Mr. Ioannis Tsitos reports

GOLDSOURCE MINES ANNOUNCES PRIVATE PLACEMENT OF UP TO CDN$1.0 MILLION

Goldsource Mines Inc. has arranged a non-brokered private placement for up to $1-million, comprising up to 18,181,819 units at a price of 5.5 cents per unit. Each unit will consist of one common share and one-half of one common share purchase warrant of Goldsource, with each whole warrant being exercisable for one common share of Goldsource at a price of nine cents for a term of two years.

Proceeds from the offering will be used for the company's Eagle Mountain resource expansion, prefeasibility study costs and general corporate purposes. Please see the company's news release dated July 12, 2018, for more detailed information on the company's planned operations for 2018.

The offering is subject to regulatory approval. Resale of the securities distributed in connection with the offering will be subject to a hold period of four months and one day following the closing date of the offering.

It is anticipated that certain directors, officers and other insiders of the company will acquire shares and warrants of the company under the offering. Such participation will be considered to be related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, adopted in the policy. The company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) or (b) and 5.7(1)(a) or (b) of MI 61-101 in respect of related party participation in the offering. The securities of the company are listed on the TSX-V (and on none of certain specified markets for the purposes of the MI 61-101 provisions), and neither the aggregate fair market value of the shares and warrants to be distributed to nor the consideration paid by related parties will exceed $2.5-million. Furthermore, neither the fair market value of the subject matter of nor the fair market value of the consideration for the transaction, insofar as it involves interested parties, is expected to exceed 25 per cent of the company's current market capitalization, and the company expects to receive the requisite non-interested directors' approval of the offering.

About Goldsource Mines Inc.

Goldsource Mines is a Canadian resource company working aggressively to develop its advanced-stage, 100-per-cent-owned Eagle Mountain saprolite and hard-rock gold project in Guyana, South America. From 2016 to 2017, through a gravity pilot plant initiative, the company completed testing on gravity-only gold production and both dry and wet mining open-pit techniques. Goldsource is now focused on delivering feasibility studies to achieve large-scale gold production at Eagle Mountain.

We seek Safe Harbor.