Ashanti Gold Corp. GULSF

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[mikey123]

MARCH 26, 2007 - 09:28 ET Gulf Shores Resources Ltd.: North Sea Drilling Commences VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 26, 2007) - Gulf Shores Resources Ltd. (TSX VENTURE:GUL) - Drilling operations have commenced on the Laurel Valley prospect located in the outer Moray Firth area in the U.K. sector of the North Sea. The operator (45% interest), Oilexco North Sea Limited, a subsidiary of Oilexco Incorporated (TSX:OIL)(AIM:OIL) is drilling the well using the Transocean Sedco 712 semi-submersible rig. The well will evaluate three prospective reservoir targets identified on a 250 square kilometer 3D seismic survey. The well is located 24 km south of the 639 million barrel Claymore field, 20 km south of the 132 million barrel Scapa field, 23 km southwest of the 465 million barrel Scott field and nine kilometres north of the 592 BCF Goldeneye field. Gulf Shores Resources Ltd., through its wholly owned U.K. subsidiary is paying 12.5% of the cost of the Laurel Valley #1 well to earn a 9.4% interest in the well and Seaward Production Licenses P1089 and P1295 covering blocks 14/28a, 14/29b and 14/23b. The Laurel Valley well is expected to take approximately 30 days to drill and is the first of a three well North Sea 2007 drilling program. Gulf Shores Resources Ltd. is reviewing other North Sea exploration projects. ON BEHALF OF THE BOARD Michael Turko, President