VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 9, 2009) - Goldsource Mines Inc. (TSX VENTURE:GXS)(FRANKFURT:G5M) ("Goldsource" or the "Company") is pleased to report that it has received all necessary approvals to begin its exploration work program on its 44,670 hectares of Coal-Quarry Permits in Manitoba and drilling is scheduled to begin immediately.
As part of its initial exploration program, the Company plans to drill 8 holes totalling 650 metres to test a number of airborne geophysical anomalies in the Pine River area of southwestern Manitoba. These drill targets have similar geophysical signatures to those exhibited by the initial 15 coal deposits discovered at the Company's Border Coal Project in Saskatchewan. Several of these geophysical targets are much larger in aerial extent than any of the current Border deposits.
This drilling should be completed around Dec. 20th and will provide a basis from which to plan further drilling. A second stage of drilling is scheduled for February, 2010 once access becomes available after freeze-up. These two stages will consist of approximately 20 drill holes that will further examine the extent of the Manitoba coal deposits along the Durango Trend and provide initial information on coal quality.
J. Scott Drever, President stated; "We have been anxious to get this program underway because of the similarities we see between the targets in Manitoba and those at our Border property in Saskatchewan which have produced several coal deposits with substantial NI 43-101 compliant coal resources near the town of Hudson Bay. The Manitoba properties also have excellent infrastructure with nearby railway, roads and power."
Following its major coal discovery at the Border Property in Saskatchewan, Goldsource researched various Manitoba data bases and identified a number of reported coal occurrences in western Manitoba. The historical data reported several coal occurrences within the Cretaceous Mannville Group ranging in thickness from 1 to 20 metres at shallow depths of 14 to 90 metres below surface. The Company drilled five reconnaissance holes on private land in late 2008, which confirmed the historical data in certain areas.
The Company subsequently carried out airborne geophysical surveys over selected areas, which identified a number of potential coal bearing sub-basins using the Company's proprietary geophysical signatures developed at the nearby Border Coal Project and which has been used very successfully by Goldsource to discover further coal deposits. Airborne EM geophysical surveys along with the proprietary signatures continue to play a key role in defining significant coal occurrences at Border and are expected to provide a similar competitive advantage with respect to the Company's Manitoba properties.
N. Eric Fier, CPG, P.Eng. and Qualified Person for this news release has reviewed and approved its contents.
Goldsource Mines Inc. is a Canadian resource company engaged in the exploration and development of Canada's newest coal field in the province of Saskatchewan. The Company has aggressively drilled only a portion of this new thermal coal field and has discovered 15 coal deposits of varying size with coal thicknesses up to 100 metres within the permit area of the Border Coal Project. Headquartered in Vancouver, BC, the Company is well-financed and is managed by experienced mining and business professionals.
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 coal permits and mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in commodity 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.
J. Scott Drever, President
GOLDSOURCE MINES INC.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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