Gulfside Minerals Ltd. - Additional licenses acquired

VANCOUVER, Feb. 5 /PRNewswire-FirstCall/ - 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

President

"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.

Share:

0 comments:

Post a Comment

Facebook page

Powered by Blogger.

Categories

Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive

Followers

Live Traffic