GoldSpring, Inc. Announces Successful Hearing in State Court Lawsuit


GOLD HILL, Nev., Oct. 16, 2006 (PRIMEZONE) -- GoldSpring, Inc. (OTCBB:GSPG) announced today that it was successful on three separate motions heard in its State Court Lawsuit on October 13, 2006. The Court denied a motion filed by Defendants to strike the testimony of a key witness, as well as denying Defendants' motion for summary judgment on the conspiracy counts. Lastly, the Plaintiffs' motion to compel key Defendant, Ron Haswell, to turn over various brokerage and banking records pertaining to the matters at issue in the lawsuit was granted, further ordering Haswell to pay for attorney costs associated with Plaintiffs' request for these records.

The next key date in the case is a hearing scheduled for January 19, 2007 to address several summary judgment and related motions. A new trial date has not yet been set in the case.

In discussing this success in the litigation, Rob Faber, President and CEO of GoldSpring, stated, "In summary, it was a great day for us. We are consistently having our positions vindicated by wins in both our state and federal court suits. We continue to be optimistic that we will satisfactorily resolve the balance of this pending litigation in the near future. I look forward to 2007 when I believe that the current trend of successes in the litigation added to continued progress in operations should yield exciting results for the Company."

GoldSpring, Inc. is a North American precious metals mining company with an operating gold and silver mine in northern Nevada. The Company was formed in mid-2003 and acquired the Plum Mine property in November 2003. In the Company's relatively short history, it secured permits, built an infrastructure and brought the Plum project into production. During 2005, the Company acquired additional properties around the Plum project in northern Nevada, expanding its footprint and creating opportunities for exploration. GoldSpring is an emerging company, looking to build on its success through the acquisition of other mineral properties in North America with reserves and exploration potential that can be efficiently put into near-term production. The Company's objectives are to increase production, increase reserves through exploration and acquisitions, expand its footprint at the Plum mine, and maximize cash flow and return for its shareholders.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this communication (as well as information included in oral statements or other written statements made or to be made by GoldSpring) contains statements that are "forward-looking," as defined in Section 21E of the Securities Exchange Act, such as statements relating to the future anticipated direction of the high technology and energy industries, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, mining capability and potential contracts. Such forward-looking information involves important risks and uncertainties, which include the risk factors disclosed in our most recent Form 10-KSB filed on April 15, 2005, that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of GoldSpring. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financial activities, domestic and global economic conditions, changes in federal or state tax laws and market competition factors. These and other factors, which could cause actual results to differ materially, are discussed in more detail in GoldSpring's filings with the Securities and Exchange Commission. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.

Contact information for GoldSpring, Inc.:



 P.O. Box 1118
 Virginia City, NV 89440
 Tel 775.847.5272
 Fax 775.847.4762
 www.goldspring.us


            

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