Goldsource Mines Completes $3.7 Million Financings via Short Form Offering Document and Private Placement

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DISSEMINATION IN THE UNITED STATES


Goldsource Mines Inc. ("Goldsource" or the "Company") (TSX
VENTURE:GXS)(FRANKFURT:G5M) is pleased to announce that it has completed its
previously announced securities offerings to raise gross proceeds of $3.7
million, including full exercise of an increased over-allotment option.


Pursuant to a TSX Venture Exchange Short Form Offering Document, the Company
completed the offering of 3,636,000 units ("Units") at $0.55 per Unit for gross
proceeds of $1,999,800. Pursuant to a concurrently completed private placement
of 2,170,000 units ("PP Units") at $0.55 per PP Unit and 858,500 flow-through
common shares ("Flow-Through Shares") at $0.60 per share, the Company raised
gross proceeds of $1,708,600.


Each Unit and PP Unit consists of one common share of the Company (a "Common
Share") and one-half of one common share purchase warrant of the Company (each
whole warrant, a "Warrant"), with each Warrant being exercisable to purchase one
Common Share at a price of $0.70 until May 19, 2013.


The offerings were conducted on a commercially reasonable best efforts agency
basis by Canaccord Genuity Corp. The Company paid a 6.5% agent's fee in cash on
the gross proceeds of the offerings and issued a total of 433,192 agent's
warrants (the "Agent's Warrants"). Each Agent's Warrant is exercisable to
purchase one Common Share at a price of $0.70 until May 19, 2013.


The Common Shares and Warrants comprising 41,273 Units and all Common Shares and
Warrants comprising the PP Units, and the Common Shares issuable upon exercise
of all such Warrants and the Agent's Warrants, are subject to a four-month hold
period that expires on September 20, 2011.


The offerings are subject to certain final approvals of the TSX Venture Exchange.

The funds raised from the securities offerings will be used by the Company to
fund ongoing work programs on the Company's properties and for general working
capital purposes.


J. Scott Drever, President, stated: "We are pleased to have been able to close
this financing as it will allow us to continue the development and eventual
monetization of this valuable asset and future energy source. We expect to
pursue the recommendations of the recently announced preliminary economic
assessment technical report, in particular those relating to test work for
alternative technologies while at the same time seeking the possible business
combinations that will facilitate bringing the project to fruition."


Goldsource Mines Inc. is a Canadian resource company engaged in the exploration
and development of Canada's newest coal field in the province of Saskatchewan.
The Company has drilled only a portion of this new thermal coal field and has
discovered 17 coal deposits of varying size with coal thicknesses up to 126
meters within the permit area of the Border Coal Project. Headquartered in
Vancouver, BC, the Company is managed by experienced mining and business
professionals.


This news release contains forward-looking statements, which address future
events and conditions, which are subject to various risks and uncertainties. The
Company's actual results, programs and financial position could differ
materially from those anticipated in such forward-looking statements as a result
of numerous factors, some of which may be beyond the Company's control. These
factors include: the availability of funds; the timing and content of work
programs; results of exploration activities and development of mineral
properties, the interpretation of drilling results and other geological data,
the uncertainties of resource and reserve estimations, receipt and security of
coal permits and mineral property titles; project cost overruns or unanticipated
costs and expenses, fluctuations in commodity product prices; currency
fluctuations; 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, undue reliance should not
be placed on forward-looking statements.


J. Scott Drever, President

GOLDSOURCE MINES INC.