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 $0.14 million compared with $0.15 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