Robert's Lake property acquisition

The TSX Venture Exchange has accepted for filing an option agreement (the Robert's Lake agreement) between Gulfside Minerals Ltd. and an arm's-length individual named Kal Malhi, pursuant to which the company has the option to acquire up to a 100-per-cent interest in 128 claims in Northern Quebec that comprise the Robert's Lake property.

The total consideration payable in stages by the company over a seven-year period ending Oct. 31, 2018, to the Robert's Lake vendor in stages is:

• $3.54-million cash ($140,000 cash payable in the first year);
• One million common shares (one million common shares payable in the first year).

In addition, the company must incur total exploration expenditures on the Robert's Lake property of $2.9-million by Oct. 31, 2018 ($150,000 to be incurred in the first year). The Robert's Lake vendor is also entitled to a 2-per-cent net smelter return (NSR) on the Robert's Lake property, with the company having the right to reduce the NSR to 1 per cent by paying the Robert's Lake vendor $1.5-million cash.

At the time the Robert's Lake agreement was entered into, the company was at arm's length to the vendor.

Finder's fee:  A finder's fee of $33,750 cash is payable by the company to an arm's-length private company named Ridgerock Industries Ltd. in connection with the Robert's Lake property acquisition.

Port Snettisham property acquisition

The TSX Venture Exchange has accepted for filing an option agreement (the Port Snettisham agreement) between Gulfside Minerals Ltd. and Pacific Rim Mineral LLC, pursuant to which the company has the option to acquire up to a 100-per-cent interest in 49 claims in Alaska that comprise the Port Snettisham property.

The total consideration payable in stages by the company over a seven-year period ending Oct. 31, 2018, to the vendor in stages is $3.77-million cash ($120,000 cash payable in the first year).

In addition, the company must incur total exploration expenditures on the Port Snettisham property of $3.3-million by Oct. 31, 2018 ($150,000 to be incurred in the first year). The vendor is also entitled to a 2.5-per-cent NSR on the Port Snettisham property, with the company having the right to reduce the NSR to 1.5 per cent by paying the vendor $1.5-million cash.

At the time the Port Snettisham agreement was entered into, the company was at arm's length to the vendor.

Finder's fee:  A finder's fee of $22,000 cash is payable by the company to an arm's-length private company named Ridgerock Industries in connection with the Port Snettisham property acquisition.

For further information, please read the company's Aug. 22, 2011, news release available on SEDAR.