Consolidated Gulfside Resources
in USA: CGFRF
During the year ended December 31, 2005 the Company incurred an operating loss of $206,541 ($0.01 per share) compared to a restated net loss of $407,424 ($0.02 per share for the year ended December 31, 2004). The previously stated net loss for the year ended December 31, 2004 was $382,118. The variance of $25,306 was the inclusion of stocked based compensation in the restated amount. The decrease in fiscal 2005 was mainly as a result of a reduction in consulting fees of $59,530 (2004 - $143,344), a reduction in office and travel of $4,568 (2004 – $79,825), a reduction in stock based compensation of Nil (2004 - $25,306) and a reduction in management fees of $Nil (2004 – $48,000).
Expenses totaled $210,881 for the year ended December 31, 2005 compared to $387,774 in the prior year. Details of these some items are as follows:
Consulting fees of $59,530 (2004 - $143,344) were attributed to $22,900 for office administration and accounting services and $30,000 to management fees accrued to a director and an officer of the Company. In 2004 $143,344 was paid to a former officer and former director for management services.
Professional fees of $47,517 (2004 - $43,389) were attributed to $30,017 (2004 - $35,889) for legal affairs of the Company and audit fees of $17,500 (2004 - $7,500) for the annual audit and restatement of prior year.
Office and Travel of $4,568 (2004 - $79,825)
Amortization of $86,724 (2004 – $25,278) for the amortization on the Company's two Web sites it had purchased.
Stock based compensation of $Nil (2004 - $25,306 - restated). There were no options issued in the current year.
Shares Outstanding; 22,557,593 <- - - - only !!!!!!!!
Fully Diluted; 30,490,024
Institutions Holdings; not known
Management Holdings; estd 25% < - - - - - :-)
the great chance !
from $0.17 to $ 6.00 !!
World class discoveries
Erdenet (Mongolian Russian JV) 1.78 Bt at 0.62% Cu & 0.025% Mo
Oyu Tolgoi (IVN) 1.15 Bt at 1.30% Cu & 0.47 g/t Au
A growing list of viable midsized metal resources
Golden Hills Au, Cu, Ag (QGX, feasibility study), 19.6 Mt at 0.36 g/t Au, 1.51% Cu & 4.97 g/t Ag
Saddle Hills U308 (WNP – feasibility study), 14.9 Mt at 0.14% U308
Boroo Gold (CEN – operating) 10.2 Mt at 3.5 g/t Au
Tsagaan Suvarga Cu/Au (Local – Russian drilling), 240 Mt at 0.53% Cu & 0.018% Mo
Khamagtai Au/Cu (IVN/QGX – advanced project),
Asgat Ag (Mongolian Russian JV – Russian drilling)
Tumurtyn Ovoo, Zn (Mongolian Chinese JV – operation) 7.7 Mt 12.43% Zn
Western style mining and environmental laws
Welcoming business climate
On Asia's door step: Chinese but also Japan & Korea
Outstanding under explored prospective areas.
Consolidated Gulfside Resources Ltd. has been negotiating the acquisition of oil and gas and coal projects in North America and Mongolia, and the Company is also interested in gold and base metals in both North America and Mongolia.
The Company's first venture is in the country of Mongolia where it has acquired an interest in 700,000 hectares of leases covering gold, base metals and uranium. These are grassroots prospects covering known showings in favorable geologic settings.
Gulfside is also presently conducting Due Diligence on an option to purchase a large coal property in Mongolia.