Goldrea Resources Corp.

Goldrea Resources Corp.

October 26, 2006 15:43 ET

Goldrea/Tortuga Outline Strategic Plan for China

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 26, 2006) -

Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FWB:GOJ) ("Goldrea"), a junior resource company based in White Rock, British Columbia, signed an engagement agreement with Tortuga Merchants Inc. ("Tortuga") to further develop and execute Goldrea's China business development strategy in China.

"There are approximately seventy-six non-Chinese Public Companies with mining properties in China. Forty-two of these are listed on the TSX or Venture Exchange. Of these forty-two, approximately thirty-one are gold focused of which "one" has a producing asset in China. Almost all of the foreign companies operating in China have been focused on exploration," says Gavin Treanor, Managing Partner Tortuga Merchants.

China is already producing massive amounts of precious, base and ferrous metals. In fact China's contribution to the global metal market is substantial:

1. 10% of world Gold;

2. 23% of world Lead;

3. 18% of world Zinc; and

4. 75% of world Tungsten.

"There are many producing mines in China and that is where Goldrea will be aligning itself," says Larry Reaugh, President and C.E.O. of Goldrea.

Tortuga Merchants has used the last 90 days to cooperatively develop a staged strategy for Goldrea in China. The Goldrea China strategy is centered on the following principles:

1. Source and negotiate the acquisition of various producing mining assets in China;

2. Modify production techniques and methodologies to increase production yield; and

3. Expand operations through cash flow and new capital investment to increase production to global standards.

"Most producing gold mines in China are outputting less than fifty thousand ounces of gold per year. In many cases these operations are sitting on large ore bodies of quality grade. There has been a historical lack of significant capital investment in these mines keeping them producing below global standards," says Gavin Treanor.

Tortuga will play a key role in sourcing, negotiating and due diligence of prospective acquisitions. "Through our team of Chinese Experts we are finding a strong base of acquisition candidates that meet or exceed the criteria we have outlined with Goldrea," said Gavin Treanor.

"Over the next 24 months we expect to move on completing three to four acquisitions of producing mines in China," says Larry Reaugh.

Further to assisting in the strategic development in China, Tortuga will assist Goldrea to enroll the Institutional Investment Community to support Goldrea through various capital raises associated with future transactions.

Over the past two years Tortuga's team has dedicated a great deal of resources in working in conjunction with various government legal & financial organizations in Canada and China. This has been done in principle to develop a more practical and proven terms of engagement when dealing with Chinese producing mining assets. Tortuga has now validated this process and engaged several very profitable, producing assets in China in all major mining sectors (gold, silver, copper, zinc, coal, et cetera).

Currently in the second phase of their China strategy, Tortuga is seeking to facilitate an ongoing acquisitions based growth strategy in each major category of mining. In doing so Tortuga has partnered with Goldrea Resources as their gold focused junior. "We feel Goldrea Resources is a excellent choice for a long term partner due to their extensive mining/exploration background, acumen and existing experience in China," says Gavin Treanor.

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 in North America and China. Goldrea expects to complete negotiations to purchase up to 100% of the operating Daye Gold Mine in China by late November, 2006.

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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