RENO, Nev., June 14, 2004 (PRIMEZONE) -- GoldSpring, Inc. (OTCBB:GSPG) operates its Plum Mining, Billie The Kid gold and silver cyanide heap leach project located just outside Virginia City, NV and celebrated its second annual "Shareholders Bash and Cowboy Picnic" on Saturday, June 12th. The Technical Breakfast on Saturday morning was attended by more than 100 shareholders. Steve Parent, GoldSpring's Chairman and Chief Executive Officer introduced the Company's officers, directors, managers, staff, consultants and contractors, who shared their background and their mission with GoldSpring. Steve further spelled out the vision of the Company and explained that a tripod is a much more stable growth model than a single leg. He stated; "Our stock price has fluctuated recently identical with the price of gold, as has the stock of a majority of gold companies, especially producers. The emphasis in GoldSpring is not necessarily on gold, which we love, but rather on 'spring.' Spring means that we are vibrant, alive, open for business and growing. Our growth along the lines of Cyprus or BHP, which are very successful mining companies, involves putting more legs under us than just one volatile commodity. Copper, Iron and Energy are but a few additional legs that provide a much more stable base for the market to put value on the shares of our Company. We are pursuing the development of these assets and are busily acquiring more. We are continuing to acquire gold assets as well and have certainly not lost our enthusiasm for gold."
Rob Faber, GoldSpring's CFO discussed the financial condition of the Company and future financial plans. Rob explained that GoldSpring is well funded and able to make decisions and take action without delay whenever appropriate. Rob also discussed the growth at hand through the imminent closing of the three acquisitions currently under LOI and final closing procedures. Several presentations followed during the 3 hour session. Shareholder questions were addressed directly and with candor.
The big news of the day was when Chris Myers, Manager for N. A. Degerstrom, GoldSpring's new mining contractor, explained how the new approach to mining, crushing and leach pad loading developed jointly with GoldSpring personnel will result in the project being completed in about 1.5 years rather that the 3.5 to 5 years previously planned. The leach pads are being expanded right now to accommodate about 4.5 million tons of ore, nearly twice what was to be available previously. All of this positively impacts project economics. Mining, crushing and loading will now operate at the rate of 400 tons/hour.
The afternoon started at Plum with a complete mine tour of Billie The Kid and Lucerne pits, the crushing, ore agglomeration, gold and silver dore pouring and the Cowboy Picnic with live music. A beautiful June afternoon was enjoyed by all. Further information regarding closing of the Timm Mother Lode Mine, other acquisitions, the AMEX listing and other business will be forthcoming as soon as available for publication.
Safe Harbor
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.