Gold Springs Resource Corp. Announces AGM Joint Location of Toronto and Vancouver, and Files Q1 2022 Financial Statements and MD&A

VANCOUVER, BC / ACCESSWIRE / May 12, 2022 / Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) (the "Company"), reports the joint location of its annual general meeting ("AGM") to be held in Toronto and Vancouver as well as the release of its unaudited consolidated financial statements for the three months ended March 31, 2022 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.

AGM Location

In light of the Company's AGM being scheduled on June 16, 2022 during the week of the PDAC conference in Toronto, the Company announces that the shareholders will be allowed to attend the AGM in Toronto at Gowling WLG's boardroom on the 16th floor at First Canadian Place (100 King St. West), or in Vancouver at Gowling WLG's office, which is the formal location of the AGM as set out in the notice of meeting. The AGM will commence at 8am Pacific / 11am Eastern.

Q1 2022 Results

As at March 31, 2022, the Company had a working capital of $3.55 million, including $3.62 million in cash. During Q1 2022, general and administrative expenses, excluding non-cash share-based payments, decreased to $0.16 million compared with $0.22 million during the 3-month period ended March 31, 2021. Exploration spending during the three months ended March 31, 2022, increased to $0.53 million, from $0.27 million incurred during the same period of last year, of which $0.27 million was funded by the Series A Secured Rights consideration. The Company reported a net loss of $0.24 million ($0.00 loss per share) for the three months ended March 31, 2022 compared with a net loss of $0.46 million ($0.00 loss per share) for the three months ended March 31, 2021. In Q1 2021, the Company recognized a non-cash loss of $0.23 million for its equity investment in World Copper Ltd. (TSXV: WCU), which was disposed of in Q4 2021.

Q1 2022 Principal activities conducted at the Gold Springs project

During the first quarter of 2022, the Company received the last assay results from the 2021 drilling program, completed detailed modelling of the different targets to prepare a resource update based on the 2021 drilling for the 4 existing resources and the 4 new discoveries, planned the 2022 drilling program which started at South Jumbo in April 2022. Planning has also been completed for an expanded ground based CSAMT geophysical survey which will cover most of our 33 targets and is now scheduled to begin in early July.