BOCA RATON, Fla., Aug. 14, 2012 /PRNewswire/ -- Gold Coast Mining Corp. (Pink Sheets: GDSM), is pleased to announce today that the Company has entered an Agreement with Western Sierra Mining ("WSRA") to purchase and develop the Azurite Property, which includes the following patented claims: Azurite, New Era, NIWOT Millsite, Little Kid, Wren and Jayhaker.
Under the terms of the JV, Gold Coast will have a 50% working interest in the Azurite property in exchange for funding assistance to bring the claims into production. Additionally, Gold Coast has an option to acquire 50% ownership of the property. Azurite will be operated under a sublease agreement, with any and all sublease payments being applied 100% to the purchase price. The purchase price of the 50% ownership interest in the claims is $4.5mm.
Gold Coast has also made payment of the initial $50,000 required under the conditions of the Agreement. The Company is currently in discussions with its investors from Gold Star, to work together on bringing the Azurite development forward. The Company and the investors are in agreement on Gold Coast's continued commitment to develop these projects while avoiding toxic financing and/or a reverse split. Therefore, the funding and acquisition of Azurite will be approached within the framework of those commitments. The Company will be updating shareholders regularly with information pertaining to Azurite, funding schedules, financing structures/plans and our Gold Star joint venture.
Marc Lovito, President of Gold Coast Mining, stated "We, along with our investors and partners, realize that we have a tremendous potential opportunity here with Azurite. With all of the historical data that exists, recent gold prices and the ability to move from the completed funding phase to the production phase in such a short period of time, we can't help but to be excited."
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 654,887,086. 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.
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
Email: [email protected]
SOURCE Gold Coast Mining Corp.