VIRGINIA CITY, Nev., Aug. 2, 2004 (PRIMEZONE) -- GoldSpring, Inc. (OTCBB:GSPG) owns and operates Plum Mining Company, located in Gold Hill, NV, where its Billie The Kid open pit gold and silver mining project is now in full production. N.A. Degerstrom of Spokane, Washington is contracted for mining, hauling, crushing, agglomerating and leach pad loading. Plum personnel, led by Bob Turner, handle all mineral processing from cyanide leaching, solution processing, gold and silver recovery through the Company's Merrill Crowe system and the production of gold and silver dore that is shipped to the refinery.
The Company contracted with Degerstrom to excavate leach pads 2,3,4,5 in preparation for double lining by leach pad contractor Comanco. Pads 2 and 3 have now been completed, which represent SuperPad No. 1. When Super Pad No. 2 is also completed, the Company will be able to place nearly 5 million tons of ore on leachpads for processing.
Now that the transition from start-up to full production is complete, Management, contractors and employees are holding an Open House on Thursday, August 12, 2004 to showcase the Plum Mining Project for the local community. Residents from both Storey and Lyon Counties are invited, as well as any shareholders or would-be investors. Local and State officials along with Company managers, employees, contractors, engineers and geologists will be on hand to answer questions. Visitors can take a bus tour of the gold and silver mining facility including Billie the Kid Open Pit. A pouring of gold and silver will be demonstrated and music, food and refreshments provided for a fun and informative afternoon.
Steve Parent, founder, Chairman and CEO of GoldSpring says, "The Comstock Lode still contains large deposits of precious metals. The price of commodities and cost-effective methods of extraction, processing and recovery in an environmentally friendly manner will make GoldSpring's Comstock Lode operations an ongoing success! Plum Mining Co. has the only permit for a cyanide heap leach processing facility in the Comstock Lode District and the Company is aggressively pursuing the acquisition of additional mineral for processing."
Plum Mine is located just south of Virginia City off State Rt. 341. The Company's web-site www.goldspring.us provides more information and recent photos of Plum operations.
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