at Daye Gold Mine completes production of 20,000 tonne batch, processing at Daye Mill yields 329 ounces gold...
SUMMARY
Shandong Province, the Kingdom of Gold, produces 26% of the gold mined
in China - now the world’s #1 producer of gold
(since 2007).
Goldrea has capitalized on the increasingly-favourable environment in China for foreign investment, by forging agreements with Rushan City in
Shandong to create Exploration Joint Ventures in the Mining Leases adjoining their existing open pit Daye Gold Mine.
DETAILS
RUSHAN GOLDREA GOLD INC. EXPLORATION J.V.
In March 2004 Goldrea Resource Corp. completed a
co-operative joint venture agreement with China Rushan to explore along strike and down dip from their existing 1750 TPD open pit gold
producer. The Rushan Goldrea Gold Inc. joint venture contract called for Goldrea to invest C$2 million over a
four-year period for 74% earn-in. Goldrea has fulfilled its commitment, completing 50,000 metres (164,000 ft) of diamond drilling
(lease map,
drill plan,
drill section) and has added
NI43-101 compliant resources of 331,175 ounces indicated
and 275,968 ounces inferred down dip and along strike.
Goldrea’s Golden Rose Mine shaft (Mine Progress diagram)
has been sunk to final depth of 235 metres, and ore production has begun in 2008.
more >>
LUDI JOINT VENTURE
This agreement with Shandong 3rd Brigade, approved in
August 2008,
includes eight exploration licences (licenses map) covering 90 square kilometres southwest of the
existing licences held by the Rushan Goldrea Gold JV,
and offers an opportunity to explore the downward extensions of the existing ore bodies in the Daye Mine area. Previous drilling by 3rd Brigade
is reported to have returned up to 4.24 g/t over 9 metres from a drill hole approximately 150 metres to the south of Goldrea’s existing drilling
(Preliminary Evaluation Report).
Goldrea has agreed to spend $1.4 million over 4 years to earn a 64% interest in the Joint Venture.
more >>
China News Releases >>