VANCOUVER, March 1 /PRNewswire-FirstCall/ -- Goldrea Resources Corp. (GOR: TSX.V, Pink Sheets: GORAF) is pleased to announce that is has closed its private placement with Sextant Strategic Opportunities Hedge Fund LP for the purchase of 500,000 units ("Units") at a price of $0.38 per Unit raising gross proceeds of $190,000. The private placement was previously announced on February 6, 2006. Each Unit consists of one common share in the capital of the Company and one non-transferable share purchase warrant. Each warrant will entitle the purchaser to purchase one additional share exercisable up to February 24, 2008 at a price of $0.46. The shares and any shares issued upon exercise of the warrants shall not trade on or before June 25, 2006. INCENTIVE STOCK OPTIONS ----------------------- The Company will grant incentive stock options to purchase an aggregate of 1,150,000 shares in the capital stock of the Company. The option will be granted for a period of five years commencing March 1, 2006 at $0.65 per share. The Employee/Director stock options are subject to the approval of the regulatory authorities. On Behalf of Management GOLDREA RESOURCES CORP. "Larry W. 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 Exchange 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 Company's documents filed from time to time with the Toronto Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission. CONTACT: GOLDREA RESOURCES CORP., 2A 15782 Marine Drive, White Rock, BC, CANADA, V4B 1E6, Telephone: (604) 531-9639, Facsimile: (604) 531-9634, Email: ; Visit http://www.goldrea.com/ for more information DATASOURCE: Goldrea Resources Corp. CONTACT: GOLDREA RESOURCES CORP., 2A 15782 Marine Drive, White Rock, BC, CANADA, V4B 1E6, Telephone: (604) 531-9639, Facsimile: (604) 531-9634, Email: ; Visit http://www.goldrea.com/ for more information

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