Gold Mining in CHINA - Shandong Province

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Message: Progress Report on Gold Exploration and Development at Golden Rose

Progress Report on Gold Exploration and Development at Golden Rose

posted on May 27, 2009 02:56AM
May 27, 2009
Goldrea Resources Corp.: Progress Report on Gold Exploration and Development at Golden Rose
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 27, 2009) - Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FRANKFURT:GOJ) (the "Company" or "Goldrea") reports that underground development continues to progress extremely well at the Golden Rose Mine in Shandong Province, China.

As of May 16, 2009, a total of 3,268 meters (10,722 feet) of lateral development has been completed on five levels from the 235 meter (771 feet) deep shaft. Most of the last 1,000 meters (3,281 feet) driven since January 1, 2009 is in known waste adjacent to the resource, and was driven for stope development and access. However, significant mineralization has been encountered in this work, summarized as follows:

                 Total Sample Length
Sample           --------------------   Assay   Assay 
Location          (m)             (ft)    g/t    oz/t
2 Level
East #12 Xcut    1.5              4.9    1.20   0.038
3 Level
West #5 Drift    6.0             19.7    1.78   0.057
Includes         1.5              4.9    5.30   0.170
4 Level
West #2 Drift   4.50             14.8    3.70   0.119

Note: oz/ton is troy ounces per short ton (2000 lbs.); all units are metric
      unless specified otherwise. Assays were done in the Daye Mine
      Laboratory by standard Chinese methods. Goldrea has verified that
      these methods agree closely with checks run by Canadian assay labs.
Stopes are currently under development from 4 Level, with 15.3 meters (50 feet) of raising in the 1201 Stope, and 24 meters (79 feet) of raising in the 1202 Stope. Stoping and production are expected to begin next month. Development of a third stoping area will begin soon.

The surface stockpile now contains over 16,000 tons of material to be part of a 20,000 ton batch that will be processed in the Daye Mill.

The Company has also been in discussions with interested Chinese gold mining companies on the potential to joint venture or a direct investment in Goldrea to further advance the underground development in the Golden Rose resource area. Goldrea has a 90% interest in the Daye/Goldrea project (Golden Rose area) with the right to earn a 65% interest in the lease to the south (Ludi) from the 3rd Brigade.

This news release was reviewed by Norm Tribe, P.Eng., a Qualified Person recognized under NI-43-101.


Larry W. Reaugh, President and Chief Executive Officer
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