Good job, Rocketeers. This one is going to go so high going to need oxygen.... enjoy the flight...
Gold Coast Mining Announces Corporate Update
Boston, MA., December 21, 2011 – Gold Coast Mining Corp. (Pink Sheets: GDSM), announced today the following corporate update:
Joint Venture Projects
As previously announced, the Company had entered into 2 joint venture mining properties with Western Sierra Mining. To date, the Company has experienced difficulty in securing enough shareholder-friendly capital to get the mines into production. Most opportunities for funding involved reverse splits, substantial dilution and “floorless” convertible debentures. Although the capital needed would be in place, it would be counter productive to the current shareholder base. The Company has and will continue to avoid these types of financing sources. The Company continues to work with its joint venture partners to bring one or more projects into production.
Corporate Filings
A tough economic environment for capital and strains on the Company’s resources caused Gold Coast to become delinquent on its disclosure and financial filings. The lack of current information moved the Company from CURRENT INFORMATION on the Pink Sheet system to STOP, making it that much more difficult to secure capital.
Over the last six months, Gold Coast Mining has been working diligently to bring its financial filings and disclosures current on Pink Sheets. The Company has filed all delinquent reports up to and through the period ended June 30, 2011. The September 30, 2011 Quarterly Report will be filed in the next few days. This is the only remaining filing necessary to satisfy the requirements for CURRENT INFORMATION status on the Pink Sheet Teir system.
In the last quarter, a total of 125mm new shares were issued to eliminate debt and secure capital for legal, accounting, Pink Sheet Subscription fees and other necessary expenses to bring the Company’s filings current. As of this date, the capital structure of Gold Coast Mining is 579,887,086 shares issued and outstanding with 380,018,336 shares held in CEDE & Co (the tradable float).
Short Term Agenda
Recently the Company has been working with its partners to select and come to terms on a property that will have the funding commitment and structure in place that is beneficial to its shareholders. It is expected that the details of the project including timelines and structure will be forthcoming as they progress over the next several days and weeks. While the Company may need to issue shares as debt is settled and it moves towards mining production, management has been and remains commited to no reverse splits and/or toxic financings as part of this process.
Additionally, the Company is in the process of securing a legal and accounting team to audit the Company’s books and records. This team will work expeditiously to make Gold Coast a fully-reporting company and move to the OTC Bulletin Board Listing Teir. It is important that the Company seek to upgrade its listing status as its mining activities progress. This will make capital in the future not only easier to obtain, but cheaper to the shareholders.
In closing, management will continue to push its potential projects forward, keep disclosure filings current and settle open debts/obligations. Management is commited to building shareholder value through acquisition and mining development. Regular updates and progress will be forthcoming.
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 had previously secured 2 joint venture opportunities, the Oro Cache Mine and the Eagle Mine. Gold Coast is a 50% revenue sharing joint venture partner in both projects.
To date, Gold Coast has been unable to secure financing for these joint venture projects that it feels is favorable to its shareholders. Management continues to pursue capital and other potential joint venture opportunities. Currently management is working with Western Sierra Mining to secure and finalize a project, 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
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