BOSTON, Feb. 14, 2012 /PRNewswire/ -- Gold Coast Mining
Corp. (Pink Sheets: GDSM) is pleased to announce today that the
Company has entered into a Joint Venture Agreement ("JV") with
Western Sierra Mining ("WSRA") on the Gold Crown and the GS1 thru
GS4 (formally Gold Star) mining claims (the "Claims") . These
mining claims are located on BLM and Arizona state land and cover some 620 combined
acres.
According to the terms of the JV, Gold
Coast will have a 50% working interest in the claims in
exchange for funding the JV into production. The JV Agreement also
grants Gold Coast the option to
acquire the claims outright for $3.5mm. The parties have worked together and
combined resources to arrange the funding of Phase I and Phase II
of the development plan to advance the claims toward
production. This funding effort has been approached and
structured to accomplish 2 main objectives; the advancement of the
project through Phases I & II and the commitment to avoid toxic
financing and/or a reverse split. The funding structure will
accomplish those objectives and will be disclosed in its
entirety.
Marc Lovito, President of Gold
Coast Mining, stated, "We are fortunate to have a mining partner
and investors that see the big picture on a post-funded basis. It
has been our goal to make our partners see the potential valuations
after Phase I and II are completed and to base the necessary
funding on those values rather than the values before funding. With
that said, we are very pleased with the structure and believe our
shareholders will be as well."
Lovito continued, "The final documents related to financing are
being completed and will be released along with a Form 8K filing
over the next 7-10 days."
Historical documentation indicates a possible mineral resource
of 6.75 million cubic yards of ore. The average ore tenor is
estimated to be 0.015 oz/yd. or in excess of 100,000 total ounces
of gold. Subject to permitting issues, initial exploration
work will begin immediately to evaluate and correlate historical
data while preparing a long term mine develop plan.
The Company maintains the position that while it may need to
issue shares as debt is settled and as part of securing funding for
the joint venture, management has been and remains committed to no
reverse splits and/or toxic financings as part of this process. The
issued and outstanding stock remains currently at 579,887,086. The
Company intends to update shareholders on any share issuances that
may occur going forward, along with the purpose behind any
issuance.
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.
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.
Gold Coast Mining. Contact: Marc
Lovito
Phone: 800-291-9321
Email: marclovito@goldcoastmining.com
SOURCE Gold Coast Mining Corp.