LONDON, May 5, 2004 (PRIMEZONE) -- GoldSpring, Inc. (OTCBB:GSPG) -- GoldSpring announced on May 3, 2004 that it had just come to the Company's attention that the Company's shares may have been listed on the Berlin-Bremen Stock Exchange without the knowledge, approval or cooperation of the Company. After further investigation, we discovered that in fact our shares had been listed absent any contact with the Company whatsoever. The Company and our securities attorneys have demanded a cease and desist in trading and the immediate delisting of our shares from their exchange. They have agreed to cooperate. We have taken this action because they have never asked for any information or contacted our Company in any regard and therefore our assumption is that someone other than our Company had an interest to have our shares traded on this exchange. We have deemed this to not be in the best interest of our Company and our shareholders.
The rash of naked shorting is rumored to now being orchestrated through this unregulated exchange. The constant sell pressure on our market for several months, in the face of positive news, may have something to do with this unauthorized listing. We have no direct evidence of same, but will investigate to the fullest.
GoldSpring has filed mineral permit applications on nearly 800 square miles of Alberta, Canada mining property, through its wholly owned subsidiary, Clear Hills Iron, Ltd. This property comprises one of the largest known Iron deposits in the world, which also is known to contain gold, silver, coal, oil and gas. Over a billion tons of known iron reserves in all categories have been previously established. Rail transportation to the West Coast is within 10 kilometers and ample gas and coal are available to power a production facility. A pre-feasibility is underway at this time. An immediate objective would be to arrange for sale of Iron ore to China. Pig Iron sells at around $355/ton. Gold and silver would be recoverable byproducts and be value added to the operation.
GoldSpring is focused on production and rapid growth. Current in-ground reported reserves total approximately $600 million: Gold: $545 Million (1.35 Million oz.), Silver: $25 Million (3.7 Million oz.), and Copper: $30 Million (25 Million lbs.) The Company intends to increase In-Ground Reserves to over 3 million ounces of gold in 2004 through acquisitions and exploration of existing properties.
Management's Finance Team is in London for the Global Mining Forum this week and has visited our British Institutional investors. Our Acquisitions Team is in Mexico evaluating 3 potential gold and silver acquisitions.
Further information on the Company's pending Amex listing, existing gold and silver mining operations and pending or future acquisitions will be forthcoming once information is available for publication.
Corporate & Investor Relations: Craig Moore 480.505.4040 Email: info@goldspring.us www.goldspring.us
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.