerals website). The partnersare currently conducting a third phase of drilling.

A technical report dated January 24, 2008, on the Brady Property by JamesL. Harris, P. Geo., recommends further work at the Brady Property includingline cutting, soil geochemistry, evaluation of existing geophysicalsurveys, additional induced polarization (IP) surveying and trenching. Adiamond drilling program is currently being proposed to verify and expandon the Linear Resources drilling program from 2003. Golden Dory is activelyseeking a joint venture partner to advance the project.

Sterling Property

The Sterling property is located on the northeast coast of Newfoundland,near the community of Springdale. The property consists of 195 claims(4,875 hectares), and covers a series of developed copper prospectsincluding the Sterling and Lady Pond mines both of which were discovered inthe late 1880s and from which small tonnages ( < 500 tons) were mined fromsurface. The Sterling Property lies within the Notre Dame Subzone of theDunnage Zone and is underlain by Cambro-Ordovician ophiolitic rocks of theLushs Bight Group, host to approximately 100 volcanogenic sulphideoccurrences including the former Little Bay, Whalesback, and Little Deermines.

In 1964, Brinex initiated an extensive exploration program in the Sterlingarea which led to the drilling of 51 holes which intersected stringers,veinlets and zones of massive sulphide. Significant results include up to5.5% Cu over 4.4 meters including 13.8% Cu over 1.4 meters and widerintervals returning 0.80% Cu over 30.48 meters including 3.10% Cu over 3.04meters (results are historical in nature and have not been verified byGolden Dory). The Sterling deposit has been drilled to a depth of 250meters and remains open and appears to be thickening at depth.

Assay results from samples collected in 2007 by Golden Dory personnel fromthe Sterling prospect returned up to 9.3% Cu, 0.059% Co and 7.88 g/t Ag,and up to 6.8% Cu, 0.137% Co and 6.51 g/t Ag from the Lady Pond Mine(assaying carried out at Eastern Analytical Limited*, in SpringdaleNewfoundland). The reconnaissance sampling was successful in returningpreviously unrecognized cobalt values up to 0.137% Co and representspotential for significant by product credit. Golden Dory is currentlycompleting a deep penetrating airborne EM geophysical survey to test forprospective massive sulphide targets deeper than levels previously tested,as well as new zones lying at shallow depths elsewhere on the property.Golden Dory will be seeking a partner to jointly explore the property.

Other Properties

Golden Dory also has the right to earn interests in two other projects inNewfoundland and Labrador. These properties include the Portage Lake(Ni/Cu) property in western Newfoundland where Golden Dory can earn a 30%interest (Benton Resources Corp will earn a 70% interest); and the GabbroLake (U) property in western Labrador where Golden Dory can earn a 50%interest in the property with Metal Creek Resources holds the remaining50%.

Portage Lake Property

Golden Dory can earn a 30% interest in the 593 claim (148 square kilometer)Portage Lake Property from local prospectors Allan Keats and Eddie Quinlan.The property is located in western Newfoundland approximately 100kilometers southwest of the port city of Corner Brook. The claims covermafic intrusive rocks of the Ordovician Southwest Brook Complex and aredeemed prospective for nickel and copper mineralization. Selected samplescollected by Golden Dory personnel from gossanous outcrops on the propertyhave returned grab sample assays of up to 0.25% Ni and 0.32% Cu (EasternAnalytical Limited*). The first year Phase 1 exploration program hascommenced and an airborne magnetic and electromagnetic survey is currentlybeing evaluated for follow up prospecting and rock sampling. The PortageLake property shares similarities with several deposits in Scotlandincluding the Arthrath deposit where historical drilling by Rio Tintoreturned 32 meters of 0.62% Ni/Cu (results taken from the BritishGeological Survey publication “Exploration for Metalliferous and RelatedMinerals in Britain: A Guide.” 2nd Ed., 2000).

Gabbro Lake Property

Golden Dory is a 50% joint owner with Metals Creek Resources in the 393claim (9825 hectares) Sims Ridge Property situated in western Labrador.The claims lie approximately 130 kilometers northeast of Labrador City, andare best accessed by fixed or rotary wing aircraft. The Sims RidgeProperty area has been described by the Newfoundland and LabradorDepartment of Natural Resources as geologically analogous to the AthabascaBasin and therefore possibly prospective for unconformity type uraniumdeposits. The property is underlain by a sequence of Proterozoic sediments,the Sims Formation, which is comprised of conglomerate, arkose andquartzite, which overlies deformed metasedimentary rocks of thePaleoproterozoic Labrador Trough.

Limited work in the early 1980s by Labrador Exploration and Miningidentified a boulder train of radioactive (up to 8500 cps) float assayingup to 0.18% U3O8 (historical in nature and not verified by Golden DoryResources). The source of the mineralized float has not been determined.The 2008 program will consist of an airborne radiometric survey followed byprospecting and sampling utilizing a crew based in Labrador City. MetalCreek Resources is the project operator.