Goldrush Resources Ltd. (TSXV: GOD) – Initiating Coverage; Gold ...

Goldrush Resources Ltd (TSXV: GOD) – Initiating Coverage Page 9• Current measured and indicated resources of 13.3 million tonnes grading 2.48 g/t gold(1.066 mm oz) and inferred resources of 8.3 million tonnes grading 1.81 g/t gold(0.483 mm oz).Kalsaka Mine• Controlled by Cluff Gold plc (“Cluff” TSX: CFG); 40 kilometres west of Ronguen• The mine has measured and indicated resources of 12.1 million tonnes at 1.6 g/t gold(0.64 mm oz) and inferred resources of 3.3 million tonnes grading 1.5 g/t gold (0.16mm oz).• The mine also has mineral reserves of 0.33 mm oz at a gold price of just US$525 perounce, demonstrating the potential of Ronguen, particularly at today’s elevated goldprice.Karma Project• Controlled by Riverstone Resources Ltd. (“Riverstone” TSXV: RVS); 80 kilometresnorth-west of Ronguen• Current indicated resource of 21.4 million tonnes grading 1.20 g/t gold (0.820 mm oz)and inferred resource of 12.2 million tonnes grading 0.82 g/t gold (0.322 mm oz).Sega Deposit• Controlled by Orezone Resources Ltd. (“Orezone” TSX: ORE); 50 km north-west ofRonguen• Current indicated resource of 8.3 million tonnes grading 1.69 g/t gold (0.450 mm oz)and inferred resource of 2.9 million tonnes grading 1.58 g/t gold (0.147 mm oz).We believe that from a geological perspective, the Ronguen deposit has excellentupside potential. The deposit remains both at depth and along the five kilometer longstructural trend. Unexplored targets also remain throughout the property area.Exploration by Goldrush: To date, the company has completed 397 rotary air blast,reverse circulation (“RC”) and core drill holes totaling over 25,000 metres. Over 2,000metres in 23 trenches has been completed over a 1.5 km section of the 5 km longcontrolling structure.The 2010 Phase I drill program contributed 1,992 metres of core drilling which aspreviously noted, has demonstrated mineralization from near surface to a depth ofapproximately 160 metres. First assays from the Phase II RC drill program included anintersection of 7.63 g/t gold over 15 metres and 3.17 g/t gold over 22 metres in holeKGRR010-096. A step-out hole was drilled 22.5 metres north of hole KGRR010-096 -assay results are currently pending. Also, four of the six initial South Zone holesencountered shallow gold mineralization at depths of 6 - 37 meters vertical from surface.Resource Estimate: A resource estimate, presented in the table on the next page, wascompleted for the Ronguen deposit in March 2008 by SRK Consulting (Canada) Inc.© 2010 Fundamental Research Corp. www.researchfrc.com Siddharth Rajeev, B.Tech, MBA, CFAPLEASE READ THE IMPORTANT DISCLOSURES AT THE BACK OF THIS REPORT