Source Exploration Corp.
TSX VENTURE : SOP

Source Exploration Corp.

January 12, 2011 09:00 ET

Source Reports Channel Sample Results of Up to 24 Metres of 5.5g/t Gold, 8.2g/t Silver and 0.38% Copper at Las Minas; Ewan S. Downie Appointed as Chairman of the Board

THUNDER BAY, ONTARIO--(Marketwire - Jan. 12, 2011) - Source Exploration Corp. ("Source" or the "Company") (TSX VENTURE:SOP) is pleased to announce preliminary assay results for its underground sampling program at the Company's recently acquired Las Minas project located in western Veracruz state, Mexico, as well as the appointment of Ewan S. Downie as non – executive Chairman of the Board.

Sampling Program

Source recently carried out a sampling program at the Las Minas property. This work has been completed in advance of a diamond drilling program scheduled for the 1st quarter of 2011.

Preliminary sampling results have been received for the sampling of Adit # 2 at the historic Las Boquillas mine, one of the primary targets on the property. The walls of the existing openings were sampled and details are provided in the attached drawing of the underground workings. The highest assay values received include 20.5 g/t gold, 40.4 g/t silver and 2.08% copper. Thirty one samples taken at Las Boquillas, or 43 percent of the total samples, graded greater than 1.0 g/t gold. Results of the sampling program completed Las Boquillas are shown in Table 1 and a summary is provided in Table 2.

In addition to Las Boquillas, comprehensive sampling was undertaken at Cinco Senores prospect as well as preliminary sampling at La Miqueta, Las Minillas, San Jose de Oro, El Alto and Yanillo prospects (photos available at Source's website). The Cinco Senores and Las Boquillas mineralized zones suggest a strike length of approximately 1 km with widths of up to 50 metres in places. Further assays are expected in the near future."

Table 1 Sampling Results Las Boquillas

Sample
No
  Location   Width
(M)
  Au
g/t
  Ag
g/t
  Cu
%
  Type
847   Adit #2   2.0   3.55   2.8   0.47   Endo-skarn
848   Adit #2   2.0   15.77   40.4   1.04   Endo-skarn
849   Adit #2   2.0   3.90   17.7   0.43   Endo-skarn
850   Adit #2   2.0   20.50   14.3   0.63   Endo-skarn
851   Adit #2   2.0   8.69   13.9   0.16   Endo-skarn
852   Adit #2   2.0   3.55   4.5   0.27   Endo-skarn
853   Adit #2   2.0   3.47   2.2   0.17   Endo-skarn
854   Adit #2   2.0   1.49   1.3   0.16   Endo-skarn
855   Adit #2   2.0   1.09   0.5   0.32   Endo-skarn
857   Adit #2   2.0   1.33   1.5   0.31   Endo-skarn
858   Adit #2   2.0   1.28   2.1   0.39   Endo-skarn
859   Adit #2   2.0   1.55   3.4   0.26   Endo-skarn
Total Length & Average Grade   24.0   5.5   8.7   0.38    
Sample
No
  Location   Width
(M)
  Au
g/t
  Ag
g/t
  Cu
%
  Type
860   Adit #2   2.0   1.05   2.3   0.14   Endo- skarn
861   Adit #2   2.0   2.49   4.2   0.53   Endo- skarn
862   Adit #2   2.0   1.55   2.5   0.34   Endo- skarn
863   Adit #2   2.0   1.75   3.3   0.19   Endo- skarn
864   Adit #2   2.0   1.79   4.7   0.42   Endo- skarn
866   Adit #2   2.0   0.50   1.0   0.28   Endo- skarn
867   Adit #2   2.0   0.83   1.3   0.31   Endo- skarn
868   Adit #2   2.0   1.04   2.3   0.47   Endo- skarn
869   Adit #2   2.0   0.44   0.7   0.22   Endo- skarn
870   Adit #2   2.0   0.36   1.3   0.11   Endo- skarn
871   Adit #2   2.0   0.32   1.0   0.21   Endo- skarn
872   Adit #2   2.0   0.46   1.4   0.29   Endo- skarn
873   Adit #2   2.0   0.39   1.0   0.18   Endo- skarn
874   Adit #2   2.0   0.46   1.1   0.09   Endo- skarn
Total Length & Average Grade   28   0.96   2.0   0.27    
                         
887   Adit #2   2.0   1.55   4.5   0.98   Endo- skarn
888   Adit #2   2.0   0.68   1.7   0.27   Endo- skarn
889   Adit #2   2.0   0.77   2.1   0.41   Endo- skarn
890   Adit #2   2.0   1.10   2.9   0.45   Endo- skarn
891   Adit #2   2.0   0.33   1.1   0.13   Endo- skarn
892   Adit #2   2.0   1.54   4.9   1.05   Endo- skarn
893   Adit #2   2.0   0.89   2.9   0.65   Endo- skarn
894   Adit #2   2.0   0.07   0.15   0.05   Endo- skarn
895   Adit #2   2.0   0.03   0.15   0.01   Endo- skarn
897   Adit #2   2.0   0.04   0.15   0.02   Endo- skarn
898   Adit #2   2.0   0.14   0.15   0.00   Endo- skarn
899   Adit #2   2.0   0.04   0.15   0.00   Endo- skarn
900   Adit #2   2.0   0.19   0.15   0.01   Endo- skarn
2683       2.0   0.06   0.15   0.03   Endo- skarn
Total Length & Average Grade   28.0   0.52   1.5   0.29    
                         
875   Adit #2   2.0   3.69   3.3   0.28   Endo-skarn
877   Adit #2   2.0   1.89   2.2   0.28   Endo-skarn
878   Adit #2   2.0   5.28   3.9   0.55   Endo-skarn
879   Adit #2   2.0   14.68   10.3   0.87   Endo-skarn
880   Adit #2   2.0   3.09   2.7   0.09   Endo-skarn
881   Adit #2   2.0   1.38   1.4   0.08   Endo-skarn
882   Adit #2   2.0   1.33   2.6   0.06   Endo-skarn
883   Adit #2   2.0   1.60   3.2   0.19   Endo-skarn
884   Adit #2   2.0   1.35   2.4   0.10   Endo-skarn
886   Adit #2   2.0   1.76   3.6   0.13   Endo-skarn
Total Length & Average Grade   20.0   3.66   3.6   0.27    
                         
2658   Adit #2   2.0   0.55   2.1   0.12   Endo-skarn
2659   Adit #2   2.0   0.60   2.6   0.20   Endo-skarn
2660   Adit #2   2.0   0.55   2.2   0.13   Endo-skarn
2662   Adit #2   2.0   0.11   0.5   0.06   Endo-skarn
Total Length & Average Grade   8.0   0.43   1.9   0.13    
Sample
No
  Location   Width
(M)
  Au
g/t
  Ag
g/t
  Cu
%
  Type
2663   Adit #2   2.0   0.48   0.7   0.24   Endo-skarn
2664   Adit #2   2.0   0.37   1.2   0.08   Endo-skarn
2665   Adit #2   2.0   0.44   1.2   0.22   Endo-skarn
2666   Adit #2   2.0   0.86   2.2   0.57   Endo-skarn
2667   Adit #2   2.0   0.75   2.1   0.56   Endo-skarn
2668   Adit #2   2.0   0.27   0.9   0.15   Endo-skarn
2669   Adit #2   2.0   0.18   1.4   0.12   Endo-skarn
2670   Adit #2   2.0   0.9   0.5   0.07   Endo-skarn
Total Length & Average Grade   16.0   0.43   1.3   0.25    
                         
2672   Adit #2   2.0   1.22   2.7   0.55   Endo-skarn
2673   Adit #2   2.0   7.81   13.6   2.08   Endo-skarn
2674   Adit #2   2.0   4.00   6.3   0.90   Endo-skarn
2675   Adit #2   2.0   4.35   9.5   0.97   Endo-skarn
2676   Adit #2   2.0   1.80   5.4   0.49   Endo-skarn
2677   Adit #2   2.0   0.81   2.1   0.24   Endo-skarn
2678   Adit #2   2.0   2.10   6.7   0.94   Endo-skarn
2679   Adit #2   2.0   0.46   1.8   0.13   Endo-skarn
2681   Adit #2   2.0   1.22   5.8   0.80   Endo-skarn
2682   Adit #2   2.0   0.10   0.4   0.11   Endo-skarn
Total Length & Average Grade   20.0   2.39   5.4   0.72    

Table 2 Summary of Las Boquillas Sampling

Location   Sample
Numbers
  Width
(M)
  Au
g/t
  Ag
g/t
  Cu
%
  Type
#2 Adit   847 to
859
  24.0   5.5   8.7   0.38   Endo-skarn
#2 Adit   860 to
874
  28.0   0.96   2.0   0.27   Endo-skarn
#2 Adit   887 to 900
& 2683
  28.0   0.52   1.5   0.29   Endo-skarn
#2 Adit   875 to
886
  20.0   3.66   3.6   0.27   Endo-skarn
#2 Adit   2658 to
266
  8.0   0.45   1.9   0.13   Endo-skarn
#2 Adit   2663 to
2670
  16.0   0.43   1.3   0.25   Endo-skarn
#2 Adit   2672 to
2682
  20.0   2.39   5.4   0.72   Endo-skarn
Average Length and Grade   23.0   2.1   3.6   0.35    

Brian Robertson, Source's President and CEO, said, "These robust preliminary results clearly demonstrate the potential to define significant bulk tonnage zones at Las Minas and will help to guide our upcoming drill program. The "Endo-skarn" mineralization (within the intrusion) at Las Boquillas bodes well for continuation of the mineralized zones to depth in the host intrusion."

Chairman Appointment

Mr. Ewan Downie has been appointed as non- executive Chairman of Source. Mr. Downie is currently the President and CEO of Premier Gold Mines Limited and serves as a Director of Source. Prior to Premier, Ewan founded Wolfden Resources Inc. that was acquired by Zinifex Limited in 2007. Ewan was a member of the Wolfden team that received the prestigious PDAC "Bill Dennis Prospector of the Year" award for being a part of the team that discovered the West Zone deposit at High Lake, Nunavut. In 2004 and 2005, Wolfden received NWOPA awards for discoveries in Ontario's burgeoning Red Lake gold camp, and in 2010 as Developer of the Year for Premier's Hardrock Project. Mr. Downie also sits on the boards of several other publicly traded companies including Newstrike Resources, Benton Resources, Mega Precious Metals Inc., and Gold Standard Ventures Corp.

"I am also excited about Ewan's appointment as Chairman", said Brian Robertson, President and CEO. "As a Director of Source, he has played a large part in the development of the Company. His intuitive sense for identifying high potential early stage property opportunities and successfully advancing them to development will provide Source with the expertise for meeting its corporate objectives of continuing growth through strategic property acquisitions and development."

Sonny Bernales, P.Geo., Project Manager is the Qualified Person for the technical information contained in this press release and is a qualified Person within the meaning of National Instrument 43-101. Samples were shipped to SGS Mineral Services (ISO/IEC 17025) at Durango, Mexico for assaying. In addition to the laboratory's quality control program, a rigorous on-site quality assurance and control quality control program was implemented involving the insertion of certified standard reference materials including blanks.

About Source Exploration

Source Exploration is a well-financed Canadian based mineral exploration company focused on the evaluation, acquisition and development of economic gold and silver deposits in Mexico.

Cautionary Statement Regarding Forward-Looking Information: This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about use of proceeds of the Offering. Forward-looking information is based on the opinions and estimates of management that, which considered reasonable, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward- looking information. Such risks and uncertainties include, but are not limited to, risks associated with the mining industry, the risk of commodity price and foreign exchange rate fluctuations, the ability of the Corporation to fund the capital and operating expenses necessary to achieve the business objectives of the Corporation, as well as those risks described in public disclosure documents filed by the Corporation. Due to the risks, uncertainties and assumptions inherent in forward-looking information, prospective investors in securities of the Corporation should not place undue reliance on such forward-looking information. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

To view "Sampling Location ADIT #2 Las Boquillas Las Minas" map, please visit the following link:

http://media3.marketwire.com/docs/SRCmap1.pdf

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