Agoracom: Small Cap Investment - First Source Resources Inc. - Announces Private Placement and Removal of Officer

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Clavis

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Announces Private Placement and Removal of Officer

posted on May 26, 2009 02:10PM

May 26, 2009

First Source Announces Private Placement and Removal of Officer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 26, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

First Source Resources, Inc. (TSX VENTURE:FSR) ("First Source" or the "Company") today announced that it will be conducting a non-brokered private placement equity financing under which it will issue up to 6,000,000 common shares at a price of $0.10 per common share for gross proceeds of up to $600,000. The securities to be issued under the financing will be subject to a four-month hold period.

The terms of the financing are subject to the approval of the TSX Venture Exchange. The proceeds from the financing will be used for general working capital of the Company, including funding the Company's anticipated 2009 exploration work and drill program on its Lac Des Pics property.

The Company also wishes to announce that it has removed Wayne Lockhart from the office of Chief Geologist for the Company. Mr. Lockhart remains a director of the Company. Risk Reduction Resources Inc., which specializes in advanced geophysical survey methods, will be supervising the Company's anticipated 2009 exploration work and drill program.

About the Company

First Source Resources Inc. is a mineral exploration company headquartered in Vancouver, British Columbia. The Company's objective is to develop a balanced portfolio of properties through a combination of grassroots prospecting, property acquisition and the formation of strategic relationships. The Company currently holds a 100% interest in the Lac des Pics Property in the Province of Quebec.

For further information about the Company, please refer to the Company's filings on SEDAR (www.sedar.com) or the Company's website at www.firstsourceresources.com or contact Peter Smith, President and CEO of the Company by telephone at 604.683.7031 or by email at info@firstsourceresources.com.

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