VANCOUVER, British Columbia, Oct. 02, 2018 (GLOBE NEWSWIRE) -- CSE:GOR, Frankfurt:GOJ, Pink Sheets:GORAF
Goldrea Resources Corp. (“Goldrea” or the “Company”) announces that it has entered into a property sale agreement with Durango Resources Inc where Durango will acquire the Company’s mineral tenures in the Windfall Lake area of Quebec, a gold prospect commonly known as the “Argos Property.” Argos is located adjacent to Durango’s East Block and to a mineral property held by Osisko Mining. In compensation for this purchase, Goldrea will receive 500,000 shares of Durango Resources Inc. (TSXV: DGO). The transaction is subject to acceptance by the TSX Venture Exchange and the shares will have a four month hold upon such acceptance.
Jim Elbert, CEO of Goldrea stated, “This agreement works well for both companies in that Durango has a key position in Windfall Lake and can efficiently incorporate exploration of this very promising acreage into their existing program. For Goldrea, we can share in the reward of what we believe will be Durango’s success, while focusing on our other projects and the Company’s evolving of new directions.”
The Company has completed preliminary due diligence on XChemistry and is working toward a definitive agreement. XChemistry is a group of companies seeking to establish a partnership with Goldrea to build laboratory facilities in California. This lab would test cannabis products as required by the state for the legal sale and distribution of a myriad of cannabis applications.
For more information, please contact:
James Elbert, President and CEO
Telephone: (604) 559-7230
Email: jelbert@goldrea.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain “forward-looking statements”, which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.