VANCOUVER, March 6, 2012 /PRNewswire/ - Gulfside Minerals Ltd. ("Gulfside" or the "Company") (GMG:TSX-V) is pleased to report that the Company has negotiated an option (the "Agreement") to acquire a 100% interest in a four claim gold prospect located in the Snowcrest Mountain area of the Cranbrook Mining Division in southeastern British Columbia (the "Claims"). The property, known as the Harris Group, is located approximately 53 km west of Cranbrook, BC off Meacham Creek, a tributary of the St. Mary river. The property is comprised of 48 claim units totaling 1,005.15 hectares in four mineral tenures.
The claims are located along a geological contact trend previously explored in the 1890's when three short adits were dug out of the hillside. The Minister of Mines Report says the area has gold, copper and silver showings. The Company plans a summer program of prospecting, sampling and mapping with a view to identify the high-grade zone so they can be trenched, blasted and diamond drilled. The claims are surrounded on the east and north by Eagle Plains Resources Ltd., and on the west and south by Teck Resources Limited.
In order to acquire a 100% interest in the project, Gulfside must make cash payments totaling $100,000 ($20,000 to be paid upon TSX approval), $225,000 in work over three years and issue 800,000 shares of Gulfside, (200,000 shares on or before November 30, 2012), an additional 200,000 shares after three years and completion of the work commitments). In addition, the Company has agreed to issue a further 400,000 shares upon the property going into commercial production. The optionee retains a two percent (2%) NSR royalty. The acquisition is subject to TSXV approval.
Alex Burton, P. Eng. P. Geo., a Qualified Person as defined by National Instruments 43-101, has read and approved the technical information in this news release.
As previously reported, Gulfside will be changing its name to Arrowstar Resources Ltd. effective at the close today. The shares will trade under the new symbol "AWS" on Wednesday, March 7, 2012.
On Behalf of the Board of Directors,
Gulfside Minerals Ltd.
"Robert L. Card"
Robert L. Card
"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."
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's overall business development objectives and plans. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) the risk that the Company does not execute its business plan, (2) inability to finance operations and growth, (3) inability to obtain all necessary environmental and regulatory approvals, and (4) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company's MD&A filed with Canadian security regulators.
SOURCE Gulfside Minerals Ltd.