Gulfside Minerals Ltd.
TSX VENTURE : GMG

Gulfside Minerals Ltd.

August 10, 2009 15:50 ET

Gulfside Announces Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2009) - Robert L. Card, President of Gulfside Minerals Ltd. ("Gulfside" or the "Company") (TSX VENTURE:GMG), is pleased to report that the Company has negotiated a non-brokered private placement of 7,938,240 units at a price of $1.05 per unit, for gross proceeds of CAD$8,335,152. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase one additional common share of the Company at an exercise price of $1.25 per share for a period of one year.

The proceeds from the private placement will be applied, firstly, to the first installment of US$3,370,000 on the purchase price of the Onjuul coal project. Secondly, US$1,000,000 will be allocated to a 20 hole, 4,000 meter core drilling and development program on the Onjuul project, and the completion of a National Instrument 43-101 compliant technical report. The balance of approximately CAD$3,375,000, after conversion of the above amounts to U.S. dollars, will be added to the general working capital of the Company.

The Company expects to start the drilling program within the next three weeks. The drilling will take about three months but may be accelerated if equipment is available. An updated NI 43-101 technical report is anticipated to be completed by the end of the year.

A finder's fee may be payable in connection with this non-brokered private placement.

The offering and finder's fee are subject to certain conditions including, but not limited to, the receipt of all necessary corporate and regulatory approvals, including the acceptance of the TSX Venture Exchange. The units have a four month hold period in accordance with Regulatory requirements.

On behalf of the Board of Directors

Gulfside Minerals Ltd.

Robert L. Card, President

Forward-Looking Statements: This document includes 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 forward-looking statements are disclosed under the heading "Risk Factors" and elsewhere in the corporation's periodic filings with Canadian securities regulators.

Neither the 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.

Contact Information