VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2008) - Goldsource Mines Inc. (the "Company") (TSX VENTURE:GXS) is pleased to announce that Norwest Corporation ("Norwest") has been retained to provide an independent review of the Company's recent Saskatchewan coal discovery. Norwest is an internationally-recognized leader in providing consulting expertise to the energy, mining, and natural resources industries. Norwest has extensive expertise in the assessment, exploration, development and production of major coal resources at an international level and will advise the Company on the results received to date and provide guidance with respect to its upcoming exploration program.
Norwest (www.norwestcorp.com) has nearly 30 years of coal related consulting experience and is considered to be coal experts on Canadian and international coal deposits. Norwest Qualified Person, John R. Williams, PG has completed a site visit, inspected the drill core and reviewed the available analytical results. The significant conclusions arising from the Norwest inspection and initial trip report are as follows:
- Coal intercepts were encountered in two drill holes (BD08-03 and 06) that were drilled at the Company's Border property located approximately 50 kilometres north of Hudson Bay, Saskatchewan. The age of the strata for the Border project is Early Cretaceous. The coal bearing strata dip very gently at approximately 1 degrees. Based on the electro-magnetic survey and regional geologic maps, several large structural lows or basins occur within the project area. Currently, no evidence of faulting has been found within the project area.
- In spite of the problems identified with respect to the coal core condition, description and sampling, the coal quality for the two holes shows favorable characteristics of a thermal coal. Since moisture content is of particular importance in assessing the thermal qualities of thermal coal, the initial quality results of the first two holes are somewhat marginalized due to the core not being protected from moisture loss.
- Sufficient geological and drill data is not yet available to thoroughly evaluate the Border Coal Project. As the two holes show attractive depth to coal, coal thickness and favorable thermal characteristics, additional drilling is recommended.
- The coal is moderately hard, black and has been initially ranked by Loring Labs of Calgary, AB (certified) as sub-bituminous C to high volatile bituminous B.
- The top 21 metres of the coal seam appears to be of consistent quality in both holes with few minor visible partings. The average total seam thickness is approximately 30 metres with the lower 9 meters being of higher ash content. The stratigraphy over-lying the top of the seam appears geologically consistent. There is only about 1.5 metres difference in the elevations of the tops of the seam even though the holes are 1.64 kilometres apart. It is therefore initially assumed to be the same continuous coal seam between the two holes. Further drilling will be required to confirm this assumption.
Norwest will be advising the Company on the upcoming summer drill program with respect to drill hole placement, coal drilling procedures, coal logging and sampling protocols, QA/QC, sample security and recommended coal analysis. The Company expects to have a Norwest independent representative on site during the commencement of the drill program.
J. Scott Drever, President, stated: "For nearly 30 years, Norwest has offered a wide range of services to energy and mining companies, electric power producers, financial institutions, governments, legal firms, and regulatory agencies. Norwest's professional staff of engineers, hydrologists, geologists, environmental specialists and management consultants bring extensive industry experience to our project. Norwest's innovative, experienced-based approach is focused on assisting clients achieve world-class performance standards. We are delighted to have them as our lead technical advisors."
The Qualified Persons for Goldsource are N. Eric Fier, CPG, P.Eng. of Goldsource, and John Williams, PG of Norwest whom have reviewed and approved this news release.
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.
(604) 691-1761 (FAX)