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Aug 14, 2008 -- GoldSpring, Inc. (OTCBB: GSPG), announced today that it has executed binding Letters of Intent to purchase properties in Nevada's Comstock Lode Mining District, further consolidating its position as the largest mineral rights holder in the area. Some of the properties the Company is acquiring have previously produced significant amounts of gold and silver.
The Company has entered into agreements, with a related-party shareholder, to purchase assets, including patented and unpatented lode mining claims from DWC Resources, Inc. DWC Resources owns mining claims for properties in the Comstock Lode district that previously generated substantial amounts of gold and silver. The Company also entered into a sub-lease agreement for the Sutro Mining Company properties in the Comstock Lode district. The purchase price for the transactions has been agreed upon but is subject to a fairness opinion to be provided by an independent appraiser. The Company also acquired the lease interest of the Occidental Lode group, consisting of six patented mining claims in the Comstock Lode district.
"The acquisitions of these properties, several of which produced appreciable amounts of gold and silver at a time when sophisticated mining techniques did not exist, is a logical step in our efforts to further consolidate our holdings in the Comstock Lode," said Rob Faber, GoldSpring's Chief Executive Officer. "In addition, these acquisitions enhance our financial flexibility by securing interests that have historically contained notable amounts of gold and silver."
DWC Resources, Inc ("DWC") -- Purchase
GoldSpring has entered into an agreement to purchase approximately 188 acres of patented mining claims and associated unpatented claims from DWC. The property includes numerous historic mines within GoldSpring's permit boundary. Historic profitable gold and silver producing mines include the New York Mine, Keystone Mine, Alta Mine, Lady Washington Mine, Woodville Mine, and Justice Mine. (Mines and Mills of the Comstock Region Western Nevada, 1989, by Mary B. Ansari). The ore-body in the Hartford Complex, currently being drilled by GoldSpring, trends onto the DWC lands. The DWC property lies within this target environment that can be explored under existing permits with exploration and drilling expected to commence in the third quarter of this year.
Sutro Mining Company -- Sublease
GoldSpring has entered into an agreement to sub-lease the Sutro Mining Company's patented mining claims and additional landholdings. The Company also has acquired the rights to explore and exploit precious metals on these historic mining claims. GoldSpring has added 225 acres through the contemplated acquisition of these properties. Historic precious metals mines of the Gold Hill Mining District are included in this acquisition. The more famous mines included are: Consolidated Imperial Mine, the Bowers Mine, Imperial Mine, Rogers Mine, Con Imperial Pit, Confidence Mine, Yellow Jacket Mine, Kentuck Mine, Challenge-Confidence Mine, and the Crown Point Mine. (Mines and Mills of the Comstock Region Western Nevada, 1989, by Mary B. Ansari). These properties, coupled with GoldSpring's down-dip unpatented claims, provide exploration targets in areas from which bonanza-grade ore has historically been mined.
Occidental Lode -- Mining Lease
GoldSpring has acquired the Occidental Lode, a group of six patented claims, lying to the east of Gold Hill. The property is the site of historic Brunswick Mine.
The acquisitions relating to the interests of DWC and Sutro properties are subject to customary closing conditions, including, but not limited to, satisfactory appraisals and documentation.
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.
Aug 13, 2008 -- NutriPure Beverages, Inc. (PINKSHEETS: NUBV | Quote | Chart | News | PowerRating) announced today that it has acquired Moneymaker 1 LLC, a Nevada corporation, and that Moneymaker 1 is now a 100% wholly-owned subsidiary of NutriPure Beverages, Inc. Moneymaker 1 LLC, which will now change its name to Inka Grill Franchise Systems ("IGFS"), owns the nationwide franchising rights to the Inka Grill restaurant, recipes and products, and an agreement is already in place with a major franchising firm to take the concept nationwide. The existing management team of Inka Grill Franchise Systems will remain in place and will continue to run the day-to-day operations of IGFS, with NutriPure providing funding, management oversight, and additional resources as needed. This acquisition has been structured in the form of a stock-for-stock transaction in which current NutriPure shareholders and management remain in control of the company and IGFS shareholders are assured a sizeable ownership position regardless of whether IGFS remains a subsidiary or is eventually spun off as a separate entity.
This announcement follows last Friday's release in which NutriPure announced the finalization of its purchase of XND Technologies, Inc., giving NutriPure two separate and complementary wholly-owned subsidiaries in the "healthy water/healthy food" industries. XND is bringing to market a complete line of Nu2O nutrient-enhanced bottled water products using a patented technology that is more efficient and less costly than any other currently in use. This "cold-fill" process also saves energy and allows organic nutrients to be added to water without adding masking flavors, colors or sweeteners, yielding premium enhanced clean and pure water products. Nu2O products will compete with currently available products such as VitaminWater and SmartWater, and will include formulas that provide vitamin support for general health, a diet formulation for weight watchers, an immune booster, an energy and fitness drink, and additional products to be announced later.
NutriPure's CEO Kenyatto Jones commented that "We have been working toward this day for a long time, and we are very excited to announce that NutriPure now owns two separate and distinct subsidiaries, one water-focused and one food-focused, that will operate independently and can simultaneously work together to create and expand new markets for one another."
Aug 13, 2008 -- New Asia Gold Corp (PINKSHEETS: NWAG | Quote | Chart | News | PowerRating) wishes to announce that it has begun preparations to begin a program that will define additional proven reserves. Previous exploration work on the property consists of 41 diamond drill holes (7863 metres) and 42 trenches that were excavated around the prospect. In the current 43101F Independent Assessment report only 16 of the drillholes and none of the trenches were used to define the existing proven reserves of 330,000 ozs of gold. These are the drill holes that were drilled in such close proximity to allow a proven reserve to be defined.
The results of the other 25 drill holes and the trenching throughout the property showed that there were significant additional gold reserves on the property. The new program of infill drilling will further define these reserves changing them from the probable category to the proven category. The Company believes that, with the significant drilling already completed with excellent gold intersections and other exploration work already completed, this new program to further develop the ore body will substantially increase the proven reserve at very little risk.
New Asia Gold Corp. trades in the United States on the NQB Pink Sheets under the symbol "NWAG".
Aug 14, 2008 -- Quest Minerals & Mining Corp. (OTCBB: QMNM | Quote | Chart | News | PowerRating) (Frankfurt: QMNB), a Kentucky-based operator of energy and mineral related properties, announced today that it has begun to transport certain equipment needed to commence future operations on its Lower Cedar Grove seam.
Everett Hampton, President of Whitestar Mining, LLC, commented, "We plan to excavate the site location so that the property is graded properly for our mining crew to set up operations. Prior operations at this mine have established production levels of 2,000 to 2,500 raw tons per day. So we are eager to reach these target goals as well."
Eugene Chiaramonte, Jr., President of Quest, stated, "We are very excited about reopening this mine because the coal seam here is approximately 50 inches in height and contains metallurgical qualities. With today's metallurgical prices rising in excess of $180 a ton, this makes for an attractive blending option within the marketplace. In addition, having Massey Energy (NYSE:MEE) adjacent to our properties just adds credibility to the coal in this area."
About Quest Minerals & Mining
Quest Minerals & Mining Corp., or Quest, acquires and operates energy and mineral related properties in the southeastern part of the United States. Quest focuses its efforts on properties that produce quality compliance blend coal.
Aug 13, 2008 -- Reis, Inc. (NASDAQ: REIS | Quote | Chart | News | PowerRating) ("Reis" or the "Company") today confirmed that its Board of Directors has, for the second time, rejected a proposal by CoStar Group, Inc. (NASDAQ:CSGP) to acquire the Company for $8.75 per share in cash.
In the view of the Board, the price offered in the CoStar proposal is inadequate. The price is below the long-term value REIS could realize for its stockholders by the pursuit of its business as an independent entity and the continued disposition of its real estate assets, or by a sale of the Company.
Mr. Lloyd Lynford, CEO of REIS, stated: "It is extraordinarily disappointing that, after our Board unequivocally rejected CoStar's $8.75 proposal, CoStar has seen fit to come back with exactly the same proposal in a hostile fashion. To judge the value of our company by the daily trading prices of its relatively illiquid common stock makes no sense. We trust that our clear second rejection of CoStar's offer will prompt CoStar to withdraw it. Our Board will, of course, review carefully any serious proposal from any responsible third party."
About Reis
The Company was formed through a May 2007 merger between Reis, Inc., a Delaware company ("Private Reis") and Wellsford Real Properties, Inc. ("Wellsford"). Reis carries on the businesses of Private Reis and Wellsford.
Private Reis was founded in 1980 as a provider of commercial real estate market information. Reis maintains a proprietary database containing detailed information on commercial real properties in neighborhoods and metropolitan markets throughout the U.S. The database contains information on apartment, retail, office and industrial properties and is used by real estate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess and quantify the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation's leading lending institutions, equity investors, brokers and appraisers.
Reis's flagship product is Reis SE, which provides online access to information and analytical tools designed to facilitate both debt and equity transactions. In addition to trend and forecast analysis at neighborhood and metropolitan levels, the product offers detailed building-specific information such as rents, vacancy rates and lease terms, property sale information, new construction listings and property valuation estimates. Reis SE is designed to meet the demand for timely and accurate information to support the decision-making of property owners, developers and builders, banks and non-bank lenders, and equity investors, all of whom require access to information on both the performance and pricing of assets, including detailed data on market transactions, supply and absorption. This information is critical to all aspects of valuing assets and financing their acquisition, development, and construction.
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