GOLD HILL, Nev., May 15 /PRNewswire-FirstCall/ -- GoldSpring, Inc. (OTC Bulletin Board: GSPG) today is pleased to announce the results of a Mineral Reserve Declaration Report, compiled in accordance with the Society of Mining, Metallurgy, and Exploration (SME) 2007 Mineral reserve reporting guidelines. The mineral reserve, an estimate of the economically mineable tonnage in the Hartford / Lucerne Complex, includes 20.3 million tons of ore, with 564,000 recoverable ounces of gold, and 5.85 million recoverable ounces of silver, with a gross value of $604 million at current prices. The Report also quantified mineral resources of 30 million additional tons, containing 870,000 ounces of gold and 12.9 million ounces of silver.

The Mineral Reserve Declaration Report is the result of eight additional months of drilling, interpretation, and analysis since the Company published its September 2008 Resource Report. Jim Golden, GoldSpring's Chief Operating Officer, stated: 'This report is the culmination of a tremendous amount of work by our team, including drilling, detailed geological mapping, metallurgical testing, cost-estimating, mine modeling, and permitting. We now have confidence in the continuity of the mineralization and the economics of the deposit, and can move forward with the detailed mine-planning to reopen the mine.'

The mineral reserve was estimated from GoldSpring's drilling program that was conducted from December 2007 to February 2009 and consisted of 182 development drill holes combined with 458 drill holes from past drill campaigns. GoldSpring's Chief Geologist, Larry Martin commented: 'The new drilling has greatly increased our geological knowledge, and understanding of the structural and mineralization controls. As a result, we have identified 36 new exploration targets for the next round of drilling.' This is especially significant since the Hartford / Lucerne mineral reserve occupies only 81 acres, less than 2% of the Company's land holdings in the Comstock District. (Contained within those land holdings are 166 acres, including 14 acres in the mineral reserve area, under LOI with one of the Company's largest creditors.)

The mineral reserve modeling was performed by Michael Norred, President of Techbase International, Morrison, Colorado. Mr. Norred said: 'This has been a great project, and I'm glad to have played a part in its success.' Rob Faber, GoldSpring's Chief Executive Officer, stated: 'We are very pleased with the mineral reserves shown in the report. This initial valuation of our Hartford / Lucerne mineral reserve should serve as a catalyst for securing favorable financing for advancing the project through land acquisitions, additional drilling, and the capital expenditures for mine and mill equipment.'

Cautionary Note to U.S. Investors:

Investors are cautioned that GoldSpring's (GSPG) news releases specify reporting with respect to the Society of Mining, Metallurgy, and Exploration 2007 Mineral Reserve reporting guidelines ('SME 2007'). As GSPG is listed on the United States OTC market, we are required by US law to provide disclosure in accordance with the United States Securities and Exchange Commission ('SEC') and included in the SEC's Securities Act Industry Guide 7 entitled 'Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations' ('Guide 7'). SME 2007 reporting guidelines and Guide 7 standards are substantially different, with each institution having their own set of definitions related to the term 'reserve'. For example, the term 'mineral reserve' is defined by the SME 2007 and is not found in Guide 7.

U.S. Investors are advised that mining terms and concepts are set out in and required to be disclosed as information material to the issuer. U.S. Investors should be aware that the issuer has no 'reserves' as defined by Guide 7 and are cautioned not to assume that any part or all of SME 2007 mineral resources or reserves will ever be confirmed or converted into Guide 7 compliant 'reserves'. 'Mineral resources' are strictly uncertain as to their existence, and strictly uncertain as to their economic and legal feasibility.

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-K 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.

    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

SOURCE GoldSpring, Inc.

Source: PR Newswire (May 15, 2009 - 11:57 AM EDT)

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