Goldrea Retains Deloitte & Touche Corporate Finance Canada
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/28/11 -- 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 Goldrea has retained Deloitte & Touche Corporate Finance Canada Inc. ('Deloitte') to explore strategic options relating to the Company and its Rushan/Goldrea project (the 'Project') in Shandong, China. Goldrea is seeking a strategic partner or a financing transaction to bring the Projects to production and expansion. Deloitte is a financial advisor with a significant presence in China.
The mining growth in China for precious metals is strong and the local consumer market demand for gold bullion is on an upward trend. China is now the world's largest gold producer.
About Deloitte & Touche Corporate Finance Canada Inc.:
Deloitte offers sophisticated investment banking advice to companies participating in transactions across the globe. With over 3,000 M&A Advisory professionals, Deloitte has one of the largest M&A practices in the world. It has an extensive presence in Asia Pacific - with over 900 M&A professionals based in this region including a significant presence in China. Deloitte has a dedicated mining practice with extensive experience advising on middle market transactions.
About Goldrea Resources Corp.:
Goldrea is a mineral exploration and development company that is chiefly engaged in the development of the Projects in China. The Project consist of the Golden Rose Mine (Rushan) and related exploratory properties.
Rushan's current 43-101 compliant indicated resources of 2.67 million tones of 2.03 g/t or 174,000 troy oz. gold, are located directly adjacent the existing Daye Mine and mill. The mill is not a Goldrea property; the current owners do custom milling by contract. The Rushan mine output has the potential to be milled at the Daye's 1,800 TPD gold concentrator; once the production shaft and underground development enable's the Company to hoist 1,500 tonnes from underground per day.
To date the Company has expended approximately $7.5 million directly on the Rushan with the following accomplishments:
-- 57,122 meters (187,360 feet) of diamond drilling has been completed.
50,115 meters (164,400 feet) directly on the Rushan concession adjacent
to the Daye 1,800 TPD milling operation;
-- the sinking of a 235.5 meter (772.6 feet) 5 compartment concrete lined
shaft; and
-- 4,600 meters (2.9 miles) of underground development.
Further, exploration is planned on the adjacent Ludi concession. The Ludi contains 9,000 hectares on the same structure and contiguous to and down dip from the Rushan Mine. An Induced Polarization (IP) Survey with a subsequent drilling program is slated for implementation.
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