ERDENETSOGT PROPERTY SOLD
11/17/2010 8:36:22 AM -
Vancouver, B.C. -November 17, 2010 - Robert L. Card, President of Gulfside Minerals Ltd. ("Gulfside" or the "Company"), is pleased to report the Company has closed the sale of its 5% interest in ECM LLC ("ECM"), a Mongolian corporation which holds the exploration license to the Erdenetsogt property, as previously reported in our October 28, 2010 news release. The Company has received a down payment of US$500,000 against a total purchase price of US$2,000,000. The balance of US$1,500,000 is payable within one year, or sooner if the property is sold. If the property is sold or joint ventured to a third party for a value greater than US$40,000,000, the Company will receive an additional US$1,000,000. The Company has also made the National Instrument 43-101 technical report on the property and all exploration data available to the purchaser.
The Company plans to concentrate its interest on the Onjuul project and seek funding to continue with the Onjuul development program. The Onjuul project is located some 160 km SW of Ulaanbaatar, the capital of Mongolia.
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@shaw.ca
www.gulfsideminerals.com
"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 may include 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 forwardlooking statements are disclosed under the heading �Risk Factors� and elsewhere in the corporation�s periodic filings with Canadian securities regulators.
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