SCOTTSDALE, Ariz., May 28, 2003 (PRIMEZONE) -- GoldSpring, Inc. (OTCBB:GSPG) announced today that Paul A. Pelke, Consulting Geologist of Reno Nevada, has provided an updated engineering report dated May 2003. Pelke was present on the April 2-3 property visit previously announced on April 8, 2003, when the mining production starting location was established on the Company's Spring Valley Placer Gold claims.
Mr. Pelke, brings direct knowledge of the previous testing and sampling on the claims. He had previously prepared a report in 1999 for another client, and spent a great deal of time with the late John Uhalde, one of the previous claim owners through Harlesk Nevada, Inc. Uhalde was a mining engineer and had personally supervised the exploration work discussed. This information, reported by Pelke, completes the exploration picture on the claims to a degree that enables the Company to proceed rapidly to production with total confidence, as previously stated by GoldSpring President, John F. Cook in the April 8th release.
The "Pelke Report" essentially supports and further clarifies the previous engineering information in the Company's possession and supports the Company's plans for immediate production on the claims. In his letter to the Company accompanying the Report, Pelke comments as follows:
"At the present time, these (GoldSpring) claim groups remain an excellent opportunity for developing a commercial placer project... In 1999, the client wanted to immediately install a large Pilot Plant... that could immediately be ramped up to commercial production status... GoldSpring has independently adopted the same basic operational plan, with the objective to expand the operation to about 200 tons per hour or about 1200 to 1300 cubic yards per 10 hour shift." Copies of the Pelke Report are available from the Company on request for the nominal cost of reproduction.
Mr. Pelke will assist the Company to file permits with the Bureau of Land Management in Carson City, Nevada, and will further assist the Company in the ongoing production operations on the claims.
More information will be forthcoming on production timing and future 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.