Gulfside Wins Final Legal Round to Own Share of ECM LLC
29 Setembro 2009 - 5:34PM
Marketwired
Robert L. Card, President of Gulfside Minerals Ltd., ("Gulfside" or
the "Company") (TSX VENTURE: GMG), is pleased to announce that the
Company has won the final round in its legal suit to acquire five
percent (5%) of ECM LLC ("ECM"), the Mongolian company which owns
the exploration License to the Erdenetsogt coal project
("Erdenetsogt").
In the Company's previous news releases dated April 30, 2009,
May 26, 2009 and July 3, 2009, it outlined its legal actions
against the vendors of the Erdenetsogt under a June 17, 2007
Agreement. The vendors, at various times, agreed to the Company
expending funds in exploration in exchange for a share in the
property, paying funds to the vendors for an interest in the
property, and also agreed to the Company acquiring 100% of the
project. However, the vendors failed to deliver on their
commitments and in some cases refused to execute the agreements and
amended agreements after all parties had agreed to the terms.
The Company commenced legal proceedings to secure a 5% interest
in the Erdenetsogt. On April, 2009, the Company won the first round
in Mongolia's Bayangol district and was awarded 5% of the shares of
ECM. The vendors appealed to Ulan Bator City Appeal Court wherein
the Company again was recognized to its entitlement of 5% of the
project but the Ulan Bator Appeal Court disagreed on awarding 5% of
the ECM shares. The Company appealed to the Supreme Court of
Mongolia where the order of the Lower Court was upheld and the
Company was then entitled to the shares of ECM. The vendors
complained to the Chief Justice of the Supreme Court of Mongolia
who rejected the complaint of the vendors and cleared the way for
5% of ECM shares to be transferred to the Company. This award and
the underlying legal suit will form the basis for the Company's
claim for additional interest in the project and damages for loss
of business.
In addition the Company will now proceed with its arbitration
proceedings in London against the named owner of the shares of ECM,
Mangreat Group Ltd. ("Mangreat"), a British Virgin Islands company
wholly owned by one of the partners of the original vendor and held
through a private Hong Kong company. Mangreat executed a sales
agreement with the Company in March 7, 2007, but failed to complete
the agreement.
The Company, along with its Mongolian legal counsel, will
determine the next round of legal action against the vendors in
Mongolia. The Company will review all avenues available to it to
assert its right for additional shares of ECM.
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 the 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
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