TSX.V - GMG
VANCOUVER, Nov. 16 /CNW/ - Robert L. Card, President of Gulfside Minerals Ltd. ("Gulfside" or the "Company"), is presently in Mongolia and is pleased to report that the Company has mobilized its field crew to the Onjuul Coal Project located in the Onjuul coal basin, 170 km SW of Ulaanbaatar, the capital of Mongolia, in preparation for its planned drill program. The drill program as recommended by Norwest Corp., of Salt Lake City Utah ("Norwest") started on November 16, 2009. The Company will issue updated news releases as the drilling program progresses.
Norwest has recommended a drilling program that would consist of approximately 20 geotechnical/coal quality core holes and three hydrologic pump test locations. Five of these holes should be drilled to verify the coal thicknesses reported in the historical documents. The estimated cost of this drill program is US$1,000,000 and will take approximately three months to complete.
Once the drilling program has been completed the Company will be in the position to further analyze the viability of the coal project for a coal fired power plant, coal liquefaction project, coal to chemicals project and/or local in-country use of the resource for other purposes. Independent geological and engineering studies will be required to determine if these potential uses are technically and economically viable.
The Company has also granted 757,000 Share Purchase Options at a price of $0.57 per share to directors, officers, consultants and employees of the Company pursuant to the Company's Stock Option Plan.
John Jenks, BSc, PEng, a qualified person as defined by NI 43-101, a Director of the Company, has reviewed the contents 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.
SOURCE GULFSIDE MINERALS LTD.
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