Gulfside Minerals Ltd.: Erdenetsogt Project Update
04 7월 2009 - 12:05AM
Marketwired
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.
Contacts: Delmor Enterprises Ltd. Del Thachuk Investor Contact
604-538-5995 Delthachuk@shaw.ca www.gulfsideminerals.com /
www.gulfsideminerals.de
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