VIRGINIA CITY, Nev., Feb. 9, 2004 (PRIMEZONE) -- GoldSpring, Inc. (OTCBB:GSPG) is pleased to announce that its Statement of Mineral Reserves for Plum Mining, LLC has been received and filed with AMEX as part of the Company's listing requirements. The only remaining piece to be filed with AMEX is the Company's 10K (Annual Audit for 2003). The Company's Independent Auditor is visiting the Scottsdale Headquarters and Plum Mining and GoldSpring Placer claims from Monday through Wednesday this week and the 10K will be subsequently be filed with AMEX next week.
The Mineral Reserve Statement was prepared by Robert G. Carrington, Registered Engineering Geologist, Carrington Consultants of Reno, Nev. in accordance with the United States Securities and Exchange Commission, Industry Guide 7. Carrington provided a Certificate of qualifications and independence from GoldSpring, Inc and Plum Mining, LLC. He holds a degree in Economic Geology from the Mackay School of Mines and Geology, University of Nevada, Reno, Nev. and has over 25 years of experience in the Comstock Lode District. He has been continuously involved in Plum Mining's properties since 1983-84 as VP of Exploration for Alta Exploration and in 1993 when he applied for patent on Billie The Kid.
Carrington reports that "the Reserve inventory for all classes reported on herein, stands at 2,437,082 tons with an average grade of 0.0627 ounces of gold per ton and 1.52 ounces of silver per ton". He footnotes as follows: "Historical mining of 125,000 tons in 1993 from Lucerne pit showed the actual grade of mined material placed on the heap leach for treatment to average 0.064 opt gold, 20% higher than the drill indicated grade of 0.05 opt gold. Actual achieved recovery was 84.6% of the higher 0.064 opt Au head." He goes on to say in another part of the report "GoldSpring is already seeing similar results for Billie The Kid deposit: 0.035 opt gold should be the average ore grade for the 5540 bench, production samples received to date indicate a head grade of 0.05 opt Au in the mined ore."
Proven Mineable Reserve contained in a mine plan: Billie The Kid: 471K tons @ 0.058 Au 0.31 Ag Proven Reserve w/o mine plan:BTK:106.1K tons @ 0.042 Au; Lucerne 850K tons @0.05 Au 0.71 Ag Probable Reserve: Lucerne 300K tons @0.05 Au 0.7 Ag Como: 700K tons @ 0.09 Au 3.9 Ag Total Reserves: 2,427,082 tons @ 0.0627 Au 1.52 Ag (as above)
There are additional resources and exploration targets not discussed in this reserve report. Further information will be forthcoming.
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