TSX
Mining News Alert: Goldsource (TSX-V:GXS;
FWB:G5M) ANNOUNCES
Mining Permit ON EAGLE MOUNTAIN GOLD PROJECT IN GUYANA
VANCOUVER, BC – August
26, 2014 - (Investorideas.com Mining Stocks
Newswire) Goldsource Mines Inc. (TSX-V:GXS; FWB:G5M.F)
(“Goldsource” or the “Company”) is pleased to announce the granting of a Medium
Scale Mining Permit No 637/2014 (the “Permit”) to Kilroy Mining Inc.
(“Kilroy”), issued by the Guyana Geology and Mines Commission for operations on
a 250 hectare portion (the “Property”) of Goldsource’s Eagle Mountain gold
deposit located within the approximately 5,050 hectare Eagle Mountain
prospecting license (“Eagle Mountain PL”).
The Permit grants permission to mine gold, diamonds, precious metals and
precious minerals within the Permit area located in Potaro Mining District #2.
The Eagle Mountain
PL is held by the Company’s 100%-owned subsidiary in Guyana, Stronghold Guyana
Inc. (“Stronghold”). As a medium scale
mining permit is required under Guyana law to be held by a Guyanese national,
Stronghold has entered into agreements with Kilroy, a private arm’s length Guyanese company pursuant to which Stronghold and Kilroy
will jointly operate the Property.
Kilroy is the holder of the Permit and has granted to Stronghold the
exclusive right to conduct mining operations on the Property including any
additional areas acquired by Kilroy.
Stronghold will fund all expenditures on the Property and receive 100%
of all revenues, subject to applicable government royalties and a 2% net
smelter return royalty to Kilroy as compensation for its participation.
Ioannis (Yannis) Tsitos, Goldsource's President stated: “Following the
recent announcement of the positive results of our Preliminary Economic
Assessment for the Eagle Mountain gold deposit, we are extremely pleased with
the grant of the Permit. The project is now fully permitted for mining
activities and ready for construction financing and subsequent Phase One
development, as described in our News Release of July 31, 2014. The Company and
its management are working aggressively with a staged production growth
strategy to deliver real value to shareholders and to all other project
stakeholders.”
As part of the agreement, Goldsource agreed to issue to Kilroy 250,000
common shares of the Company, subject to a 12-month hold period and the approval
of the TSX Venture Exchange.
ABOUT GOLDSOURCE MINES INC.
Goldsource Mines Inc. (www.goldsourcemines.com) is a Canadian resource company that is working aggressively to develop
its advanced-stage, 100%-owned Eagle Mountain gold project in Guyana towards
initial staged production in 2015. The project has a NI 43-101 resource of
188,000 Indicated and 792,000 Inferred gold ounces, with strong potential
to expand its resources. The project is also covered by a Preliminary Economic
Assessment that sets out the economic parameters for the development. Goldsource
Mines is led by an experienced management team, proven in making exploration
discoveries, achieving construction on time and budget, and fast-tracking
production.
Ioannis (Yannis) Tsitos
President & Director
Goldsource Mines Inc.
FORWARD-LOOKING
STATEMENTS
This
news release contains “forward-looking statements” within the meaning of
Canadian securities legislation. Such forward‑looking statements concern
Goldsource’s anticipated consolidated results and developments in Goldsource’s
consolidated operations in future periods, planned exploration and development
of the Eagle Mountain Gold Project, plans related to its business and other
matters that may occur in the future.
These statements relate to analyses and other information that are based
on expectations of future performance, including gold production and planned
work programs. Statements derived from mineral resource estimates may also
constitute forward-looking statements to the extent that they involve estimates
of the mineralization that will be encountered if the Eagle Mountain property
is developed.
Forward-looking
statements are subject to a variety of known and unknown risks, uncertainties
and other factors which could cause actual events or results to differ from
those expressed or implied by the forward-looking statements, including,
without limitation: risks related to precious and base metal price
fluctuations; risks related to fluctuations in the currency markets
(particularly the Guyanese dollar, Canadian dollar and United States dollar);
risks related to the inherently dangerous activity of mining, including
conditions or events beyond control of Goldsource, and operating or technical
difficulties in mineral exploration, development and mining activities;
uncertainty in the Goldsource’s ability to raise financing and fund the
development of the Eagle Mountain Gold Project; uncertainty as to actual
capital costs, operating costs, production and economic returns, and
uncertainty that development activities will result in a profitable mining
operation at the Eagle Mountain Gold Project; risks related to mineral resource
figures being estimates based on interpretations and assumptions; risks related
to governmental regulations and obtaining necessary licenses and permits; risks
related to the business being subject to environmental laws and regulations;
risks relating to inadequate insurance or inability to obtain insurance; risks
related to potential litigation; risks related to the global economy; risks
related to the Eagle Mountain Gold Project being located in Guyana, including
political, economic, social and regulatory instability. Should one or more of
these risks and uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those described in the
forward‑looking statements. The
forward-looking statements are based on beliefs, expectations and opinions of
management on the date the statements are made.
For the reasons set forth above, investors should not place undue
reliance on forward-looking statements.
For Further Information:
Goldsource Mines Inc.
Contact:
Ioannis (Yannis) Tsitos, President
Fred Cooper, Investor Relations
Telephone: +1 (604) 694-1760
Fax: +1 (604) 694-1761
Toll Free: 1-866-691-1760 (Canada
& USA)
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
Neither the TSX Venture
Exchange nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
Published at
Investorideas.com Newswire
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