TSX.V - GMG
VANCOUVER, April 5 /PRNewswire-FirstCall/ - Robert L. Card, President of Gulfside Minerals
Ltd. ("Gulfside" or the "Company"), reports that Gulfside has filed
a writ in the Sukhbaatar District Court in Ulaanbaatar,
Mongolia, seeking to rescind the
transfer of shares of ECM LLC, ("ECM"), the company holding the
Erdenetsogt exploration License to Mangreat Group Ltd.
("Mangreat"), a British Virgin
Islands company. Once the court action is initiated,
Mangreat will be called as Respondent to the court proceedings to
the court as well.
The basis for the litigation is Gulfside's right as a
shareholder of ECM, under an Agreement dated June 17, 2007, and later approved by the Supreme
Court of Mongolia, holding five
percent (5%) of the shares of ECM and by virtue thereof to a right
of first refusal to purchase any shares of ECM offered for sale by
other shareholders. Monrospromugoli LLC ("MRPU") in November of
2007, ostensibly transferred the shares of ECM for five million dollars, and Gulfside alleges that
it had the right under Mongolian law to buy the said shares as a
shareholder of ECM.
Under the writ, Gulfside is seeking to have the, now, ninety
five percent (95%) owned by Mangreat returned to Mongolia and offered to Gulfside. Gulfside has
already been awarded 5% of ECM shares under an Agreement signed
with MRPU on June 17, 2007 which
precedes the date of transfer of the shares to the offshore company
in November 2007. (See Company's News
Release of September 29, 2009)
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.