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.
Gold Star
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
www.GoldCoastMining.com
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.
Gold Coast Mining. Contact:
Marc Lovito
Phone: 800-291-9321
Email: marclovito@goldcoastmining.com
Twitter: @GoldCoastMining
Visit Us on Facebook : Gold Coast Mining (Pinks: GDSM)
SOURCE Gold Coast Mining Corp.