GREY:HRIVF - Post by User
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saile1on Dec 10, 2009 5:13pm
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Post# 16575278
HRG offers shaft to loyal partner ??
HRG offers shaft to loyal partner ??
December 10, 2009 |
Goldrush Terminates Strategic Alliance Agreement With High River Gold Mines Ltd. |
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2009) - Goldrush Resources Ltd. ("Goldrush" or the "Company")(TSX VENTURE:GOD) hereby announces that it will withdraw from the Strategic Alliance Agreement ("SAA") between Goldrush and High River Gold Mines Ltd. ("High River") effective December 31, 2009.
Commenting on the situation, Goldrush President and CEO Len Brownlie said: "Goldrush has been a loyal partner to High River and has very patiently waited while High River has attempted to resolve its financial and management issues over the past year. Regrettably, the parties have not been able to agree on modified terms to the SAA in a manner that would be considered fair by both parties. As such, Goldrush has no option but to withdraw from the SAA. Following termination, the Ronguen gold deposit will remain 100% owned by Goldrush, subject to a 50% back-in right to High River. The one time back-in right is time limited to within 60 days of the completion of a feasibility study for a cost of 150% of Goldrush's cumulative expenditures on the two permits that contain this deposit, that based on current expenditures would be approximately C$4.8M. Goldrush now looks forward to (i) extending and better defining the mineralization at the Ronguen deposit; (ii) discovering other deposits elsewhere on the two permits that contain Ronguen and (iii) acquiring projects in Burkina Faso and elsewhere in West Africa without any back-in rights to High River. We look forward to reactivating Goldrush's exploration efforts to take advantage of the current strong gold market."
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
About Goldrush: Goldrush is a mineral exploration company focused on gold exploration in West Africa.
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