Sep. 8, 2009 (Filing Services Canada) -- Golden Dory Resources Ltd. (GDR - TSX Venture), ("Golden Dory") is pleased to announce that it has signed a Letter of Intent to acquire a 100% interest, in a high grade lithium oxide (Li2O) property in the Red Lake Mining District of Ontario. The 15 claim property is located approximately 90 kilometers north of Sioux Lookout and is accessible by road. Golden Dory personnel are currently conducting a due diligence property examination.
The property is host to a lithium bearing pegmatite that has reported historic (1955) surface channel sample results of 30 feet (9.14 metres) grading 3% Li2O, with grab sample results assaying up to 5.91% Li2O (not verified by Golden Dory). The 1955 assessment reports indicate that spodumene (lithium silicate mineral) bearing pegmatite dike up to 30 feet wide has been traced on surface for at least 300 meters (east to west) and remains open along strike in both directions. Limited exploration work has been carried out on the property since the 1950's.
The property is subject to a 2% NSR and payments totaling $195,000 and 300,000 common shares of Golden Dory over a four year period (subject to TSX Venture Exchange approval). A finders fee of 100,000 Golden Dory shares will be paid to an arms length party.
The historic assaying only reported lithium values, therefore Golden Dory plans, subject to the property acquisition, to immediately commence a program of mapping and re-sampling the historic trenches for lithium and a suite of light and heavy rare earth elements (REE's) typically associated with these deposits.
Comparisons with other lithium projects, including Linear Metals Seymour Lake project, are very favourable. Linear Metals has recently announced historic drill results which include 16.90 metres grading 2.08% Li2O from the North Aubry Zone, and 9.08 metres grading 1.26% Li2O from the South Aubry Zone (Linear Metals press release September 2, 2009).
About Lithium
Lithium ion batteries are in high demand due to their superior ability to absorb and deliver electricity and generally longer life. Hybrid and electric vehicle manufacturers are turning their attention to using lithium based batteries and demand is expected to increase as more hybrid and electric cars find their way into the marketplace. It also has important uses as an additive in the production of glass, ceramics, greases, as well as specialized uses in the aerospace, nuclear and medical fields.
About Golden Dory
Golden Dory is focused on gold exploration in Nevada, USA, and gold and uranium exploration in the province of Newfoundland and Labrador, Canada. The company recently announced an option agreement with Reno, Nevada based AuEx Ventures, whereby Golden Dory can acquire a 70% interest in the Pequop South property in Elko County, Nevada. Golden Dory has 100% interests in the Burin intrusion hosted uranium property, the Little Rattling Brook gold property, and the Brady intrusion hosted gold property in central Newfoundland. Golden Dory is earning a 70% interest in the Huxter Lane intrusion hosted gold property and 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 Brady properties.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101. For further information 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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