GoldSpring Moves Closer to 43-101 Reserve Report
Thu Apr 10, 4:53 PM
ca.news.finance.yahoo.com
GOLD HILL, Nev., April 10 /PRNewswire-FirstCall/ -- GoldSpring, Inc. (OTC Bulletin Board: GSPG.OB) announced today positive third-party assay results for exploratory drill holes 2008-08, 2008-09 and 2008-10. These drill holes are a continuation of the definition drilling in and around the Hartford Complex.
Rob Faber, GoldSpring's President, stated, "We are pleased with the results to date. As we receive and interpret additional assay results, we are continuing to define our ore body at the Hartford Complex and drawing closer to completing our 43-101 reserve report. The Hartford Complex represents less than five percent of our total landholdings in the Comstock Lode. We intend to expand our drilling program beyond the Hartford Complex in the second half of 2008. Our goal is to locate bonanza mineralization on our Comstock Lode property."
-- Drill Hole 2008-08 encountered low grade precious metals from the
surface to a depth of 60 feet, with precious metals value of 0.012
ounce per ton gold and 0.18 ounces per ton silver. Mineralization was
also encountered below the main host rock at a depth of 440'. The
values encounter were 15' grading 0.062 ounce per ton gold and 0.14
ounces per ton silver.
-- Drill Hole 2008-09 contained 70 feet (0'-70') grading 0.025 opt gold
and 0.34 opt silver. This hole was lost in the ore zone at seventy
feet. Drill hole 2008-08 was designed to twin 2008-07 and continue
sampling within the main host rock.
-- Drill Hole 2008-10 was drilled adjacent to 2008-07 with the objective
of continuing to measure the ore zone contacted in drill hole 2008-07.
Drill hole 2008-10 encountered 30 feet (10'-40') grading 0.034 ounces
per ton gold and 0.72 ounces per ton silver, followed by twenty-five
feet (55'-80') grading 0.109 ounce per ton gold and 0.75 ounces per
ton silver, followed by fifteen feet (210'-225') grading 0.082 ounces
per ton gold and 0.08 ounces per ton silver, and ending in forty feet
(290'-330') grading 0.091 ounces per ton gold and 0.23 ounces per ton
silver. This hole bottomed in ore.
Summary Exploratory Drilling Results Table
The Company's current drilling plan started on Northing 771600. The first ten holes drilled in 2008 are located 200 feet north of the mineralized zone established by the Company's four December 2007 exploratory drill holes. The Company intends to publicly release third-party assayed data on all exploratory drills as results are received. To date, the Company's phase one drilling program results are summarized in the table below.
Drill Hole Intercept Gold Grade Silver Grade
(Date and in Feet (ounces per (ounces per
Number) ton Au) ton Ag)
2008-10 10'-40' 0.034 0.72
55'-80' 0.109 0.75
210'-225' 0.082 0.08
290'-330' 0.091 0.23
2008-09 0'-70' 0.025 0.34
2008-08 0'-60' 0.012 0.18
445'-460' 0.062 0.14
2008-07 175'-265' 0.043 0.47
285'-350' 0.076 1.28
2008-06 20'-400' 0.109 0.66
2008-05 10'-25' 0.054 1.74
115'-320' 0.118 1.32
325'-350' 0.030 0.02
2008-04 40'-55' 0.037 0.17
85'-150' 0.060 1.04
2008-03 15'-185' 0.068 1.50
2008-02 35'-55' 0.029 1.27
120'-130' 0.164 1.19
135'-215' 0.033 0.29
245'-275' 0.037 1.29
275'-325' 0.003 1.71
2008-01 30'-65' 0.048 0.90
120'-265' 0.045 1.27
2007-04 50'-60' 0.006 0.09
2007-03 55'-90' 0.031 0.81
2007-02 160'-275' 0.074 0.69
2007-01 65'-135' 0.052 0.64
All of the assays referenced herein and the data derived therefrom have been performed and analyzed by American Assay of Reno, Nevada, a laboratory independent of GoldSpring, utilizing industry standard analytical methods.
About GoldSpring, Inc.
GoldSpring, Inc. is a North American precious metals mining company with extensive, contiguous property in the Comstock Lode District and a fully permitted gold and silver mine. In the Company's relatively short history, it secured permits, built an infrastructure and brought the Comstock Lode project into production. Since 2005, the Company has been acquiring additional properties around its Comstock Lode project in northern Nevada, expanding its footprint and creating opportunities for exploration. The Company's objectives are to optimize production, increase reserves through exploration and acquisitions, expand its footprint in the Comstock, and maximize shareholder value.
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. |
