GOLD HILL, Nev., July 2 /PRNewswire-FirstCall/ -- GoldSpring, Inc. (OTC
Bulletin Board: GSPG), the holder of what is believed to be the largest
mineral rights land position in Nevada's Comstock Lode Mining District,
reported today assay results from its drill holes, numbered 37-44. Of note
is the fact that Hole #44 encountered five feet grading 1.559 ounces of
gold per ton and 6.35 ounces of silver per ton, suggesting potential for
high grade levels in the area of this Hole.
To date, the Company has drilled 57 holes and has received third-party
assay results for the first 43 of those drill holes. The Company expects to
receive assay results for holes 45 - 57 later this month. The Hartford
Complex represents less than five percent of the Company's total
landholdings in the Comstock Lode.
"We are excited by these additional drill results. Our ongoing drilling
has furthered the delineation of the ore body at our Comstock Lode
project," said Jim Golden. GoldSpring's Chief Operating Officer. "We expect
to drill an additional 43 holes in the third quarter, bringing the total
number of drill holes in this phase of the exploration project to 100. Our
focus continues to be on completing our initial 43-101 resource report, and
we continue to be encouraged by our strong assay results."
Assay results from drill holes 37-44 are set forth below, in reverse
order.
-- Drill Hole 44: targeted high grade mineralization north of Drill
Hole # 40 encountering 60 feet (215'-275') grading 0.172 opt gold and 1.19
opt silver including five feet (230'-235') grading 1.559 opt gold and 6.35
opt silver, followed by eighty-five feet (345'-430') grading 0.064 opt gold
and 0.06 silver including fifteen feet (355'-370') grading 0.242 opt gold
and 0.20 opt silver.
-- Drill Hole 43: was targeted at mineralization dipping to the east of
the deposit. The drill hole encountered 75 feet (335'-410') grading 0.01
ounces per ton gold and 0.43 ounces per ton silver.
-- Drill Hole 42: was targeted at mineralization dipping to the east of
the deposit. The drill hole encountered 100 feet of precious metals values
at a depth of 615 feet to 715 feet bottoming in low grade gold/silver
mineralization.
-- Drill Hole 41: encountered 10'-25' grading 0.030 ounces per ton gold
and 0.17 ounces per ton silver; followed by 20 feet (135'-155') grading
0.137 ounces per ton gold and 0.61 ounces per ton silver, then 85 feet
(185'-270') grading 0.015 ounces per ton gold and 0.04 ounces per ton
silver; followed by 110 feet (295'-405') grading 0.037 ounces per ton gold
and 0.61 ounces per ton silver, and 20 feet (540'-560') grading 0.025
ounces per ton gold and 0.31 ounces per ton silver.
-- Drill Hole 40: encountered 50 feet (210'-260') grading 0.238 ounces
per ton gold and 0.16 ounces per ton silver including interval 235'-240'
grading 1.937 ounces per ton gold and 0.70 ounces per ton silver, and 15
feet (325'-340') grading 0.043 ounces per ton gold and 0.68 ounces per ton
silver. This drill hole was previously announced.
-- Drill Hole 39: encountered from the surface to 120 feet grading
0.031 ounces per ton gold and 0.43 ounces per ton silver, followed by a low
grading parting of 50 feet (120'-170') grading 0.009 ounces per ton gold
and 0.37 ounces per ton silver, and continuing to 40 feet (170'-210')
grading 0.040 ounces per ton gold and 1.00 ounces per ton silver.
-- Drill Hole 38: encountered from the surface to 20 feet grading 0.087
ounces per ton gold and 0.83 ounces per ton silver, followed by 110 feet
(60'- 170') grading 0.025 ounces per ton gold and 0.38 ounces per ton
silver, followed by 135 feet (190'-325') grading 0.031 ounces per ton gold
and 0.73 silver, and 25 feet (400'-425') grading 0.021 ounces per ton gold
and 0.35 ounces per ton silver. This hole bottomed in low grade gold
values.
-- Drill Hole 37: encountered from the surface 155 feet grading 0.032
ounces per ton gold and 0.53 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: 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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