Gulfside Minerals Ltd.: Diamond Drill Contract
August 19 2009 - 1:29PM
Marketwired
Robert L. Card, President of Gulfside Minerals Ltd. (TSX VENTURE:
GMG) ("Gulfside" or the "Company"), is pleased to report that the
Company has selected Australasian Independent Diamond Drilling
(AIDD LLC), a Mongolian company, to conduct the diamond drilling
program on the Company's Onjuul Coal Project ("Onjuul"). The
Company is completing the final contract clauses governing the work
to be done. The initial deposits of USD 50,000 each to cover two
diamond drill rigs will be wired to Ulaanbaatar. It is estimated
that AIDD could be mobilized and moving onto the property within
two weeks. A representative of AIDD is scheduled to visit the
property on Friday to define the camp location and water source for
the diamond drilling program in anticipation of an early start.
AIDD was chosen as a highly recommended driller in Mongolia. The
principals of the company have over 25 years combined experience in
diamond drilling and importantly, have extensive coal drilling
experience.
Robert Card, President and CEO states: "Based on the encouraging
results of the National Instrument (NI) 43-101 technical report,
the Company is motivated to proceed with the summer drilling
program as early as possible. This will allow us to finalize the NI
43-101 technical report, prove up our resources and confirm or
potentially increase the Russian/Mongolian estimations for the
Onjuul property."
The drill program calls for drilling of up to 20 holes of 200
meters depth. The Company will be drilling selected holes to much
greater depths to test the coal bearing formation thickness.
Depending on the findings and the time involved, the Company may
expand both the area and depth of holes to more fully evaluate the
Onjuul structure. The Company will have two drill rigs operating
and the drillers estimate that the program will take 45 to 60 days
to complete.
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 Caanadian 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 604-538-5995
Delthachuk@shaw.ca www.gulfsideminerals.com
Graphene Manufacturing (TSXV:GMG)
Historical Stock Chart
From Dec 2024 to Jan 2025
Graphene Manufacturing (TSXV:GMG)
Historical Stock Chart
From Jan 2024 to Jan 2025