August 19, 2008
GoldSpring Renews Reclamation Permit for Comstock Lode Property
GOLD HILL, Nev., Aug. 19 /PRNewswire-FirstCall/ -- GoldSpring, Inc. (BULLETIN BOARD: GSPG) , announced today that its updated Reclamation Permit has been approved by the Nevada Department of Environmental Protection (NDEP). The updated and amended permit expands the footprint of the allowable surface mining limit from 23.5 acres to 110.0 acres and expands the boundary of its exploration and development area by approximately 467% from 173 acres to 809 acres. The Company sought an expansion of the allowable area under the Permit as a result of favorable drilling results in the Comstock Lode project.
The Company has secured an updated reclamation bond through the State of Nevada Bond Pool administered by the Nevada Division of Minerals. The completion of this permitting process is a key step in the Company's plan to resume mine production in 2009.
"We are pleased with the diligent efforts of the Plum Mine's engineering and geological team," commented Dennis Anderson, P.E., GoldSpring's Senior Engineer. "Our team has re-engineered and updated our Reclamation Plan to allow for expanded exploration and development opportunities and to reflect current economics. These amendments allow us to increase the scale of our Comstock Lode project beyond the parameters contemplated in our original 2004 Reclamation Plan and Permit."
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/