Company Hires Chief Geologist to Oversee Developmental and Exploration Drilling

GOLD HILL, Nev., Nov. 18 /PRNewswire-FirstCall/ -- GoldSpring, Inc. (OTC Bulletin Board: GSPG) announced today the recent assay results from nine drill holes (See table below), which indicate strong gold mineralization in areas surrounding the known resource footprint. The drill holes expand the resource area to the northeast, northwest, east and south. The Company has increased the number of operating drills from two to four. The two additional drills will accelerate the Company's infill drilling program at the Hartford Complex and allow for the continuation of exploration drilling at the Company's Comstock Lode project.

Commenting on the recent results, GoldSpring's Chief Operating Officer Jim Golden said, 'We continue to receive positive results from our drilling program, expanding our resource area. The additional drills will accelerate our timeline to define the deposit.'

GoldSpring's recent drill hole assays display the extending mineralization and show that the deposit requires further drilling along the margins of the deposit to the northwest, south, and to the northeast of the drill-defined deposit. The deposit is being drilled within the known extent to meet requirements for detailed mine planning. Secondly, drilling has been strategically planned to explore the immediate extent of mineralization as new geologic data reveals a larger deposit. The following data shows that the deposit is not fully defined and indicates GoldSpring should continue drilling to define the extending boundary of the precious metals mineralization.

      Drill Hole I.D.      Intercept in    Gold Grade      Silver Grade
                               Feet
      General Collar                      (ounces per     (ounces per
        Location                           ton Gold)       ton Silver)

      58 - 100' East        130'-285'         0.018           0.48
      of Known Deposit

      59 - 100' East        105'-265'         0.035           0.58
      of Known Deposit      300'-315'         0.019           0.07

      60 - 200'             275'-335'         0.020           0.18
      Northeast of          375'-435'         0.012           0.02
      Known Deposit         665'-685'         0.045           0.08

      61 - 200'               0'-15'          0.036           0.96
      Northeast of          210'-225'         0.053           0.48
      Known Deposit         240'-310'         0.053           0.84
                            385'-405'         0.022           0.02

      62 - 1200'            100'-120'         0.033           0.56
      Northwest of
      Known Deposit

      63 - 1200'            130'-170'         0.030           0.49
      Northwest of          300'-315'         0.110           0.69
      Known Deposit

      64 - 100'               0'-25'          0.057           0.51
      Northwest of          115'-420'         0.044           0.03
      Known Deposit

      65 - 200'               0'-50'          0.017           0.11
      Northwest of          115'-130'         0.039           0.22
      Known                 140'-320'         0.025           0.14
      Deposit               320'-420'         0.156           0.62
                            420'-500'         0.024           0.11

      66 - 200'               0'-50'          0.014           0.35
      Within the             50'-155'         0.057           1.09
      Known Deposit         155'-190'         0.016           0.33

GoldSpring also announced the addition of Larry Martin as Chief Geologist. Mr. Martin has over thirty years of experience, including work at the following Nevada gold mines: Sleeper mine, Manhattan mine, Hog Ranch mine, Borealis mine, and Rawhide mine. Mr. Martin is managing the geologic engineering supporting the Company's drill program at its Comstock Lode project.

About GoldSpring, Inc.

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.

Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission permits US mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms on this press release, such as 'measured', 'indicated', and 'inferred' resources, which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-KSB which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml

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

     or

     Dan Schustack, CEOcast, Inc. for GoldSpring, Inc. at (212) 732-4300

SOURCE GoldSpring, Inc.

Source: PR Newswire (November 18, 2008 - 9:02 AM EST)

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