Goldsource Mines Inc. Announces Upsize in Private Placement of Units to C$11 Million

VANCOUVER, April 30, 2021 - Goldsource Mines Inc. ("Goldsource" or the "Company") is pleased to announce that in connection with its previously announced bought deal financing, the Company and Cormark Securities Inc. and Sprott Capital Partners (collectively the "Underwriters") have agreed to increase the size of the previously announced financing. The Company will now issue 100,000,000 units of the Company (the "Units) at a price of $0.11 per Unit (the "Offering Price") for gross proceeds of C$11.0 million (the "Offering"). The Company has also granted the Underwriters an option to sell up to an additional 15,000,000 Units at the offering price up to the closing of the Offering, which would increase the aggregate gross proceeds to approximately C$12.7 million if exercised in full.

Each Unit will consist of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each full warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one Common Share of the Company at an exercise price of $0.14 for a period of 24 months following the closing of the Offering.

The net proceeds from the Offering will be used for ongoing exploration and pre-feasibility work at the Eagle Mountain Gold Project in Guyana, working capital and general corporate purposes.

The Offering is scheduled to close on or about May 20, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange ("TSXV").

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Goldsource Mines Inc.

Goldsource Mines Inc. (www.goldsourcemines.com) is a Canadian exploration company focussed on the 100%-owned Eagle Mountain gold project in Guyana, South America. The Company is led by an experienced management team, proven in making precious metals exploration discoveries and executing on phased project development in the Americas.

Steve Parsons
CEO
Goldsource Mines Inc.

CAUTIONARY STATEMENT AND FORWARD-LOOKING DISCLAIMER

This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern the closing of the Offering, use of proceeds of the Offering, TSXV approval, Goldsource's strategic plans, timing and expectations for the Company's exploration and drilling programs at Eagle Mountain. 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; accuracy of assay results and 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; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds 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.

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.

(In Canadian Dollars unless otherwise stated)

/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

SOURCE Goldsource Mines Inc.



Contact
Goldsource Mines Inc., Steve Parsons, CEO; Yannis Tsitos, President; Jacy Zerb, Investor Relations; Telephone: +1 (604) 694-1760, Fax: +1 (604) 357-1313, Toll Free: 1-866-691-1760 (Canada & USA), Email: info@goldsourcemines.com, Website: www.goldsourcemines.com; 570 Granville Street, Suite 501, Vancouver, British Columbia V6C 3P1