Gulf Shores Resources Announces Corporate Transformation

July 26, 2016

VANCOUVER, BC – (Newsfile) – 7/26/2016

Gulf Shores Resources Ltd. (“GSR” or the “Company”) - (TSXV: GUL) is pleased to announce a major corporate change, which includes new management, new directors and a new name.

Tim McCutcheon has been appointed Chief Executive Officer of the Company. Mr. McCutcheon has also been appointed as a Director of the Company. Paul Klipfel has been appointed COO. Andrew Aitchison has been appointed Consulting Geologist. Jacqueline Collins has been appointed Corporate Secretary. All of the above appointments are effective August 1, 2016. Information on each new appointee is below:

Tim McCutcheon: CEO

Mr. McCutcheon is a capital markets professional and mining corporate manager with over 20 years of international business experience. He worked in multiple financial institutions such as Bear Stearns, Aton Capital and Pioneer Investments as an award-winning metals and mining sector analyst and as an investment banker. In 2006 he was a founder of DBM Capital Partners, a boutique mining resource merchant bank with AUM of $130M and $100M completed M&A before being sold to a UK-based hedge fund in 2009. Since 2009, Mr. McCutcheon has been a director/CEO of several public Emerging Markets mining resource companies with assets in Russia, Kyrgyzstan, Slovakia and Ghana. Mr. McCutcheon in 2012 – 2013 served as CEO of Abzu Gold, a Kinross earn-in partner in Ghana, and successfully turned the company around with a refinancing package, new investor base and corporate restructuring. Mr. McCutcheon attended Columbia University, where he received his BA and MBA.

Paul Klipfel: COO and Chief Geologist

Dr. Klipfel has 35 years of gold exploration leadership and project development experience in North America, South America, Australia, South Pacific, Africa, and Asia working for major and junior explorers. He has been a contributor to the discovery process on several major gold deposits including Las Cristinas, Venezuela (>12 Moz); Musselwhite, Ontario, Canada (>5 Moz); Esaase, Ghana (>5 Moz); Livengood, Alaska, USA (>10 Moz). Dr. Klipfel was President of Abzu Gold from 2010 – 2013, working in Ghana on the development of gold properties, including in the Ashanti belt area. Dr. Klipfel has graduate degrees from the Colorado School of Mines and from the University of Idaho, as well as a doctorate degree from the Colorado School of Mines.

Andrew Aitchison: Consulting Geologist

Mr. Aitchison has 28 years of mining, exploration and project development experience in Australia, Turkey, Ghana, Russia, Kazakhstan, Vietnam, New Zealand, Canada, Burkina Faso, Chile and Peru. Mr. Aitchison has held senior and management positions with Rio Tinto (CRAE), Newmont and private mining groups. He was Manager Mineral Resources and Mine Planning for Goldfields in Ghana. Andrew's career highlights include 4 Moz gold discovery at the Kluchevskoye project in Russia and 2.3 Moz PGM discovery at the Kondyor project in Russia. Andrew has a Bachelor of Science degree (B.Sc) with majors in geology, chemistry and mathematics, from the University of Newcastle and is currently completing an MBA in Paris specializing in "Project Finance in Emerging Markets."

Jacqueline Collins: Corporate Secretary

Ms. Collins is a Securities/Corporate Finance Paralegal with over 25 years’ experience as a legal administrator, corporate secretary and paralegal at both independent and national law firms, and with public resource companies.

In addition to the new management appointments, the Company also announces the appointment of Grant Sinitsin as a Director. Mr. Sinitsin serves as the Head of the Moscow Natural Resource Advisory Group for Garber, Hannam & Partners (formerly Fleming Family & Partners (Russia) Limited). Mr. Sinitsin has 25 years of experience in the resource and investment banking industries, including 20 years based in Moscow. Over his career, he has been a Senior Equity Analyst for Fleming UCB where he covered the Russian metals and mining sector. He serves as a Non-Executive Director of Lubel Coal Company Ltd. Mr. Sinitsin holds a Bachelor of Commerce degree from the University of British Columbia and is a Chartered Financial Analyst.

The Board wishes to extend its gratitude to Mr. Michael Turko for serving as President and Chief Executive Officer. Mr. Turko will remain with the Company as a Director. The Company also notes the resignation of George Langdon as a director. The Board thanks Mr. Langdon for his service.

The Company also announces that it will change its name to Ashanti Gold Corp. to better reflect the new direction of the Company and its area of operations in Ghana in the Ashanti gold belt. On July 13, 2016 the Company announced it has signed a Letter of Intent (LOI) with Goldplat PLC (“Goldplat”), an AIM-listed public company, to earn an interest in the Anumso Gold Project (the “Project”) in Ghana.

Tim McCutcheon is quoted: “I am very happy to step up and lead Ashanti Gold and honored that so many experienced professionals have joined the team with me. Anumso is a great cornerstone property and I look forward to using this platform to expand our presence in West Africa and grow a world-class gold mining development company.”


Michael Turko, CEO

Contact Information

Gulf Shores Resources Ltd.
1631 Dickson Ave.
Suite 1100
Kelowna, B.C. V1Y 0B5
TEL (604) 683 3309
FAX (778) 478 1016

Cautionary Statement on Forward-Looking Information


This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, timing and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the commodity markets generally, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's latest interim Management Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.