Gold Springs Resource files Q3 2020 Financial Statements and MD&A and announces results of Annual Shareholders' Meeting

About this update from Gold Springs Resource Corp.

[{"type":"text","content":"Gold Springs Resource files Q3 2020 Financial Statements and MD&A and announces results of Annual Shareholders’ MeetingVANCOUVER, BC / ACCESSWIRE / November 10, 2020 / Gold Springs Resource Corp. (TSX: GRC)(OTCQB:GRCAF) (the \"Company), reports the release of its condensed interim consolidated financial statements for the three and nine months ended September 30, 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 September 30, 2020, the Company has a working capital of $2.66 million, including $2.31 million in cash.During the nine months ended September 30, 2020, the Company reported a net loss of $0.83 million ($0.00 loss per share) compared with a net loss of $11.37 million ($0.05 loss per share) for the nine months ended September 30, 2019. During the three months ended September 30, 2020, the Company reported a net loss of $0.24 million ($0.00 loss per share) compared with a loss of $0.05 million ($0.00 loss per share) for the three months ended September 30, 2019.The primary drivers for the change in results for each of the three and nine month periods ended September 30, 2020 compared to the same periods of 2019 were the non-cash gain of $2.15 million and $3.31 million, respectively, recorded in the 2019 periods for changes in the fair value of the arbitration award asset, Class B shares and other arbitration award liabilities and the non-cash loss of $1.97 million and $13.36 million, respectively, recorded in the 2019 periods, arising from the loss on sale of the Escalones project.During the period, the Company continued to manage and maintain its costs structure which resulted in general and administrative expenses (excluding non-cash share-based payments) of $0.56 million for the nine months ended September 30, 2020 compared to $1.03 million for the same period in 2019, and $0.15 million for the three months ended September 30, 2020 compared to $0.16 million for the same period in 2019.Exploration spending during the nine months ended September 30, 2020 was $0.91 million, comprising expenditures incurred solely for Gold Springs. Principal activities revolved around target development, including rock-chip surface sampling of new and existing drill...

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