Source Exploration Corp.

Source Exploration Corp.

April 08, 2010 09:30 ET

Source Commences Underground Drilling Targeting Extensions of Historical High Grade Ore Shoots

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 8, 2010) - SOURCE EXPLORATION CORP. (the "Corporation" or "Source") (TSX VENTURE:SOP) announces that drilling of the primary target at the Veta Grande vein system from underground is underway at the San Acacio project, located at Zacatecas, Mexico. Drilling will target extensions of high grade ore shoots below the historical Rodadillos and the Labrado stopes. Historical mining of the Rodadillos oxide stope bottomed at the Purisma level with a strike length in excess of 90 metres. No diamond drilling has been carried out to date below the level. Both stopes were mined as high grade oxide stopes in the early history of the San Acacio mine with historical grades in the order of 1,000 grams per tonne silver.

Brian Robertson, President and CEO stated, "The underground drill station provides an excellent location for drilling the down-dip projections of these historical high grade oxide stopes. Both the Rodadillos and Labrado stopes are large excavations, with excellent potential for mineralization to extend below the bottom level. They are viewed as high priority targets for potentially expanding the historical resource of 14.5 million ounces of silver. The historical resource estimate (pre NI 43-101) was developed by Silver Standard Resources Inc. and focused on a near surface resource for exploitation using open pit mining methods. Recently completed drilling by Source has intersected mineralization at a depth of 398 metres below surface, well below the elevation of the current resource. This extension of the Veta Grande vein system to depth indicates the potential for an increase in the historical resource. ''

The San Acacio property, which hosts the Veta Grande vein system, is a former silver producer located in the world renowned silver district of Zacatecas in Central Mexico. The Zacatecas Silver Belt is one of the most prolific silver producing areas in the world, hosting the Fresnillo and Zacatecas silver mines which, combined, have produced over 1.5 billion ounces of silver (Source: Western Silver Annual Report 2003).

A geological technical report prepared by B.J. Price Geological Consultants Inc. and R. Von Boeck in compliance with NI-43-101 states "Since discovery of silver in the Zacatecas mining district in 1546, it was estimated that 180 million ounces of silver have been extracted from the Veta Grande vein complex." The report also references a historical drilled inferred mineral resource calculated by Silver Standard in 1996 of 2,465,314 tonnes grading 182.4 g/t (5.40 oz/ton) containing 449,580.3 kilograms of silver or 14,445,000 ounces of silver. The estimate is a historical estimate and should not be relied upon because it is not NI 43 -101 compliant. Source Exploration Corp has not independently verified the resource estimate. Source is currently undertaking a NI 43-101 resource estimate for the San Acacio deposit based on the exploration program by Silver Standard Resources Inc. and recently completed drilling at the property. The Corporation is also evaluating options for early production opportunities at the property utilizing area custom mills.

Mr. Sonny Bernales, P. Geo. is the Qualified Person for information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.

About Source Exploration

Source Exploration Corp. (TSX VENTURE:SOP) is a well funded Canadian based mineral exploration company focused on the evaluation, acquisition and development of economic silver deposits in Mexico. Source is currently carrying out an aggressive exploration program on the prolific past producing San Acacio silver mine in Zacatecas, Mexico, as well as evaluating other potential silver properties for acquisition in Mexico.

Certain terms or statements made that are not historical facts, such as anticipated advancement of mineral properties or programs, productions, sales of assets, exploration plans or results, costs, prices, performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to; metals price volatility, volatility of metals production, project development risks and ability to raise financing. Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

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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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