Goldrea Resources Corp.

Goldrea Resources Corp.

November 02, 2007 06:00 ET

Goldrea Updates Status of Daye Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2007) - Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FRANKFURT:GOJ) reports that the application for approval of the Daye Acquisition is moving smoothly through the final steps of the process required by the Central Government of the People's Republic of China.

As previously reported, Goldrea has received Shandong provincial approval for the acquisition.

Goldrea Resources Corp. and Guoxin Asset Management Co. Limited (Goldrea's Chinese partner, ("Guoxin")) submitted the acquisition application to the Central Government Ministry of Commerce ("MOC") for final approval. MOC is completing an internal review and has submitted inquiries to the State Administration of Foreign Exchange, the State Administration for Industry & Commerce, the State Owned Assets Supervision and Administration Commission of the State Council, and the Ministry of Land and Resources. Shandong Provincial State Owned Asset Supervision and Administration Bureau, together with Guoxin made the presentation to State Owned Assets Supervision and Administration Commission of the State Council. Guoxin also submitted supplemental information to the above government departments according to their requests.

Approvals are expected no later than the first quarter of 2008.

The Daye mine is presently operating at 1800 tpd from the low grade open pit resource and the underground mine. The Company will continue to operate from the open pit once the acquisition is completed while supplementing the open pit material from the Golden Rose and Daye Shafts. The long term plan is to gradually bring all production from the down-dip mineralization as the open pit is exhausted.

Currently there are three diamond drills continuing the ongoing exploration program down-dip from the open pit.

Goldrea has earned a 90% interest in the surrounding leases and is proceeding to purchase an 80% interest in the Daye Mine and Mill Operation.


Paul L. Blair, Chief Operating Officer

This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX-Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

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

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