DGAP-News

Goldsource Provides Update on Eagle Mountain - Seite 2

Installation of the high-density polyethylene (HDPE) slurry pipeline, to reduce operating downtime, is underway and expects to be operational in May.

Expansion of the tailings facility continues to support increased volumes. The accumulating gold inventory in the tailings facility (more than 4,000 ounces) is considered a low-cost production source for the large-scale operations.

Gold recovered during testing in early 2017 was 60.4 ounces for revenue of US$62,460, net of royalties.

EXPLORATION

• Based on recent and historical drilling data, the Company has defined priority exploration targets within its 5,030 hectare Eagle Mountain Prospecting License for saprolite resource expansion and the infill drilling program.
  Priority targets are located in the immediate proximity of the known deposit.
• The program consists of low-cost drilling for an estimated 75 core holes totalling 1,500 metres and 450 holes with the manual (auger) drills totalling 2,700 metres (see attached map).
• The program will take six to eight months to complete (Q4 2017). Drill holes are intended for saprolite resource expansion and infill drilling to re-categorize current Inferred Resources to Indicated.
• A revised saprolite resource is anticipated for Q4 2017 with a subsequent PFS to be completed in Q2 2018.

Currently, Eagle Mountain gold resources consist of both saprolite and fresh rock mineralization (refer to Technical Report titled 'Preliminary Economic Assessment of the Eagle Mountain Saprolite Gold Project, Guyana', dated September 12, 2014 ('PEA')). The saprolite resources only are:

Category	Tonnes	Gold Grade (gpt)*	Contained Ounces Gold
Indicated	1,590,000	1.45	74,100
Inferred**	7,202,000	1.32	305,600

*Estimated at 0.5 gpt cut-off for gold.