TSX.V - GMG
VANCOUVER, April 15 /CNW/ - 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
"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.
For further information: For further information: Investor Contact: Del Thachuk, Delmor Enterprises Ltd., (604) 538-5995, Delthachuk@shaw.ca, www.gulfsideminerals.com