Goldrea Announces Sale of Argos Property, Updates Cannabis deal with XChem
October 02 2018 - 11:37AM
CSE:GOR, Frankfurt:GOJ, Pink Sheets:GORAF
Goldrea Resources Corp.
(“Goldrea” or the “Company”) announces that it has entered into a
property sale agreement with Durango Resources Inc where Durango
will acquire the Company’s mineral tenures in the Windfall Lake
area of Quebec, a gold prospect commonly known as the “Argos
Property.” Argos is located adjacent to Durango’s East Block and to
a mineral property held by Osisko Mining. In compensation for this
purchase, Goldrea will receive 500,000 shares of Durango Resources
Inc. (TSXV: DGO). The transaction is subject to acceptance by
the TSX Venture Exchange and the shares will have a four month hold
upon such acceptance.
Jim Elbert, CEO of Goldrea stated, “This
agreement works well for both companies in that Durango has a key
position in Windfall Lake and can efficiently incorporate
exploration of this very promising acreage into their existing
program. For Goldrea, we can share in the reward of what we believe
will be Durango’s success, while focusing on our other projects and
the Company’s evolving of new directions.”
The Company has completed preliminary due
diligence on XChemistry and is working toward a definitive
agreement. XChemistry is a group of companies seeking to establish
a partnership with Goldrea to build laboratory facilities in
California. This lab would test cannabis products as required by
the state for the legal sale and distribution of a myriad of
cannabis applications.
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.
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