Goldrea Closes First Tranche of Private Placement and Provides Update

VANCOUVER, British Columbia, Feb. 28, 2018 (GLOBE NEWSWIRE) -- Goldrea Resources Corp. (“Goldrea” or the “Company”) (CSE:GOR) (Frankfurt:GOJ) (Pink Sheets:GORAF) announces the closing of the first tranche of the private placement announced in its news release dated February 13, 2017.  The Company has closed $145,000 (725,000 units.)  Funds will be used for general working capital.

Goldrea provides the following update to the press releases dated December 15 and 19, 2017.  The Company is continuing in due diligence of Tabu Investments Inc. (“Tabu”), a private reporting company incorporated under the laws of British Columbia.  Tabu has, and is in the process of securing interest in different businesses, and as such the due diligence process has extended the time necessary to finalize a binding agreement. Along with the due diligence, Tabu is providing an independent valuation of the company.  The arms-length evaluation is expected to be complete within a month. In anticipation of this, both companies are moving forward with fundamental advancement of future growth. This is reflected in the acquisitions Tabu has announced in recent weeks, available on SEDAR. The Company will provide further updates as information becomes available.    

The Company is evaluating its current mining portfolio to determine work programs to conduct this coming summer. The Golden Triangle in particular has been very active this past summer. Goldrea and its consulting geologist will be in a position to evaluate a work program for the Cannonball project this year. The Lift property, a lithium project in Clayton Valley, is also under review.

ON BEHALF OF THE BOARD

“James Elbert”

James Elbert
President & CEO

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.