Vancouver, British Columbia - Gold Springs Resource Corp. (TSX: GRC, OTCQB: GRCAF) (the “Company”), reports the release of its audited consolidated financial statements for the year ended December 31, 2023, the related management’s discussion and analysis of financial position and results of operations (“MD&A”) and the annual information form (“AIF”). In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated.

During the year ended December 31, 2023, the Company closed a non-brokered private placement issuing 20,000,000 Common shares at a price of Cdn $0.10 per share with no commissions paid or warrants issued, raising gross proceeds of $1.48 million, comprised of cash proceeds of $1.35 million and settling outstanding working capital advances and accounts payable of $0.13 million. 

During the year ended December 31, 2023, general and administrative expenses, excluding non-cash share-based payments, decreased to $0.64 million compared with $0.73 million during the year ended December 31, 2022.  Exploration spending during the year ended December 31, 2023, decreased to $0.67 million, from $4.71 million incurred during the same period of last year, of which $0.25 million, compared with $0.24 million for the year ended December 31, 2022, was funded by the Series A Secured Rights consideration. During the year ended December 31, 2023, the Company reported a net loss of $0.64 million ($0.00 loss per share) compared with net loss of $1.17 million ($0.01 loss per share), primarily resulting from lower general and administrative costs and a $0.39 million reduction in share-based payments expense. As of December 31, 2023, the Company had cash of $0.09 million.

During 2023 the Company announced assay and drilling results from (i) the Charlie Ross Resource area confirming the existence of higher-grade zones and demonstrating the Company’s model and ability to expand gold mineralization along strike in the Western, Central and Eastern zones; (ii) the North Jumbo deposit confirming a significant 425-meter higher-grade southward extension; and (iii) the South Jumbo deposit expanding the deposit 200 meters further north.

Qualified Person

The Qualified Person on the Gold Springs Project is Randall Moore, Executive Vice President of Exploration for Gold Springs Resource Corp. and he has reviewed and approved the content of this press release.

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.