Goldrush Resources Ltd.
TSX VENTURE : GOD

Goldrush Resources Ltd.

March 15, 2010 17:14 ET

Goldrush Announces Closing of Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 15, 2010) - Goldrush Resources Ltd. ("Goldrush" or the "Company") (TSX VENTURE:GOD) is pleased to announce that it has closed its previously announced non-brokered private placement of 10,000,000 units of its securities at a price of $0.10 per unit for gross proceeds of $1,000,000. Each unit is comprised of one common share and one common share purchase warrant entitling the holder to purchase one additional share at a price of $0.20 until March 11, 2012. All securities issued pursuant to the financing are subject to a 4 month statutory hold period which expires on July 12, 2010. Following completion of the placement Goldrush has a total of 73,060,352 common shares issued and outstanding. The private placement was fully subscribed.

Proceeds of the placement will be used: (i) to fund a $500,000 drill program on the Company's Ronguen Gold Deposit in Burkina Faso, West Africa; (ii) to acquire additional properties; and (iii) for working capital purposes. Finder's fees totalling $26,600 in cash and 380,000 2010B warrants have been paid in connection with part of the placement. The 2010B warrants carry the same terms and conditions as the private placement warrants.

Goldrush has five highly prospective exploration permits covering 922 square kilometres in Burkina Faso where it has been working since early 2006. Two contiguous permits host the Ronguen Gold Deposit on which SRK Consulting (Canada) provided a National Instrument 43-101 resource estimate for the Ronguen Main Zone of 5.90 million tonnes containing 249,000 inferred ounces of gold at an average grade of 1.31 g/t (see Goldrush news release dated April 9, 2008). In early Q2, Goldrush intends to commence the first phase of drilling in a program designed to expand the Ronguen Main Zone along strike to the east and west, as well as at depths below 80 metres and also test the sub-parallel Ronguen South Zone with Reverse Circulation and Core drilling. The South Zone is located approximately 200 metres south of the Main Zone. Assay results from Reverse Air Blast drilling on the South Zone in 2007 provided intersections of potentially significant gold mineralization, such as 7.72 g/t gold over 6 metres in hole KGRB07-151b; 2.26 g/t gold over 14 metres in hole KGRB07-170 and 1.71 g/t gold over 18 metres in hole KGRB07-178 (see Goldrush News Release dated June 18, 2007 for full details). 

Planning for Phase 2 of the program is currently underway to further expand the Main Zone deposit and upgrade portions of the resource to the indicated category.

Both the Ronguen Main and South Zones are located six kilometres northwest of High River Gold's (TSX: HRG) Bissa Gold Deposit where an April 23, 2009 mineral resource estimate contained a resource of 926,000 ounces of gold in the measured and indicated categories and 799,000 ounces of gold in the inferred category (source: www.hrg.ca).

Company management is very excited to be resuming work on the highly prospective Ronguen Gold Deposit following a year-long hiatus.

Mr. Driffield Cameron, P. Geo., Director of Goldrush, is the Qualified Person for this press release for the purposes of National Instrument 43-101 and has reviewed the technical information 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"
Len Brownlie, President

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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