Goldrea Reports US Laboratory Progress

VANCOUVER, British Columbia, May 28, 2019 (GLOBE NEWSWIRE) -- GOR:CSE, GOJ:Frankfurt, GORAF:OTCUS

Goldrea Resources Corp. (“Goldrea” or the “Company”) is pleased to report that its wholly-owned subsidiary, Global Lab Analytics (“GLA”), is near completion with its construction of a testing laboratory in Irvine, California. In addition, the City of Irvine has scored GLA an 84 on its critical laboratory licensing application, with 70 being needed for acceptance. GLA’s management will now interview with the City, and upon passing inspection of the facility, be able to obtain a license certificate to become operational. Final state approval will be the last step in this process. A temporary license will allow full testing while the State works through industry backlog.  Because of the bottleneck in mandatory State testing of all cannabinoid products for impurities, heavy metals, pesticides, micro toxin, potency, etc., GLA expects that its roster of potential clients, many of whom have signed LOIs and MOUs, will lead to the laboratory running at full capacity once operations begin.

Goldrea’s President and CEO Jim Elbert states: “We are very pleased to have accomplished what we have, interacting closely with the City of Irvine. Our goal of entering the lucrative lab testing space is in sight, and we can now begin working toward a ‘Change of Business’ with respect to our CSE listing.”

A flow-through financing is in progress to fund exploration of the Company’s Cannonball property in BC’s “Golden Triangle”. An additional private placement is being conducted to finance advancement of the GLA testing laboratory as well as to provide general working capital.

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.