April 2008 Interview with: GoldSpring, Inc. (GSPG-OTC: BB), President and CEO, Robert T. Faber, CPA, Chairman, William Nance and COO, Jim Golden - featuring: their operating gold and silver mine in northern Nevada.

GoldSpring, Inc. (GSPG-OTC: BB)

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GoldSpring Believes That There Is Still A Lot Of Undiscovered Treasures In The Ground In The Comstock Lode District, Which Has A Prolific History Of Silver And Gold Mining Dating Back To The 1860’s

Basic Materials

GoldSpring, Inc.

PO Box 1118
Virginia City, NV 89440
Phone: 775-847-5272

Robert T. Faber, CPA
President and CEO

William Nance

Jim Golden
Chief Operating Officer

Interview conducted by:
Lynn Fosse, Senior Editor

Published – April 18, 2008

William J. Nance -  Chairman of the Board
Bill has been a director of our Company since October 2005. Mr. Nance is a Certified Public Accountant and private consultant to the real estate and banking industries. He is also President of Century Plaza Printers, Inc. Mr. Nance is also a Director of Intergroup Corporation, Santa Fe and Portsmouth.

Robert T. Faber, CPA,  - President and Chief Financial Officer
: Rob has served as President and Chief Executive Officer of our Company since September 2004 and Chief Financial Officer since June 2003. Mr. Faber served from 2002 until 2003 as Vice President of United Site Services, Inc., a privately held service consolidator in the waste service industry. Additionally, Mr. Faber served as an executive with Allied Waste Industries from 2001 until 2002, overseeing a $1.2 billion multi-state area and served as Chief Financial Officer with Frontier Waste Services, LLC from 1999 until 2001. Prior to joining Frontier Waste, Mr. Faber spent 17 years with Waste Management, Inc., a publicly traded environmental services company, during which time he served in senior positions both internationally and domestically. Mr. Faber’s positions included Director of Finance of Waste Management’s $1.4 billion multi-country International operations based in London, England and Vice President and Controller for several $100 million plus multi-state market areas. Mr. Faber is a certified public accountant.(not licensed to practice).

James V. Golden, P. Eng. - COO
Jim has served as the Company’s COO since May 2006. Mr. Golden, who is a licensed mining engineer, has over twenty years of experience in the mining industry, including ten years with Peter Kiewit's mining division, where he was a district manager. A graduate of Montana Tech, Mr. Golden has owned his own consulting firm since 1990, where he has provided consulting services throughout the world for over 50 mining companies .He performed services for mining projects in the Comstock since 1988, including the Flowery Mine, Haywood Mine, Rae Gold’s Lucerne project, Brockbank Trust property and  GoldSpring’s Comstock Mine.

Company Profile:
GoldSpring, Inc. is a North American precious metals mining company with an operating gold and silver mine in northern Nevada. The Company was formed in mid-2003 and acquired the Plum Mine property located in the Comstock Lode District in November 2003. 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. GoldSpring is an emerging company, looking to build on its success through the acquisition of other mineral properties in North America with reserves and exploration potential that can be efficiently put into near-term production. The Company's objectives are to increase production, increase reserves through exploration and acquisitions, expand its footprint in the Comstock, and maximize cash flow and return for its shareholders.

Mr. Faber, what was the vision when GoldSpring was started and where are you today?
Mr. Faber: “GoldSpring was started in 2003 with the vision to create a junior mining company that had assets in North America. Since that time we have narrowed the scope of where we want to be mining and we are focusing 100% of our energy in the Comstock Lode District in Nevada.” 

CEOCFO: Why have you chosen that area?
Mr. Faber:
“The Comstock Lode District has a prolific history of silver and gold mining dating back to the 1860s. There is a great deal of historical information on how the ore was processed during that period. We believe there are still a lot of undiscovered treasures in the ground in that area.”

CEOCFO: Tell us about your current projects.
Mr. Golden: “Currently we are working in an area called the Lucerne Pit. There have been two rounds of previous mining there since 1970. Prior to that, there was underground mining in this area in the 1800’s to early 1900’s. We are currently doing reverse circulation drilling in this area. We are having success locating gold and silver in our area right now at the mine.” 

CEOCFO: What is the timetable going forward and the plan for the project?
Mr. Golden: “Currently we are doing a combination of drilling and additional metallurgic study to determine our prospecting parameters. We tentatively plan on resuming our open-pit operation here this summer. We are looking at discontinuing our ongoing exploration efforts.” 

CEOCFO: Would you tell us about the financial picture of the company today?
Mr. Faber: “Right now we have some very supportive investors that continue to supply the needed capital to propel our company forward. We are in the midst now of securing what we consider a sizeable amount of money to push the company to the next level and hopefully we will be able to do that in the next several months.” 

CEOCFO: Do you continue to look for additional properties?
Mr. Faber: “We are in the process now of acquiring additional properties in and around our existing mine. We are also staking additional claims. We are focused in the Comstock; it is a very big piece of real estate, and we believe it presents many opportunities for us. Therefore, we have all of our resources focused right now on developing the property that we have, increasing the size of our footprint and continuing with our exploration drilling.” 

CEOCFO: Are the properties 100% owned by GoldSpring?
Mr. Faber: “Some of the properties are owned by GoldSpring and we have the right to all the claims. Some of the properties are owned by the BLM and some of the properties are owned by private individuals, from whom we lease the claims, so it is a mixture.”

Mr. Golden: “We have a consolidated block of about 4000 acres right now and it is increasing in size.”

CEOCFO: Given that there is so much interest in gold right now, why would there be properties available for you to increase your holdings?
Mr. Golden: “We had already made our bet on the Comstock a few years ago. Therefore, our investment now is at a low cost in the mining district, so we are a long-term player.” 

CEOCFO: Are there newer technologies or new ways at looking at the mining that you employ?
Mr. Golden: “We are able to employ technologies that have been common since the middle of the 1970’s, but have never been deployed within the Comstock. Therefore, there are a number of remote testing and modeling techniques that we are employing that have never been used in the history of the Comstock, so there are some opportunities that we are receiving because of advancement in technology.” 

CEOCFO: There are many gold companies available; why should potential investors look at GoldSpring? What sets you apart?Mr. Faber: “The assets we have in our portfolio are very unique. There is only one Comstock District and if you go back and look at historical information, there were 18 million ounces of gold and 230 million ounces of silver that were mined before the 1900’s. Mining slowed down almost to a standstill right after the turn of the century, so we are sitting in what we consider to be elephant country; there are known resources in the Comstock. That would be one of the factors; the fact that we are in a very prolific area.” 

Mr. Golden: “The type of deposits that have been found in the Comstock are bonanza type deposits. That means that when you hit one of these, you hit something that could be worth hundreds of millions or a billion dollars in the market we are in. A lot of those kind of targets were hit in the late 1800’s. Therefore, our land position is probably our greatest strength.” 

Mr. Nance: “In addition to that, in prior periods the Comstock was a fragmented piece that had many owners. I think what we have done at GoldSpring is that we have attempted to consolidate the entire Comstock into one area in which GoldSpring would be very significant.”

CEOCFO: What should readers remember most about GoldSpring?
Mr. Faber: “There are a couple of things; number one is that GoldSpring is consolidating the Comstock district. Number two is that we have the permit to operate a heap leach processing operation in the Comstock, and we are the only one that holds such a permit in or around where we are operating. We intend to be in production sometime in the summer of 2008. Based on the geological information that we have, we believe the upside potential is second to none in the marketplace.”


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“GoldSpring was started in 2003 with the vision to create a junior mining company that had assets in North America. Since that time we have narrowed the scope of where we want to be mining and we are focusing 100% of our energy in the Comstock Lode District in Nevada.” - Robert T. Faber, CPA

“In addition to that, in prior periods the Comstock was a fragmented piece that had many owners. I think what we have done at GoldSpring is that we have attempted to consolidate the entire Comstock into one area in which GoldSpring would be very significant.” - William Nance

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