Goldrush Resources Ltd.

Goldrush Resources Ltd.

March 08, 2007 09:30 ET

Goldrush Resources Ltd.: Private Placement Expanded to 7,000,000 Units

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Mar. 8, 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 release of February 13, 2007, the Company has negotiated an increase in the size of the private placement from 6,500,000 units to 7,000,000 units for gross proceeds of up to $1,890,000. The number of placees and all other terms of the placement have remained unchanged. Each unit is priced at $0.27 per unit and will be 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 for a period of eighteen months. The warrants will be subject to a forced conversion provision if the common shares of Goldrush close at $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 of four months from the closing day. Proceeds of the placement will be used to fund the Company's exploration programs in Burkina Faso, West Africa and for working capital purposes. Finder's fees may be payable in cash, shares and/or warrants with respect to certain subscribers and in accordance with the policies of the TSX Venture Exchange.

The financing is subject to the approval of the TSX Venture Exchange.

Exploration Program Update

Bissa Area Permits: Ronguen Gold Occurance

Ronguen is located on the Kongoussi I permit, six kilometres northwest of the High River Gold Mines Ltd. (HRG: TSX) Bissa Project. Ronguen previously received seven reverse circulation (RC”) drill holes in July 2006 (see Goldrush news release dated August 31, 2006) over a strike length of 740 meters and an additional 3,206 meters of rotary air blast (“RAB” ) drilling in November and December 2006. The western most RAB drill fence encountered wide intersections of gold mineralization in three adjacent holes, including 2.21 g/t Au over 28 meters; 1.14 g/t Au over 12 meters; 1.1 g/t Au over 8 meters and 7.95 g/t Au over 2 meters (see Goldrush news release dated January 22, 2007 for complete assay results and QA/QC procedures).

A follow-up RAB drilling program of 63 drill holes totaling 2,888 meters over four fences was completed in January 2007 to test the western strike extent of the Ronguen gold zone. An additional 600 m of RAB drilling to the north and west of the current western-most drill fence is to be conducted as soon as a drill rig is available. Further core and RC drilling at Ronguen will commence once all RAB assay results have been received and plotted.

Hounde Greenstone Belt

A 10,460 meter RAB drilling program on the Olongo, Bangbara and Loropeni permits was initiated on February 28 and should be completed before the end of March. Assays are anticipated during the later part of March and into early April. The RAB program will assist in the definition of the newly discovered, northerly trending, 5 kilometre long and 2.5 kilometre wide gold-bearing corridor on the Olongo and Bangbara permits (see Goldrush news release dated November 01, 2006) and investigate the favourable geophysical signatures and gold-bearing rock samples found on the Loropeni permit.

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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