Goldsource Mines Completes Final Tranche of Private Placement to Raise $7 Million Total

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TSX-V: GXS      FWB: G5M

VANCOUVER, Dec. 31, 2014 /CNW/ - Goldsource Mines Inc. ("Goldsource" or the "Company") is pleased to announce the completion of the second and final tranche of the private placement announced in its news release on December 9, 2014.  The Company issued in the second tranche 2,685,000 units at a price of $0.15 per unit for gross proceeds of $402,750.  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 $0.25 per share for a term of 3 years.  The shares and warrants issued under the second tranche and the shares issuable upon exercise of these warrants are subject to a hold period that expires on May 1, 2015.

Gross proceeds from both tranches total $7,070,725 through the sale of 47,138,166 units.  Finders' fees are payable to certain finders in the amount of $12,660. Proceeds from the private placement will be used to fund all development and capital costs for Phase I mine and processing plant construction for the Company's Eagle Mountain Gold Project.

NO U.S. REGISTRATION
The securities referred to in this press release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable securities laws of any state of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act) or persons in the United States unless registered under the U.S. Securities Act and any applicable  securities laws of the United States or an exemption from such registration requirements is available. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within any jurisdiction, including the United States.

ABOUT GOLDSOURCE MINES INC.
Goldsource Mines Inc. (www.goldsourcemines.com) is a Canadian resource company that is aggressively progressing its advanced-stage, 100%-owned Eagle Mountain Gold Project in Guyana towards initial staged production in 2015. Goldsource is led by an experienced management team, proven in making exploration discoveries, achieving construction on time and budget, and fasttracking production.

Ioannis (Yannis) Tsitos
President & Director
Goldsource Mines Inc.

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

SOURCE: Goldsource Mines Inc.

Goldsource Mines Inc., Contact: Ioannis (Yannis) Tsitos, President, Fred Cooper, Investor Relations, Telephone: [phone], Fax: [phone], Toll Free: 1-866-691-1760 (Canada & USA), Email: [email protected], Website: www.goldsourcemines.com, 570 Granville Street, Suite 501, Vancouver, British Columbia V6C 3P1