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TSX-V: SOP
April 8, 2010
For Immediate Release
Vancouver, British Columbia
Shares Issued: 26,181,248
Source Commences Underground
Drilling Targeting Extensions
of Historical High Grade Ore
Shoots
SOURCE EXPLORATION CORP. (the "Corporation” or
"Source”) (TSX-V: SOP) announces that drilling of the primary
target at the Veta Grande vein system from underground is underway at the
San Acacio project, located at Zacatecas, Mexico. Drilling will target
extensions of high grade ore shoots below the historical Rodadillos and the
Labrado stopes. Historical mining of the Rodadillos oxide stope bottomed at
the Purisma level with a strike length in excess of 90 metres. No diamond
drilling has been carried out to date below the level. Both stopes were
mined as high grade oxide stopes in the early history of the San Acacio
mine with historical grades in the order of 1,000 grams per tonne silver.
Brian Robertson, President and CEO stated, "The underground drill
station provides an excellent location for drilling the down-dip
projections of these historical high grade oxide stopes. Both the
Rodadillos and Labrado stopes are large excavations, with excellent
potential for mineralization to extend below the bottom level. They are
viewed as high priority targets for potentially expanding the historical
resource of 14.5 million ounces of silver. The historical resource estimate
(pre NI 43-101) was developed by Silver Standard Resources Inc. and focused
on a near surface resource for exploitation using open pit mining methods.
Recently completed drilling by Source has intersected mineralization at a
depth of 398 metres below surface, well below the elevation of the current
resource. This extension of the Veta Grande vein system to depth
indicates the potential for an increase in the historical resource. ''
The San Acacio property, which hosts the Veta Grande vein system, is a
former silver producer located in the world renowned silver district of
Zacatecas in Central Mexico. The Zacatecas Silver Belt is one of the most
prolific silver producing areas in the world, hosting the Fresnillo and
Zacatecas silver mines which, combined, have produced over 1.5 billion
ounces of silver (Source: Western Silver Annual Report 2003).
A geological technical report prepared by B.J. Price Geological
Consultants Inc. and R. Von Boeck in compliance with NI-43-101 states "Since
discovery of silver in the Zacatecas mining district in 1546, it was
estimated that 180 million ounces of silver have been extracted from the
Veta Grande vein complex.” The report also references a
historical drilled inferred mineral resource calculated by Silver Standard
in 1996 of 2,465,314 tonnes grading 182.4 g/t (5.40 oz/ton) containing
449,580.3 kilograms of silver or 14,445,000 ounces of silver. The estimate
is a historical estimate and should not be relied upon because it is not NI
43 -101 compliant. Source Exploration Corp has not independently verified
the resource estimate. Source is currently undertaking a NI 43-101 resource
estimate for the San Acacio deposit based on the exploration program by
Silver Standard Resources Inc. and recently completed drilling at the
property. The Corporation is also evaluating options for early production
opportunities at the property utilizing area custom mills.
Mr. Sonny Bernales, P. Geo. is the Qualified Person for information
contained in this press release and is a Qualified Person within the
meaning of National Instrument 43-101.
About Source Exploration
Source Exploration Corp. (SOP: TSX-V) is a well funded
Canadian based mineral exploration company focused on the evaluation,
acquisition and development of economic silver deposits in Mexico. Source
is currently carrying out an aggressive exploration program on the prolific
past producing San Acacio silver mine in Zacatecas, Mexico, as well as
evaluating other potential silver properties for acquisition in Mexico.
For more information, please contact:
Brian Robertson, President & CEO
Phone: 807-251-1816
Fax: 604-646-7359
e-mail: info@sourceexploration.com
Website at: http://www.sourceexploration.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. Certain terms
or statements made that are not historical facts, such as anticipated
advancement of mineral properties or programs, productions, sales of
assets, exploration plans or results, costs, prices, performance are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, and involve a number of risks and
uncertainties that could cause actual results to differ materially from
those projected, anticipated, expected or implied. These risks and uncertainties
include, but are not limited to; metals price volatility, volatility of
metals production, project development risks and ability to raise
financing. Certain statements included in this news release constitute
"forward-looking information" within the meaning of applicable
securities legislation. All statements, other than statements of historical
fact, included herein are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such statements
will prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
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