May 2, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- Goldrush Resources Ltd. (TSX VENTURE:GOD) (Goldrush or the "Company") President & CEO Len Brownlie, Ph.D is pleased to announce that non-brokered private placement (the "Financing") announced on April 21, 2011 has been increased from $2,000,000 to a maximum of $3,400,000. The Financing will now consist of up to 21,250,000 units at a purchase price of $0.16 per unit for gross proceeds of up to $3,400,000. Each unit consists of one common share and one half of one non-transferable share purchase warrant. Each full warrant entitles the holder to purchase an additional common share at a price of $0.21 for a period of 18 months from closing. The net proceeds of the Financing will be used: (i) to fund continued drilling and development of the Company's Ronguen gold deposit in Burkina Faso, West Africa; (ii) to fund continued drilling on the Company's other high priority Burkina Faso projects; (iii) to acquire additional properties; and (iv) for working capital purposes. Current Insiders of the Company may participate in the Financing and new Insiders may be created by the Financing. The Company may pay finder's fees to arm's length parties who introduce subscribers to the Company. Such finder's fees may be payable in cash, shares and/or warrants subject to compliance with the policies of the TSX Venture Exchange.
The Financing, including the payment of any finder's fees is subject to the approval of the TSX Venture Exchange.
For further information on Goldrush Resources Ltd., shareholders and other interested parties 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 and Chief Executive Officer
About Goldrush: Goldrush is a mineral exploration company focused on gold exploration in West Africa, where the company has discovered, and is currently expanding and defining the 249,000 ounce Ronguen gold deposit in Burkina Faso.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Goldrush Resources Ltd.
VP Corporate Development
The Equicom Group
(416) 815-0700 Ext. 264
The Equicom Group
(416) 815-0700 Ext. 243