July 22, 2008
GoldSpring Releases Assay Results Which Demonstrate Continuation of Favorable Indications From Drill Program
GOLD HILL, Nev., July 22 /PRNewswire-FirstCall/ -- GoldSpring, Inc. (BULLETIN BOARD: GSPG) reported today a continuation in the trend of encouraging assay results from its latest four drill holes, numbered 45-48, suggesting expanded depth and surface area of the identified ore body in the Hartford Complex. The Hartford Complex represents less than five percent of the Company's total leases of landholdings in the Comstock Lode.
"The assays from drill holes 45-48 continue the trend of favorable indications from our 2008 drilling program, suggesting the potential for a broader range of mineralization," said Jim Golden, GoldSpring's Chief Operating Officer. "As a result of these, and other encouraging results obtained from our drilling activity in the Hartford Complex, we have taken steps to accelerate our drilling program. Specifically, we plan to have three drills operating during the third quarter, which may expedite the completion of our drilling program at the Hartford Complex. The completion of the drill program is an essential step in our return to mine production."
Assay results from drill holes 45-48 are set forth below, in reverse order.
-- Drill Hole 48: was targeted to find surface outcropping ore in areas where drill recovery was poor. The hole encountered from the surface to a total depth of ninety feet grading 0.041 ounces per ton gold and 0.86 ounces per ton silver.
-- Drill Hole 47: was targeted to find surface outcropping ore in areas where drill recovery was poor. The hole encountered from surface to a total depth of eighty-five feet grading 0.040 ounces per ton gold and 0.81 ounces per ton silver.
-- Drill Hole 46: from the surface to fifteen feet grades 0.012 ounces per ton gold and 0.50 ounces per ton silver, followed by ten feet (105'-115') grading 0.019 ounces per ton gold and 0.06 ounces per ton silver, with eighty-five feet (220'-305') grading 0.058 ounces per ton gold and 0.46 ounces per ton silver, and twenty-five feet (325'-350') feet grading 0.031 ounces per ton gold and 0.07 ounces per ton silver.
-- Drill Hole 45: encountered five feet (90'-95') grading 0.257 ounces per ton gold and 1.64 ounces per ton silver, followed by a low grade zone of ninety feet (165'-255') grading 0.012 ounces per ton gold and 0.08 ounces per ton silver, and then ninety feet (255'-345') grading 0.077 ounces per ton gold and 0.82 ounces per ton silver.
All of the assays referenced herein and the data derived therefrom have been performed and analyzed by American Assay of Reno, Nevada, a laboratory independent of GoldSpring, utilizing industry standard analytical methods.
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.
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: [email protected] or Dan Schustack, CEOcast, Inc. for GoldSpring, Inc. at (212) 732-4300
CONTACT: Robert T. Faber, President and CEO of GoldSpring, Inc.,+1-480-603-5151, +1-775-847-5272, [email protected]; or Dan Schustack ofCEOcast, Inc., +1-212-732-4300, for GoldSpring, Inc.
Web site: http://www.goldspring.us/