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Goldsource Retains Norwest For Independent Review of
Saskatchewan Coal Discovery
May 29, 2008
VANCOUVER, B.C. May 29, 2008 � Goldsource Mines Inc. (the
�Company�) is pleased to announce that Norwest Corporation (�Norwest�) has
been retained to provide an independent review of the Company�s recent
Saskatchewan coal discovery. Norwest is an internationally-recognized leader
in providing consulting expertise to the energy, mining, and natural
resources industries. Norwest has extensive expertise in the assessment,
exploration, development and production of major coal resources at an
international level and will advise the Company on the results received to
date and provide guidance with respect to its upcoming exploration program.
Norwest (www.norwestcorp.com)
has nearly 30 years of coal related consulting experience and is considered
to be coal experts on Canadian and international coal deposits. Norwest
Qualified Person, John R. Williams, PG has completed a site visit, inspected
the drill core and reviewed the available analytical results. The significant
conclusions arising from the Norwest inspection and initial trip report are
as follows:
- Coal intercepts were
encountered in two drill holes (BD08-03 and 06) that were drilled at the
Company�s Border property located approximately 50 kilometres north of
Hudson Bay, Saskatchewan. The age of the strata for the Border project
is Early Cretaceous. The coal bearing strata dip very gently at
approximately 1�. Based on the electro-magnetic survey and regional
geologic maps, several large structural lows or basins occur within the
project area. Currently, no evidence of faulting has been found within
the project area.
- In spite of the problems
identified with respect to the coal core condition, description and
sampling, the coal quality for the two holes shows favorable
characteristics of a thermal coal. Since moisture content is of
particular importance in assessing the thermal qualities of thermal
coal, the initial quality results of the first two holes are somewhat
marginalized due to the core not being protected from moisture loss.
- Sufficient geological and
drill data is not yet available to thoroughly evaluate the Border Coal
Project. As the two holes show attractive depth to coal, coal thickness
and favorable thermal characteristics, additional drilling is
recommended.
- The coal is moderately hard,
black and has been initially ranked by Loring Labs of Calgary, AB
(certified) as sub-bituminous C to high volatile bituminous B.
- The top 21metres of the coal
seam appears to be of consistent quality in both holes with few minor
visible partings. The average total seam thickness is approximately 30
metres with the lower 9 meters being of higher ash content. The
stratigraphy over-lying the top of the seam appears geologically
consistent. There is only about 1.5 metres difference in the
elevations of the tops of the seam even though the holes are 1.64
kilometres apart. It is therefore initially assumed to be the same
continuous coal seam between the two holes. Further drilling will be
required to confirm this assumption.
Norwest will be advising the Company on the upcoming
summer drill program with respect to drill hole placement, coal drilling
procedures, coal logging and sampling protocols, QA/QC, sample security and
recommended coal analysis. The Company expects to have a Norwest independent
representative on site during the commencement of the drill program.
J. Scott Drever, President stated: �For nearly 30 years,
Norwest has offered a wide range of services to energy and mining companies,
electric power producers, financial institutions, governments, legal firms,
and regulatory agencies. Norwest�s professional staff of engineers,
hydrologists, geologists, environmental specialists and management
consultants bring extensive industry experience to our project. Norwest�s
innovative, experienced-based approach is focused on assisting clients
achieve world-class performance standards. We are delighted to have them as
our lead technical advisors.�
The Qualified Persons for Goldsource are N. Eric Fier,
CPG, P.Eng. of Goldsource, and John Williams, PG of Norwest whom have
reviewed and approved this news release.
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
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"
J. Scott Drever, President
For further information, please contact:
Fred Cooper
Telephone: (604) 691-1760
Fax: (604) 691-1761
Email: info@goldsourcemines.com
Website: www.goldsourcemines.com
405-1311 Howe Street
Vancouver, BC V6Z 2P3
The TSX-Venture Exchange has not reviewed and does not
accept responsibility for the accuracy or adequacy of this release.
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