Files Q1 2025 Financial Statements, MD&A and Provides Operations Update
Gold Springs Resource Corp.
Files Q1 2025 Financial Statements, MD&A
and Provides Operations Update
May 13, 2025, Vancouver, British Columbia - Gold Springs Resource Corp. (TSX: GRC,
OTCQB: GRCAF) (the “Company”), reports the release of its unaudited consolidated financial
statements for the three months ended March 31, 2025 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.
During the three months ended March 31, 2025, general and administrative expenses,
excluding non-cash share-based payments, decreased to $0.14 million compared with
$0.15 million during the three months ended March 31, 2024. Exploration spending
during the three months ended March 31, 2025, increased to $0.09 million, from $0.07
million incurred during the same period of 2024. During the three months ending March
31, 2025, the Company reported a net loss of $0.17 million ($nil loss per share) compared
with net loss of $0.16 million ($nil loss per share), primarily resulting from an increase in
foreign exchange losses. As of March 31, 2025, the Company had cash of $0.02 million.
Operations Update
The Company is pleased to announce that it has engaged ADT Environmental & Mineral
Consultants and Global Resource Engineering to apply for permits to build a heap-leach
processing pilot plant on private land and a starter pit at the South Jumbo area in Utah,
where a resource estimate of 214,565 oz M&I Au has been identified *.
In addition, the Company plans to complete a water well near the processing facility,
which will have the capacity to supply water for a large-scale operation.
* Please refer to the technical report: “Mineral Resource Estimate NI 43-101 Technical Report - Gold Springs Project – Utah-Nevada,
USA” dated July 11, 2022 for additional information (Measured: 114,558 oz Au (6,456,000 tonnes with a grade of 0.55 gpt) - Indicated:
100,007 oz Au (5,657,000 tonnes with a grade of 0.55 gpt – M&I: 214,565 oz AU (12,115,000 tonnes with a grade of 0.55 gpt)).
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.
Qualified Person
Randall Moore, Executive Vice-President Exploration, Gold Springs Resource Corp., is the
Company's designated Qualified Person for this news release within the meaning of
National Instrument 43 -101 Standards of Disclosure for Mineral Projects. He has
approved the scientific or technical information in this release.
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 herein
may include words such as “creating”, “believe”, “would”, “continue”, “will”, “promising”, “should”, and similar
expressions and includes the statement relating to the construction of a processing plant and starter pit at
South Jumbo, the South Jumbo mineral resource estimate and the completi on of a water well that will have
the capacity to supply a large -scale operation. 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, a nd the application of
taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on
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, environmental and other risks of the mining industry more fully described in
the Company’s Annual Information Form and continuou s disclosure documents, which are available on
SEDAR+ at www.sedarplus.ca. 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 governmen ts in Nevada and Utah; the
availability of equipment and qualified 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 i n 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 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.