Gold Springs Resource files Q3 2020 Financial Statements and MD&A and announces results of Annual Shareholders’ Meeting
Gold Springs Resource files Q3 2020 Financial Statements and
MD&A and announces results of Annual Shareholders’ Meeting
November 10, 2020, Vancouver, British Columbia — Gold Springs Resource Corp.
(TSX: GRC, OTCQB: GRCAF) (the “Company), reports the release of its condensed interim
consolidated financial statements for the three and nine months ended September 30, 2020 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, 2020, the Company has a working capital of $2.66 million, including $2.31
million in cash.
During the nine months ended September 30, 2020, the Company reported a net loss of $0. 83
million ($0.00 loss per share) compared with a net loss of $11.37 million ($0.05 loss per share)
for the nine months ended September 30, 2019. During the three months ended September 30,
2020, the Company reported a net loss of $0.24 million ($0.00 loss per share) compared with a
loss of $0.05 million ($0.00 loss per share) for the three months ended September 30, 2019.
The primary drivers for the change in results for each of the three and nine month periods ended
September 30, 2020 compared to the same period s of 2019 w ere the non -cash gain of $2.15
million and $3.31 million, respectively, recorded in the 2019 periods for changes in the fair value
of the arbitration award asset, Class B shares and other arbitration award liabilities and the non-
cash loss of $1.97 million and $13.36 million, respectively, recorded in the 2019 periods, arising
from the loss on sale of the Escalones project.
During the period, t he Company continued to manage and maintain its costs structure which
resulted in general and administrative expenses (excluding non-cash share-based payments) of
$0.56 million for the nine months ended September 30, 2020 compared to $1.03 million for the
same period in 2019, and $0.15 million for the three months ended September 30, 2020 compared
to $0.16 million for the same period in 2019.
Exploration spending during the nine months ended September 30, 2020 was $0.91 million,
comprising expenditures incurred solely for Gold Springs. Principal activities revolved around
target development, including rock-chip surface sampling of new and existing drill target areas,
structural and geological mapping of those areas as well as updating the PEA and 2020 resource
estimate. The Company also made the project ready for the re-start of drilling later this year.
Results of Annual Shareholders’ Meeting
The Company is pleased to announce that all of the resolutions that shareholders were asked to
consider at its 20 20 Annual Shareholders’ Meeting held in Vancouver, British Columbia, were
approved. Details of the resolutions are contained in in the management information circular of
the Company filed under the Company’s profile on SEDAR at www.sedar.com.
The number of directors of the Company was set at six and the six directors named in the
management information circular of the Company were elected. Voting on the election of
directors was conducted by ballot and the results reported by the scrutineer of the meeting are set
out below.
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Nominee Votes For % For
Votes
Withheld
%
Withheld
Antonio Canton 95,931,275 90.09% 10,550,037 9.91%
Victor Dario 87,601,038 82.27% 18,880,274 17.73%
Horst Daspersgruber 101,134,075 94.98% 5,347,237 5.02%
Roman Mironchik 87,551,504 82.22% 18,929,808 17.78%
Robert van Doorn 90,352,904 84.85% 16,128,408 15.15%
Tina Woodside-Shaw 106,317,875 99.85% 163,437 0.15%
Outlook
The Company’s focus for 2020 is on the exploration and expansion of the mineral resources at its
Gold Springs project in Nevada and Utah, USA.
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:
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 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 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
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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 acc uracy 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 ad vance 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.