Source Gold Updates Plans to Expand US based Operations - (FinancialNewsMedia Wire)

TORONTO, ONTARIO, Nov 15, 2011 (MARKETWIRE via COMTEX) -- Source Gold Corp. (OTCBB: SRGL) is pleased to announce that recent geologic mapping of the Vulture Mountains and adjacent ranges has established that the area has undergone large-magnitude extension as a result of rotational normal faulting. Geologic mapping in the Vulture Mine area indicates that this area has been faulted and tilted like most of the range and that the Vulture Mine deposit has been tilted approximately 80 degrees (reference report authored by Stephen J. Reynolds et al. Filed with Arizona Geologic Survey). Drill hole assay data show that mineralization is associated with a dike that extends from the structural top of a Cretaceous pluton. Fluid-inclusion studies indicate that mineralization at the Vulture Mine deposit occurred within a larger system of circulation aqueous fluids in which temperature and salinity increased down toward a crystallizing magma body. Source Gold expects to acquire several gold claims within this area of Arizona and the surrounding region. Some properties show some advanced stage mineral workings and the company will continue their due diligence regarding this gold and silver expansion. Lauren Notar, President of Source Gold, "We feel with our current position and with any future additions to our land package, our company has a competitive advantage with this region." About Source Gold Corp. Source Gold Corp. is a publicly traded junior mineral exploration company trading under the symbol SRGL.OB. The Company's corporate philosophy is to build shareholder value through the exploration and development of high quality mining and exploration projects in Canada and the USA, concentrating on gold in the prolific Southern Beardmore Gold Camp in North Western Ontario, and expanding using advanced methods of exploration on the once prolific silver and gold producer, the Vulture Mine Site, in Wickenburg, Arizona. Submitted on behalf of the board of directors Lauren Notar, President, Source Gold Corp. 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. Contacts: Capitol Financial Media Investor Relations 702.997.2429 info@capitolfinancialmedia.com SOURCE: Source Gold Corp. _________________________________________________ DISCLAIMER FN Media Group LLC (FNMG) owns and operates FinancialNewsMedia.com (FNM) which disseminates electronic information through multiple online media channels. FNMG's intended purposes are to deliver market updates and news alerts issued from private and publicly trading companies as well as providing coverage and increased awareness for companies that issue press to the public via online newswires. 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