Goldrea Resources Corp. (CSE:GOR)(CSE:GOR.CN)(OTC PINK:GORAF)(FRANKFURT:GOJ) (the "Company") has entered into a letter of intent to acquire from arm's-length vendors a 100% interest in a property (the "Property") located adjacent to Osisko Mining's Windfall Lake gold property in the Urban Barry belt, Quebec and a few kilometres from Durango Resources' Trove property.
Jim Elbert, President of Goldrea, said: "The Windfall Lake gold camp is a prolific mining area which will be the subject of several drill programs this spring, and has been attracting large financing dollars. Osisko's drill program along with all of the other financings means this will be a very active area in 2017. Goldrea is pleased to have been able to locate and negotiate a deal on a property in the area. The area has favourable geology, and the region and all of its activities this year will only bring more attention to the Windfall Lake Area of Quebec."
To earn a 100% interest in the property, the company will pay the vendor's cost of staking in cash and issue 700,000 common shares of Goldrea on closing. The vendors have staked the Property and expect full registration of the mineral claim application in a few weeks. The acquisition of the property is subject to acceptance by the Canadian Securities Exchange.