(TSX-V: GXS) (OTCBB: GXSFF) (FWB:
G5M)
VANCOUVER, Dec. 15, 2015 /CNW/ - Goldsource Mines Inc.
("Goldsource" or the "Company") is pleased to announce that
construction at its Phase I Eagle Mountain Gold Project ("Eagle
Mountain") located in Guyana,
South America is nearing
completion and testing of selected plant components is underway.
Plans for Phase I are based on the Preliminary Economic Assessment
of the Eagle Mountain Saprolite Gold Project, Guyana Technical
Report ("PEA"), which called for a 1,000 tonnes per day open
pit ‑ gravity plant and post-commissioning cash operating
costs of US$500 to US$600 per ounce
of gold.
Yannis Tsitos, President, stated,
"We are generally pleased with Eagle Mountain's construction
progress with most of our mine construction tasks either completed
or nearing completion. During shipment to site, an automation
control panel was damaged which required replacement and has
delayed our previously targeted year-end production by about 4 to 6
weeks. The replacement panel is currently being delivered by
air-freight to Guyana. Testing of
sections of the process circuit is in progress. We expect to be
under budget with final commissioning and initial production to
occur in early 2016."
The PEA was prepared for the Company by ACA Howe International
Limited, dated effective June 15,
2014, and filed September 16, 2014 on SEDAR at
www.sedar.com. Further details on the PEA are also provided in the
Company's news release, dated July 31, 2014, available on the
Company's website together with the PEA at
www.goldsourcemines.com.
The Qualified Person under National Instrument 43-101
Standards of Disclosure for Mineral Projects for this news
release is N. Eric Fier, CPG, P.Eng,
and Chief Operating Officer for Goldsource, who has reviewed and
approved its contents.
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 Q1 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 Project; the
amount of future production of gold over any period; cash operating
costs per ounce of gold; life of mine; estimated pre-production
cost; the Company's ability to commission Phase I production in
2015; and the additional drilling plans for 2016. 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.