VIRGINIA CITY, Nev., April 15, 2004 (PRIMEZONE) -- GoldSpring, Inc. (OTCBB:GSPG) GoldSpring sold a second 6,000 oz gold in a similar spot deferred transaction as announced on March 30, 2004. The initial 6,000 oz sold @ $418 and the second 6,000 oz sold @ $425.25 for an average for the 12,000 oz of $421.60. This transaction will net the Company $5,059,200 as gold is delivered against the open positions. Essentially, this enables the Company to deliver produced gold to these positions any time the price is below $421.60 and allows the Company to sell any production to the open spot market whenever the price exceeds $421.60. A margin of 2,400 ounces of gold was arranged to secure the sale and to preserve the upside on the 2,400 oz of gold held. All sales and deliveries will be handled @ Johnson Matthey Refinery, Salt Lake City Pool.
The Company has elected to provide a level of price stability for a small portion of its 2004-2005 gold production. This action was voluntary on behalf of the Company and was not a requirement or term of any financing completed by the Company or any listing requirement by any exchange.
GoldSpring is focused on production and rapid growth. Current in-ground reported reserves total approximately $600 million: Gold: $545 Million (1.35 Million oz.), Silver: $25 Million (3.7 Million oz.), and Copper: $30 Million (25 Million lbs.) The Company intends to increase In-Ground Reserves to over 3 million ounces of gold in 2004 through acquisitions and exploration of existing properties. GoldSpring is committed to creating a high-quality portfolio of gold and other precious metals producing assets to achieve substantial, long-term growth and cash flow.
In addition to the pending acquisitions under LOI, which should close in the near term, the Company is actively pursuing the development of substantial copper operations, which are already permitted and ready for immediate production. Discussions with large, reputable contract miners are also underway to handle the above-mentioned projects.
Operations at Plum Mining are advancing as scheduled and a Special Use Permit to mine the Lucerne pit 24/7 has been obtained. An existing mine plan is already in place and is being re activated.
No further news on the AMEX listing just yet, but a new trading symbol has been reserved.
Further information on the Company's operations, acquisitions and its AMEX listing will be forthcoming as details are available for publication.
Corporate & Investor Relations: Steve Parent 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