Goldrea Resources has decided not to maintain its interest in the Rushan Ludi Goldrea Gold Mining Joint Venture. The Rushan Ludi JV holds exploration lands adjacent to Goldrea’s primary interest in Shandong Province, China, the Rushan Goldrea Gold Joint Venture.
The company holds a 90% joint venture interest in the Rushan/Goldrea JV’s NI 43-101 indicated resource of 174,000 ounces and related infrastructure.
Goldrea’s president and chief executive officer Larry Reaugh says the company has determined that the cost of maintaining its interest in the Rushan Ludi JV, mainly $1.1 million is not justified given the current stage of development of its primary holdings in Shandong.
Goldrea Resources is a mineral exploration and development company engaged in the acquisition, exploration and development of mineral properties in North American and China.