Source Exploration Corp.
TSX VENTURE : SOP

Source Exploration Corp.

May 21, 2010 12:38 ET

Source Files NI 43-101 Technical Report on San Acacio Silver Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 21, 2010) - Source Exploration Corp. (TSX VENTURE:SOP) ("Source'' or "the Company") is pleased to announce that further to the Company's news release dated April 13, 2010, the independent National Instrument ("NI") 43-101 compliant technical report for its San Acacio property located at Zacatecas, Mexico, has been filed on SEDAR. The mineral resource estimate was carried out by PEG Mining Consultants Inc. and complies with NI 43-101 ("NI 43-101 ") Standards of Disclosure for Mineral Properties. The technical report is available on the Company's website at www.sourceexploration.com.

Highlights

Highlights of the estimate include:

- Indicated Resource of 1.49 million tonnes at an average grade of 84.9 grams per tonne silver (g/ t Ag) and 0.19 grams per tonne gold (g/t Au) containing 4.05 million ounces of silver and 9,000 ounces of gold or 4.59 million silver equivalent ounces.

- Inferred Resource of 3.44 million tonnes at an average grade of 80.0 g/t Ag and 0.16 g/t Au containing 8.84 million ounces of silver and 17,400 ounces of gold or 9.89 million silver equivalent ounces.

- Mineralized fill Inferred resource of 0.74 million tonnes at an average grade 232.6 g/t Ag and 0.20 g/t gold containing 5.51 million ounces of silver and 4,800 ounces of gold or 5.80 million silver equivalent ounces.

The base case for reporting the mineral resource estimate used a silver equivalent ("AgEq")(i) cut -off grade of 45 grams tonne ("g/t").

Brian Robertson, President and CEO, comments, "This first ever NI 43-101 report for the property is very encouraging and we are continuing our underground drill program to expand the resource. This program is targeting areas below historical high-grade oxide stopes."

Mineral Resource Estimate

The mineral resource estimate is based on 41 drill holes completed by Source and Silver Standard and 371 drill core assay values contained within the mineralize zones. This data was complemented with 275 underground chip samples sourced from Silver standard and Sterling Mining level plans. Results at various silver equivalent cut-off grades are tabulated below.



Mineral Resource Estimate for San Acacio Deposit at various Silver
Equivalent (Ag/ eg)(i) Cutoff
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Mineral AgEq Silver Contained Gold Contained Ag Eq Contained
Resource Cut-off Tonnage Grade Silver Grade Gold Grade AgEq
Class (g/t)(Mtonnes) (g/t) (Moz) (g/t) (oz) (g/t) (Moz)
----------------------------------------------------------------------------
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Indicated 105 0.53 122.1 2.08 0.22 3,700 135.24 2.30
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85 0.86 106.6 2.93 0.22 6,000 119.65 3.29
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65 1.15 95.8 3.55 0.20 7,600 108.03 4.01
----------------------------------------------------------------------------
45 1.49 84.9 4.05 0.19 9,000 96.14 4.59
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30 1.66 79.3 4.22 0.18 9,700 90.22 4.81
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15 1.70 77.8 4.25 0.18 9,800 88.53 4.84
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Inferred 105 0.97 133.7 4.15 0.17 5,100 143.61 4.46
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85 1.47 116.8 5.51 0.16 7,700 126.62 5.97
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65 2.16 100.0 6.96 0.16 11,300 109.73 7.64
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45 3.44 80.0 8.84 0.16 17,400 89.49 9.89
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30 5.04 63.8 10.33 0.15 24,600 72.91 11.80
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15 5.80 57.8 10.78 0.15 27,100 66.52 12.41
----------------------------------------------------------------------------
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Mineralize 105 0.70 241.5 5.43 0.21 4,700 254.16 5.72
Fill --------------------------------------------------------------
Inferred 85 0.71 239.2 5.46 0.21 4,800 251.83 5.75
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65 0.72 236.7 5.49 0.21 4,800 249.24 5.78
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45 0.74 232.6 5.51 0.20 4,800 244.82 5.80
----------------------------------------------------------------------------
30 0.82 214.4 5.62 0.18 4,800 225.50 5.91
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15 0.82 213.3 5.62 0.18 4,800 224.37 5.91
----------------------------------------------------------------------------

(i) Silver equivalent (AgEq) is calculated as the sum of the silver content
plus 60 times the gold content, based on prices of US$ 14.75/oz for
silver and US$ 885/oz for gold, which approximate the average prices for
these metals over the last three years. (Note: total contained AgEq
values may not add exactly because of rounding). Metallurgical
recoveries are not taken into account.


Parameters and methodology used are described in Source's press release dated April 13, 2010 and the NI 43-101 technical report. The material in this news release has been reviewed and approved by Mr. Desautels, Principal Resource Geologist, PEG Mining Consultants and by Sonny Bernales, Consulting Geologist, Source Exploration, both Qualified Persons as defined by NI 43-101. The complete NI 43-101 Technical Report has been filed on SEDAR at www.SEDAR.com and on the Company's website.

The San Acacio property, which hosts the Veta Grande vein system, is a former silver producer located in the world renowned silver district of Zacatecas in Central Mexico. The Zacatecas Silver Belt is one of the most prolific silver producing areas in the world, hosting the Fresnillo and Zacatecas silver mines which, combined, have produced over 1.5 billion ounces of silver (Source: Western Silver Annual Report 2003). For more information on the property please visit Source's website at www.sourceexploration.com.

About Source Exploration

Source Exploration is a Canadian based mineral exploration company focused on the evaluation, acquisition and development of economic silver deposits in Mexico. Source is currently carrying out an aggressive exploration program on the prolific past producing San Acacio silver mine in Zacatecas, Mexico, as well as evaluating other potential silver properties for acquisition in Mexico.

About PEG Mining Consultants

PEG Mining Consultants Inc. (PEG) is a group of experienced geologists and engineers specialized in underground & open pit mining, processing/metallurgy, and project management. The PEG team has a broad range of operations and consulting experience and skills. Further information can be found at PEG Mining's website at www.pegmining.com.

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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