Wednesday, 24 Aug 2011
Mr Robert L Card president of Gulfside Minerals Limited announced that the company has acquired, subject to TSX Venture Exchange approval, an option to acquire three iron ore projects.
The first project is comprised of 49 mineral claims located near Port Snettisham about 30 miles southeast of Juneau in Alaska. This project is a titaniferous magnetite deposit on the Snettisham Peninsula which has been intermittently explored since 1969.
The terms of acquisition call for the initial payment of USD 120,000 on approval and work commitments of USD 100,000 during the first year and additional payments and work commitments thereafter. There is a provision of a 2.5% net smelter royalty.
The second project comprises 172 claims located near Rannie Lake in Labrador. The area is underlain by extensive iron formations being explored by other companies.
The terms of acquisition call for an initial payment of USD 115,000 and first year work requirements of USD 100,000 and subject to TSXV approval. There are additional payments and work commitments in the following years and a 2% NSR.
The third project is composed of 128 claims in northern Quebec in the Robert's Lake area along the Ungava Bay iron formation. This area has being explored for iron ore and appears to have the potential for a future economic play close to a tidewater ocean access.
The terms of acquisition call for an initial payment of USD 140,000 and the issue of 1,000,000 common shares of the company upon TSXV approval and a first year work commitment of USD 150,000. Further payments and work commitments in ensuing years along with 2% NSR are included.
The company has negotiated a non brokered Private Placement of securities comprised of 12,000,000 regular and flow through units at a price of USD 0.05 per unit with a warrant to purchase an additional share at USD 0.15 for two years. The proceeds of USD 600,000 along with the company's current working capital and flow through accounts of USD 466,000 will allow the company to proceed with property payments, work commitments and working capital.
Mr Robert L Card president of Gulfside Minerals Limited announced that the company has acquired, subject to TSX Venture Exchange approval, an option to acquire three iron ore projects.
The first project is comprised of 49 mineral claims located near Port Snettisham about 30 miles southeast of Juneau in Alaska. This project is a titaniferous magnetite deposit on the Snettisham Peninsula which has been intermittently explored since 1969.
The terms of acquisition call for the initial payment of USD 120,000 on approval and work commitments of USD 100,000 during the first year and additional payments and work commitments thereafter. There is a provision of a 2.5% net smelter royalty.
The second project comprises 172 claims located near Rannie Lake in Labrador. The area is underlain by extensive iron formations being explored by other companies.
The terms of acquisition call for an initial payment of USD 115,000 and first year work requirements of USD 100,000 and subject to TSXV approval. There are additional payments and work commitments in the following years and a 2% NSR.
The third project is composed of 128 claims in northern Quebec in the Robert's Lake area along the Ungava Bay iron formation. This area has being explored for iron ore and appears to have the potential for a future economic play close to a tidewater ocean access.
The terms of acquisition call for an initial payment of USD 140,000 and the issue of 1,000,000 common shares of the company upon TSXV approval and a first year work commitment of USD 150,000. Further payments and work commitments in ensuing years along with 2% NSR are included.
The company has negotiated a non brokered Private Placement of securities comprised of 12,000,000 regular and flow through units at a price of USD 0.05 per unit with a warrant to purchase an additional share at USD 0.15 for two years. The proceeds of USD 600,000 along with the company's current working capital and flow through accounts of USD 466,000 will allow the company to proceed with property payments, work commitments and working capital.
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