SCOTTSDALE, Ariz., June 10, 2003 (PRIMEZONE) -- GoldSpring, Inc. (OTCBB:GSPG) today announced that the Company has appointed Robert T. Faber, CPA of Phoenix, Arizona to its Board of Directors and Chief Financial Officer. Mr. Faber is a Financial Executive with 20 years of diverse senior financial management, business and acquisition experience including substantial international experience.
Mr. Faber previously served as the Assistant Regional Controller with Allied Waste Industries, where his team was responsible for management of a $1.2 billion multi-state business operation. Prior to Allied, Faber spent 17 years with Waste Management, Inc., a $12 billion publicly traded environmental services company, during which time he served at senior positions such as Director of Finance, London, England.
Mr. Faber has personally been involved in over 50 separate acquisitions ranging from $500,000 to $250 million and was responsible for directing all due diligence, financial valuations and integrations. He has extensive experience in SEC reporting.
"Rob brings a level of experience and enthusiasm to the GoldSpring team that will greatly enhance our ability to attract capital and manage cash flow generated from our placer gold mining operations," said GoldSpring President, John Cook.
Cook further stated, "Rob's demonstrated ability to identify synergies and to integrate operations will be value added to GoldSpring's aggressive growth plans for the future as well as our pending start up operations." Faber added, with a broad grin, "This is really exciting for me, the opportunity to help build the Company seems endless. I am fortunate to be here at the beginning, where we all share the vision of the dynamic growth that can be accomplished through proper management of operational cash flow coupled with development capital."
According to the Bourne and Pelke Engineering Reports, the Goldspring Placer Gold Claims contain a reserve in excess of 1,000,000 ounces of recoverable placer gold. This translates to over $350,000,000.00 of gold value in the ground at today's gold prices.
More information will be forthcoming on production timing and current finance proposals being considered.
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.