VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 13, 2006) - Goldsource Mines Inc. (the "Company") (TSX VENTURE:GXS) is pleased to announce that a 3,900 line kilometre airborne geophysical survey of its Sturgeon Lake claim block of the Big River Diamond Property in Saskatchewan has been completed. The survey, contracted to Fugro Airborne Surveys of Ottawa, Ontario has been underway since early January and will provide extensive magnetic and electromagnetic geophysical data over approximately 35 percent of the Company's current land position in Saskatchewan. The Fugro GEOTEM 1000(R) survey was flown in a north-south direction on lines spaced at 300 metre intervals.
The Company also contracted Dr. Jovan Silic, Ph. D (Geophysics) of Flagstaff GeoConsultants, Australia for on-site supervision of the program and interpretation of the data. The Fugro data gathering system, in conjunction with interpretation using Dr. Silic's proprietary software has been extremely successful in identifying and delineating kimberlite bodies in the Fort a la Corne area of Saskatchewan.
The most recent, serious exploration work on the Big River Property was carried out more than 10 years ago. Although the area includes the site of the first discovery of diamonds in Saskatchewan, it has never been systematically explored using current geophysical techniques or applying the extensive knowledge base that has been developed for the kimberlite pipes of the Fort a la Corne area. Work carried out by previous operators on the Sturgeon Lake Claims and immediate area included 5 core and 27 rotary drill holes. Intercepts of kimberlite ranging from 4 metres to 32 metres were reported in 19 holes in four widely separated areas. The two holes for which detailed analyses are available reported recoveries of micro diamonds and significant indicator minerals from both holes.
The Company expects the airborne survey data to better define the known occurrences of kimberlite on the Sturgeon Lake block and to provide additional priority drill targets. The Company is currently well financed and is in a position to aggressively follow-up any drill targets as well as initiate exploration of other sectors of its land position.
The Company has a 90% interest in the Big River Property in Saskatchewan which is comprised of two blocks of mineral claims, Sturgeon Lake and Cowan Lake claims blocks, centered approximately 30 and 90 kilometres northwest of Prince Albert, respectively, totalling approximately 273,000 hectares.
Since December 18, 2003, the Company has been exploring the ROX group of claims in the Omineca Mining Division of British Columbia. Upon review of the results of last years drilling, the Company elected not to make the December, 2005 option payment thereby terminating the agreement.
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 mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in 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.
Fred Cooper
(604) 691-1760
(604) 691-1761 (FAX)
info@goldsourcemines.com
www.goldsourcemines.com
