September 2, 2008
GoldSpring Releases Assay Results for 9 Additional Drill Holes
GOLD HILL, Nev., Sept. 2 /PRNewswire-FirstCall/ -- GoldSpring, Inc. (BULLETIN BOARD: GSPG) announced today that it has released assay information for nine additional drill holes in the Hartford Complex (See table below). The positive assay results from these nine drill holes continue to expand the depth and surface area of the known mineral resource in the Hartford Complex of the Comstock Lode. The Company's drilling program is on-going. A second drill arrived on site on August 26, 2008. The Company has commenced the drilling of an additional 135 development drill holes in the Hartford Complex with the objective of providing drill hole data for detailed mine planning.
In addition, the Company has provided an update on its forthcoming 43-101 resource report. In preparation for GoldSpring's release of the report, Telesto Engineering of Reno, GoldSpring's engineering contractor, is updating the geologic resource report. The preliminary report, which was released in June 2008, was based on the existing data plus GoldSpring's 38 drill holes and indicated 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. The Telesto 43-101 resource report will include an additional 19 holes as a result of increased exploration activity, and will be based on GoldSpring's 57 drill holes plus numerous historic drill holes largely drilled in the 1990's. The remaining geologic and assay data has been forwarded to the engineer, and GoldSpring anticipates receiving the report this month. The final nine holes added in the Telesto estimate are summarized in the table below.
Drill Hole I.D. Intercept Gold Grade Silver Grade in Feet (ounces per (ounces per ton Gold) ton Silver) 49 0'-50' 0.018 0.73 165'-290' 0.025 0.15 310'-355' 0.119 0.37 50 0'-50' 0.128 0.43 155'-275' 0.068 0.83 Bottom in ore @ 275' 51 55'-120' 0.041 0.23 175'-295' 0.024 0.46 52 70'-90' 0.046 0.16 120'-170' 0.120 0.52 190'-255' 0.022 0.35 290'-325' 0.015 1.13 53 0'-25' 0.018 0.69 225'-260' 0.033 0.13 54 315'-355' 0.043 0.93 450'-470' 0.033 0.08 505'-520' 0.048 0.23 635'-675' 0.022 0.09 55 345'-355' 0.104 0.17 385'-410' 0.016 0.05 450'-605' 0.026 0.02 56 435'-445' 0.191 0.10 750'-765' 0.070 0.04 57 90'-105' 0.018 0.43 135'-155' 0.023 0.06 270'-425' 0.017 0.18 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: GoldSpring, Inc., +1-775-847-5272, Fax +1-775-847-4762, orRobert T. Faber, President and CEO of GoldSpring, Inc., +1-480-603-5151,+1-775-847-5272, [email protected]; or Dan Schustack of CEOcast, Inc.,+1-212-732-4300, for GoldSpring, Inc.
Web site: http://www.goldspring.us/