Source Gold Corp.

Source Gold Corp.

April 03, 2012 16:35 ET

Source Gold Corp. (SRGL) Announces Acquisition of the Great White North Gold Property

Carlin Type Trend Discovered in Northern British Columbia

TORONTO, ONTARIO--(Marketwire - April 3, 2012) - Source Gold Corp. ("the Company") (OTCBB:SRGL) is pleased to announce the acquisition of a major new gold prospect: the Great White North Gold Project.

After extensive due diligence, Source Gold has acquired the Great White North Gold Project based on strong geological similarities to the Carlin Trend Style gold mineralization. The Carlin Trend in northern Nevada has produced more gold than any other mining district in the United States - estimated at over 50,000,000 troy ounces.

ATAC's 1600 Sq KM, Rackla Gold Project is the only Canadian drill proven Carlin-Type gold discovery. Source Gold believes that based upon surface geology and geochemical information it has acquired, the Great White North Gold Project displays remarkable similarity to the ATAC Rackla gold district. Furthermore, the Great White North's proximity to ATAC Resources' recent gold find combined with the geological similarity of both properties; has induced the seller of the property to require Source Gold to pay nothing now, only a future work commitment and restricted shares in Source Gold Corp. Source Gold will plan a phase one spring exploration program shortly, details to follow.


Source Gold acquired the 2,785 acres of highly prospective mineral claims in Northern British Columbia, on the Yukon border. The area is home to some of the most prolific gold finds in Canadian history: Barrick discovered Eskay Creek which produced over 320,000 ounces and Placer Dome found McDame Creek where the historic 72 ounce gold nugget was found.

This acquisition makes Source Gold Corp. one of the only junior gold companies with gold properties diversified among three of the most prolific gold source areas in politically stable North America: the KRK Claims in the Beardmore-Geraldton greenstone belt, the Vulture Mine Claims in Arizona, and now the Great White North Claims in Northern British Columbia. The Beardmore-Geraldton belt has historically produced over 4.1 million ounces of gold, while the Vulture Mine was the biggest gold producing mine in Arizona before it was shut down due to the war effort in 1942.

"This acquisition is very exciting for Source Gold," stated Lauren Notar, President for Source Gold. "Not only is the geology exciting, but the terms the Company was able to procure for the property make it a perfect acquisition for a junior. And the success our neighbors have had on their gold claims is very encouraging indeed."

Source Gold is currently scheduling exploration of the Great White North Gold Claims and intends to initiate the first phase of exploration in the 2012 exploration season.


To learn more about the Vulture Mine project, the Southern Beardmore Area, the KRK West Project, the Company, and regular news updates, visit Source Gold Corp.'s official website:

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 Southern Beardmore 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.


Source Gold Corp.

Lauren Notar, CEO

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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