Gulfside Minerals Ltd.
TSX VENTURE : GMG

Gulfside Minerals Ltd.

April 30, 2009 18:01 ET

Gulfside Acquires Onjuul Coal Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2009) - Robert L. Card, President of Gulfside Minerals Ltd. (the "Company" or "GMG") (TSX VENTURE:GMG), is pleased to report that the Company has signed final Share Purchase Agreements with two private Mongolian companies, to acquire 100% interest in three Mining Exploration Licenses encompassing the Khar-khonkhor (Black Hole) Brown Coal Deposit and the Onjuul (Onjuul) Brown Coal Deposit located within the Choir-Nyalga Coal Basin situated in SW Mongolia. The property is about 170km southwest of the capital Ulaanbaatar and 50km SE of the Buren Soum(sub-province) center in Tuv Aimag (Central Province).

The Onjuul Coal Depression was discovered in 1973 by the Russian-Mongolian Geological Expedition Group No. 4, during geological mapping and follow up of initial prospecting work of coal seams in surface exposures. Fifteen holes were drilled for a total of 917.5m, eleven exploration shafts dug out (from 1.5 to 2.2m in depth) and excavation of 99.92m3 in eight trenches.

The depth of the drill holes were between 50m and 100m. and intersected four coal seams ranging from 0.2m to 31.6m thick. For example, hole #12 was drilled to 90.5m and encountered 43.7m of coal. Historical resources were estimated in 1974 by the Russian/Mongolian geologists, Dashtseren and Monkhtogoo, who calculated up to 232 million tonnes of coal resources in the Mongolian "P1" category and a much larger potential resource of 1017.9 million tonnes in the "P2" possible category and 271.4 million tones in the "P3" probable category. In 2005 additional drilling in two holes has indicated additional resources which the Company will follow up on. The Company has engaged Norwest Corporation of Salt Lake City, Utah, to prepare a NI 43-101 Technical Report on the property which should be ready within two weeks. The Company contacted a diamond driller with the intention to drill 2000 to 4000 meters of additional drilling over the summer to confirm the present resources and expand the area of resources and to bring resources in compliance with NI 43-101 standards. It should be noted that the area of present drilling is less than one quarter of the Company's license area and the basin for potential coal resources. The three licenses cover an area up to 7.75km long by 4.15km wide and cover an area of 2156 hectares.

The coal deposit is exposed to surface and is ideal for the planning of a very high capacity open pit mine with coal quality and production capacity suitable for shipping to Ulaanbaatar and local users. The location also lends itself as the fuel source for a large power generating operation. Another consideration is for CTL, Coal to Liquid, production such as diesel and gasoline and research into the "holy grail" of the coal industry which is the in-situ gasification of coal with the resulting gas being used in numerous applications such as chemical plants. An additional product, of which China is using a great deal, is methane produced from coal. The Company will be the operator of the project.

The Company has Agreements to acquire a 100 percent interest in the Licenses by making payments of up to $19 million USD over 22 months and issuing two million common shares of the Company to the vendors. A royalty of 6% is payable on production and finders fees will also be paid. These transactions are subject to TSX Venture Exchange approval. Once approval has been received more details will then be made available.

The Company has elected to drop its two mineral projects, the Erdenet and Khentii, in northern and eastern Mongolia in favor of concentrating on the potential of its new wholly owned coal project.

John Jenks, BSc., P.Eng., a Qualified Person as defined by National Instrument 43-101 has reviewed the contents of this news release.

Disclaimer: The Company wishes to clarify that none of the "resources" or "potential reserves" are current reserves that meet National Instrument 43-101 disclosure standards. No feasibility study, pre-feasibility study or preliminary assessment (scoping study), either current or historical, has been conducted by any private or public entity on the subject property. Resources that are not reserves do not have demonstrated economic viability. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

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 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.

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