Goldrea Resources Corp.

Goldrea Resources Corp.

October 13, 2006 06:00 ET

Goldrea Resources Corp.: Definition Drilling Continues to Extend the Jingkou Zone to the South-Five Compartment Shaft Reaches Half-Way Mark

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 13, 2006) - Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FWB:GOJ) -

Definition drilling continues to extend the Jingkou zone to the south, with an intersections in hole GZK734, 200 meters south of the previously known mineralization. The Jingkou Zone now has eight drill holes, three surface trenches, and a shallow exploration shaft confirming the existence of a definable mineralized zone. The Jingkou Zone is expected to add considerably to the mineral resource of the property.

The assay results for the mineralized sections in three recent holes are as follows:

Depth (m)
------------------ Interval Averages
Hole from To (m) Au gpt (m)
GZK734 256.12 256.99 0.87 0.63
GZK734 256.99 257.79 0.80 1.04
GZK734 257.79 258.59 0.80 2.09
GZK734 258.59 259.39 0.80 1.48 1.30 gpt/3.27m.
GZK733 192.88 194.05 1.17 1.14 1.14 gpt/1.17m.
GZK851 399.43 400.23 0.80 2.94
GZK851 400.23 401.13 0.90 0.98
GZK851 401.13 401.98 0.85 1.54
GZK851 401.98 403.08 1.10 0.98 1.54 gpt/3.65m.

The assaying was conducted at the Daye Mine assay lab on site. These assays are routinely checked when total metal assays are conducted at the National Engineering Center of Geo-exploration Technology in Langfang, Hebei, Peoples Republic of China, and Chemex Labs in N. Vancouver, B.C.

Work is just beginning on the Shanxi Zone at the eastern end of the Daye structure. Earlier work by the Chinese operator had drill two holes into this zone, Holes ZK26 and ZK86. Drill hole ZK86 intersected two mineralized sections 3.98 gpt/1.2m. at 46.8m. and 3.47 gpt/1.5m. at 55.02 and drill hole ZK26 intersected 1.71 gpt/1.00m. These results are reported by the Chinese but the core is no longer available and while these results are believed to be accurate they could not be checked by Goldrea. Goldrea has added six more drill holes to the drill pattern at Shanxi and two of these have intersected significant mineralization. The latest of these is Hole GZK833 (See Table) which was drilled 250 meters down dip from Hole ZK86. Although the development of this zone is in a preliminary stage the results to date are considered encouraging (See attached diagram).

Hole GZK851 was drilled 100 meters to the west of GZK808 which did not intersect mineralization and 100 meters to the south of hole GZK813 which intersected 1.46 gpt/4.0m. (Reported earlier). Hole GZK851 intersected 1.54 gpt gold over 3.65 meters and is thought to be the downward extension of the Daye Main Zone. More holes are planned to the south and the west of this hole.

The shaft sinking towards the deeper part of the South Shijia Zone has reached the 150 meter mark and is progressing on schedule. A new mineralized zone has been encountered at 147 meters.

Field mapping on the Majiakuang License some 10 km to the east of Daye has been completed and the mapping contractor has prepared the drawings and report. This work is under study and will be reported on when analysis of the data is complete. This mapping is expected to define structures identified by the I.P. surveys done last winter.

Mapping on the Langiazhoung License, 40 km to the south, is now completed and the reports and drawings are being studied by the company at this time. Conclusions on these results will be available when analysis is complete.

Geochemistry surveys are finished at the Nantangia License 60 km. south of Daye where I.P. surveys indicate the presence of sulphides. Results were presented last week and these are under study at this time.

This press release was prepared by Norm Tribe, P.Eng., a Qualified Person pursuant to National Instrument 43-101 and is the engineer supervising the ongoing exploration and development in China.


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.

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Contact Information

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