Source Exploration Corp. Granted Extension On San Acacio Earn-In
Thunder Bay, Ontario CANADA, January 30, 2009 /FSC/ - Source Exploration Corp. (SOP - TSX Venture), is pleased to advise it's shareholders that it has been granted a one year extension by the Vendor to fully vest a 100% interest in the 746 hectare Concession hosting the San Acacio Mine property in Zacatecas, Mexico. The new vesting date is May 1, 2010.
Terms of the Extension Agreement include the granting of a flat 1% Net Smelter Royalty (NSR) to the Vendor on all future mineral production which occurs after the new vesting date. Source will also immediately issue 100,000 shares of Source Exploration Corp to the Vendor subject to TSX-Venture Exchange and all other regulatory approvals.
President and CEO Abraham Drost states: "the Extension Agreement reflects our excellent relationship with the Vendor of the San Acacio Mine and our commitment to the San Acacio Project now that we were able to secure a 100% interest in the underlying Concession Agreement. The new vesting date of May 1, 2010 allows the Corporation sufficient time in which to execute a comprehensive exploration program planned for the San Acacio Mine property, including surface and underground diamond drilling, the commencement of which will be announced in a separate news release. The Corporation has already gained access to the 300m level of the old mine."
The past producing San Acacio silver mine in Zacatecas, Mexico is situated on the historically prolific Veta Grande vein system, the historically richest silver producer in the Zacatecas Camp, which is adjacent to the Mala Noche vein system hosting the Cozamin Mine of Capstone Mining Corp.
Source Exploration Corp. is well financed and debt free. For more information on Source Exploration Corp, please visit the website at www.sourceexploration.com.
ON BEHALF OF THE BOARD OF DIRECTORS
ABRAHAM DROST, P.Geo. President/CEO
1760-750 West Pender Street
Vancouver, BC V6C-2T8
Ph: 807-252-7800 or 604-646-7350
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this news release. 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: 22,956,248
Source: Source Exploraion Corp. (SOP-TSX-V)
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