VANCOUVER, Dec. 9 /CNW/ - Robert L. Card, President of Gulfside Minerals Ltd., ("Gulfside" or the "Company") (TSXV: GMG), is pleased to report the shares representing five percent (5%) of ECM LLC ("ECM"), the Mongolian company which owns the exploration license to the Erdenetsogt coal project ("Erdenetsogt"), have been successfully transferred to Gulfside. The transfer was made by way of Court Order and an amendment to the Foreign Investment and Foreign Trade Agency Certificate.
The Company's previous news releases dated April 30, 2009, May 26, 2009 and July 3, 2009, outlined its legal actions against the vendors of the Erdenetsogt under a June 17, 2007 Agreement. The vendors, at various times, agreed to the Company expending funds in exploration in exchange for a share in the property, paying funds to the vendors for an interest in the property, and also agreed to the Company acquiring 100% of the project. However, the vendors failed to deliver on their commitments and in some cases refused to execute the agreements and amended agreements after all parties had agreed to the terms.
The Company commenced legal proceedings to secure a 5% interest in the Erdenetsogt. On April, 2009, the Company won the first round in Mongolia's Bayangol district and was awarded 5% of the shares of ECM. The vendors appealed to Ulan Bator City Appeal Court wherein the Company again was recognized to its entitlement of 5% of the project but the Ulan Bator Appeal Court disagreed on awarding 5% of the ECM shares. The Company appealed to the Supreme Court of Mongolia where the order of the Lower Court was upheld and the Company was then entitled to the shares of ECM. The vendors complained to the Chief Justice of the Supreme Court of Mongolia who rejected the complaint of the vendors and cleared the way for 5% of ECM shares to be transferred to the Company.
The Company, along with its Mongolian legal counsel, will determine the next round of legal action against the vendors in Mongolia. The Company will review all avenues available to it to assert its right for additional shares of ECM.
On behalf of the Board of Directors
Gulfside Minerals Ltd.
"Robert L. Card"
Robert L. Card
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.
Neither the 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.
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