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Goldsource Mines Inc
Symbol C : GXS
Shares Issued 203,623,366
Close 2018-04-04 C$ 0.08
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Goldsource gets option to buy Bishop gold property

2018-04-05 09:14 ET - News Release

Mr. Ioannis Tsitos reports


Goldsource Mines Inc., through its subsidiary and with its local joint venture partner in Guyana, Kilroy Mining Inc., executed a definitive agreement with a local Guyanese individual for the option to explore and purchase a 100-per-cent interest in the Bishop Growler property.

As announced on Feb. 1, 2018, Bishop Growler is located along the projected mineralized trend three kilometres from the company's 100-per-cent-owned Eagle Mountain gold project in Guyana, South America, and it is surrounded by Eagle Mountain's existing 5,030-hectare prospecting licence.

Yannis Tsitos, president, commented: "We are pleased to have concluded this definitive agreement to exclusively explore this strategic land package proximal to Eagle Mountain. Together with our surrounding prospecting licence, it provides access to this northeastern gold-mineralized trend, which has never been systematically explored or drilled, but has returned surface grab and rock samples with values as high as 80 grams per tonne gold (Eagle Mountian Gold Corp. historical database, 2012). We have now initiated an exploration program at Bishop Growler, which includes geological mapping, auger and diamond core drilling at selected locations, geochemical sampling along trenches, and sampling of historical artisanal gravity tailings. We plan to include results from this exploration program at Bishop Growler and the neighboring EMPL areas in the company's upcoming revised resource estimate."

Figures associated with this news release are available on-line.

Bishop Growler consists of one medium-scale mining permit, and covers an area of about 2.5 square kilometres. The 15 small-scale mining claims described in the company's news release of Feb. 1, 2018, have been converted into this single MSMP, which is currently valid and in good standing.

Pursuant to the definitive agreement, the company can earn a 100-per-cent interest in the property by making the following payments:

  • $75,000 (U.S.) upon execution of the definitive agreement (paid);
  • $150,000 (U.S.) in January, 2019;
  • $150,000 (U.S.) in January, 2020;
  • $150,000 (U.S.) in January, 2021;
  • $500,000 (U.S.) upon exercise of the option.

As additional consideration for the purchase of the property, the owner will be entitled to receive an alternative piece of artisanal mining property in the vicinity of Eagle Mountain, no less in area than the size of Bishop Growler, provided that the determination of the location of such area shall be at the exclusive discretion of the company.

The option can be terminated without cost at any time with one-month notice.

The qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects for this news release is Eric Fier, CPG, PEng, executive chairman and chief operating officer of Goldsource, who has reviewed and approved its contents.

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