TSX.V - GMG
VANCOUVER, April 5 /CNW/ - 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
"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, firstname.lastname@example.org, www.gulfsideminerals.com, www.gulfsideminerals.de