Source Samples 12 Metres of 8.59 g/t Gold, 140.0 g/t Silver and 0.53% Copper at Las Boquillas; Sampling at Cinco Senores and Area Deposits Confirms Widespread Gold – Silver – Copper Mineralization

Shares Issued: 45,592,310 TSX‐V: SOP For Immediate Release February 2, 2011

Source Samples 12 Metres of 8.59 g/t Gold, 140.0 g/t Silver and 0.53% Copper at Las Boquillas; Sampling at Cinco Senores and Area Deposits Confirms Widespread Gold – Silver – Copper Mineralization

February 2, 2011 – Source Exploration Corp. ("Source" or the "Company") (TSX‐V: SOP) is pleased to announce additional assay results for its surface and underground rock sampling program at its recently acquired Las Minas project located in western Veracruz, State, Mexico. Assay results have been received for sampling at the Las Boquillas, Cinco Senores,Yanillo and Las Minillas skarn targets as well as the La Miqueta, San Jose de Oro and El Alto historical mines.

“These recent assay results for the Las Boquillas and Cinco Senores skarn zones are very encouraging as they confirm the potential for outlining a bulk tonnage skarn deposits with significant gold, silver and copper mineralization,” states Brian Robertson, Source’s President and CEO. “Sampling at other target areas on the property has also identified additional high priority drill targets.” “These early results will guide our upcoming diamond drilling program, which is scheduled to commence in February.”

Sampling Results

The samples for Las Boquillas and Cinco Senores were all located within the Endoskarn, with highlights of recent assay presented in Tables 1 and 2 below. Current work suggests that the Las Boquillas and Cinco Senores mineralized zones are from the same system. When combined with the El Dorado and Nopaltepec zones, the indicated strike length of the system is approximately 2 kilometres, with widths often in the tens of metres. Plan maps showing the various sites and location of the samples at Las Boquillas Adit #3 can be viewed on the Company’s website at www.sourceexploration.com– see Project

• Maps.

Table 1 Sampling Results Las Boquillas Adit #3

Table 2 Sampling Results Cinco Senores

New Target Areas

Table 3 below provides a summary of highlights from initial sampling results from other target areas and historical mines located on the property. Recent work has focused on the Yanillo target area where extensive mineralization has been identified over a large area with significant indicated widths. Full results from the Yanillo sampling are expected in the coming weeks. Preliminary field work has also identified potential drill targets at the Las Minillas ( bulk tonnage) mineralized zone, San Jose de Oro mine and the Changaro vein deposit. The Las Minillas zone outcrops on surface and is connected by a 200 metre access drift to the underground workings of the historical San Jose de Oro mine. The Changaro vein deposit measures approximately 20 metres in width and is on strike with the El Alto vein system. Sampling has recently been completed at the Changaro vein deposit and further sampling is planned for the Las Minillas zone and San Jose de Oro mine.

Table 3 Sampling Results Area Deposits

Quality Assurance/Quality Control

The Source exploration program has been conducted under the supervision of Mr. Sonny Bernales, P. Geo. The Company has implemented and adheres to a strict Quality Assurance/Quality Control program which includes mineralized standards and blanks for each batch of samples. Samples were shipped to SGS Mineral Services (ISO/IEC 17025) at Durango, Mexico, an accredited laboratory.

The technical information in this news release has been reviewed and approved by Sonny Bernales, P. Geo., Source’s, Project Manager, a certified professional geologist and a qualified person as defined by National Instrument 43‐101.

About Source Exploration

Source Exploration is a well‐financed Canadian based mineral exploration company focused on the evaluation, acquisition and development of economic gold and silver deposits in Mexico.

For more information, please contact:

Brian Robertson, President& CEO Phone: 807‐251‐1816 Fax: 807‐474‐4272 E‐mail: [email protected] Website at www.sourceexploration.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain terms or statements made that are not historical facts, such as anticipated advancement of mineral properties or programs, productions, sales of assets, exploration plans or results, costs, prices, performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to; metals price volatility, volatility of metals production, project development risks and ability to raise financing. Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.