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REA GOLD TO BRING 50,000 OUNCE PER YEAR MOUNT HAMILTON GOLD PROJECT INTO PRODUCTION

 VANCOUVER, British Columbia, Jan. 17 /PRNewswire/ -- Rea Gold Corp. (NASDAQ-NMS: REOGF) announced that it will proceed with development of their Mount Hamilton Gold Project in eastern Nevada, pending completion of financing.
 The Mount Hamilton Gold Project is located 44 miles west of Ely, Nevada, and encompasses a claim group covering some 15 square miles. Reserves total 9.04 million tons of mineable ore grading 0.052 ounces per ton (OPT) gold and 0.37 OPT silver within two major deposits known as the Centennial and NE Seligman zones. The ore zones are open in a number of directions with good potential for additional reserves. All major environmental permits have been granted and this project is slated for production in the fourth quarter of 1994.
 The project will mine 1.3 million tons of ore per year to produce 50,000 ounces of gold and 193,000 ounces of silver. The addition of Mount Hamilton puts Rea Gold on a fast track towards production of over 100,000 ounces of gold annually.
 Mount Hamilton was the subject of a detailed feasibility study conducted by the projects vendor. Rea Gold confirmed the viability of the project during a three month due diligence review of the feasibility study. The review identified a number of areas for optimizing the project. These enhancements will be addressed in the company's detailed operating plan.
 Rea Gold is currently holding advanced discussions with several national brokerage firms on financing alternatives for the project.
 Rea Gold is a Canadian mining company engaged in the acquisition, development and operation of precious metal properties in Canada and the United States. The common shares of Rea Gold are traded on the Toronto Stock Exchange in Canada under the symbol "REO" and are listed on the NASDAQ National Market System under the symbol "REOGF."
 -0- 1/17/94
 /CONTACT: R.A. Shier, treasurer and chief financial officer, or Ray Hughes, investor relations, 604-684-7527, both of Rea Gold/
 (REOGF)


CO: Rea Gold Corporation ST: British Columbia IN: MNG SU:

CK -- NY098 -- 1472 01/17/94 17:12 EST
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Publication:PR Newswire
Date:Jan 17, 1994
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