Goldrush Resources Ltd.

Goldrush Resources Ltd.

April 21, 2011 07:00 ET

Goldrush Announces Private Placement to Raise Up to $2,000,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 21, 2011) -Goldrush Resources Ltd. (TSX VENTURE:GOD) (Goldrush or the "Company") President & CEO Len Brownlie, Ph.D is pleased to announce that it has arranged a non-brokered private placement (the "Financing") of up to 12,500,000 units at a purchase price of $0.16 per unit for gross proceeds of up to $2,000,000. Each unit will consist of one common share and ½ 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 $0.21 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.



Len Brownlie – President and Chief Executive Officer

About Goldrush:

Goldrush is a mineral exploration company focused on gold exploration in West Africa, where the company has discovered, and is currently expanding and defining the 249,000 ounce Ronguen gold deposit in Burkina Faso.

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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