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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Goldrea Resources Corp | CSE:GOR | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -50.00% | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | 12,000 | 17:39:04 |
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 --------------------------------------------------------------- Total Sample Length Sample ------------------- Assay Assay Location (m) (ft) Au g/t Au oz/t --------------------------------------------------------------- Drift Xcut Main 5.3 17.4 2.32 0.068 --------------------------------------------------------------- West Drift Main 4.2 13.8 3.57 0.104 --------------------------------------------------------------- West B Drift 19.0 62.3 5.0 0.1458 --------------------------------------------------------------- Includes 2.0 6.56` 12.95 0.378 --------------------------------------------------------------- --------------------------------------------------------------- West Xcut #1 7.0 23.00 2.42 0.071 --------------------------------------------------------------- West Xcut #2 7.5 24.6 4.25 0.124 --------------------------------------------------------------- West Xcut #4 3.0 9.8 2.62 0.076 --------------------------------------------------------------- West Xcut #6 5.5 18.0 --------------------------------------------------------------- Includes 1.5 4.9 21.30 0.621 --------------------------------------------------------------- --------------------------------------------------------------- East Drift Main 8.0 26.2 6.88 0.201 --------------------------------------------------------------- Includes 2.0 6.7 15.50 0.452 --------------------------------------------------------------- --------------------------------------------------------------- East Xcut #1 9.0 29.5 3.31 0.097 --------------------------------------------------------------- East Xcut #2 2.5 8.2 2.15 0.063 --------------------------------------------------------------- East Xcut #3 7.5 24.6 2.71 0.079 --------------------------------------------------------------- East Xcut #4 1.5 4.9 0.65 0.019 --------------------------------------------------------------- East Xcut #6 1.5 4.9 3.60 0.105 --------------------------------------------------------------- East Xcut #7 3.0 9.8 6.00 0.175 --------------------------------------------------------------- East Xcut #9 1.5 4.9 1.55 0.045 --------------------------------------------------------------- East Xcut #11 4.0 13.1 4.58 0.134 --------------------------------------------------------------- East Xcut #13 1.2 3.9 2.10 0.061 --------------------------------------------------------------- Level 3 - 608 meters of lateral development --------------------------------------------------------------- Total Sample Length Sample ------------------- Assay Assay Location (m) (ft) Au g/t Au oz/t --------------------------------------------------------------- Main N/S Drift 2.0 6.6 2.50 0.073 --------------------------------------------------------------- Main N/S Drift 13.5 44.3 2.8 0.082 --------------------------------------------------------------- West Main Drift 19.8 64.9 2.54 0.074 --------------------------------------------------------------- West Raise #1 12.0 39.4 1.66 0.048 --------------------------------------------------------------- West Xcut #3 4.5 14.8 1.1 0.032 --------------------------------------------------------------- West Xcut #5 8.0 26.2 1.3 0.038 --------------------------------------------------------------- --------------------------------------------------------------- East Main Drift 22.0 72.2 2.51 0.073 --------------------------------------------------------------- East Xcut 4 1.5 4.9 2.80 0.082 --------------------------------------------------------------- Level 4 - 710 meters of lateral development --------------------------------------------------------------- Total Sample Length Sample ------------------- Assay Assay Location (m) (ft) Au g/t Au oz/t --------------------------------------------------------------- Main N/S Drift 8.5 27.9 2.29 0.067 --------------------------------------------------------------- West Main Drift 4.0 13.12 2.18 0.064 --------------------------------------------------------------- West Drift 15.4 50.5 2.32 0.067 --------------------------------------------------------------- West Drift 4.4 14.4 5.35 0.156 --------------------------------------------------------------- --------------------------------------------------------------- West Xcut #1 8.8 28.9 5.70 0.166 --------------------------------------------------------------- Includes 2.20 7.2 13.50 0.394 --------------------------------------------------------------- West Xcut #3 1.5 4.9 1.80 0.052 --------------------------------------------------------------- 1.5 4.9 4.20 0.122 --------------------------------------------------------------- 1.5 4.9 10.04 0.293 --------------------------------------------------------------- --------------------------------------------------------------- West Xcut #5 1.5 4.9 5.85 0.170 --------------------------------------------------------------- 1.5 4.9 2.10 0.061 --------------------------------------------------------------- 1.5 4.9 4.95 0.144 --------------------------------------------------------------- 1.5 4.9 3.50 0.102 --------------------------------------------------------------- West Xcut #7 3.0 9.8 2.98 0.087 --------------------------------------------------------------- West Xcut #9 6.0 19.7 2.76 0.080 --------------------------------------------------------------- --------------------------------------------------------------- East Drift 11.0 36.1 1.93 0.056 --------------------------------------------------------------- --------------------------------------------------------------- East Xcut #1 1.5 4.9 2.05 0.073 --------------------------------------------------------------- 1.5 4.9 1.40 0.041 --------------------------------------------------------------- East Xcut #3 4.5 14.8 4.07 0.119 --------------------------------------------------------------- Includes 1.5 4.9 6.95 0.203 --------------------------------------------------------------- East Xcut #3 7.5 24.6 1.54 0.045 --------------------------------------------------------------- East Xcut #5 7.5 24.6 2.25 0.066 --------------------------------------------------------------- Includes 1.5 4.9 5.80 0.169 --------------------------------------------------------------- Level 5 - 125 meters of lateral development; 160 meters of sumps; no samples reported. Note: oz/ton is troy ounces per short ton (2,000 lbs); all other units are metric. Assays are done in the Daye Mine Laboratory by standard assaying methods. Goldrea has verified that these methods agree closely with checks run by approved Canadian assay labs. Updates will be reported when they are received. This news release was reviewed by Norm Tribe, P.Eng., a qualified persona recognized under NI-43-101. 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.
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