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CONSOLIDATED GULFSIDE RESOURCES LTD. (TSXV:CGL)
Canada www.CGLresources.com
NEWS Mongolia Exploration Program on CU-AU
FOR IMMEDIATE RELEASE August 10, 2006
Robert L. Card, President of Consolidated Gulfside Resources Ltd. (the ‘Company’ or ‘CGL’) is pleased to report that exploration is set to commence on three of the Mongolian properties held under option previously announced on May 31, 2006. As part of the option agreement a total of $100,000 dollars is to be spent on exploration in the first year, and $200,000 in the following two years. The land package is prospective of porphyry copper-gold, epithermal gold and uranium deposits.
The 2006 exploration program will focus on the following three properties:
Erdenet – Undurt
The first priority will be to conduct detailed ground magnetic and gravity geophysical and soil surveys over the most prospective areas of the Undurt property. The prospect lies in a highly prospective copper-molybdenum-gold porphyry belt that hosts other Permian mineralized porphyry systems. The project also has uranium anomalies identified in geochemical sampling conducted during the Soviet era. This will also be followed up as part of this program. The project covers an area of 460 square kilometers.
This project is located approximately 64 kilometers west of the large Erdenet Copper-Molybdenum mine and 300 kilometers north west of Ulaanbaatar. 2005 production from the Erdenet Mining Corporation is reported as 126,547 tonnes of Copper and 1,188 tonnes of Molybdenum in concentrates. Erdenet is the second-largest city in Mongolia, with a population of about 90,000 people.
Khentii – Khutag
The second priority will be on the Khutag property. This project is located approximately 325 kilometers east of Ulaanbaatar, covering an area of 98 square kilometers. Exploration efforts will focus on following up Russian era geochemical copper, zinc, lead and silver occurrences within Permian aged granitoids. Detailed ground magnetic and gravity geophysical and soil surveys are planned over the previously identified areas.
Gobi Altai – Tsogt
The third lease to be explored as part of this initial program is located in the Gobi Altai region 800 kilometres south west of Ulaanbaatar. The property covers an area of 365 square kilometers. The Tsogt project is located within the same mineralized tectonic belt as Ivanhoe Mine Ltd.’s, world class Oyu Tolgoi copper-gold project and several other known porphyry and epithermal gold discoveries. The project features similar aged intrusive rocks to those seen at Oyu Tolgoi. The program will commence with integrated state-of-the-art Aster remote sensing, Landsat imagery interpretation and geochemical sampling.
Coal Projects
On June 1 the Company announced the signing of a Letter of Intent on the Tsiadam Coal prospect. This prospect was reported to contain up to 1.9 billion tons of coal. CGL geologists are conducting due diligence on the leases in preparation to signing a final agreement. The program involves assessing Russian and other data to determine quantity and quality of the reported and claimed reserves on the Project.
In a separate deal, CGL is actively investigating other coal properties that have existing large tonnage resources. The process has involved the compilation of large amounts of data from previous Russian drilling programs and the remodeling of this data in three dimensions. This has lead to the identification of several large tonnage and low strip ratio deposits. CGL is currently seeking terms with the owners of these deposits. Representatives of the Company are planning to travel to Mongolia within the next few weeks to negotiate the acquisitions of additional coal resources.
About Consolidated Gulfside Resources Ltd. (CGL)
CGL is a Canadian company focused on the exploration and development of metals (gold, copper and Uranium) and coal in Mongolia and Canada. The Company has been in contact with Chinese and Indian buyers of coal and feels that the sale of Mongolian coal in these markets can provide a ready source of cash flow for development of additional prospects.
Forward-Looking Statements: Statements in this release that are forward-looking statements, including the planned exploration of CGL’s Mongolia properties, are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the company’s periodic filings with Canadian securities regulators. Forward-looking statements include, but are not limited to, statements concerning CGL’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 CGL 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. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available.
On behalf of the board of directors,
Consolidated Gulfside Resources Ltd
“Robert L. Card”
Robert L. Card
President
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