VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 8, 2007) - Goldrush Resources Ltd. (TSX VENTURE:GOD) ("Goldrush" or the "Company") is pleased to announce that it has received proceeds totalling $2,695,000 from the exercise of 7,700,000 share purchase warrants at an exercise price of $0.35 per share from five placees of two private placements which closed on May 4, 2006. In addition, the Company has received proceeds of $149,580 from the exercise of 554,000 share purchase warrants at an exercise price of $0.27 per share from six brokerage houses which received finders' fees from the same placements.
Len Brownlie, Ph.D, President and CEO of Goldrush, commented: "We are extremely pleased with the support shown by our warrantholders who exercised their warrants above the current market price. We thank them for their vote of confidence, which has given us a treasury of over $4.5 million. With these funds, we will continue with an aggressive series of exploration programs designed to discover and develop a significant gold resource."
Exploration Program Update
The Company currently controls 33 exploration permits in Burkina Faso, West Africa. The permits are for gold and related minerals/substances and cover approximately 5,900 km2 of prospective geology in Burkina Faso. The Company is now conducting a series of exploration programs on these permits. Current exploration status is as follows:
Ronguen is located on the Kongoussi 1 permit, six kilometres northwest of the High River Gold Mines Ltd. ("High River") Bissa Trend gold deposits. On April 20, the Company commenced a 3,480 metre RAB drilling program to:
(i) test the zone of gold mineralization farther to the west (2,430 metres of drilling);
(ii) test the connection between two gold intersections on the eastern part of the new grid (400 metres of drilling);
(iii) test behind RAB hole KGRB06-001B that returned 7.95 g/t Au over 2 metres from the mottled zone (50 metres of drilling); and
(iv) test the extension of the gold zone to the east on line 1300E of the old grid (600 metres of drilling).
Following the receipt of the RAB results, a 3,000 metre reverse circulation ("RC") drilling program is planned from the current westernmost RAB fence to the location of RC hole KGRR06-002, 900 metres to the east. These holes, to be drilled on 80 metre spaced sections, will test the continuity of the mineralization which was identified in the widely spaced RAB fences. In addition, the program will include 250 metres of diamond drilling to better define the lithologic relationships and the structure, and to obtain preliminary geotechnical information.
2. Falagountou III and IV
The Falagountou III and IV permits are located in northeastern Burkina Faso on the Burkina Faso-Niger border and lie adjacent to and between the Essakane Gold Project of Gold Fields Limited and Orezone Resources Inc. on the Burkina Faso side of the border and Orezone's Kossa Permit in Niger. Goldrush has embarked on a 10,000 metre RAB drilling program to follow-up on:
(i) promising diamond drill results from the Sofokel North target on Falagountou IV; and
(ii) promising soil sampling results on Falagountou III.
3. Hounde Greenstone Belt
Goldrush owns nine Hounde Group exploration permits that are located approximately 280 kilometres southwest of the capital city of Ouagadougou in the southern portion of the Hounde greenstone belt and along the regional Hounde-Ouahigouya shear zone. Before this year, no reconnaissance exploration work had been conducted on the Bangbara permit and none of the Hounde Group exploration permits had been investigated by drilling. A 10,460 metre RAB drilling program on the Olongo, Bangbara and Loropeni permits which was initiated on February 28 was completed on April 28. No assays have been received to date.
About Goldrush: Goldrush is a mineral resource 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 partnership 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 mine, thereby enhancing the economics of gold deposits within trucking distance of the processing facility.
For further information on Goldrush Resources Ltd., shareholders 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Goldrush Resources Ltd.
(604) 681-5910 (FAX)