NEW YORK, June 4, 2004 (PRIMEZONE) -- GoldSpring, Inc. (OTCBB:GSPG) operates its Plum Mining, Billie The Kid gold and silver cyanide heap leach located just outside Virginia City, NV today announced the appointment of Chris Sherrin as regional mine manager to oversee the Company's expanding gold, silver and copper operations. Chris has recently returned from Indonesia with his family to Gardnerville, NV, just south of Carson City. While in Indonesia for the past several years, Chris has been involved in the famous PT Freeport Indonesia (PTFI) large scale gold and copper mining project as an operations manager. Chris will headquarter at Plum Mining offices and will assist mine manager Bob Turner in the Billie The Kid / Lucerne Pit heap leach operations at Plum. In addition, Chris is responsible for the start up operations for the GoldSpring placer claims about 3 miles south of Plum, the Company's Big Mike Copper project in Winnemucca, NV and the soon to be finalized acquisitions: The Timm Mother Lode Mine in California's Mother Lode, the Consolidated Virginia mine dumps located about 3 miles north of Plum in Virginia City and the Minera Del Mar gold and silver project in Zacatecas, Mexico. Chris will also be instrumental in helping the Company in its quest for a large scale copper project currently under review.
Next weekend, June 11th and 12th, the Company's 2nd Annual Shareholder Bash and Cowboy picnic will be held in Reno, NV at the Plum Mining facility. On Friday evening a cocktail reception will be held at the Siena Hotel & Spa in Reno, followed by the Technical Breakfast Q&A session on Saturday morning. This provides an opportunity for interested shareholders to meet and discuss Company business with the engineers and managers directly. Saturday afternoon will offer a complete mine and process facility tour at Plum Mine with a 2:00PM gold and silver smelting and pouring that will be the kick off to the Shareholder Bash and Cowboy Picnic. The Company's Annual Meeting of Shareholders is being held at the Siena Hotel at 2:00PM on Tuesday, June 15th. Further information is available on the Company's website.
GoldSpring is focused on production and rapid growth. Current in-ground reported reserves total approximately: Gold: 1.35 Million oz., Silver: 3.7 Million oz. and Copper: 25 Million lbs., Iron Ore: 1.2 billion tons. The Company's plan is to increase In-Ground Reserves to over 3 million ounces of gold equivalent in 2004 through acquisitions and exploration of existing properties.
GoldSpring has $27.5 million in assets, over $25.9 million in Shareholder Equity and has adequate cash to complete acquisitions and operate its projects without the need for further financing. (See 10Q filed May 17, 2004) Further information will be forthcoming regarding ongoing corporate operations, acquisitions in progress and feasibility information on the iron project 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.