Source Gold Corp.
OTC Bulletin Board : SRGL

Source Gold Corp.

November 27, 2009 15:30 ET

Source Gold Corp. Identifies High Grade Gold and Copper From Initial Sampling Program

CALGARY, ALBERTA--(Marketwire - Nov. 27, 2009) - Source Gold Corp. (OTCBB:SRGL) is pleased to announce that the company has received initial results from samples assayed by Accurassay Laboratories in Thunder Bay, Ontario, Canada. The samples were taken from the KRK West Property in the Beardmore-Geraldton Greenstone Belt in Northwestern Ontario, Canada.

Based upon the initial exploration program of trenching, channel sampling, geological mapping and a TEM survey covering our claim group on over 15 square miles of the KRK West Property, the Company has identified three main areas of interest.

The first area of interest is the Little Brother Claim Group, where a number of samples were taken from an area along a northern grandiorite with intermediate volcanics, which yielded visible gold occurrences. Assay results from this initial sampling program have yielded very encouraging high-grade gold assays of 9.55/oz per ton (270.74 grams/ton). Separate samples assayed from this area have similarly yielded very high-grade copper of 15.5%.

The second area of interest is close to the eastern portion of the property east of Peddle Lake. This area is the most active on the property where a number of drill collars belonging to a previous operator were drilled during the 1970's. The ground observations in the trenches and historical assessment have indicated a large disrupted zone carrying high gold and silver values.

The third area of interest is the most westerly area of the property near Musca Lake, along a continuous shear zone. The Musca Lake zone consists of a quartz flooded shear which pinches and swells along its strike length.

"These high-grade gold and copper assay results are amongst the highest values I have witnessed to date in my career," Lauren Notar, President of Source Gold Corp. comments. "We are very excited by our initial trenching and sampling program which has uncovered a number of highly mineralized areas of interest. As more samples are assayed, we look forward to better understanding the distribution of the occurrences and controls on mineralization within our claim group."

The Company will continue with an aggressive exploration program, centered on the major fault lines and areas of interest which traverse our mineral claims. Accurassay Laboratories is currently processing more than 250 trench samples from the Company's three main areas of interest on the KRK West Property, and further assay results are expected within the next few weeks.

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, concentrating on gold in the prolific Beardmore-Geraldton Gold Camp in North Western Ontario.

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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