Goldrea Withdraws from Financing Offer
March 8, 2011 - Vancouver, British Columbia
Larry W. Reaugh, President and Chief Executive Officer of Goldrea Resources Corp. (GOR-TSX.V; Frankfurt-GOJ; Pink Sheets-GORAF) (�Goldrea� or the �Company�) announces that Goldrea Resources Corp. has concluded, after consultation with APEC International Investment Group Ltd. of Sydney, Australia to terminate negotiations toward closing the Binding Letter of Contract offered on behalf of Ryhat Inc. International Finance Luxembourg for an investment loan of $16.5-million US.
The Company was unable to fully satisfy the conditions of the Binding Letter of Contract Offer referenced in the previous news release of January 26, 2011. After completing an in depth review it was decided the overall conditions of the Contract Offer were not aligned with the Company to proceed and pursue the opportunity.
Goldrea is confident in the Rushan Gold Project and is currently reviewing other potential suitable financing opportunities for expansion development of the Rushan Mine located in Shandong Province of China. The mining growth in China for precious metals is very strong and the local consumer market demand for gold bullion is on an upward trend as an investment hedge against future inflation and by the uncertainty of world currency markets.
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.
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.comwww.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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The Reaugh Group | 2a 15782 Marine Drive | White Rock, BC V4B 1E6, Canada |
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Goldrea Resources Corp.
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EXPLORATION STAGE |
CODE : GOR.V |
ISIN : CA3814281018 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
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, CROWREA, DOBBIN I, FLAP, EMPRESS, UNGAVA and BX CLAIMS 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. |