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Goldrea Resources Corp. (TSX VENTURE: GOR)(PINK SHEETS: GORAF)(FWB: GOJ) ("the Company") is pleased to announce that negotiations are completed and a Joint Venture (J.V.) Agreement (The Weihai Agreement) has been signed between Goldrea Resources Corp. (GOR) and the China Shandong No. 3 Mineral and Geological Exploration Institute (3rd Brigade). Goldrea Resources Corp agrees to spend yens 14M (C$1.4M) over four years, to earn a 70% interest in the J.V. with yens 2M (C$200K) going directly to the 3rd Brigade to facilitate the transfer of the licenses to the J.V. The Weihai Agreement includes eight exploration licenses covering 90 square kilometers south and west of the existing licenses held by the Rushan Goldrea Gold Corp. a J.V. between Goldrea and the City of Rushan (Daye J.V.). This new agreement will extend the exploration rights from the existing Daye J.V. licenses to the south along the Daye Mineral Zone. The Weihai J.V. agreement is subject to regulatory approval. The Company will prepare a co-operative J.V. agreement with the 3rd Brigade which will entail three levels of Chinese government approval as well as a business license. Currently a NI43-101 complaint geological report is being prepared on the new acquisition. A 10% finder's fee is payable on the above acquisition Daye Joint Venture Drill results over the past two years have extended the known mineralization to depth. This mineralization follows the contact between the basin sediments and the basement rocks along a broad front some 4.5 kilometers wide. This contact zone is shallow dipping and is characterized by a sulphide bearing breccia contiguous along the zone. Within the breccia are bodies of gold mineralization. This gold mineralization is the ore which has been mined in the Daye Open Pit and is the target of development down dip. The "Golden Rose Shaft", presently at a depth of 40 meters, is being driven toward the downward extension of the Daye ore zone. This gold bearing mineral zone is referred to as the South Shijia Zone and is indicated by drilling late last year.