Gold Springs Resource Corp. Files Q2 2023 Financial Statements and MD&A and Appoints Audit Committee Member

VANCOUVER, BC / ACCESSWIRE / August 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 June 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 six months ended June 30, 2023, general and administrative expenses, excluding non-cash share-based payments, decreased to $0.33 million compared with $0.36 million during the three months ended June 30, 2022. During the three months ended June 30, 2023, general and administrative expenses, excluding non-cash share-based payments, decreased to $0.16 million compared with $0.20 million during the three months ended June 30, 2022. Exploration spending during the six months ended June 30, 2023, decreased to $0.67 million from $1.22 million incurred during the same period of last year. During the six months ended June 30, 2023, the Company reported a net loss of $0.28 million ($nil loss per share) compared with a net loss of $0.67 million ($nil loss per share) for the same period in the prior year. During the three months ended June 30, 2023, the Company reported a net loss of $0.07 million ($nil loss per share) compared with a net loss of $0.43 million ($nil loss per share) for the same period in the prior year. As of June 30, 2023, the Company had cash of $0.41 million.

Appointment of Audit Committee Member

The Company regretfully announces the unexpected passing of board and Audit Committee member, Horst Daspersgruber on July 27, 2023. Mr. Antonio Canton, director and President and CEO of the Company, has been appointed as a member of the Audit Committee in Mr. Daspersgruber place in order to meet regulatory requirements. The Company is not otherwise filling the vacancy created by Mr. Daspersgruber's passing at this time.

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
[e-mail]