GSPG applies for Amex, 171,904,00 o/s Sept 30 of which 142,203,590 are restricted, $15.6mm in assets, $1.6mm in cash, no debt, paid for gold recovery plant:
GoldSpring Update: American Stock Exchange Application Filed December 11, 2003 With Top Specialist Trading Firm On Board
New York, NY: December 12, 2003 - GoldSpring, Inc. (OTCBB: GSPG) announced today that effective December 11, 2003, following a visit to New York and the American Stock Exchange, the Company has filed its application for listing on The American Stock Exchange under Standard 3, which looks at net shareholder equity, capitalization of the float and capitalization of the Company, rather than share price. This is a relatively new standard, which was introduced to GoldSpring in September at the New York Gold Conference and then again recently at the International Gold Conference held in November in San Francisco. A preliminary evaluation at that time showed that GoldSpring should either meet or exceed the listing criteria. Subject to Exchange due diligence, the processing time is usually 6-8 weeks. During managements visit, Specialist firms were interviewed that are responsible for managing the trading of the Company’s stock on the Exchange among other matters. After careful consideration, the Company has already accepted the number 1 rated Specialist Trading firm who is now a part of our application. This may shorten the listing time frame. The Company expects to receive final clearance and be called for trading by the end of January. However, nothing stated here is to claim approval of any kind by the Exchange, but rather is an accurate representation of the steps already taken by the Company and of the Company’s intent to list.
The first round of due diligence on the High Grade gold mining project in California’s Mother Lode announced on December 2nd has shown that the mill and infrastructure are in excellent and operating condition and that a preliminary review of the permits verified their validity. Limits and scope are now under review as well as operating targets and should be complete before December 26th. Acquisition and operating budgets are being prepared to allow closing with the next financing round.
The next financing round under consideration by the Company, announced on November 26th is for $3 million, which is currently scheduled to complete prior to year-end. There is no guarantee that funds will be received by the Company prior to year-end, but both parties are working to that end. Paperwork is being prepared at this time and further information will be forthcoming as soon as details are available.
The above $3 million is Stage 1 of the $10 million the Company is actively pursuing. Proposals are also being negotiated at this time for additional finance proceeds.
Further information will be forthcoming on mining and leaching progress and acquisitions or financings in progress.
Corporate & Investor Relations:
Steve Parent 480.505.4040
Email: info@goldspring.us
www.goldspring.us
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
AI
