Mr. Steve Parsons reports

GOLDSOURCE ANNOUNCES UP TO $2,000,000 NON-BROKERED PRIVATE PLACEMENT

Goldsource Mines Inc. has arranged a non-brokered private placement of up to 5,555,555 units of the company at a price of 36 cents per unit for gross proceeds to the company of up to $2-million. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each whole warrant is exercisable into one common share at a price of 55 cents for a period of two years following the closing of the private placement.

The net proceeds of the private placement will be used to finance engineering and exploration activities at the company's Eagle Mountain gold project in Guyana, South America, and for general working capital.

It is anticipated that certain directors, officers and other insiders of the company will acquire units under the private placement. 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) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the private placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves related parties, is expected to exceed 25 per cent of the company's market capitalization (as determined under MI 61-101).

The company may pay finders' fees to certain finders in connection with the private placement. The private placement may close in multiple tranches and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX-V. All securities to be issued pursuant to the private placement will have a hold period of four months and one day from the date of closing of the private placement.

About Goldsource Mines Inc.

Goldsource Mines is a Canadian exploration company focused on the 100-per-cent-owned Eagle Mountain gold project in Guyana, South America. The company is led by an experienced management team, proven in making precious metals exploration discoveries and executing on phased project development in the Americas.

We seek Safe Harbor.