SCOTTSDALE, Ariz., June 2, 2003 (PRIMEZONE) -- GoldSpring, Inc. (OTCBB:GSPG) announces today that the Company has signed a Manufacturing Contract for a turnkey Gravity Gold Recovery Plant, with capacity of up to 200 tons per hour, with RMS-Ross Corporation, of Chilliwack, British Columbia, Canada. The Company has negotiated terms on the total cost of the turnkey package of $515,455.00, which will enable construction to begin and delivery within 12-14 weeks. The plant includes a Gold Room for $101,000.00 which will provide the required security for the recovery operation as well as assuring higher recovery through a state-of-the-art finishing circuit.
RMS-Ross Corporation President, Terry Plummer, visited the Company's GoldSpring Placer Gold Mining Claims on March 18, 2003 with consulting Geologists and GoldSpring management personnel and has been able to engineer a processing plant, incorporating the latest equipment, which will be suitable for initial production on the Claims. "The signing of this contract for gold recovery equipment marks the next step, in fact a real milestone, towards turning this Project into a significant source of cash flow," says GoldSpring president, John Cook.
RMS-Ross Corporation has gravity recovery machinery working in over 54 countries around the world and Mr. Plummer has personally visited or consulted on over 250 alluvial and eluvial properties around the world. He will further assist the Company in the ongoing production operations on the claims.
More information will be forthcoming on production timing and future finance proposals being considered.
Corporate & Investor Relations: Steve Parent 480.477.6440 Email: info@goldspring.us GoldSpring, Inc. 14354 N. FLW Blvd. Ste 4 Scottsdale, AZ 85260 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.