Source Gold Corp.
OTC Bulletin Board : SRGL

Source Gold Corp.

April 21, 2010 06:05 ET

Source Gold Increases Property Holdings in Beardmore-Geraldton Gold Camp

TORONTO, ONTARIO--(Marketwire - April 21, 2010) - Source Gold Corp. (OTCBB:SRGL) is pleased to announce that the Company has initiated an extensive claim staking program near its existing joint venture property in the Beardmore-Geralton area of northern Ontario.

Claim staking activity is taking place in an area in close proximity to a previously producing mine. This mine had produced approximately 150,000 ounces of gold and 20,000 ounces of silver. The mine was shut down and reopened several times due to a rise or fall in market conditions for the underlying commodity.

The new properties being acquired by Source are directly online with trending geology from the mine location. Geological sampling is being conducted as staking progresses. This area has particularly high values in gold showings with several old previously producing mines in the general area.

In order to protect the Company's staking program, Source Gold has elected to limit the content of this release due to the highly competitive nature of staking in the area. Lauren Notar, President of Source Gold, states, "We intend to add some 10,000 to 12,000 acres of 100% owned and operated claims during this staking program. The Company will focus its field operations on these highly prospective properties as we evaluate the accumulated information from our existing joint venture in the area."

About Source Gold

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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