gspg news:
GoldSpring Announces Appointment of Jim Golden as COO; Mining Operations Resume at Plum Mine
GOLD HILL, Nev., May 17, 2006 (PRIMEZONE via COMTEX) -- GoldSpring, Inc. (OTCBB:GSPG) announced today that Jim Golden, licensed mining engineer, has been appointed Chief Operating Officer. In November 2005, GoldSpring retained Mr. Golden to conduct a comprehensive review of all aspects of the Plum Mine operation, including the overall mine plan, with the objective of maximizing efficiency, increasing production, and reducing costs. Mr. Golden assembled a team of professional mining consultants, who are recognized experts in their respective disciplines, to assist in his review of the operation. The Company has been implementing the team's recommendations for the past few months and is starting to recognize the benefits of the operational improvements. Through the implementation of the team's recommendations, the Company recorded its first quarterly profit from operations in the first quarter of 2006.
Mr. Golden has over twenty years of experience in the mining industry, including ten years with Peter Kiewit's mining division, where he was a district manager. A graduate of Montana Tech, Mr. Golden has owned his own consulting firm since 1990, where he has provided consulting services throughout the world for over 50 mining companies. GoldSpring's President and CEO, Rob Faber, said, "We are excited to have Jim Golden as an officer of our Company. Jim brings a wealth of industry experience and professionalism to GoldSpring, and we expect to reap many positive rewards from having him as a member of our team."
GoldSpring also announced that it has resumed drilling and processing operations at the Plum Mine in the last week and mining operations commenced on May 15, 2006. In a joint effort with Mine Development and Associates, the Company has recently completed its mine plan. Within the next six weeks, the Company expects to receive a qualified report measuring its proven and probable reserves. Based on the mine plan and internal calculations, the Company expects to ramp up monthly gold production to 1,200 ounces by mid-summer 2006 and anticipates gold production costs of less than $350 per ounce. Jim Golden stated, "Since last November, we have focused on improving the fundamentals of our operation, and we are now experiencing the positive results of our efforts. The current gold prices make this a unique time for developing mining companies, especially in the United States. We are excited about the possibilities created by this market and look forward to seizing the opportunities available for growth both within and outside the Comstock Lode of Nevada."
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