Goldrush Resources Ltd.

Goldrush Resources Ltd.

March 06, 2006 09:30 ET

Goldrush Closes Strategic Alliance Agreement With High River Gold Mines Ltd. and Begins Exploration Program in Burkina Faso, West Africa

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 6, 2006) - On January 4, 2006, Goldrush Resources Ltd. (TSX VENTURE:GOD) ("Goldrush" or the "Company") announced that it had entered into a Strategic Alliance Agreement (the "Agreement") with High River Gold Mines Ltd. (TSX:HRG) ("High River") which will result in Goldrush obtaining from High River twenty-one (21) exploration permits totaling approximately 4,690 square kilometers in Burkina Faso, West Africa.

The TSX Venture Exchange ("Exchange") has now approved the transaction and, accordingly, the Company has issued 6,540,000 common shares and a debenture (the "Debenture") in the principal amount of Cdn$1,994,277 to High River. The shares have a four month hold period which expires on July 4, 2006. The Debenture is non-interest bearing, due in five years and is convertible, at the option of the Company only, into common shares of the Company at a deemed value of Cdn$1.00 per share. The Company will be required to seek shareholder and Exchange approval prior to issuing shares as repayment of the Debenture. A Finder's Fee in the amount of 250,000 common shares at a deemed price of $0.20 per share has been issued to Rustle Woods Capital Inc.

Management of High River have indicated that they will exercise their right to appoint a director to the Company's board of directors in the near future.

With the receipt of regulatory approval, the Company has now advanced Cdn$500,000 to High River, who are under contract to Goldrush to manage the exploration program and who will immediately initiate a Phase 1 exploration program on the Hounde Group permits which are strategically located between the Bondi gold deposit of Orezone Resources Inc. and the Kampti permit of Goldcrest Resources Ltd.

Management of Goldrush have just completed a very informative and successful due diligence visit to the permits and have finalized the registration of a subsidiary corporation, Goldrush Burkina SARL, in Burkina Faso.

For further information on Goldrush Resources Ltd., investors are advised to visit the Company's website at



Len Brownlie - President

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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