Gulfside Minerals Ltd.

Gulfside Minerals Ltd.

July 03, 2009 11:05 ET

Gulfside Minerals Ltd.: Erdenetsogt Project Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 3, 2009) - Robert L. Card, President of Gulfside Minerals Ltd. (the "Company" or "GMG") (TSX VENTURE:GMG), is pleased to report that the Supreme Court of Mongolia has ruled in favor of Gulfside in our previously (April 30, 2009) reported suit against the vendors of the Erdenetsogt property.

Gulfside filed a complaint in Mongolia's Bayangol District in late October 2008 against Russian-Mongolian JV "Monrospromugoli" LLC for non-compliance with the terms of the June 17, 2007 Agreement of Cooperation relating to the Erdenetsogt mineral exploration license located in southern Mongolia. The Bayangol District Court ruled on February 18, 2009 in favour of Gulfside and awarded the Company a 5% interest in ECM LLC, a Mongolian company that now holds the Erdenetsogt mineral exploration license 5597X.

"Monrospromugoli" LLC appealed the decision to Ulaanbaatar City Appeal Court which dismissed the District Court decision. Gulfside filed the complaint in the Supreme Court of Mongolia. The Supreme Court on July 2, has dismissed the Ulaanbaatar City Court decision and ruled that Gulfside is the legal owner of 5% shares of ECM LLC. Gulfside has instructed its Mongolian legal counsel to take legal steps to transfer the 5% interest in ECM LLC to Gulfside.

In a related matter, Gulfside initiated arbitration proceedings against Mangreat Ltd., the parent company of ECM LLC, to enforce the sale of 49% of Mangreat Ltd. shares to Gulfside which arose from a Share Purchase Agreement executed between the parties on March 14, 2008. The arbitration proceeding are pending in London, England awaiting the outcome of the Mongolian court ruling. Gulfside intends to proceed with the arbitration within the next 45 days.

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.

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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