Source Exploration Corp.

Source Exploration Corp.

December 23, 2009 09:30 ET

Source Exploration Corp. Granted Extension on San Acacio Earn-In

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 23, 2009) - SOURCE EXPLORATION CORP. (the "Corporation" or "Source") (TSX VENTURE:SOP) is pleased to advise its shareholders that it has been granted an extension by the Vendor to fully vest a 100 % interest in the 746 hectare Concession hosting the San Acacio Mine property in Zacatecas, Mexico. The new vesting date is October 31, 2010.

President and CEO Brian Robertson stated, "We are very pleased to be granted this further extension by the Vendor of the property, and his continuing support for the work that is being undertaken to advance the San Acacio property. Source is currently carrying out a 2,500 metre drill program to explore for the downward extension of the high grade vein system. The new vesting date of October 31, 2010 allows the Corporation to carry out a more extensive exploration program, including additional drilling. Additionally, Source has engaged PEG Mining Consultants Inc. to develop a geological block model and a grade – tonnage estimate for the San Acacio project to evaluate the production potential and complete a NI 43-101 compliant resource estimate.

A geological technical report prepared by B.J. Price Geological Consultants Inc. and R. Von Boeck in compliance with NI 43-101 references a historical drilled inferred mineral resource calculated by Silver Standard in 1995 of 2,465,314 tonnes grading 182.4 g/ tonne (5.40 oz/ton) containing 449,580.3 kilograms of silver or 14,445,000 ozs of silver. The estimate is a historical estimate and should not be relied upon, as it is not compliant with the CIM classification nor NI 43-101. Source Exploration Corp has not independently verified the resource estimate. 

The property is a former producer of high grade silver ore that is thought to have averaged 1,000 grams per tonne over the life of the mine. It is situated in the famous silver Zacatecas silver district in central Mexico, which is one of the largest historic silver districts in the world, with past production estimated at 1.2 billion ounces.

Mr. Brian Robertson has reviewed this news release and is the Qualified Person responsible for verification and quality assurance of the Corporation's exploration data and analytical results. 

Source Exploration Corp. (TSX VENTURE: SOP) is a TSX Venture Company focusing on the acquisition and development of economic silver deposits in Mexico. At present, Source is concentrating on the exploration and development of the past producing San Acacio silver mine in Zacatecas, Mexico.


"Brian E. Robertson"

President & CEO

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.

Shares Issued: 22,056,248

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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