BOCA RATON, Fla., July 30, 2012 /PRNewswire/ -- Gold Coast Mining Corp. (Pink Sheets: GDSM), is pleased to announce today the following corporate update.
While waiting for the processing and reporting of additional sampling results from Western Sierra on the Gold Star joint venture, the Company was presented with an opportunity to acquire a 50% interest in an additional property in Western's portfolio. This other property was of immediate interest due to its ability to be put into production within 90 days of completed funding and the extensive documentation regarding its potential.
Over the last several weeks the Company and Western has been focused on discussions regarding the potential of acquiring the property, which is why updates on Gold Star have been delayed.
Marc Lovito, President of Gold Coast Mining, stated, "We appreciate the patience and support of our shareholders while waiting on updates. We understand the regular communication that our shareholders have come to expect and assure you that we continue to be on that agenda. Our priority and resources needed to be directed at the opportunity to potentially acquire a ready to produce property. We considered this to be a major chance for the Company to execute on its plans to build shareholder value."
At this time the Company is happy to announce that the discussions have moved to the next step and a series of updates regarding the progress of this potential acquisition will be forthcoming over the next several weeks. The property is called the Azurite Claims and includes the following: Azurite, New Era, NIWOT Millsite, Little Kid, Wren and Jayhaker.
As we progress, information on the claims and all associated reports will be added to our website. Regular updates on the data and information regarding the potential claims being acquired will also be released through our Twitter and Facebook pages. It is the Company's goal to provide as much data regarding these claims as possible as we move towards an acquisition agreement.
Additionally, the next phase of sample testing has been completed by Western Sierra on the Gold Star property. The following is an excerpt from the report received by Western on its efforts:
Western has completed the first phase of the testing work on the South East portion of the property near the Copper Basin Road and those results were posted in a report previously submitted to Gold Coast.
"Initial results show gold present over the entire sections tested. Testing was somewhat limited due to permitting issues, but the initial tests were positive.
Western will now concentrate on the North West section of the property in the areas of the upper high-banks. The sample sites have been located and marked. The locations of these next samples present some minor access issues but assuming the roads have not been washed out by the recent rains we expect only minimal delays.
The gold detected in the first samples correlates well with the historical data taken as far back as the early 1900's and the more recent work of Gold Tech and others."
Once the work on the Western portion of the property is completed, we will endeavor to design a testing program to provide information related to quantity and grade on the property. It is clear from the first test that the gold is present in the related high bars that exist on the Gold Star Claims.
Marc Lovito, President of Gold Coast Mining, commented "In addition to being on the verge of adding a property ready for production, we have received encouraging results from Western's efforts on the Gold Star JV. We will continue to advance the development of Gold Star as we move forward with the Azurite acquisition. Although updates have been slow as of late, we expect a steady flow of exciting developments for our company and shareholders in the weeks ahead."
ABOUT GOLD COAST MINING
Gold Coast Mining Corp plans to pursue growth and enhance shareholder value through acquisition opportunities in and out of the mining industry. There are many lucrative mining projects that are sitting idle due to lack of capital and/or financing direction. Gold Coast will seek to capitalize on these opportunities by securing capital, finance consulting, equipment assistance and other financial assistance to these companies/projects.
Gold Coast is currently working with Western Sierra Mining to secure and finalize a project (Gold Star Mine), with financing built in, that the two parties will operate within Gold Coast.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance.
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SOURCE Gold Coast Mining Corp.
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