FOR IMMEDIATE RELEASE DIAMOND DRILLING COMMENCES ON CROWREA MOLY communicate July 12. 2007 - Vancouver. British Columbia Larry W. Reaugh. President and Chief Executive Officer of Goldrea Resources Corp. (TSX. V; Frankfurt – G0J ; Pinks – GORAF) and Chairman & Chief Executive Officer of Molycor Gold Corp. (TSX. V; Frankfurt – M1V; Pinks – MLYFF) is pleased to report that the first phase of diamond drilling of 8 to 10 holes ordain commence this week on the 50/50 fit venture Crowrea project located 15 km south of the past-producing Brenda copper/moly open pit mine. The first arrange is designed to define the northwest striking and northeast dipping close in structure that has been previously found to include high grades of molybdenum mineralization in the Website Zone where 29,850 ft (9.100 meters) of diamond of drilling and 9,000 feet (2,744 meters) of percussion drilling have previously been completed in 1995. 1996 and 2005. About 30% of the drilling has occurred on the Website govern resulting in a historical resource of 500,000 tonnes grading.320% MoS2 as calculated by Alex Burton. P. Eng. September. 1996. (Where historical resources are referred to the Company has not done the work necessary to verify the classification of the resource or reserve the Company is not treating them as NI 43-101 defined resources or reserves verified by a Q. P. and the historical estimates should not be relied upon). 51 (approximately 25%) of the cut holes carried significant mineralization. The more significant holes are reported as follows: Website Zone 2005: Drill hit # Interval in Meters Width in Meters Width in Feet % MoS2 05-06 10.60 – 21.30 10.60 35’-0” .487 05-10 05.90 - 09.60 03.70 12’-0” .248 05-11 19.80 – 33.50 13.70 45’-0” .142 05-18 26.60 – 33.08 04.48 14’-8” .222 *05-22 16.70 – 20.36 03.66 12’-0” .737
*Noranda govern Located 450 meters (1500 ft) southeast of the Website Zone and appears to be the extension of the close in at the Website Zone Website govern 1996: Drill hit # Interval in Meters Width in Meters Width in Feet % MoS2 96-12-52 41.00 – 49.50 8.50 28’-0” .590 96-14-56 33.00 – 37.70 4.57 15’-0” 3.390 96-68 41.50 – 56.50 15.0 49’-3” .302 96-79 255.18-261.59 6.41 21’-0” .118 96-97 28.96 – 35.67 6.71 22’-0” .663 96-98 36.59 – 47.56 10.97 36’-0” .291
…/2 - 2 - Step-Out Holes from Website Zone to the Northwest: Drill hit # Interval in Meters Width in Meters Width in Feet % MoS2 96-107 31.40 – 45.12 13.72 45’-0” .100 96-110 28.05 – 31.71 03.66 12’-0” .330 [1] 96-92 186.60 - 193.00 06.40 27’-0” .121 [2] PDH-60 15.20 – 24.40 09.20 30’-0” .206
[1] Drilled 165 meters (500 ft) northwest of 96-97 in Website Zone [2] Percussion dill hit located 330 meters (1,000 ft) due east of the Website Zone Website Zone 1995: Discovery *Trench Interval in Meters Width in Meters Width in Feet % MoS2 1 00.00 – 19.82 19.82 65’-0” .270
*This was a discovery of the Website Moly govern in 1995 by Goldrea Resources Corp and Molycor Gold Corp. Drill hole # Interval in Meters Width in Meters Width in Feet % MoS2 95-3-7 00.00 - 07.93 07.93 26’-0” .142 95-3-9 00.00 – 39.02 39.02 128’-0” .273 95-3-12 06.10 – 12.80 06.70 22’-0” .258 95-4-17 00.00 – 15.82 15.82 49’-5” .123 95-5-21 32.92 – 43.90 10.99 36’-0” .213
The first phase program is designed to cause the structure strike and dip of the dyke estimated to undergo at least a 1,000 meter strike length. This schedule will facilitate further drilling and exploration with a budget of up to $800,000 to be completed this year. This news release was reviewed by Dick Addison. P. Eng. a qualified person under NI-43-101. On Behalf of Management “Larry Reaugh” Larry W. Reaugh. President and Chief Executive Officer The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities transfer Act of 1934 as amended. All statements other than statements of historical fact included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the affiliate's documents filed from measure to time with the TSX-Venture Exchange the British Columbia Securities equip and the US Securities and Exchange Commission. Ticker Symbol: GOR-TSX. V. FRANK: GOJ Ticker Symbol: MOR-TSX. V. FRANK: M1Y 2A - 15782 Marine control. White Rock. BC V4B 1E6 Canada Ph.: (604) 531-9639 Email: Fax: (604) 531-9634
Goldrea Resources Corp. (TSX-V: GOR) is a mineral exploration and development company actively engaged in the acquisition exploration and development of mineral properties. The affiliate in January of 2004 launched an ambitious compete into the Shandong Daye Mine. Shandong Province in China - the world's fourth largest producer of gold in 2005 (behind only South Africa. Australia and the USA). Shandong Province alone accounts for approx. 25% of the overall Chinese production. With China's increasing prominence as a gold producer and as an ever increasing global economic force. Goldrea's Chinese activities represent a bold new step for the Company which traditionally has focused on North America. In July of 2006 the Company completed a co-operative fit 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 Daye Gold Mine. And in November of 2006 Goldrea also announced it had completed an agreement with Rushan City to purchase up to 80% of the operating 1750 TPD Daye Gold Mine located approximately 30 km northwest of Rushan City. Shandong Province. China. The Company has also entered into an agreement with Tortuga Merchants to go Goldrea's strategy in China to actively pursue existing and past producing gold properties in China. In Canada. Goldrea's British Columbia properties (particularly Dobbin and Eskay Creek) have substantial potential for hosting significant resources in gold silver platinum palladium molybdenum and copper. Perhaps of most immediate interest and potential is the CrowRea Project a molybdenum look discovered in the mid 90's. A pioneer of molybdenum exploration at a measure when market forces weren't yet recognizing its potential. Goldrea has since added both Empress and HP molybdenum claims adjoining the CrowRea substantially increasing be number of potential molybdenum occurrences within the Crowrea Molybdenum Camp. An aggressive drilling and exploration program is underway in 2007.
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