TSX.V - GMG
VANCOUVER, April 15 /PRNewswire-FirstCall/ - Robert L. Card, President of Gulfside Minerals
Ltd., ("Gulfside" or the "Company") (TSXV:GMG) is pleased to report
that the Company has signed the final Earn-in Agreements ("EIA")
with two private Mongolian companies to acquire 100% interest in
two Mining Exploration Licenses which are located to the north and
north east of its Black Hole and Onjuul projects and approximately
170 km south west of Ulaanbaatar in Mongolia.
The two additional licenses add 10,319 hectares (ha) (25,499
acres) to the Company's holdings which increases the size from
2,156 ha to 12,475 ha. The new licenses border the present holdings
on the north and north east side. Initial indications from the
Company's first phase drilling program suggest the coal bearing
structure trends north and north east into the licenses covered
under the EIA.
To acquire its 100% interest the Company, over an extended
period of time, will be paying a combination of cash and common
shares. The acquisition is subject to approval by the TSX Venture
Exchange ("TSXV") and completion of financing to provide ongoing
funds. Once the Company has received TSXV approval more details
will be provided. No finder's fees are payable on these
acquisitions.
The Company also advises that it has amended the original terms
of the acquisition for the Black Hole project to provide for a
reduction in cash payments and an increase in common shares over
the next two years. The Company has also amended the terms of the
Onjuul project acquisition and is in the process of finalizing
documentation. Both amendments are subject to the approval of the
TSXV and once approval has been received more details will be
provided.
The Company intends to do further work on the Onjuul project
this spring and summer with a drill program to confirm and expand
the current historical resources as well as step out into the newly
acquired licenses.
On Behalf of the Board of Directors,
Gulfside Minerals Ltd.
"Robert L. Card"
Robert L. Card
President
"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."
Forward-Looking Statements: This document includes
forward-looking statements. Forward-looking statements include, but
are not limited to, statements concerning GMG's planned exploration
program in Mongolia and other
statements that are not historical facts. When used in this
document, the words such as "could," "plan," "estimate," "expect,"
"intend," "may," "potential," "should," and similar expressions are
forward-looking statements. Although GMG believes that its
expectations reflected in these forward looking statements are
reasonable, such statements involve risks and uncertainties and no
assurance can be given that actual results will be consistent with
these forward-looking statements. Important factors that could
cause actual results to differ from these forward-looking
statements are disclosed under the heading "Risk Factors" and
elsewhere in the corporation's periodic filings with Canadian
securities regulators.
SOURCE Gulfside Minerals Ltd.