Announces AGM joint location of Toronto and Vancouver, and Files Q1 2022 Financial Statements and MD&A
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Gold Springs Resource Corp.
Announces AGM joint location of Toronto and Vancouver,
and Files Q1 2022 Financial Statements and MD&A
May 12, 2022, Vancouver, British Columbia — Gold Springs Resource Corp. (TSX: GRC,
OTCQB: GRCAF) (the “Company”), reports the joint location of its annual general meeting
(“AGM”) to be held in Toronto and Vancouver as well as the release of its unaudited
consolidated financial statements for the three months ended March 31, 2022 and the
related management’s discussion and analysis of financial position and results of
operations (“MD&A”). In this press release, all amounts are expressed in U.S. dollars,
unless otherwise indicated.
AGM Location
In light of the Company’s AGM being scheduled on June 16, 2022 during the week of the
PDAC conference in Toronto, the Company announces that the shareholders will be
allowed to attend the AGM in Toronto at Gowling WLG’s boardroom on the 16th floor at
First Canadian Place (100 King St. West), or in Vancouver at Gowling WLG’s office, which
is the formal location of the AGM as set out in the notice of meeting. The AGM will
commence at 8am Pacific / 11am Eastern.
Q1 2022 Results
As at March 31, 2022, the Company had a working capital of $3.55 million, including $3.62
million in cash. During Q1 2022, general and administrative expenses, excluding non-cash
share-based payments, decreased to $0.16 million compared with $0.22 million during
the 3-month period ended March 31, 2021. Exploration spending during the three months
ended March 31, 2022, increased to $0.53 million, from $0.27 million incurred during the
same period of last year , of which $0.27 million was funded by the Series A Secured
Rights consideration. The Company reported a net loss of $ 0.24 million ($0.00 loss per
share) for the three months ended March 31, 2022 compared with a net loss of $0.46
million ($0.00 loss per share) for the three months ended March 31, 2021. In Q1 2021, the
Company recognized a non-cash loss of $0.23 million for its equity investment in World
Copper Ltd. (TSXV: WCU), which was disposed of in Q4 2021.
Q1 2022 Principal activities conducted at the Gold Springs project
During the first quarter of 2022, the Company received the last assay results from the
2021 drilling program, completed detailed modelling of the different targets to prepare a
resource update based on the 2021 drilling for the 4 existing resources and the 4 new
discoveries, planned the 2022 drilling program which started at South Jumbo in April
2022. Planning has also been completed for an expanded ground based CSAMT
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geophysical survey which will cover most of our 33 targets and is now scheduled to begin
in early July.
Outlook
The Company’s focus is on the exploration and expansion of the mineral resources at its
Gold Springs project in Nevada and Utah, USA, where the Company is currently drilling.
About Gold Springs Resource Corp.
Gold Springs Resource Corp. (TSX: GRC and OTCQ B: GRCAF) is focused on the
exploration and expansion of the gold and silver resources of its large Gold Springs
project located on the border of Nevada and Utah, USA. The project is situated in the
prolific Great Basin of Western USA, one of the best mining jurisdictions in the world.
Gold Springs Resource Corp. Contact:
Antonio Canton, President and CEO
Forward Looking Statements
Certain statements contained herein constitute “forward -looking information” under applicable
Canadian securities laws (“forward-looking statements”). Forward-looking statements look into the
future and provide an opinion as to the effect of certain events and trends on the business. Forward-
looking statements may include words such as “creating”, “believe”, “would”, “continue”, “will”,
“promising”, “should”, and similar expressions. These forward -looking statements are based on
current expectations and entail various risks and uncertainties. Actual results may materially differ
from expectations if known and unknown risks or uncertainties affect our business or if our
estimates or assumptions prove inaccurate. Factors that could cause results or events to differ
materially from current expectations expressed or implied by the forward -looking statements,
include, but are not limited to, risks of the mineral exploration industry which may affect the
advancement of the Gold Springs project, including possible variations in mineral resources, grade,
recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of
sufficient financing to fund planned or further required work in a timely manner and on acceptable
terms; avai lability of equipment and qualified personnel, failure of equipment or processes to
operate as anticipated, changes in project parameters, including water requirements for operations,
as plans continue to be refined; regulatory, environmental and other ris ks of the mining industry
more fully described in the Company’s Annual Information Form and continuous disclosure
documents, which are available on SEDAR at www.sedar.com. The assumptions made in
developing the forward-looking statements include: the accuracy of current resource estimates and
the interpretation of drill, metallurgical testing and other exploration results; the continuing support
for mining by local governments in Nevada and Utah; the availability of equipment and qualified
personnel to ad vance the Gold Springs project; execution of the Company’s existing plans and
further exploration and development programs for Gold Springs, which may change due to changes
in the views of the Company or if new information arises which makes it prudent to change such
plans or programs. Readers are cautioned not to place undue reliance on the forward -looking
statements contained in this press release. Except as required by law, the Company assumes no
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obligation to update or revise any forward-looking statement, whether as a result of new information,
future events or any other reason. Unless otherwise indicated, forward -looking statements in this
press release describe the Company’s expectations as of the date hereof.