Source Exploration Corp.

Source Exploration Corp.

May 10, 2011 08:30 ET

Source Samples 9.92 g/t Gold, 20.78 g/t Silver and 0.63 % Copper over 8.0 Metres at Las Minas Project

THUNDER BAY, ONTARIO--(Marketwire - May 10, 2011) - Source Exploration Corp. ("Source" or the "Company") (TSX VENTURE:SOP) is pleased to announce preliminary assay results for its sampling program at the historical Changaro mine located at the Company's Las Minas project, Veracruz, State, Mexico. The rock chip sampling included both surface and underground samples at the Changaro adit as well as samples in the area of historical mining. A plan map showing the various sample locations can be viewed on the Company's website at – see Project – Maps. Highlights of the sampling program include:

  • 8 metres grading 9.92 g/t gold, 20.78 g/t silver and 0.63 % copper or 11.45 g/ ton gold equivalent*, including 2.0 metres grading 28.87 g/t gold, 20.3 g/t silver and 0.68% copper (30.46 g/t gold equivalent).
  • 10 metres grading 3.03 g/t gold, 12.9 g/t silver and 0.61% copper or 4.35 g/t gold equivalent, including 4.0 metres grading 7.47 g/t gold, 29.35 g/t silver and 0.71% copper or 9.26 g/t gold equivalent.
  • 16.0 metres grading 1.83 g/t gold, 13.01 g/t silver and 0.25% copper or 2.51 g/t gold equivalent

Brian E. Robertson, President and CEO, commented, "We are very encouraged by these recent sampling results. Historical mining at Changaro, one of the primary targets on the Property, was very selective and focused on very high grade ore. These sampling results clearly demonstrate that mineralization with significant grade and widths extend into the hanging wall and footwall of the historical stoping areas.

Results of the sampling program are shown in Table 1.

Table 1 Sampling Results Changaro
Sample NoLocationWidth (M)Au g/tAg g/tCu %Gold Equivalent (1)
3469Changaro Adit2.00.601.90.140.90
3470Changaro Adit2.028.8720.30.6830.46
3471Changaro Adit2.05.6517.60.667.15
3472Changaro Adit2.04.5443.31.047.21
Total Length & Average Grade8.09.9220.780.6311.43
3806Changaro Adit2.00.0150.400.0770.16
3807Changaro Adit2.00.0162.10.040.13
3808Changaro Adit2.03.1812.80.223.81
3809Changaro Adit2.03.3418.90.254.15
3811Changaro Adit2.00.5412.40.321.34
3812Changaro Adit2.03.7929.40.334.93
3813Changaro Adit2.01.0923.40.502.41
3468Changaro Adit2.02.614.70.273.17
Total Length & Average Grade16.01.8213.010.252.51
3801Changaro Adit2.00.1162.00.250.60
3802Changaro Adit2.00.0752.40.961.81
3803Changaro Adit2.00.0461.40.430.82
3804Changaro Adit2.02.5817.20.393.60
3805Changaro Adit2.012.3641.51.0214.95
Total Length & Average Grade10.03.0312.90.614.35
3473Changaro Stope2.08.1024.50.679.75
3474Changaro Stope2.01.4119.34.7910.25

(*) Gold equivalents calculations use metal prices of US$ 1300/oz. for gold, US$ 25.00/ oz. for silver and US$3.50/lb. for copper. No adjustments have been made for potential relative differences in metal recoveries.

Au EQ g/t equals Au g/t + (Ag g/t x 0.019) + (Cu% x1.77)

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.

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