Goldrea Terminates Private Placement

Mr. Larry W. Reaugh, President & Chief Executive Officer of Goldrea Resources Corp. (GORAF) reports the Company has terminated the previously announced private placement with China Finance Gold International Limited "CFGIL" in the amount of $5,600,000 for 40,000,000 units at $0.14. The termination is the result of CFGIL's failure to advance the balance of the placement.

CFGIL advanced $250,000 prior to shareholder and regulatory approval. This amount will be settled as a debt settlement at a future date.

Currently the Company has submitted a budget to a European company specializing in gold certificate loans. Management has estimated the cost of sinking a production shaft capable of raising 1500 TPD, development, raises and stope access work, and completing its earn-in on the Ludi Joint Venture at US$14,237,665.