Source Extends Las Minas Purchase Option to 2015
THUNDER BAY, ONTARIO -- (Marketwired) -- 06/06/13 -- SOURCE EXPLORATION CORP. (the "Company" or "Source") (TSX VENTURE: SOP) is pleased to announce the successful negotiation of an extension to its option agreement to acquire the Pepe, Pepe Tres, and San Jose concessions located at the Las Minas property in Veracruz State, Mexico.
The new agreement extends the term of the option agreement by an additional two years to December 5, 2015. Scheduled payments as per the terms of the agreement are US $130,000 on December 5, 2013, US $150,000 on December 5, 2014, with a final payment of US $1,300,000 on December 5, 2015. All payments are subject to VAT (Value Added Tax). Source also retains the right to exercise the option at the latest on December 5, 2013 upon payment of US $1,000,000 as per the terms of the original option agreement. All other terms of the original agreement remain unchanged - see press release dated October 13, 2010.
"I am very pleased with this substantial extension to the term of the option agreement." said Brian Robertson, President and CEO. "The extension provides additional time to maximize the potential resource that has been outlined by drilling programs as well as the recently completed geophysical surveys. We are currently evaluating options for advancing the property."
The Las Minas gold - silver and copper project is the Company's current focus, and is comprised of six mineral concessions covering approximately 1,617 hectares in the core of the Las Minas district in the State of Veracruz, Mexico. Drilling in 2011 resulted in high-grade discoveries, including diamond drill hole LM-11-SC-45, grading 37.26 grams/tonne gold (g/t Au), 25.4 grams/tonne silver (g/t Ag) and 4.05% copper (Cu) over 4.0 metres (m), within 10.0m grading 15.89 g/t Au, 12.98 g/t Ag, and 2.25% Cu.
A recently completed high-resolution ground magnetic survey delineated two significant anomalies measuring 1,300 metres by 700 metres, and 500 metres by 500 metres immediately east of the high- grade mineralization intersected in diamond drill hole LM-11-SC-45. A large magnetic - high anomaly measuring approximately 1,000 metres by 750 metres was also outlined next to the underground workings of the historical San Jose de Oro gold mine. Diamond drilling at the mine intersected 5.14 g/t Au, 8.6 g/t Ag and 1.46% copper over 2.0 metres - see press release dated February 14, 2013.
About Source Exploration
Source Exploration is a Canadian based mineral exploration company committed to building long-term value through ongoing discoveries and strategic acquisitions of economic gold and silver deposits in Mexico. The Las Minas gold - silver and copper project is located in the Las Minas district in the State of Veracruz, Mexico. The district is host to one of the largest under explored gold - silver - copper skarn systems known in Mexico and has a strong production history that dates back to the Aztec era.
Certain terms or statements made that are not historical facts, such as anticipated advancement of mineral properties or programs, productions, sales of assets, exploration plans or results, costs, prices, performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to; metals price volatility, volatility of metals production, project development risks and ability to raise financing. Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Shares Issued: 57,626,235
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Source Exploration Corp.
Brian Robertson
President & CEO
807-251-1816
807-474-4272 (FAX)
info@sourceexploration.com
www.sourceexploration.com