Wer jetzt immer noch an den Scheiß glaubt, dem ist nicht mehr zu helfen oder er kann kein Englisch... unglaublich, so eine Abzocke!
Donnerstag, 25. September 2008 19:01:26
Marketwire
Gulfside Minerals Ltd.
September 25, 2008 - 01:01:24 PM
Gulfside Minerals Ltd.: Update on Status of Matters
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 25, 2008) - Gulfside Minerals
Ltd. (TSX VENTURE:GMG) (the "Company") announces an update on the Company.
Erdenetsogt Coal Property
As announced on March 14, 2008, the Company entered into a Share Purchase
Agreement (the "SPA") with Guardstand Nominees (H.K.) Limited ("Guardstand") a
company wholly owned by Mr. Boojoo Norovsambuu through a declaration of trust
with Trident Corporate Services (Asia) Ltd. The SPA provides for the sale and
purchase of shares in Mangreat Group Ltd. ("Mangreat") and the conferral of
operating rights in connection with the Erdenetsogt exploration license held
by Mangreat's wholly owned subsidiary ECM LLC. Guardstand is currently in
breach of its obligations under the SPA and regrettably the Company has been
unable to close the acquisition. The SPA provides that any dispute arising out
of or relating to the SPA shall be settled by arbitration. The Company has
retained a law firm in London England as their counsel and they have initiated
arbitration proceedings. The Company has been advised that the resolution to
such arbitration could take up to two years.
The Company has also advised The State Registration Office and The Mineral
Resources and Petroleum Authority of Mongolia of the arbitration proceedings.
The Company has requested that during these proceedings they not permit any
transfer of ownership of the company that holds the Erdenetsogt coal license
nor the transfer of the Erdenetsogt coal license, or the registration of any
lien, charge or other encumbrances in relation to the Erdenetsogt coal license
until the arbitration is resolved.
Erdenet and Khentii Properties, Mongolia
The Company has completed the expansion of the geochemical sampling grids on
the Erdenet 1 (Undurt) project. The samples have been submitted to SGS
Laboratories in Ulaanbaatar, Mongolia and results will be made available when
received. The purpose of the sampling program was to bridge the gap between
the existing E2 and E3 sampling grids.
Ground magnetic surveys have been completed over two areas on the Erdenet 1
(Undurt) project, totaling 5,689 Ha. The magnetic surveys were investigating
the previously reported E1 and E3 soil geochemical anomalies. The Company is
currently in the process of designing an induced polarization / resistivity
survey over one of the E1 sample grids.
During the winter season the Company will seek an independent geological
technical assessment on the existing data on the Erdenet 1 and Khentii
properties; this will include the interpretation of the mapping, geochemistry
and geophysics and the design of a first phase reconnaissance drilling program
over Erdenet 1 and Khentii.
Working Capital
As at June 30, 2008, the Company had a working capital of $883,043. The
Company continues to look for new acquisition opportunities.
Private Placements
The Company has two outstanding private placements announced which were to
raise a total of $17,000,000. As these funds were for the Erdenetsogt Coal
Property, now in arbitration, neither private placement will be proceeding at
this time.
Investor Relations
Investor Relations is continuing to be managed by Delmor Enterprises Ltd. of
Surrey, BC.
Advisory Board
The Company also announces the resignation of Bernard Tubeileh from the
Company's advisory board. The Company and board of directors would like to
thank Mr. Tubeileh for his contribution to the Company.
Cease Trade Order
A Cease Trade Order was issued by the British Columbia Securities Commission
on December 21, 2007 pending the filing of the Norwest Corporation 43-101
report on the Erdenetsogt coal property. As this will now not be filed pending
the arbitration results, the Company is beginning the application to the
British Columbia Securities Commission to lift the Cease Trade Order and
subsequently to apply for the shares of the Company to be reinstated for
trading on the TSX Venture Exchange. |
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