Gulfside Minerals Ltd.

Gulfside Minerals Ltd.

October 29, 2007 09:57 ET

Gulfside Minerals Ltd.: Mongolia-Coal Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2007) - Robert L. Card, President of Gulfside Minerals Ltd., (the "Company" or "GMG") (TSX VENTURE:GMG) is pleased to report that the Company has negotiated the terms of a definitive Agreement for the acquisition of a Private Company holding the coal license in Mongolia. The final written form of the Agreement is being prepared by the respective legal teams and translated into English, Russian and Mongolian. The Company will issue a further news release when the definitive agreement is signed.

The initial Memorandum of Understanding, reported on June 20, 2007, envisioned the Company having the option to acquire up to sixty six percent (66%) interest in the project in stages over time. Under the terms of the definitive Agreement, the Company will acquire one hundred (100%) percent interest in the Private Company in stages over the next 15 months. The first tranche calls for the payment of cash and shares of the Company's capital stock upon approval of the Acquisition Agreement by the TSX Venture Exchange. The balance of the Acquisition price involves the payment of staged amounts of money over the next 15 months. Details will be available once the Agreement has been approved by the TSX Venture Exchange. The Company expects to be signing and filing the Agreement with the TSX Venture Exchange for approval within the next few days.

The Company will also be issuing resource findings from the NI 43-101 work conducted by Norwest Corporation upon signing of the definitive Agreement.

The Company is also pleased to report that eighty percent (80%) of the placees of the 1,500,000 unit Private Placement financing, closed on June 29, 2007, have agreed to an extension of the hold period on the shares and warrants for a further 60 days from October 27, 2007. This has been done to assure the markets that the shares, which were bought for investment purposes, will not be released into the market in large amounts.

The Company is developing a plan for the Coal-to-Liquids, or Underground Coal Gasification, technologies (UCG) which could be used to develop the coal property. The Company is investigating such technology which, we are of the opinion, will bring cheaper and faster access to the coal resources in the licensed area. World interest in UCG is at an all time high and GMG has been researching the top technology and people in this area to direct activities in Mongolia. The benefits of UCG are substantial but include lower costs and safer production of coal gas. The Company has done preliminary assessments and is arranging for feasibility studies to determine if these concepts are technically feasible and have economic potential.

We seek Safe Harbor.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release.

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