Sep. 14, 2009 (Filing Services Canada) -- Golden Dory Resources Ltd. (GDR - TSX Venture), ("Golden Dory") is pleased to announce it has completed a due diligence site visit on the 15 claim unit lithium oxide property (Root Lake Property) in the Red Lake mining District of Ontario. The Root Lake property is located approximately 90 kilometers north of Sioux Lookout and is road accessible.
The site visit verified the presence of a series of 1950's vintage trenches including the original trench from which channel sample results of 3% Li2O over 9.14 metres were reported by Consolidated Morrison Explorations Limited in 1955. Field observations were highlighted by the identification of spodumene (lithium silicate mineral) bearing pegmatite dikes up to 9 meters in width and carrying up to 80% coarse spodumene crystals. A series of composite chip samples up to 5 meters in length, as well as localized grab samples have been submitted to Activation Labs for lithium and rare earth element analysis in an attempt to verify historical results from the 1950's. The trenches observed were partially to completely slumped, and will require cleaning as well as extensions in order to undertake additional sampling and to test for additional pegmatite dikes.
The Root Lake property is contiguous with claims that host the McCombe lithium prospect which has reported historical reserves of 2.3 million tons grading 1.3% Li20 (not verified by Golden Dory Resources Corp.) with locally significant tantalum (up to 380 ppm Ta reported by the Ontario Geological Survey in 2001) hosted within pegmatite dikes that occur less than 1 kilometre west of and directly along strike from Golden Dory's Root Lake property. The Root Lake and McCombe dikes lie within the English River Subprovince of Northwestern Ontario, a belt of rocks considered by the Ontario Geological Survey as being highly prospective for tantalum as well as lithium rich pegmatite dikes. Only limited work has been carried out at Root Lake since 1956 and the historic assaying only reported lithium values.
Golden Dory recently announced that it has signed a Letter of Intent, pending a due diligence review, to acquire a 100% interest in the Root Lake property (subject to a 2% NSR) by making cash and share 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.
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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