answer GOR mid OctoberDear investor
As you noted, the length of time to get the stockpile to 60,000 T’s is two (2) years, that is the reason we have Deloitte trying to find us a partner to develop the mine for production at the Golden Rose. The Company has dropped its joint venture with the 3rd Brigade on the Ludi as there was still $1.5 million Cdn. to be spent on the earn in, this does not affect the Joint Venture on the ground adjoining the actual Day Mine where our 174,000 ounces are located. That ground still has the potential to add ounces. Deloitte has two companies interested and they will be on the property this month. Ventures in China are currently a black mark in North America and it has been impossible to find an Investment Group over here.
I have diversified the Company into the Wigwam Iron Ore Project in order to build a credible opportunity outside of China. The Wigwam Project is located next to salt water which makes it a potential supplier for China. The Wigwam to my knowledge contains the largest airborne magnetic high on the west coast of British Columbia and has great potential to develop large tonnage which can be beneficiated for Iron production.
The Wigwam Iron Ore Project will be completely in our control and I feel we will be able to move the project ahead starting early next year.
Operating a project in China has been extremely difficult as our actual control is limited where you have existing infrastructure and mind sets to deal with. I also have a following in the industrial metal area which should make it easier to promote our new project.
Also the Company owns the Wigwam 100% and all money raised for it will go directly into the project.
Sincerely
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Larry W. Reaugh
President and C.E.O.
Goldrea Resources Corp.
Ph: 604-531-9639 Fax: 604-531-9634
Web: www.goldrea.com
Ticker TSX.V:GOR, Pinks: GORAF
Frankfurt: GOR
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