Goldrea Resources Corp.

Goldrea Resources Corp.

July 16, 2008 16:05 ET

Goldrea Acquires Saskatchewan Coal Permit Applications

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2008) - Larry Reaugh, President and Chief Executive Officer of Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FRANKFURT:GOJ), is pleased to report the Company has entered into an agreement to purchase a 33.33% interest along with Molycor Gold Corp. (TSX VENTURE:MOR) (33.33%) and Rocher Deboule Minerals Corp. (TSX VENTURE:RD) (33.33%) in two separate groups of coal permit applications covering approximately 400,564 acres (to view map go to

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(ii).

(ii) 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.

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 Commerse 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.


Larry W. Reaugh, President & Chief Executive Officer

Visit our website to watch Larry Reaugh, President of Goldrea Resources Corp. interview with SmartStox Online TV Talk Show.

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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