Goldrea to Focus on Advanced Rushan/Goldrea Joint Venture
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/30/11 -- Larry W. Reaugh, President & Chief Executive Officer of Goldrea Resources Corp. (TSX VENTURE: GOR)(PINK SHEETS: GORAF)(FRANKFURT: GOJ) ('Goldrea' or the 'Company') announces that it has decided not to maintain its interest in the Rushan Ludi Goldrea Gold Mining Inc. Joint Venture ('Rushan Ludi JV'), which holds exploration lands adjacent to its primary interest in Shandong, China, the Rushan Goldrea Gold Inc. Joint Venture ('Rushan/Goldrea JV') in which the Company holds a 90% joint venture interest in the NI 43-101 Indicated Resource of 174,000 ounces and related infrastructure.
The Company has determined that the cost to the Company of maintaining its interest in the Rushan Ludi JV, mainly $1,100,000.00 is not justified given the current stage of development of the Company's primary holdings in Shandong, China.
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 American and China.
GOLDREA RESOURCES CORP.
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 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.
Larry W. Reaugh
President and Chief Executive Officer
604-531-9639
604-531-9634 (FAX)
info@goldrea.com
www.goldrea.com