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GOLDRUSH DIRECTORS EXECUTE FORMAL OPTION TO PURCHASE CASINO-ZONED PROPERTY

 GOLDRUSH DIRECTORS EXECUTE FORMAL OPTION
 TO PURCHASE CASINO-ZONED PROPERTY
 VANCOUVER, British Columbia, Aug. 10 /PRNewswire/ -- The Goldrush Directors (Vancouver: GDH), on behalf of the 50-50 joint venture with The Great Canadian Casino Co. Ltd., have executed a formal option to purchase a casino-zoned property in Black Hawk, Colo. The terms include a non-refundable down payment of $250,000, a closing payment of $3,750,000 on Oct. 7, and the balance of $5,000,000 by way of a five-year mortgage with a $1,000,000 discount if paid by Jan. 3, 1993 (all in U.S. funds). The property is approximately 1.5 acres in size and includes two buildings with sewer and water connections in place. These buildings are capable of being renovated for casino gaming as soon as architectural drawings have been accepted by the City of Black Hawk. The property is large enough for ample parking and hotel facilities. When completed, the facility is intended to be the largest of its kind in either Central City or Black Hawk, Colo. It is located on Main Street in Black Hawk, which parallels the highway into both cities and is strategically located near the intersection of the road leading to the City of Black Hawk's public parking lot (the largest parking lot in Gilpin County). Main Street will soon become the major focus of gaming in Black Hawk as at least 30 casinos are in various stages of planning and development along this street.
 Much of the work that the joint venture has completed with respect to the previous property purchase announced on June 3, 1992, will be applicable to the development of this property. A complication has arisen with respect to the June 3, 1992 agreement and Goldrush continues to pursue available remedies in order to finalize that agreement.
 Gaming revenues continue to increase dramatically on a monthly basis from the Central City-Black Hawk gaming area and remains the fastest growing gaming area in the United States. Based on corporate analysis completed to date, the development contemplated is highly feasible. Only its ultimate architecture, size and number of slot machines need to be finalized upon before specific projections can be released.
 A 12G exemption (no. 82-3323) has been issued by the Securities and Exchange Commission in the United States, and an application to trade on the American Stock Exchange in New York will be applied for in the near future.
 The Management of Goldrush are arranging major financing for the purchase and development of the casino-hotel properties. A business plan including cash projections will be disseminated in the near future.
 -0- 8/10/92
 /CONTACT: James M. Blair, president of Goldrush Mining, 604-922-0370/
 (GDH.) CO: Goldrush Mining Corp. ST: British Columbia IN: CNO SU: RLE


JB-JL -- LA012 -- 8517 08/10/92 12:22 EDT
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Publication:PR Newswire
Date:Aug 10, 1992
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