Vancouver, British Columbia: Goldrush Resources Ltd. ("Goldrush" or the "Company") is pleased to provide shareholders with the following update of its current activities.
Goldrush holds ten exploration permits on strategically located properties covering over 1,543 square kilometres in Burkina Faso, West Africa. Burkina Faso has seen seven new gold mines open since 2007, and fourteen recent gold discoveries have been 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.
Recent exploration success by Roxgold Inc. in the vicinity of Goldrush's Pompoi pemit, along with successful drilling campaigns by True Gold Mining Inc. on its Karma project, the recently announced merger of Volta Resources Inc, with B2Gold Corp. and the recent financing of Orezone Gold Corporation all provide evidence of the immense exploration and investment potential in Burkina Faso.
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 its 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).
Goldrush personnel continue to collect baseline environmental data from the Ronguen gold deposit in order to support future Environmental and Social Impact Assessment studies. A decision to initiate a preliminary economic analysis ("PEA") of the Ronguen deposit has been delayed until early in the first quarter of 2014.
The Company continues to investigate alternatives for maximizing value for its exploration permits including financing future exploration through joint venture arrangements or by the sale of exploration permits.
At the Annual and Special Meeting of Shareholders to be held on December 16, 2013, Management of the Company will be requesting shareholder approval for, among other things, a Special Resolution to approve a consolidation of the common shares of the Company in order to make the Company's shares more attractive to investors in any future financing which may be undertaken by the Company. While management believes that the Company's immediate financing needs will be met by the sale or joint venture of some of the Company's exploration permits, there is no guarantee that any such transactions will result or complete or that the proceeds of such transactions will be sufficient to meet the future cash requirements of the Company. In order to provide the Company with the greatest chance of attracting new financing, the Directors would like shareholder approval to consolidate the Company's common shares on a 2:1 or 3:1 basis at the Directors' discretion.
If market and economic conditions for the Company improve and the Company is able to raise substantial funds without a consolidation of its share capital, the Directors will not proceed with a consolidation. The Directors are seeking shareholder approval to the share consolidation at this time in order to save the cost of holding a separate special shareholders' meeting 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"
Len Brownlie - President and Chief Executive Officer
Contact Information:
Len Brownlie, President and CEO: [email protected]
1-604-602-9973
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, future financings, the sale or joint venture of some of the Company's exploration permits and the consolidation of the Company's share capital. 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.