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GOLDRUSH CASINO & MINING CORP. ANNOUNCES AGREEMENT

 VANCOUVER, British Columbia, Feb. 8 /PRNewswire/ -- The directors of Goldrush Casino & Mining Corp. (Vancouver: GDH) announce that an agreement has been reached with Great Canadian Casino Co.'s U.S. subsidiary, consolidating the casino/hotel joint venture under the Goldrush corporation umbrella. This allows the casino/hotel complex, planned to be built in Colorado, to be operated day to day from within the company and 100 percent of the profits will now accrue to Goldrush. This is being accomplished by the following:
 1. Ross J. McLeod, co-founder and executive vice president of the Great Canadian Casino Co. "GCC") is appointed chairman of the board of Goldrush effective immediately.
 2. Adrian Thomas, vice president of operations of GCC, is appointed a director of Goldrush. Thomas brings to the board in excess of 26 years experience in the gaming industry in England, Canada and the Bahamas. He is granted an option to purchase 100,000 shares at a price of $1.90 for a period of five years.
 3. The management of GCC is granted a private placement of 260,000 units at a price of $1.60 per unit. Each unit consists of one common share and one non-transferable share purchase warrant, each warrant entitling the holder to purchase one additional common share at a price of $1.60 for a period of six months. This placement will net Goldrush $416,000.
 4. The U.S. subsidiary of GCC is being reimbursed its actual joint venture expenses to date in Colorado by issuing approximately $300,000 worth of Goldrush common shares at $1.95 per share.
 5. John E. Hoegg, president of GCC, and Ross J. McLeod, are each given the right to earn 500,000 shares of Goldrush on a formula based on income generated by the Casino Division of Goldrush.
 The purchase agreement of the Gold Pointe casino-zoned property in Central City, Colo., has been favourably restructured by rearranging payment dates, suspending some interest payment and granting Goldrush the right to complete the purchase of the property in an earlier time frame for a $500,000 US discount. This lowers the purchase price to $2,500,000 US. Goldrush has advanced $100,000 US under these new terms.
 All the above is subject to regulatory approval and the joint venture buyout is subject to shareholder approval. Financing of the remainder of the casino/hotel project is currently being arranged.
 -0- 2/8/93
 /CONTACT: James. M. Blair, president of Goldrush Casino & Mining, 604-922-0370/
 (GDH.)


CO: Goldrush Casino & Mining Corp. ST: British Columbia IN: LEI MNG SU: JVN

JL -- LA015 -- 4164 02/08/93 14:06 EST
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Publication:PR Newswire
Date:Feb 8, 1993
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