(TSX-V: GXS) (OTCBB: GXSFF) (FWB: G5M)
VANCOUVER, April 18, 2016 /CNW/ - Goldsource Mines Inc.
("Goldsource" or the "Company") is pleased to announce that a total
of 5,131,000 warrants issued in February
2014 and December 2014, and
expiring February 28, 2017 and
December 12, 2017 respectively, were
exercised early for gross proceeds of CAD$1,240,875. Of the warrants exercised, a total
of 3,533,500 were exercised by insiders of the Company. The Company
will use the gross proceeds for working capital and accelerating
planned expansion of production at its Eagle Mountain Gold Mine
located in Guyana, South
America.
Yannis Tsitos, President,
commented, "We would like to thank these shareholders for their
continued support. The funds will help to complete the
commissioning phase for scheduled commercial production in Q2 and
accelerate planned production with the inclusion of a second
operating shift. The Company currently has CAD$1.4 million cash and has commenced generating
revenue from operations."
An update on operations commissioning of the Eagle Mountain Gold
Mine will be released on Wednesday, April
20, 2016.
ABOUT GOLDSOURCE MINES INC.
Goldsource Mines Inc.
(www.goldsourcemines.com) is a Canadian resource company that is
progressing its advanced-stage, 100%-owned Eagle Mountain Gold
Project, located in Guyana,
towards initial staged production in Q2 2016. Goldsource is led by
an experienced management team, proven in making exploration
discoveries and achieving project construction on time and
on-budget.
Ioannis (Yannis)
Tsitos
President
Goldsource Mines Inc.
Neither TSX-V nor its Regulation Services Provider (as that term
is defined in policies of the TSX-V) 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
forward‑looking statements concern Goldsource's strategic plans and
expectations in the PEA for the development of the Eagle Mountain
Gold Mine; the Company's expectations regarding its ability
to commence commercial production in Q2 2016; the Company's
expectations regarding its ability to manage capital resources and
meet working capital requirements and intended use of
proceeds. Such forward‑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;
ability to realize the PEA and develop and finance the project;
accuracy of the interpretations and assumptions used in calculating
inferred mineral resource estimates; availability of mining
equipment; availability of skilled labour; timing and amount of
capital expenditures; performance of available laboratory and other
related services; and future operating costs. The actual results
could differ materially from those anticipated in these
forward‑looking statements as a result of the risk factors
including: the timing and content of work programs; results of
exploration activities and development of mineral properties; the
interpretation of drilling results and other geological data; the
uncertainties of resource estimations; uncertainty as to actual
capital costs, operating costs, production and economic returns at
the Eagle Mountain Gold Project; reliance on the PEA;
and general market and industry conditions. Forward-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.
SOURCE Goldsource Mines Inc.
