Goldrush Resources Ltd.

Goldrush Resources Ltd.

March 21, 2007 21:30 ET

Goldrush Resources Ltd.: Private Placement Completed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Mar. 21, 2007) - Goldrush Resources Ltd. (TSX VENTURE:GOD) -

Private Placement

Goldrush Resources Ltd. (“Goldrush” or the “Company”) is pleased to announce that, further to the Company's news releases of February 13, and March 8, 2007 the Company has closed a non-brokered private placement of 7,000,000 units of its securities for gross proceeds of $1,890,000. Each unit is priced at $0.27 per unit and is comprised of one common share and one common share purchase warrant entitling the holder to purchase one additional share at a price of $0.37 until September 20, 2008. The warrants will be subject to a forced conversion provision if the common shares of Goldrush close at greater than $0.50 per share for 20 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 twentieth Trading Day. Securities issued pursuant to the private placement will be subject to a hold period which expires on July 20, 2007. A Finder's fee of $33,750 in cash and 125,000 2007B warrants has been paid to Fort House Inc. in connection with part of the placement. The 2007B warrants carry the same terms and conditions as the private placement warrants but are exercisable at $0.27 per share.

Proceeds of the placement will be used to fund the Company's exploration programs in Burkina Faso, West Africa and for working capital purposes.

As a consequence of the private placement, the following report is being filed pursuant to Section 111 of the Securities Act (B.C.):

ACC Resources Ltd. (“ACC”) is a private company registered in the British Virgin Islands. ACC directly acquired 4,500,000 common shares and 4,500,000 share purchase warrants of the Company through the private placement. ACC now directly or indirectly holds 4,500,000 common shares of the Company and holds securities convertible into voting securities for an additional 4,500,000 common shares of the Company. If ACC exercises its right to acquire additional voting securities of the Company to the exclusion of all others, ACC would own 9,000,000 common shares representing 15.36% of the then issued capital of the Company. ACC acquired its securities for investment purposes.

The President and CEO of ACC is Mr. Chaim Lebovits, a well known businessman in West Africa who holds a number of strategic investments in the oil and gas and mining sectors in Ivory Coast and Togo. Mr. Lebovits is also President and CEO of C&L Natural Resources, which is the operator of the CI202 offshore oil block in Ivory Coast.

Commenting on the completion of the placement, Len Brownlie, President and CEO of Goldrush said: "We are very pleased to welcome Mr. Lebovits as a shareholder of Goldrush. His financial contacts, relationships with regional governments and business knowledge will be very helpful to Goldrush as we progress in our strategic plan to explore, discover and develop an economic gold deposit in Burkina Faso."

For further information on Goldrush Resources Ltd., shareholders are invited 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.

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