FOR IMMEDIATE RELEASE

CHINA FINANCE UPDATE AND REVIEW
Goldrea Resources Corp. (TSX.V:GOR)(PINKS:GORAF)(FRANKFURT:GOJ) ("Goldrea" or the "Company") is pleased to update shareholders on the proposed financing with China Finance Gold International Investment Limited ("CFGIIL") of a private placement of up to 40,000,000 units at $0.14 per unit for gross proceeds of $5,600,000. “CFGIIL” is a private investment company with headquarters in Beijing China.

This new capital will enable further enhancement of the assets but importantly this substantial shareholder will bring the benefit of Chinese equity to the Company. This new stock holder is considered a strategic equity partner.

On April 6, 2010, the TSX Venture Exchange granted to the Company conditional acceptance of the Private Placement subject to the Company obtaining Shareholder approval with respect to the creation of a control position resulting from the subscription units by CFGIIL. A Special Meeting of Shareholders will be held on Monday, May 10 2010 at 10:00 am PST at the offices of the Company located at 2A, 15782 Marine Drive, White Rock, British Columbia, Canada.

Goldrea’s indicated resources (2.67 million tonnes 2.03 g/t) downdip from the Rushan Daye Gold Mine have the potential to be custom milled at the Daye 1,800 TPD gold concentrator once additional shafts and underground development enable the Company to hoist 1,000 – 1,500 tonnes from underground per day. Paul Blair, Chief Operating Officer, will be submitting a budget on the estimated development costs. The potential to develop additional resources on the Rushan Goldrea joint venture is still open as well as further downdip on the Company’s adjoining Ludi joint venture property.

Goldrea is fortunate that their project has attracted a significant Chinese Investor (CFGIIL) as a major shareholder with the potential resources to possibly help develop producing assets both in China and offshore. The last financing the Company has undertaken was 3 years ago in April, 2007 whereby the Company netted $9.5 million CDN.

Over the past 3 years the Company has completed the following development and exploration in China as follows:

1. Completed the Golden Rose shaft as well as 5,215 meters, (17,110 ft) of lateral development work in the Golden Rose Shaft area.
2. The Company shipped 22,000 tonnes of underground development material to the Daye Mill Complex resulting in 329 ounces of gold being produced.
   
   The grade of the development ore was 0.67gr/t with a low recovery of 70% in the concentrator due to the difference in the composition of the ore. Testing in Canada on methods of treating the Goldrea ore have now been successfully concluded with encouraging preliminary results by Inspectorate America Corp., in Richmond, BC. A press release on the testing will be published when the final results are received.
3. Completed an additional 40,000 meters (131,200 ft) of diamond drilling on the Rushan and Ludi joint venture ground.
4. The Company has been mining at a rate of 50 TPD (with the exception of holidays) from one underground stope and has currently stockpiled 4,263 tonnes of stope and development material.
5. The Company expended $1,576,390 on direct and indirect costs such as legal, accounting, going back three years on the Daye operations, asset assessment fees and mining personnel in their attempt to purchase the Daye Mine which was eventually abandoned due to no approvals being received by the Chinese Government.
6. The Company conducted exploration (including drilling) on several other leases which were also part of the Rushan/Goldrea joint venture but were not located in the vicinity of the Daye mining lease.

Additionally exploration drilling was carried out on three properties in North America one of which resulted in the discovery of high grade near surface molybdenum as follows:

EMPRESS MOLYBDENUM DISCOVERY (50/50 Joint Venture with Molycor Gold Corp.)

Drilling of 19 BQTW diamond drill holes (3,493 meters) (11,470 ft) was completed on a high grade near surface molybdenum discovery near Summerland, British Columbia. N. Tribe & Associates Ltd. completed a NI 43-101 resource study in November, 2008. The results are as follows:

(TABLE)

The deposit is open to the northeast, to the southwest and at depth.

ARIZONA (Gold Rush and Gold Chain Claims/Contiguous)

The Company completed nine (9) reverse circulation drill holes on their Gold Rush and Gold Chain gold properties located in Mohave County, Arizona, USA:

The Gold Rush property currently has a historical resource in excess of *40,000 ounces of gold, (1.3 million tons of 1.03 g/t Au) (0.032 oz/ton gold) which is delineated by Western States the previous operator.

The Gold Chain property is situated approximately one mile to the north. Anaconda postulated a historical resource of 3.2 million tons of 0.482 g/t Au (0.015 oz/ton Au) *(48,000 oz) maybe present. The Gold Chain is part of the same claim block as the Gold Rush.

*Where historical estimates are referred to, the Company has no classification of the resource or reserve, and the Company has not obtained enough of the original data and has not done the work necessary to verify the classification of a resource or reserve. The Company is not treating the estimates as a NI 43-101 defined resource or reserve verified by a Qualified Person and the historical estimate should not be relied upon.

Results of the program:

(TABLE)

Samples were prepared at ALS Chemex located in Sparks, Nevada and analyzed at ALS Chemex, Vancouver, British Columbia.

BRITISH COLUMBIA: FLAP GOLD PROPERTY (50% Goldrea / 50% Molycor)

The Company completed 771 meters of trenching and drilled 4 reverse circulation exploration drill holes totaling 730 meters on the Flap stockwork gold zone measuring 300 x 200 meters (885 ft x 666 ft). Earlier drilling and trenching by Rea Gold Corp. returned up to 76.73 grams/tonne Au (2.25 opt Au) over 1 meter (3.3 ft) in diamond drilling and 17.8 – 25.6 grams Au/t (0.5 - 0.75 opt Au) in chip samples from the surface (reported by Gary Medford PhD/Rea Gold Corp. (“Rea”) Feb 18, 1989). The drill hole program was designed to offset a potential nugget effect by increasing the size of the drill holes and the size of the samples assayed.

Results from the program returned:

(TABLE)



Samples prepared and analyzed by ALS Chemex, Vancouver, British Columbia.

These results are selected to evaluate the potential for an underground vat leach configured operation and the grades chosen for the table reflect that fact.

ABOUT GOLDREA RESOURCES CORP.

Goldrea Resources Corp. is a mineral exploration and development company that is engaged in the acquisition, exploration and development of mineral properties in North American and China.

This news release was reviewed by Norman L. Tribe, P. Eng. and Paul Blair, B.Sc. Qualified Persons recognized under NI-43-101.

On Behalf of Management

Larry W. Reaugh
President & Chief Executive Officer