Goldrush Resources Ltd.

Goldrush Resources Ltd.

February 09, 2010 16:33 ET

Goldrush Announces Private Placement to Raise Up to $1,000,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2010) - Goldrush Resources Ltd. ("Goldrush" or the "Company") (TSX VENTURE:GOD) is pleased to announce that it has arranged a non-brokered private placement of up to 10,000,000 units of its securities at a price of $0.10 per unit for gross proceeds of up to $1,000,000. Each unit will be 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 for a period of twenty-four months. 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 may be payable in cash, shares and/or warrants with respect to certain subscribers and in accordance with the policies of the TSX Venture Exchange. The financing is subject to the approval of the TSX Venture Exchange.

Goldrush has five highly prospective exploration permits covering 922 square kilometres in Burkina Faso, West Africa where it has been working since early 2006. Two contiguous permits host the Ronguen Gold Deposit for which SRK Consulting (Canada) provided a NI43-101 resource estimate 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). Ronguen is open along strike, to the east and west, as well as at depths below 80 m. Upon completion of the financing, the first phase of drilling will commence in a program designed to both expand the deposit and upgrade portions of the resource to the indicated category. Planning for Phase 2 of the program is currently underway to further expand the Ronguen Main Zone and also test the Ronguen South Zone with reverse circulation and core drilling. 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).

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:

Company management is very excited to be resuming work on the highly prospective Ronguen 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



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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