MEK AND GOLDEN DORY ARE PLEASED TO ANNOUNCE THE PHASE 1 DRILLING PROGRAM ON THE THE GABBRO LAKE IRON

Golden Dory Resources Updates Gabbro Lake Iron Ore Project,First Hole Confirms a New Iron Ore Discovery in the Labrador Trough TSX.V-GDR & TSX.V - MEK

TORONTO, ONTARIO – July 3, 2012 – Golden Dory Resources Corp., TSX.V-GDR ("Golden Dory") and Metals Creek Resources Corp., TSX.V-MEK, are pleased to announce that the Phase 1 reconnaissance drilling program has commenced at the 371 claim (9275 ha) Gabbro Lake iron ore project in the Labrador Trough.  Golden Dory 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 with Metals Creek holding the remaining 30%.

To date, one hole has been completed in the western portion of Anomaly D (GL12-01) and a second hole is currently in progress testing a separate lobe of the anomaly approximately 1 kilometer to the east of GL12-01.  Diamond drill hole GL-12-01, the first ever drill hole to test Anomaly D, was drilled at a 45 degree angle to the northeast, and intersected 56.34 meters of iron formation beginning at the overburden/bedrock interface at 5.32 meters down the hole, and continuing to 61.66 meters depth.  The hole collared in iron formation at 5.32m near the centre of a discrete magnetic high anomaly and was terminated in argillaceous sediments at a depth of 137 meters.  The iron ore mineralization has been described as massive magnetite/hematite grading down hole to more rhythmically banded chert-magnetite iron formation.  The intercept is dominated by the more massive style of iron mineralization.  Detail logging and core sampling of GL12-01 is ongoing and results will be reported once received and compiled.  The proposed 1200 meter program is expected to take several weeks.to complete.

Diamond drill hole GL12-01 was positioned to directly test in situ mineralization in the north central portion of the western lobe of Anomaly D which had returned surface grab sample assays ranging from 27.19% Fe2O3 to 71.82% Fe2O3 (see map on website www.goldendoryresources.com).  It is worth noting that this portion of Anomaly D is relatively small in comparison to the overall size of Anomaly D and was selected for testing based solely on proximity to confirmed bedrock mineralization.  The iron mineralization intersected in GL12-01 corresponded well with the airborne magnetic signature and suggests that thicker zones are possible in the immediate area considering the magnetics define a footprint measuring 500 meters in length and 200 meters in width within a much larger footprint of at least 3.0 square kilometers for Anomaly D.  Prospecting other areas of Anomaly D in recent days has uncovered additional outcrops of massive magnetite/hematite that will require future testing.  The current reconnaissance drill program was scheduled to test two of a total of four targeted magnetic zones (Anomalies A through D), however, it is becoming apparent that a much larger program is required and this short program may be limited to the anomaly D area for now.

Kevin Keats, President and CEO of Golden Dory comments; “GL12-01 has confirmed a new and potentially significant iron ore discovery in one of the world’s premier Iron Ore districts. This is a significant intercept given that no previous drilling has ever been completed on any of the four outlined target areas we have.  We are approaching this phase of drilling very conservatively given the variable nature of the iron formations in the Labrador Trough. Once we get a better understanding of the complexities of our project, we will attack with a more robust program”

 

The Gabbro Lake Project is strategically located in the eastern portion of the Labrador Trough, 50 kilometres from the rail line servicing the Schefferville mining camp and 8 kilometres 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. No known previous work has been carried out on these prospects. Work carried out by the joint venture included airborne geophysics which outlined four significant “magnetic high” target areas, Anomalies A to D (see geophysical map on homepage at www.goldendoryresources.com)

 

 About Golden Dory

 

Golden Dory Resources Corp. (TSX.V-GDR) has several mineral projects in its portfolio. Gold exploration at the Huxter Lane-Brady Project in Newfoundland & Labrador, Canada; the Long Canyon (Pequop South), and Reef properties in the state of 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 of Newfoundland.

 

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, or Stephanie Fitzgerald at CHF Investor Relations at (416) 868-1079.

 

About Metals Creek Resources Corp.

 

Metals Creek Resources Corp. is 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 can earn 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.

(Not for dissemination in the United States of America)