Source Exploration Corp.
TSX VENTURE : SOP

Source Exploration Corp.

February 28, 2011 08:30 ET

Source Commences Drill Program to Test Bulk Tonnage Potential of Las Minas Project

Recent Sampling included 24 metres of 5.5 g/t gold, 8.7 g/t silver and 0.38% copper and 12 metres grading 8.59 g/t gold, 140.8 g/t silver and 0.53% copper

THUNDER BAY, ONTARIO--(Marketwire - Feb. 28, 2011) - Source Exploration Corp. ("Source" or the "Company") (TSX VENTURE:SOP) is pleased to announce that its Phase 1 drilling program has commenced at Las Minas project, Veracruz State, Mexico. The Phase 1 program, consisting of 2,500 metres of drilling, will initially target gold – silver – copper mineralization identified by the recent surface and underground chip sampling program carried out at the historical Las Boquillas mine. The sampling results outlined wide zones of significant gold silver and copper mineralization, confirming the potential for bulk tonnage skarn deposits. Previously published results at Las Boquillas included 12 metres grading 8.59 g/t gold, 140.8 g/t silver and 0.53% copper (see Press Release February 2, 2011) and 24 meters assaying 5.5 g/t gold, 8.7 g/t silver and 0.38% copper (see Press Release January 12, 2011).

"We are excited about drill testing the high priority targets at Las Boquillas to determine the extent of the significant gold- silver –copper mineralization identified by the recently completed sampling program," said Brian E. Robertson, President & CEO. "The results will provide critical information for designing the Phase 2 drill program, which will further explore both the high priority skarn mineralization as well as wider epithermal vein mineralization identified by the reconnaissance field exploration program.

The Phase 1 drilling program will consist of at least 10 holes drilled to depths of 100 to 350 metres. Initial assay results are expected to be released in early April and continue throughout the drilling program. The company has completed access to the drilling sites and drilling platforms have been constructed. The drilling will target potential extension of mineralization at Las Boquillas and test the indicated 2 kilometre strike length of the Cinco Senores – Las Boquillas – Nopaltepec skarn mineralization. The program will also test the potential bulk tonnage target at Las Minillas – San Jose de Oro skarn zone.

The Las Minillas mineralized zone outcrops on surface (see Projects – Photo Gallery on the Source website at www.sourceexploration.com) and is connected to the underground workings of the historical San Jose de Oro mine by a 200 metre access drift. An extensive sampling program has been completed at the Las Minillas and San Jose de Oro locations and assay results are pending.

The Phase 1 program will also provide information for the design of a proposed Phase 2 program, which will further test the 2 kilometre Cinco Senores –Las Boquillas -Nopaltepec mineralized skarn zone as well as the high priority Changaroand Yanillo drill targets. Recent work at the Yanillo target area identified extensive mineralization over a large area with significant indicated widths. The Changaro epithermal vein/skarn deposit measures approximately 20 metres in width.

The technical information in this news release has been reviewed and approved by Sonny Bernales, P. Geo., Source's Project Manager, a registered professional geologist and a Qualified Person as defined by National Instrument 43-101.

About Source Exploration

Source Exploration is a well-financed Canadian based mineral exploration company focused on the evaluation, acquisition and development of economic gold and silver deposits in Mexico. The company's Las Minas project is located in the heart of the historical Las Minas mining district, which is host to one of the largest under explored gold-silver – copper skarn systems known in Mexico.

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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