Mr. Len Brownlie reports
GOLDRUSH ANNOUNCES PRIVATE PLACEMENT TO RAISE UP TO $2,000,000
Goldrush Resources Ltd. has arranged a non-brokered private placement (the "Financing") of up to 12,500,000 units at a purchase price of
.16 per unit for gross proceeds of up to $2,000,000.
Each unit will consist of one common share and 1/2 share purchase warrant. Each unit consists of one common share and one half of one non-transferable share purchase warrant. Each full warrant entitles the holder to purchase an additional common share at a price of
.21 for a period of 18 months from closing.
The net proceeds of the Financing will be used: (i) to fund continued drilling and development of the Company's Ronguen gold deposit in Burkina Faso, West Africa; (ii) to fund continued drilling on the Company's other high priority Burkina Faso projects; (iii) to acquire additional properties; and (iv) 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 April 18, 2011 the Company is awaiting reverse circulation drilling assay results from seven holes drilled on the Ronguen G1 Grid; seven holes drilled on the western G2 grid, 13 holes drilled on other target areas on the two permits that host the Ronguen gold deposit
and 10 holes on the new Liki permit, as part of the Company's ongoing 9,660 metre RC drill program.
As of April 20, the RC drill had demobilized from the Liki permit and was moving to the Company's new Nakiambouri and Gonaba Est permits to drill 3,000 metres on three untested and highly prospective drill targets.
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.
We seek Safe Harbor.