Goldsource Mines Inc.

Goldsource Mines Inc.

March 02, 2009 08:00 ET

Goldsource Announces New Coal Discovery at Border Project, Saskatchewan; Split-Leaf Area Produces 35.3 Metre Coal Zone Intercept

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2009) - Goldsource Mines Inc. ("Goldsource" or the "Company") (TSX VENTURE:GXS) is pleased to announce a new coal discovery in the Split-Leaf area (sub-basin) on its wholly-owned Border Project located near Hudson Bay, Saskatchewan, Canada.

The Split-Leaf sub-basin is located approximately 7 kilometres south from the Chemong sub-basin area where Goldsource drilled a 132.6 metre coal zone intercept announced on February 26, 2009 and approximately 11.5 kilometres from the Pasquia sub-basin area where recent drilling has indicated coal zone continuity over a 2 square kilometre area (to see attached map, please click on the following link: The Pasquia area remains open in all lateral directions as announced by the Company on February 27, 2009.

The Split-Leaf new coal discovery has been made by drilling a geophysical anomaly with signatures similar to those exhibited by the 2008 discovery holes and numerous other holes which intercepted significant coal intercepts at the Border Project. Hole BD09-41, intercepted thick coal intervals of 25.5 metres of continuous dull to bright coal within an approximately 35.3 metre coal zone including partings. This discovery is further confirmation that the geophysical techniques and interpretation being used by the Company are successful in identifying coal bearing sub-basins. This new area is currently open to expansion laterally in three directions and additional holes are planned to determine the extent of this new discovery. The holes drilled at Split-Leaf are vertical and the coal zone intervals are estimated true thicknesses.

From To Interval
Hole (metres) (metres) (metres) Note

BD09-39 103.4 114.0 10.6 New discovery

BD09-41 127.7 163.4 35.3 New discovery
(i)Visual identification of Coal Zone contains both coal and partings.
Hole BD09-38 showed no significant coal intercept.

J. Scott Drever, President, stated; "Our overall plan continues to be to identify as many priority areas at Border as we can in this winter's program and to establish confirmation of the various geophysical signatures which are indicative of sub-basins that correlate with the presence of thick intercepts of coal. One drill rig has been dedicated to identifying new areas to the south of the original discovery area and it is particularly gratifying to see that one of the first targets to be drilled has encountered significant coal intervals. There are additional geophysical anomalies within the Border Project area that indicate potentially much broader-sub basins that need to be tested and if they prove to be coal bearing this would bring a new dimension to the overall potential of the coal deposits within Border."

Initial identification of the intervals of the coal zone in the table above is based on visual characteristics. The Company cautions against placing undue reliance on the visual observations of the coal intercepts until the results of the analytical work have been announced.

Sampling and laboratory test work at Loring Labs in Calgary for the initial holes drilled in this program has commenced with initial results anticipated in March. Down-hole geophysics has been completed on all holes and adjustments to coal seam thickness may occur when reporting final results.

N. Eric Fier, CPG, P.Eng. and Qualified Person for this news release has reviewed and approved its contents.

This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of coal permits and mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in commodity product prices; currency fluctuations; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

J. Scott Drever, President


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

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