Gold Springs Resource Corp. Files 2022 Financial Statements, MD&A and Annual Information Form

VANCOUVER, March 28, 2023 - 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, 2022, 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, 2022, general and administrative expenses, excluding non-cash share-based payments, decreased to $0.73 million compared with $0.76 million during the year ended December 31, 2021. Exploration spending during the year ended December 31, 2022, increased to $4.71 million, from $3.51 million incurred during the same period of last year, of which $0.24 million, compared with $2.61 million for the year ended December 31, 2021, was funded by the Series A Secured Rights consideration. During the year ended December 31, 2022, the Company reported a net loss of $1.17 million ($0.01 loss per share) compared with net income of $1.12 million ($0.00 income per share), primarily resulting from a $2.61 million gain on disposal of associate, for the year ended December 31, 2021. As of December 31, 2022, the Company had cash of $0.29 million.

The 2022 drill program commenced at South Jumbo in April and concluded in early November with the Company having completed 77 RC holes for a total of 16,226 meters, 3 diamond core holes for a total of 695.50 meters and a ground based CSAMT geophysical survey on most of the 33 gold targets.

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 may include words such as "creating", "believe", "would", "continue", "will", "promising", "should", and similar expressions. 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.sedar.com. 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.

SOURCE: Gold Springs Resources Corporation