Welcome To The North American Gem HUB On AGORACOM

The Company's primary goal is to explore for Coal in North America, currently the focus is in Kentucky, Saskatchewan and West Virginia.

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Message: reNAG all my bad comments

reNAG all my bad comments

posted on Jun 18, 2008 06:48AM

i think todays jump is overflow from gxs news .cross your fingers ,lick your lips our turn is soon kiddies.

we should be better than SMI (cuz they are a JV)but i keep scratching my head about it??

VANCOUVER, BRITISH COLUMBIA, Jun 17, 2008 (Marketwire via COMTEX News Network) --

Goldsource Mines Inc. (the "Company") (TSX VENTURE:GXS) announces that it has received confirmation of issuance of an initial 55 coal permit certificates from the Saskatchewan Ministry of Energy and Resources for coal applications filed by the Company to cover its recently announced coal discovery near Hudson Bay, Saskatchewan. The Company has also been advised that issuance of the balance of the 179 coal permit certificates applied for will occur shortly. The coal applications comprise a total of approximately 143,000 hectares (1,430 square kilometres). The area covered by the initial 55 permits is approximately 42,000 hectares (420 square kilometres) and is centered on the two core drill holes which resulted in the discovery of the coal intercepts previously announced (news releases dated April 22 and April 28, 2008). The permits allow the Company to explore the area for coal and are for a period of one year with two possible 6 month extensions and convertible to a 15 year lease.

The Company is currently permitted to drill an additional seven holes in the area. The receipt of the permits confirms the Company's title to the area and makes it possible to proceed with its planned drill program in July and August. This program has been designed to: 1) prove continuous coal seam thicknesses; 2) provide broader and better information on coal quality; 3) give further insight into the orientation of the coal basin(s); and 4) provide initial inferred resources.

The initial target size to be tested has the potential to contain 2.0 to 4.0 billion tonnes of coal. This target tonnage is conceptual in nature. There is neither sufficient drilling nor information available to establish a resource nor is there any assurance that such a resource will be identified through further exploration work. The target size is based on the conditions set forward in GSC Paper 88-21 for the standardized reporting of coal resources and reserves in Canada. The following assumptions regarding the target size have been made;

- Geology type defining the complexity of seam geometry is Low - Type B,

- The continuous average thickness of the coal seam is a minimum of 20 metres,

- The extrapolation distance of data from the nearest point (drill hole) is 1200 to 3600 metres for inferred resources. The area defined by the spacing of the additional seven drill holes with the two existing holes will be approximately 17 km long and 9 km wide, and

- The in-situ bulk density for sub-bituminous to bituminous coal is approximately 1.35 g/cm3.

Upon successful completion of the initial drill program, the Company plans to complete a NI 43-101 technical report including initial resource estimates. Also, based on success of drilling, a preliminary assessment to quantify potential markets, transportation, capital requirements and operating costs will be considered. Permitting of a major drill program for the winter of 2008-2009 is currently underway.

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