VANCOUVER, April 15, 2010 /PRNewswire/ -- 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.
For further information: Investor Contact: Del Thachuk, Delmor Enterprises Ltd.,
+1-604-538-5995, Delthachuk@shaw.ca,
http://www.gulfsideminerals.com