Gulfside Minerals Ltd.
TSX VENTURE : GMG

Gulfside Minerals Ltd.

August 19, 2009 13:29 ET

Gulfside Minerals Ltd.: Diamond Drill Contract

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 19, 2009) - Robert L. Card, President of Gulfside Minerals Ltd. (TSX VENTURE:GMG) ("Gulfside" or the "Company"), is pleased to report that the Company has selected Australasian Independent Diamond Drilling (AIDD LLC), a Mongolian company, to conduct the diamond drilling program on the Company's Onjuul Coal Project ("Onjuul"). The Company is completing the final contract clauses governing the work to be done. The initial deposits of USD 50,000 each to cover two diamond drill rigs will be wired to Ulaanbaatar. It is estimated that AIDD could be mobilized and moving onto the property within two weeks. A representative of AIDD is scheduled to visit the property on Friday to define the camp location and water source for the diamond drilling program in anticipation of an early start.

AIDD was chosen as a highly recommended driller in Mongolia. The principals of the company have over 25 years combined experience in diamond drilling and importantly, have extensive coal drilling experience.

Robert Card, President and CEO states: "Based on the encouraging results of the National Instrument (NI) 43-101 technical report, the Company is motivated to proceed with the summer drilling program as early as possible. This will allow us to finalize the NI 43-101 technical report, prove up our resources and confirm or potentially increase the Russian/Mongolian estimations for the Onjuul property."

The drill program calls for drilling of up to 20 holes of 200 meters depth. The Company will be drilling selected holes to much greater depths to test the coal bearing formation thickness. Depending on the findings and the time involved, the Company may expand both the area and depth of holes to more fully evaluate the Onjuul structure. The Company will have two drill rigs operating and the drillers estimate that the program will take 45 to 60 days to complete.

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 Caanadian 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.

Contact Information