GoldSpring Commences 2010 Drilling Program

GOLD HILL, Nev., March 31 /PRNewswire-FirstCall/ -- GoldSpring, Inc. (OTC Bulletin Board: GSPG) announced today that it has begun its 2010 drilling season with three drilling rigs now at work at the Company's Comstock Lode project.  Two separate drilling programs have begun, under the direction of Larry Martin, GoldSpring Chief Geologist.

The first program is a reverse circulation drilling program, to provide additional information for a detailed mine design.  The drilling will initially be performed using two drilling rigs and crews supplied by George DeLong Construction, Inc., of Winnemucca, Nevada, who also participated in the Company's recently-concluded 2007-2009 drilling program.  An additional drilling rig is scheduled to be available in June to accelerate the program.

The program will begin by drilling 52 infill holes in the Lucerne pit area, and another 12 condemnation holes in the areas designated for waste dumps and processing facilities.  The 2010 reverse circulation drilling will then continue with at least 40 more holes designed to test the continuity of the mineralization.

GoldSpring has contracted American Assay Laboratories (AAL), of Reno, Nevada to assay the samples taken during the reverse circulation drilling.  AAL is an independent, certified commercial laboratory, which is well-respected in the mining industry.  The resulting gold and silver assay values will be used to update the Company's three-dimensional model of the mineralization for the project.

The second drilling program will drill six core holes, using a diamond drilling rig and crews supplied by KB Drilling, of Mound House, Nevada.  Some of the core will be used for metallurgical testing, which will provide the information for designing upgraded processing facilities to maximize the recovery of precious metals.  Additional core will be used for geotechnical testing, which is needed to finalize the slope stability calculations for the open pit walls.

Both of these programs are elements of the GoldSpring strategic plan, which was developed by the Company's senior management team, and recently approved by the Board of Directors.  "We are all excited to begin drilling again," stated Bill Nance, GoldSpring Chairman of the Board.  "Our plan calls for a return to mine production by early 2011.  We are now taking the next steps to realizing the full potential of our Comstock properties for our shareholders."

About GoldSpring, Inc.

GoldSpring, Inc. is a North American precious metals mining company, focused in Nevada, with extensive, contiguous property in the Comstock Lode District.  In the Company's relatively short history, it secured permits, built an infrastructure and brought the Comstock Lode project into production.  Since 2005, the Company has been acquiring additional properties around its Comstock Lode project in northern Nevada, expanding its footprint and creating opportunities for exploration and mining.  A drilling program through early 2009 produced encouraging results, and led to increased engineering and permitting activities with the goal of returning the mine to production.  The Company's objectives are to resume mine production, optimize metallurgical and mine processes, increase reserves through exploration and acquisitions, and continue to expand its footprint in the Comstock.

Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission (SEC) permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in this press release, such as "measured," "indicated," and "inferred" resources, which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us through the contact person designated below, or from the SEC's website at http://www.sec.gov.

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, planned drilling and testing programs, the potential of our properties and potential contracts. 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.

These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our SEC filings and the following: the current global economic downturn and capital market weakness; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources and reserves; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; our substantial indebtedness and the impact such indebtedness may have on us; the possibility that the recession, our operating performance and operating prospects, and capital market conditions will limit our ability to timely meet our debt service obligations, comply with debt covenants, obtain necessary financing or refinancing or restructure indebtedness or our debt service obligations on acceptable terms or at all; potential inability to continue to comply with government regulations; adoption of or changes in legislation or regulations adversely affecting our businesses; business opportunities that may be presented to or pursued by us; changes in the United States or other monetary or fiscal policies or regulations in response to the recent capital markets and economic crises; interruptions in our production capabilities due to unexpected equipment failures; fluctuation of prices for of gold or certain other commodities (such as silver, copper, diesel fuel, and electricity); changes in generally accepted accounting principles; geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues organically; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies and equipment raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the SEC; potential inability to list our securities on any securities exchange or market; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities.  All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors.  We undertake no obligation to publicly update or revise any forward-looking statement.

Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

SOURCE GoldSpring, Inc.