GOLDSPRING Inc. (OTC:GSPG)
Industry: Basic Materials
GoldSpring Inc., incorporated on October 19, 1999, is a North American precious metals mining company with an operational gold and silver test mine in northern Nevada. The Company's projects include the Plum Mine and Como gold and silver lode claims in Storey and Lyon County, Nevada; the Gold Canyon and Spring Valley placer gold claims in Lyon County; and the Big Mike lode and placer copper claims in Pershing County, Nevada. During the year ended December 31, 2005, GoldSpring acquired additional properties around the Plum project in Northern Nevada. It is an emerging company, seeking acquisition of other mineral properties in North America. Plum (Billie the Kid/Lucerne) The Company's mineral exploration projects include the Plum Mine gold and silver exploration and test mining project and the Como mineral Claims. The Plum property is physically situated roughly three miles south of Virginia City, Nevada. GoldSpring's property rights to the mineral properties consist of several mineral leases, unpatented mineral claims and fee ownership of real property. The Company has a mineral exploration and mining lease agreement with Claire Obester and the Estate of Dorothy Obester covering mineral rights to five patented claims located in both Storey and Lyon Counties, including the Billie the Kid and Lucerne patented lode claims. The Company has a second mineral exploration and mining lease agreement with the Donovan Silver Hills, LLC covering seven patented claims and 13 unpatented claims located in Storey and Lyon Counties. These leases remain in effect for as long as exploration, development, mining, or processing operations are conducted on a continuous basis, without a lapse of activity for more than 180 days. In addition to the mineral leases, GoldSpring holds 20 unpatented mineral claims in Storey County, holds eight unpatented mineral claims in Lyon County, and owns title to 40 acres of land in Storey County. The W. Hughes Brockbank Living Trust has a lien against and a security interest in these unpatented mineral claims and the 40 acres of land pursuant to a Deed of Trust entered into with W. Hughes Brockbank Living Trust. Gold Canyon and Spring Valley (Placer Claims) The Company owns a 100% interest in the 25 federal unpatented placer claims in the Gold Canyon and Spring Valley claims. The claims cover approximately 850 acres and are located about 30 miles southeast of Reno and four miles south of Virginia City, Nevada. GoldSpring has yet to complete any exploration activity on the Gold Canyon or Spring Valley properties. The properties are undeveloped and do not contain any open-pit or underground mines. All activities associated with these properties are exploratory in nature. The Big Mike Copper Project GoldSpring owns a 100% interest in the 17 unpatented lode claims and one placer claim covering a total of 310 acres in the Big Mike Copper property. The property is situated at an elevation of 5,000 to 5,500 feet. The Company has yet to complete any exploration activity or undertaken any geologic, engineering or economic studies on the Big Mike Copper property. The property includes an open pit, mineralized material in a stockpile, and waste dumps. As the site was previously mined, there are also roads and graded areas on the property. Two cased water wells with rights to two cubic feet per second are also present on the property. The Company is seeking a partner to develop this project. Because GoldSpring has not established reserves on this property, any work that will be conducted on the property would be considered exploratory in nature. Mineral Permits in Alberta, Canada In May 2004, the Alberta government granted GoldSpring mineral permits for all non-energy minerals on nearly 800 square miles of Alberta, Canada mining mineral property. Sedimentary Oolitic iron bearing material was discovered in 1953 from oil and gas drilling on the area of the Company's mineral permits. From 1995 through 1997, a series of tests were performed that showed the mineralized material present was amenable
As Of: 10/07 00:00 ET
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