First Source Resources Inc.

First Source Resources Inc.

November 28, 2008 16:28 ET

First Source Expands Resource Claims at Lac Des Pics, Plans to Focus on Exploration in Gaspe for 2009

Expanded mineral claims at Lac Des Pics

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2008) -


First Source Resources Inc. ("First Source" or the "Company") (TSX VENTURE:FSR) is pleased to announce that it has expanded its Lac Des Pics claim area to include 52 additional claims. The majority of these claims are south and adjacent to First Source's existing claims. The new claims cover previously unexplored areas and show distinct EM anomalous which were detected by both airborne and ground geophysical surveys conducted by First Source during its 2008 summer exploration program. The map below shows the effective new boundary of the Lac des Pics property along with the new zones of interest.

To view map please click on the following link:

The new claims were initially staked by ASPM Inc., in trust for First Source, with the understanding that they would be transferred to First Source once the claims were cleared by the Quebec Department of Natural Resources. It is anticipated that the transfer of those claims will be initiated in late November 2008, and completed approximately 30-60 days thereafter.

Over the next few months, it is anticipated that First Source will analyze airborne data, geochemistry, and ground geophysical data, and attempt to identify several drill targets for the early summer of 2009.


First Source and DIAGNOS inc. ("DIAGNOS") (TSX VENTURE:ADK) also announced today that they would not be proceeding with their services agreement (the "Agreement") executed July 14, 2008 between First Source and DIAGNOS to explore an area covering approximately 37,000,000 acres or 150,000 square kilometres in central Canada. Under the Agreement, First Source was to provide certain funding and DIAGNOS was to use its CARDS technology (Computer Aided Resource Detection System) to generate exploration targets in the area of interest.

The Agreement was subject to First Source raising a minimum of CDN $750,000 on or before November 15, 2008 or First Source waiving this condition on or before such date. Following recent discussions with DIAGNOS, it was determined that it would be in the best interests of First Source to focus its efforts on the Lac Des Pics project, which appears to be gaining momentum going into next year's exploration season.

Nevertheless, First Source management remains convinced that the DIAGNOS approach represents a tremendous leap forward in early-stage exploration efficiency and effectiveness. The Company very much looks forward to finding additional opportunities to work with DIAGNOS in the future.

About the Company

First Source Resources Inc. is a mineral exploration company headquartered in Vancouver, British Columbia. The Company's objective is to develop a balanced portfolio of properties through a combination of grassroots prospecting, property acquisition and the formation of strategic relationships. The Company currently holds a 100% interest in the Lac des Pics Property in the Province of Quebec.

For further information about the Company, please refer to the Company's filings on SEDAR ( or the Company's website at

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Company's mineral property, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to exploration results; the ability to raise sufficient capital to fund exploration; changes in economic conditions or financial markets; changes in prices for mineral products or increases in costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters.

This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.

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