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Gulfside Minerals Ltd. is a TSX.V and Frankfurt-listed energy and mineral exploration company exploring for gold and silver in British Columbia, Canada. Gulfside is well-situated to capitalize on the precious metals bull market.
Recent Activity
ECM -- October of 2010, we divested of our interest in ECM LLC, a Mongolian corporation that held the license to the Erdenetsogt property. We sold it for a total purchase price of $2,000,000 and full payment was received October 2011.
Onjuul Coal Property -- In 2009, we acquired an interest in Central Mongolia's Onjuul lignite project. Market conditions, under the terms of that deal, did not allow us to find favorable terms of finance. We divested our interest in that property in October 2011, selling the exploration data to Lucky Strike Resources for $325,000 in a series of payments of which the first $25,000 has been received.
Four Atlin Gold & Silver Properties -- In the spring of 2011, we acquired four gold and silver exploration properties in the Atlin mining division in Northwestern British Columbia. They are Northern Treasure, Bryer, Golden Fleece and Argonaut. We began advancing those properties immediately with geological exploration and evaluation for strategic alternatives.
In October 2011, we entered into an agreement with Ocean Park Ventures Corp.("OCP") for the purchase of Gulfside's Argonaut and Golden Fleece gold properties. The Argonaut property consists of five claims located in the Atlin Mining Division in British Columbia and the Golden Fleece property consists of five claims located in the Atlin Mining Division in British Columbia. These two gold properties are contiguous with OCP's Trapper property to the southwest and northeast.
The terms of the Option Agreement provide for a cash payment of $25,000 and the issue to Gulfside of 100,000 OCP shares upon approval of the TSX Venture Exchange. There is a further obligation to issue 50,000 shares for each property after year one and also year two, for a total of 300,000 shares. This is an arm's length transaction and no finder's fees were involved.
Three Iron Ore Properties -- In August 2011, we acquired options to acquire three iron ore projects. These projects were approved in November 2011.
- Port Snettisham, 49 mineral claims about 30 miles southeast of Juneau, Alaska.
- Rannie Lake, 172 claims in Labrador, Newfoundland.
- Robert's Lake, 128 claims in Northern Quebec along the extensive Ungava Bay iron formation.
NOTE: All three of these properties are in regions that are either in current active exploration or mining, or historical work has been completed.
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