Löschung

A Cooperation Agreement was first signed in June 17, 2007 with the vendor of the Erdenetsogt coal project. During the ensuing months, the Company conducted exploration activities including the drilling of numerous holes on the coal deposit. Norwest Corp., of Salt Lake City, UT, was commissioned to oversee the drilling and prepare a National Instrument 43-101 (“NI 43-101”) compliant report on the project. In the meantime, the Company had been negotiating with the vendor on a final Acquisition Agreement (“Agreement”) for the project. By October 2007, the vendors had agreed that Gulfside would acquire 100% of the project for a price of US$36.2 million. There was a delay on the part of the vendor to execute the final Agreement and changes were constant. In early December 2007, Robert Card journeyed to Hong Kong to meet with the vendor to execute a final Agreement. Upon arrival, the vendor had changed his mind and signed off on a letter offering only a 49% share with the promise of 51% at a later date. However, the revised Agreement was still without signature.

In the meantime, under British Columbia Securities Commission (“BCSC”) rules the Company was required to file a NI 43-101 report on the property. Although the report was substantially completed, the Company felt that for competitive reasons it did not want to reveal its findings to the public or the vendor. As a result, the BCSC issued a Cease Trade Order against the Company shares on December 21, 2007. Until the Company owned an interest in the property, Gulfside did not feel it was in its best interest to file the NI 43-101 report. Norwest Corporation has now completed the NI 43-101 report on the Erdenetsogt property, which will be filed on SEDAR once the BCSC has no objections to the filing. The Company will proceed to take the required steps of application to have the cease trade order lifted.

In late February 2008, Mr. Card met again with the vendor in Beijing, China and finally obtained an Agreement from the vendor after a change in terms which included a provision for the issuance of shares of Gulfside to the vendor in lieu of cash, along with other cash payments. This Agreement was executed and reported in our news release of March 14, 2008. However, the vendor, for reasons unknown, declined to provide information required by the TSX Venture Exchange and the Agreement languished.

In early June 2008, Mr. Card met with the vendor in Ulaanbaatar, Mongolia, in an attempt to get the stalled Agreement moving. The vendor made new and additional demands for changes in the Agreement. A revision was agreed to and the documents were redrafted by the Company’s lawyers but once again the vendor would not sign off. This act led to the Company filing for an Arbitration hearing in London, UK, as provided for in the March Agreement for the 49% interest. In the meantime, the Company had numerous communications with the vendor in an attempt to get the project back on track. This did not look promising so the Company instituted legal proceedings in Mongolia, in late October 2008, based on the June 17, 2007 Agreement. One of the conditions of that Agreement was the obligation of the vendor to deliver 5% of the project to Gulfside upon paying or expending $500,000.

On January 9, 2009, Mr. Card travelled to Ulaanbaatar, Mongolia to meet the four partners/shareholders from Mongolia and Russia, who own the Erdenetsogt coal project. Meetings took place over the course of the week to discuss the terms of an acceptable Agreement. On Thursday, January 15, 2009, an agreement was reached, with all the participants present, whereby, Gulfside would acquire 100% of the project for a series of payments over 42 months totaling US$35 million. Gulfside engaged its lawyers to revise and produce a Share Purchase Agreement (“SPA”) to reflect the terms of the agreed acquisition. Over the next ten days a draft SPA and other items were produced and sent to the vendors for consideration.

On January 28, 2009, a court date was pending in Ulaanbaatar to hear Gulfside’s complaint, filed in late October 2008, against the vendors for non-compliance with the original Agreement of Cooperation relating to the Erdenetsogt license signed June 17, 2007. Because of the pending January 15th Agreement, the court date was put off until February 18, 2009.

The Gulfside team made numerous attempts to have the January 15, 2009 Agreement ratified but the vendors became ambiguous, changed their minds and came up with new proposals. The Company moved to accommodate the new proposals but still could not obtain a signed Agreement. The judgment in our favor was the result of the February 18, 2009 court date.

The Company intends to proceed with the Arbitration proceeding in London which resulted from the inaction of the vendor to deliver certain information to the TSX Venture Exchange in support of the Company’s filing for approval of the March 7, 2008 acquisition of 49% of the company holding the shares of ECM LLC, the holder of the Erdenetsogt mineral license. The Company is confident of winning the Arbitration, which ruling is enforceable in Mongolia under International Legal Agreements. The Company is now a 5% owner of the Erdenetsogt project and fully expects to prevail on the Arbitration in London for the 49% interest acquired under the March 7, 2008 Agreement.

The Company expects it will be able to claim monetary damages or an additional share of the Project with the additional suit against the vendors to be filed in Mongolia. In the meantime, the vendors may decide to honour their many agreements and come to terms with the Company.

On behalf of the board of directors, Gulfside Minerals Ltd
“Robert L. Card”

Robert L. Card
President

Quelle: Sedar.com / Private Company: Gulfside -> 30.04.09 News Release

The depth of the drill holes were between 50 m and 100 m. and intersected four coal seams  ranging from 0.2m to 31.6m thick.  For example, hole #12 was drilled to 90.5m and encountered 43.7m of coal.
Historical resources were estimated in 1974 by the Russian/Mongolian geologists, Dashtseren and Monkhtogoo, who calculated up to 232 million tonnes of coal resources in the Mongolian "P1" category and a much larger potential resource of 1017.9 million tonnes in the "P2" possible category and 271.4 million tones in the "P3" probable category.  In
2005 additional drilling in two holes has indicated additional resources which the Company will follow up on.  The Company has engaged Norwest Corporation of Salt Lake City, Utah, to prepare a NI 43-101 Technical Report on the property which should be ready within two weeks.  The Company contacted a diamond driller with the intention to drill 2000 to 4000 meters of  additional drilling over the summer to confirm the present resources and expand the area of resources and to bring resources in compliance with NI 43-101 standards.  It should be noted that the area of present drilling is less than one quarter of the Company's license area and the basin for potential coal resources.  The three licenses cover an area up to 7.75km long by 4.15km wide and cover an area of 2156 hectares.

The coal deposit is exposed to surface and is ideal for the planning of a very high capacity open pit mine with coal quality and production capacity suitable for shipping to Ulaanbaatar and local users.  The location also lends itself as the fuel source for a large power generating operation. Another consideration is for CTL, Coal to Liquid, production such as diesel and gasoline and research into the "holy grail" of the coal industry which is the in-situ gasification of coal with the resulting gas being used in numerous applications such as chemical plants.  An additional product, of which China is using a
great deal, is methane produced from coal.   The Company will be the
operator of the project.

The Company has Agreements to acquire a 100 percent interest in the Licenses by making payments of up to $19 million USD over 22 months and issuing two million common shares of the Company to the vendors.  A royalty of 6% is payable on production and finders fees will also be paid.  These transactions are subject to TSX Venture Exchange approval.
Once approval has been received more details will then be made available.

The Company has elected to drop its two mineral projects, the Erdenet and Khentii, in northern and eastern Mongolia in favor of concentrating on the potential of its new wholly owned coal project.

John Jenks, BSc., P.Eng., a Qualified Person as defined by National Instrument 43-101 has reviewed the contents of this news release.

Disclaimer:  The Company wishes to clarify that none of the "resources"
or "potential reserves" are current reserves that meet National Instrument 43-101 disclosure standards. No feasibility study, pre-feasibility study or preliminary assessment (scoping study), either current or historical, has been conducted by any private or public entity on the subject property.  Resources that are not reserves do not
have demonstrated economic viability.   A qualified person has not done
sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.  


On Behalf of the Board of Directors,
Gulfside Minerals Ltd.

"Robert L. Card"

Robert L. Card
President

Quelle: Sedar.com / Private Company: Gulfside -> 30.04.09 News Release

GULFSIDE CLARIFIES ITS DISCLOUSRE ON ITS ONJUUL COAL PROPERTY
Vancouver, B.C. – May 26, 2009 - Robert L. Card, President of Gulfside Minerals Ltd. (the “Company” or “GMG”), reports that as a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify its disclosure related to the Onjuul Coal Property in Mongolia.
As reported in a news release dated April 30, 2009, the Company has signed final Share Purchase Agreements with two private Mongolian companies to acquire a 100% interest in and operate three Mining Exploration Licenses encompassing portions of the Khar-khonkhor (Black Hole) Brown Coal Deposit and the Onjuul (Onjuul) Brown Coal Deposit located within the Choir-Nyalga Coal Basin of SW Mongolia. The licenses are situated about 170 km SW of the city of Ulaanbaatar and 50 km SE of the Buren Soum (sub-province) center in Tuv Aimag (Central Province).
The Onjuul Coal Depression was discovered in 1973 by the Russian-Mongolian Geological Expedition Group No.4 during geological mapping and follow-up of initial prospecting of coal seams in surface exposures. Fifteen holes were drilled for a total of 917.5 m, eleven exploration shafts were dug out (from 1.5 to 2.2 m in depth) along with excavation of 99.92 m3 in eight trenches. The holes were drilled to depths between 50m to 100m and intersected four coal seams ranging from 0.2m to 31.6m thick. For example, hole #12 was drilled to 90.5m and encountered 43.7m of coal.
In the news release of April 30, 2009, the Company reported a historical (1974) mineral resource estimate, by Russian-Mongolian geologists which it retracts and restates as follows.
• 232 million tons in the Mongolian P1 category
• 1017.9 million tonnes in P2 category
• 271.4 million tonnes in P3 category
The 1974 tonnages reported by Russian-Mongolian geologists were for the Onjuul Coal Depression and include the subject licenses, areas licensed by others and non-licensed areas in the vicinity of the subject properties. All drilling took place on the Company’s present Licenses. The April 30, 2009 news release also stated that additional drilling of two holes in 2005 had indicated “additional resources” that would be followed up. The Company wishes to retract any inference that it has a current resource estimate.
P1 has the highest order of confidence (closest to the CIM definition of an inferred resource or in this case indicative of a potential mineral deposit) while P2 and P3 have respectively lower levels of confidence such that both are really only indicative of a favorable geological environment. The authors of the 1973 report did report on coal quality but did not have calorific and heating values at the time or their report. The following information is extracted from the 1973 report
• moisture is from 6.2 - 11.89%,
• ash content of dry coal is 7.73 - 24.68%
• volatile matter from 30.24 - 39.70%
• volatile matter at its burning temperature 17.20 - 42.44%
Calorific and heating value data shall be put in after the confirmation of the report. A later report gave calorific values of 4223 (DB), 4505 (AS) and 6085 (DAF) Kcals. These figures are not verified and are not to be relied upon.
The Company has engaged Norwest Corporation of Salt Lake City, Utah, to prepare a National Instrument 43-101 Technical Report (“NI 43-101”) on the property which should be ready shortly. In the interim, and at the Company’s request, Norwest has conducted a preliminary independent review of the coal-bearing potential of the newly acquired licenses that included a review of publicly available reports regarding the Onjuul coal deposit. The Company cautions that this review received March 17, 2009, is only a preliminary screening assessment to determine if further and more detailed work is warranted. Norwest noted that additional drilling is required to verify existing drill-hole information, but has concluded that further exploration is warranted in the license areas.
The Company has contracted a diamond driller with the intention to drill 2000 to 4000 meters over the summer to confirm the reported geology and to delineate a resource base compliant
with NI 43-101 disclosure standards. It should be noted that the area of present drilling is less than one quarter of the license area and that the basin has potential for the discovery of further resources.
The three licenses cover an area up to 7.08km long by 4.15km wide and encompass 2156 hectares.

In the release of April 30, 2009, the Company reported that the coal deposit is exposed to surface and “ideal for planning a very high capacity open-pit mine with coal quality and production capacity suitable for shipping to Ulaanbaatar and local users” and also stated that the location “lends itself as the fuel source for a large power generating operation.” It is premature to make such projections at this early stage as drilling programs and independent geological and engineering studies are required to determine if this potential is technically and economically viable. Studies would also be required to determine if the coal licenses have potential for Coal-to-Liquid (CTL) production such as diesel and gasoline, or the insitu gasification of coal.
The Company has agreements to acquire a 100% interest in the licenses by making payments of up to USD $19 million over 22 months and issuing two million of its common shares to the vendors. A royalty of 6% is payable on production and finders fees will also be paid. These transactions are subject to TSX Venture Exchange approval. Once approval has been received more details will then be made available. The Company has decided to relinquish two early-stage mineral projects, the Erdenet and Khentii in northern and eastern Mongolia, in order to conserve its resources and focus on programs and studies to advance the Onjuul Coal Property in Mongolia.
John Jenks, BSc., P.Eng., a Qualified Person as defined by National Instrument 43-101 has reviewed the contents of this news release.
Disclaimer: The Company wishes to clarify that none of the “resources” or “potential reserves” are current reserves that meet National Instrument 43-101 disclosure standards.No feasibility study, pre-feasibility study or preliminary assessment (scoping study), either current or historical, has been conducted by any private or public entity on the subject property. Resources that are not reserves do not have demonstrated economic viability. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources,the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

Quelle: Sedar.com / Private Company: Gulfside -> 26.05.09 News Release

Also nachdem das Clariying 2007 ja soooo schlecht ankam und auch die Clarifying Menge von 2,5 Mrd Tonnen mit 2,337 Mrd Tonnen verpasst wurde (Lach), schauen wir uns doch mal die neue Clarifying News an:

Also...die Mengen sind gleich nur musste Gulfside sagen, dass die Schätzungen für das gesamte Gebiet war...aber die Bohrungen nur auf dem GMG Gebiet waren...interessant...mussten sie damit klarstellen, dass sie untertrieben haben?
Gulfside musste klarstellen, dass sie keine Ressurcenschätzung für die 2005er Bohrlöcher hat...hatten sie auch in der ersten News nicht gesagt, sondern das sie dem folgen wollen?! Sehr, sehr verdächtig...
Gulfside musste auch nochmal klarstellen, das die Mengen nicht NI 43-101 konform sind. Haben sie aber auch in der ersten News nicht gemacht...da Stand genauso „mongolisch-russische“ Gutachten.
(Wer beschwerte sich denn da dauernd??)
Gulfside musste die Kohlebrennwerte melden...na...da wurde dann gleich rumgehackt...
Und Gulfside musste sagen (was jeder Aktionär sowieso weiß), dass Pläne für das Projekt verfrüht sind.

Mir kommt das doch arg spanisch vor bzw eher mongolisch...

Sieht sehr, sehr nach Abzocke aus...ganz gewiß...Ironie beiseite:
Man wird permanent auch während des CTO’s gewarnt. Die Warnungen werden immer intensiver...Warum? Wenn das doch nur ne Luftbude ist, gibt es sowieso kein Handel...
Oh ich vergaß...der NI liegt ja vor und GMG hat 5% des nicht vorhandenen Vertrags gewonnen...

Na dann...gebe ich mal ne Gewinnwarnung aus!
Meine Meinung! Kauft nicht und verkauft nicht. Man wird nur gewarnt!

super thread markic! danke für deine mühen.

skidude ;-)

Kaum geschrieben schon isses weg...

Obwohl du hier nicht über GMG als solches schreibst, sondern mehr das Treiben an der Seitenlinie des Spieles beleutest...

Komisch, was hier so passiert, wenn man PRO GMG ist!