Source Gold Corp.
OTC Bulletin Board : SRGL

Source Gold Corp.

February 14, 2011 09:01 ET

Source Gold Begins 2011 Silver, Gold, and Copper Exploration Program

TORONTO, ONTARIO--(Marketwire - Feb. 14, 2011) - Source Gold Corp. (OTCBB:SRGL) is pleased to announce it has begun its 2011 exploration program on its U.S. Property, Source's wholly owned Vulture Peak claims in Maricopa County near the town of Wickenburg, Arizona. These claims are adjacent to and encompass some of the old Vulture Mine site. The Vulture mine is reported to have produced in excess of 390,000 oz of gold, and 280,000 oz of silver. The Source Gold claims, including the Red Cloud claim with old mill and mine, the Mohawk claims and the Source Gold Vulture claim having a shaft extension into the original Vulture mine, have all either had previous gold production, or are located in favorable geological and tectonic settings with a presence of surface mineralization.

Phase 1 - Additional data compilation, geological mapping, trenching, and sampling. This work will include geo-referencing of historical geological maps, sampling and trenching data, and collecting available historical production records from shafts and mines either previously existing on the claims or from the surrounding area.

Phase 2 - Ground Geophysical Surveying, and Diamond drilling based on Phase 1 information. 3D Induced Polarization (IP), Magnetometer Surveying, and Electromagnetic VLF will be carried out at specific locations determined by Phase 1 information.

The initial results of Phase 1 are expected in the spring, and Phase 2, will begin upon Phase 1 completion.

Canada Operations

Canadian operations on Southern Beardmore and our KRK West property in the Beardmore Geraldton area in northern Ontario will be postponed until more favourable spring weather conditions develop.

Source will be focusing its Canadian exploration program on the Southern Beardmore Prospect. The features from our initial exploration program suggest a presence of an environment with significant high grade gold and copper potential. Source plans to exploit these features, further defining and extending our mapping and trenching. The purpose of our program is to generate potential targets for an upcoming drill program

About Source Gold Corp.

Source Gold Corp. is a publicly traded junior mineral exploration company trading under the symbol SRGL.OB. The Company's corporate philosophy is to build shareholder value through the exploration and development of high quality mining and exploration projects in Canada and the USA, concentrating on gold in the prolific Beardmore-Geraldton Gold Camp in North Western Ontario, and expanding using advanced methods of exploration on the once prolific silver and gold producer, the Vulture Mine Site, in Wickenburg, Arizona.

Submitted on behalf of the board of directors

Lauren Notar, President

Source Gold Corp.

Legal Notice Regarding Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning gold or other mineral reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present if and when a project is actually developed.

Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of gold or mineral deposits, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of gold or minerals are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in filings on Edgar of other junior mineral exploration companies with the US Securities and Exchange Commission. This announcement may also contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

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