Goldsource Mines Inc.
TSX VENTURE : GXS

Goldsource Mines Inc.

October 12, 2005 12:54 ET

Goldsource Completes ROX Property Drill Program

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 12, 2005) - Goldsource Mines Inc. ("Goldsource") (TSX VENTURE:GXS) is pleased to announce that it has completed a four-hole diamond drill program (595 metres) on the ROX group of mineral claims approximately 70 kilometres south of Houston in north-western British Columbia. Goldsource has an option to acquire a 100% interest in mineral claims covering an area of 1,548 hectares in the Omineca Mining Division of British Columbia. The claim group covers recently discovered gold, silver and base metals mineralization in the sediments of the Smithers Formation and in a diorite intrusion.

Goldsource previously carried out geophysical, preliminary geological and limited geochemical surveys over an approximate two square kilometre grid area on the claims. A 3D-IP survey outlined three main zones of anomalous chargeability with coincident anomalous geochemical results for gold, silver, lead and zinc over a portion of one of the two IP anomalies sampled. The drill program was designed to test these three geophysical anomalies and returned the following significant assay results:



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Weighted Average Grades
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DH Hole From To Interval Au Ag Zn Pb
Number (metres) (metres) (metres) g/t g/t % %
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R05-1 42.45 42.67 0.22 0.52 4 1.19 -
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R05-2 15.82 15.92 0.10 0.19 85 0.82 3.59
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17.70 17.78 0.08 1.51 9 1.41 0.36
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23.0 28.0 5.0 0.37 3.4 - -
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34.0 37.0 3.0 0.57 2.3 0.95 -
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37.0 40.0 3.0 0.24 - - -
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44.0 47.0 3.0 0.55 2.7 - -
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R05-3 12.0 13.0 1.0 0.15 9 1.35 -
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35.1 35.5 0.5 1.43 8 1.11 -
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117.0 117.015 0.015 0.37 9 6.66 -
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129.5 130.0 0.5 0.43 6 1.33 -
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R05-4 5.0 6.0 1.0 5.11 32 2.69 -
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20.0 20.5 0.5 1.11 5 0.56 -
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42.45 42.67 0.22 0.52 4 1.19 -
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The gold, silver and zinc values are associated with pyrite, sphalerite and other metallic sulphides in narrow veins and stringers within clear quartz and carbonates. Pyrite is disseminated throughout most of the core and in places there are significant volumes of pyrite in the 3% to 5% range. There is strong evidence for vertical metal zoning in the system with pyrite-sphalerite-arsenopyrite-galena-chalcopyrite forming an upper vein assemblage and pyrite-sphalerite marking a lower assemblage. The best gold, silver, zinc and lead values have been obtained from the upper zone. The rocks encountered in these four holes are predominantly sandy, shallow marine sediments. A mineralized diorite intrusive was intersected in drill hole R05-3.

The amount of pyrite present in the drill holes is more than sufficient to explain the IP geophysical anomalies. However, the core will be re-examined to determine if any lateral zoning of mineralization is identifiable and additional sampling of the core will be carried out in some un-sampled pyritized zones. Any further work will be dependent upon the results of the sampling and the determination as to whether the mineralization encountered may be more pervasive in untested portions of the IP anomalies.

The project work was supervised by Anthony L'Orsa, P.Geo. and Qualified Person for the purposes of NI 43-101. The 3-D IP survey was carried out by SJ Geophysics Ltd. of Delta, BC. The drill core samples were analysed for 22 elements (aqua regia, ICP-MS). Gold and silver were determined by lead collection fire assay on one assay-ton samples. Quality controls include the use of blanks and reject reruns. The analytical work was done by Acme Analytical Laboratories Ltd of Vancouver, BC, an ISO 9001:2000 accredited company.

Big River Acquisition

Goldsource has also received conditional approval from the TSX Venture Exchange for the transaction with BEC International Corporation ("BEC") of Saskatoon, Saskatchewan to acquire a 90% interest in two blocks of mineral claims in the Big River Area of Saskatchewan (see press release dated August 4, 2005 for details of the transaction). Goldsource has filed the NI 43-101 technical report which was the principal condition of the TSX-Venture Exchange for approval. Final approval remains conditional only upon review and acceptance of this report by the TSX-Venture Exchange.

Goldsource Mines Inc. believes that the acquisition of a significant interest in the Big River Project provides an excellent opportunity to accelerate its development as a Canadian diamond explorer and to become significant resource based company.

This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Goldsource'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 Goldsource'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 mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of Goldsource'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.

On Behalf of the Board of Directors of

Goldsource Mines Inc.

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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