GoldSpring Announces 65 Foot Interval of 0.123 Ounces Per Ton Gold and 2.23 Ounces Per Ton Silver at Its Hartford/Lucerne Deposit, Comstock District, Nevada


    GOLD HILL, Nev., Feb. 24 /CNW/ -- GoldSpring, Inc. (OTC Bulletin Board:  
GSPG) announced today the assay results of 10 infill drill holes with high
concentrations of gold and silver, specifically in drill holes: RC-102, with a
65-foot interval at 0.123 ounces per ton of gold and 2.23 ounces per ton of
silver; and RC-104 with a 115-foot interval at 0.091 ounces per ton of gold
and 1.98 ounces per ton of silver.

    The 10 drill holes, RC-102 thru RC-111, are located in the central
portion of the Hartford/Lucerne Complex in the Comstock District of Nevada.

    Larry Martin, GoldSpring's Chief Geologist, said: "These 10 drill hole
results are characterized by long contiguous intervals of gold and silver
mineralization, which illustrate the deposit's continuity and expansion at
Lucerne/Hartford. The long runs of gold and silver mineralization are
punctuated by drill holes RC-103, RC-104, RC-107 and RC-109."

    The high-grade mineralization of drill hole RC-102 are contrasted in
depth and mineral concentration from a 35 foot interval beginning at the
surface grading 0.081 ounces per ton gold and 2.28 ounces per ton silver and
an 120 foot interval starting at a 170 feet below the surface grading 0.047
ounces per ton of gold.


                                 Table 1
        New Drill Result Highlights, Lucerne Pit, Comstock District Nevada
    Significant intercepts calculated using 0.010 ounces per ton gold cut-off.

    Hole ID   From     To     Length     Gold     Gold     Silver     Silver
             (feet)   (feet)  (feet)    (ounces  (grams   (ounces    (grams
                                        per Ton)   per     per Ton)    per
                                                  Tonne)              Tonne)
    RC-102       0      35       35       0.081    2.77     2.28       105.5
               170     290      120       0.047    1.62     0.55        18.9
    Including  185     220       35       0.120    4.09     0.78        26.7
               325     390       65       0.123    4.21     2.23        84.5

    RC-103       0     180      180       0.034    1.15     0.83        28.5
    Including   60      85       25       0.123    4.19     2.10        72.0

    RC-104       0     190      190       0.057    1.95     1.17        40.1
    Including   75     190      115       0.091    3.12     1.98        67.7

    RC-105     235     245       10       0.052    1.78     0.47        16.2

    RC-106      15      50       35       0.017    0.59     0.49        16.7
               130     140       10       0.019    0.63     0.33        11.3

    RC-107     115     225      110       0.028    0.97     0.27         9.1
    Including  125     165       40       0.058    1.98     0.33        11.4

    RC-108     125     145       20       0.019    0.65     1.34        45.8
               200     215       15       0.047    1.62     0.74        25.5
               250     265       15       0.027    0.92     0.87        29.8
               310     400       90       0.022    0.75     1.05        35.9

    RC-109       0     100      100       0.040    1.37     0.71        24.3
    Including   65      95       30       0.102    3.48     0.80        27.2

    RC-110      90     105       15       0.039    1.32     0.47        16.2
               120     130       10       0.024    0.80     0.14         4.9
               140     160       20       0.028    0.97     0.12         4.2
               320     340       20       0.043    1.46     0.70         2.5

    RC-111       0      40       40       0.049    1.66     1.52        51.9
               105     190       85       0.029    0.98     0.50        16.9
               205     220       15       0.039    1.32     0.23         7.7

    As reported to GoldSpring, all drill samples were collected following
standard industry practice and were assayed by American Assay Laboratories,
Inc. of Sparks, Nevada. Gold results were determined using standard fire assay
techniques on a 30 gram sample with an atomic absorption finish. QA/QC
included the insertion of numerous standards and blanks into the sample
stream. Check assays and preliminary cyanide amenability testing is underway.
All intercepts are reported as drilled using 0.010 ounces per ton gold
cut-off; true widths have not been determined. All data, as reported to the
Company and disclosed in this press release including sampling, analytical and
test data have been reviewed by the Company's qualified person Mr. Jim Golden,
GoldSpring's Chief Operating Officer.

    About GoldSpring, Inc.
    GoldSpring, Inc. is a North American precious metals mining company,
focused in Nevada, with extensive land holding in the Comstock Gold-Silver
District of Nevada. The Company has defined an initial resource at the
Hartford deposit and has secured several of the key mining permits required to
develop the project. The Company is currently engaged in an aggressive
exploration program to define the extent of the Hartford Deposit, assess other
key exploration targets on its large land package and push the project toward
production. The high-grade nature of the bulk tonnage Hartford deposit and its
favorable configuration has positioned the Company to become a new gold-silver
producer in the future.

    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

    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

    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

    Robert T. Faber, President and CEO


For further information:

For further information: Robert T. Faber, President and CEO of
GoldSpring, Inc., +1-480-603-5151, or +1-775-847-5272,
Web Site:

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