TSXV: GMG
VANCOUVER, Aug. 22, 2011 /PRNewswire/ - Robert L. Card, President of Gulfside Minerals
Ltd. ("Gulfside" or the "Company"), is pleased to report that
the Company has acquired, subject to TSX Venture Exchange ("TSXV")
approval, an option to acquire three iron ore projects.
The first project is comprised of 49 mineral
claims located near Port Snettisham about 30 miles southeast of
Juneau, Alaska. This project is a titaniferous magnetite
deposit on the Snettisham Peninsula which has been intermittently
explored since 1969.
The terms of acquisition call for the initial
payment of $120,000 on approval and
work commitments of $100,000 during
the first year and additional payments and work commitments
thereafter. There is a provision of a 2.5% net smelter
royalty ("NSR").
The second project comprises 172 claims located
near Rannie Lake in Labrador, NL.
The area is underlain by extensive iron formations being explored
by other companies.
The terms of acquisition call for an initial
payment of $115,000 and first year
work requirements of $100,000, and
subject to TSXV approval. There are additional payments and work
commitments in the following years and a 2% NSR.
The third project is composed of 128 claims in
northern Quebec in the Robert's
Lake area along the Ungava Bay iron formation. This area has
being explored for iron ore and appears to have the potential for a
future economic play close to a tidewater ocean access.
The terms of acquisition call for an initial
payment of $140,000 and the issue of
1,000,000 common shares of the Company upon TSXV approval and a
first year work commitment of $150,000. Further payments and work
commitments in ensuing years along with 2% NSR are included.
The Company has negotiated a non-brokered
Private Placement of securities comprised of 12,000,000 regular and
flow through units at a price of $.05
per unit with a warrant to purchase an additional share at
$0.15 for two years. The
proceeds of $600,000 along with the
Company's current working capital and flow-through accounts of
$466,000 will allow the Company to
proceed with property payments, work commitments and working
capital.
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.