Gold Springs Resource Corp. files Q1 2021 Financial Statements and MD&A
Gold Springs Resource Corp. files Q1 2021
Financial Statements and MD&A
May 11 , 2021, 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, 2021 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.
As at March 31, 2021, the Company had a working capital of $1.39 million, including $1.48 million
in cash, and subsequently, on April 27, 2021, the Company closed a $2 million first tranche of a
non-brokered private placement of secured rights (see press releases dated April 20, 2021, and
April 27, 2021, for further details).
During Q1 2021, general and administrative expenses, excluding non-cash share-based payments,
remained consistent at $0.22 million compared with $0.22 million during the 3-month period
ended March 31, 2020.
Exploration spending during the three months ended March 31, 2021, increased to $0.27 million
from $0.20 million incurred during the same period of last year. Principal activities conducted at
the Gold Springs project during Q1 2021, included drilling on the Utah side of the project, where
a total of 2,522 meters in 15 holes have been drilled thus far as part of the 2021 drill program.
The Company reported a net loss of $ 0.46 million ($0.00 loss per share) for the three months
ended March 31, 2021 compared with a net loss of $0.36 million ($0.00 loss per share) for the
three months ended March 31, 2020. In Q1 2021 the Company recognized a non -cash loss of
$0.23 million, compared with a non -cash loss of $0.15 million in Q1 2020, for its equity
investment in World Copper Ltd. (WCU:TSXV).
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 OTCQB: GRCAF) is a growth -focused gold
exploration company creating value through the exploration and development of the Gold Springs
project in Nevada and Utah, U.S.A. Managemen t has extensive experience in global exploration
and the mining industry.
Gold Springs Resource Corp. Contact:
Matias Herrero
Chief Executive Officer
+1 (778) 801-1667
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 opinio n as to the effect of certain events and trends on the
business. Forward-looking statements may include words such as “believe”, “continue”, “will”,
“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 t o differ
materially from current expectations expressed or implied by the forward -looking statements,
include, but are not limited to, uncertainties relating to the availability and cost of funds;
additional closings of the Offering; uncertainties and risks relating to the expansion of the Gold
Springs Project and Resource Expansion Program, potential risks and uncertainties relating to
the ultimate geographic spread of the novel coronavirus (COVID-19), the severity of the disease,
the duration of the COVID-19 outbreak, actions that may be taken by governmental authorities
to contain the COVID -19 outbreak or to treat its impact and the potential negative effects of
COVID-19 on the global economy and financial markets; 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; avai lability 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 paramet ers, including water requirements for operations, as plans continue to be
refined; regulatory, environmental and other risks of our business, the Offering and 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 advance the Gold Springs project;
execution of the Company’s existing plans and further exploration an d 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 obligation to update
or revise any forward-looking statement, whether as a result of new information, future events
or any other reason. Unless otherwise indi cated, forward -looking statements in this press
release describe the Company’s expectations as of the date hereof.