GSML - Golden Spirit Mining, Ltd. Message Board

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Gold/Mining/Energy : GSML - Golden Spirit Mining, Ltd.

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Jun 27 9:30 AM EST

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From: jmhollen	4/6/2005 1:36:06 PM
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Memorandum of Understanding Signed on Uranium Concession BELLINGHAM, WA, Apr 05, 2005 (MARKET WIRE via COMTEX) -- Golden Spirit Mining Ltd. (OTC BB: GSML) today announced that the Company has signed a Memorandum of Understanding to acquire a Uranium Concession in the African Continent. The Concession is situated in one of the world's top ten Uranium producing countries. In addition, past uranium production in this country has been cumulative and its remaining reserves and resources are still quite large. The Board and management deemed this potential acquisition highly synergistic as Golden Spirit's expertise is in mining. This logical evolution of the Company's activities is sparked by the demand for uranium (U308) rising exponentially, with the spot price reaching $21.00 per pound with a positive long-term outlook of fuel consumption reaching 156 million pounds in 2010. The cost of the acquisition will be a combination of Golden Spirit 144 restricted stock and cash. The exact location of the concession will be disclosed in due course as terms and conditions are being finalized. Uranium The principal use for uranium is to fuel nuclear power plant for the generation of electricity, which currently produces approximately 17% of the world's power from more than 400 nuclear reactors. The demand for uranium (U308) is directly liked to the level of electricity generated by nuclear power plants. Western world annual uranium fuel consumption has increased from approximately 56 million pounds in 1990 to approximately 115 million pounds in 2000. Nuclear electricity generation worldwide is growing, since both world nuclear generating capacity continues to expand as more reactors are built than are closed, and existing reactors are continually being operated at high capacity. It is estimated that, due to increases in demand, uranium fuel consumption in the western world will reach 156 million pounds in 2010. On behalf of the company, /s/Robert Klein Robert Klein, President Visit our website at goldenspirit.ws For further information contact: DeMonte Associates Investor Relations: Cynthia DeMonte, 212-605-0525 cdemonte@aol.com www.demonte.com SOURCE: Golden Spirit Mining Ltd.

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