VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/03/10 -- Mr. Larry W. Reaugh, President & Chief Executive Officer of Goldrea Resources Corp. (TSX VENTURE: GOR)(PINK SHEETS: GORAF)(FRANKFURT: GOJ) ('Goldrea' or the 'Company') reports the Company has terminated the previously announced private placement with China Finance Gold International Limited 'CFGIL' in the amount of $5,600,000 for 40,000,000 units at $0.14. The termination is the result of CFGIL's failure to advance the balance of the placement.
CFGIL advanced $250,000 prior to shareholder and regulatory approval. This amount will be settled as a debt settlement at a future date.
Currently the Company has submitted a budget to a European company specializing in gold certificate loans. Management has estimated the cost of sinking a production shaft capable of raising 1500 TPD, development, raises and stope access work, and completing its earn-in on the Ludi Joint Venture at US$14,237,665.
The Company will issue a press release on completion of its negotiations.
This press release has been reviewed by Paul L. Blair, a qualified person under NI 43-101.
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
