Gulfside Minerals Ltd.

Gulfside Minerals Ltd.

August 15, 2007 17:50 ET

Gulfside Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2007) - Robert L Card, President of Gulfside Minerals Ltd. (the "Company") (TSX VENTURE:GMG) announces that the private placement, originally reported on June 26, 2007, has been approved by the TSX Venture Exchange and has closed.

The Company is also pleased to report that investors associated with Mr. Bernard Tubeileh (member of Company's Advisory Board), have taken down 1,640,000 units of the private placement.

A total of 2,500,000 units at a price of $ 1.00 per unit were sold resulting in gross proceeds to the Company of $ 2,500,000. Each unit consists of one common share and one transferable share purchase warrant entitling the holder to purchase an additional common share at a price of $ 1.04 for a period of one year from closing of the private placement.

Finder's fees totalling $ 189,000 will be paid in connection with the financing.

All of the securities will be subject to a four-month hold period expiring December 15, 2007 in accordance with applicable securities laws.

Exploration activities in Mongolia are proceeding as planned on both the coal and the mineral projects and the Company will release results as soon as they are available.

On Behalf of the Board of Directors of Gulfside Minerals Ltd.

Robert L. Card, President

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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