TSX.V - GMG
VANCOUVER,
Oct. 5, 2011 /PRNewswire/ -
Robert L. Card, President of
Gulfside Minerals Ltd. ("Gulfside" or the "Company"), reports that
further to the Company's news release of July 12, 2011, the Company has amended the Data
Purchase Agreement with Lucky Strike Resources Ltd. ("Lucky"). The
Company owns certain exploration data, records, and reports
("Exploration Data") compiled by Norwest Corporation,
including, drill logs, analytical results, and assay results
prepared by Stewart Labs Mongolia,
which relate to the Onjuul (CN) Coal Project in Mongolia. Gulfside and Lucky have agreed to a
cash settlement for the Exploration Data rather than encumbering
the property with a 2% royalty on Net Production, as originally
noted in Gulfside's news release of July 12,
2011.
In consideration of the sale of the Exploration
Data by Gulfside to Lucky, pursuant to the Agreement, Lucky agreed
to pay Gulfside $325,000 (the
"Purchase Price"), as follows: (a) $25,000 to be paid upon the execution of the
Agreement; and (b) $300,000 to be
paid upon the financing and exercise of Lucky's option to acquire
an 80% interest in the Project.
On Behalf of the Board of Directors,
Gulfside Minerals Ltd.
"Robert L. Card"
Robert L. Card
President
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.