ST. JOHN’S, N.L. – A Gander, N.L., based mining company is increasing its interest in the prolific Labrador trough where hundreds of millions of dollars are being invested in the iron ore industry.
Golden Dory Resources Corp. (TSX:V-GDR) has signed an agreement with Metals Creek Resources Corp. (TSX:V-MEK) from Ontario.
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Company spokesman Kevin Keats says under the terms Golden Dory will become operator and can increase its property interest from the current 50 per cent to 60 per cent.
He says the company will do that by issuing 1.5-million of its shares to Metals Creek.
Golden Dory will also fund a 500-thousand dollar exploration program this year.
Earlier exploration has indicated strong signs on the Gabbro Lake iron ore property.
(VOCM)
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