Source Gold Corp.
OTC Bulletin Board : SRGL

Source Gold Corp.

February 18, 2010 16:15 ET

Source Gold Corp. Discovers New Gold and Copper Zone on KRK West Property

TORONTO, ONTARIO--(Marketwire - Feb. 18, 2010) - Source Gold Corp. (OTCBB:SRGL) is pleased to announce that we have received very positive gold and copper values on initial assays from a trenching program carried out on the KRK West Property. An initial trenching and sampling program has uncovered a number of new highly mineralized areas of interest.

Accurassay Laboratories of Thunder Bay Ontario has processed the more than 250 trench samples from the Company's three main areas of interest on the KRK West Property. Accurassay Laboratories is a privately owned Canadian analytical laboratory offering accredited mineral analysis to the mining and exploration industry. Its main laboratory facility is located in Thunder Bay, Ontario and is accredited by the Standards Council of Canada to the very rigorous ISO 17025 standard. Accurassay was one of the first labs in Canada to attain such recognition.

Trenches were created using a John Deere 720 excavator. The 13 trenches were then washed out using pressure pumps and the channel was sampled using a Stil 350s rock saw. Trench Sample Results: The samples are described in the Spence Report. A summary of the best samples (in excess of 3 grams/tonne gold) is provided below.

KRK WEST TRENCH SAMPLES

BEST SAMPLES SORTED ACCORDING TO VALUE

Sample No. Trench No. Au ppb Au grams/tonne Au Troy oz/ton Cu%
840893 12 104825 104.83 3.057  
14049 8 70784 70.78 2.065 1.01
14024 8 42664 42.66 1.244 0.99
840813 6 31392 31.39 0.916  
840906 8 23509 23.51 0.686  
14037 8 23101 23.1 0.674 1.64
840905 8 19818 19.82 0.578  
840832 7 18080 18.08 0.527 4.07
14004 7 17154 17.15 0.5 0.69
14023 8 15040 15.04 0.439 0.71
14029 8 11777 11.78 0.344 0.75
840892 12 11592 11.59 0.338  
840902 8 11213 11.21 0.327 1.19
840806 6 9548 9.55 0.278  
840955 9 9349 9.35 0.273  
840831 7 8412 8.41 0.245 6.62
14034 8 7992 7.99 0.233 1
840954 9 7648 7.65 0.223 0.84
14034 8 7091 7.09 0.207 0.82
840901 8 4747 4.75 0.138 1.33
840804 6 4548 4.55 0.1333  
840845 7 4487 4.49 0.131 1.31
14041 8 3797 3.8 0.111  
840849 7 3627 3.63 0.106  
840903 8 3440 3.44 0.1 1.23
840887 12 3433 3.43 0.1  
14040 8 3353 3.35 0.098 0.58
840903 8 3301 3.3 0.096  
840814 6 3165 3.17 0.092  
840963 9 3014 3.01 0.088 0.59

Barry Price, a professional geologist, has been contracted by Source Gold Corp. to create a comprehensive geologic report and to further define where the company should focus the next steps of exploration and drilling. The report is expected to be available shortly, and will be posted on the company website, www.sourcegoldcorp.com.

"We are very excited with the results from our initial trenching. The high grade gold and copper assay suggests that we have multiple zones to target and to expand further on our KRK West Property," commented Ms. Lauren Notar, President of Source Gold Corp.

About Source Gold Corp.
Source Gold Corp. is a publicly traded junior mineral exploration company trading under the symbol SRGL.OB. The Company's corporate philosophy is to build shareholder value through the exploration and development of high quality mining and exploration projects in Canada, concentrating on gold in the prolific Beardmore-Geraldton Gold Camp in North Western Ontario.

Submitted on behalf of the board of directors

Lauren Notar, President/CEO

Source Gold Corp.

Legal Notice Regarding Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning gold or other mineral reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present if and when a project is actually developed.

Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of gold or mineral deposits, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of gold or minerals are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in filings on Edgar of other junior mineral exploration companies with the US Securities and Exchange Commission. This announcement may also contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

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