Goldrush Resources Ltd.

Goldrush Resources Ltd.

May 24, 2006 09:30 ET

Goldrush Receives Technical Report on Exploration Permits in Burkina Faso, West Africa

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 24, 2006) - Goldrush Resources Ltd. (TSX VENTURE:GOD) ("Goldrush" or the "Company") today announced that it has received from SRK Consulting (Canada) Inc. ("SRK") an independent technical report in compliance with National Instrument 43-101 on twenty-three gold exploration permits totaling approximately 4,652 square km in Burkina Faso, West Africa. The Company acquired these permits through a Strategic Alliance Agreement with High River Gold Mines Ltd. (TSX:HRG) ("High River") in January 2006. The exploration permits are divided into three groups, with each group located in different regions of Burkina Faso. Prior acquisition and exploration expenditures by High River and Jilbey Gold Exploration Ltd. ("Jilbey") on the Taparko, Hounde, and Kindo/ Kaya Group permits from 1997 to 2005 totaled C$3,302,277.

Taparko Group

The Taparko Group permits are located in northeastern Burkina Faso, beginning approximately 120 km east northeast of Ouagadougou, the capital of Burkina Faso. The Taparko ground consists of eleven separate permits: Tougouri, Wole, Nomikdou, Doumissi, Karga, Taranga, Birgui-Nabingou, Bougou, Dyakolra, Ninnougou and Talpelren. These permits cover an area of approximately 1,948 square km and four of the permits surround most of High River’s Taparko Exploitation Permit where High River is developing the Taparko-Bouroum open pit gold mine and erecting a processing plant. Production at Taparko-Bouroum is to commence in the first half of 2007 at a rate of 100,000 ounces of gold per year, increasing to over 140,000 ounces of gold per year in the third year of operation [Source: High River News Releases dated November 10, 2005 and May 15, 2006]. The geology of the Taparko Group exploration permits is characterized by arcuately regionally exposed Birmian volcano-sedimentary units ascribed to the Bouroum- Yalogo greenstone belt. The Taparko Group permits were acquired for their potential to contain shear zone hosted quartz-vein gold deposits, similar to those found on the nearby Taparko and Bouroum properties. All Taparko Group Permits were subject to reconnaissance exploration by High River and Jilbey between 1997 and 2004. This work involved regional geological mapping, prospecting and soil geochemical sampling followed-up by trenching, limited rotary air blast and reverse circulation drilling. The discovery of gold mineralization associated with quartz veining at several sites and the occurrence of numerous active and inactive artisan workings on several of the permits, as detailed in SRK’s report, attest to the presence of gold mineralization in the area. In the opinion of SRK, considering the history leading to the discovery of the Taparko deposits and considering the early indications of gold mineralization in bedrock obtained from the reconnaissance work program completed to date, the exploration potential of the Taparko Group permits is considered to be excellent.

Hounde Group

The Hounde group is located in southwestern Burkina Faso, approximately 280 km southwest of Ouagadougou and consists of seven exploration permits: Tinkiro, Koro, Olongo, Tokora, Loropeni, and Bangbara , which are contiguous; and Massamo, which lies to the northwest of the Tinkiro permit. These permits cover an area of approximately 1,400 square km. The Massamo permit lies approximately 20 km southwest of the Bondigui ("Bondi") deposit of Orezone Resources Inc. ("Orezone") where Orezone has outlined an indicated resource of 162,964 ounces of gold grading 2.88 g/t and has recently intersected a lens shaped, higher grade shoot [Source: Orezone News Release dated April 5, 2006]. Readers are cautioned that the above information is not necessarily indicative that gold mineralization present on the Bondi property continues onto the Massamo permit. The other six Hounde group permits run contiguously from the southern border of Orezone’s Poyo permit in the north to the northern border of the Kampti II permit of Goldcrest Resources Ltd. ("Goldcrest") in the south where Goldcrest has recently completed a Bulk Leach Extractable Gold (BLEG) Survey which outlined a prospective structural corridor 4 km wide by 22 km long, traversing the entire Kampti II permit. Goldcrest has also encountered gold mineralization in a recent ten hole reverse circulation ("RC") drill program near the southern border of Goldrush’s Loropeni permit (Source: Goldcrest News Releases dated December 8, 2005 and March 29, 2006).

The Hounde Group permits are located in the southern portion of the Hounde greenstone belt and along the regional Hounde-Ouahigouya shear zone. All Hounde Group permits except Bangbara were subjected to reconnaissance exploration work by Jilbey and High River in 2004-2005. No drilling has been conducted to date on these permits. The principal Birimian rock types consist of sedimentary and volcanoclastic shists, while the central portion of the permits is considered to be underlain by Tarkwaian group sedimentary rocks, which outline a fault-bounded basin elongated north-south and extending across the Hounde Group permits. This stratigraphic and structural context is considered highly prospective for gold deposits in the Birimian sequences of West Africa, and contains the Tarkwa mine in southern Ghana. SRK has reviewed the exploration work conducted on the Hounde Group permits to date and has suggested that several exploration targets warrant follow-up. These targets are the subject of an exploration program which is currently underway.

Kindo/Kaya Group

The Kindo/Kaya Group permits are located on the Boromo greenstone belt in north-central Burkina Faso, beginning approximately 40 km north of Ouagadougou, and consist of five exploration permits covering an area of approximately 1,105 square km. The Tikare and Kongoussi I permits lie approximately 25 km southeast of Orezone’s Sega Project and 6 km to the northwest of High River’s Bissa Project. High River has recently completed an extensive drilling programme on Bissa and has defined a gold resource, using a cut-off grade of 0.5 g/t, of 81,980 ounces (measured ); 580,270 ounces (indicated) and 679,470 ounces (inferred) [See High River News Releases dated December 14, 2005, February 23, 2006 and May 23, 2006]. Readers are cautioned that the above information is not necessarily indicative that gold mineralization present on the Bissa property continues onto the Kindo/Kaya group properties.

The Mane, Noungou and Nahilli permits lie approximately 30 to 40 km southeast of the Bissa Project. Of the five permits, only the Tikare permit has received previous exploration work. Two orpailleur (artisanal) sites – Kilou and Badinogo- were investigated on the Tikare permit in 2004 with 8 trenches and 9 RC drill holes by Jilbey and High River. As detailed in SRK’s report, six trenches were excavated at Badinogo over four vein structures which have a strike length of 800 m. Of the 127 - 2 meter samples collected, six samples assayed above 0.5 gpt gold, with values ranging from 0.65 to 2.54 gpt gold. Nine RC drill holes (six at Badinogo; three at Kilou) produced 915 – 1 meter samples of which 29 salient assay results were received, with values ranging from 0.11 to 10.3 gpt gold. In the opinion of SRK, considering the success of High River and Jilbey on adjacent permits and considering the early indications of gold mineralization in bedrock obtained on the Tikare permit, the exploration potential of the Kindo Group permits is considered to be excellent. While the three Kaya Group permits were unexplored at the March 31 date of SRK’s report, the presence of small, authorized artisanal mining sites on the Mane permit attest to the favourable exploration potential of this area.

Exploration programmes on the permits are currently underway with a minimum 2006 exploration budget of approximately US$2.2 million. Goldrush has recently closed two private placements which provided gross proceeds of C$3.52 million and is well capitalized for the completion of the 2006 exploration program.

The SRK Report has been filed on SEDAR and is available at Dr. Jean- François Couture P.Geo, Principal Geologist with SRK, is the Qualified Person for the purpose of National Instrument 43-101. Dr. Couture reviewed the technical information contained in this news release.


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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