Goldspan Resources, Inc., Announces Signing Letter Of Intent For Ownership In Manganese Mine

As part of Goldspan Resources, Inc.’s (OTCBB:GSPN) mission to seek investments in mines and prospects that are either operating or in the late exploratory or development stage, the Company has entered into an investment opportunity that has been agreed to in principal.

Goldspan Resources, Inc. announced that effective February 12, 2010 an agreement to invest in NABC SA Mining Company in Cote d’Ivoire was signed which says the following:

• Goldspan will invest up to $8.4 million USD in staged tranches. These funds will be used for the acquisition of the ownership and to determine the basis of assessment of the current potential resources.
• Resources are expected to reflect 12 years of production capacity at 200,000 tons per annum.
• Based on current studies, contracts of 15,000 tons per month are projected, which will produce revenues in excess of $25 million per annum.
• Goldspan will own a thirty-five (35%) percent stake in the new Company that will be formed that will acquire a mining research license from NABC SA Mining Company for manganese at Kouassi Datekro in Cote d’Ivoire (“Kouassi”) which covers 1,817 square kilometers.
• The Company will have a 45-day due diligence period.

The due diligence will be headed by Goldspan’s VP, David Hedderly-Smith, Ph.D., P.G. (who is a qualified person under the definitions established by Canadian securities administrators in National Instrument 43-101). Dr. Hedderly-Smith is scheduled to arrive at the site on March 1, 2010, to commence the due diligence on the technical aspects of the deposit.

To date, NABC SA was granted a prospection permit for Kouassi on October 10, 2008, and, effective June 12, 2009, an extraction permit for sampling up to 30,000 tons.

NABC SA has started trenching and a comprehensive mining and trenching plan has been commissioned to a well-known international company.