GOLD HILL, Nev., Nov. 2 /PRNewswire-FirstCall/ -- GoldSpring, Inc. (OTC Bulletin Board: GSPG.OB) announced today that the Nevada Division of Environmental Protection (NDEP) has approved a major modification to its Water Pollution Control Permit. The modification was requested to allow the addition of a milling operation that will increase the recovery of gold and silver at its Comstock Mine Project.
The changes to the process facilities approved under the permit modification include:
-- Installation of a new three-stage crushing system;
-- Construction and operation of two new crushed-ore storage areas;
-- Implementation of a high-grade ore milling circuit in a contained area;
-- Increasing the capacity of the leach solution pumping systems;
-- Construction of a new pregnant solution pond; and
-- Doubling the Merrill-Crowe processing plant capacity.
"The mill will greatly improve the economics of the project," stated Jim Golden, GoldSpring's Chief Operating Officer (COO). "Tests by an independent metallurgical laboratory concluded that the addition of a mill will improve gold recovery from 65% to approximately 95%. This permit keeps us on track to reopen the mine in 2010."
The issuance of this major modification to the Water Pollution Control Permit included roughly six months of engineering, metallurgy, and project design to prepare the comprehensive permit application. After submitting the application to NDEP in February 2009, the GoldSpring engineering team met with NDEP engineers several times to ensure efficient design, engineering, and operating practices, as well as environmental integrity.
Dennis Anderson, GoldSpring Senior Engineer, said, "The engineering team worked closely with NDEP on the permit modification. Receiving this permit is an important milestone towards reopening the mine. This major modification to the primary operating permit affords a significantly enhanced opportunity for precious metals production."
About GoldSpring, Inc.
GoldSpring, Inc. is a North American precious metals mining company, focused in Nevada, with extensive, contiguous property in the Comstock Lode District. 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 and mining. A drilling program through early 2009 has produced encouraging results, and led to increased engineering and permitting activities with the goal of returning the mine to production. The Company's objectives are to resume mine production, optimize metallurgical and mine processes, increase reserves through exploration and acquisitions, and continue to expand its footprint in the Comstock.
Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms on this press release, such as "measured", "indicated", and "inferred" resources, which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-KSB which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml
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
http://www.goldspring.us
Robert T. Faber, President
480.603.5151
775.847.5272
E-mail: rfaber@goldspring.us
SOURCE GoldSpring, Inc.
