Source Exploration Corp.

Source Exploration Corp.

March 04, 2010 09:30 ET

Source Undertakes NI 43-101 Mineral Resource Estimate for San Acacio Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2010) - SOURCE EXPLORATION CORP. (the "Corporation" or "Source") (TSX VENTURE:SOP) is pleased to announce that PEG Mining Consultants Inc. has been awarded a contract to prepare a NI 43-101 compliant geology model and Mineral Resource Estimate for the San Acacio silver project located at Zacatecas, Mexico. Source is currently conducting a drill program at the property to explore for the downward extension of the Veta Grande vein below the historical mine workings and identify new vein structures in close proximity to historical workings. The new assay database from the drilling, along with the historical database from Silver Standard, will allow for a new NI -43-101 compliant mineral resource that will incorporate the silver, as well as the by-product credit of gold and base metals. The San Acacio property is being reviewed with the potential to develop an open pit and/or an underground resource.

A geological technical report prepared in 2007 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 1996. The estimate, which was based an exploration program completed in 1995, included high- grade silver veins as well as silver rich backfill material in old stopes. The resource was estimated to be 2,465,314 tonnes grading 182.4 g/tonne (5.40 oz/ton) containing 449,580.3 kilograms or 14,445,000 ozs. of silver. The estimate is historical and should not be relied upon because it is not NI 43 -101 compliant. Source believes these historical results provide an indication of the potential of the property and are relevant to ongoing exploration.

Brian Robertson, President and CEO, states, "We view the San Acacio property as an advanced stage project with considerable exploration potential because of its production history and more recent exploration work. The early completion of the NI 43-101 Mineral Resource Estimate will allow Source to advance the evaluation of potential production opportunities and identify exploration targets to potentially increase the resource."

The San Acacio property, which hosts the Veta Grande vein system, is a former silver producer located in the world renowned silver producing of Zacatecas in Central Mexico. Since the discovery of silver in the mining district in 1546, 180 million ounces of silver have been extracted from the Veta Grande vein complex (Silver Standard Report -1996).

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

About Source Exploration Corp.

Source Exploration Corp. (TSX VENTURE:SOP) is a TSX Venture Company mineral exploration company focused on the evaluation, acquisition and development of economic silver deposits in Mexico. At present, Source is 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 in the Zacatecas area and Canada.

About PEG Mining Consultants Inc.

PEG Mining Consultants Inc. is a group of experienced geologists and engineers specialized in underground & open pit mining, processing/metallurgy, and project management. The PEG team has a broad range of operations and consulting experience and skills. More information on the full range of PEG's services and experience can be found on our website at

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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