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1 002E/12/1718

2 REPORT ON EXPLORATION ACTIVITIES THE PILLEY S ISLAND POLYMETALLIC VMS PROPERTY, NORTHEASTERN NEWFOUNDLAND, NTS 2E/12 GOLDEN DORY RESOURCES CORP. Licence 16635M Expenditures - $ 19, by D.T.W. Evans, P. Geo and T. Froude, P. Geo August 13, 2012

3 Table of Contents 1.0 SUMMARY PROPERTY DESCRIPTION AND LOCATION ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, PHYSIOGRAPHY Accessibility Climate Local Resources / Infrastructure Physiography REGIONAL SETTING PROPERTY GEOLOGY MINERALIZATION HISTORY OF EXPLORATION SAMPLING EXPLORATION CONCLUSIONS AND RECOMMENDATIONS REFERENCES... i6 List of Figures FIGURE Property Location Map FIGURE Claim Location Map FIGURE 3.Regional Geology Map FIGURE 4.Property Geology Map FIGURE 5 FIGURE 6 FIGURE 7 Generalized geology of southern Pilley s Island with sulphide deposits projected to surface (from Thurlow, 1996). Map showing distribution of diamond-drill holes in the Bumble Bee Bight area (modified from Thurlow, 2004). Bull Road Area Historical Trench and Drill Holes ii

4 List of Tables Table 1 Claim Status Table 2 Major Sulphide Occurrences Table 3 Assay results from the Bull Road Showing and the Fragmental Zone List of Appendices Appendix 1.Expenditures and Personnel Appendix 2.Assay Results Appendix 3.Statement of Qualifications iii

5 1.0 Summary The Pilley s Island property is located on Pilley s Island, Notre Dame Bay, Newfoundland (NTS 2E/12). The area has a long history of mining and mineral exploration beginning in the late 1800 s with the opening of the Pilley s Island pyrite mine. Approximately 450,000 tonnes of pyritic ore was mined between 1881 and Since then, a number of companies, including Frobisher Mines, Brinex, Brinco, Consolidated Morrison Exploration, Phelps Dodge and Altius Resources have explored the area. Several massive sulphide deposits including the Old Mines, Jane s Cove, Rowsell s Cove, Spencer s Dock, 3 B Zone and the Bull Road/Fragmental Zone prospects have been discovered. The geology and mineral deposits of the southern Pilley s Island area are typical of the felsic-dominated, bimodal class of volcanogenic massive sulphide deposits. The Bull Road and Fragmental Zones, which were discovered by Brinex in 1967, was exposed in a series of trenches and tested by diamond drilling. Indicated reserves at the Bull Road were estimated at 27,377 tons grading 2.00% Cu, 0.52% Pb, 5.02% Zn, 0.62 oz/t Ag and 0.008oz/t Au (non-ni compliant) and additional possible reserves of 200,000 to 300,000 tons (also non NI compliant). Surface trenching from the prospect has returned 12.42% Zn, 3.87% Cu, 0.95% Pb, and 0.71 oz Ag over 4.6 metres, and the zone has been traced for about 200 metres at surface. The mineralization is hosted by resedimented, polylithic breccia containing abundant high grade (Zn-Pb-Cu) sulphide clasts and is analogous to the breccia ores at Buchans. The showing is significant as it suggests the potential for a high grade, zinc (+/- Pb, Cu, Ag, Au) rich massive sulphide source, similar in nature to the Buchans camp (> % Zn, 7.5% Pb, 1.2% Cu, 126 g/t Ag and 1.5 g/t Au). The Fragmental Zone, lying immediately northwest of Bull Road has returned drill intersections of 18 feet grading 7.32% Zn, 1.40% Cu, 0.76% Pb and 0.66 opt Ag. In 2011, Golden Dory completed a sampling program to determine average grades of the main various styles of sulphide mineralization exposed at the Bull Road showing. A series of composite samples were collected and submitted to Accurassay Laboratories for analysis. The results are discussed in this report. 1

6 2.0 Property Description and Location The Pilley s Island property is located on NTS map sheet 2E/12, on Pilley s Island, Notre Dame Bay, north-central Newfoundland (Figure 1). The property consists of 25 claims held under 1 licence M and covers 400 hectares or 6.25 square kilometers. The claims were initially staked in October of 2007 by David Evans and Stares Prospecting, but have since been transferred to Golden Dory Resources Limited. Under the option agreement Golden Dory Resources acquired a 100% interest in the Evans property for repayment of staking cost, and the Stares Prospecting claims for a onetime payment of $5,000, 10,000 shares and staking costs. Stares Prospecting also retained a 2% NSR. Table 1 summarizes the mineral licences. There are no known environmental liabilities associated with the Bull Road property. Table 1. Claim Status, Pilley s Island property Licence Ownership Claims Required Expenditure Work Due Date M Golden Dory Res. 25 $5, November 8, Accessibility, Climate, Local Resources, Infrastructure, Physiography 3.1 Accessibility The property is located on Pilley s Island on the northeast coast of Newfoundland (Figure 2). Route 380, a paved highway, connects Pilley s Island with the TransCanada Highway. Old logging roads and trails lead north from the community of Pilley s Island to the property. 3.2 Climate The climate is typical Newfoundland moderate temperate, with short, moderate to warm summers and long, generally moderate, winters. Although extremes of hot and cold can be encountered the ocean around the island has a moderating influence and temperatures in winter seldom go below 15º to 20º C and in the summer seldom rise above 25º to 30º C. Fall conditions, with variably dry to wet weather and some frost in September, usually extend into November, when snow fall starts although no significant snow falls are usually encountered until late December or early January. Spring is generally late with snow lingering in the woods and on north facing slopes until mid May or early June. 3.3 Local Resources / Infrastructure Most resources needed for exploration and mine development are available within the nearby community of Robert s Arm or Springdale including labor, diamond drilling contractors, and an assay lab. The town of Grand Falls-Windsor, a major service centre, population 15,000, is located approximately 120 km from Pilley s Island and a regional airport is located in Deer Lake, approximately 175 km to the west. 2

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9 3.4 Physiography The relief within the area varies from steep sided to rounded hills resulting in a rolling or hummocky landscape. The area is covered by a thick forest of stunted spruce, fir, birch and aspen. Low-lying areas are generally underlain by bogs or ponds. The area was glaciated during the Wisconsin and is thinly blanketed by a coarse till. Bedrock exposure varies from poor in the low-lying areas to extensive along the barren ridge and along coastal sections. 4.0 Regional Geology Pilley s Island is located in western Notre Dame Bay, Newfoundland (Figure 3) and is underlain by Ordovician submarine volcanic rocks of the Roberts Arm Group within the Notre Dame Subzone of the Dunnage Tectonostratigraphic Zone (Williams et. al., 1988). Regionally the group is part of a mature arc sequence referred to as the Buchans-Roberts Arm Belt. Bostock (1978) mapped the northern Roberts Arm Group at a scale of 1:50,000 for the Geological Survey of Canada. Kerr (1996) as part of regional mapping by the Newfoundland Department of Mines and Energy subdivided the group in to four distinct basalt-dominated calc-alkaline terranes (Boot Harbour, Pilley s Island, Mud Pond and Triton) and the tholeiitic Crescent terrane. The terranes are separated by variably steepened, south to southeast dipping north-directed faults. The Boot Harbour Terrane, which forms the structural base, contains submarine, probably deep marine, felsic volcanic rocks. The Pilley s Island Terrane structurally overlies the Boot Harbour Terrane and contains fragmental felsic volcanic rocks probably deposited in a shallowmarine setting. The Pilley s Island Terrane is structurally overlain by the Mud Pond Terrane which is dominated by a regionally hematized and epidotized basalt sequence. The Triton Terrane comprised of fresh basalts and abundant mafic intrusive rocks structurally overlies the Mud Pond Terrane. The four calc-alkaline terranes are in turn structurally overlain by tholeiitic basalts and associated sedimentary rocks of the Crescent Terrane. The calc-alkaline sequences are interpreted to form the disrupted, lower limb of a north-ward overturned anticlinal nappe structure. The emplacement of the nappe structure is thought to be mainly pre-middle Silurian as sedimentary rocks of the Silurian Springdale Group sit unconformably upon different Roberts Arm Group terranes (Kerr, 1996). Subsequent deformation was largely of a brittle nature related to dextral transcurrent and/or southeast-directed reverse motions along the Lobster Cove Fault and similar structures. 5

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12 5.0 Property Geology The geology and mineral deposits of southern Pilley s Island is typical of the felsicdominated, bimodal class of volcanogenic massive sulphide deposits (Thurlow, 2001; 2004). A thick sequence of basaltic pillow lava is intruded and overlain by dacitic breccia and flows that host the massive sulphide mineralization. A series of low-angle, southeast dipping thrust faults cut the volcanic sequences in the southern Pilley s Island area and control the distribution of alteration and massive sulphide mineralization (Figure 4). The sulphide mineralization and associated alteration occur within two antiformal stack structures that occur at the same structural level (Figure 5). The western stack underlies the Spencer s Dock area and hosts the Spencer s Dock, Jane s Cove and Rowsell s Cove deposits. The eastern stack underlies the Old Mines/Bumble Bee Bight area and hosts the Old Mines, 3B-Zone and Bull Road showing. The two stacks are separated structurally by a culmination of unaltered basalt. The Liquor Street Fault Zone forms the floor thrust to both stacks and emplaced the mineralized and altered sequences above unaltered pillow lava of the Boot Harbour Terrane. Figure 5. Generalized geology of southern Pilley s Island with sulphide deposits projected to surface. Stippled areas represent mainly altered felsic volcanic rocks (from Thurlow, 1996). 8

13 Both the Spencer s Dock and Old Mine stacks are comprised mainly of felsic volcanic rocks which have been dissected internally by several faults into a series of panels with mineralized and altered footwall rocks lying structurally above the massive sulphidebearing panels. Stratigraphy within the Old Mines stack is as follows; basaltic volcanics at the base of the sequence are overlain by dacitic intrusive, flow and volcaniclastic rocks which host the massive sulphide deposits and these are in turn overlain by a thick sequence of post-mineralization dacitic hyloclastic breccia and flows. Two types of synvolcanic, post mineralization dacite sills intrude the volcanic sequence. 6.0 Mineralization On Pilley s Island sulphide mineralization occurs as: low grade (Spencer s Dock, Jane s Cove), medium grade (Old Mines) and high grade (3B-Zone) deposits that are of both sub-seafloor replacement and exhalative varieties. The deposits are dominantly pyritic and are underlain and flanked by an extensive chlorite, sericite, silica, K-feldspar and epidote alteration system. Low grade, pyritic (Rowsell s Cove) and high grade (Bull Road) breccia deposits are also present. Figure 6 shows the location of sulphide occurrences discussed in the text and descriptions are presented in Table 2. Figure 6. Map showing distribution of diamond-drill holes in the Bumble Bee Bight area (modified from Thurlow, 2004). Also shown are the locations of the significant VMS occurrences. The areas outlined are based on significant drill intersections. 9

14 Table 2. Major sulphide occurrences, eastern Pilley s Island. Occurrence Old Mines Hole 42 Description Reserves: 1,159,000 tonnes at 1.23% Cu, includes >500,000 tonnes at >2.0% Cu (Tuach, 1989) Pilley s Island Copper Pyrite Ltd. DDH 5.51% Pb, 12.45% Zn and 4.11 g/t Au over 2.4 m (Tuach, 1989) Stringer pyrite, sphalerite, galena, Sulphide fragments in dacite breccia Sulphide clasts in polylithic breccia Mansfield Fragmental Zone (6000N) Bull Road Showing 3 B-Zone Massive sulphide Cu, Zn, Pb, Ag, Au Henderson Pyrite fragments/clasts in breccia In 1967, local prospector George Bayly discovered fragments of a light weight gossan along a trail (the Bull Road) leading from Heads Pond to Mud Pond (Grimley, 1968). Trenching by tractor revealed a zone of high grade pyrite, sphalerite, chalcopyrite and galena boulders in sandy clays. Brinex exposed the mineralization in 5 trenches and intersected the zone in at least 3 diamond-drill holes (BBF-27, BBF-29, BBF-33) (Consolidated Morrison Ltd., 1976). Assay results from the trenches and the diamond drilling is presented in Table 3; drill and trench locations are shown on Figure 7. Consolidated Morrison reported that the mineralization strikes southeast at about 125º, dips to the northeast at about 35º and plunges less than 25º due east. The average true thickness of the massive sulphide as exposed in the trenches is 10 feet and the average grade from trench samples and the drill intersection in BBF-27 are 2.00% Cu, 0.52% Pb, 5.02% Zn, 0.62 oz/t Ag and oz/t Au. Indicated reserves were estimated at 27,377 tons (non-ni compliant). They also reported that ore-grade sulphide fragments in a dacite breccia were intersected in four holes drilled by Brinex (BBF-22, 54, 58 and 60) to the northwest of the Bull Road Showing. This zone, named the Fragmental Zone, was interpreted to strike about N58ºE and dip steeply (77º) towards the southeast. In 1983, Brinco tested the Bull Road showing with 3 diamond drill holes (Figure 6) (Hum, 1983). Hole PI-83-1 was collared to the north of Head s Pond near where the showing outcropped. The hole intersected several zones of sulphide mineralization including 0.65 m assaying 0.1% Cu, 4.4% Pb, 22.2% Zn and 0.96 oz/t Ag. The deepest hole PI-83-2 drilled at an angle of 45º to the north was collared to the south of Heads Pond. The hole intersected several narrow intervals of sulphide mineralization including 2.25 m which assayed 3.58% Zn and 0.32 oz/t Ag. The Bull Road showing is a resedimented, polylithic breccia containing abundant high grade (Zn-Pb-Cu) sulphide clasts similar to the breccia ores at Buchans. The showing is significant as it suggests the potential for a proximal, high grade ore source. 10

15 Table 3. Assay results from the Bull Road Showing and the Fragmental Zone Interval %Cu %Zn %Pb Ag oz/t Au oz/t Bull Road BBF ft Tr. Tr ft Tr ft ft Fragmental Zone BBF ft BBF ft BBF-58 6 ft ft BBF

16 Figure 7 Bull Road Area Historical Trench and Drill Holes 12

17 7.0 History of Exploration The Pilley s Island area has a long history of mining and mineral exploration. In 1875 massive sulphide mineralization was first discovered by prospectors. Between 1891 and 1908 the Pilley s Island Pyrite Company Ltd. produced approximately 450,000 tonnes of massive pyritic ore from the Pilley s Island Mine (Old Mines). The pyrite was mined as a source of sulphur. The property was purchased by the Blast Furnace Corp. and from 1919 to 1921 the company carried out 2019 m of diamond drilling in 8 holes adjacent to the old mine workings. In 1951 the Blast Furnace Fee Simple Grant was leased by the Pilley s Island Copper- Pyrite Ltd. and from 1951 until 1956 the company explored the area surrounding the old mine. The Copper Pyrite Ltd. completed an airborne EM survey and 8,019 m of diamond drilling in 43 holes. Frobisher Mines, a majority shareholder, assumed management control of the company in Frobisher reevaluated the property, relogged the earlier diamond-drill core and completed geophysical surveys over the area. (Walker, 1960). In relogging the core from diamond-drill hole 42, a Zn-Au rich massive sulphide intersection was discovered that assayed 12.45%, Zn, 5.5% Pb, 0.94% Cu and 0.102oz/t Au over 8 ft. The vertical hole had been collared just east of Mine Pond and the mineralization was intersected between ft and ft. In 1966, Brinex acquired the property and initiated an extensive exploration program consisting of geological mapping, soil geochemistry, VLF-EM surveys, core relogging and 10,299 m of diamond drilling in 65 holes. This program led to the discovery of the Bull Road Showing (Grimley, 1968). Brinex estimated that reserves in the old mine were 1,159,010 tonnes grading 1.23% Cu (this reserve is historical in nature and is not NI compliant). The area adjacent to historic diamond-drill hole 42 was also tested by 2 diamond-drill holes; no significant mineralization was reported. Brinex terminated its exploration program in In 1973, Consolidated Morrison Exploration Ltd. carried out Gravity and HLEM surveys and in 1976 followed up with m of diamond drilling in 2 holes in the area of the Bull Road Showing (Consolidated Morrison Ltd., 1976). The holes failed to intersect any mineralization. A Brinco-Getty joint venture saw an extensive exploration program carried out from 1981 to 1985 consisting of a helicopter-borne mag/em survey, line cutting, geological mapping, IP and mag/vlf surveys, applied potential and borehole TDEM survey, and 5,665 m of diamond drilling in 29 holes, including 3 holes that tested the Bull Road showing. This phase of exploration work resulted in the discovery of the 3B-Zone which was estimated to contain approximately 200,000 tonnes grading 3-4% Cu (Epp, 1984). This estimate is historical in nature and is not compliant. A vertical hole was also drilled adjacent to historic hole 42, however, no significant mineralization was reported. The Blast Furnace area was explored by Au Pell Resources Inc. from 1987 to The company carried out 1,949 m of diamond drilling in 8 holes; mostly in the area of the 3B 13

18 Zone. This drilling intersected the extension of the 3B-Zone and some of the higher grade intersections included 4.42% Cu over 4.2 m, 6.4% Cu over 2.74 m and 7.69% Zn and g/t Au over 2.29 m (Tuach, 1989). In 1993 Phelps Dodge Corp. of Canada Ltd. acquired the area and initiated an extensive program of relogging of historic drill core and geological mapping of the southern portion of Pilley s Island. In 1994, Aerodot Inc. was contracted to fly a helicopter-borne magnetometer, radiometric and VLF-EM survey over the Bumble Bee Bight area (Woolham, 1995). A new geological interpretation was developed and the company subsequently focused its efforts on the Spencer s Dock area where they carried out line cutting, environmental base line sampling, diamond drilling (18 holes), and a gravity survey. As a result of this program the Spencer s Dock, Rowsell s Cove and Jane s Cove massive sulphide deposits were discovered (Thurlow, 1996). Phelps terminated its exploration program in Altius Resources currently holds the mineral rights to the Bumble Bee Bight and Spencer s Dock areas. The company has drilled 5 holes to the southeast of Bumble Bee Bight and completed lithogeochemical analysis of core samples. Borehole EM surveys have been completed (Thurlow, 2004). The diamond drilling has extended the alteration zone well to the southeast Sampling Program Base and precious metal rich massive sulphide mineralization at Bull Road includes several classical styles of Kuroko or Buchans type volcanogenic massive sulphide mineralization. These include 1) massive black ore ; 2) pyrite/chalcopyrite rich yellow ore ; and, 3) transported or debris flow type ore which is dominant at Bull Road. In the summer of 2011, Golden Dory completed a sampling program at the Bull Road prospect in order to determine grades of the various styles of VMS mineralization exposed at the Bull Road prospect and to determine a blended grade for the combined group of samples. The sampling consisted of the collection of 10 kilograms of each type at Bull Road which were then sent to Accurrassay Laboratories for analysis. Each ore type was analyzed separately, and, a blended sample of all types was also analyzed. The blended sample was analyzed a total of eight times to ensure that a representative average grade was obtained. Pilley's Island Sulphide Sampling - Licence 16635M Sample # UTM E UTM N Mineralization Type Transported Polylithic Sulphide Rich Breccia Pyrite/Chalcopyrite "Yellow Ore" Transported Polylithic Sulphide Rich Breccia Massive banded "Black Ore" 1521 Blended sample

19 Assay results for the individual and blended samples are attached as Appendix 2. The assay results highlight the high grade nature of the mineralization with samples ranging from up to 45% combined Pb/Zn in the black ore type (sample 1520). In addition, all styles of mineralization reported significant precious metal contents with the pyritic yellow ore returning the highest gold grades in excess of 0.8 g/t Au and 71 g/t Ag. Precious metal values from the black ore type reached 0.4 g/t Au and 61 g/t Ag. The fragmental or transported samples returned the highest copper values at 4.9% Cu. The blended sample (eight analyses) ranged from 0.29 to 0.41 g/t Au, 41 to 47 g/t Ag, from 10.5% to 10.9% Zn, from 2.1% to 2.4% Pb, and from 2.3% to 2.5% Cu. 9.0 Conclusions and Recommendations The 2011 sampling program has confirmed that the Bull Road prospect contains high grade base metal and precious metal VMS mineralization comparable to the high grade ores mined at the Buchans camp in the southern end of the Buchans Roberts Arm Belt. The presence of both massive black ore as well as transported ore suggests that significant accumulations of high grade massive sulphide mineralization could be present on the property. Limited historical drilling by Brinex in the 1980 s appears not to have intersected this type of mineralization. A lack of drilling for several hundred meters to the west of the Bull Road prospect (Figure 6) allows the possibility for significant accumulations of massive sulphides to exist. It is therefore recommended that a three to four hole program (1200 meters in total) focused on the gap in drilling immediately west of Bull Road be implemented to test for mineralization. Respectfully submitted, Timothy Froude, P. Geo. VP Exploration 15

20 9.0 References Appleyard, E.C. and Bowles, E.G. 1978: The geology of the West Mine, Pilley s Island, Newfoundland. Geological Survey of Canada, Paper 78-1A, pages Bostock, H.H. 1988: Geology and petrochemistry of the Ordovician volcano-plutonic Roberts Arm Group, Notre Dame Bay, Newfoundland. Geological Survey of Canada Bulletin 369, 84 pages, with 1:50,000 colour map. Harris, A. 1976: Consolidated Morrison Exploration Company; The Bull Road showing, Pilley s Island, Nfld. Consolidated Morrison Exploration Company unpublished report. [NDNR 2E/12/0388] Dunning, G.R., Kean, B.F., Thurlow, J.G. and Swinden, H.S. 1987: Geochronology of the Buchans, Roberts Arm and Victoria Lake Groups and Mansfield Cove Complex, Newfoundland. Canadian Journal of Earth Sciences, Volume 24, pages Espenshade, G.H. 1937: Geology and mineral deposits of the Pilley s Island area. Newfoundland Department of Natural Resources, Geological Survey, Bulletin 6, 56 pages. Epp, W.R. 1984: Brinco/Getty Joint Venture Dawes Pond Project Pilley s Island 1984 diamond drilling report Blast Furnace Option, C.B. 2400, Lic. 2240, Newfoundland. Brinco Mining unpublished report. [NDNR 2E/524] Grimley, P.H. 1968: Geological and other notes on Pilley s Island. Brinex unpublished report. [NDNR 2E12/274] Hum, P. 1983: Report on the 1983 diamond drilling Pilley s Island Blast Furnace Option and C.B. 2400, Licence 2240, Newfoundland. Brinco Mining Document No. G [NDNR 2E/487] Kerr, A. 1996: New perspectives on the stratigraphy, volcanology, and structure of the island-arc volcanic rocks in the Ordovician Robert s Arm Group, Notre Dame Bay. In Current Research, Newfoundland Department of Natural Resources, Geological Survey, Report 96-1, pages

21 Thurlow, J.G. 1996: Geology of a newly discovered cluster of blind massive sulphide deposits, Pilley s Island, central Newfoundland. In Current Research, Newfoundland Department of Natural Resources, Geological Survey, Report 96-1, pages : Report on diamond drilling and Downhole Time Domain EM surveys on Mineral Licence 7528M Pilley s Island, Notre Dame Bay (2E/12), central Newfoundland. Inmet Mining and Altius Resources Inc. unpublished report. [NDNR 2E/1220] 2004: Report on diamond drilling and borehole transient electromagnetic surveys on Mineral Licence 9464M Pilley s Island, Notre Dame Bay (2E/05 and 12), central Newfoundland. Inmet Mining and Altius Resources Inc. unpublished report. [NDNR 2E/1345] Tuach, J. 1989: Diamond drilling at Pilley s Island, Newfoundland January February Licence 2278 and Fee Simple Grant Vol. 1, Fol. 28 (NTS 2E/12). Au Pell Resources Inc. unpublished report. [ NDNR 2E/656] Walker, W.B.G. 1960: Report on Pilley s Island Copper Pyrites Ltd. Frobisher Ltd. private report. [NDNR 2E/242] Williams, H., Colman-Sadd, S.P., and Swinden, H.S. 1988: Tectonic-stratigraphic subdivisions of central Newfoundland. In Current Research, Part B, Geological Survey of Canada, Paper 88-1B, pages Woolham, R.W. 1995: Report on a combined helicopter-borne magnetic, radiometric and VLF-EM survey Pilley s Island project Extended Licence 2278, Pilley s Island, Notre Dame Bay, Newfoundland Canada NTS 2E/5. Phelps Dodge Corporation of Canada, Ltd. unpublished report. [NDNR 2E/941]

22 Appendix 1 Expenditures and Personnel

23 Expenditure Summary Licence 16635M Personnel Timothy Froude Field Work, Report Writing, Travel 15 $ $ 6, David Evans Research - Compilation 15 $ $ 6, Adam Pretty - field assistant 3 $ $ Subtotal: $14, Assays Accurassay Labs Subtotal: $ Transportation and Accommodations Vehicle (1820 $0.50) $ Gasoline $ Groceries/Meals $ Subtotal: $ 1, Digitizing and Report Costs Subtotal: $ Total: $16, Administration and Overhead (15%) $ 2, Grand Total: $19,085.03

24 Appendix 2 Assay Certificates

25

26 Appendix 3 Statement of Qualifications 2

27 Statement of Qualifications I, Timothy D. L. Froude, currently residing at 113 Monument Road, Conception Bay South, Newfoundland, Canada, do hereby certify that: 1) I graduated from Memorial University of Newfoundland in 1988 with a Bachelor of Science Degree in Geology. 2) I have been practicing my profession continuously since ) I am a member in good standing of the Association of Professional Engineers and Geoscientists of Newfoundland. 4) The statements and conclusions contained in this report are based on my direct observations, supervision and participation, as well as a review of available data in the Newfoundland and Labrador Department of Mines and Energy assessment file database. 5) I am currently Vice President of Exploration for Golden Dory Resources Corp. and a Qualified Person. Timothy D. L. Froude, P. Geo. August 20,