Goldrea Resources Corp. and Molycor Gold Corp.: Drilling Commences on the Flap Gold Project

Larry W. Reaugh President and Chief Executive Officer of Goldrea Resources Corp.
(TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FRANKFURT:GOJ) and Chairman and Chief
Executive Officer of Molycor Gold Corp. (TSX VENTURE:MOR)(PINK
SHEETS:MLYFF)(FRANKFURT:M1V) is pleased to announce that trenching and drilling
of 10 reverse circulation holes entailing approximately 2,000 meters has
commenced on the Flap gold project located approximately 45 km northwest of
Kelowna, BC.


The 10 holes will be drilled on the Flap stockwork gold zone measuring 300 x 200
meters (885 ft x 666 ft). Earlier drilling and trenching by Rea Gold Corp.
returned up to 76.73 grams/tonne Au (2.25 opt Au) over 1 meter (3.3 ft) in
diamond drilling and 17.8 - 25.6 grams Au/t (0.5 - 0.75 opt Au) in chip samples
from the surface (reported by Gary Medford PhD/Rea Gold Corp. ("Rea") Feb 18,
1989). The diamond drill program by Rea was biased negatively due to the nugget
effect in the mineralization. Subsequent surface trenching by the
Molycor/Goldrea Joint Venture returned up to 3.10 g/t (0.091 opt Au) over 6
meters (19.7 ft). The Company expects larger diameter reverse circulation drill
holes will better define the distribution of gold in the system and may
partially reduce the nugget effect allowing the companies to better evaluate the
gold bearing stockwork.


The property is a 50/50 joint venture between Goldrea Resources Corp. and
Molycor Gold Corp.


The program is being supervised by Norm Tribe, P.Eng and results will be
reported when they are received.


This news release was reviewed by Norm Tribe P.Eng., a qualified person
recognized under NI 43-101.


On Behalf of Management

Larry W. Reaugh, President and Chief Executive Officer 

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 TSX-Venture Exchange,
the British Columbia Securities Commission and the US Securities and Exchange
Commission.

Goldrea Resources (CSE:GOR)
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