BOCA RATON, Fla., March 27, 2012 /PRNewswire/ -- Gold Coast Mining Corp. (Pink Sheets: GDSM) announced today the following corporate update.
Western Sierra has reported that a complete survey of the Gold Crown and GS 1-4 properties in Skull Valley, Arizona has been conducted over the last several weeks in preparation of identifying the specific corners of the four GS claims that are administered by the BLM and the larger Gold Crown property administered by the Arizona State Trust.
Michael Chaffee, president of Western Sierra, commented - "This is the significant step in transferring the claim map coordinates to actual locations on the ground. While we have good information as to the general locations, we needed to stake all the corners within a few feet and establish the corresponding GPS location points. This information along with mapping specific sample sites which is anticipated to be completed in April will be a major foundation in filing for the initial permits to begin the testing process with both the BLM and the State of Arizona."
The joint venture is moving forward as scheduled. Gold Coast will be issuing frequent updates over the next several weeks as its mining efforts progress.
Management will be taking several actions over the next 2 weeks to enhance shareholder communications and updates as the process of developing its claims progresses. The development of mining claims is an involved process with many steps, which at times could be confusing or misleading (good or bad) to the shareholders of the Company. Therefore, in addition to expanding the Company's social media presence and communications, the Company will be updating its website with general information regarding gold and the mining process. A blog and regular postings to the site will keep the shareholders informed as to how and where the Company is in that process.
Marc Lovito, President of Gold Coast, stated, "It is important to us that our shareholders are informed and educated on what the mining process involves and how we are doing along that process. It is our opinion that the more our shareholders know about mining, the better understand they will have of what they own and where the Company is heading. While the beginning phases may seem slow and insignificant, they are critical to moving on to the larger more significant steps like production."
DEBT SETTLEMENTS, SHARE STRUCTURE
The management of Gold Coast has and continues to maintain the goal of settling past obligations and funding its joint venture project within its current authorized shares and without any toxic financings or reverse splits. In keeping with that agenda, the Company has settled several past obligations of the Company that would have totaled $25,000 and up to 300mm in share issuances. These obligations were settled for the issuance a 50mm new shares as well as the repurchase by the Company of 25mm previously issued shares for a purchase price of $50,000. As a result of these settlements and the repurchase of 25mm previously issued shares, the Company has 629,887,086 shares outstanding. The Company does not foresee the need for any additional share issuances in the near term other than, when eligible, the exercise of the warrants and 40mm preferred shares that are part of funding the Company's Gold Star joint venture. As previously announced, there are 10mm warrants exercisable at $.10 per share and 10mm warrants exercisable at $.15 per share. The 40mm preferred shares are convertible on a 1 for 1 basis.
Lovito continued, "These settlements are a significant accomplishment for the Company and represent a strong commitment and belief in what we are doing by the parties accepting the settlement. Our goal here was not only to resolve past issues, but in the process show our shareholders how committed we are to preserving our share structure and building shareholder value."
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 is currently at 629,887,086. 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.