Goldsource Receives Additional Saskatchewan Coal Permits
VANCOUVER, B.C. June 26, 2008 – Goldsource Mines Inc. (the “Company”) announces that it has received an additional 121 coal permit certificates from the Saskatchewan Ministry of Energy and Resources. The receipt of these certificates completes the issuance of permits for applications which had received priority status confirmed by the Ministry in a letter dated May 21, 2008. The permits cover its recently announced Border property coal discovery near Hudson Bay, Saskatchewan. A total of 176 coal permits have been issued to the Company to date. The Company’s coal permits now comprise a total of approximately 135,100 hectares being an area of 1,351 square kilometres (see attached map). Approximately 7,000 hectares (70 square kilometres) originally applied for were not granted due to Crown Reserves, freehold interests and recreational areas. These exclusions are not in the initial target area, are on the periphery of the Border property and are not expected to impact the Company’s exploration plans. The area covered by the permits is centered on the two core drill holes which resulted in the discovery of the coal intercepts previously announced (news releases dated April 22 and April 28, 2008). The permits allow the Company to explore the area for coal for a period of one year with two possible 6 month extensions and are convertible to a 15 year lease.
The Company expects to commence its initial exploration drilling in the priority area shown on the map during the second week of July, 2008. This initial drill program will consist of seven holes which are designed to outline an optimum inferred resource, provide data on coal quality and assist in defining the orientation of the potential coal basins.
N. Eric Fier, CPG, P.Eng. and Qualified Person for this news release has reviewed and approved its contents.
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.
