Goldsource Mines Inc.

Goldsource Mines Inc.

June 22, 2010 09:30 ET

Goldsource Appoints New Corporate Officers

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 22, 2010) - Goldsource Mines Inc. (the "Company") (TSX VENTURE:GXS)(FRANKFURT:G5M) announces the appointment of N. Eric Fier as Chief Operating Officer and Barney Magnusson as Chief Financial Officer.

N. Eric Fier is a Certified Professional Geologist with over 25 years of experience in the mining industry. He has in-depth knowledge of project evaluation and management, reserve estimation and economic analysis, as well as operations management. Mr. Fier previously worked as Chief Geologist with Pegasus Gold Corp., Senior Engineer & Manager with Newmont Mining Corp. and Project Manager with Eldorado Gold Corp.

Mr. Fier served as a principal consultant for Goldsource's Saskatchewan Border coal project before his appointment to COO. His broad expertise in coal projects include: Goodrich (Tumbler Ridge, BC); Decker Coal (Powder River Basin, MT); Coalmont coal mine Feasibility Study (Coalmont, BC); and thermal coal project in conjunction with various Snowden Consulting projects in Australia.

Barney Magnusson has more than 30 years of experience in corporate finance and public company management. Mr. Magnusson is a former Senior Officer and Director of three mining companies that developed producing mines: Dayton Mines Inc. (Chile), High River Gold Mines Ltd. (Manitoba, Canada) and Brohm Resources Inc. (South Dakota, USA). He has dealt extensively with international finance and investment communities.

Mr. Magnusson will replace Graham Thody as Chief Financial Officer, who has stepped down from his role. Goldsource expresses gratitude to Mr. Thody for his contribution as CFO to the Company's success. Mr. Thody will continue to serve as a Director.

Goldsource's President, J. Scott Drever states that, "With the appointments of Mr. Fier and Mr. Magnusson, we have greatly strengthened the corporate team, which better positions Goldsource to become a significant player in the dynamic international coal industry. We will continue to advance the Border project, and look at expansion plans within our current land holdings in the Durango Trend, as well as considering production or near-production opportunities globally."

Goldsource Mines Inc. (TSX VENTURE:GXS) is a resource company based in Vancouver, BC that is engaged in the exploration and development of Canada's newest coalfield in the province of Saskatchewan. The Company has aggressively drilled only a portion of this new thermal coalfield, and has discovered 17 coal deposits of varying size with coal zone thicknesses up to 126 meters within the permit area of the Border Coal Project. Goldsource is managed by experienced mining and business professionals, and is well financed.

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


Neither the TSX-Venture Exchange nor its Regulation Services Provider accepts responsibility for the accuracy or adequacy of this release.

Contact Information