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Goldsource Mines (TSXV: GXS) Eagle Mountain Gold Project is on schedule and budget

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Goldsource Mines, symbol GXS on the TSX Venture Exchange announced that construction at its Eagle Mountain Gold Project in South America is on schedule and currently on budget. Eagle Mountain is a near-surface saprolite oxide resource located in Guyana, South America, approximately 230 kilometres southwest of the capital, Georgetown.

Additional Information:

Company: Goldsource Mines
Website: http://www.goldsourcemines.com/
Stock Symbol: TSXV: GXS
Date Published: May 28, 2015
Transcript: Available

Video Transcript:

I’m Amanda Rose Schellenberg for InvestmentPitch.com

Goldsource Mines, symbol GXS on the TSX Venture Exchange announced that construction at its Eagle Mountain Gold Project in South America is on schedule and currently on budget.

Eagle Mountain is a near-surface saprolite oxide resource located in Guyana, South America, approximately 230 kilometres southwest of the capital, Georgetown.

Goldsource anticipates commissioning for Phase I production to take place by Q4, 2015.

Phase I development anticipates a 1,000 tonnes per day open pit gravity plant with estimated pre-production capital costs of US$5.9 million and post-commissioning cash operating costs of under US$500 per ounce of gold.

All current plans are based on the Preliminary Economic Assessment Technical Report which was filed on www.sedar.com in September 2014.

Yannis Tsitos, Goldsource’s President stated: “We are pleased with Eagle Mountain’s construction progress with the first shipment of processing plant equipment on budget and schedule in June. This new equipment will include two SB2500 Falcon concentrators, gold recovery room, refinery, pumps, electrics and on-site laboratory.”

The company is actively working on the project, including rehabilitation of the existing 10 kilometre road to the property, which includes the construction of 8 new bridges, rehabilitating and upgrading the camp facilities, recruiting key operations personnel, and procuring mining equipment.

Condemnation auger drilling under the proposed processing plant area encountered near surface mineralization of up to 6 metres grading 2.0 grams per tonne gold, which was not included in the resource estimation.

Further drilling is underway to decide if moving the proposed plant site to a non-mineralized area is warranted, which can be easy accomplished at this stage, with no disruption to either the schedule or the budget.

Strong gold grades and mineralization starting from surface make the deposit suitable for lower-cost, open-pit production, with mineralogical and metallurgical testing showing strong recovery potential of up to 92%, which is in line with historical recoveries in the region.

With the current resource covering only a small portion of Eagle Mountain – 250 hectares inside the 5,050-hectare property – there is excellent potential for expansion, as the deposit remains open in three lateral directions and at depth, showing strong mineralization along its edges.

Goldsource is trading at $0.15 and with 126.5 million shares outstanding, the company is capitalized at $19 million.

For more information please visit the company’s website www.goldsourcemines.com, or contact Fred Cooper at 1-866-691-1760 or email info@goldsourcemines.com.

I’m Amanda Rose Schellenberg for InvestmentPitch.com
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