Goldrush Resources Ltd.

Goldrush Resources Ltd.

February 14, 2006 09:30 ET

Goldrush Provides Update on Strategic Partnership With High River Gold Mines Ltd. in Burkina Faso, West Africa

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb 14, 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.

Further to the January 4 news release, the Company is pleased to announce that shareholders have exercised a total of 7 million share purchase warrants for net proceeds of C$700,000. The Company has submitted documentation to the regulatory authorities and, upon receipt of approval, the Company intends to advance these funds to initiate a Phase 1 exploration program on the Burkina Faso permits.

High River has advised the Company that it has hired additional exploration staff in Burkina Faso in preparation for the exploration program. In addition, the Company has contracted the international mineral consultancy SRK Consulting (Canada) Inc. ("SRK") to compile a National Instrument 43-101 compliant technical report on the Burkina Faso permits. SRK have sent personnel to Burkina and completed their fieldwork in early February. Management of Goldrush intend to conduct a due diligence visit to the permits in late February, 2006 at which time they will also finalize the registration of a subsidiary corporation in Burkina Faso.

As a result of the above noted warrant exercise, the number of common shares that will be issued to High River as consideration for the Burkina Faso permits will increase from 4,800,000 shares to 6,540,000 shares at a deemed price of $0.20 per share. This share issuance will maintain the 19.9% interest in the Company held by High River. The principal amount of the Debenture to be given to High River will decrease from C$2,342,277 to C$1,994,277. At closing, the issued and outstanding share capital of the Company will be 32,856,352 common shares.

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

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