Gold Coast Mining Announces Corporate Update

BOSTON, Feb. 2, 2012 /PRNewswire/ -- Gold Coast Mining Corp. (Pink Sheets: GDSM) announced today the following corporate update.

GOLD STAR JOINT VENTURE

As previously announced, Gold Coast and Western Sierra Mining have executed a Memorandum of Understanding for a joint venture on Western's Gold Star claims. Gold Coast is pleased to report that parties have agreed to the terms (participation percentage, purchase price, etc.) of the joint venture and are currently awaiting final draft and approval from the respective parties legal counsel.

The Gold Star Mine, currently owned by WSRA, consists of up to 5 unpatented claims on over 300 acres near Prescott, Arizona.

The claims show Ore Reserves of 6.75 million cubic yards of ore.  The average ore tenor is 0.025 oz/yd.  or 168,750 total ounces of gold.  An unusual and significant attribute of the Gold Star property is that the mineralized black sands, unlike most, appear to contain substantial gold values. Limited testing has shown these values to be fairly uniform across the claims.

According to the Jenkins Technical Summary:  "If the hi-bar deposits contain (mineralized black sand) gold values throughout, the potential may be staggering, and could far outweigh the free gold placer material."

Marc Lovito, President of Gold Coast Mining, stated, "We are very pleased with the progress that is being made to move Gold Coast forward and build shareholder value in the process.  We look forward to the Gold Star property being the cornerstone and foundation for the future growth and expansion of Gold Coast."

SHAREHOLDER COMMUNICATIONS

In anticipation of execution of the Joint Venture Agreement and the start of work on the Gold Star Mine, the Company has launched several initiatives to keep their shareholders updated. Some of the shareholder communication platforms that the Company has launched include a Twitter account (@GoldCoastMining) and a Facebook Fan Page (Gold Coast Mining Corp.). These platforms are set up and will be active within the next 24-48 hours. The Company plans to use these platforms to keep its shareholders updated on a regular basis regarding the daily or weekly progress of its mining activities.

Additionally, the Company has retained a web development company to create its website (www.goldcoastmining.com) with blogs, pictures, video, etc. The Company anticipates a launch over the next 24-48 hours as well.

SHARE STRUCTURE

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.

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.

SOURCE Gold Coast Mining Corp.