Goldrea Resources Corp.

Goldrea Resources Corp.

May 23, 2006 12:55 ET

Goldrea Resources Corp.: Wardrop Contracted For Daye Mine Technical Report

WHITE ROCK, BRITISH COLUMBIA--(CCNMatthews - May 23, 2006) - Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FWB:GOJ) ("the Company") reports the Company has awarded the contract to evaluate the Daye Gold Mine, owned by Rushan City, Shandong Province China to Wardrop Engineering (Wardrop). Wardrop is a full service engineering company with 50 years of successful history serving the Canadian mining industry. The Daye Mine is an operating gold mining and milling operation located within the boundaries of Rushan City.

Under an Agreement with Rushan City, announced January 12, 2006, Goldrea is completing a due diligence, negotiating a purchase price for the Daye Gold Mine by June 30, 2006, and completing the Agreement to purchase the Daye Mine and assets by October 30, 2006. The purchase would be subject to a positive evaluation and regulatory approval.

The Company has completed the translation of the Daye Gold Mine Assets, sericite operation (25%) and the concrete block fabrication assets (30%) from Chinese into English. This has facilitated the engagement of Wardrop to complete a NI 43-101 compliant valuation report. Wardrop are currently at the Daye site and have begun their technical evaluation of the above assets.

New Events:

1) The Daye Mine is operating at 2,400 TPD (rated at 1,750 TPD) utilizing ore from the property (approx. 800 TPD) and the balance is being custom milled from other mining operations in the area.

Goldrea is pleased by the mill output of 2,400 TPD and the ability to bring the mill up to full capacity from other ore sources in the area. Goldrea's plan is to eventually feed the mill 100% from the Daye and Goldrea/Daye joint venture property as the development and exploration define and open new resources for mill feed. The processing of other ores in the area establishes a continuous cash flow.

2) The 300 meter five compartment concrete lined shaft is currently advancing at the rate of one meter a day. The shaft should be capable of handling up to 400 TPD to be lifted to the surface in one ton granby mine cars.

Currently the company has two diamond drills exploring the joint venture leases. Diamond drilling is contracted to the 3rd Brigade and results will be announced as they are received.


Larry W. Reaugh, President and Chief Executive Officer

The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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