VIRGINIA CITY, Nev., March 30, 2004 (PRIMEZONE) -- GoldSpring, Inc. (OTCBB:GSPG): Today, GoldSpring sold 6,000 ounces of gold in a spot deferred transaction to be delivered to Johnson Matthey Refinery, Salt Lake City Pool, based on today's 2nd London fixing of gold @ $420/ ounce. Deliveries can be made in any amount at any time over the next 2 years @ $418/ ounce without further interest or penalty. GoldSpring has arranged a placement of 1200 ounces of gold at Johnson Matthey Refinery, Salt Lake City Pool as margin for this transaction.
This decision will bring a level of stability to the next stage of development capital deployment. The 6,000 ounces, once delivered, will net GoldSpring in excess of $2,500,000. These proceeds will permit the Company to budget the next level of corporate development. This generation of cash flow will more than recapture our initial investment in infrastructure and set a stable basis for future planning. Unlike a forward sale, which requires a specific amount and firm future delivery date, the spot deferred sale allows for completely flexible delivery amounts and dates to better fit with progressive future capital requirements over the next 2 years. Further discussion of this transaction will be in the next quarterly filing, along with Q1 operating results.
The High grade Mother Lode Mine in California is still very much under due diligence and efforts to expand the scope of operation, including an adjacent property, are in process. More later.
The Virginia City dumps under LOI are finalizing operations plans. More later.
Additional acquisitions in Nevada, Canada and Mexico are under review.
Further information on corporate operations and the Company's pending AMEX listing will be forthcoming as soon as available for publication.
Corporate & Investor Relations: Steve Parent 480.505.4040 Email: info@goldspring.us GoldSpring, Inc. 8585 East Hartford Drive, Ste 400 Scottsdale, AZ 85255 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