GoldSpring Assay Testing Continues to Produce Positive Results

GOLD HILL, Nev., July 2 /PRNewswire-FirstCall/ -- GoldSpring, Inc. (OTC Bulletin Board: GSPG), the holder of what is believed to be the largest mineral rights land position inNevada's Comstock Lode Mining District, reported today assay results from its drill holes, numbered 37-44. Of note is the fact that Hole #44 encountered five feet grading 1.559 ounces of gold per ton and 6.35 ounces of silver per ton, suggesting potential for high grade levels in the area of this Hole.

To date, the Company has drilled 57 holes and has received third-party assay results for the first 43 of those drill holes. The Company expects to receive assay results for holes 45 - 57 later this month. The Hartford Complex represents less than five percent of the Company's total landholdings in the Comstock Lode.

"We are excited by these additional drill results. Our ongoing drilling has furthered the delineation of the ore body at our Comstock Lode project," said Jim Golden. GoldSpring's Chief Operating Officer. "We expect to drill an additional 43 holes in the third quarter, bringing the total number of drill holes in this phase of the exploration project to 100. Our focus continues to be on completing our initial 43-101 resource report, and we continue to be encouraged by our strong assay results."

Assay results from drill holes 37-44 are set forth below, in reverse order.

-- Drill Hole 44: targeted high grade mineralization north of Drill Hole # 40 encountering 60 feet (215'-275') grading 0.172 opt gold and 1.19 opt silver including five feet (230'-235') grading 1.559 opt gold and 6.35 opt silver, followed by eighty-five feet (345'-430') grading 0.064 opt gold and 0.06 silver including fifteen feet (355'-370') grading 0.242 opt gold and 0.20 opt silver.

-- Drill Hole 43: was targeted at mineralization dipping to the east of the deposit. The drill hole encountered 75 feet (335'-410') grading 0.01 ounces per ton gold and 0.43 ounces per ton silver.

-- Drill Hole 42: was targeted at mineralization dipping to the east of the deposit. The drill hole encountered 100 feet of precious metals values at a depth of 615 feet to 715 feet bottoming in low grade gold/silver mineralization.

-- Drill Hole 41: encountered 10'-25' grading 0.030 ounces per ton gold and 0.17 ounces per ton silver; followed by 20 feet (135'-155') grading 0.137 ounces per ton gold and 0.61 ounces per ton silver, then 85 feet (185'-270') grading 0.015 ounces per ton gold and 0.04 ounces per ton silver; followed by 110 feet (295'-405') grading 0.037 ounces per ton gold and 0.61 ounces per ton silver, and 20 feet (540'-560') grading 0.025 ounces per ton gold and 0.31 ounces per ton silver.

-- Drill Hole 40: encountered 50 feet (210'-260') grading 0.238 ounces per ton gold and 0.16 ounces per ton silver including interval 235'-240' grading 1.937 ounces per ton gold and 0.70 ounces per ton silver, and 15 feet (325'-340') grading 0.043 ounces per ton gold and 0.68 ounces per ton silver. This drill hole was previously announced.

-- Drill Hole 39: encountered from the surface to 120 feet grading 0.031 ounces per ton gold and 0.43 ounces per ton silver, followed by a low grading parting of 50 feet (120'-170') grading 0.009 ounces per ton gold and 0.37 ounces per ton silver, and continuing to 40 feet (170'-210') grading 0.040 ounces per ton gold and 1.00 ounces per ton silver.

-- Drill Hole 38: encountered from the surface to 20 feet grading 0.087 ounces per ton gold and 0.83 ounces per ton silver, followed by 110 feet (60'- 170') grading 0.025 ounces per ton gold and 0.38 ounces per ton silver, followed by 135 feet (190'-325') grading 0.031 ounces per ton gold and 0.73 silver, and 25 feet (400'-425') grading 0.021 ounces per ton gold and 0.35 ounces per ton silver. This hole bottomed in low grade gold values.

-- Drill Hole 37: encountered from the surface 155 feet grading 0.032 ounces per ton gold and 0.53 ounces per ton silver.

All of the assays referenced herein and the data derived therefrom have been performed and analyzed by American Assay ofReno, 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 inNevada, 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.

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