First Source Resources Inc.
TSX VENTURE : FSR

First Source Resources Inc.

May 26, 2009 17:39 ET

First Source Announces Private Placement and Removal of Officer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 26, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

First Source Resources, Inc. (TSX VENTURE:FSR) ("First Source" or the "Company") today announced that it will be conducting a non-brokered private placement equity financing under which it will issue up to 6,000,000 common shares at a price of $0.10 per common share for gross proceeds of up to $600,000. The securities to be issued under the financing will be subject to a four-month hold period.

The terms of the financing are subject to the approval of the TSX Venture Exchange. The proceeds from the financing will be used for general working capital of the Company, including funding the Company's anticipated 2009 exploration work and drill program on its Lac Des Pics property.

The Company also wishes to announce that it has removed Wayne Lockhart from the office of Chief Geologist for the Company. Mr. Lockhart remains a director of the Company. Risk Reduction Resources Inc., which specializes in advanced geophysical survey methods, will be supervising the Company's anticipated 2009 exploration work and drill program.

About the Company

First Source Resources Inc. is a mineral exploration company headquartered in Vancouver, British Columbia. The Company's objective is to develop a balanced portfolio of properties through a combination of grassroots prospecting, property acquisition and the formation of strategic relationships. The Company currently holds a 100% interest in the Lac des Pics Property in the Province of Quebec.

For further information about the Company, please refer to the Company's filings on SEDAR (www.sedar.com) or the Company's website at www.firstsourceresources.com or contact Peter Smith, President and CEO of the Company by telephone at 604.683.7031 or by email at info@firstsourceresources.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Company's mineral property, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to exploration results; the ability to raise sufficient capital to fund exploration; changes in economic conditions or financial markets; changes in prices for mineral products or increases in costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters.

This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.

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