VIRGINIA CITY, Nev., May 10, 2004 (PRIMEZONE) -- GoldSpring, Inc. (OTCBB:GSPG): GoldSpring is pleased to announce that America's premier mining contractor has joined the GoldSpring Team to operate the Company's Plum Mine in Nevada and will also serve to evaluate the economics of future acquisitions that are underway at this time. N.A. Degerstrom replaces American Asphalt who has done a great job in the start up phase at Plum. American has several mining jobs going in Nevada and their equipment was getting spread quite thin, so the transition is going smoothly for all parties. Steve Parent, GoldSpring's CEO said, "With the Plum operation on the verge of doubling when we bring the Lucerne pit on stream, Degerstrom is more suited to handling our growth requirements without delays. They also bring a depth of support from mining engineering to metallurgy, which adds a level of internal support to our operations." Part of the strategic advantage of the Degerstrom collaboration is their ability to quickly evaluate the economics of operating the pending acquisitions that the Company is preparing to complete.
Degerstrom is also able to assist in the pre-feasibility evaluation of the Company's Clear Hills Iron project in Alberta, Canada and the mining of the project should this be undertaken.
In addition to the pending acquisitions currently under Letter of Intent with the Timm Mother Lode Mine in California's Mother Lode, The Consolidated Virginia Mine Dumps in Virginia City, NV and The Minera Del Mar gold and silver project in Zecatecas, Mexico, the Company has executed Confidentiality Agreements that cover two open pit gold and silver projects at full feasibility with proven minable reserves of in excess of 650,000 ounces of gold and several million ounces of silver. These are currently under evaluation for future Letter of Intent purposes.
A recent trip to the Minera Del Mar project in Mexico resulted in further confirmatory gold assays in the 1 ounce/ton range with silver content to follow. Two additional Mexican projects within the same area are under Confidentiality and evaluation as well. Focused on production and rapid growth, GoldSpring's goal is to become the fastest growing and most profitable mining company operating in North America.
The recent adjustment downward in current gold prices does not harm GoldSpring in the acquisition process, but rather may provide additional leverage in the final closing process. GoldSpring is here for the long haul and is committed to providing a robust and diverse portfolio of cash producing operating assets to increase shareholder value.
Further information on our pending Amex listing, acquisitions and ongoing operations will be forthcoming when available for publication.
Corporate & Investor Relations: Craig Moore 480.505.4040 Email: info@goldspring.us 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.