GOLD HILL, Nev., May 7 /PRNewswire-FirstCall/ -- GoldSpring, Inc. (OTC
Bulletin Board: GSPG) announced favorable drill results from its
exploration program at the Hartford Complex in the Comstock Lode region of
Nevada. Drill holes 25 through 27 are a continuation of the Company's
definition drilling program and show strong mineralization in and around
the Hartford Complex.
"We are excited by these additional results," said Jim Golden,
GoldSpring's Chief Operating Officer. "Assay results have been received
from an additional three reverse circulation holes since the last report of
drill results on April 25, 2008. These drill holes, completed since
December 2007, were designed to test the extent of known mineralization in
the Hartford Complex. High-grade silver and gold mineralization was
intersected in many of the drill holes and all holes intersected multiple
gold- and silver-bearing veins. The drilling for holes 25 through 27 are
highlighted by a twenty-five foot interval (285'-310') grading 0.239 ounces
per ton gold and 0.94 ounces per ton silver."
Summary Exploratory Drilling Results Table
The Company has initiated geologic and engineering efforts with the
objective of providing a report on the mineral resource outlined in the
on-going exploration program coupled with historical exploration data.
* Drill Hole 27: encountered twenty feet (0'-20') grading 0.044 ounces
per ton gold and 0.94 ounces per ton silver followed by ten feet
(140'-150') grading 0.063 opt gold and 0.56 ounces per ton silver,
eighty feet (175'-255') grading 0.044 ounces per ton gold and 0.38
ounces per ton silver and one hundred eighty feet (315'-495') grading
0.040 ounces per ton gold and 1.13 ounces per ton silver.
* Drill Hole 26: encountered twenty-five feet (0'-25') grading 0.025
ounces per ton gold and 0.88 ounces per ton silver at the surface. The
drill hole later encountered one hundred thirty-five feet grading 0.065
ounces per ton gold and 0.41 ounces per ton silver and forty-five feet
(390'-435') grading 0.029 ounces per ton gold and 0.69 ounces per ton
silver. This hole bottomed in ore.
* Drill hole 25: encountered from the surface to a depth of 60 feet
gold/silver mineralization grading 0.033 ounces per ton old and 0.80
ounces per ton silver, fifteen feet (135'-150') graded 0.034 ounces per
ton gold and 0.06 ounces per ton silver, followed by sixty-five feet
(165'-230') grading 0.029 ounces per ton gold and 0.50 ounces per ton
silver, fifteen feet (315'-330') grading 0.014 ounces per ton gold and
0.09 ounces per ton silver and seventy feet (525'-595') grading 0.015
ounces per ton gold and 0.14 ounces per ton silver.
To date, the Company's phase one drilling program results are summarized
in the table below.
Drill Hole Intercept Gold Grade Silver Grade
Number in Feet (ounces per (ounces per
ton Au) ton Ag)
27 0'-20' 0.044 0.94
140'-150' 0.063 0.56
175'-255' 0.044 0.38
315'-495' 0.040 1.13
26 0'-25' 0.025 0.88
240'-375' 0.065 0.41
395'-435' 0.029 0.69
25 0'-60' 0.033 0.80
135'-150' 0.034 0.06
165'-230' 0.029 0.50
315'-330' 0.014 0.09
525'-595' 0.015 0.14
24 0'-25' 0.052 0.64
150'-235' 0.103 0.54
285'-420 0.022 1.03
23 75'-235' 0.058 0.78
260'-300' 0.030 1.04
22 0'-20' 0.012 0.24
30'-40' 0.134 1.57
70'-140' 0.040 0.43
21 210'-305' 0.046 0.61
20 70'-75' 0.013 0.04
390'-395' 0.015 0.04
19 0'-45' 0.010 0.13
140'-180' 0.045 0.63
205'-230' 0.013 0.56
18 0'-40' 0.010 0.29
260'-265' 0.022 1.63
17 60'-130' 0.031 0.50
16 290'-300' 0.088 0.07
385'-535' 0.047 0.07
555'-755' 0.032 0.25
15 10'-25' 0.054 1.74
115'-320' 0.118 1.32
325'-365' 0.029 3.53
14 10'-40' 0.034 0.72
55'-80' 0.109 0.75
210'-225' 0.082 0.08
290'-330' 0.091 0.23
13 0'-70' 0.025 0.34
12 0'-60' 0.012 0.18
445'-460' 0.062 0.14
11 175'-265' 0.043 0.47
285'-350' 0.076 1.28
10 20'-400' 0.109 0.66
09 10'-25' 0.054 1.74
115'-320' 0.118 1.32
325'-350' 0.030 .020
08 40'-55' 0.037 0.17
85'-150' 0.060 1.04
07 15'-185' 0.068 1.50
06 35'-55' 0.029 1.27
120'-130' 0.164 1.19
135'-215' 0.033 0.29
245'-275' 0.037 1.29
275'-325' 0.003 1.71
05 30'-65' 0.038 0.90
120'-265' 0.045 1.27
04 50'-60' 0.006 0.09
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 resume mining, optimize
production, increase reserves through exploration and acquisitions, expand
its footprint in the Comstock, 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: rfaber@goldspring.us
or
Dan Schustack, CEOcast, Inc. for Goldspring, Inc. at (212) 732-4300
SOURCE GoldSpring, Inc.
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Related links:
http://www.goldspring.us
CONTACT:
Robert T. Faber, President and CEO of
GoldSpring, Inc., +1-480-603-5151, or +1-775-847-5272,
rfaber@goldspring.us; or Dan Schustack, of CEOcast, Inc.,
+1-212-732-4300, for GoldSpring, Inc.
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