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Goldsource Mines Inc.

2017

Goldsource Mines Announces Increased Private Placement to up to $4.46 Million

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC – January 31, 2017 – Goldsource Mines Inc. (the “Company”) is pleased to announce that, due to demand from potential investors, its nonâ€'brokered private placement announced on January 16, 2017 has been increased by $1.91 million (or 11,233,450 Units) to up to 26,233,450 Units at a price of $0.17 per Unit for gross proceeds of up to $4,459,686 (the “Offering”). The Company may pay a 6% finders’ fee on part of the Offering. The terms of the Offering and the Units and the proposed use of proceeds are otherwise as previously disclosed.

The Offering is subject to regulatory approval.

No U.S. Registration
The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable securities laws of any state of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act) or persons in the United States unless registered under the U.S. Securities Act and any other applicable  securities laws of the United States or an exemption from such registration requirements is available. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within any jurisdiction, including the United States.

Ioannis (Yannis) Tsitos
President & Director
Goldsource Mines Inc.
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)
Email:             info@goldsourcemines.com
Website:        www.goldsourcemines.com
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

This news release contains “forward-looking statements” within the meaning of Canadian securities legislation. Such forwardâ€'looking statements concern the net proceeds from the Offering and the intended use of proceeds. Such forwardâ€'looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; timing and amount of capital expenditures; and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forwardâ€'looking statements as a result of risk factors including: the availability of funds; the timing and content of work programs; results of exploration activities of mineral properties; the interpretation of drilling results and other geological data; and general market and industry conditions. Forwardâ€'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, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.