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<SEC-DOCUMENT>0001104659-07-024392.txt : 20070330
<SEC-HEADER>0001104659-07-024392.hdr.sgml : 20070330
<ACCEPTANCE-DATETIME>20070330172302
ACCESSION NUMBER:		0001104659-07-024392
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070330
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070330
DATE AS OF CHANGE:		20070330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GOLDSPRING INC
		CENTRAL INDEX KEY:			0001120970
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				650955118
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-32429
		FILM NUMBER:		07734311

	BUSINESS ADDRESS:	
		STREET 1:		8585 E. HARTFORD DRIVE
		STREET 2:		SUITE 400
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85255
		BUSINESS PHONE:		480-505-4040

	MAIL ADDRESS:	
		STREET 1:		8585 E. HARTFORD DRIVE
		STREET 2:		SUITE 400
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85255

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDSPRING
		DATE OF NAME CHANGE:	20030821

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STARTCALL COM INC
		DATE OF NAME CHANGE:	20010305
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a07-9236_18k.htm
<DESCRIPTION>8-K
<TEXT>
<html>

<head>







</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><a name="scotch"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><strong><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">UNITED STATES</font></b></strong></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><strong><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">SECURITIES AND
EXCHANGE COMMISSION</font></b></strong></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">WASHINGTON, D.C. 20549</font></b></strong></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><strong><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM 8-K</font></b></strong></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><strong><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">CURRENT REPORT</font></b></strong></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><strong><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">PURSUANT TO
SECTION 13 OR 15(D) OF THE</font></b></strong></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><strong><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">SECURITIES
EXCHANGE ACT OF 1934</font></b></strong></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report
(Date of earliest event reported): <b>March 30, 2007</b></font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><strong><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">GOLDSPRING, INC.</font></b></strong></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of
Registrant as Specified in its Charter)</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Florida</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">000-32429</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">65-0955118</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or Other
  Jurisdiction of<br>
  Incorporation)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File
  Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer
  Identification No.)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1200 American Flat Road, Gold
Hill, Nevada 89440</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
principal executive offices) (Zip Code)</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s
Telephone Number, Including Area Code: <b>(775) 847-5272</b></font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (<em><i><font face="Times New Roman">see</font></i></em>
General Instruction A.2. below):</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Soliciting material
pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a- 12)</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>


<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.01&#160;
Other Events</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March 23, 2007, the Company and related parties
entered into a global settlement with Stephen B. Parent, Goldspring&#146;s former
CEO and related parties, which brought final resolution in the following
cases:&#160; (i) <u>GoldSpring, Inc. v.
Stephen B. Parent, et al.</u>, Case No. CV2004-021755, Maricopa County Superior
Court (&#147;the State Court Action&#148;); and (ii) <u>Robert T. Faber, et al. v.
Stephen B. Parent, et al.</u>, Case No. CV04-2960-PHX-EHC, the United States
District Court, District of Arizona (&#147;the Federal Court Action&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The settlement agreement contains the following terms,
among others:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Settlement without payment of cash
consideration by either side in either case</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Dismissal of both the Federal Court
Action and the State Court Action with prejudice (including dismissal by Parent
of the pending Federal Court appeal)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mutual release of liability and
covenants not to sue</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Invalidity of Consent Resolutions described
in the Federal Court&#146;s April 18, 2006 Order Granting Preliminary Injunction in
the Federal Court Action and agreement by the Parents and Medhi further to not
further contest or challenge in any way the election of GoldSpring&#146;s current
Board of Directors or any of the actions taken by GoldSpring&#146;s Board of
Directors or its officers at any time up to the date of this Agreement,
including, but not limited to the approval and/or implementation of the
November 30, 2004 financial restructuring.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No admission of liability by any
party to either the Federal Court Action or the State Court Action</p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 9
&#150; FINANCIAL STATEMENTS AND EXHIBITS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01
- - Financial Statements and Exhibits.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibits</font></u></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:9.52%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit No.</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:88.12%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="9%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:9.52%;">
  <p style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="88%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:88.12%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Mutual
  Release and Settlement Agreement</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="9%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.52%;">
  <p style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="88%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:88.12%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Press
  Release</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
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  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.26%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GOLDSPRING, INC.</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March 30, 2007</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="39%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;Robert T. Faber</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert T. Faber</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief Financial Officer</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="395" style="border:none;"></td>
  <td width="31" style="border:none;"></td>
  <td width="201" style="border:none;"></td>
  <td width="91" style="border:none;"></td>
  <td width="31" style="border:none;"></td>
 </tr>
</table>

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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 1</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MUTUAL
RELEASE AND SETTLEMENT AGREEMENT</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
Mutual Release and Settlement Agreement (&#147;Agreement&#148;) is made this &nbsp;&nbsp;&nbsp;
day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2007, by and between the following
parties:&#160; (1) Stephen B. Parent (&#147;Parent&#148;);
(2)&#160; Judith A. Parent (collectively with
Parent, referred to herein as &#147;Parents&#148;); (3) Purnendu K. Rana Medhi (&#147;Medhi&#148;);
(4) Robert T. Faber (&#147;Faber&#148;); (5) Leslie A. Cahan (&#147;Cahan&#148;); (6) GoldSpring,
Inc., a Florida Corporation (&#147;GoldSpring&#148;); and (7) certain GoldSpring
shareholders defined herein as: Longview Fund, L.P., Longview Equity Fund,
L.P., Longview International Equity Fund, L.P., Redwood Grove Capital
Management, L.L.C., Redwood Grove Capital Management, Ltd., Viking Asset
Management, L.L.C., Viking Asset Management, Ltd., John V. Winfield, InterGroup
Corporation, Portsmouth Square, Inc., Santa Fe Financial Corporation, and
Merriman Curhan Ford &amp; Co.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
GoldSpring filed a lawsuit in Maricopa County Superior Court entitled <u>GoldSpring,
Inc. v. Stephen B. Parent, et al.</u>, Case No. CV2004-021755 (&#147;the State Court
Action&#148;);</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
Faber and Cahan, personally and derivatively on behalf of GoldSpring, filed a
lawsuit in the United States District Court, District of Arizona entitled <u>Robert
T. Faber, et al. v. Stephen B. Parent, et al.</u>, Case No. CV04-2960-PHX-EHC (&#147;the
Federal Court Action&#148;);</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
Parents have filed an appeal with the United States Court of Appeals for the
Ninth Circuit regarding a preliminary injunction order entered by the District
Court in the Federal Court Action;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
the parties to this Agreement agree that it is in the best interests of the
parties, GoldSpring, and its shareholders to resolve all outstanding issues
currently in litigation, both in the State Court Action and in the Federal
Court Action;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
the parties to this Agreement wish to settle their disputes upon the terms set
forth in this Agreement, and consistent with the Exhibits attached hereto;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW,
THEREFORE, in consideration of the mutual promises contained herein, it is
agreed as follows:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Accounting</u></b>. GoldSpring has accepted the accounting provided by Parent in State
Court Action.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Dismissal of State Court Action</u></b>. The parties to this Agreement, not
including the certain GoldSpring shareholders defined above, promise and
covenant, upon the execution of this Agreement, to execute and file a
Stipulation of Dismissal in the form attached hereto as <b>Exhibit A</b>, which will dismiss the State
Court Action between the Parents, Ecovery, Inc., and GoldSpring in its
entirety, with prejudice, with each of the parties to bear its own costs and
fees.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Dismissal of Federal Court Action, Including Appeal</u></b>. The parties to this Agreement, not
including the certain GoldSpring shareholders defined above, promise and
covenant, upon the execution of this Agreement, to execute and file a</p>


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<p style="margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stipulation for Dismissal in the form attached
hereto as <b>Exhibit B</b>, which will
dismiss the Federal Court Action in its entirety, with prejudice, and as to all
named defendants, with each of the parties to bear its own costs and fees. Parents
and Medhi further agree to cooperate fully and execute any additional
documents, if necessary, to enable the district court to exonerate and release
the bond posted by Faber and Cahan with the court on or about December 30, 2004.
The parties to this Agreement, not including the certain GoldSpring
shareholders defined above, further promise and covenant, upon the execution of
this Agreement, to execute and file a Stipulation for Dismissal in the form
attached hereto as <b>Exhibit C</b>,
which will dismiss the appeal filed by Parents and currently pending in the
United States Court of Appeals for the Ninth Circuit (Case No. 06-16511).</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Payment</u></b>. The parties to this Agreement, not including the certain GoldSpring
shareholders defined above, agree that none of the parties hereto will pay any
monies to any other party or be obligated to transfer or cancel any GoldSpring
stock as a condition or requirement of this Agreement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Mutual Release of Liability</u></b>. Parents and Medhi, on behalf of themselves
and any entity in which they hold an ownership interest, or for which they are
representatives in any respect whatsoever and/or are part of a collective
group, hereby release, acquit, discharge and forever covenant not to sue
GoldSpring, its successor/s and/or predecessors in interest, its past and
present officers, directors (including, but not limited to Faber and Cahan),
its certain shareholders defined above as: Longview Fund, L.P., Longview Equity
Fund, L.P., Longview International Equity Fund, L.P., Redwood Grove Capital
Management, L.L.C., Redwood Grove Capital Management, Ltd., Viking Asset
Management, L.L.C., Viking Asset Management, Ltd., John V. Winfield, InterGroup
Corporation, Portsmouth Square, Inc., Santa Fe Financial Corporation, and
Merriman Curhan Ford &amp; Co., including for all of the foregoing, their
officers, directors, employees, agents, affiliates, heirs, executors,
administrators, insurance carriers and related entities on any and all claims,
causes of action, lawsuits, demands, liabilities, debts, covenants, contracts,
representations, warranties and damages of any kind, whether known or unknown,
contingent or fixed, including but not limited to any claims arising out of or
connected to in any way whatsoever, shareholder derivative future lawsuits,
and/or actions and/or class actions, which Parents and/or Medhi had, now have,
or may claim to have had as of the date of this Agreement by reason of any act
or omission whatsoever, concerning any matter, cause or things, including
without limiting the generality of the foregoing, those relating to, arising
out of, or described in, addressed by, or that could have been asserted in the
State Court Action or the Federal Court Action. Parents and Medhi understand
and agree that the release set forth in this paragraph constitutes a general
release not only of all claims regarding damages or losses which are now known,
but also of all claims regarding any damages or losses which may develop in the
future or which may currently be existing but are unknown to Parents and/or
Medhi. This general release is not limited to claims expressly stated in the
State Court Action or Federal Court Action, and shall serve as a release of any
and all potential claims.</p>


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<p style="margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GoldSpring, its officers, its directors, including
but not limited to Faber and Cahan, its certain shareholders defined above as
Longview Fund, L.P., Longview Equity Fund, L.P., Longview International Equity
Fund, L.P., Redwood Grove Capital Management, L.L.C., Redwood Grove Capital
Management, Ltd., Viking Asset Management, L.L.C., Viking Asset Management,
Ltd., John V. Winfield, InterGroup Corporation, Portsmouth Square, Inc., Santa
Fe Financial Corporation, and Merriman Curhan Ford &amp; Co., hereby release,
acquit, discharge, and forever covenant not to sue the Parents or any of their
related business entities, including, but not limited to Ecovery, Inc., Aztech
Environmental, Lavender House, and Minebuilders, Medhi, and any and all of
Parents&#146; and Medhi&#146;s agents, representatives, successors, heirs, executors, administrators,
insurance carriers and related entities on any and all claims, causes of
action, lawsuits, demands, liabilities, debts, covenants, contracts,
representations, warranties and damages of any kind, whether known or unknown,
contingent or fixed, which GoldSpring, its officers and/or directors, including
but not limited to Faber and Cahan, and its certain shareholders as defined
above had, now have, or may claim to have had as of the date of this Agreement
by reason of any act or omission whatsoever, concerning any matter, cause or
things, including without limiting the generality of the foregoing, those
relating to, arising out of, or described in, addressed by, or that could have
been asserted in the State Court Action or the Federal Court Action. GoldSpring,
its officers and directors, including but not limited to Faber and Cahan, and
its certain shareholders as defined above understand and agree that the release
set forth in this paragraph constitutes a general release not only of all
claims regarding damages or losses which are now known, but also of all claims
regarding any damages or losses which may develop in the future or which may
currently be existing but are unknown to GoldSpring, its officers and
directors, including but not limited to Faber and Cahan, and/or its certain
shareholders as defined above. This general release is not limited to claims
expressly stated in the State Court Action or Federal Court Action, and shall
serve as a release of any and all potential claims. The parties hereto further
agree that nothing in this Agreement shall alter or affect the terms and
conditions set forth in the Subscription Agreement, incorporated herein by
reference and attached hereto as <b>Exhibit E</b>,
which is dated November 30, 2004, including but not limited to section thirteen
(13), entitled &#147; Mutual Release.&#148;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Invalidity of Consent Resolutions</u></b>. Parents and Medhi hereby agree that,
despite the dismissal of the Federal Court Action, the &#147; Consent Resolutions&#148;
described in the District Court&#146;s April 18, 2006 Order Granting Preliminary
Injunction in the Federal Court Action shall have no legal effect. Parents and
Medhi further agree that they will not contest or challenge in any way the
election of GoldSpring&#146;s current Board of Directors or any of the actions taken
by GoldSpring&#146;s Board of Directors or its officers at any time up to the date
of this Agreement, including, but not limited to the approval and/or
implementation of the November 30, 2004 financial restructuring.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">No Admission of Liability</u></b>. The parties to this Agreement understand
and agree that this Agreement is entered into solely for the purpose of
avoiding the expense,</p>


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<p style="margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">inconvenience, and uncertainty of continued
litigation and that this Agreement is not to be construed as an admission by any
of the parties hereto of any liability, fault or responsibility to any other
party.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Press Release</u></b>. GoldSpring promises and covenants to publish to its shareholders and
investors the form Press Release, attached hereto as <b>Exhibit D</b>, upon the execution of this Agreement. GoldSpring
promises and covenants that the form Press Release, attached hereto as <b>Exhibit D</b>, will be attached to GoldSpring&#146;s
8-K filing with the Securities and Exchange Commission regarding the Agreement
attached hereto as <b>Exhibit D</b>. GoldSpring
further promises and covenants not to include any reference in its 8-K filing
to the settlement of the State Court Action or the Federal Court Action,
outside of the agreed upon terms set forth in <b>Exhibit
D</b>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Informed Consent</u></b>. The parties to this Agreement each represent and warrant that they have
received, or have had an opportunity to receive, independent legal advice from
their own counsel with respect to the settlement provided herein and have made
such investigation of the facts pertaining to the settlement and of all matters
pertaining to this Agreement as they deem necessary, and that they have not
relied upon any statement, promise, representation or warranty in entering into
this Agreement other than the promises, representations, and warranties
contained herein.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">No Assignment</u></b>. Each of the parties to this Agreement represents and warrants that it,
he or she has not voluntarily or involuntarily assigned, transferred, or
otherwise conveyed to any other person or entity any claim, demand, right, or
cause of action which they, or any of them, have or may have against one
another which has been released herein.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Governing Law</u></b>. This Agreement shall be construed under and shall be subject to the
laws of the State of Arizona. If any part of this Agreement shall be held,
adjudged, or declared to be invalid, illegal or in violation of public policy
by any court of competent jurisdiction, then that part shall be deemed
severable from the remainder of this Agreement and shall not impair any other
provision, covenant, condition or term hereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Entire Agreement</u></b>. This Agreement and its Exhibits contain the entire agreement among the
parties hereto and supersedes any prior written or oral agreement among said
parties concerning the subject matter contained herein. There are no
representations, agreements, arrangements, or understandings, oral or written,
between or among the parties hereto, or any of them, relating to the subject
matter contained in this Agreement which are not fully expressed herein.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Attorneys&#146; Fees and Costs</u></b>. Should any dispute arise from the
settlement of this claim, or as a result of a dispute about the terms of this
Agreement, the successful party in such dispute shall be entitled to recover
its reasonable attorney&#146;s fees and costs incurred in connection therewith.</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Successors</u></b>. This Agreement is binding upon and shall inure to the benefit of all of
the parties hereto and their respective heirs, successors and assigns.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Counterparts</u></b>. This Agreement may be executed in counterparts, all of which taken
together, shall constitute an original.</p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DATED this &nbsp;&nbsp;&nbsp;&nbsp; day of March,
2007.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 2</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GoldSpring,
Inc. Announces Settlement with Former Director</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Gold
Hill, NV: March 28, 2007</font></b> - GoldSpring, Inc. (OTCBB: GSPG)
announced today that it has reached a settlement with its former director,
Stephen Parent, in connection with two separate lawsuits between the parties
pending in state and federal court in Arizona. The parties have agreed that it
is in the best interests of the parties, the Company, and its shareholders to
bring all litigation and disputes to an end pursuant to the following binding
terms: (1) an agreement by the Company that it has accepted the accounting
provided by Mr. Parent in the State Court Action; (2) an agreement that none of
the parties to the settlement shall be required to pay any monies to the other
or to transfer, cancel or redeem any stock of the Company; (3) the Company and
Mr. Parent agreed to mutually release each other from any and all claims and
liabilities; (4) the dismissal with prejudice of all claims and actions between
Parent and GoldSpring presently pending in Arizona state court and federal
court; (5) the dismissal with prejudice of the appeal filed by Mr. Parent and
pending before the United States Court of Appeals for the Ninth Circuit; (6) an
agreement that the settlement shall not be construed as an admission of liability
or fault by any party; (7) an agreement by Mr. Parent that the shareholders&#146;
and directors&#146; consent resolutions dated December 9 and 10, 2004 shall have no
legal effect; and (8) an agreement by Mr. Parent that he will not contest or
challenge in any way any actions taken by the Company and/or its Board of
Directors, including but not limited to the financial restructuring transaction
approved by the Board of Directors on November 30, 2004. Please see GoldSpring&#146;s
8K filing with the Securities and Exchange Commission.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GoldSpring, Inc. </font></b>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 in November 2003. In
the Company&#146;s relatively short history, it secured permits, built an
infrastructure and brought the Plum project into production. During 2005, the
Company acquired additional properties around the Plum 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&#146;s
objectives are to increase production, increase reserves through exploration
and acquisitions, expand its footprint at the Plum mine, and maximize cash flow
and return for its shareholders.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Private Securities Litigation Reform Act of 1995 provides a &#147;safe harbor&#148; 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 &#147;forward-looking,&#148;
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</font></p>

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 Form 10-KSB filed on
April 15, 2005, 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&#146;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 &#147;anticipate,&#148; &#147;believe,&#148; &#147;could,&#148; &#147;estimate,&#148; &#147;expect,&#148;
&#147;intend,&#148; &#147;may,&#148; &#147;should,&#148; &#147;will,&#148; and &#147;would&#148; 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.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contact
information for GoldSpring, Inc.:</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.O. Box 1118</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Virginia City, NV 89440</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tel 775.847.5272</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax 775.847.4762</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.goldspring.us</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert
T. Faber, President and CEO</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(480)
603-5151</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(775)
847-5272</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-mail:
rfaber@goldspring.us</font></p>

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