Mr. Larry Reaugh reports

GOLDREA TERMINATES PRIVATE PLACEMENT WITH CHINA FINANCE/NEGOTIATING GOLD LOAN

Goldrea Resources Corp. has terminated the private placement previously announced in Stockwatch on March 26, 2010, with China Finance Gold International Ltd. (CFGIL) in the amount of $5.6-million for 40 million units at 14 cents. The termination is the result of CFGIL's failure to advance the balance of the placement.

CFGIL advanced $250,000 prior to shareholder and regulatory approval. This amount will be settled as a debt settlement at a future date.

Currently the company has submitted a budget to a European company specializing in gold certificate loans. Management has estimated the cost of sinking a production shaft capable of raising 1,500 tonnes per day, development, raises and stope access work, and completing its earn-in on the Ludi joint venture, at $14,237,665 (U.S.).

The company will issue a news release on completion of its negotiations.

This news release has been reviewed by Paul L. Blair, a qualified person under NI 43-101.