TSX.V - GMG
VANCOUVER, Oct. 11, 2011 /PRNewswire/ - Robert L. Card, President of Gulfside Minerals
Ltd. ("Gulfside" or the "Company"), is pleased to report that
the Company has received the final payment of US$ 1,500,000 on the sale of its 5% interest in
ECM LLC, the Mongolia company
holding the exploration license to the Erdenetsogt brown coal
project. The Company negotiated the sale of its interest by
Agreement dated October 28, 2010 and
received a down payment of UD$500,000 at that time. The final
payment was due in October 2011 and
has been received ahead of time. The funds will be added to
general working capital.
The Company is awaiting final TSX approval of
its acquisition of three iron ore projects located in Alaska, Quebec and Labrador, announced August 22, 2011. The Company has completed
the Private Placement of securities announced on August 22, 2011.
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.