Goldrush Resources Ltd.
TSX VENTURE : GOD

Goldrush Resources Ltd.

September 12, 2008 17:55 ET

Goldrush Makes Application to Amend Term and Exercise Price of Outstanding Share Purchase Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 12, 2008) - Goldrush Resources Ltd. (TSX VENTURE:GOD) ("Goldrush" or the "Company") has made application to the TSX Venture Exchange to extend the term and reduce the exercise price of 7,100,000 outstanding share purchase warrants.

7,000,000 share purchase warrants were originally issued on March 20, 2007 with an exercise price of $0.37 per share and an expiry date of September 20, 2008. The amended warrants will have an exercise price of $0.15 per share and an expiry date of March 20, 2009.

100,000 share purchase warrants were originally issued on December 14, 2007 with an exercise price of $0.38 per share and an expiry date of December 14, 2008. The amended warrants will have an exercise price of $0.15 per share and an expiry date of June 14, 2009.

All the amended warrants will be subject to a forced conversion provision if the common shares of Goldrush close at greater than $0.21 per share for 10 consecutive trading days ("the Trading Days"). The warrant holders will be required to exercise the warrants within 30 days, commencing 3 business days after the tenth Trading Day. Securities issued pursuant to any warrant exercise are not subject to a hold period.

About Goldrush: Goldrush is a mineral exploration company focused on gold exploration in Burkina Faso, West Africa with an established organization of people and projects to enable aggressive growth. Through a strategic allliance with High River Gold Mines Ltd., Goldrush has the ability to access High River's processing facilities and infrastructure without incurring all the capital costs associated with developing a stand-alone operation, thereby enhancing the economics of gold deposits within trucking distance of the processing facility.

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 - 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.

Contact Information

  • Goldrush Resources Ltd.
    Don Willoughby
    Vice-President Corporate Development
    (416) 607-7347
    or
    Goldrush Resources Ltd.
    Len Brownlie
    President
    (604) 602-9973
    (604) 681-5910 (FAX)
    or
    Goldrush Resources Ltd.
    Investor Relations
    Email: info@goldrushresources.ca
    Website: www.GoldrushResources.ca