Gold Springs Resource Corp. Files Q3 2023 Financial Statements and MD&A

Rhea-AI Summary

Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) Reports Decrease in General and Administrative Expenses, Exploration Spending, and Net Loss in Financial Statements Release

Positive

• Decrease in general and administrative expenses and exploration spending indicates cost-saving measures and improved financial management.
• Reduction in net loss for both the three and nine months ended September 30, 2023, compared to the same period in the prior year, reflects potential operational efficiency and financial stability.
• Positive cash position of $0.30 million as of September 30, 2023, suggests the company has sufficient liquidity to support its ongoing operations and potential growth initiatives.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 10, 2023 / 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, 2023, 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
acanton@goldspringsresource.com

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 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 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 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 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.

SOURCE: Gold Springs Resources Corporation

View source version on accesswire.com:
https://www.accesswire.com/802282/gold-springs-resource-corp-files-q3-2023-financial-statements-and-mda

FAQ

What are the key financial highlights from Gold Springs Resource Corp.'s recent press release?

Gold Springs Resource Corp. reported a decrease in general and administrative expenses, exploration spending, and net loss for the three and nine months ended September 30, 2023, compared to the same period in the prior year. The company also disclosed a cash position of $0.30 million as of September 30, 2023.

How has Gold Springs Resource Corp.'s financial performance changed in the nine months ended September 30, 2023, compared to the same period in the prior year?

During the nine months ended September 30, 2023, the company saw a decrease in general and administrative expenses, exploration spending, and net loss, indicating potential cost-saving measures and improved financial management.

What is Gold Springs Resource Corp.'s cash position as of September 30, 2023?

As of September 30, 2023, Gold Springs Resource Corp. had a cash position of $0.30 million, suggesting sufficient liquidity to support ongoing operations and potential growth initiatives.