Ashanti Gold Corp. GULSF

News Release

[snafur]

Just for your notice, a NR from Gulf after a long silent time: Gulf Shores gets extension on Ridgewood option 2006-10-10 18:19 ET - News Release Mr. Michael Turko reports Gulf Shores Resources Ltd. has obtained an extension to a previously announced option agreement to earn an interest in the 72.5-square-kilometre (approximately 18,000-acre) Ridgewood project located in block 17a in quad 12 in the North Sea. The proposed location is 35 kilometres northeast of the 170-million-barrel Beatrice field and nine kilometres from the nearest proven Jurassic oil accumulation. Seismic coverage shows a structure containing two potential hydrocarbon-bearing zones in the Jurassic. The project will be operated by Lundin Petroleum AB. Subject to regulatory authority approval, Gulf Shores Resources now has until Dec. 31, 2006, to pay $2.7-million (U.S.), representing 15 per cent of the drilling and testing costs for the first well, to earn a 10-per-cent interest in the project. As previously announced, Gulf Shores Resources is paying $101,250 (U.S.) and 12.5 per cent of the cost of drilling, testing, completing and equipping a test well to earn a 9.4-per-cent interest in a 255-square-kilometre (63,000-acre) block located in quad 14 in the North Sea. The block is located 24 kilometres south of the 639-million-barrel Claymore field, 20 kilometres south of the 132-million-barrel Scapa field and nine kilometres north of the 592-billion-cubic-foot Goldeneye field. Three-dimensional seismic coverage indicates that the block contains three potential hydrocarbon horizons. As previously announced, Gulf Shores Resources is paying $75,000 (U.S.) and 15 per cent of the cost of drilling, testing, completing and equipping a test well to earn a 10-per-cent interest in a 970-square-kilometre (240,000-acre) block located in quads 41 and 42 in the North Sea. The proposed location is seven kilometres south of the 41/5-1 gas discovery. Three-dimensional seismic coverage indicates that the block contains three potential hydrocarbon horizons. The well will be operated by Lundin Petroleum AB.