Aug. 27, 2009 (Filing Services Canada) -- Golden Dory Resources Ltd. (GDR - TSX Venture), is pleased to report that it has entered into an option agreement with AuEx Ventures Inc. of Reno, Nevada, to acquire a 70% interest in the Pequop South property. Golden Dory has issued AuEx a total of US$20,000 cash, and must make exploration expenditures of US$2.85 million over a six year period and fund a bankable feasibility study by August 2016. The property consists of 79 unpatented mining claims (the JT claims) which are located approximately 25 miles southeast of the town of Wells, in Elko County, Nevada. The claims were targeted after a methodical review of available AuEx gold properties in Nevada. This transaction is subject to TSX Venture Exchange approval.
Exploration for Carlin-type gold deposits has traditionally focused on the established Carlin, Battle Mountain, and Getchell trends in north-central Nevada. These deposits are generally associated with thinly-bedded dirty limestones deposited in carbonate slope environments. Eastern Nevada with its platform facies carbonates has historically been overlooked as a target for Carlin-type deposits despite significant deposits at Bald Mountain and Alligator Ridge; districts with over 5 million ounces of production and reserves hosted within platformal sequences. The Pequop Range in northeastern Nevada, which is underlain by platformal carbonate sequences similar to Bald Mountain and Alligator Ridge, hosts several significant new gold discoveries of which the largest is Long Canyon.
The rapidly emerging Pequop Gold District is currently the focus of two aggressive exploration programs which include the Long Canyon property, a joint venture between Fronteer Development Group (51%) and AuEx Ventures Inc. (49%); and the West Pequop property, operated by Agnico Eagle (USA) Limited through an earn-in option agreement with AuEx Ventures Inc. In March, Fronteer reported the first resource estimate for the Long Canyon deposit consisting of 363,000 indicated ounces gold plus 459,000 inferred ounces gold (at 0.30 grams per tonne cut off), and the deposit is still open. Long Canyon lies approximately 8 miles northeast of and along trend from Golden Dory's Pequop South property, while Agnico's West Pequop property is contiguous with the northern portion of Golden Dory's property, and has reported drill intercepts of 0.238 ounces per ton gold over 141 feet.
The near surface and oxidized mineralization at Long Canyon and West Pequop is hosted within solution and cave fill breccias developed within a sequence of Paleozoic limestones and dolomites that trend onto the Pequop South property. Pequop South was targeted by AuEx utilizing proprietary remote sensing techniques and the claims were subsequently staked in January, 2009. Limited field checking of anomalies resulted in the discovery of jasperoid and weakly hematized limestone breccias that were subsequently sampled by Golden Dory. The sampling returned significantly anomalous gold and pathfinder elements including values of 193 ppb gold, 878 ppm arsenic, 7420 ppm barium and 149 ppm antimony. Analytical work performed at ALS Chemex in Reno, Nevada with gold by 30g Fire Assay with ICP-AES finish and 33 elements by four acid digestion ICP-AES. An exploration program is currently being drawn up for the property and should commence in September.
Kevin Keats, President and CEO of Golden Dory states, "We are extremely pleased to be working with the AuEx exploration team through our agreement at Pequop South. This is an exciting and new target base for Nevada and we are very happy to be involved in the Pequop Gold District at the early stages of what could be the next big trend in Nevada."
About AuEx Ventures Inc.
AuEx Ventures, Inc. (TSX-XAU) is a Reno, Nevada based precious metals exploration company with considerable in-depth experience, technical capability and historical successes of the founding management team led by President, Ron Parratt, and Executive Vice President Richard Bedell. AuEx controls about 176,000 acres of unpatented mining claims and fee land, and has a current portfolio of 23 exploration projects in Nevada - 7 of which are under exploration earn-in or joint venture agreements. The Company employs leading edge exploration techniques and technology for ore deposit vectoring including: proprietary remote sensing, spatial probability modeling and multivariate statistical analysis. Data is then combined with field geology and alteration mineralogy for the purpose of target selection, property acquisition and joint venture development.
About Golden Dory
Newfoundland based Golden Dory is focused on acquiring mineral properties and advancing them through strategic joint venture alliances. The company has 100% interests in its: Burin intrusion hosted uranium property; Little Rattling Brook low-sulphidation gold property; Brady intrusion-hosted gold property; and an earn in agreement to acquire a 70% interest in the Huxter Lane intrusion-hosted gold property in Newfoundland and Labrador, Canada. Golden Dory also has a 50% interest in the Sims Ridge Athabasca type uranium property in western Labrador.
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.
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 n the documents filed from time to time with the Canadian securities regulatory authorities by Golden Dory.
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