SEP 24, 2010 – 15:08 ET
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 24, 2010) – Goldrush Resources Ltd. (TSX VENTURE:GOD) (Goldrush or the “Company”) President & CEO Len Brownlie, Ph.D is pleased to announce that it has arranged a non-brokered private placement (the “Financing”) of up to 40,000,000 common shares at a purchase price of $0.10 per share for gross proceeds of up to $4,000,000. The net proceeds of the Financing will be used: (i) to fund continued drilling on the Company’s Ronguen gold deposit in Burkina Faso, West Africa; (ii) to acquire additional properties; and (iii) for working capital purposes. Current Insiders of the Company may participate in the Financing and new Insiders may be created by the Financing. The Company may pay finder’s fees to arm’s length parties who introduce subscribers to the Company. Such finder’s fees may be payable in cash, shares and/or warrants subject to compliance with the policies of the TSX Venture Exchange.
The Financing, including the payment of any finder’s fees is subject to the approval of the TSX Venture Exchange.
In early 2008, an initial mineral resource evaluation prepared by SRK Consulting (Canada) estimated that the Ronguen Main Zone contains 5.90 million tonnes grading an average of 1.3 grams of gold per tonne or 249,000 ounces of gold in the Inferred category (Source: Goldrush news release, April 29, 2008). The mineral resource statement was reported at a cut-off grade of 0.5 gram of gold per tonne, assuming a gold price of US$685 per ounce of gold, 100 percent metal recovery and US$11 per tonne in mining and processing costs.
As noted in the Company’s press release of September 16, 2010, Phase 2 of Goldrush’s 2010 Ronguen drill program, consisting of 36 reverse circulation drill holes totaling 3,206 metres and three trenches aggregating 360 metres, has begun. As of September 23, 2010, nine holes have been completed and assay results are expected in the near future. This deeper drilling is similar in approach to the Phase 1 drill program and will provide additional results from nine drill sections. Details of the full scope of the exploration planned for the Ronguen deposit during 2010 were announced in the Company’s news releases dated June 1 and 7, 2010 which can be found on the Company’s website at www.goldrushresources.ca. An updated mineral resource estimate is planned once the fall 2010 drilling and trenching program is completed and analyzed. The Phase 2 drill program will be completed by the end of October 2010, and assay results from samples taken from drilling and trenching will be reported as they are received.
Exhibition at Toronto Resource Investment Conference
Goldrush Resources Ltd. will be exhibiting at the Cambridge House Toronto Resource Investment Conference, September 25 – 26, 2010 at the Metro Toronto Convention Centre. Shareholders are invited to attend the Company’s booth (#101) to meet with management.
Quality Assurance/Quality Control
Mr. Driffield Cameron, P. Geo., a Director of Goldrush, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the scientific and technical information contained herein.
For further information on Goldrush Resources Ltd., shareholders and other interested parties are invited to visit the Company’s website at www.goldrushresources.ca.
ON BEHALF OF THE BOARD OF DIRECTORS,
GOLDRUSH RESOURCES LTD.
Len Brownlie – President and Chief Executive Officer
About Goldrush: Goldrush is a mineral exploration company focused on gold exploration in West Africa.
FORWARD-LOOKING STATEMENTS: This news release contains certain “forward-looking statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Renmark Financial Communications Inc.
(514) 939-3989 or (416) 644-2020