GOLD HILL, Nev., March 27, 2006 (PRIMEZONE) -- GoldSpring, Inc. (OTCBB:GSPG) announced today that it has retained Larry Martin, a registered geologist, to oversee its exploration program at the Plum Mine and in the Comstock Lode district. Mr. Martin has over twenty-five years of diverse geological and exploration experience in the mining industry. He has worked for several major mining enterprises, including Peter Kiewit, where he served as the manager of geological services. GoldSpring has allocated a budget of $500,000 to explore and develop its claims at the Plum Mine. The Company expects to begin exploration in late spring or early summer of 2006. GoldSpring's President and CEO, Rob Faber, said, "Larry Martin's experience in the Comstock Lode makes him a strong addition to our mining team. We believe that this exploration program, with Mr. Martin's oversight, will expand the footprint and mine life of the Plum Mine project."
GoldSpring also reported today that Mine Development & Associates of Reno, Nevada is expected to complete a detailed mine plan and a reserve report for the Plum Mine within the next sixty days. The mine plan and reserve report are the culmination of a twelve-month undertaking by the Company and Mine Development & Associates. GoldSpring stated that it will publish the results upon completion of the report. Faber commented, "This is another milestone in our Company's evolution. We believe the results of Mine Development & Associates' study will improve our overall performance at the Plum Mine."
GoldSpring, Inc. is an emerging North American precious metals mining company, which was formed in June 2003. In the Company's relatively short history, it has brought a gold and silver project into production, established a solid footprint around its operations in northern Nevada, and acquired mineral rights in Canada. GoldSpring plans to build on this success through the acquisition of mineral properties in North America that can be efficiently put into near-term production. The Company's objectives are to increase reserves, increase production and increase cash flow to maximize return for its shareholders.
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