Goldsource Mines Inc. provided an update on the planned Preliminary Economic Assessment ("PEA") for the Company's 100%-owned Eagle Mountain Gold Project ("Project") in Guyana, South America. The PEA, being prepared by ERM Consultants Canada Ltd. and Soutex Inc., considers a fit-for-purpose low-capex intensity phased development plan. The initial phase, or Phase 1, comprises shallow (starting at surface), low strip ratio open pits for saprolite resources and a processing plant design that accounts for the beneficial characteristics of saprolite, including low power requirements and elevated metallurgical recoveries.

This is followed by Phase 2, the development of fresh rock mineralization, in which gold production is derived from a blend of fresh rock and saprolite. The transition to fresh rock, both the timing and production scale, has been set to maximize the utility of the in-place infrastructure and potential free cash flow provided in Phase 1. The Company anticipates receiving the PEA results for release in January 2024 with a NI 43-101 Technical Report to be filed within 45 days of the results announcement. This represents a modest delay relative to the Company's guidance of the fourth quarter 2023.

The Company will be participating in several industry conferences in the first quarter of 2024, including the Vancouver Resource Investment Conference (January 21-22), Mines and Money - Miami (Feb 22-23), and PDAC Toronto (March 3-6). The PEA will be based on the April 2022 Mineral Resource Estimate ("MRE") comprised of an estimated 31.1 million tonnes ("Mt") grading 1.18 grams per tonne ("gpt") gold for 1,183,000 oz of gold in Indicated Resources, and 18.4 Mt grading 0.98 gpt gold for 582,000 oz of gold in Inferred Resources. The 2022 MRE is contained in a report titled "Eagle Mountain Gold Project, Potaro - Siparuni Region Guyana, NI 43-101 Technical Report" dated May 24, 2022, with an Effective Date of April 5, 2022.

The Company's Eagle Mountain Project, like all major gold projects in Guyana, falls within this Essequibo area, the sovereign territory of Guyana. The Company's activities at Eagle Mountain, including exploration, technical and environmental studies, along with ongoing coordination with governmental agencies, which included meetings last week when Company executives were in Guyana, remain unaffected by recent events, though the Company will continue to monitor the situation very closely. The Company has operated in Guyana at the Eagle Mountain Project for over 10 years and intends to be in Guyana for many more years in its commitment to the responsible and sustainable management of the Project and its natural resources in Guyana's Region 8, Potaro-Siparuni.