Goldsource Mines Inc. (TSX VENTURE:GXS)(FRANKFURT:G5M) is pleased to announce that the proposed private placement announced in its news release on December 2, 2013 was oversubscribed. The Company completed on December 16, 2013 the private placement of 2,140,000 units at a price of $0.12 per unit for gross proceeds of $256,800. 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 24-month term until December 16, 2015.

Certain of Goldsource’s insiders purchased a total of 945,000 units under 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 April 17, 2014.

Net proceeds from the private placement will be used for general working capital purposes.