VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2008) - Goldsource Mines Inc. (the "Company") (TSX VENTURE:GXS) is pleased to announce that it has commenced drilling the first of seven additional core holes on its coal permits of the Border Property near Hudson Bay, Saskatchewan. The Company intends to re-drill the two discovery holes, the results of which were announced previously. The first hole to be drilled in this sequence is BD08-1 (see attached drill plan, available at: http://media3.marketwire.com/docs/goldmap.JPG).
This drill program has been designed to:
- Establish the continuity and the thicknesses of the Durango coal seam (see attached cross section, available at: http://media3.marketwire.com/docs/goldmap.JPG);
- provide broader and better information on coal quality;
- give insight into the orientation of the coal basin(s); and
- provide the optimum hole spacing for an initial inferred resource estimate.
Independent qualified persons from Norwest Corporation ("Norwest") will be present for initial drilling to inspect coal intercepts, establish coal sampling and handling protocols, quality assurance and control and set up a standardized coal logging system. Samples will be shipped to Loring Labs in Calgary for analysis based on Norwest's recommendations.
Upon successful completion of this initial drill program, the Company plans to complete a NI 43-101 Technical Report including initial resource estimates. Also, based on the success of drilling, a Preliminary Assessment to quantify potential markets, transportation, preliminary capital and operating costs will be considered. Permitting of a major drill program for the winter of 2008-2009 is currently underway.
N. Eric Fier, CPG, P.Eng. and Qualified Person for this news release has reviewed and approved its contents.
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of coal permits and mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in commodity product prices; currency fluctuations; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
On Behalf of the Board of Directors of Goldsource Mines Inc.
J. Scott Drever, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Goldsource Mines Inc.
(604) 691-1761 (FAX)