Gulfside Minerals Ltd. - Additional licenses acquired

VANCOUVER, Feb. 5 /CNW/ - Robert L. Card, President of Gulfside Minerals Ltd., ("Gulfside" or the "Company") (TSXV: GMG), is pleased to report that the Company has signed two Letters of Intent ("LOI") to acquire additional Licenses comprising 10,319 hectares (25,499 acres) adjoining its Onjuul and Black Hole projects to the north and north east which are located 170 km south west of Ulaanbaatar in Mongolia. The agreements call for payments in cash and shares over a 27 month period and are subject to TSX Venture Exchange ("TSX") approval.

Gulfside has engaged Norwest Corp., of Salt Lake City Utah ("Norwest"), to oversee the exploration of the Onjuul and Black Hole projects. Initial indications from the first phase of the drilling program suggest the coal bearing structure trends north and east into the licenses covered under the LOI's.

Phase 2 of the drilling program is scheduled to resume this spring with a goal to confirm and expand the current historical resource as well as step out into the newly acquired licenses.

The table below summarizes four of the closest holes to the proposed property. The total coal in all drill holes from the first phase of the drill program range from 16.50 meter to 57.70 meters and the thickest seams range from 8.10 meters to 42.40 meters. These results were reported on a news release dated December 22, 2009.

                             Meters from              Thickest  Thickest Seam
             Identification   proposed    Total Coal    Seam      Interval
    Number       Number       property     (Meters)   (Meters)    (Meters)
      2        NJ-09-23C         200        52.66       28.84    37.6-66.44
      3        NJ-09-24C         500        34.36       12.10    26.8-38.9
      4        NJ-09-25R         300        28.17       10.37    85.83-96.2
      9        NJ-09-31R         500        57.70       42.40    62.7-105.1

The Company is also pleased to report that the vendors of the Black Hole project has agreed to a modification of terms of acquisition by reducing and extending the terms of cash payments and have demonstrated their faith in the project by accepting Company shares for partial payments. The amended agreement is subject to approval by the TSX.

After arriving back from Mongolia on February 1, 2010 Gulfside President, Robert Card said, "I believe that these new licenses provide an opportunity to expand our resource base in the region."

Kerry F. Griffin BSc., Diploma Eng Geol, MAIG, an independent consultant to the Company and the qualified person as defined by National Instrument 43-101, has reviewed and approved the technical content of this news release.

On behalf of the Board of Directors

Gulfside Minerals Ltd.

"Robert L. Card"

Robert L. Card


"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."

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.

%SEDAR: 00007921E


For further information: For further information: Investor Contact: Del Thachuk, Delmor Enterprises Ltd., (604) 538-5995,,

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890