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 TSX.V; GOR
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Company Statement
Goldrea Resources Corp. (TSX.V: GOR) is a mineral exploration and development company actively engaged in the acquisition, exploration, and development of mineral properties. The Company has been working on several gold projects in North America and, in January 2004, launched an ambitious play into the Shandong Daye Mine area, near Rushan City, Shandong Province in China, the world's fourth largest producer of gold at that time (behind only South Africa, Australia and the USA). With China's new prominence as the world's top gold producer in 2007 (first time ever), Goldrea's Chinese activities represent a strategic new step for the Company.
STRONG MANAGEMENT:
The diverse and experienced Board of Directors is led by CEO Mr. Larry Reaugh, who has forty-two years experience in the mining industry. Mr. Reaugh is credited with several producing mines and has raised more than sixty million dollars for exploration and development of mining properties. He also serves as CEO and Chairman for Molycor Gold Corp, Adanac Molybdenum Corporation and Rocher Deboule Mineral Corp.
PROPERTY HIGHLIGHTS:
CHINA
- Development: in Shandong Province, where Goldrea completed an agreement in November/2006 to purchase an 80% interest in the Daye Gold Mine, an existing 1750 TPD open pit gold producer which includes a mill with available expansion capacity.
- Exploration: In July/2006 Goldrea also completed a Joint Venture agreement with China Rushan to explore along strike and down dip from the open pit Daye Mine. The license entails some 65,000 hectares, with the joint-venture area on the east and west sides of the mine. In January/2007 Goldrea added NI43-101 compliant gold resources of 331,175 ounces indicated and 275,968 ounces inferred.
CANADA
Within Goldrea's diverse property portfolio (gold, silver, platinum, palladium, molybdenum, and copper), of most immediate interest and potential is the CrowRea Project, a molybdenum prospect discovered in the mid 90's. Goldrea has since added both Empress and HP molybdenum claims adjoining the CrowRea, and an aggressive drilling and exploration program is underway in 2007 and 2008.
Current Operations
CHINA
SUMMARY :
Shandong Province, the Kingdom of Gold, produces 26% of the gold mined in China - now the world’s #1 producer of gold (since 2007). Goldrea has capitalized on the increasingly-favourable environment in China for foreign investment, by forging agreements with Rushan City in Shandong to create Exploration Joint Ventures in the Mining Leases adjoining their existing open pit Daye Gold Mine.
RUSHAN GOLDREA GOLD INC. EXPLORATION J.V:
In March 2004 Goldrea Resource Corp. completed a co-operative joint venture agreement with China Rushan to explore along strike and down dip from their existing 1750 TPD open pit gold producer. The Rushan Goldrea Gold Inc. joint venture contract called for Goldrea to invest C$2 million over a four-year period for 74% earn-in. Goldrea has fulfilled its commitment, completing 50,000 metres (164,000 ft) of diamond drilling (lease map, drill plan, drill section) and has added NI43-101 compliant resources of 331,175 ounces indicated and 275,968 ounces inferred down dip and along strike. Goldrea’s Golden Rose Mine shaft (Mine Progress diagram) has been sunk to final depth of 235 metres, and ore production has begun in 2008.
LUDI JOINT VENTURE:
This agreement with Shandong 3rd Brigade, approved in August 2008, includes eight exploration licences (licenses map) covering 90 square kilometres southwest of the existing licences held by the Rushan Goldrea Gold JV, and offers an opportunity to explore the downward extensions of the existing ore bodies in the Daye Mine area. Previous drilling by 3rd Brigade is reported to have returned up to 4.24 g/t over 9 metres from a drill hole approximately 150 metres to the south of Goldrea’s existing drilling (Preliminary Evaluation Report). Goldrea has agreed to spend $1.4 million over 4 years to earn a 64% interest in the Joint Venture.
BRITISH COLUMBIA
B.C. Properties:
- The BX 1-6 Property is a gold-silver prospect approximately 2,279 hectares (5,628) in size
- The Dobbin I Project consists of 52 claims. This platinum, palladium and copper prospect covers approximately 3,572 hectares (8,828 acres)
- The Dobbin II Tadpole Lake Project is a molybdenum prospect covering 25 hectares (61.75 acres)
- Flap Project is a gold prospect approximately 706 hectares (1,744 acres) in size
- CrowRea Project is a molybdenum prospect approximately 10,494 hectares (25,920 acres) in size
OVERVIEW
Goldrea Resource Corp. mineral activities in British Columbia, Canada involve five properties - four of which are joint ventured with Molycor Gold Corp (50%) and one (the BX Claims) 100% owned by Goldrea.
Currently the Company has four advanced stage properties which have already had extensive prospecting, mapping, trenching, geophysics, geochemistry and limited drilling.
Drilling is planned on the Dobbin II Tadpole Lake molybdenum property as well as exploration to define a high-grade mineable molybdenum resource on the CrowRea discovery where drilling and trenching in 1997 returned values in excess of 2.0% MoS2 over 3 to 4 metres.
ARIZONA
GOLD CHAIN PROJECT
Project
Gold Chain property consists of eight claims that have the potential of hosting open pittable reserves as evidenced by previous drilling such as 10.7 m of 2.2 g/t gold and 59.5 meters grading 0.34 g/t gold.
Location
The property is located in Mojave County, 25 miles west–northwest of Kingman, Arizona USA.
Property Background
An internal report prepared by director Hugh Squair, PhD. states that the claims are encompassed by a lobate peridotite-gabbro complex within lower Povungnituk strata and situated 15 km south and east of the Cross Lake nickel-copper-sulphide deposit of Falconbridge Ltd.
The Goldchain Claims cover an altered tertiary volcanic target, which has been mapped, sampled and drilled by various operators over the period from 1986 to 1990. Various leaseholders were Fischer-Watt, Anaconda and ACNC (the US subsidiary of Inco) whom carried out diamond drilling and reverse circulation drilling during the above period. Anaconda postulated that 3.2 million tons of 0.015 oz/ton Au maybe present with the resource being open in all directions. This was based upon surface and underground samples and intercepts from four drill holes. Intercepts range from 35 feet of .064 oz/ton gold to 195 feet of .010 oz/ton gold.
GOLD RUSH PROPERTY
Project
Gold Rush property consists of 18 unpatented lode mining claims. Ownership
Owned 100% by Goldrea Resources Corp. (TSX-V:GOR).
Location
The property is located in Mojave County, 25 miles west– northwest of Kingman, Arizona USA.
Property Background
The Gold Rush Property currently has a resource in excess of 40,000 ounces of gold, (1.3 million tons of 0.032 oz/ton gold) which was delineated by Western States the previous operator. This gold resource occupies a prominent detachment fault within Precambrian rocks, which are overlain by silicified, brecciated, volcanic dome features of Tertiary Age.
The Gold Rush Claims straddle the Roadside Detachment Fault and trend northward toward the Company’s Gold Chain Property, which is situated approximately one mile to the north, and which is also located upon the same “detachment structure”. Anaconda postulated that 3.2 million tons of .015 oz/ton Au maybe present with the Gold Chain resource being open in all directions. This was based upon surface and underground samples and intercepts from four drill holes. Intercepts range from 35 feet of .064 oz/ton gold to 195 feet of .010 oz/ton gold.
Board of Directors and Key Management
| Larry W. Reaugh | President & CEO, Director |
| John Chapman | Director |
| Dr. Hugh Squair | Director |
| Dr. William Pfaffenberger | Director |
| Dr. David Madill | Director |
| Paul L. Blair | Chief Operating Officer, Director |
| Ed Lee | Director |
Company Address2A 15782 Marine Drive
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Additional Address/Key ContactInvestor Relations |
CapitalAuthorized Capital: Unlimited
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Related News
13/04/10 - Goldrea’s Recent Fundraising Consolidates Its Position As A Well-Connected Gold Junior In China11/01/10 - Goldrea’s Larry Reaugh Plans To Dig Deeper Into China, And Has His Eye On An Acquisition Or Two, Too
26/08/09 - The Longest Journey Starts With A Single Step: Goldrea Moves Towards Gold Production In Shandong Province, China
Most Recent Statement
28/05/10 - Goldrea Announces Updates to 43-101 Report Completed15/04/10 - China Finance Update and Review
26/03/10 - Goldrea Announces Private Placement With Chinese Investment Firm
25/02/10 - Incentive Stock Options
06/01/10 - High Grade Development Continues in Goldedn Rose Mine & Reverse Circulation Drilling Completed in N.America
30/11/09 - PROCESSING OF INITIAL STOCKPILE SUCCESSFULLY COMPLETED