Files Q3 2023 Financial Statements and MD&A
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Gold Springs Resource Corp.
Files Q3 2023 Financial Statements and MD&A
November 10, 2023, 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 September 30, 2023 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 nine months ended September 30, 2023, general and administrative expenses,
excluding non-cash share-based payments, decreased to $0. 45 million compared with
$0.51 million during the nine months ended September 30, 2022. During the three months
ended September 30, 202 3, general and administrative expenses, excluding non -cash
share-based payments, decreased to $0. 12 million compared with $0. 15 million during
the three months ended September 30, 2022. Exploration spending during the nine
months ended September 30, 2023, decreased to $ 0.53 million from $ 4.34 million
incurred during the same period of last year. During the nine months ended September
30, 2023, the Company reported a net loss of $0.44 million ($nil loss per share) compared
with a net loss of $0.90 million ($nil loss per share) for the same period in the prior year.
During the three months ended September 30, 2023, the Company reported a net loss of
$0.16 million ($nil loss per share) compared with a net loss of $0.23 million ($nil loss per
share) for the same period in the prior year. As of September 30, 2023, the Company had
cash of $0.30 million.
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 herein
may include words such as “creating”, “believe”, “would”, “continue”, “will”, “promising”, “should”, and similar
expressions and includes the statement relating to the significant potential of the Charlie Ross deposit. 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 a ssumptions 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; 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 continuous 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.