GoldSpring Releases Assay Results Which Demonstrate Continuation of Favorable Indications...

GoldSpring Releases Assay Results Which Demonstrate Continuation of Favorable
Indications From Drill Program

GOLD HILL, Nev., July 22 /PRNewswire-FirstCall/ -- GoldSpring, Inc.
(OTC Bulletin Board: GSPG) reported today a continuation in the trend of
encouraging assay results from its latest four drill holes, numbered 45-48,
suggesting expanded depth and surface area of the identified ore body in the
Hartford Complex. The Hartford Complex represents less than five percent of
the Company's total leases of landholdings in the Comstock Lode.
"The assays from drill holes 45-48 continue the trend of favorable
indications from our 2008 drilling program, suggesting the potential for a
broader range of mineralization," said Jim Golden, GoldSpring's Chief
Operating Officer. "As a result of these, and other encouraging results
obtained from our drilling activity in the Hartford Complex, we have taken
steps to accelerate our drilling program. Specifically, we plan to have three
drills operating during the third quarter, which may expedite the completion
of our drilling program at the Hartford Complex. The completion of the drill
program is an essential step in our return to mine production."
Assay results from drill holes 45-48 are set forth below, in reverse
order.
-- Drill Hole 48: was targeted to find surface outcropping ore in areas
where drill recovery was poor. The hole encountered from the surface to a
total depth of ninety feet grading 0.041 ounces per ton gold and 0.86 ounces
per ton silver.
-- Drill Hole 47: was targeted to find surface outcropping ore in areas
where drill recovery was poor. The hole encountered from surface to a total
depth of eighty-five feet grading 0.040 ounces per ton gold and 0.81 ounces
per ton silver.
-- Drill Hole 46: from the surface to fifteen feet grades 0.012 ounces
per ton gold and 0.50 ounces per ton silver, followed by ten feet (105'-115')
grading 0.019 ounces per ton gold and 0.06 ounces per ton silver, with
eighty-five feet (220'-305') grading 0.058 ounces per ton gold and 0.46 ounces
per ton silver, and twenty-five feet (325'-350') feet grading 0.031 ounces per
ton gold and 0.07 ounces per ton silver.
-- Drill Hole 45: encountered five feet (90'-95') grading 0.257 ounces
per ton gold and 1.64 ounces per ton silver, followed by a low grade zone of
ninety feet (165'-255') grading 0.012 ounces per ton gold and 0.08 ounces per
ton silver, and then ninety feet (255'-345') grading 0.077 ounces per ton gold
and 0.82 ounces per ton silver.
All of the assays referenced herein and the data derived therefrom have
been performed and analyzed by American Assay of Reno, Nevada, a laboratory
independent of GoldSpring, utilizing industry standard analytical methods.
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. Our Company was formed in mid-2003, and we acquired two properties
in the Comstock Lode before the end of the year. We secured permits, built an
infrastructure and brought the exploration project into test mining production
within a year of its acquisition. The Company, in 2005, began consolidating
the Comstock Lode by acquiring additional properties in the district,
expanding our footprint and creating opportunities for exploration and mining.
We are an emerging company, looking to build on our success through the
acquisition of other mineral properties in the Comstock Lode District with
reserves or exploration potential. The Company's objectives are to increase
reserves through exploration, expand its footprint in the Comstock, resume
mining, optimize its production, and maximize shareholder value.
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 and CEO
480.603.5151
775.847.5272
E-mail: rfaber@goldspring.us

or

Dan Schustack, CEOcast, Inc. for GoldSpring, Inc. at (212) 732-4300

SOURCE GoldSpring, Inc.

Robert T. Faber, President and CEO of GoldSpring, Inc., +1-480-603-5151,
+1-775-847-5272, rfaber@goldspring.us; or Dan Schustack of CEOcast, Inc.,
+1-212-732-4300, for GoldSpring, Inc.