Gold Coast Mining Provides Corporate Update
October 31 2013 - 8:00AM
Marketwired
Gold Coast Mining Provides Corporate Update
WILTON, CT--(Marketwired - Oct 31, 2013) - Gold Coast Mining
Corp. (OTC Pink: GDSM), is pleased to announce a Corporate
Update.
Gold Coast Mining continues its due diligence and is in active
discussions with potential lenders on the Galahad Limited
Partnership #1, LP ("Galahad") acquisition, which includes two
producing oil wells on Lease #17652 (District 5, RRC Identifier
03935). The acquisition package also includes drilling a third well
on the same Lease upon closing. The two wells, drilled in 2010,
have been producing 140-150 barrels per month.
The Company regretfully announces that its interest in the
Garfield project has fallen through. While Gold Coast did provide
the funds, it turns out that Bubblin Crude was unable to fulfil its
contract with Tiger Development, which required the purchase of 10%
of the project. Bubblin fell short of its requirement by
$30,000.
Michael Shea, CEO stated, "I am very disappointed in this turn
of events, as the Garfield project is in production. However, after
seeing our funds bounce back and forth several times between
Bubblin Crude and Tiger, I would prefer to invest in projects where
our participation is welcomed. To this extent, I am reviewing
several projects that desire to have the Company as an investor and
expect to make 1-2 investments prior to year end."
Shea continued, "I continue to believe that making investments
in oil production, as well as, opportunistically acquiring wholly
owned projects ala Galahad, makes strategic sense that should
provide tremendous financial benefits for the Company and
shareholders."
From an internal perspective, the Company engaged Corso and
Company to perform its audit. Corso and Company will provide
audited financial statements for fiscal years 2011 & 2012, a
reviewed statement for the six month period ended June 30, 2013, as
well as, the completion and filing of corporate tax returns for the
last four years. The audit is progressing and should be completed
by the end of November, allowing the Company to file its Form 10,
"up list" and regain its full reporting status.
Becoming fully reporting with our shares registered is extremely
important to the growth of the Company. It will provide us
credibility in the marketplace, allow us the ability to use stock
for acquisitions, as well as, support a higher market
capitalization.
Shea concluded "While events are happening on a slower pace, the
Company is moving forward. From a CEO perspective, I have failed in
my pledge to full transparency. There are several internal issues
that need to be resolved, primarily with debt holders that are
nearing completion. Regardless, beginning Monday, shareholders and
the investment community will be able to find the most current
share structure on the Company's website (www.gdsmholdings.com) in
addition to OTC Markets."
As of October 31, 2013, the common stock outstanding is
2,365,887,086.
ABOUT GOLD COAST MINING
Gold Coast Mining Corp. is a holding company with interests in
the mining and energy sectors. The Company's goal is create a
vertically integrated oil division and continue its diversification
into other high growth industries. The primary goal is generate
cash flow to sustain and grow profitability.
Follow us on Twitter at http://twitter.com/GoldCoastMining
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.
CONTACT: Michael Shea Gold Coast Mining Corp. Phone:
(203) 210-5614 Email:
Michael.shea@gdsmholdings.com
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