(TSX-V: GXS) (OTCBB: GXSFF) (FWB: G5M)
VANCOUVER, March 7, 2016 /CNW/ - Goldsource Mines Inc.
("Goldsource" or the "Company") is pleased to announce that on
March 06, 2016, it successfully
completed its first gold pour at its Eagle Mountain Gold Mine
("Eagle Mountain") located in Guyana, South
America. Commercial production is anticipated in the second
quarter of 2016, which requires achieving 80% of nameplate capacity
(1,000 tonnes per day). Tailings are being retained as inventory
for future reprocessing. Phase I calls for a 1,000 tonnes per
day open pit ‑ gravity plant with post-commissioning and ramp
up cash operating costs of US$500 to
US$600 per ounce of gold. Please refer to the Company's
website at www.goldsourcemines.com and Company filings on
www.sedar.com for further information.
Yannis Tsitos, President,
commented, "Our first gold pour is an extraordinary and historic
milestone for Goldsource. This important achievement was only
possible through the dedicated and experienced construction, mining
and processing teams and management in both Guyana and Canada. Our immediate focus over the next
several months will be to ramp up production to the designed
nameplate capacity and to demonstrate that the economic viability
outlined in the PEA (effective date June 15,
2014) is achievable."
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; and the Company's ability to commission Phase I production in
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.