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VANCOUVER, BC – January 19, 2018 – Goldsource Mines Inc. (“Goldsource” or the “Company”) is pleased to announce the completion of its previously announced non-brokered private placement whereby the Company issued a total of 36,418,000 units of the Company (“Units”) at a price of $0.05 per Unit for gross proceeds of $1,820,900. Each Unit consisted of one common share of Goldsource and one common share purchase warrant. Each warrant is exercisable to acquire one common share of Goldsource at an exercise price of $0.10 until January 18, 2020.

The Company may pay a commission of up to 6% in either cash or units, in respect of a portion of the private placement.  Subject to regulatory approval, the Company expects to pay finder’s fees of $31,830 in cash and by issue of 240,000 units having the same terms as the Units except that warrants issued to finders would be non-transferable.

Proceeds from the private placement will be used for the Company’s Eagle Mountain resource expansion, pre-feasibility study costs and general corporate purposes. Please see news release dated November 16, 2017 for more detailed information on the Company’s planned operations for 2018.

Certain of Goldsource’s insiders purchased or acquired direction and control over Units under the private placement.  The placement to those persons constitutes a “related party transaction”, within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”). The Company has relied on the exemptions from the formal valuation and minority approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of related party participation. Further details will be included in the Company’s material change report to be filed. Such material change report was not filed more than 21 days prior to closing of the placement due to there being less than 21 days between the date of related party subscription agreements and closing.

The common shares and warrants issued in connection with the private placement and the common shares issuable upon exercise of warrants are subject to a hold period that expires on May 19, 2018.  The private placement is subject to final approval of the TSX Venture Exchange.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent an exemption from registration.