5 December 2011 ASX/Media Announcement90% INCREASE TO HIGH GRADE...

5 December 2011 ASX/Media Announcement






90% INCREASE TO HIGH GRADE ANDY WELL RESOURCE · 691,000t @ 14.8g/t for 329,000ozs1 (Indicated & Inferred quartz vein resource) · Increase of 90% from February 2011 maiden resource
· Wilber Lode deposit remains open
Doray Minerals Ltd (ASX: DRM, Doray) is pleased to advise that, following an extensive
programme of RC and Diamond drilling, the Company has today announced a substantial
increase to the very high-grade Wilber Lode resource at the Andy Well gold project (Doray 80%).

The combined Inferred and Indicated resource for the Wilber Lode and two associated quartz
vein lodes now totals:
691,000t @ 14.8g/t for a total of 329,000 contained ounces1
The updated resource represents an increase of over 90% from the maiden high grade resource
announced in February 2011 (311,000t @ 17.5g/t), less than 12 months after the discovery of the
deposit.

The resource has now been defined to a depth of approximately 480m below the surface and
remains open at depth (Figure 1). Importantly, the Wilber Lode resource includes all contained
material within the quartz vein, with no lower cutoff used. In addition, the previously published
oxide shear zone resource has been re-estimated to 115,000t @ 0.7g/t for 3,000oz. This shear
zone resource is found immediately adjacent to and surrounding the Wilber Lode and is limited to
the oxide zone. The combined Andy Well resource, including all quartz vein and shear zone
domains now totals 806,000t @ 12.8g/t for a total of 332,000 ounces. Details of the resource are
outlined in the attached Appendix.

Doray's Managing Director, Mr Allan Kelly, said the resource upgrade reinforced the significant
upside potential of the Andy Well project.

"Our recent drilling campaigns have continued to deliver a stream of high grade gold intersections
from Wilber over the last nine months. The substantially increased resource confirms the Wilber
Lode as a very significant high grade gold deposit and, more importantly, gives Doray the added
confidence to push ahead with our current development activities. We believe that further drilling
has the potential to again increase this resource," Mr Kelly said.

Drilling continues at Andy Well with: · diamond drilling of a number of additional holes at Wilber to lift the status of the inferred resources and continue to test the extents of the open ended resource; · RC drilling to test the potential for extensions to the Wilber Lode, as well as a number of nearby additional targets; and · aircore drilling of a number of other high priority targets.
A number of activities in the Andy Well feasibility study are progressing on schedule and an
update will be provided to the market early in the New Year.
1 80% Attributable to Doray Minerals Ltd