Gulfside Minerals Ltd.
TSX VENTURE : GMG

Gulfside Minerals Ltd.

October 31, 2007 10:42 ET

Gulfside Minerals Ltd.: Mongolia Coal Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2007) - Robert L. Card, President of Gulfside Minerals Ltd. (the "Company" or "GMG") (TSX VENTURE:GMG), is pleased to announce the receipt of an initial report from Norwest Corporation, the international consulting firm preparing the NI 43-101 Compliant Report on the Company's coal property in Mongolia.

Norwest Corporation reports that a 43-101 compliant resource estimate will be finalized shortly. The Salt Lake City, Utah-based firm is preparing a digital 3D stratiform grid model, created using SurvCADD software, for resource estimation and production planning purposes. Norwest is of the opinion that sufficient resources - in excess of 100,000,000 metric tonnes - are available to satisfy the proposed production objectives. Lawrence D. Henchel, Norwest's Manager of Geological Services and a Qualified Person under NI 43-101, states that this opinion is based on initial information in the prepared database being modeled for the resource estimation, such as seam thickness and coal density, and the results of historic and recent drilling. The potential quantity of the coal resource remains conceptual in nature until all necessary information is in hand to complete a resource estimate that is fully compliant with NI 43-101 disclosure standards.

Gulfside Minerals will apply for an initial 20-year production permit for about 5,000,000 metric tonnes per year, with the objective to use the coal as a feedstock for power generation. The Company is drafting a plan to develop the property using Coal-to-Liquids (CTL) technology, in which coal is converted to liquid fuel (synthetic gasoline or diesel fuel), or Underground Coal Gasification (UCG), a process through which coal is converted in-situ to a syngas that can be used in power generation or as a chemical feedstock.

Gulfside Minerals is of the opinion CTL and UCG technologies would allow cheaper and faster access to the coal resources in the licensed area. World interest in UCG is at an all-time high because of its substantial benefits, which include lower costs and safer production of coal gas. The Company has conducted extensive research into the technology and will retain leading experts in this field to direct its activities in Mongolia. Based on preliminary assessments, Gulfside Minerals is arranging for feasibility studies to determine if these concepts have economic potential and are technically feasible within the licensed area.

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 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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