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Goldsource Mines Completes $2.4 Million Private Placement

Vancouver, BC – March 3, 2014 - Goldsource Mines Inc. (TSX‑V: GXS) (FWB: G5M) (“Goldsource”) and Eagle Mountain Gold Corp. (TSX‑V: Z) (FWB: E9X1) (OTCQX: EMGCF) (“Eagle Mountain”) are pleased to announce that they have successfully completed their previously announced business combination.

J. Scott Drever, Chief Executive Officer stated: “We are pleased that the transaction has come to a successful conclusion. The new Goldsource Mines brings together a powerful combination of well-defined gold resources and dynamic, successful people with strong financial capabilities. We are convinced that these attributes will set the stage for accelerated development of the Eagle Mountain Gold Project and enable us to commence gold production in Guyana on a ‘phased’ production basis prior to year end.”  

Ioannis (Yannis) Tsitos, President stated: “We are pleased to announce the successful completion of the merger.  The overwhelming support received from our shareholders and the common vision and strategy for the development of the Eagle Mountain Gold Project in Guyana have been crucial in making this combination a success.  As President of the new Goldsource Mines, I look forward to working with such a dynamic and experienced management team.  I believe this new era will drive significant growth and sustainable value for the company and its shareholders.”

Completion of Business Combination

On February 28, 2014, Goldsource and Eagle Mountain completed their business combination (the “Transaction”) as jointly announced on November 26, 2013.  As a result, all of the shareholders of Eagle Mountain have become shareholders of Goldsource and a corporation into which Eagle Mountain was amalgamated has become a wholly owned subsidiary of Goldsource.  Pursuant to the Transaction, each common share of Eagle Mountain has been exchanged for 0.52763 of a common share of Goldsource.

The transfer agent for the common shares of Goldsource is Computershare Trust Company of Canada (“Computershare”).  A letter of transmittal will be sent to the former Eagle Mountain registered shareholders with instructions for the exchange through Computershare of their existing Eagle Mountain share certificates for certificates representing the common shares of Goldsource to which they are entitled under the Transaction.  Beneficial shareholders whose shares are registered in the name of their broker or an agent of that broker will receive the common shares of Goldsource to which they are entitled under the Transaction directly in their brokerage account.

As a result of the Transaction, Eagle Mountain’s common shares will be delisted from the TSX Venture Exchange on the date announced in a TSX Venture Exchange Bulletin and from other public trading markets in due course.

Goldsource’s Completion of $2.4 Million Private Placement

Goldsource also concurrently completed on February 28, 2014 the private placement (“Private Placement”) of 17,142,858 units at a price of $0.14 per unit for gross proceeds of $2.4 million.  Each unit consisted of one common share of Goldsource and one‑half of a warrant of Goldsource, with each whole warrant being exercisable for one common share of Goldsource at a price of $0.20 per share for a term of three years until February 28, 2017.

Goldsource will have the right to accelerate the expiry date of the warrants if the Volume Weighted Average Price of the common shares of Goldsource on the TSX Venture Exchange is greater than $0.65 per share for any 20 consecutive trading days after the first 18 months of the term.  In such case, upon notice by Goldsource, any warrants which remain unexercised will expire 30 days after such notice.

Proceeds from the Private Placement will be used to advance the Eagle Mountain Gold Project and for general working capital purposes.  No commission or finder’s fee was payable on the Private Placement.  The shares and warrants issued under the Private Placement and the shares issuable upon exercise of the warrants are all subject to a hold period that expires on June 29, 2014.

Goldsource Share Capital

As a result of the Transaction and the Private Placement, Goldsource has 75,490,316 common shares outstanding and has an aggregate of 29,212,629 common shares reserved for issuance upon exercise of outstanding options and warrants.

As a condition of Goldsource’s completion of the Transaction, an amendment of Eagle Mountain’s joint venture agreement on the Eagle Mountain Gold Project was completed with OMAI Gold Mines Ltd. (“OMAI”), a subsidiary of IAMGOLD Corporation.  Goldsource has agreed to issue to or to the order of OMAI a total of 3,389,279 Goldsource common shares subject to the terms of the amendment and TSX Venture Exchange approval.  Further details of this transaction are forthcoming.

Goldsource Directors and Officers

Upon the completion of the Transaction, Goldsource’s directors and officers are as follows:

Further information on Goldsource, its business and properties, and the Transaction is contained in Eagle Mountain’s Information Circular dated January 24, 2014 filed on SEDAR. Information on Goldsource directors and officers is available on the Goldsource website: www.goldsourcemines.com.

FORWARD-LOOKING STATEMENTS

For Further Information:

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.