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VANCOUVER,
Dec. 20 /PRNewswire-FirstCall/ -- Consolidated Gulfside Resources Ltd.
(TSXV - CGL) (the "Company") is a Vancouver based resource-exploration
company with three strategically located properties in Mongolia. Recent
exploration work and evaluation of additionally acquired detailed
Russian exploration data provides the following update and
consolidation of acquired properties:
The
Company currently has acquired a 100% interest, subject to terms and a
2% NSR, in three main properties: The Erdenet 1, the Erdenet 2 and the
Khentii. All of these properties are located in northern Mongolia and
were targeted, due to their similar geological settings, to either the
"Oyu Tolgoi" Island Arc porphyry copper-molybdenum type deposit of
Ivanhoe Mines or to the largest operating mine in Mongolia, the huge
Erdenet porphyry copper-molybdenum type deposit.
The Erdenet 1 consists of 55,637 hectares and currently has five principal
areas of interest. The E-1 contains a 4km x 5km Copper anomaly, the E2
contains a 1.5km x 1km Copper anomaly, the E-3 contains a 2km x 0.8km
Zinc anomaly, the E4 contains a 2.2km x 0.6km Copper anomaly, and the
E-5 contains occurrences of Copper mineralization.
The
Erdenet 2 covers 39,540 hectares and contains numerous porphyry copper,
molybdenum, gold and uranium occurrences in the area where there is
limited outcrop.
The
Khentii covers 9,818 hectares and has two principal areas of interest
for polymetalic deposits. The H-1 contains a 4km x 5km Silver anomaly
and the H-2 contains a 1.5km x 1km Gold, Silver and Base Metal anomaly
and occurrences. Typical assays from this area showed 0.15% Lead, 0.02%
Zinc, 0.03% Copper, and 2 grams per ton of silver which is extremely
encouraging considering the limited surface exposure and is clearly
indicative of a major mineralized system.
The proposed 2007 exploration program on the Erdenet 1 includes: -
Obtain assay results from the recently completed detailed survey over
areas E-1, E-2 and E-3. - Sample and assay areas E-4 and E-5. - Utilize
geophysical testing over targets identified in E-1, E-2 and E-3 areas.
- Drill test targets identified on E-1, E-2 and E-3. The proposed 2007
exploration program on the Erdenet 2 includes: - Reconnaissance
soil/chip sampling and assaying over targets B-1 and B-2. - Complete
geophysical testing over both B-1 and B-2. - Investigate the potential
of acquiring additional exploration leases in the adjacent area. The
proposed 2007 exploration program on the Khentii includes: -
Reconnaissance soil/chip sampling and assaying over targets H-1 and
H-2. - Complete geophysical testing over both H-1 and H-2. -
Investigate the potential of acquiring additional exploration leases in
the adjacent area.
The 2007 budget for the aforementioned exploration work is $173,000 and option payments for all three areas total $135,000.
The goal of the exploration work on the three areas is: - To confirm
Soviet Era anomalies, develop multiple geophysics targets and begin
drilling on Erdenet 1. - To confirm Soviet Era anomalies and develop
drill targets on Khentii. - To test magnetic features, develop
geochemical anomalies on Erdenet 2 for geophysical testing. - To obtain
additional leases in both the Erdenet and Khentii areas.
On behalf of the Board,"Robert L. Card" Robert L. Card President No
Canadian stock exchange has approved or disapproved the contents of
this release.All
statements, other than statements of historical fact, in this news
release are forward-looking statements that involve various risks and
uncertainties, including, without limitation, statements regarding the
potential extent of mineralization and reserves, exploration results
and future plans and objectives of Consolidated Gulfside Resources Ltd.
These risks and uncertainties include, but are not restricted to, the
amount of geological data available, the uncertain reliability of
drilling results and geophysical and geological data and the
interpretation thereof, and the need for adequate financing for future
exploration and development efforts. There can be no assurance that
such statements will prove to be accurate. Actual results and future
events could differ materially from those anticipated in such
statements. These and all subsequent written and oral forward-looking
statements are based on the estimates and opinions of management on the
dates they are made and are expressly qualified in their entirety by
this notice. The Company assumes no obligation to update
forward-looking statements should circumstances or management's
estimates or opinions change.
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