GULFSIDE UPDATES ERDENETSOGT PROPERTY LITIGATION

Ulaanbaatar, /MONTSAME/ Robert L.Card, president of Gulfside Minerals Ltd. has reported that Gulfside has filed a writ in the Sukhbaatar District Court in Ulaanbaatar, Mongolia, seeking to rescind the transfer of shares of ECM LLC, the company holding the Erdenetsogt exploration License to Mangreat Group Ltd., a British Virgin Islands company. Once the court action is initiated, Mangreat will be called as Respondent to the court proceedings to the court as well.
The basis for the litigation is Gulfside's right as a shareholder of ECM, under an Agreement dated June 17, 2007, and later approved by the Supreme Court of Mongolia, holding five percent (5%) of the shares of ECM and by virtue thereof to a right of first refusal to purchase any shares of ECM offered for sale by other shareholders. Monrospromugoli LLC ("MRPU") in November of 2007, ostensibly transferred the shares of ECM for five million dollars, and Gulfside alleges that it had the right under Mongolian law to buy the said shares as a shareholder of ECM.
Under the writ, Gulfside is seeking to have the, now, ninety five percent (95%) owned by Mangreat returned to Mongolia and offered to Gulfside. Gulfside has already been awarded 5% of ECM shares under an Agreement signed with MRPU on June 17, 2007 which precedes the date of transfer of the shares to the offshore company in November 2007.
S.Batbayar