Gold Coast Mining Announces Progress and Updates On Mining Joint Venture
BOCA RATON, Fla., May 17, 2012 /PRNewswire/ -- Gold Coast Mining Corp. (Pink Sheets: GDSM), is pleased to announce today significant progress in its goal to develop its Skull Valley, Arizona claims along with its joint venture partner, Western Sierra Mining.
Since completing its previously announced milestones (initial surveying, staking and preparation for sampling), the joint venture has taken several steps forward in its plans to develop the Gold Crown and GS 1-4 properties. After the initial surveys, research and sampling programs Western Sierra has decided to narrow its focus for the larger sampling program to a specific area of 316.45 acres of the initial claims. It is the belief of both companies that this area is of higher significance regarding mineralization and therefore this is where resources should be concentrated to maximize results. Marking and flagging of additional sampling sites within this area has been completed with crews being scheduled to take samples for further processing.
Additionally, the joint venture announced that Western has received approval for the Mineral Exploration Permit which allows for further sampling and exploration of the claims.
Approval has also been received from the State of Arizona for our Plan of Operation and the joint venture has refilled the state leases for the year 2012-2013.
Marc Lovito, President of Gold Coast, stated, "This is exciting, significant progress towards the goal of developing our claims. Each of these steps brings us closer to moving into the production phase of our plans."
"Our plan and objective for the next portion of the development is to prepare and complete the larger sampling program so as to be able to focus our NOI with BLM and the expanded Mineral Exploration Permit with the State."
Lovito continued, "We appreciate the support of our shareholders and will continue to work on their behalf to build value. We will use Twitter and Facebook for updates that are not part of our press releases. These tools are a great way to let the shareholders know we are working and things are progressing, even in the absence of press releases every other day or week."
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.
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.
Gold Coast Mining. Contact: Marc Lovito
Phone: 800-291-9321
Email: [email protected]
Twitter: @GoldCoastMining
Visit Us on Facebook : Gold Coast Mining (Pinks: GDSM)
SOURCE Gold Coast Mining Corp.
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