TSX VENTURE EXCHANGE: GOD-TSXV
OTC Pink: GDRRF
Vancouver, British Columbia: Goldrush Resources Ltd. ("Goldrush" or the "Company") is pleased to provide shareholders with an update of its current activities.
Goldrush holds eleven exploration permits on strategically located properties covering over 1,680 square kilometres in Burkina Faso, West Africa. Burkina Faso has seen seven new gold mines open since 2007, and has had fourteen recent gold discoveries made. Burkina Faso, which is one of Africa's most stable democracies, is the continent's third largest state for gold exploration and the fourth largest for gold production.
In July 2012, with an effective date of May 18, 2012, Goldrush announced the filing on SEDAR of a technical report prepared in accordance with NI 43-101 on the Ronguen project titled "Mineral Resource Technical Report Ronguen Gold Project, Burkina Faso" by SRK Consulting (Canada) Inc." The report discloses that the deposit contains a 155,000 ounce Measured mineral resource (4,281 million tonnes at a grade of 1.12 g/t Au), 177,000 ounce Indicated mineral resource (4,206 million tonnes at a grade of 1.31 g/t Au), and 52,000 ounce Inferred mineral resource (890,000 tonnes at a grade of 1.85 g/t Au).
During the current rainy season, Goldrush personnel have continued to collect baseline environmental data from the Ronguen gold deposit in order to support future Environmental and Social Impact Assessment studies. Bids have been received from several independent engineering firms for the completion of a preliminary economic analysis ("PEA") of the Ronguen deposit however the Company has delayed the initiation of this study until economic conditions and the current volatility in the gold market have subsided.
In order to support ongoing operations in the current difficult market conditions, the Company has sold non-essential exploration equipment and unused container camps and has significantly reduced its administrative and exploration expenses.
The Company is currently investigating alternatives for maximizing value for its exploration permits including financing future exploration through joint venture arrangements or by the sale of exploration permits.
Len Brownlie, President and CEO of Goldrush, noted: "As an exploration company incorporated in 1966, Goldrush has always managed to adapt and survive difficult and challenging economic conditions. We remain focused on gold exploration in Burkina Faso, and we remain confident that the strength of our projects will see us through the current economic malaise. We very much appreciate the support of existing shareholders and look forward to stronger markets in the future".
Mr. Driffield Cameron, P.Geo., Director of Goldrush, is the Qualified Person for this press release for the purposes of National Instrument 43-101, and has reviewed the technical information herein.
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
Len Brownlie, President and CEO: email@example.com
About Goldrush: Goldrush is a Canadian mineral exploration company, focused on gold exploration in Burkina Faso, West Africa.
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, and include, without limitation, statements regarding the Company's plans with respect to exploration and development and future financings. 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.
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