Files 2021 Financial Statements, MD&A and Annual Information Form
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Gold Springs Resource Corp.
Files 2021 Financial Statements, MD&A and Annual Information Form
March 31, 2022, Vancouver, British Columbia - Gold Springs Resource Corp. (TSX: GRC,
OTCQB: GRCAF) (the “Company ”), reports the release of its audited consolidated financial
statements for the year ended December 31, 2021, the related management’s discussion
and analysis of financial position and results of operations (“MD&A”) and the annual
information form (“AIF”). In this press release, all amounts are expressed in U.S. dollars,
unless otherwise indicated.
As of December 31, 2021, the Company had a working capital of $ 3.95 million including
$3.82 million in cash. During 2021, general and administrative expenses, excluding non-
cash share-based payments, decreased to $0.76 million from $0.97 million during the
year ended December 31, 2020.
During 2021, the Company issued the first and second tranches of the Series A Secured
Rights for aggregate proceeds of $3.00 million (collectively, the “Series A Secured
Rights”) with funds received committed to exploration of the Gold Springs Project (the
“Resource Expansion Program”). Exploration spending during the year ended December
31, 2021, increased to $3.51 million from $1.30 million incurred in the year ended
December 31, 2020, of which $2.61 million was funded by the Series A Secured Rights
consideration.
The Company reported net income of $1.12 million ($0.00 income per share) for the year
ended December 31, 2021, compared with a net loss of $1.35 million ($0.01 loss per
share) for the year ended December 31, 2020. In 2021, the Company recorded a gain on
sale of $2.61 million from the sale of its shares in World Copper Ltd. (WCU:TSXV) for
proceeds of CAD$4.36 million , offset by a non-cash loss of $0.48 million (2020 - $0.44
million) for its equity accounted investment in WCU, recognized for the period prior to the
sale.
Principal activities conducted at the Gold Springs Project during 2021 focused on an
aggressive drill program designed to increase the existing resources at North and South
Jumbo and to test new targets which in cluded discoveries at Charlie Ross and White
Point. These efforts resulted in extending gold mineralization at both North and South
Jumbo and most importantly the discovery of the Tremor system which is an intrusive
hosted gold system located on the north end of the Jumbo Trend. Holes in Tremor
returned 6.87 g/t gold equivalent over 24.4 meters in hole J -21-006 and 1.0 g/t gold
equivalent over 163.1 meters in hole J-21-015.
Gold equivalent based on US$1,800/oz gold and US$25/oz silver. For further informati on on the above the
results, please refer to Company’s news releases dated September 7, 2021, and December 3, 2021.
Qualified Person
The Qualified Person on the Gold Springs Project is Randall Moore, Executive Vice
President of Exploration for Gold Springs Resource Corp. and he has reviewed and
approved the content of this press release.
About Gold Springs Resource Corp.
Gold Springs Resource Corp. (TSX: GRC and OTCQB: 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 cau se 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 o n acceptable
terms; availability 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, env ironmental and other risks 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 q ualified
personnel to advance 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 wh ich 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
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.