ATLANTA, July 26, 2006 (PRIMEZONE) -- OTC Stock Review announces that it has initiated coverage of Goldrea Resources Corp. (Pink Sheets:GORAF) (TSX-V:GOR). Goldrea Resources Corp., headquartered in White Rock, BC, is a mineral exploration and development company that is engaged in the acquisition, exploration, and development of mineral properties. The Company has been working on several gold projects in North America and, just over twelve months ago, launched an ambitious play into the Shandong Daye Mine, near Rushan City, Shandong Province, China, the world's fourth largest producer of gold in 2003 (only behind South Africa, Australia and the USA). Shandong Province alone accounts for 26% of the overall Chinese total.
The area on the east and west zones of Goldrea's Shandong Daye Mine contains an inferred resource (based on limited drilling, trenching and underground development as reported by Rushan City) of 707,717 oz of gold, which are not NI 43-101 compliant. Goldrea has completed the translation of the mine's assets from Chinese to English and hired Wardrop Engineering to complete the NI 43-101 compliant valuation report. The existing Shandong Daye open-pit mine produced 65,000 oz of gold per year for seven years and only required drilling 40 holes, including the discovery holes.
Recently, Goldrea entered into a joint venture for a large (90 sq. km) lease from the 3rd Brigade (Army Engineering Division) adjacent to the south boundary of the Daye Mine joint venture lease where ore grade mineralization has been drilled and the five compartment shaft is being sunk. The new lease contains ore grade intercepts up to 4.24g over nine meters and Goldrea has authorized the preparation of a NI 43-101 compliant geological report.
The complete report is available at http://www.otcstockreview.com/Files/GORAF/GORAF_Review.pdf.
View OTC Stock Review's complete coverage on Goldrea Resources Corp. at http://www.otcstockreview.com/goraf.htm.
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