Goldrea Resources Corp.

Goldrea Resources Corp.

September 11, 2008 17:53 ET

Goldrea Terminates Daye Aquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2008) - Larry W. Reaugh, President and Chief Executive Officer of Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FRANKFURT:GOJ), reports the Company has terminated its agreement to acquire the Daye Gold Mine located near Rushan City, Shandong Province, China. The decision by the Board of Directors is based on the acquisition not yet having received the required approval from the Central Government of China and over one year having elapsed since signing the final agreement to acquire an interest in the Daye Gold Mine.

The Company feels that its shareholders would receive greater benefit by continuing to expand the existing gold resources it has developed to date on its 65,000 hectares of exploration licenses in Shandong Province, China. The Company holds these licenses through its Chinese subsidiary, Rushan Goldrea Gold Inc. (90% owned by Goldrea - up from the initial 74% ownership). The company has completed 50,115 meters (164,400 ft.) of diamond drilling.

The Company is continuing drilling on its exploration licenses and has completed the Golden Rose Mine five compartment shaft on its property to a final depth of 235.5 metres.

The Company intends to commence work on its Ludi Joint Venture located in Shandong Province, immediately south of its existing exploration licenses where the Company has agreed to spend $1.4 million over 4 years to earn a 64% interest in the Joint Venture. This new agreement will extend the exploration rights from the Company's existing licenses to the south along the Daye Mineral zone. Previous drilling by the Company's joint venture partner, China Shandong No. 3 Mineral and Geological Exploration Institute (3rd Brigade) is reported to have returned up to 4.24 g/t over 9 metres from a drill hole positioned approximately 200 metres to the south of Goldrea's existing drilling.

The Company intends to negotiate a Toll Milling Agreement with the Daye Mining Group to process the mineralized material resulting from its exploration and cross-cutting which is continuing underground from its Golden Rose Shaft.

Goldrea intends to use the $5 million that it had reserved to apply on the Daye Mine acquisition, to expand its existing gold resources in Shandong Province and for corporate working capital.

This press release has been reviewed and approved by Norman L. Tribe, P. Eng., a qualified person under NI 43-101.


Larry W. Reaugh, President & Chief Executive Officer

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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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