CALGARY, ALBERTA -- 11/09/09 --
Source Gold Corp. (OTCBB: SRGL) has entered into an option agreement with Thunder Bay Minerals Inc., whereby Source Gold will earn a 50% interest in a contiguous block of mineral claims, known as the KRK West Claims, which cover approximately 15 square miles, and are located in the prolific Beardmore-Geraldton gold mining camp in the Thunder Bay Mining District of North West Ontario, Canada.
The Beardmore-Geraldton Gold Camp is the fourth most prolific area of the Northern Ontario/Quebec "greenstone" gold camps, and has a production history of over 4.1 million oz. of Gold. Recent nearby major discoveries such as KXL's Hercules discovery and ONT's Brookbank discovery confirm that the Beardmore-Geraldton gold camp has the potential to come up to par with the other more developed greenstone gold camps.
The Company plans to commence an aggressive exploration program, centered on the several major fault lines which traverse the mineral claims. An initial trenching and sampling program has uncovered a number of highly mineralized areas of interest.
Pursuant to the Option Agreement, Source Gold will pay $110,000 to Thunder Bay and incur $1,000,000 in exploration funding prior to December 31, 2011. In addition, Source Gold will issue 2,000,000 common shares to the shareholders of Thunder Bay, subject to SEC rule 144.
About Source Gold Corp.
Source Gold Corp. is a publicly traded junior mineral exploration company trading under the symbol SRGL.OB. The Company's corporate philosophy is to build shareholder value through the exploration and development of high quality mining and exploration projects in Canada, concentrating on gold in the prolific Beardmore-Geraldton Gold Camp in North Western Ontario.
Submitted on behalf of the board of directors
Lauren Notar, President /CEO
Source Gold Corp.
www.sourcegoldcorp.com
Legal Notice Regarding Forward-Looking Statements
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning gold or other mineral reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present if and when a project is actually developed.
Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of gold or mineral deposits, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of gold or minerals are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in filings on Edgar of other junior mineral exploration companies with the US Securities and Exchange Commission. This announcement may also contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
Contacts:
Source Gold Corp.
Lauren Notar
President /CEO
(403) 922-8562
Website: www.sourcegoldcorp.com
