Source Gold Corp. Increases Property Holdings in Beardmore-Geraldton Area With 100% Ownership in New Claim Group

TORONTO, ONTARIO--(Marketwire - May 5, 2010) - Source Gold Corp. (OTCBB:SRGL) is pleased to announce that it has acquired 100% ownership in further claims in the Beardmore Geraldton area of Thunder Bay in Northern Ontario, Canada.

Source has acquired 100% ownership of a total of 21 claims. These claims provide a total of total of approximately 12,440 acres spanning the townships of Beardmore Area (Kitto Township), Dorothea and Sandra townships.

Source is excited to be able to take advantage of the great mineral potential within our claim groups. The Company's claims are in the vicinity of the well know Gold Producer, the Northern Empire Mine and the prolific, mineral rich, McMillan Prospect.

Source will be beginning an extensive exploration program within the coming weeks. Source expects to enter into an operator's agreement with a highly respected national firm, with extensive knowledge in this region, to facilitate the Spring and Summer exploration program.

Legal Notice Regarding Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning gold or other mineral reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present if and when a project is actually developed.

Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of gold or mineral deposits, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of gold or minerals are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in filings on Edgar of other junior mineral exploration companies with the US Securities and Exchange Commission. This announcement may also contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.