First Source Resources Inc.
TSX VENTURE : FSR

First Source Resources Inc.

February 28, 2008 09:00 ET

First Source Closes IPO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2008) -

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

First Source Resources Inc. (the "Company") (TSX VENTURE:FSR) is pleased to announce that it has closed its previously announced Initial Public Offering ("IPO") of 1,700,000 common shares at a price of $0.30 per common share for gross proceeds of $510,000. Union Securities Ltd. ("Union") acted as agent for the IPO.

The Company has received conditional approval from the TSX Venture Exchange for the listing of the Company's common shares under the symbol "FSR". Trading is expected to begin on or about February 28, 2008.

The Company plans to use the net proceeds from the IPO for exploration of its Lac des Pics Property, payment of obligations related to the property, expenses of the IPO and for general and administrative expenses and working capital.

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.

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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