Goldrea Puts Rushan/Goldrea Gold Asset Up for Sale and Extends Warrants
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/06/12 -- Goldrea Resources Corp. (TSX VENTURE: GOR)(PINKSHEETS: GORAF)(FRANKFURT: GOJ) ("Goldrea" or the "Company") announces that the Company is in early negotiation to sell its 90% interest in the Rushan/Goldrea gold property in Shandong Province, China. To date, Goldrea has invested $9.5 million into the project and now plans to re-direct the Company's efforts on its North American projects. The Company invites interested parties to contact our office for more information. The Rushan/Goldrea property hosts a NI 43-101, 174,000 oz, indicated, gold resource and is located down dip from the Daye open pit mine and mill. Goldrea built the Golden Rose Shaft, a 3.5 meter (11.5 ft) diameter, 235 meters (771 ft) deep concrete lined shaft on the property. In addition, 8,700 meters (28,536 ft) of lateral development has been completed on five levels with four stopes and a 57,122 meter (187,360 ft) diamond drilling program has been completed and logged. The 6.51 sq. km. property under Rushan/Goldrea is located in the Shandong Province, well known as the most prolific gold producing province in China.
Goldrea also announces the TSX Venture Exchange has approved a two year extension for the 7,918,000 outstanding share purchase warrants (the "November 10 Warrants") issued pursuant to the Company's private placement at a price of $0.06 per unit completed on November 5, 2010. Each November 10 Warrant is exercisable for one common share at a price of $0.10. The November 10 Warrants were due to expire on November 5, 2012. The new expiry date for the November 10 Warrants is November 5, 2014.
The Company's private placement, as released September 16, 2012, priced $0.03 per unit, is expected to close November 16, 2012. Each Unit is comprised of one common share in the capital of the Company and one full share purchase warrant exercisable at a price of $0.05 in the first year and $0.10 in the second year from the date of issuance. Contact the Company number listed below or 1-604-531-9639 for interest in availability.
GOLDREA RESOURCES CORP.
James Elbert, 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 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.
Contacts:
Goldrea Resources Corp.
James Elbert
President and Chief Executive Officer
250-881-0300
604-531-9634 (FAX)
info@goldrea.com
www.goldrea.com
