Goldrea Resources Corp.

Goldrea Resources Corp.

September 04, 2007 06:00 ET

Goldrea Acquires Arizona Gold Rush Claims

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 4, 2007) -

Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FRANKFURT:GOJ), subject to regulatory approval, has entered into a purchase agreement made effective as of the 21st of June, 2007 (the "Agreement") with James N. Marin and Tim Neal (collectively, the "Vendors").

Under the terms of the Agreement, the Corporation has purchased a 100% undivided interest in 18 unpatented lode mining claims (the "Claims") located within Mohave County, Arizona, USA for a cash consideration of US$8,000 and an issuance of 100,000 common shares of the Corporation.

The Claims are subject to a 3% net smelter royalty (the 3% NSR) payable to the Vendors with a US$2,000,000 buyout of 2% of the 3% NSR within 10 years.

The Gold Rush Property currently has a resource in excess of 40,000 ounces of gold, (1.3 million tons of 0.032 oz/ton gold) which was delineated by Western States the previous operator. This gold resource occupies a prominent detachment fault within Precambrian rocks, which are overlain by silicified, brecciated, volcanic dome features of Tertiary Age.

The Gold Rush Claims straddle the Roadside Detachment Fault and trend northward toward the Company's Gold Chain Property, which is situated approximately one mile to the north, and which is also located upon the same "detachment structure". Anaconda postulated that 3.2 million tons of .015 oz/ton Au may be present with the Gold Chain resource being open in all directions. This was based upon surface and underground samples and intercepts from four drill holes. Intercepts range from 35 feet of .064 oz/ton gold to 195 feet of .010 oz/ton gold.

This press release has been reviewed by Richard Addison, P.Eng., a qualified person under NI 43-101.

The above transaction is subject to Regulatory Approval.


Larry W. Reaugh, President and Chief Executive 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 Toronto 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.

Contact Information

  • Goldrea Resources Corp.
    Larry W. Reaugh
    President and Chief Executive Officer
    (604) 531-9639
    (604) 531-9634 (FAX)