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1 ASX Announcement 23 May 2014 DORAY FARMS IN TO EXCITING NEW GOLD PROJECT Doray to explore highly prospective Horse Well Gold Project in north-eastern Goldfields through Joint Venture with Alloy Resources Ltd Doray can earn up to 80% through expenditure of $4M within 6 years Horse Well represents an underexplored greenstone belt with similar geology and structural settings to the highly endowed Yandal Belt Drilling to commence at Crack of Dawn target area in second half of 2014 Doray Minerals Limited (ASX:DRM, Doray, the Company) is pleased to announce that it has entered into a farm-in Agreement with Alloy Resources Limited (ASX:AYR, Alloy ) to explore the highly prospective and underexplored Horse Well Gold Project ( Project ) which is located in the north-eastern Goldfields of Western Australia. Doray s Managing Director, Allan Kelly, said Horse Well represented a very attractive exploration opportunity for Doray given the many similarities with the highly endowed Yandal Belt to the south and its relative lack of recent systematic exploration. We believe, given the geology, structural setting and results achieved to date, that there is the potential for discovery of a significant gold deposit within the Project area and we look forward to working with Alloy Resources to advance the Project, he said.. The Horse Well Gold Project Alloy controls approximately 850 km 2 of exploration tenements in the northern part of the Millrose Greenstone Belt located in the north-eastern Goldfields of Western Australia (Figure 1). The Millrose Greenstone Belt is interpreted to represent similar geology to the Yandal Greenstone Belt, which hosts the Nimary-Jundee, Bronzewing, Darlot and Mt McClure gold deposits. Alloy s leases cover approximately 50 strike kilometres of the belt, with Alloy estimating Mineral Resources totalling a combined 100,000 ounces of gold within the Horse Well Project area, from four separate prospects (Palomino, Filly, Bronco and Filly SW) (Refer Table 1, see AYR announcement 19 November 2010). Work completed by Alloy over the last two years has extended the prospectivity for new gold discoveries along the entire greenstone belt. Doray therefore believes there is potential to define a significant new gold deposit, similar to the >5Moz Jundee and Wiluna mining centres located in adjacent greenstone belts.

2 Figure 1. Horse Well Gold Project location and geology showing prospect locations.

3 Crack of Dawn Target The Crack of Dawn target area, a region of extensive surface sand cover, is located approximately 15 kilometres north-west, along strike, from the Horse Well gold prospect (and associated gold Resources) (Figure 2). Crack of Dawn was discovered in the mid-1990 s following air-core drill testing of an aeromagnetic anomaly that indicated a major structural jog associated with a buried granitic intrusive. Alloy subsequently confirmed the potential at Crack of Dawn by air-core drilling two of the historical anomalies with more detailed, angled air-core drilling in December 2012 and then deeper RC drilling in the second half of Widespread alteration zones associated with gold mineralisation at the Dusk til Dawn Prospect, approximately one kilometre north-west of Crack of Dawn, suggest the system has the potential to host a major gold Resource. Historic work completed by Eagle Mining in 1997 returned a best intercept at the Crack of Dawn Prospect of 3.5 g/t Au (see AYR announcement 10 December 2012) with subsequent drilling completed by Alloy at the nearby Dusk til Dawn Prospect returning a best interval of 2.0 g/t Au (Figure 3) (see AYR announcements 15 October 2013 and 27 November 2013). Recent analysis of the Dusk til Dawn gold alteration system highlights the scale and intensity of alteration within the entire Crack of Dawn target area. The key points from the study include: A zone of potassic alteration 100 to 200 metres thick Greenschist-amphibolite metamorphic facies, with a biotite dominant system Gold in highly sheared core zones Pyrite replacement of Banded Iron Formation layers in dacitic volcaniclastics (magnetite destruction is a typical signature of gold mineralisation) Several similarities to the >2 million ounce Granny Smith gold deposit in WA This gold mineralised alteration is interpreted, from drilling and aeromagnetics, to suggest the 30 km 2 Crack of Dawn gold target area is highly prospective for a significant gold discovery. Detailed, recently completed aeromagnetic surveying of the area highlighted new targets and confirms the region as a compelling exploration opportunity. Alloy has completed all the permitting and heritage clearances for a major program of extension drilling and new target testing. Doray plans to complete this drilling program in the second half of CY 2014 as part of the first earn-in hurdle.

4 Figure 2. Crack of Dawn Target area.

5 Farm-in Agreement Terms The parties have entered into a binding Heads of Agreement, which will be more fully documented in a formal Farm-in Agreement. Key Terms agreed are listed below: $100k cash payment to Alloy at Commencement. $900k non-withdrawal expenditure within the first 12 months of Commencement. o The initial minimum commitment to be met completing an agreed program based upon the currently permitted and approved drilling program as presented for the Crack of Dawn region with follow-up as required. Doray to manage the JV with field input from Alloy for, at least, the initial minimum commitment period. Doray to earn an initial 60% with a further spend of $1 million within 24 months of Commencement (i.e. total spend of $2 million to earn 60%). Doray can elect to spend a further $2 million within 36 months of commencement to earn 80%. o Alloy at this time can elect to contribute pro rata to this $2M and continue through to Pre- Feasibility Study (PFS) or dilute to 20% using an industry standard formula, whereby Doray can earn up to 80%. Alloy to contribute from PFS onwards (i.e. Definitive Feasibility Study, Decision To Mine and operational JV) or dilute to 1% Net Smelter Royalty using an industry standard formula. -ENDS- For further information, please contact: Allan Kelly Luke Forrestal Managing Director Account Manager Doray Minerals Limited Cannings Purple +61 (08) (0) info@dorayminerals.com.au lforrestal@canningspurple.com.au About Doray Minerals Limited Doray Minerals Limited (ASX: DRM) is Western Australia's newest high-grade and low-cost gold producer. The Company began mining its high-grade Wilber Lode deposit at the Andy Well Gold Project in the northern Murchison region of Western Australia in November 2012 and commenced gold production in August 2013, approximately 3.5 years after the initial discovery. Doray has a strategic portfolio of gold exploration properties within Western Australia and South Australia and each presents multiple discovery opportunities. The Company's Board and management team has expertise in discovery, development and production.

6 APPENDICES Figure 3. Dusk til Dawn Prospect, Cross Section 263,200mE. Table 1. Summary of JORC Resources for Horse Well Gold Project. Measured Indicated Inferred Total Palomino , , , , , ,675 Bronco , , , ,117 Filly , , , ,091 Filly SW , , , ,817 TOTAL RESOURCE 949, , , ,525 1,054, ,700 Note: Rounding errors may occur. For details refer to AYR announcement dated 19 November 2010

7 Competent Person Statements Exploration Results The information in this report which relates to Exploration Results is based on information compiled by Andrew Viner, a Director of Alloy Resources Limited and a Member of the Australasian Institute of Mining and Metallurgy. Mr Viner has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Viner consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. Mineral Resources The resources in this release are based on work carried out by Dr. S. Carras FAusIMM of Carras Mining Pty Ltd. Dr.Carras has 30 years of experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion in this report of the information in the form and context in which it appears. The information that refers to Mineral Resources in this announcement was prepared and first disclosed under the JORC Code It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since last reported.