FOR IMMEDIATE RELEASE
GOLDREA ACQUIRES SASKATCHEWAN COAL PERMIT APPLICATIONS
July 16, 2008 - Vancouver, British Columbia
Larry Reaugh, President and
Chief Executive Officer of Goldrea Resources Corp. (TSX.V-GOR; Frankfurt-GOJ, Pinksheets-GORAF)
is pleased to report the Company has entered into an agreement to purchase a
33.33% interest along with Molycor Gold Corp. (TSX.V-MOR) (33.33%) and Rocher
Deboule
Minerals Corp. (TSX.V-RD) (33.33%)
in two separate groups of coal permit applications covering approximately 400,564
acres. (to view map go to http://www.rdminerals.ca/media/embedded/coal-permits-saskmap.pdf)
The north central group is located 450 km northwest of the GoldSource
Mines Inc coal discovery and entails 145 permit applications covering 330,335
acres in the Lower Cretaceous Mannville
Group. In general, the sub-bituminous coals of the Lower Cretaceous Mannville
Group in Saskatchewan form
seams of variable thickness and lateral extent that are spread over a wide
geographic area. The permit applications cover the approximate location of Mannville
coals in the northeast corner of the study area where near surface coal
occurrences are located. The property and the study area is
described in Prospect Saskatchewan Issue No. 3 dated October, 2005 by
Saskatchewan Industry and Resources.
The
Alberta Saskatchewan boundary group comprises 34 coal permit applications
covering 70,227 acres.
The permit applications cover the Macklin Coal field reported in Assessment
Report 72N-0001 by Luscar Ltd. dated March
1987. The Macklin Coal field is reported to contain 54 million tonnes of
sub-bituminous �A� rank coal**.
** Where historical estimates are referred to, the
Company has no classification of the resource or reserve, and the Company has
not obtained enough of the original data and has not done the work necessary to
verify the classification of a resource or reserve. The Company is not treating
the estimates as a NI 43-101 defined resource or reserve verified by a
Qualified Person, and the historical estimate should not be relied upon.
Goldrea�s 1/3 portion of the
purchase price is as follows:
a)
the sum of $10,833 (paid to the vendor) and the sum of
$54,361 filing fees paid to the Saskatchewan Government and upon the approval
of this transaction from the TSX Venture Exchange the issuance of 400,000
shares of Goldrea
Resources Corp. common stock subject to a four month and one day hold period.
Goldrea is expanding its
multi-mineral interests in North
America by the acquisition of the coal permit
applications.
�/2
About China
The
Company is continuing to develop the China Daye underground workings on the
Golden Rose shaft where some stockpiling of ore has begun. The Minister of
Commerce has not at this time approved the acquisition of the Daye 1750 tonne
concentrator and the Company continues to meet with the Government officials to
facilitate the purchase.
Goldrea is in serious discussions
with several prominent Chinese mining entities whom are interested in joint
venturing or purchasing part of their resources at the Daye mine.
This
press release has been reviewed by John W. Fisher, P. Eng., a qualified person
under NI 43-101.
GOLDREA RESOURCES CORP.
Larry W. Reaugh,
President & Chief Executive Officer
Information
Contact
Larry W. Reaugh
President & CEO
Head Office: 2A 15782 Marine Drive,
White Rock, B.C. V4B 1E6
Telephone: 604-531-9639 Facsimile: 604-531-9634
Email: info@goldrea.com
The
TSX-Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
www.goldrea.com