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Goldrea Resources to Complete Due Diligence for Daye Gold Mine Property Gold Loan

Larry W. Reaugh, President and Chief Executive Officer of Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FRANKFURT:GOJ) has reported management will travel to China during the week of October 25th.

The purpose of the trip is to complete the final stages of due diligence related to a $16,500,000US gold loan for the Daye Gold Mine property outside Rushan City. Negotiations with the European Fund were announced on Sept 3, 2010 and the loan, provided the lender is satisfied with its final due diligence, is expected to close before the end of the year.

The funds will be utilized as follows:

  • The sinking and completion of a 5.5 meter diameter production shaft (Golden Phoenix) to a depth of 500 meters. The shaft is designed to utilize two skips hoisting in balance capable of hoisting 1500 tonnes per day;

  • 2,030 meters of drifting and 640 meters of raises to connect the Golden Phoenix with the existing Golden Rose shaft;

  • 3,640 meters of development drifting and raises;

  • Exploration on the Ludi to complete the company's earn in with the 3rd Brigade;

  • Provide working capital and pay current liabilities as well as financing fees.

Goldrea/Rushan Joint Venture - Goldrea 90%, Rushan City 10%

The Company has developed a NI 43-101 indicated resource of 2.67 million tonnes grading 2.03 grams/tonne gold located down dip from the existing operating Daye Gold mill. Goldrea has completed the Golden Rose 3 meter diameter, concrete lined, 234 meter deep shaft; 5,300 meters of development drifting and raises; tested 22,000 tonnes of development material; and has an existing 8,000 tonne stockpile of development and stope material at the surface.

Source:

Goldrea Resources Corp

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