GoldSpring Modifies Permit to Process Gold and Silver at the Lucerne / Hartford Complex
Wed Mar 11, 1:23 PM
ca.news.finance.yahoo.com
GOLD HILL, Nev., March 11 /PRNewswire-FirstCall/ -- GoldSpring, Inc. (OTC Bulletin Board: GSPG.OB) announced today that on February 12 a major modification application to the Water Pollution Control Permit was submitted to the Nevada Division of Environmental Protection. The permit modifications highlight the company's newly designed processing facilities that will optimize recovery of the recently discovered mill-grade gold and silver ore at the Hartford Complex.
The major improvements to the processing facilities include the:
-- Construction and operation of two new crushed ore storage areas;
-- Implementation of a high-grade ore milling circuit in a contained area;
-- Expansion of the leach solution pumping systems;
-- Formation of a new pregnant solution pond; and
-- Extension of the Merrill-Crowe processing plant.
The Nevada Division of Environmental Protection, Bureau of Mining Regulations and Reclamation, has begun its review of the application. Major modification applications typically take nearly 180 days to complete.
Under the modified permit, GoldSpring initially plans to mine and process at a rate of 720,000 tons of gold and silver ore per year. The majority of the ore that will be processed in the milling circuit will have a high percentage of the contained precious metals recovered because of efficiencies afforded by the milling process.
Dennis Anderson, GoldSpring's Senior Engineer, said, "I believe we are on track to restart the processing operations and begin to recover gold and silver ore from the successful exploratory mineral drilling program that began in 2008."
In anticipation of mining resumption, the Company procured a 300 ton per day ball mill and related equipment. The ball mill is being added to process the high grade gold and silver mineralization optimizing gold and silver recovery. Precious metal recovery using the ball mill should be around 95% versus 75% for heap leaching.
About GoldSpring, Inc.
GoldSpring, Inc. is a North American precious metals mining company, focused in Nevada, with extensive land holding in the Comstock Gold-Silver District of Nevada. The Company has defined an initial resource at the Hartford deposit and has secured several of the key mining permits required to develop the project. The Company is currently engaged in an aggressive exploration program to define the extent of the Hartford Deposit, assess other key exploration targets on its large land package and push the project toward production. The high-grade nature of the bulk tonnage Hartford deposit and its favorable configuration has positioned the Company to become a new gold-silver producer in the future.
Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms on this press release, such as "measured", "indicated", and "inferred" resources, which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-KSB which may be secured from us, or from the SEC's website at sec.gov
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 filings with the U.S. Securities and Exchange Commission, 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
goldspring.us
Robert T. Faber, President and CEO
480.603.5151
775.847.5272
E-mail: rfaber@goldspring.us
SOURCE GoldSpring, Inc. |
