GoldSpring Announces Establishment of Rule 10b5-1 Share Purchase Program; Executive Officers, Directors and Other Key Team Members Adopt Individual Plans

Scottsdale, Arizona, UNITED STATES


SCOTTSDALE, Ariz. , May 18, 2004 (PRIMEZONE) -- GoldSpring, Inc. (OTCBB:GSPG) operates its Plum Mining, Billie The Kid gold and silver cyanide heap leach located just outside Virginia City, NV today announced that its Board of Directors has approved the establishment of a share purchase plan program under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. This program will allow the Company's executive management, directors and other key employees and consultants who wish to participate to acquire shares of the Company's common stock on a continuous and periodic basis through the open market.

SEC Rule 10b5-1 allows for programs to be established that permit a corporate insider to buy shares on a regular basis over a set period of time under a written plan that is approved by the Company. These pre-planned trades can be executed at a later date, as set forth in the plan, without regard to any subsequent nonpublic information the individual might have received or the price of the stock at the time of the purchase. These programs serve to minimize the "market effect' of insider purchases by spreading these pre-planned transactions over a more extended period than the traditional, limited trading "windows" following quarterly announcements of earnings.

The individuals who are entering into individual 10b5-1 purchase plans include Steve Parent, Chairman and CEO, John F. Cook, President, Robert Faber, CFO, Les Cahan, Director, Dave Salari, Process Manager, Bob Turner, Manager at Plum, Craig Moore, Investor Relations, Rana Medhi, Director, Lisa Boksenbaum, Legal Department and a number of other key members of the GoldSpring Operating Team and certain friends of GoldSpring.

Steve Parent, GoldSpring's Chairman and Chief Executive Officer said, "It has been our policy to not be involved in the market at all, because it is nearly impossible to act absent insider information. During the past couple of months it has been very frustrating to have to stand by and watch our market being constantly hammered, regardless of the quality of news. I believe deeply in the future of our Company and I know my fellow officers, directors and key personnel share this conviction with me. Unfortunately, due to current securities rules and regulations, we are generally prohibited from demonstrating our confidence in the Company because of the fact that we are constantly in possession of material nonpublic information about the Company."

"I am thrilled that by entering into thee pre-arranged 10b5-1 plans to purchase stock of the Company, we are now able to emphatically express our confidence in GoldSpring's robust future," stated Mr. Parent.

Except as may be required by law, the Company does not undertake to report future plans by these or other officers or directors of the Company nor to report modifications, terminations, transactions or other activities under such trading plans.

GoldSpring has been voluntarily delisted from the Berlin Bremen Stock Exchange by our own request. It is of particular interest to note that the usual method of making money on a stock is to have it rise in price. It would appear that someone has a vested interest in having the market crash. They must be making money doing this or this would not be happening. There is nothing going on at GoldSpring that should be causing the constant barrage of shares being sold everyday. It is our considered opinion that whatever is happening to our market is not fueled with legitimate shares or trades. We are investigating this activity.

Our 10Q for first quarter 2004 has been published and can be viewed at www.sec.gov

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



        

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