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Goldsource Announces Initial Border Coal Resource

Monday, November 9, 2009 12:06 AM
A feasibility study has not yet been completed and therefore there is no certainty the project will be economically viable.
BORDER COAL RESOURCE SUMMARY(i)

----------------------------------
Coal Resources (Tonnes) Summary
----------------------------------------------------------------------------
Strip
Ratio
(SR)
ASTM (waste:
Sub-basin Deposit Rank coal) Indicated Inferred Speculative
----------------------------------------------------------------------------
Niska Niska 108 3.3:1 - 66,100,000 -
------------------------- -------------------------------------------
Niska Niska 107 4.3:1 - 23,500,000 -
------------------------- -------------------------------------------
Pasquia Pasquia 96 12.7:1 - - 3,500,000
------------------------- -------------------------------------------
Pasquia Pasquia 98 9.0:1 - - 3,800,000
------------------------- -------------------------------------------
Pasquia Pasquia 5 12.5:1 5,400,000 - -
------------------------- Sub- -------------------------------------------
Pasquia Pasquia 5 SE bitu- 7.6:1 3,400,000 - -
------------------------- min- -------------------------------------------
Pasquia Pasquia 2 ous 4.1:1 26,600,000 - -
------------------------- A-C -------------------------------------------
Chemong Chemong 3 4.6:1 9,100,000 - -
------------------------- -------------------------------------------
Chemong Chemong 6 5.3:1 9,500,000 - -
------------------------- -------------------------------------------
Chemong Chemong 20 7.4:1 4,000,000 - -
------------------------- -------------------------------------------
Chemong Chemong 7 12.3:1 - - 1,800,000
------------------------- -------------------------------------------
Chemong Chemong 100 14.8:1 - - 2,700,000
------------------------- -------------------------------------------
Split Leaf Split Leaf 39 8.1:1 5,500,000 - -
------------------------- -------------------------------------------
Split Leaf SL 114 13.1:1 - - 6,900,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL 63,500,000 89,600,000 18,700,000
-----------------------------------------------------------
Wt. Average
Strip Ratio 5.3:1 5.8:1 3.5:1 12.3:1
-----------------------------------------------------------

(i) The Resource is based on a 20:1 incremental strip ratio, which results
in a weighted average strip ratio of 5.3:1 (waste in bcm:coal in
tonnes), a coal bulk density of 1.36 cc/g and variable As Received Total
Moisture. Strip ratio is based on an assumed 35 degree cut wall. The
Resource estimate complies with NI 43-101 standards and GSC Paper 88-21
on "A Standardized Coal Resource/Reserve Reporting System for Canada".
All numbers are rounded.

Border Coal Quality Summary

The preliminary coal quality results at Border, as determined by Loring Labs of Calgary, Alberta, indicate that:

- Border coal is ranked a Sub-bituminous A to C according to ASTM standards. The previously stated bituminous ranking by Loring was re-ranked to sub-bituminous based on petrographic analysis.

- As Received Ash ranges from 11.7 to 22.1% by weight (wt) which is similar to currently producing coal mines in Alberta;

- As Received Total Moisture content ranges from 17.7 to 33.4% (wt) which is standard for sub-bituminous coals. Total Moisture includes inherent and surface moisture as received by the laboratory;

- Equilibrium Moisture which is the approximate amount of moisture inherent in the coal averages 22% (wt) from a Total Moisture of approximately 31% (selective samples). This indicates that a reduction in moisture is therefore possible with a subsequent increase in Calorific Value (CV). Further test work is being planned to fully analyze this upgrading concept.

- As Received Sulphur ranges from 1.5 to 3.2% (wt);

- As Received Calorific Value (Heat Value) ranges from 13,335 to 17,594 KJ/Kg (5,734 to 7,565 BTU/lb) using AR Ash and Total Moisture.


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