VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 2, 2006) - Goldsource Mines Inc. (the "Company") (TSX VENTURE:GXS)(FWB:G5M) announces that the TSX Venture Exchange (the "Exchange") has approved the Company's agreement to engage Value Relations GmbH of Frankfurt, Germany to act as consultant with respect to the Company's investor relations activities in Germany. The services to be provided will include, among other things, the preparation and translation of corporate information brochures, assisting in the dissemination of corporate news releases and liaising with the German media on behalf of the Company. The engagement is for a period of 90 days at a cost of EUR25,000. In addition, stock options to purchase up to 75,000 common shares of the Company have been granted to Value Relations and are subject to such vesting conditions as required by the Exchange.
The Company has also been notified that its shares have been accepted for trading on the Frankfurt Stock Exchange under the trading symbol: G5M.
The Company also announces that the Exchange has approved the Company's agreement (the "Agreement") with Minera Pacific Inc. ("Minera") providing for the exclusive rights to use certain information generated from Minera's proprietary UMSERT Methodology in respect of certain areas located in Saskatchewan and Manitoba as previously announced in the Company's April 13, 2006 news release. In accordance with the terms of the Agreement, the Company has made an initial cash payment of $35,000 and issued 50,000 common shares of the Company.
The Agreement may be terminated by the Company at any time upon written notice, in which case Minera may elect to receive an assignment of any properties acquired by the Company as a result of the information. The common shares issued pursuant to the Agreement are subject to a hold period expiring on August 27, 2006. No securities of the Company will be issued as bonuses, finders' fees or commissions in connection with the Agreement.
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)