Goldsource Mines is Showcased in a Video News Alert Summary on InvestmentPitch.com

December 18, 2014 10:23 AM EST | Source: InvestmentPitch Media

Vancouver, British Columbia--(Newsfile Corp. - December 18, 2014) - Goldsource Mines (TSXV: GXS) (FSE: G5M) is showcased in a video by InvestmentPitch Media.

Goldsource management didn't believe it was a tough market for junior resource companies, as they recently announced the closing of the first tranche of a proposed $7.5 million non-brokered private placement, issuing approximately 44.5 million units at $0.15, raising gross proceeds of approximately $6.7 million.

InvestmentPitch.com has produced a "video news alert" discussing Goldsource Mines. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Goldsource" in the search box.


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Each unit consisted of 1 share and ½ a warrant, with each full warrant exercisable at $0.25 for 3 years, with approximately one third of the units acquired by company directors.

Proceeds from the private placement will fund all development and capital costs for Phase 1 mine and processing plant construction for the company's Eagle Mountain Gold Project

Eagle Mountain is a near-surface saprolite oxide resource located in Guyana, South America, approximately 230 kilometres southwest of the capital, Georgetown.

Strong gold grades and mineralization starting from surface make the deposit suitable for lower-cost, open-pit production, with mineralogical and metallurgical testing showing strong recovery potential of up to 92%, which is in line with historical recoveries in the region. Based on the Preliminary Economic Assessment Technical Report filed on Sedar.com in September , the Phase I development will consist of a 1,000 tonne per day open pit gravity plant with an 8 year mine life and estimated preproduction capital costs of US$5.9 million and cash operating costs of $480 per ounce of gold.

Yannis Tsitos, Goldsource's President stated: "This financing will provide Goldsource with sufficient funds to complete the Phase I mine development and place the Eagle Mountain Gold Project into production. Sustaining capital and future expansions are intended to be paid for through operating cash flow. The project has additional development phases outlined in the PEA to increase production once initial success in Phase I is achieved. We are very excited at the prospect of Goldsource becoming a low cost producing gold company in 2015."

With the current resource covering only a small portion of Eagle Mountain – 250 hectares inside the 5,050-hectare property – there is excellent potential for expansion. The deposit remains open in three lateral directions and at depth, showing strong mineralization along its edges.

Goldsource is trading at $0.17 and with 123.8 million shares outstanding, the company is capitalized at $21 million.

For more information please visit the company's website www.goldsourcemines.com, or contact Fred Cooper at 1-866-691-1760 or email info@goldsourcemines.com.

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