Gold Springs Resource files Q1 2020 Financial Statements and MD&A

About this update from Gold Springs Resource Corp.

[{"type":"text","content":"Gold Springs Resource files Q1 2020 Financial Statements and MD&AVANCOUVER, BC / ACCESSWIRE / May 12, 2020 / Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) (the \"Company), reports the release of its condensed interim consolidated financial statements for the three months ended March 31, 2020 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 March 31, 2020, the Company has a working capital of $3.63 million, including $3.29 million in cash.During the three months ended March 31, 2020, the Company reported a net loss of $0.36 million ($0.00 loss per share) compared with net earnings of $0.10 million ($0.00 earnings per share) for the three months ended March 31, 2019. The primary driver in the change in results for the three months ended March 31, 2020 compared to the same period of 2019 was the non-cash gain of $0.40 million recorded in the 2019 period for changes in the fair value of the arbitration award asset, Class B shares and other arbitration award liabilities.During the quarter, the Company continued to manage and maintain its costs structure which resulted in general and administrative expenses (excluding non-cash share-based payments) of $0.22 million for the three months ended March 31, 2020 compared to $0.25 million for the same period in 2019.Exploration spending during the three months ended March 31, 2020 was $0.20 million, comprising expenditures incurred solely for Gold Springs. Principal activities revolved around target development, including rock-chip surface sampling of new and existing drill target areas, as well as structural and geological mapping of those areas. The Company also made the project ready for the re-start of drilling later this year.The Company has deferred certain activities of its 2020 exploration plan, including the 2020 drill program, due to the social and economic disruption caused by the COVID 19 outbreak and its impact on our industry and capital markets. The Company continues to monitor this situation and will assess its decision in the future, in light of the market conditions at that time. For the time being, the Company decided it will be updating its resource estimate for the Gold Springs project during Q2 2020, ...

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