VANCOUVER - Goldsource Mines Inc. ('Goldsource' or the 'Company') is pleased to announce drill results for the Ounce Hill Prospect at the Company's 100%-owned Eagle Mountain Gold Project in Guyana, South America.

Newly reported results are for 5 core holes totalling 260 metres that were drilled in January 2021. These results will not be included in the pending updated mineral resource estimate.

Drilling at the Eagle Mountain Project recommenced in early January after the holiday break. One core rig is focused on in-fill drilling of gold mineralization at the Eagle Mountain Deposit while a second is testing both new exploration and existing expansion targets near the Eagle Mountain Deposit and along the Salbora-Powis Trend. A third core rig is scheduled to resume later in February.

An objective of the drill program in early 2021 was to test the continuity of near-surface saprolite gold mineralization in the Ounce Hill Prospect, located in the northeast of the Eagle Mountain Deposit. In-fill drill holes EMM21-007 and EMM21-008 targeted an area that had previously been drilled on a wide spacing (greater than 50 metres) returned grades well above prior results. EMM21-007 represents the highest-grade x thickness intercept drilled at the Eagle Mountain Project to date.

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:

Steve Parsons

Tel: +1 (604) 694-1760

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 release of an updated mineral resource, 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; the impact of the COVID 19 pandemic on operations 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; the ultimate impact of the COVID 19 pandemic on operations and results, 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; delays in release of an undated mineral resource, 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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