Vancouver, BC - March 6, 2012 - Gulfside Minerals Ltd. ("Gulfside" or the "Company") (GMG:TSX-V) is pleased to report that the Company has negotiated an option (the "Agreement") to acquire a 100% interest in a four claim gold prospect located in the Snowcrest Mountain area of the Cranbrook Mining Division in southeastern British Columbia (the "Claims"). The property, known as the Harris Group, is located approximately 53 km west of Cranbrook, BC off Meacham Creek, a tributary of the St. Mary river. The property is comprised of 48 claim units totaling 1,005.15 hectares in four mineral tenures.
The claims are located along a geological contact trend previously explored in the 1890's when three short adits were dug out of the hillside. The Minister of Mines Report says the area has gold, copper and silver showings. The Company plans a summer program of prospecting, sampling and mapping with a view to identify the high-grade zone so they can be trenched, blasted and diamond drilled. The claims are surrounded on the east and north by Eagle Plains Resources Ltd., and on the west and south by Teck Resources Limited.
In order to acquire a 100% interest in the project, Gulfside must make cash payments totaling $100,000 ($20,000 to be paid upon TSX approval), $225,000 in work over three years and issue 800,000 shares of Gulfside, (200,000 shares on or before November 30, 2012), an additional 200,000 shares after three years and completion of the work commitments). In addition, the Company has agreed to issue a further 400,000 shares upon the property going into commercial production. The optionee retains a two percent (2%) NSR royalty. The acquisition is subject to TSXV approval.
Alex Burton, P. Eng. P. Geo., a Qualified Person as defined by National Instruments 43-101, has read and approved the technical information in this news release.
As previously reported, Gulfside will be changing its name to Arrowstar Resources Ltd. effective at the close today. The shares will trade under the new symbol "AWS" on Wednesday, March 7, 2012.
On Behalf of the Board of Directors,
Gulfside Minerals Ltd.
"Robert L. Card" |
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