they got their permit, now what about ours! VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 22, 2008) - Goldsource Mines Inc. (the "Company") (TSX VENTURE:GXS) announces that it has received confirmation of the priority status from the Saskatchewan Ministry of Energy and Resources for 179 coal applications filed by the Company. The coal applications for which priority status has been confirmed comprise a total of approximately 143,000 hectares, being an area of roughly 1,430 square kilometres. This area is centered on the two core drill holes which resulted in the discovery of the coal intercepts previously announced (news releases dated April 22 and April 28, 2008). The Company cautions that issuance of actual coal permits will not occur until the Ministry has completed its full review.
As previously announced (news release dated May 5, 2008), the coal intercepts are from two core holes located 1.64 kilometres apart and represent 26 metres and 32.5 metres, respectively, of coal seam, including 22.6 metres of continuous coal in each hole. Most of the coal from the two intercepts is ranked as High Volatile Bituminous C and Sub-Bituminous A and is believed to be from the Mannville/Swan River Group of Cretaceous age. The two core drill holes are located approximately 50 kilometres north of Hudson Bay, Saskatchewan.
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of coal permits and mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in product prices; currency fluctuations; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
On Behalf of the Board of Directors of Goldsource Mines Inc.
J. Scott Drever, President
The TSX-Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.