Gold Springs Resource Corp. files Q3 2021 Financial Statements and MD&A
Gold Springs Resource Corp. files Q3 2021
Financial Statements and MD&A
Vancouver, November 10, 2021
Gold Springs Resource Corp. (TSX: GRC, OTCQB: GRCAF) (the “Company”), reports
the release of its unaudited consolidated financial statements for the three and nine
months ended September 30, 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 September 30, 2021, the Company had a working capital of $3.02 million, including
$2.0 million in cash. On October 22, 2021 the Company collected CAD$4,364,315 non-
dilutive funding from the previously announced sale of its World Copper Ltd. Securities
(see press releases dated August 10, 2021 and October 25, 2021).
Exploration spending during the nine months ended September 30, 2021, increased to
$2.44 million from $0.91 million incurred during the same period of last year. Principal
activities conducted at the Gold Springs project during the nine months ended September
30, 2021, included drilling, geological mapping, road and drill pad construction, assay
and environmental work as part of the 2021 drill program for advancement of the Gold
Springs project.
During the nine months ended September 30, 2021, general and administrative expenses,
excluding non -cash share -based payments, decreased to $0.53 million compared with
$0.56 million during the nine-month period ended September 30, 2020. During the three
months ended September 30, 2021, general and administrative expenses, excluding non-
cash share -based payments, decreased to $0.1 4 million compared with $0.1 5 million
during the nine-month period ended September 30, 2020.
During the nine months ended September 30, 2021, the Company reported a net loss of
$1.14 million ($0.01 loss per share) compared with a net loss of $0.83 million ($0.00 loss
per share) for the nine months ended September 30, 2020. During the three months
ended September 30, 2021, the Company reported a net loss of $0.23million ($0.00 loss
per share) compared with a net loss of $0.24 million ($0.00 loss per share) for the three
months ended September 30, 2020. During the nine and three months ended September
30, 2021, the Company recognized a non -cash loss of $0. 48 million and $0.03 million,
respectively, compared with a non -cash loss of $0. 30 million and $0. 10 million,
respectively, during the nine and three months ended September 30, 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. Management has extensive experience in
global exploration and the mining industry.
Gold Springs Resource Corp. Contact:
Antonio Canton
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 opinion 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 to 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
secured rights o ffering; uncertainties and risks relating to the ex pansion of the Gold
Springs Project and Resource Expansion Program, the closing of the sale of World
Copper shares by October 22, 2021, that Wealth Minerals will have the requisite funds
to complete the purchase of the World Copper shares, 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;
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 our business, th e secured rights
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 advan ce 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
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.