Could GSPG be the next WHT ??? ... It was
Mentioned in kitco this AM.
PR from Kitco.
December 18, 2003
Gold Spring Update: As Copper Reaches 6 YR High, GoldSpring Board Decides To Commence Copper Production Operations At The Company’s 100% Owned Big Mike Copper Project In Nearby Winnemucca, NV By 3Q 2004.
SCOTTSDALE AZ: December 18, 2003 – GoldSpring, Inc. (OTCBB: GSPG) announces that the Company’s Board of Directors today resolved that The Big Mike Copper Project has been selected to benefit from 1st Q 2004 Financing Proceeds and will be advanced to production as a vat leach copper recovery project. There has been a valid heap leach approved Plan of Operation since 1988 on the project, but ongoing evaluations of recovery methods have yielded far more efficient and environmentally friendly approaches that can be accomplished for a fraction of the capital costs previously proposed. The Company has also determined that new permits will be a superior corporate approach to production to the endless amendments to, and uncertain liabilities associated with, the existing Plan. Estimated to take about the same time as modification. The Big Mike Project has approximately 1.2 million tons of copper ore, already mined (substantial cost savings) above ground and suitable for leaching, which contains approximately 25 million pounds of copper with an average estimated grade of 1.05%. The on ground value of the copper at today’s prices is $25 million. Production costs are estimated to be less than $0.23 and at 80% recovery could net the Company in excess of $12 million at spot copper prices. Capital costs are projected to be in the $1.5 million range.
Rob Faber, CFO enthusiastically states: “In addition to Copper recovery at Big Mike, a feasibility study has been authorized by the Board to study the Decorative Block probability for the 1.2 million tons of spent ore (clean tailings) as well as an evaluation of alternative ‘high Tech’ uses of copper that have come to our attention. Both will be processed in nearby Winnemucca, NV. This approach is consistent with GoldSpring’s concern and care for the environment, the local communities in which we operate and our commitment to revenue maximization for our shareholders”. He further adds with a grin, “You see, THIS Management Team owns substantial shares in our Company.”
Update on High Grade Mother lode Mine in CA: LOI Announced November 10th, discussed December 2nd. The Board received an engineering report recommending that the Company proceed to acquisition with the sellers and has approved the same. In addition to the acquisition costs, a budget of about $750,000 is proposed to block out about 100,000 high-grade ounces of gold. Additional exploration potential may be substantial, as a Bonanza target is possible.
Update on Virginia City Dumps: LOI Announced November 6th. Testing is ongoing and indicates that a project will be put together with owners. Assays are consistent with earlier reports and leach results are forthcoming soon. The plan would be to leach the dump material at Plum, along with Billie The Kid.
Further information will be provided as soon as it is available.
Corporate & Investor Relations:
Steve Parent 480.505.4040
Email: info@goldspring.us
GoldSpring, Inc.
www.goldspring.us
