December 3, 2012

Callinan Royalties Invests $1 Million into Golden Dory to Acquire 14,285,714 Units of Golden Dory and Two Options to Purchase Royalties on the Iron Horse Property

VANCOUVER, Canada -- Callinan Royalties Corporation ("Callinan") has acquired 14,285,714 units (the "Units") of Golden Dory Resources Corp. ("Golden Dory") at a price of $0.07 per Unit pursuant to a private placement. 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.

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 acquired two options to purchase royalty interests on Golden Dory'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.

On Behalf of the Board of Directors,

Roland Butler

Roland Butler, CEO

About Golden Dory

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.