Source Exploration Corp.

COMPANY DATA | INTRODUCTION | PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE

Address:	Suite 1760, 750 West Pender Street Vancouver, B.C. Canada V6C 2T8
Tel No.:	(604) 646-7350
Fax No.:	(604) 646-7359
Web Site:	www.sourceexploration.com
Corporate Email:	info@sourceexploration.com
Contact Person:	Brian Robertson	(OR) Brigitte McArthur
Position:	President & CEO	Corporate Secretary

COMPANY DATA

Traded Market:	TSX-V
Traded Symbol:	SOP
Outstanding Shares:	26,181,248
Working Capital:	$1,237,493 (as of Dec. 31, 2009)
Market Capitalization:	$6,377,595 (as of Feb. 17, 2010)
52 Week High:	$ 0.40
52 Week Low:	$ 0.08
Present Price:	Click Here

INTRODUCTION

Source Exploration Corp. is a precious metals exploration company, and is focused on the acquisition and development of advanced stage silver projects in Mexico. Through the Company's Mexican subsidiary Roca Verde Exploracion de Mexico S.A. de C.V., the Company has the right to earn a 100% interest in the past producing San Acacio silver mine in the world renowned silver mining region of Zacatecas in central Mexico. The Company is aggressively advancing the San Acacio mine to production.

Source's management team and directors have extensive experience in exploring for precious metals, developing and operating gold and silver mines. The Company is actively seeking precious metals properties with near term production potential.

PROJECT IN HAND

San Acacio Silver Project, Zacatecas, Mexico

The San Acacio high grade silver property covers 746.6 hectares and is located in the southeastern half of the Veta Grande vein system. The Veta Grande vein system has a historical production of 180 million ounces of silver, is the most prolific of four sub-parallel vein systems that run through the Zacatecas mining district in central Mexico. The Zacatecas Silver Belt is one of the most prolific silver producing areas in the world which produced over 1.5 billion ounces of silver. The Veta Grande vein system was mined to a maximum depth of 300 m along a portion of the known 7 km strike length on the San Acacio Mine property. Shaft and ore block development carried out to a depth of 375m was completed prior to shutdown of the mine.

Mineralization at San Acacio mine is hosted in classic epithermal silver-gold deposits in a number of parallel veins. They are predominantly silver bearing, with minor gold and base metals, the zoning and distribution of which the Company will determine by further drilling.

Exploration Program and Resource Estimate

Source is undertaking a diamond drill program targeting downward extensions of the Veta Grande vein and exploring for parallel vein structures on the property. The program has been successful in extending the Veta Grande vein to a depth of 161 metres below the deepest operating mine level. The newly discovered high grade Veta Natividad vein was intersected in the hanging wall of the Veta Grande vein. Based on the early positive results of the program, access to the underground workings has been re-established and drilling is scheduled to test high potential areas below historical high grade oxide stopes.

A number of historical resource estimates have been prepared since 1988. The most recent estimate was compiled by Silver Standard Resources Inc. based on a 1995 exploration program, which calculated that the project contains 2.47 million tonnes grading 182.4 g/t silver (approximately 14.4 million ounces of silver). A NI 43-101 compliant geology model and resource estimate is being prepared by PEG Mining Consultants Inc., which will incorporate Silver Standard's data and the results from Source's recent diamond drilling program. The resource model will be used to identify near-surface material as a potential source of feed for the nearby custom mills.

Diamond Drilling Underway to Expand Resource

Phase 1 - 2,500 metres of drilling targeting depth extensions of the Veta Grande vein system.
Phase 2 - 2,000 metres of additional drilling targeting extensions of the Veta Natividad and Veta Grande vein systems.
Phase 3 - underground drilling targeting extension of high grade oxide stopes.

Phase 1 and Phase 2 Drilling Results

Veta Grande Vein

SA-10-09 intersected new zone in hanging wall assaying 239 g/t silver, 0.42 g/t gold, 0.12% copper, 1.33% lead and 4.10% zinc over 1.20 metres.
SA-10-09 extended the Veta Grande vein to a depth of 161 metres below the lowest operating level, assaying 144 g/t silver and 0.20 g/t gold over 1.65 metres.

Veta Natividad Vein

SA-09-04A intersected high grade silver assaying 3,090 g/t silver, 0.57 g/t gold, 0.04% copper, 0.92% lead and 3.27% zinc over 0.3 metres. High grade interval contained within 1.3 metres averaging 769 g/t silver and 0.15 g/t gold.
Step out hole SA-10-11 assayed 155 g/t silver and 0.12 g/t gold over 3.0 metres.

Note: All measurements are core lengths.

2010 Objectives:

Complete the acquisition of a potentially significant precious metals property.
Delivery of NI 43-101 Resource Estimate for San Acacio.
Complete economic evaluations for open pit mining opportunities.
Evaluate milling options to achieve early production status.
Complete underground diamond drilling targeting downward extension of Veta Grande vein below previously mined high grade oxide stope.
Evaluate high potential drill targets at San Acacio property.

MANAGEMENT

Management & Directors

Brian E. Robertson, BSc., P. Eng., Grad. Dip. Business Administration, President & CEO, Director
Mr. Robertson has over 30 years of experience in corporate management, direction of exploration programs, project management, mine permitting, mine construction and development as well as mine operations and the evaluations of corporate acquisitions. He served as President of Victory Nickel Inc. and Nuinsco Resources Limited and is currently a director of Romios Gold Resources Ltd., Appia Energy Corp., and Ursa Major International.

Matthew Kavanagh, CA, CFO
Mr. Kavanagh is a Chartered Accountant since December 1987. Mr. Kavanagh has served as CFO for numerous TSX-listed companies.

Brigitte M. McArthur, Corporate Secretary
Ms. McArthur has been providing administration and regulatory compliance services to public and private companies as a consultant since 1999. With 20 years experience, she has served as corporate secretary, director and treasurer for several publicly traded companies.

Abraham Drost, P.Geo., Director
Mr. Drost is a professional geoscientist with 20 years of exploration and development experience. He is currently President and CEO of Sandspring Resources and a director of Mega Precious Metals.

Ewan S. Downie, Director
Mr. Downie has 20 years experience in exploration. Currently, he is the President and CEO of Premier Gold Mines Limited and a director of Mega Precious Metals.

Robert S. Tyson, Director
Mr. Tyson has over 20 years experience in public company management and finance.

Wayne Moorhouse, Director
Mr. Moorhouse is currently VP Finance and CFO of Genco Resources Ltd.

Darrell Rader, Director
Mr. Rader is currently President and CEO of Minaurum Gold Inc.

NEWS UPDATE

On December 3, 2010, Source Exploration Corp. announced that it has arranged a non-brokered private placement of up to 8 million units of the Company at a price of 52 cents per unit for gross proceeds of up to $4.16-million. The proceeds form the offering will be used to continue exploration on the Company's Las Minas gold-copper skarn project in Mexico, and for general working capital purposes.

On December 1, 2010, Source Exploration Corp. announced that its wholly owned Mexican subsidiary, Roca Verde Exploration de Mexico, has signed options to acquire a 100% interest in the Las Minas and La Miqueta projects, collectively referred to as the Las Minas project, located in the Las Minas district in the state of Veracruz and covers a substantial portion of one of the largest gold-copper skarn systems known in Mexico. A phase 1 exploration program is underway at the property. Diamond drilling is planned to commence early in the first quarter of 2011.

On November 8, 2010, Source Exploration Corp. announced that it closed on November 5, 2010, its previously disclosed non-brokered private placement of 8 million units at a price of 20 cents per unit, for gross proceeds of $1.6-million. Source plans to use the net proceeds from the sale of the units to finance the Company's exploration program at its Mexico properties and for general working capital purposes.

On November 5, 2010, Source Exploration Corp. announced that the TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced October 13, 2010, and October 14, 2010.

On July 6, 2010, Source Exploration Corp. announced that underground drilling at its San Acacio property in Mexico, has intersected high-grade silver mineralization grading 1,094 g/t silver and 0.109 g/t gold with minor base metal values over a core length of 0.65 metre in the hanging wall of the Veta Grande vein system. The footwall zone of the vein graded 88.3 g/t silver, 0.12 g/t gold and 0.72% zinc across 7.80 metres of core length, including a 1.30-metre interval grading 171.0 g/t silver, 0.20 g/t gold and 0.67% zinc.

On April 23, 2010, Source Exploration Corp. announced that it is proceeding with a brokered private placement to raise up to $551,250 by issuance of up to 3.15 million units at a price of 17.5 cents per unit. Each unit will consist of one common share and a one-half of a share purchase warrant. The proceeds from the private placement will be used by the corporation for exploration and development of its San Acacio silver project and for general corporate purchases.

On April 13, 2010, Source Exploration Corp. announced NI 43-101 Indicated and Inferred Mineral Resource for San Acacio Silver Project in Mexico.

Highlights include:

· Indicated Resource of 1.49 million tonnes at an average grade of 84.9 g/t silver and 0.19 g/t gold, containing 4.05 million ounces of silver and 9,000 ounces of gold or 4.59 million silver equivalent ounces.

· Inferred Resource of 3.44 million tonnes at an average grade of 80.0 g/t silver and 0.16 g/t gold, containing 8.84 million ounces of silver and 17,400 ounces of gold or 9.89 million silver equivalent ounces.

· Mineralized fill Inferred Resource of 0.74 million tonnes at an average grade of 232.6 g/t silver and 0.20 g/t gold, containing 5.51 million ounces of silver and 4,800 ounces of gold or 5.80 million silver equivalent ounces.

On April 8, 2010, Source Exploration Corp. announced that drilling of the primary target at the Veta Grande vein system from underground is underway at the San Acacio project, located at Zacatecas, Mexico. Drilling will target extensions of high grade ore shoots below the historical Rodadillos and the Labrado stopes. Both stopes are viewed as high priority targets for potentially expanding the historical resource of approximately 14.4 million ounces of silver.

Recently completed drilling by Source has intersected mineralization at a depth of 398 metres below surface, well below the elevation of the current resource. This extension of the Veta Grande vein system to depth indicates the potential for an increase in the historical resource.