VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 22, 2008) - Goldsource Mines Inc. (the "Company") (TSX VENTURE:GXS) announces the completion of 6 drill holes of a permitted 22 hole program on its mineral claim blocks in central and eastern Saskatchewan. Four of the holes were drilled on the Crossroads claim block to test geophysical targets generated by airborne geophysical surveys completed by Fugro Airborne Surveys of Ottawa, Ontario. Three of the holes had to be abandoned due to down hole problems but it is believed that the fourth hole adequately tested the horizons that would have contained kimberlite had that been the cause of the airborne anomaly. Two holes were completed on the Border property which intersected several horizons containing marcasite and pyrite mineralization in mudstones which is believed to be the source of the airborne EM anomalies that were being tested. These two holes also intersected a coal seam which, including partings was approximately 25.0 and 35.0 metres thick, respectively, at a depth of approximately 80 metres. The holes are approximately 1.5 kilometres apart. The coal intercepts, including the partings were sampled and 47 samples were submitted for analyses. No kimberlite was observed in any of the holes completed to date.
It was intended to drill the first 14 holes of the drill program to test higher priority potential kimberlites targets generated by the Fugro Airborne survey. However, due to warm weather and the advent of spring break-up the program has been delayed until after road bans are lifted and the Company can return to those areas that are accessible. The Company has budgeted approximately $700,000 for this phase of exploration and with current working capital of approximately $3.6 million, it is well financed to carry out the remainder of the program as well as any follow up exploration should this initial phase of drilling prove successful.
The Qualified Person for Goldsource is N. Eric Fier, CPG, P.Eng., who has reviewed and approved its 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)