(TSX-V: GXS) (OTCBB: GXSFF) (FWB:
G5M)
VANCOUVER, Jan. 28, 2016 /CNW/ - Goldsource Mines Inc.
("Goldsource" or the "Company") is pleased to announce that Phase I
construction at its Eagle Mountain Gold Project ("Eagle Mountain")
located in Guyana, South America is complete with commissioning
of the operation underway. Production plans for Phase I are based
on the Preliminary Economic Assessment of the Eagle Mountain
Saprolite Gold Project, Guyana Technical Report ("PEA") dated
July 31, 2014. Phase I calls for a
1,000 tonne 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.
Yannis Tsitos, President, stated,
"We are very pleased with the progress to date at the Eagle
Mountain project. With the start of commissioning, Goldsource
begins the exciting process of transitioning into a new junior gold
producer. Over the next two weeks, we will be completing extensive
testing along with dry and wet runs of mined materials through the
process facility. The next several months of production ramp up are
considered the "proof of concept period" to demonstrate that
operational and cost parameters outlined in the PEA are achievable.
This will be an important milestone for the Company. Thanks to our
dedicated and experienced construction team and management in both
Guyana and Canada, we succeeded in completing the mine
construction phase with a stellar safety record. We expect the
Phase I capital cost for construction to be under budget at less
than US$5 million compared to the
estimated PEA budget of US$5.9
million."
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; 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.
