Goldrea Assumes Option Agreement to Acquire King Property
Goldrea Assumes Option Agreement to Acquire King Property
September 7, 2022 - Vancouver, British Columbia
Goldrea Resources Corp., (CSE:GOR, Frankfurt:GOJ, OTC-US:GORAF) (“Goldrea” or the “Company”) is pleased to announce that it has entered into an agreement with Tana Resource Corp. (“Tana”) whereby Goldrea will have the option to acquire a 50% interest in eight mineral tenures comprising 1,151 hectares, referred to as the King Property. These tenures adjoin the northwestern boundary of Goldrea's Cannonball Project, located in the heart of British Columbia's Golden Triangle.
Pursuant to an assignment agreement dated August 10, 2023 Goldrea will assume Tana's remaining obligations under a 50/50 joint venture agreement with Garibaldi Resources Corp. (“Garibaldi”) dated October 31, 2021. These obligations include the issuance of 850,000 common shares to Garibaldi and a requirement to incur $450,000 in exploration expenditures on or before October 31, 2024. In consideration for the assignment, Goldrea has issued 100,000 common shares to Tana and will issue an additional 400,000 shares when the Company acquires a 50% interest. Garibaldi has consented to the assignment.
Jim Elbert, Goldrea’s President and CEO, states: “Goldrea’s assumption of Tana’s option on the Garibaldi property is a benefit to all three companies, while expanding the footprint of Goldrea’s Cannonball project in this highly prospective yet underexplored part of the Golden Triangle. Forging positive alliances by increasing Goldrea’s presence in the Golden Triangle should pay dividends when the general metals market turns favorable, as we believe it will. Despite current markets, consolidation of large land packages by major companies in the Golden Triangle is expected to continue. Results of the 2023 program and plans for the 2024 field program will be announced as they become available.”
For more information, please contact:
James Elbert, President and CEO
Telephone: (604) 559-7230
Email: [email protected]
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