VIRGINIA CITY, Nev., Feb. 10, 2004 (PRIMEZONE) -- GoldSpring, Inc. (OTCBB:GSPG): On January 28th GoldSpring announced the appointment of two Independent Directors to the Board of Directors to serve on the Company's Audit Committee: P.K. (Rana) Medhi, Mining Engineer of Casa Grande, AZ and Anthony (Tony) E. Applebaum, EA of San Diego, CA, have both agreed to serve.
Rana Medhi is a registered engineering and mining geologist with 40 years of international mining experience. Medhi is also a principal of Mineral Evaluation Network, a worldwide cooperative of economic geologists and mining professionals that provide mineral resources expertise and investment assistance to its clients. Medhi spent 28 years with Cyprus Amax Minerals Company and was the senior operations manager for 15 years. He is established in business development and alliance, exploration and mine development, mine evaluation, as well as mine operation and permitting. Medhi's extensive international mining experience and good reputation has enabled him to successfully lead projects from the exploration phase through start-up to commercial production and post closure mining activities on a large scale. GoldSpring and shareholders benefit in all ways from his service.
Tony Applebaum, EA, is Federally licensed in IRS tax accounting and tax client representation and has had a private practice since 1997. Prior to this, Mr. Applebaum worked in the accounting and financial services industry as controller and VP Finance for several start-up and major ongoing successful corporations. He is familiar with public company reporting requirements, policies and procedures. In addition, he has extensive experience in advanced financial analysis including cash flows, projections and forecasts. Tony brings another layer of solid financial expertise and credibility to GoldSpring.
The Company announces today a Restricted Private Placement for accredited private investors for a maximum of $500,000 (66 2/3 units). Units of $7,500 consisting of 10,000 shares of the Company's restricted common stock, par value $.000666 and 5,000 warrants exercisable at $1.00 for a one-year period. The Company has the right to redeem the restricted shares from the investors within 120 days of the purchase of the shares at the same price paid by the investor and the investor will retain the warrants. The warrants/converted shares shall have registration rights commencing 180 days after the date of issuance. The restricted shares shall remain restricted for one year if not redeemed. This Offering shall remain open for 10 business days on a first come basis.
Corporate & Investor Relations: Steve Parent 480.505.4040 Email: info@goldspring.us GoldSpring, Inc. 8585 East Hartford Drive, Ste 400 Scottsdale, AZ 85255 www.goldspring.us
Statements contained in this press release, which are not historical facts, are forward looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission. These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.