This document proposes a three-step process to mine features from the source code of multiple software product variants. The process first extracts code elements from each variant, then uses formal concept analysis to group elements into common and variable partitions. Finally, it clusters elements into features using latent semantic indexing and formal concept analysis to identify mandatory and optional features based on element similarity. The approach was implemented and evaluated on a collection of ArgoUML products, identifying most features. Future work includes combining textual and semantic similarity and generating feature models from the mined features.