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"These claims are a strategic addition to our project," said Jim Golden, Chief Operating Officer of GoldSpring, Inc. "The claims contiguous to our Overman #1 include a mineral resource drilled by a previous operator. The package of claims also includes the under-exploited Caledonia area, and a number of high quality exploration targets that have been identified through our ongoing Comstock-wide geologic exploration program."
GoldSpring's Comstock Mine Project now includes a mineral estate of 4607 acres, including 680 acres of patented mining claims, and 3927 acres of unpatented, BLM-administered mining claims. "This is the largest land position in the Comstock ever consolidated by a single company," said Rob Faber, President and CEO of GoldSpring, Inc. "Each addition of properties to our portfolio in the Comstock creates new opportunities to increase our mineral resources."
The Company's recent mineral reserve report, summarized in its May 15, 2009 press release, illustrates the success of the Comstock Mine Project to date. The Company continues to build on that success through the ongoing engineering and permitting activities required to open a profitable mining operation.
About GoldSpring, Inc.
GoldSpring, Inc. is a North American precious metals mining company, focused in Nevada, with extensive land holding in the Comstock Gold-Silver District of Nevada. The Company has defined an initial gold and silver deposit at the Hartford / Lucerne complex and has secured several of the key mining permits required to develop the project. The Company is currently engaged in an aggressive exploration program to define the extent of the Hartford / Lucerne complex, assess other key exploration targets on its large land package and push the project toward production. The high-grade nature of the bulk tonnage Hartford / Lucerne deposit and its favorable configuration has positioned the Company to become a new gold-silver producer in the future.
Cautionary Note to U.S. Investors:
Investors are cautioned that GoldSpring's (GSPG) news releases specify reporting with respect to the Society of Mining, Metallurgy, and Exploration 2007 Mineral Reserve reporting guidelines ("SME 2007"). As GSPG is listed on the United States OTC market, we are required by U.S. law to provide disclosure in accordance with the United States Securities and Exchange Commission ("SEC") and included in the SEC's Securities Act Industry Guide 7 entitled "Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations" ("Guide 7"). SME 2007 reporting guidelines and Guide 7 standards are substantially different, with each institution having their own set of definitions related to the term "reserve." For example, the term "mineral reserve" is defined by the SME 2007 and is not found in Guide 7.
U.S. Investors are advised that mining terms and concepts are set out in and required to be disclosed as information material to the issuer. U.S. Investors should be aware that the issuer has no "reserves" as defined by Guide 7 and are cautioned not to assume that any part or all of SME 2007 mineral resources or reserves will ever be confirmed or converted into Guide 7 compliant "reserves." "Mineral resources" are strictly uncertain as to their existence, and strictly uncertain as to their economic and legal feasibility.
The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms on this press release, such as "measured," "indicated," and "inferred" resources, which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml
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.
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
SOURCE GoldSpring, Inc.
http://www.goldspring.us
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