Gold Coast Mining updates gold star progress identifies additional acquisition
Tuesday, Jul 31, 2012
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.
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.
Source: Gold Coast Mining Corp.