Doray Minerals : Appointment of Managing Director

ASX Announcement 20 January 2017 ASX: DRM APPOINTMENT OF MANAGING DIRECTOR

The Directors of Doray Minerals Ltd (ASX: DRM, "Doray" or "the Company") are pleased to advise that Mr Leigh Junk has accepted the appointment as Managing Director of the Company on a permanent basis with effect from 20 January 2017.

Mr Junk assumed the role as Interim Managing Director on 25 November 2016. Since that time he has made a significant impact on the Company through numerous corporate and operational initiatives.

Following an executive search process, the Board has determined that Mr Junk is the most appropriate person to lead Doray as it executes its strategic plan.

Mr Junk is a Mining Engineer with 25 years' experience. He has served on the board of Doray as a Non- Executive Director since 2011. During his professional career Mr Junk held senior operational positions in several Western Australian mining companies. In 2000, Mr Junk was a co-founder of private company Donegal Resources Pty Ltd which owned several operating nickel mines in Western Australia. Mr Junk has also previously served as a Director of listed companies in both the Mining and Financial sectors in Australia and Canada.

The Board would like to congratulate Mr Junk on his appointment and looks forward to working with him as the Company positions itself for future growth for the benefit of all shareholders.

Mr Junk will be paid a salary of $500,000 per annum plus 9.5% superannuation. Mr Junk will be granted three successive tranches of 1.67 million performance rights starting on his commencement as Managing Director with the further two tranches being granted in 2018 and 2019. The full allocation of performance rights (which will be subject to industry and Company hurdles that are based on operational and growth criteria) will vest 3.5 years after Mr Junk's appointment.

These performance rights (and the underlying plan) will be subject to shareholder approval at the Company's 2017 Annual General Meeting. Mr Junk will also be eligible to participate in the Company's Short Term Incentive Plan which entitles him to earn up to 50% of base salary subject to meeting performance hurdles.

For further information, please contact: Mark Hepburn

Corporate Development Manager

Doray Minerals Ltd

[phone]

-ENDS-

Doray Minerals Ltd, 20 January 2017

About Doray Minerals Limited

Doray Minerals Limited is an Australian gold producer with two Western Australian gold projects: the Andy Well Gold Project, which commenced production in August 2013; and the Deflector Gold Project, which commenced production in May 2016.

Doray also has a strategic portfolio of gold exploration properties within Western Australia and South Australia. The Company's Board and management team has a proven track record in discovery, development, and production.

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