VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 10, 2008) - Goldsource Mines Inc. (the "Company") (TSX VENTURE:GXS) is pleased to announce that it has received permits to drill 22 holes on its Cowan Lake (Big River Project), Crossroads and Border claim blocks in central and eastern Saskatchewan (to view location map, please click on the following link: http://media3.marketwire.com/docs/GXSPropertyMapMarch10-08.jpg). An initial stage drill program has commenced on the Crossroads claim block and will test geophysical targets generated by airborne geophysical surveys completed by Fugro Airborne Surveys of Ottawa, Ontario. The surveys provided extensive magnetic and electromagnetic geophysical data over the priority areas of the three claim blocks that are believed to be prospective for diamondiferous kimberlites.
The first 14 holes of the drill program will test higher priority geophysical targets generated by the Fugro Airborne survey that exhibit resistivity signatures generally associated with kimberlite pipes in the Fort a la Corne area. Depending on the results of this part of the program the Company will further assess the secondary targets that consist of magnetic anomalies without coincident electro-magnetic (EM) responses or more subtle EM and magnetic anomalies. The Company expects to drill a total of 8 holes at Cowan Lake, 5 holes at Crossroads and 9 holes at Border.
The Company controls a 90% interest in the Cowan Lake group of claims and holds 100% interest, subject to satisfaction of certain payments of cash and shares, in the Crossroads and Border properties. The Company currently holds mineral claims in several areas of Saskatchewan totalling approximately 415,000 hectares.
The Company has budgeted approximately $700,000 for this phase of exploration and with current working capital of approximately $3.8 million, it is well financed to carry out this program as well as any follow up exploration should this initial phase of drilling prove successful in discovering diamondiferous kimberlites.
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)