Source Gold Corp.
OTCBB : SRGL

Source Gold Corp.

February 24, 2012 08:00 ET

Source Gold (SRGL) Provides Corporate Project Update

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2012) - Source Gold Corp. (OTCBB:SRGL) ("Source Gold" or "the Company") is pleased to provide an overview of our current international gold projects and a potential new Gold property acquisition.

CANADA:

A National Instrument 43-101 Report (NI 43-101) has been completed by T. J. Beesley, P. Eng., and is available on the Source Gold Website. The Company has an interest in approximately 15 square miles of contiguous mineral claims, known as the KRK West Claims. The claims are located in the Beardmore-Geraldton greenstone belt and mining camp in the Thunder Bay Mining District of North West Ontario, Canada. The Beardmore-Geraldton Gold Camp is the fourth most prolific area of the Northern Ontario/Quebec "greenstone" gold camps, and has a production history of over 4.1 million oz. of gold.

Recent nearby major Gold discoveries include Kodiak Exploration Ltd., Hercules Discovery, and the Ontex Brookband Discovery. Source Gold's technical team has reported visible gold from grab samples. Some 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%. "These high-grade gold and copper assay results are amongst the highest values I have witnessed to date in my career," stated Lauren Notar, President of Source Gold Corp. "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." With the spring snow melt, the Company can continue with an aggressive exploration program, centered on the major fault lines and areas of interest which traverse its mineral claims.

USA:

A National Instrument 43-101 Report (NI 43-101) prepared by Afzaal Pirada, P. Geo., is available on the Source Gold Website. The Company has an interest in 23 mineral claims that are either contiguous with or in close proximity to the historically famous Vulture Mine in Maricopa County near the town of Wickenburg, Arizona.

The Vulture Mine operated between 1863 and 1942 and is reported to have produced in excess of 390,000 oz of gold and 280,000 oz of silver with average values of .35 oz Au/ton and .25 oz Ag/ton.

The Company is presently evaluating the potential of some other adjacent land acquisitions that may become available to the Company as indicated in recent discussions with owners. The properties have received a great deal of exploration in the past providing Source Gold with a complete set of data for immediate evaluation. The Arizona Geological Survey has noted, "mineral exploration in highly extended areas characterized by rotational normal faulting may be facilitated by the knowledge that mineral deposits may have been tilted 80° from their original orientation," allowing for a possible geographical advantage for the Company.

"It is important to have this review in order to determine whether the adjacent property acquisitions will be necessary to ensure adequate coverage of our existing geological model," noted Lauren.

Barry Price, Source Gold's Advisory Committee member since Nov. 2009, will be heading Source's exploration committee. Mr. Price has extensive background in providing property inspections in Canada, US, Mexico, Cuba, Panama, Nicaragua, Peoples Republic of China, Republic of South Africa, Portugal, Guinea, Ecuador, Argentina and Indonesia as well as geological research compilations for areas of Ecuador, China, Panama, Argentina and Australia. His expertise is a valuable asset to Source Gold Corp.

New Acquisition:

The Company is current negotiations on acquiring further gold assets to add to the Source Gold portfolio. News regarding this new gold acquisition should be forth coming shortly.

ADDITIONAL INFORMATION

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: www.sourcegoldcorp.com.

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.

ON BEHALF OF THE BOARD OF DIRECTORS,

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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