DGAP-News: Gulfside Minerals LTD.: GULFSIDE TO ACQUIRE NORTHERN TREASURE GOLD PROSPECT
(firmenpresse) - DGAP-News: Gulfside Minerals LTD. / Key word(s): Letter of Intent
Gulfside Minerals LTD.: GULFSIDE TO ACQUIRE NORTHERN TREASURE GOLD
PROSPECT
03.02.2011 / 12:52
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Vancouver, B.C. Robert L. Card, President of Gulfside Minerals Ltd.
('Gulfside' or the 'Company'), is pleased to report that the Company has
negotiated an option to acquire a 100% interest in a three claim gold
prospect located in the Atlin Mining Division in northwestern
British Columbia (the 'Claims'). The property, the Northern Treasure, is
located 150 km NW of Dease Lake, B.C. and is comprised of 1211.0066
hectares (2992.41 acres) in three mineral tenures. The claims
are on trend 12 km from the Inlaw/Trapper Lake group and 70 km from the
Golden Bear mine and mine access road which was developed by Chevron
Minerals of Canada.The property was located on a high value BC Geological
Survey regional Stream Sediment geochemical sample of 609 ppb gold in
stream sediments. The area to the east is known for high gold anomalies in
soils and rocks from work done in the early 1980's by Chevron Minerals of
Canada who outlined a largescale,high-tenor gold in soil geochemical
anomaly on what is now known as the Trapper Lake Property.
In order to acquire a 100% interest in the project, Gulfside must make cash
payments totaling $30,000($10,000 paid upon signing the Agreement), incur
$225,000 in work over three years and issue 400,000
shares of Gulfside (200,000 shares upon TSX Venture Exchange ('TSXV')
approval and an additional 200,000 shares after three years) and the
completion of the work commitments. In addition, the Company
has agreed to issue a further 400,000 shares on the property going into
commercial production. The optionee retains a one percent (1%) NSR royalty
which the Company may purchase for $1,000,000. The acquisition is subject
to TSXV approval. These claims are located in a trend of mineralized rocks
trending northwest, anchored on one end by the Golden Bear deposit and on
the western end by the Tulsequah gold deposit. Numerous gossans which
may be intensely oxidized, weathered or decomposed rock, have been observed
over a large area on the claims in images from air photos. The Company
anticipates a program of surface exploration this year to further upgrade
the property. With this acquisition, Gulfside broadens its exploration
portfolio and adds another leg to the Company.
Gulfside is continuing discussions with the license holders of the Onjuul
coal project in Mongolia with a view to extend the terms of the agreements
and initiate further development work on the properties.
Gulfside has provided a proposal and expects a response within the next few
weeks.
Alex Burton, P. Eng., P.Geo., a Qualified Person as defined by National
Instrument 43-101 protocol, has reviewed and approved the technical
information contained in this release.
On Behalf of the Board of Directors, Gulfside Minerals Ltd.
'Robert L. Card'
Robert L. Card
President
Investor Contact Del Thachuk
Delmor Enterprises Ltd.
604-538-5995
delthachuk(at)shaw.ca
GMG News Page 2 of 2
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.
Legal Notice Regarding Forward Looking Statements
This disclosure contains certain forward-looking statements that involve
substantial known and unknown risks and uncertainties, certain of which are
beyond the Company's control including: the impact of
general economic conditions in the areas in which the Company operates,
industry conditions, changes in laws and regulations including the adoption
of new environmental laws and regulations and changes in
how they are interpreted and enforced, increased competition, the lack of
availability of qualified personnel or management, fluctuations in
commodity prices, foreign exchange or interest rates, stock
market volatility and obtaining required approvals of regulatory
authorities. In addition there are risks and uncertainties associated with
manufacturing operations and mineral exploration, therefore the Company's
future results, performance or achievements could differ materially from
those expressed in these forward-looking statements will transpire. All
statements included in this press release that address activities, events
or developments that the Company expects, believes or anticipates will or
may occur in the future are forward-looking statements. These statements
are based on assumptions made by the Company based on its experience,
perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the
circumstances.
End of Corporate News
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111044 03.02.2011
Datum: 03.02.2011 - 12:52 Uhr
Sprache: Deutsch
News-ID 33130
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Kategorie:
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