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China/Golden Rose Mine Exploration and Development Update
Feb 06, 2009 06:11AM
Goldrea Resources Corp.
TSX VENTURE: GOR PINK SHEETS: GORAF FRANKFURT: GOJ
Feb 06, 2009 10:25 ET
Goldrea Resources Corp.: China/Golden Rose Mine Exploration and Development Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 6, 2009) - Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FRANKFURT:GOJ) (the "Company") reports that underground development is progressing extremely well at the Golden Rose Mine in Shandong Province, China.
As of December 25, 2008, 2,093 meters (6,865 feet) of lateral development and 280 meters (918 feet) of raises have been completed on five levels from the 235 meter (771 feet) deep shaft; additionally 160 meters (525 feet) of sumps (sufficient to hold 12 hours of water inflow) and a pumping system has been installed. The shaft, surface plant and underground ventilation system have been completed. Nearly 12,000 tonnes of gold sulphide material primarily from the development crosscuts has been stockpiled on surface to be shipped to the mill at 20,000 tonnes.
The Company has entered into an agreement with the Daye Gold Mine to continue the exploration and development underground. The cash flow from the 20,000 tonne underground stockpile material should pay for the ongoing extensive development underground. The cash flow will be split 90% Goldrea and 10% Daye.
Mineralization is developing nicely with assays to 21.30 g/t Au (0.621 oz/t) as follows:
Level 1 - No samples reported, 130 meters (426 feet) of lateral development
Level 2 - 520 meters (1,706 feet) of lateral development