Goldrea Resources Corp.

Goldrea Resources Corp.

August 23, 2006 15:09 ET

Goldrea Focusing on China Production Growth

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 23, 2006) -

Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FWB:GOJ) signs engagement agreement with Tortuga Merchants to further business growth in China.

Goldrea Resources Corp. ("Goldrea"), a junior resource company based in White Rock, British Columbia, has signed an engagement agreement with Tortuga Merchants ("Tortuga") to further develop and execute Goldrea's China business development strategy. Initially, the agreement is focused on assisting with Goldrea's proposed acquisition of the operating Shandong Daye Gold Mine, which is contiguous to Goldrea's existing active gold exploration in Rushan, China.

Goldrea has engaged Tortuga for a period of twelve months at a fee of $7,500 per month. In addition, Tortuga can earn a 3% fee payable in shares, based on the amount of the financing of the acquisition of the Shandong Daye Gold Mine.

"Tortuga has a unique understanding of the mining industry within China. This understanding and experience is going to help Goldrea shape its strategy in China to take advantage of current and future market conditions," said Larry Reaugh, President of Goldrea.

"Goldrea holds great potential for business growth in China. Having the acumen to establish a Chinese joint venture years ago, demonstrates Goldrea's forward-looking vision. We feel that it will be a tremendous relationship," said Gavin Treanor, Managing Partner at Tortuga Merchants.

About Goldrea Resources Corp.

Goldrea Resources Corp. is a mineral exploration and development company that is engaged in the acquisition, exploration and development of mineral properties. The Company has been working on several gold projects in North America. Thirty months ago Goldrea launched an ambitious play into the Shandong Daye Gold Mine in China.

About Tortuga Merchants Inc.

Tortuga Merchants is an internationally focused Merchant Banking Firm. The company specifically generates long-term value by cooperating with companies that are positioned to have a great potential throughout international markets. To this end, Tortuga brings to these partners the resources and abilities to grow the company globally and aid in the fulfillment of the companies potential.


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.

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