Golden Dory Receives $1 Million Investment from Callinan Royalties Corporation; Grants Options to Buy Royalties at its Iron Horse Project; Labrador

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Golden Dory Receives $1 Million Investment from Callinan Royalties Corporation; Grants Options to Buy Royalties at its Iron Horse Project; Labrador

GANDER, NEWFOUNDLAND - December 3, 2012 - Golden Dory Resources Corp. ("Golden Dory" or the "Company") is pleased to announce that it has received final approval from the TSX-Venture Exchange for its $1 million financing with Callinan Royalties Corporation ("Callinan") previously announced November 8, 2012. Callinan has acquired 14,285,714 units (the "Units") of Golden Dory at a price of $0.07 per Unit pursuant to a private placement (the "Investment"). Each Unit consists of one common share (a "Share") of Golden Dory and one share purchase warrant (a "Warrant"), with each Warrant exercisable to purchase one further common share of Golden Dory (a "Warrant Share") at a price of $0.10 until November 30, 2014.

All shares and warrants issued pursuant to this private placement financing are subject to a 4 month hold period expiring March 31, 2013.

Golden Dory is obligated, as a condition of the Investment, to spend $1 million in exploration on the Iron Horse Property in the Labrador Trough which is currently a 60/40 joint venture between Golden Dory and Metals Creek Resources with Golden Dory acting as operator. The Iron Horse Property is host to a new and potentially significant iron ore discovery from which drill intercepts of 309.00 meters @ 28.6% Fe were reported by Golden Dory in a news release dated October 10, 2012. Golden Dory's drilling in 2012 represents the first ever drilling on the iron ore formations on the Iron Horse Property.

The Shares acquired by Callinan represent approximately 13.06% of the currently issued and outstanding common shares of Golden Dory, on an undiluted basis and without giving effect to the exercise of the Warrants. Under the terms of the Private Placement, Golden Dory may not issue Warrant Shares that would result in Callinan holding, at any time during the term of the Warrants, more than 19% of the issued and outstanding common shares of Golden Dory. Callinan has acquired the Units for investment purposes and may increase or decrease its ownership interest in Golden Dory depending on, among other factors, market conditions. It has no present intention to change its holdings of securities of Golden Dory.

Callinan has also acquired two options to purchase royalty interests on the Company's Iron Horse Property, Newfoundland & Labrador. The first option allows Callinan to purchase a 1% royalty of the Iron Horse Property for $1 million. The second option allows Callinan to purchase up to an additional 1.1% royalty at a price to be calculated by an independent third party based on information from the final bankable feasibility study used for mine construction on the property. The royalty options are exercisable at any time up to 180 days following 180 days of continuous commercial production.

Kevin Keats, President and CEO of Golden Dory states, "We are very pleased to welcome Callinan Royalties as our newest and one of our largest shareholders. Importantly, the arrangement supports our belief in the potential of the Iron Horse discovery located in one of the world's premiere iron ore districts, the Labrador Trough."

About Golden Dory Resources Corp.

Golden Dory Resources Corp. (TSX.V-GDR) is primarily focused on iron ore exploration at the Iron Horse Project in Newfoundland & Labrador, Canada; and in the Long Canyon district (Pequop South), and Reef properties in the state of Nevada, USA.

About Callinan Royalties Corporation

Callinan Royalties Corporation is a growing mineral royalty company based in Canada. By prudently managing its royalty cash flows, Callinan pursues a growth strategy expanding its royalty portfolio by creating mineral royalties through financing and acquisition.

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 Jeremy Hill, CHF Investor Relations at (416) 868-1079.

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 Company 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.