www.goldrushresources.ca
Goldrush Resources Ltd. is a junior mineral resource exploration company. It is exploring for gold in the West African country of Burkina Faso where it holds 5 highly prospective permits covering 922 sq. km. The Company's permits are all located within the West African Birimian Greenstone Belts having a prolific history of gold production in this area of the world.
Goldrush Resources to raise up to $4m through private placement for Burkina Faso drilling
Junior exploration company Goldrush Resources Ltd. (TSX-V:GOD) said Friday that it will raise up to $4.0 million through a non-brokered private placement to fund continued drilling on the company's Ronguen gold deposit in Burkina Faso.
The financing will see the company offer up to 40,000,000 common shares at a purchase price of $0.10 per share.
Aside from the deposit in Burkina Faso, the proceeds of the raising will be used to acquire additional properties and for working capital purposes.
The company could pay finder's fees to parties who introduce new subscribers. Such finder’s fees may be payable in cash, shares and/or warrants, it said.
In early 2008, an initial mineral resource evaluation prepared by SRK Consulting estimated that the Ronguen Main zone contains 5.90 million tonnes, grading an average of 1.3 grams of gold per tonne or 249,000 ounces of gold in the inferred category.
Phase 2 of Goldrush's Ronguen drill program, consisting of 36 reverse circulation drill holes totaling 3,206 metres and three trenches aggregating 360 metres, has now begun and should be completed by the end of October this year.
Currently, nine holes have been completed and assay results are pending. An updated mineral resource estimate is planned once the fall 2010 drilling and trenching program is completed and analyzed.
Goldrush is exploring for gold in the West African country of Burkina Faso, where it holds five prospective permits covering 922 sq. km. Its permits are all located within the West African Birimian Greenstone Belts, having a prolific history of gold production in this area of the world.



















