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To: Veteran98 who wrote (172715)	7/30/2009 11:10:11 AM
From: Cheeky Kid	Read Replies (1) \| Respond to of 313801

Goldsource drills coal intervals of 28, 62 m at Border 2009-07-30 08:29 ET - News Release Shares issued 19,449,181 GXS Close 2009-07-29 C$ 1.23 Mr. J. Scott Drever reports GOLDSOURCE REPORTS ON BORDER SUMMER DRILL PROGRAM; NEW LARGE SUB-BASIN DISCOVERED WITH 62 METRES OF COAL; NEW AIRBORNE SURVEY IDENTIFIES ADDITIONAL DRILL TARGETS Goldsource Mines Inc. has discovered a new subbasin, named Niska, at its wholly owned Border project located near Hudson Bay, Sask. The Niska subbasin is approximately five kilometres by 10 kilometres in size and contains at least three areas with coal intercepts totalling up to 62 metres in true thickness. Twelve core holes totalling approximately 2,100 metres have been drilled during the summer program using a helicopter-supported drill rig. The most significant coal intervals occurred in the Niska subbasin and included holes BD09-105 and BD09-107 with true total thicknesses of approximately 28.0 metres and 62.0 metres, respectively, of dull to bright coal with similar visual and geophysical characteristics. Holes BD09-105 and BD09-107 are located approximately 10 to 15 kilometres northeast and north, respectively, of the discovery areas Chemong 03 and Chemong 06 and are also near to rail and highway access. All holes drilled to date were designed to test new targets outside the discovery area with the exception of hole BD09-106. This hole was a redrill of DB08-02 which was previously terminated in a coal zone. J. Scott Drever, president, stated: "The primary objective for our continued exploration efforts has been to identify priority areas that potentially contain sufficient coal resources that may be economically developed. The Niska subbasin is a new subbasin containing three areas with significant coal intercepts. This brings the total number of subbasins to six, within which we have identified a total of 11 discrete substantial coal deposits within the Border permit area. The dimensions of the coal deposit areas encountered to date on the Border property range from approximately 400 metres by 400 metres up to 1.5 kilometres by one kilometre, based on a combination of drill holes and geophysical signatures. We have hit significant intervals of coal in eight of the 12 holes drilled so far during the summer program." Summary of coal intercepts Numbering of the drill holes for this phase of exploration continues sequentially beginning at BD09-96. Names of subbasins are based on an identifier in the general location and the areas are designated from the discovery hole numbers. Coal Hole From To interval ID (m) (m) (m) Note BD09-96 126.3 136.4 10.1 New -- Pasquia 96 area 143.8 147.4 3.6 148.3 153.3 5.0 ---- Total 18.7 ---- BD09-97 188.0 200.0 12.0 New -- Pasquia subbasin -- deep intercept BD09-98 93.0 101.8 8.8 New -- Pasquia 98 area BD09-100 127.0 128.5 1.5 Chemong subbasin -- deep, narrower intercepts 150.5 152.5 2.0 163.0 165.0 2.0 ---- Total 5.5 ---- BD09-101 85.0 89.5 4.5 New -- Chemong 101 area 91.5 94.5 3.0 ---- Total 7.5 ---- BD09-105 82.0 92.0 10.0 New -- Niska subbasin, Niska 105 area 97.0 98.0 1.0 107.0 112.0 5.0 119.0 121.0 2.0 187.0 197.0 10.0 ---- Total 28.0 ---- BD09-106 81.6 102.8 21.2 Redrill of BD08-02, Pasquia 02 area BD09-107 69.0 78.0 9.0 New -- Niska subbasin, Niska 107 area 96.0 98.0 2.0 113.0 127.0 14.0 141.0 178.0 37.0 ---- Total 62.0 ---- (i) The coal intervals are based on downhole, e-log density of 1.6 grams per cubic centimetre or less. Initial identification of the intervals of coal in the table is based on visual and downhole geophysical characteristics. The company cautions against placing undue reliance on the visual and downhole survey observations of the coal until the results of the analytical work have been announced. Sampling and laboratory testwork at Loring Labs in Calgary have commenced with initial results anticipated in August. Airborne EM geophysical surveys continue to play a key role in defining significant coal occurrences at the Border property. A specific geophysical signature for subbasins containing coal has been developed and is being used successfully to discover further coal deposits. The company has completed airborne geophysics over the remaining areas of the Border property which has resulted in the discovery of several new target areas. In addition, Goldsource has completed approximately 5,000 line kilometres of airborne geophysics that is expected to identify potential coal deposits on its other properties in Saskatchewan and Manitoba. Drill holes BD09-99, BD09-102, BD09-103 and BD09-104 contained no significant coal intercepts. These holes were drilled to test airborne geophysical anomalies with geophysical signatures somewhat different than the coal-bearing subbasin signatures which the company has successfully developed at Border. Geologically, the new subbasins are similar to the discrete targets previously delineated at Border with the exception that the sequence of mudstones and sands seems to be increasing in thickness to the west and an additional series of coal intervals has developed to depth. Subbituminous coal at Border up to 100 metres in thickness occurs in the Cretaceous Mannville group (mudstones and sandstones) located in depressions (subbasins and troughs) within the underlying Devonian limestones. Lower Cretaceous lithologies logged in drill holes to date at Border include the Viking, Joli Fou, Spinney Hill and Cantuar formations. To date, all coal deposits at Border have been located in the Cantuar formation. Drilling is continuing and this current program is expected to complete approximately 16 drill holes in new targets at Border. Priority areas will be further delineated in subsequent drill programs. Resource modelling for a National Instrument 43-101 technical report is under way with completion anticipated in the third quarter of 2009. N. Eric Fier, CPG, PEng, and qualified person for this news release, has reviewed and approved its contents. We seek Safe Harbor.