Goldrea's Golden Rose Produces 1,289 Tonne Stockpile Grading 2.203 Grams per Tonne AU in June and Director Resignation
July 28, 2011 - Vancouver, British Columbia
Larry W. Reaugh, President & C.E.O. of Goldrea Resources Corp. (GOR-TSX.V; Frankfurt-GOJ; Pink Sheets-GORAF) (“Goldrea” or the “Company”) announces that the Golden Rose Mine in Shandong, China, produced 1,289 tonnes at an average grade of 2.23 grams per tonne during the month of June, which is 0.20 grams per tonne higher than the revised NI 43-101 Indicated Mineral Resource Estimate published in May 2010. This NI 43-101 showed an indicated mineral resource of 2.67 million tonnes at 2.03 grams per tonne and included 10% dilution; it was based on data from 169 Diamond drill holes totaling over 50,115 meters (164,400 ft).
A test lot of nearly 22,000 tonnes was milled in November 2009. Although recovery was low (70.2%), subsequent test work in Canada indicated that recovery could be raised above 90% by a simple change to the flotation reagents. The current stockpile at the Daye Mill now contains over 25,591 tonnes, and will be milled when a 30 day run of approximately 60,000 tonnes are accumulated. This will allow the milling operation to better control recoveries and maximize the treatment of the underground resource.
The 3.5 meter (11.5 ft) diameter Golden Rose Shaft was sunk to 235 meters (771 ft), furnished and readied for development by January 2008. It is intended to be for initial exploration and to extract mineralized rock for metallurgical testing in the nearby Daye Mill. As the operation develops, it will be used for ventilation and a second entryway to the underground. Since then, over 7,000 meters (22,977 ft) of lateral development has been completed on 5 levels and 4 stopes have been developed. Future plans include the sinking of the Golden Phoenix Shaft, a production shaft capable of hoisting 1,500 tonnes per day. This will allow the Golden Rose to be used for ventilation and perhaps movement of employees and supplies.
Board of Directors:
The Company has accepted the resignation of John A. Chapman from the Board of Directors. Mr. Chapman has been a board member since December, 1998 and the Company thanks him for his valuable contribution and wishes him success in future endeavors.
About Goldrea Resources Corp:
Goldrea Resources Corp. is a mineral exploration and development company that is engaged in the acquisition, exploration and development of mineral properties in North American and China.
This document was reviewed by Paul L. Blair, Chief Operating Officer, and a “Qualified Person” as defined by NI 43-101.
GOLDREA RESOURCES CORP.
Larry W. Reaugh,
President and Chief Executive Officer
Information Contact
Larry W. Reaugh
President and Chief Executive Officer
Head Office: 2A 15782 Marine Drive, White Rock, B.C. V4B 1E6
Telephone: 604-531-9639 Facsimile: 604-531-9634
Email: info@goldrea.com
www.goldrea.com
Cautionary Notice: The Reader is cautioned that the full Cautionary Notice is not attached to this email. The reader is requested to access the news release on the Company’s website at www.goldrea.com or at SEDAR at www.sedar.com to read the full Cautionary Notice. The full Cautionary Notice is not attached as the recipient’s spam filters frequently block receiving emails containing the full Cautionary Notice.
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Goldrea Resources Corp.
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EXPLORATION STAGE |
CODE : GOR.V |
ISIN : CA3814281018 |
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Goldrea Resources is a gold producing company based in Canada. Goldrea Resources holds various exploration projects in Canada and in China. Its main exploration properties are DOBBIN II, DOBBIN I, CROWREA, FLAP, EMPRESS, BX CLAIMS and UNGAVA in Canada and DAYE in China. Goldrea Resources is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 753 800 as of today (US$ 691 536, € 516 093). Its stock quote reached its highest recent level on December 29, 2006 at CA$ 0.85, and its lowest recent point on July 30, 2014 at CA$ 0.01. Goldrea Resources has 75 380 000 shares outstanding. |