Message #31 From:
NewsBot Date: June 10, 2008 08:46:13 PM
GSPG Stock: GoldSpring Announces Results of Preliminary Interim Resource Report on Hartford Complex
GOLDHILL, Nev., June 10 /PRNewswire-FirstCall/ -- GoldSpring, Inc.
(OTC Bulletin Board: GSPG stock), reported today that it has received a Preliminary
Interim Resource Report from Telesto Nevada Inc., an independent geology firm.
The report provides an estimate as to the contained resource gold ounces
currently drill indicated at GoldSpring's Hartford Complex in the Comstock
Lode District, which represents less than 5% of the acreage of the Company's
overall land holdings. Based on the 38 drill holes completed to date, the
report indicates a resource of 4,926,000 tons grading 0.080 ounces per ton
gold containing 392,000 ounces at a cutoff grade of 0.030 ounces per ton.
Based upon a per ounce gold price of $892 (which was the range of price
reported yesterday on http://www.goldprice.org), the mathematical evaluation
based upon the resource identified in the Report would be approximately $350
million. The Report excludes hole #40, which was the subject of a press
release issued by the Company yesterday, or additional drilling activity that
has been conducted subsequent to May 30, 2008. The resource is highlighted by
930,000 tons grading 0.209 ounces per ton gold containing 194,000 ounces of
gold using a 0.100 ounces per ton gold cutoff grade.
'The results contained in the Report are extremely promising,' said Rob
Faber, GoldSpring's Chief Executive Officer. 'This independent evaluation
increases our confidence that the Comstock represents a location with material
amounts of gold and other natural resources. We anticipate the release of our
initial 43-101 resource report by the end of July. Also, our drilling program
is ongoing, and we hope to drill an additional 50 holes in the next three
months, which we expect to further increase our gold and silver resources at
the Hartford Complex.'
The Company will hold a conference call today at 4:30 p.m. eastern time.
Interested participants should dial 866-214-7077 when calling within the
United States or 416-915-9608 when calling internationally along with pass
code 8254829. There will be a playback available as well. To listen to the
playback, please call 888-203-1112 when calling within the United States or
719-457-0820 when calling internationally. Please use pass code 8254829 for
the replay. The call is also being webcast and can be access at GoldSpring's
website at http://www.goldspring.us.
The full text of the Telesto Preliminary Interim Resource Report can be
found as an attachment to the Form 8-K filed by the Company with the SEC
today.
GoldSpring, Inc. is a North American precious metals mining company,
focused in Nevada, with extensive, contiguous property in the Comstock Lode
District. Our Company was formed in mid-2003, and we acquired two properties
in the Comstock Lode before the end of the year. We secured permits, built an
infrastructure and brought the exploration project into test mining production
within a year of its acquisition. The Company, in 2005, began consolidating
the Comstock Lode by acquiring additional properties in the district,
expanding our footprint and creating opportunities for exploration and mining.
We are an emerging company, looking to build on our success through the
acquisition of other mineral properties in the Comstock Lode District with
reserves or exploration potential. The Company's objectives are to increase
reserves through exploration, expand its footprint in the Comstock, resume
mining, optimize its production, and maximize shareholder value
The Private Securities Litigation Reform Act of 1995 provides a 'safe
harbor' for forward-looking statements. Certain information included in this
communication (as well as information included in oral statements or other
written statements made or to be made by GoldSpring) contains statements that
are 'forward-looking,' as defined in Section 21E of the Securities Exchange
Act, such as statements relating to the future anticipated direction of the
high technology and energy industries, plans for future expansion, various
business development activities, planned capital expenditures, future funding
sources, anticipated sales growth, mining capability and potential contracts.
Such forward-looking information involves important risks and uncertainties,
which include the risk factors disclosed in our most recent filings with the
U.S. Securities and Exchange Commission, that could significantly affect
anticipated results in the future and, accordingly, such results may differ
from those expressed in any forward-looking statements made by or on behalf of
GoldSpring. These risks and uncertainties include, but are not limited to,
those relating to development and expansion activities, dependence on existing
management, financial activities, domestic and global economic conditions,
changes in federal or state tax laws and market competition factors. These and
other factors, which could cause actual results to differ materially, are
discussed in more detail in GoldSpring's filings with the Securities and
Exchange Commission. Forward-looking statements include statements regarding
our expectations, beliefs, intentions or strategies regarding the future and
can be identified by forward-looking words such as 'anticipate,' 'believe,'
'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'should,' 'will,' and 'would'
or similar words. We assume no obligation to update the information included
in this press release, whether as a result of new information, future events
or otherwise.
Contact information for GoldSpring, Inc.: P.O. Box 1118 Virginia City, NV 89440 Tel 775.847.5272 Fax 775.847.4762 http://www.goldspring.us
Robert T. Faber, President and CEO 480.603.5151 775.847.5272 E-mail: rfaber@goldspring.us
