Shandong Province 
Gold Coup China
Drill Hole Plan
Drill Hole Section
NI 43-101
China 20 Year Growth
Pattern
News Releases
Gold Coup China
Drill Hole Plan
Drill Hole Section
NI 43-101
China 20 Year Growth
Pattern
News Releases
- SUMMARY
Goldrea Resource Corp. has completed a co-operative joint venture agreement with China Rushan (located in Shandong Province ) to explore along strike and down dip from their existing 1750 TPD open pit gold producer. The license entails some 65,000 hectares with the major focus being three areas on the mineralized horizon located on the east and west sides of the Shandong Daye Mine. The joint-venture area on the east and west zones contain an inferred resource of 22.10 tonnes (707,717 oz) of gold. (NOTE on the figures.) Goldrea has completed 66,000 feet of diamond drilling and has added NI43-101 compliant resources of 331,175 ounces indicated and 275,968 ounces inferred down dip and along strike.
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- Purchase of Daye Gold Mine
Goldrea has entered into an agreement to purchase an 80% interest (10% subject to purchase by Daye facility upper management for $16,342,000 Cdn): see Purchase Agreement. The purchase has resulted from a desire by China to privatize gold operations within the country. Currently the Daye Mine has 701 employees including 125 mining technicians. Hospitals and schools are within 1 – 3 km of the mine site with onsite barracks for single employees. The rest of the employees are living within the surrounding villages.
The purchase of the Daye Gold Mine would include interests in three other enterprises as follows:
1) Daye Gold Mine owns 25% of the sericite recovery operations from tailings located on the Daye mine site. The gold ore being mined on the Daye property reportedly contains approximately 25% sericite with a value of $45.00 US/tonne. The sericite operation employs 48 people.
2) The Daye Gold Mine has a 30% interest in the fabrication of air entrained concrete blocks from tailings. One hundred and twenty employees are involved in the production and sales division.
3) Daye Gold Mine owns a 25% interest in the Rushan Yuandong Steel – Casting Co., Ltd. with Shaugang Andagongmao Co. Ltd. The Company is primarily involved in the manufacture of steel balls used in ball mills throughout the mining industry.