News
https://www.marketwire.com/press-release/Goldrush-Resources-Ltd-TSX-VENTURE-GOD-1089414.html
Dec 10, 2009 16:27 ET
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 willwithdraw from the Strategic Alliance Agreement ("SAA") between Goldrushand High River Gold Mines Ltd. ("High River") effective December 31,2009.
Commenting on the situation, GoldrushPresident and CEO Len Brownlie said: "Goldrush has been a loyal partnerto High River and has very patiently waited while High River hasattempted to resolve its financial and management issues over the pastyear. Regrettably, the parties have not been able to agree on modifiedterms to the SAA in a manner that would be considered fair by bothparties. As such, Goldrush has no option but to withdraw from theSAA. Following termination, the Ronguen gold deposit will remain 100%owned by Goldrush, subject to a 50% back-in right to High River. Theone time back-in right is time limited to within 60 days of thecompletion of a feasibility study for a cost of 150% of Goldrush'scumulative expenditures on the two permits that contain this deposit,that based on current expenditures would be approximatelyC$4.8M. Goldrush now looks forward to (i) extending and better definingthe mineralization at the Ronguen deposit; (ii) discovering otherdeposits elsewhere on the two permits that contain Ronguen and (iii)acquiring projects in Burkina Faso and elsewhere in West Africa withoutany back-in rights to High River. We look forward to reactivatingGoldrush's exploration efforts to take advantage of the current stronggold market."
For further information onGoldrush Resources Ltd., shareholders and other interested parties areinvited to visit the Company's website at www.goldrushresources.ca.
ON BEHALF OF THE BOARD OF DIRECTORS,
GOLDRUSH RESOURCES LTD.
"Len Brownlie"
Len Brownlie – President
About Goldrush: Goldrush is a mineral exploration company focused on gold exploration in West Africa.
FORWARD-LOOKINGSTATEMENTS: This news release contains certain "forward-lookingstatements" within the meaning of Section 21E of the United StatesSecurities Exchange Act of 1934, as amended. Except for statements ofhistorical fact relating to the company, certain information containedherein constitutes forward-looking statements. Forward-lookingstatements are frequently characterized by words such as "plan,""expect," "project," "intend," "believe," "anticipate", "estimate" andother similar words, or statements that certain events or conditions"may" or "will" occur. Forward-looking statements are based on theopinions and estimates of management at the date the statements aremade, and are subject to a variety of risks and uncertainties and otherfactors that could cause actual events or results to differ materiallyfrom those projected in the forward-looking statements. These factorsinclude the inherent risks involved in the exploration and developmentof mineral properties, the uncertainties involved in interpretingdrilling results and other geological data, fluctuating metal prices,the possibility of project cost overruns or unanticipated costs andexpenses, uncertainties relating to the availability and costs offinancing needed in the future and other factors. The Companyundertakes no obligation to update forward-looking statements ifcircumstances or management's estimates or opinions should change. Thereader is cautioned not to place undue reliance on forward-lookingstatements. The TSX Venture Exchange has not reviewed and does notaccept responsibility for the adequacy or accuracy of this release.