Goldrush Resources Announces Receipt of US$500,000 Payment and Appointment of New Chief Financial Officer
Vancouver, July 2, 2015 - Goldrush Resources Ltd. (TSX-V: GOD) ("Goldrush" or the "Company") is pleased to announce that it has received US$500,000 from the US$1,000,000 held in escrow as the second tranche of the US$4,250,000 total payment due on the sale of its wholly-owned Burkina Faso subsidiary, Goldrush Burkina S.A.R.L. ("Goldrush Burkina") to Nord Prognoz Ltd., a wholly-owned subsidiary of Nord Gold N.V. (LSE: NORD) ("Nordgold"), pursuant to the terms of the Share Purchase Agreement dated June 11, 2014, as amended among the Company, Goldrush Burkina and Nordgold which transaction closed on October 17, 2014. The final payment of up to US$500,000 is due to be released from escrow on December 31, 2017, subject to deductions for any liabilities of Goldrush Burkina that occurred prior to the closing on October 17, 2014.Goldrush Burkina holds the Tikare and Kongoussi 1 mineral permits that comprise the Ronguen Project, which is located 10 kilometres northwest of Nordgold's Bissa gold mine and 100 kilometres north of Ouagadougou, the capital city of Burkina Faso. Goldrush continues to hold a 1% Net Smelter Returns Royalty on any production from the Ronguen Project at a gold price over US$1,700 per ounce. The royalty may be repurchased at anytime for a cash consideration of US$1,000,000.
Appointment of New Chief Financial Officer
Goldrush is also pleased to announce the appointment of Mr. Scott Davis, CPA, CGA as Chief Financial Officer effective July 1, 2015.
Mr. Davis is a graduate of the British Columbia Institute of Technology accounting program and is a partner in the Vancouver accounting firm CrossDavis & Company LLP where he has provided accounting services to junior mining and industrial companies for over 10 years.
"We welcome Scott Davis to the Goldrush team. Scott's extensive accounting experience with junior companies will be a valuable asset for Goldrush as we search for the best opportunity to deploy our free capital resources," stated Len Brownlie, President and CEO.
Mr. Scott Hamilton, who has served as Chief Financial Officer since November 2014 and as Chief Accountant of Goldrush since 2004 has resigned in order to take a position in the oil and gas industry. The Board of Directors would like to thank Scott for his contributions to the Company.
About Goldrush:
Goldrush is a well-funded, successful Canadian mineral exploration company focused on gold exploration, with a treasury of over CDN$3,500,000.
Mr. Driffield Cameron, P.Geo., Director of Goldrush, is the Qualified Person for this news release within the meaning of Canadian Securities Administrators' National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and approved the technical information contained 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:
Goldrush Resources Ltd.
Len Brownlie, President and CEO
info@goldrushresources.ca
1-604-602-9973
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.
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 future acquisitions, exploration and development. Forward-looking statements in this release including statements regarding the Company's future plans and the funds available to it 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 uncertainties relating to the release of the funds held in escrow, 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.
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