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Goldsource Mines Inc.



Location and Property

The Company has received issuance of 250 coal permit certificates from the Saskatchewan Ministry of Energy and Resources for coal applications filed by the Company. The permits cover the Ballantyne property located southeast of Wapawekka Hills, Saskatchewan. The area is easily accessible with highways and secondary improved gravel roads and is approximately 50km southwest of the village of Deschambault Lake.

The initial coal permits comprise a total of approximately 184,496  hectares (1,844 square kilometres). The permits allow the Company to explore the area for coal over a period of three years with two possible 6 month extensions. The permits are convertible to a 15 year mining lease with subsequent renewals.


In 1970, Anglo American drilled 4 core holes located in the area covered by the Ballantyne permits. Two of these holes intercepted a coal zone including partings with thicknesses of 17 metres and 24 metres at depths of 13 - 30 metres and 191 – 215 metres respectively.  In 1994, Consolidated Pine Channel Gold Corp. drilled 18 core holes in the area of interest. Thirteen holes intercepted varying thicknesses of coal and/or carbonaceous mudstone. The coal intercepted in previous drilling appears to be within the Mannville Group of Cretaceous age. This is the same lithology as the Company’s Border Coal Discovery and the area is believed to have basinal and depositional similarities to that of the Border Coal Project area.


A two stage, 10 core hole program of approximately 1,000 metres of drilling is planned for Ballantyne. This program is focused on testing new coal targets defined by the 2009 Fugro EM airborne survey using the CIM. Multiple large geophysical anomalies exist within the 184,496 hectare land package. Stage one, estimated at 750 metres of drilling, will test the top priority targets and with success, stage two drill holes will be completed. Historical drilling with 17 metre and 24 metre reported coal zone intercepts are also being investigated in this program.

With success on drilling the targets on all three properties, a total of 36 holes (4,000 meters) are planned for the winter program with the expectation that at least a minimum of 29 holes should be completed.

Additional information on the Ballantyne property is forthcoming.