VANCOUVER - Goldsource Mines Inc. ('Goldsource' or the 'Company') is pleased to announce initial drill results from the Toucan Target ('Toucan') located within the north-south trending Salbora-Powis structural corridor (est. two kilometres in length) adjacent to the Eagle Mountain Gold Project ('Eagle Mountain') in Guyana, South America.

Initial results represent four core holes (694 metres) which, when combined with historic data, suggest that the Toucan discovery is initially 250 metres long by 20 to 40 metres wide, open along strike and to depth, and may be connected to the recently announced Powis discovery, 600 metres to the south.

Yannis Tsitos, President, commented, 'Since the discovery and delineation of the Salbora deposit, the Company has focused on comparing geophysical induced polarization and resistivity anomalies (sulphides and silicified zones) with historic exploration results to priorize our drill targets. This compilation has led us to the Toucan Target with an initial near-surface drill hole intercept of 66 metres grading 1.35 gpt gold in Hole EMD20-102 and a 36 metres intercept grading 2.1 gpt gold in Hole EMD20-105. Toucan contains a historic exploration adit grading 19.3 gpt gold over a 22 metre length (in-vein). The new drill results confirm continuity of gold mineralization below the historic adit and adjacent nearby shallow historic pits. Before the suspension on April 6th due to the COVID-19 pandemic, several additional holes were completed at Salbora and Powis and initial drill results were obtained for the Friendly target. These results will be announced after compilation over the next six weeks.'

ABOUT GOLDSOURCE MINES INC.

Goldsource Mines Inc. (www.goldsourcemines.com) is a Canadian resource company working aggressively to develop its advanced-stage, 100%-owned Eagle Mountain saprolite and hard-rock gold project in Guyana, South America. From 2016 to 2017, through a gravity pilot plant initiative, the Company completed testing on gravity-only gold production and both dry and wet mining open-pit techniques. Goldsource is now focused on expanding gold resources and delivering subsequent studies for decision-making on a large-scale gold production at Eagle Mountain. Goldsource is led by an experienced management team, proven in making exploration discoveries and in project construction.

Contact:

Yannis Tsitos

Tel: +1 (604) 694-1760

Fax: +1 (604) 357-1313

Email: info@goldsourcemines.com

Web: www.goldsourcemines.com

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 Goldsource's strategic plans, timing and expectations for the Company's exploration and drilling programs at Eagle Mountain and information regarding high grade areas projected from sampling results and drilling results. 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.

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