Arrowstar Resources Ltd
Gulfside Minerals LTD.:Gulfside Clarifies Details of its Proposed Mongolia Coal Acquisition
Gulfside Minerals LTD. / Letter of Intent Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- NEWS TSX V. GMG FOR IMMEDIATE RELEASE Gulfside Clarifies Details of its Proposed Mongolia Coal Acquisition April 30, 2008 - Robert L. Card, President of Gulfside Minerals Ltd. (TSXV:GMG) ('Gulfside' or the 'Company') is pleased to announce details and clarify its proposed acquisition of the Erdenetsogt coal license in Mongolia. The Company stated in a news release dated October 29, 2007, that its intent was to acquire a 100% interest in the private company holding the Erdenetsogt Coal Property over a period of 15 months. The Company wishes to clarify that in actual terms it has entered into a share purchase agreement, dated March 7, 2008, to acquire a 49% interest in a company, which holds the coal license located in Mongolia. The staged transaction, valued at about US$16.5 million will give Gulfside full operating rights and an indirect 49% interest in the Mongolian company and the coal license. The Company also has a letter of understanding allowing the Company to acquire the remaining 51% in the interest in the coal license, under certain conditions, up until January 31, 2009. To acquire its 49% interest, Gulfside is required to make staged payments as follows: pay US$300,000 upon execution of the agreement, which has been paid, and pay another US$700,000 and issue 5,981,622 common shares upon approval of the TSX Venture Exchange ('TSX') for a 29% interest in the project; and pay 5,076,546 Euros or the equivalent of US$7,753,345 on or before April 15, 2008 for an additional 20% interest. These amounts have not been paid nor the shares issued and the Company is in the process of obtaining an extension to the agreement. The Company has filed the required documents with the TSX for approval of the acquisition, and is in the process of obtaining additional information as requested by the TSX. The Company has received a draft NI 43-101 Compliant Technical Report from Norwest Corporation for the Erdenetsogt property in Mongolia. This report is being reviewed by the British Columbia Securities Commission ('BCSC'). The Company will file this report on SEDAR when it receives approval from the BCSC and the TSX for the Erdenetsogt Coal Property acquisition. The Company intends to proceed with the proposed financings of CDN$17,000,000 through the issuance of 14,185,463 common shares pursuant to two non-brokered private placements. These financings are expected to proceed once the cease-trade order is lifted by the BCSC and the necessary regulatory approval for the Erdenetsogt Coal Property has been received from the TSX. On behalf of the board of directors Gulfside Minerals Ltd 'Robert L. Card' Robert L. Card President Investor Contact: Del Thachuk Phone: 604-538-5995 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 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. GULFSIDE MINERALS LTD. Suite 1102, 475 Howe Street, Canada Telephone 604-687-7828 Vancouver, B.C. V6C 2B3 Facsimile 604-687-7848 www.gulfsideminerals.com www.gulfsideminerals.de 30.04.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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