Jul. 8, 2009 (Filing Services Canada) -- Golden Dory Resources Ltd. (GDR - TSX Venture), ("Golden Dory") is pleased to announce the successful completion of its Phase 1, 15 hole, 2024 metre diamond drill program at its Huxter Lane/Brady project in Central Newfoundland. The Huxter Lane property was recently acquired under an option agreement with Paragon Minerals Corporation (see February 25, 2009 News Release). Significant results from the current drill program, which targeted the Mosquito Hill Zone, include:
* HX09-33 which returned 38.68 metres of 0.57 g/t gold, including 17.05 metres of 0.94 g/t gold and HX09-37 which returned 33.80 metres of 0.51 g/t gold;
* Mineralized porphyry was intersected in all completed holes over widths of up to 98 metres;
* Confirmation of widespread gold mineralization as previously reported by Paragon Minerals Corporation, and;
* Gold-bearing porphyry remains open along strike and to depth.
The Huxter Lane property is a near surface, bulk mineable gold target resembling the Fort Knox deposit in Alaska which has proven and probable reserves of 252 million tonnes averaging 0.47 grams per tonne gold or 3.8 million ounces of gold, (Kinross Gold website). Previous widely spaced drilling at the Mosquito Hill Zone has outlined a significant zone of gold mineralization over a minimum 1,000 meter strike length and to a vertical depth of up to 225 metres. The zone is exposed at surface and dips very gently to the south and remains open along strike and to depth.
Golden Dory's drill program (holes HX09-32 to HX09-46) focused on the central portion of the Mosquito Hill Zone with drill holes spaced at 50 meter intervals testing a block measuring 300 metres wide by 100 meters along strike. The drilling results are tabled below and along with a drill plan will be placed on the Golden Dory website (www.goldendoryresources.com).
Kevin Keats, President and CEO states; "Our drilling has verified the existence of a very large gold bearing system at Huxter Lane of which only a small portion has been tested in detail. Our drilling indicates that there appears to be a structural influence on the distribution of higher grade mineralization which was not immediately evident from the earlier widely spaced drilling."
The Huxter Lane Option is contiguous with Golden Dory's 100% owned Brady Property where historical (2003) diamond drilling at the Reid Porphyry Zone, 2 kilometers north of the Mosquito Hill Zone, has returned strong gold intercepts including 41.1 meters grading 1.1 gram per tonne gold. The proximity and similarity of the two zones as well as additional untested coincidental geochemical and geophysical targets strongly suggests the area could host a cluster of near surface gold rich intrusions which individually or collectively could prove very significant.
About Golden Dory
Golden Dory is focused on gold, uranium and base metal exploration in Newfoundland and Labrador, Canada. Golden Dory has 100% interests in the Burin intrusion hosted uranium property, the Little Rattling Brook Au property, and the Sterling volcanogenic massive sulphide properties in central Newfoundland. Golden Dory also has a 50% interest in the Sims Ridge Athabasca type uranium property in western Labrador. Golden Dory is seeking partners to jointly explore the Burin, Little Rattling Brook and Sterling properties.
The contents of this news release have been reviewed and approved by David Evans, M.Sc., P.Geo., Exploration Manager for Golden Dory Resources and a Qualified Person under NI 43-101. Mr. Evans directly supervised the drilling, core logging and sampling. Drill core samples were analysed for Au (30 g fire assay with Atomic Absorption finish) at Accurassay Laboratories in Thunder Bay, Ontario from sawn NQ-sized half core sections. Control standards obtained from CDN Resources Laboratories Ltd., were inserted into the sample stream for every 20 drill core samples and a blank sample was inserted into the sample stream for every 50 drill core samples. Assay batches where results for the standards fell outside the 2 standard deviation of the accepted grade were re-assayed until acceptable values were obtained.
For further information contact Kevin D. Keats, President and CEO of Golden Dory at (709) 256-4201.
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.
(Not for dissemination in the United States of America)
Maximum News Dissemination by Filing Services Canada Inc. *