TSXV: GMG
VANCOUVER, March 6, 2012 /PRNewswire/ - Gulfside Minerals
Ltd. ("Gulfside" or the "Company") (GMG:TSX-V) is pleased to
report that the Company has negotiated an option (the "Agreement")
to acquire a 100% interest in a four claim gold prospect located in
the Snowcrest Mountain area of the Cranbrook Mining Division in
southeastern British Columbia (the
"Claims"). The property, known as the Harris Group, is located
approximately 53 km west of Cranbrook,
BC off Meacham Creek, a
tributary of the St. Mary river. The property is comprised of
48 claim units totaling 1,005.15 hectares in four mineral
tenures.
The claims are located along a geological
contact trend previously explored in the 1890's when three short
adits were dug out of the hillside. The Minister of Mines
Report says the area has gold, copper and silver showings.
The Company plans a summer program of prospecting, sampling and
mapping with a view to identify the high-grade zone so they can be
trenched, blasted and diamond drilled. The claims are
surrounded on the east and north by Eagle Plains Resources Ltd.,
and on the west and south by Teck Resources Limited.
In order to acquire a 100% interest in the
project, Gulfside must make cash payments totaling $100,000 ($20,000
to be paid upon TSX approval), $225,000 in work over three years and issue
800,000 shares of Gulfside, (200,000 shares on or before
November 30, 2012), an additional
200,000 shares after three years and completion of the work
commitments). In addition, the Company has agreed to issue a
further 400,000 shares upon the property going into commercial
production. The optionee retains a two percent (2%) NSR
royalty. The acquisition is subject to TSXV approval.
Alex Burton, P.
Eng. P. Geo., a Qualified Person as defined by National Instruments
43-101, has read and approved the technical information in this
news release.
As previously reported, Gulfside will be
changing its name to Arrowstar Resources Ltd. effective at the
close today. The shares will trade under the new symbol
"AWS" on Wednesday, March 7,
2012.
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."
Disclaimer for Forward-Looking Information
Certain statements in this release are
forward-looking statements, which reflect the expectations of
management regarding the Company's overall business development
objectives and plans. Forward-looking statements consist of
statements that are not purely historical, including any statements
regarding beliefs, plans, expectations or intentions regarding the
future. Such statements are subject to risks and
uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements. No assurance can be given that any of the events
anticipated by the forward-looking statements will occur or, if
they do occur, what benefits the Company will obtain from
them. These forward-looking statements reflect management's
current views and are based on certain expectations, estimates and
assumptions which may prove to be incorrect. A number of
risks and uncertainties could cause our actual results to differ
materially from those expressed or implied by the forward-looking
statements, including: (1) the risk that the Company does not
execute its business plan, (2) inability to finance operations and
growth, (3) inability to obtain all necessary environmental and
regulatory approvals, and (4) other factors beyond the Company's
control. These forward-looking statements are made as of the
date of this news release and the Company assumes no obligation to
update these forward-looking statements, or to update the reasons
why actual results differed from those projected in the
forward-looking statements. Additional information about
these and other assumptions, risks and uncertainties are set out in
the "Risks and Uncertainties" section in the Company's MD&A
filed with Canadian security regulators.
SOURCE Gulfside Minerals Ltd.