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I have added SIRG shares every month, no problem averaging up on SIRG. And while it has been very good to us in 2012, the best is yet to come in 2013.
I do recall that post on the GDSM board and it has been proven to be false information since it was posted on April 24th and we know the POO was approved in May.
I do have a problem with a CEO responding to emails on a weekend and as hard as he had been working hauling those 5 gal. buckets he needs the weekend off to rest!
Mr. Chaffee did a shareholder report and it was posted on the WSRA website and dated June 30, 2012. Since the transfer and permit occurred in April/May, clearly he has no intention of revealing that the Gold Crown Lease has been removed from the JV since the JV is between WSRA and GDSM and not Mr. Chaffee.
I do wonder what the legalities are for a CEO to transfer an asset out of his company to himself??
Excellent question - what did WSRA spend on the exploration of the two mining properties?
We know the POO cost $300 and those buckets are $4.99 at any hardware store. Shovels run around $15-$20 for good ones.
Will there be an accounting of the exploration costs?
Do they have the exploration permits for the Gold Star? When did they apply for them? Has the bugs bunny study been done and submitted? Have water permits been done?
There is no problem driving on a dirt TRAIL with an ATV. Done it several times in that area with cousins who live in Prescott! That is the Gold Star that is on BLM land and NOT on Arizona State Trust land.
These are or were, two totally different mining properties in the GDSM/WSRA JV.
The Gold Crown is NOT A CLAIM - IT IS A LEASE. AZ land is controlled by the state and the POO clearly states NO MOTORIZED vehicles or equipment! The lease can be cancelled.
The Gold Star is on BLM land and they can drive all over it, just not damage native plants.
If they drove that ATV on Arizona trust land and someone caught them - that is a violation and that lease could be cancelled in a heartbeat!
Dale released 2 pump PRs last May to support the pump and look what happened to the GEAR stock price! Not sure GEAR investors can handle another PR unless it is a steak instead of a bone!
When is GEAR going to uplist off the pinks? Have they hired an authorized accounting firm yet? Maybe that was just another BS fluff.
Any word on the Silver Cord mine that was to produce immediate revenues last Oct?
You are of course assuming that there would be a need for increasing the A/S which is not proven. The other reason to increase the A/S is for a JV or acquisition - happens all the time.
With funds in hand soon, SIRG will pay off the notes and continue on their target for Jan/Feb production.
Fact the well on the Gold Star could have been drilled 100 yrs ago and recently modernized. Farmers were drilling wells in the 1900s and they didn't have power equipment.
The Gold Star has 2 wells - all they need to do is apply for permits. They can still work the Gold Crown if they can get a mining permit using dry washing.
There's those 5 gal buckets again! They really are used on many mining claims.
Here is a video for you to see how its done.
There are roads on the BLM Gold Star claims. Actually they are more like ATV trails and getting equipment in there could be difficult. But no problem GDSM says they are going to be doing small scale mining so all they needs is small equipment.
There are NO roads on the Arizona State Trust Lands. No motorized equipment is allowed on the trust lands thus no need for roads.
The actual well on the GDSM/WSRA BLM claims could have been drilled years ago using a horse drawn rig! This is and was grazing land and farmer drilled wells a hundred years ago without any motorized equipment. Wells are still drilled this way in remote areas today.
Since the mining claim is for minerals, they will need a permit to draw water.
Pictures from GDSM's FB page show there are already "roads" on the Gold Star so that should not be an excuse for further delays.
The warning sign and marker are clearly visible. It must have been hell hauling those 5 gal. buckets over that terrain.
Arizona State Trust lands are not "public lands", as are Federal lands under the management of the U.S. Forest Service or the Bureau of Land Management. Federal "public lands" are managed for the benefit and use of the public, while State Trust lands are managed for the benefit of 13 Trust beneficiaries, which include the public schools and prisons.
If a person knows or suspects that an illegal activity is occurring on State Trust land, they should call their local law enforcement agency (city or county) and report the incident. City, County and State law enforcement agencies have authority and responsibility to enforce laws on State Trust land.
http://www.land.state.az.us/support/faqs.htm
They like to call those GDSM reports "filings" because that sounds more legit. They are actually Quarterly Disclosure Statements
and signed by someone who may or may not even be a CPS but that person has the title of CFO.
Gold Coast Mining Corp.
Quarterly Disclosure Statement
March 31, 2012
http://www.otcmarkets.com/financialReportViewer?symbol=GDSM&id=83293
GDSM will not be building roads on the Arizona State Trust Land! There are no motorized vehicles allowed so what good would roads do anyhow?
Roads can be built on BLM land but sometimes the restrictions are extreme.
One company had to dig up the plants and plant them in another location so they could be replanted during the reclamation process!
God forbid those plants die while under the company's care.
The facts are the facts and the Gold Crown Lease, now owned by Mr. Chaffee is probably worthless. Someone needs to contact BLM Phoenix as see if WSRA has applied for or received exploration permits.
You guys should take a look at this sudden hi-flyer.
http://www.energydigital.com/press_releases/alternative-energy/worthington-provides-progress-update-on-i-1-well-platform
SIRG SHARE STRUCTURE
Authorized shares 440,000,000
Total issued and outstanding: 335,620,287
Total restricted: 51,485,000
Insiders and long term investors: 70,000,000
When you subtract the restricted and insiders shares the float is very tiny and and getting tighter as more SIRG longs will continue to hold because we know what we invested in.
Ex-homeless 'truly running a company' - CREATING JOBS
Local non-profit trains, hires for bath/beauty line
The Republic | azcentral.com
Food, water and shelter restore health. But the pride and dignity from a job well done restore life."
That's the principle driving Just B - B Just, a Phoenix-based, non-profit bath and beauty products company run almost entirely by individuals who used to be homeless.
The company's line of soaps, shower gels, lip balms and candles are available at Whole Foods Market at Tatum and Shea boulevards, and by the end of the month, at the store at Mayo Boulevard and Scottsdale Road, both in Phoenix.
The company is operated by Lodestar Day Resource Center, 1125 W. Jackson St. Lodestar is one of 16 agencies housed on the 11-acre Human Services Campus in Phoenix, which aids the Valley's homeless community.
"Everything in some form that we do, at least the final processing, is done right here in downtown Phoenix," said Michael Tapscott, special projects manager at the resource center. "Truly, 100 percent goes back into the non-profit company that hires homeless individuals and trains them."
Shannon Felty, left, and Fabian Bennett of Just B - B Just distribute brochures about the non-profit bath and beauty company, which aids the homeless, at Whole Foods Market in northeast Phoenix.
Read more: http://www.azcentral.com/business/articles/20120719ex-homeless-truly-running-company.html#ixzz21NjBe6H1
Tapscott hopes getting Just B - B Just products in retail outlets spurs growth.
"I want them to participate in making successes and failures," he said of Just B - B Just's four employees and numerous volunteers. "They're truly running a company."
Just B - B Just seeks to end the cycle of poverty and homelessness by employing homeless individuals and then training them in business, social and life skills.
"It's a true non-profit business that provides both an immediate and long-term solution to homelessness," Tapscott said. "We believe that the long-term solutions towards ending homelessness are educating people in business, life and social skills."
Every product of Just B - B Just is produced, at least in part, at the Human Services Campus, but Tapscott said the skills the company teaches go beyond selling grooming products.
"Selling soap is the same as selling cars, as selling computers. Essentially, there's no difference," he said.
Just B - B Just employees learn about profit-margin statements, computer skills and other employable skills, Tapscott said.
"When you live on the streets, you're no better or worse than anyone else, but you learn a different skill set -- survival," he said. "So when people come on to Just B, we try to teach them the skills that most of us were taught by our parents and early employers that we don't even think about."
A significant amount of training is spent on teaching the life and social skills that job seekers need to interact appropriately in the workplace.
"We believe that those are what keeps this disenfranchised population out of mainstream society. It keeps them out of all sorts of stuff," Tapscott said.
The earliest days of Just B - B Just began about three years ago, when Nancy Gerlach, who was once homeless, suggested the idea.
"The LDRC started it; she came up with the idea and got it rolling, but I think it was her original thought," Tapscott said.
The product was first presented at a private corporate event, where it was a hit. Since then, Just B - B Just products have been sold at farmers markets, other private events and some small businesses, he said. The positive response encouraged Lodestar Day Resource Center to contact Whole Foods.
"They were extremely receptive to find out what we did," Tapscott said. "They weren't ready to take our product right away, but they jumped on the bandwagon and wanted to know more."
Theresa Sarna, marketing supervisor of Whole Foods, said supporting a company that provides jobs for the homeless aligns well with the grocery chain's mission of supporting socially conscious businesses.
"For us to bring Just B into the stores is a no-brainer. It just made sense. It's a perfect partnership," she said. "It's something our customers can purchase and get a great quality product while directly affecting their local community."
According to the company, the purchase of two bottles of lotion provides an hour of management training for the staff. One bar of soap provides four days of public transportation for a homeless person.
Years ago, Shannon Felty was unemployed and homeless with limited options.
Felty walked away from her six-year purchasing career to take care of her lupus. At the time, she was relying on a boyfriend to support her. When the relationship turned abusive, she left.
"The day that I realized I was homeless, I did a Google search for 'homeless Phoenix Arizona,' " she said.
Felty eventually found a place to live at UMOM, a Phoenix women's shelter that in 2010 introduced her to the Human Services Campus. Tapscott began giving Felty free rein to use her skill set.
"I started doing whatever I could in terms of volunteer work on Human Services Campus trying to keep myself busy," she said.
Now, the 36-year-old Felty works at Just B - B Just. She hopes to help others make the transition to self-sufficiency.
"I do a lot of the merchandising, a lot of the clerical work. I have a purchasing background and am familiar with shipping and procedures. I have a business background, so I help to train employees," the south Phoenix resident said.
"In this economy, where so many people are looking for work and not enough jobs going around, it's great for us to be able to extend an invitation for people to come up and learn business skills," Felty said.
http://www.azcentral.com/business/articles/20120719ex-homeless-truly-running-company.html#ixzz21NiPA2Lj
Read more: http://www.azcentral.com/business/articles/20120719ex-homeless-truly-running-company.html#ixzz21Ni88eXP
Ex-homeless 'truly running a company' - CREATING JOBS
Local non-profit trains, hires for bath/beauty line
The Republic | azcentral.com
Food, water and shelter restore health. But the pride and dignity from a job well done restore life."
That's the principle driving Just B - B Just, a Phoenix-based, non-profit bath and beauty products company run almost entirely by individuals who used to be homeless.
The company's line of soaps, shower gels, lip balms and candles are available at Whole Foods Market at Tatum and Shea boulevards, and by the end of the month, at the store at Mayo Boulevard and Scottsdale Road, both in Phoenix.
The company is operated by Lodestar Day Resource Center, 1125 W. Jackson St. Lodestar is one of 16 agencies housed on the 11-acre Human Services Campus in Phoenix, which aids the Valley's homeless community.
"Everything in some form that we do, at least the final processing, is done right here in downtown Phoenix," said Michael Tapscott, special projects manager at the resource center. "Truly, 100 percent goes back into the non-profit company that hires homeless individuals and trains them."
Shannon Felty, left, and Fabian Bennett of Just B - B Just distribute brochures about the non-profit bath and beauty company, which aids the homeless, at Whole Foods Market in northeast Phoenix.
Read more: http://www.azcentral.com/business/articles/20120719ex-homeless-truly-running-company.html#ixzz21NjBe6H1
Tapscott hopes getting Just B - B Just products in retail outlets spurs growth.
"I want them to participate in making successes and failures," he said of Just B - B Just's four employees and numerous volunteers. "They're truly running a company."
Just B - B Just seeks to end the cycle of poverty and homelessness by employing homeless individuals and then training them in business, social and life skills.
"It's a true non-profit business that provides both an immediate and long-term solution to homelessness," Tapscott said. "We believe that the long-term solutions towards ending homelessness are educating people in business, life and social skills."
Every product of Just B - B Just is produced, at least in part, at the Human Services Campus, but Tapscott said the skills the company teaches go beyond selling grooming products.
"Selling soap is the same as selling cars, as selling computers. Essentially, there's no difference," he said.
Just B - B Just employees learn about profit-margin statements, computer skills and other employable skills, Tapscott said.
"When you live on the streets, you're no better or worse than anyone else, but you learn a different skill set -- survival," he said. "So when people come on to Just B, we try to teach them the skills that most of us were taught by our parents and early employers that we don't even think about."
A significant amount of training is spent on teaching the life and social skills that job seekers need to interact appropriately in the workplace.
"We believe that those are what keeps this disenfranchised population out of mainstream society. It keeps them out of all sorts of stuff," Tapscott said.
The earliest days of Just B - B Just began about three years ago, when Nancy Gerlach, who was once homeless, suggested the idea.
"The LDRC started it; she came up with the idea and got it rolling, but I think it was her original thought," Tapscott said.
The product was first presented at a private corporate event, where it was a hit. Since then, Just B - B Just products have been sold at farmers markets, other private events and some small businesses, he said. The positive response encouraged Lodestar Day Resource Center to contact Whole Foods.
"They were extremely receptive to find out what we did," Tapscott said. "They weren't ready to take our product right away, but they jumped on the bandwagon and wanted to know more."
Theresa Sarna, marketing supervisor of Whole Foods, said supporting a company that provides jobs for the homeless aligns well with the grocery chain's mission of supporting socially conscious businesses.
"For us to bring Just B into the stores is a no-brainer. It just made sense. It's a perfect partnership," she said. "It's something our customers can purchase and get a great quality product while directly affecting their local community."
According to the company, the purchase of two bottles of lotion provides an hour of management training for the staff. One bar of soap provides four days of public transportation for a homeless person.
Years ago, Shannon Felty was unemployed and homeless with limited options.
Felty walked away from her six-year purchasing career to take care of her lupus. At the time, she was relying on a boyfriend to support her. When the relationship turned abusive, she left.
"The day that I realized I was homeless, I did a Google search for 'homeless Phoenix Arizona,' " she said.
Felty eventually found a place to live at UMOM, a Phoenix women's shelter that in 2010 introduced her to the Human Services Campus. Tapscott began giving Felty free rein to use her skill set.
"I started doing whatever I could in terms of volunteer work on Human Services Campus trying to keep myself busy," she said.
Now, the 36-year-old Felty works at Just B - B Just. She hopes to help others make the transition to self-sufficiency.
"I do a lot of the merchandising, a lot of the clerical work. I have a purchasing background and am familiar with shipping and procedures. I have a business background, so I help to train employees," the south Phoenix resident said.
"In this economy, where so many people are looking for work and not enough jobs going around, it's great for us to be able to extend an invitation for people to come up and learn business skills," Felty said.
http://www.azcentral.com/business/articles/20120719ex-homeless-truly-running-company.html#ixzz21NiPA2Lj
Read more: http://www.azcentral.com/business/articles/20120719ex-homeless-truly-running-company.html#ixzz21Ni88eXP
SIRG has assembled an outstanding International Senior Management team. None of them have ever been charged with any crime, unlike other stocks we follow.
Let's be clear. Those Financial Reports that GDSM has paid pink sheets to post are NOT FILINGS. They are not FILED with any SEC regulatory agency.
I, Marc Lovito, have reviewed this March 31, 2012 Quarterly Disclosure Statement of Gold Coast Mining Corp.
Even Marc knows it is only a "Disclosure Statement" and NOT a 10Q filing!
And who is Michele Driscoll-Hinton, CFO? What qualifies her to serve as CFO? Is she a registered CPA? Again a total lack of transparency on who the officers and board members of GDSM are!
Hopefully this will help SIRG speed up the permit approval process and the DEIS will be quickly approved.
The House approved a bill (H.R. 4402) last week to exempt the mining industry from environmental review. Cloaked as a bill about increasing production of strategic minerals, this legislation is actually about ignoring the serious impacts that mining can have on public health, clean water and taxpayers.
It will exclude mines from one of our most important environmental laws that requires a thorough environmental impact study.
The mining industry already enjoys free and open access to hard-rock minerals on public lands — minerals they receive for free (no royalties) under the antiquated 1872 Mining Law. In addition, federal law already prioritizes mining as “the highest and best use” of public land.
Yet, this bill proposes to go one step further and allow the agencies to exempt major mine operations from the federal environmental review process — the National Environmental Policy Act. This is the law that requires agencies like the Forest Service and Bureau of Land Management to evaluate the impacts of a mine proposal, and take that information into consideration in the permitting process.
The environmental impact statement is a crucial part of permitting because it allows the public to comment on the project, and those comments frequently result in mitigation measures that reduce impacts and conflicts.
There’s no denying that major mines have severe impacts. Take the Zortman Landusky mine in Montana, which has polluted a dozen streams in the Little Rockies and will require expensive, taxpayer-funded water treatment in perpetuity.
Consider the Formosa mine in Oregon, where over 18 miles of salmon streams are contaminated with toxic metals, or the Jerritt Canyon here in Nevada, which was the largest source of mercury air pollution in the U.S. for years. We already have many legacy sites in Nevada, such as the disastrous Paradise Peak mine, which contains a dangerous pit lake and large amounts of unreclaimed waste rock dumps and a tailings impoundment that require long-term management.
The mining industry claims that the permitting process should be streamlined to expedite mining. Yet, the federal government already has the authority to fast-track a permit if impacts are minimal.
This is an extreme and unnecessary bill that simply benefits the mining industry over public health and protection. The environmental review process is essential to ensuring that mining corporations operate responsibly. Nevada has a very strong mining industry, and has existed under NEPA review and is doing fine. There is simply no reason to exempt mining from a thorough environmental analysis.
http://www.rgj.com/article/20120722/OPED03/307220039/No-reason-exempt-mines-from-review?nclick_check=1
Good morning silvergun,
As promised, here is the proof that the Nevada SOS was indeed notified by Mr. J. Rod Martin on April 24, 2012 at 10:05 AM that there was no change in the A/S as so many of the previous posters claimed.
Why Nevada has failed to update their files after so many months is unknown but they have been alerted to their failure to maintain their registration files.
GDSM did make tons of money for traders and flippers who took their profits and left. Look at the posters from Jan, Feb and Mar who have not posted since then because they are gone. They moved on to the next momo play.
Those who "invested" since then have lost a lot of money. GDSM has dropped 32.73% in the last 8 days of trading. Unless people were able to short GDSM, they have lost a lot of money.
And if there is no PR early next week or if the sample results are bad, they will lose a lot more. GDSM is extremely high risk.
GDSM investors have taken a beating since April and sadly the facts are now being exposed about Mr. Chaffee and the Gold Crown Lease. The traders hit the exits the end of Feb. leaving many behind to lose their money.
The research and DD on GDSM was very poorly done and based mostly on promotional material from Don Jenkins while he tried to see the mine. Most investors have been blind to the facts. Further false and misleading posts only continued to keep investors onboard holding with hope!
There are no proven reserves and the numbers from Jenkins site and his mine claim selling site are false and potentially fraudulent.
The facts are that only 5 gal buckets can be used to haul gravel off the 300+ acre claims and only 50 of them. Imagine if you had some 300 acres and could only take 50 samples, where do you start? that means that over 200 acres remain unsampled and one of them could contain the "mother lode".
NOTE: Look at the date of this letter - April 19, 2011! Clearly this was being prepared long before the JV with GDSM was announced.
This testing program can best be described as a "Mickey Mouse" operation.
The Chloride Copper Mine is a fully developed oxidized copper ore body with complete solvent extraction and electro-winning plants. The copper deposit is classified as an exotic oxide copper where the copper mineral Tenorite acts a cement binding fragments in basal pediment conglomerate.
The geological reserve (proven, probable and possible) is 2.6 million tons grading 0.56% copper in-situ. The project also has 1.2 million tons of tailings grading 0.22% copper. The proven and probable reserve at the site, including tailings hosts 22.3 million pounds of copper using a 70% recovery factor in year one, 10% in year two and 5% in year three. The mining method used is open pit and the stripping ratio is 1.3:1, waste to ore. The project is currently on care and maintenance. The first two years of stripping will be minimal since the pit hosts approximately 860,000 tons of pre-stripped ore, the bulk of which has already been drilled and blasted, ready for mining.
Of the 22.3 million pounds of recoverable copper, 15 million pounds is considered to be ‘easily recoverable’ and includes approximately 5 million pounds contained in tailings. The processing plants are designed to produce 8,000 pounds of premium grade cathode copper per day, grading 99.99% purity. Approximately 75% of the equipment required to expand the plant capacity to 15,000 pounds per day has been purchased and is on site, ready for installation. The cost of this expansion is included in the Capital Cost Section of this study.
The Chloride ore body hosts approximately 15 million pounds of easily recoverable copper in ore in the fully developed pit. The operation will commence by mining pre-stripped ore in the pit bottom, using the 825 series mine plans which contemplate the mining of 900,000 tons without major push-backs in the pit.
The 825 mine plan is included in the section titled ‘Mine Plans’. Year One and Two will focus on mining 586,000 tons in the pit bottom which has zero stripping, has already been drilled, blasted and acidified. The availability of this ore will significantly decrease operating costs during the first two years of operations.
At approximately mid-Year Two, the limited push-backs in the 825 Mine Plan will commence to expose additional ore without significant stripping costs. Upon completion of the 825 Mine Plan, the mining will shift to the $1.15 pit with stripping ratio increasing to 3:1, waste to ore, exposing approximately 1.5 million additional tons of ore, depending on future prices.
Ore will be mined, crushed, agglomerated, acid cured and trucked to the new 350,000 square feet area to accommodate the remaining ore. Oxidized copper contained in the ore will be leached using a dilute solution of sulfuric acid, containing approximately 10 grams of sulfuric acid per liter of solution.
The acid reacts with the copper in the rock to produce a soluble copper sulfate which discharges to a lined collection ditch and runs to a pregnant leach solution (PLS) pond. This pond feeds the Solvent Extraction Plant. The copper is extracted using a commercial organic reagent in a kerosene organic solvent at approximately 7% reagent. This step is followed by a stripping step whereby the loaded organic is stripped using strong acid from the Electro-winning Plant. The Solvent Extraction step increases copper concentration from 1.5 grams of copper per liter in the PLS to 34 grams per liter in strong electrolyte.
The rich electrolyte is then pumped to the Electro-winning Plant where copper is electroplated from solution to form 99.99% pure copper cathode as the final product. Copper is stripped manually from stainless steel starter sheets, stacked, weighed and banded for shipment. For each pound of copper produced in electro-winning, 1.5 pounds of sulfuric acid is regenerated for subsequent use in leaching. This technology is proven and widely used with 30% of world copper production being generated in this way.
The Chloride Copper mine is located in northwestern Arizona approximately 15 miles northwest of Kingman. It is reached by following Highway 93 northwest from Kingman and then turning east just south of the town of Santa Claus and following a gravel road to the mine.
The Project is fully developed for operation. Approximately $2.6 million worth of infrastructure is in place at the mine, and processing facilities. Prior to restart of operations, additional capital will be required to complete rehabilitation of existing facilities to ‘like new’ condition and to expand the existing solvent extraction and electro-winning plants to produce 15,000 pounds per day of cathode copper.
This estimate assumes that the project will be mined by Desert Construction of Kingman miner will receive a fixed payment per ton of material mined and they will furnish the required equipment for mining at his cost. Currently, the project has installed a lined PLS collection pond, a lined raffinate pond, solvent extraction and electro-winning plants, office, shop, warehouse and laboratory.
Ample water is available for operations. The company has right-of-way permits to three water wells and may lease more. This lease may be renewed in perpetuity.
The Chloride Copper property consists of 7 unpatented lode claims and 15 mill-site claims and 3 well site claims in sections 22 and 27, Townships 23N, R18W, Wallipai District, Mohave County, Arizona (Figure 1). The total area owned by SGV Resources at the Chloride Copper property amounts to approximately 154 acres.
There are no royalties or other residual interests to any third parties.
The U.S. Bureau of Mines reports indicate that a total of 1,400,000 tons were mined grading 1.0% copper during its ownership of the property. They reported copper recovery of 80% which correlates with the copper grade and tonnage of the tailings pile. An additional 235,000 pounds of copper as cathode copper was produced by TSC Enterprises following completion of the SX/EW plants.
The tailings produced by El Paso/U.S. Bureau of Mines are stored on site and contain 0.2% copper, or four pounds of copper per ton of tailings.
The Chloride copper deposit is located in the Sacramento Valley, half a mile from the west face of the Cerbat Range. Its geologic setting is an alluvium covered, gradually sloping pediment. The relief is low and undulating due to protruding bedrock and erosional dissection. This dissection, which is recent, is caused by ephemeral stream action commencing on the slopes of the Cerbat Range at the alluvium-bedrock contact and winding west and southwest into the Sacramento Valley.
The Cerbat Mountain Range.
The alluvium in the vicinity of the mine represents older alluvium, as does the bulk of the detrital apron flanking the range.
The terrace beds and dissected portions of the apron reveal poorly sorted, mixed deposits of angular to sub-angular sand, pebbles, cobbles and boulder (up to 15 ft), representing all the rock units in the Cerbat Range. Crude stratification exists in some places, but the bulk of the apron flanking the range is largely mixed and unconsolidated.
The alluvial veneer at the Emerald Isle deposit has been consolidated by mineralizing solutions to form the blanket of copper mineralization. The salts and clays eroded from the Ithaca Peak porphyry alteration halo surely contributed to the bonding of this detrital material. The U.S. Bureau of Mines refers to the mineralized portion of the consolidated veneer at Emerald Isle Mine (“EIM”) as the Gila Conglomerate, while everything above it is referred to as alluvium.
The source of the EIM mineralization is the low grade porphyry type mineralization at the head of Alum Wash, 1-1/2 miles NE of the deposit. Tenorite (CuO) is common and minor cuprite (Cu2O) and dioptase (CuSiO2(OH)2 have been identified. The copper mineralization occurs in fractures and as an interstitial cementing medium along with fine sand and clay. Oxides of iron and
manganese are also frequently found in many fractures. All of the copper mineralization is secondary and the ore body is considered to be “exotic” in nature.
The most obvious structural feature at the mine site is the Chloride Copper fault. The fault is normal and has a vertical displacement of about 105 feet and an unknown horizontal displacement. The fault is arcuate to the west. In the NE corner of the pit, the strike is N60E, while on the south side of the pit near an old adit, the strike is N10E. The dip varies from -45 degrees West to -70 degrees West. The fault is young since both the pediment and overlying alluvium are faulted.
An unseen major structural feature in the area is the Sacramento Fault, which, according to projections from the nearby Chloride Mining District, must lie about 2,000 feel west of the pit. It is a normal fault with an estimated vertical displacement of 3,165 feet and a horizontal displacement of 1,830 feet.
The restart of operations at the Chloride Copper Mine is predicated on the readily available copper in the blasted pit bottom, supplemented by pre-stripped reserves in other areas of the fully developed pit as outlined in the 825 series of mine plans, attached. These reserves host an estimated 11 million pounds of recoverable copper.
Following completion of the 825 pit, a second series of plans based on a $3.50 copper price will be activated, which will entail a major push back on the west/southwest side of the pit to expose another 978,231 tons of copper ore grading 0.67% copper. This material is exposed presently in the west face of the open pit and extends to the west of the pit where it is covered by approximately 125 ft of overburden.
A complete block model of the ore body has been completed using the Meds Mine Modeling software. The plan includes 781,310 tons of primary waste and another 322,151 tons of waste in waste dumps that will have to be relocated, for total waste handling of 1,103,461 tons. The final strip ratio is 1.13:1, waste to ore. However, a good portion of the material to be re-located is low grade ore which will probably be relocated to the existing leach pads in years three and four.
A low grade stockpile also exists on surface containing approximately 400,000 tons with a grade of 0.35% copper. This will be the last block of material to be processed. Approximately half of this block of ore is within the waste calculation mentioned above, and will go the leach heap for processing.
An additional resource of copper contained on the property is present in the 1.4 million tons of tailings from the El Paso/USBM. Back calculating the ore mined and the copper recovery (80%), the tailings contain a grade of approximately 0.20 % copper, or 4 pounds of copper per ton of material. Since this ore was previously ground to minus 100 mesh, the remaining copper will be easily recoverable in an agitated acid leach. A minimum of 4.5 million pounds of copper is recoverable from these tailings at minimal cost.
SIRG is in the process of updating plans and transferring the permits.
Aquifer Protection Permit #P-101846 (ADEQ) issued June 4, 1993 for life of the project
Air Quality pending Class II Source (ADEQ) filed Dec.5, 1995, amended December 21, 1995
ADEQ-Mining Plan of Operations MPO 388-K-03 issued Dec., 1988, Life of Mine Revised October 15, 1993
Notice of Restart
ADEQ Air Quality (pending) Dec. 5, 1995 (most probably not required)
ADEQ APP Dec. 22, 1995
BLM Dec. 5, 1995
NPDES Storm water runoff discharge AZR00B094 issued April 4, 1996 (US E.P.A.)
Empty haul trucks will be loaded by a front end loader from the pit.
Truck loading and heap building will be accomplished on the same schedule as the mine operations. Three 55 ton capacity trucks will work a three shift, five days per week schedule to haul 15,000 tons per week of ore to the leach pads.
We anticipates that only two of the three trucks will be required for the transfer of cured ore to the pads and one will be held in reserve as a spare.
Ore will be placed on existing and newly constructed leach pads. The new pads will have an impermeable plastic liner (60 mil HDPE) underlain by a graded and compacted base. Engineered fill will be necessary to level the site to provide proper drainage from the heaps to the pregnant solution pond.
Ore will be stacked five days a week at a rate of 15,000 tons per week. Ore will be stacked to a depth of 20 feet and assuming a bulk density of 100 lbs/ft3 will cover an area of 120 ft x 120 ft. The surface of stacked ore will be leveled by dozer. When a panel is completed, the ore will be irrigated with raffinate (barren leach solution) containing 9-10 grams of sulfuric acid per liter.
Leach solution application will be based on a cell irrigation concept using drip emitters to minimize evaporation. A completed panel will measure approximately 120 feet across and will cover the full width of the pad. It is estimated that each panel will hold approximately two weeks of ore production, or 30,000 tons.
Raffinate solution containing 9-10 grams of sulfuric acid per liter will be applied to the ore. Leach solution application will be at the rate of 0.005 gallons per square foot per minute. It is most important to control flows to insure that optimal grade of copper is contained in the pregnant solutions which discharge from the heap to allow maximum copper production in solvent extraction and electro-winning segments of the process.
The plant is designed to process 1.6 grams of copper per liter of pregnant leach solution (“PLS”) at a discharge flow rate of 900 gallons per minute. The initial discharge from a new panel will be significantly higher grade than this, however, as the ore leaches over its 45 day leach cycle, grade in the PLS begins to decline lowering the average grade from the entire heap.
The project will have a number of panels leaching at the same time at various stages of their cycle. However, the objective is to carefully control the discharge grade to average 1.6 grams per liter of copper, the optimal design.
The ore will consume six pounds of sulfuric acid per pound of copper produced. The first 586,000 tons of ore to be mined from the pit is already blasted and has been acid exposed some years ago. It has been flooded for the last few years and we expect acid consumption to be significantly less during the first 18 months of the operation, and thus significantly improving operating costs during this period.
Leach solution will be pumped through a main header along the perimeter of the leach pad to lateral lines which distribute the solution to a series of drip emitters on each individual panel. The main header is installed as a permanent line designed to handle the maximum anticipated pressure and flow. The remainder of the application piping and drip emitter lines will be installed as a temporary system to be moved as new lifts are added to any individual panel. High density polyethylene (HDPE) pipe is used for irrigation piping. Primary leach line spacing is 25 feet apart. Drip emitters are spaced every four feet and cover the entire panel.
Pregnant leach solution (PLS) flows from the toe of the leach heap to a lined pond and will contain an average of 1.6 grams of copper per liter when the acid cure system commences operation. Approximately 0.3 grams per liter of copper is contained in the raffinate and is re-circulated to the heap. In the solvent extraction process, for each pound of copper extracted, 1.5 pounds of sulfuric acid is re-generated for re-use in leaching. The PLS becomes the feed to the solvent extraction plant. It flows to the plant by gravity at the rate of 900 gallons per minute.
The solvent extraction plant operation concentrates copper values from the pregnant leach solution (PLS) containing approximately 1.6 grams of copper per liter into a high purity solution containing approximately 43 grams of copper per liter, known as strong electrolyte. This is the final product of solvent extraction and is the feed to the electro-winning plant.
The leach solution percolates through the leach heap and dissolves the copper as a soluble copper sulfate in water. The primary leaching of the copper will occur in the acid cure step in the mine prior to moving the ore to the pads. When the raffinate is then applied to the ore, it dissolves the copper and it discharges to the PLS pond. The impounded PLS flows by gravity to the extraction step of the solvent extraction plant. Following filtration, it is mixed with an organ oxime reagent suspended a kerosene at a ratio of one part PLS (aqueous) to one part organic. The organic contains a concentration of 6%-7% reagent in kerosene.
The copper in the aqueous phase replaces two protons in the organic phase causing the copper to be transferred to the organic phase. The proton or acid is transferred to the copper stripped aqueous phase and is returned to the leach cycle as raffinate. Again, for each mole of copper extracted, 1.5 moles of sulfuric acid is re-generated. The copper extraction phase takes place in two parallel mixer-settler units. The organic and aqueous phases are separated by gravity in a settling tank and the organic is skimmed off into a launder and flows to a loaded organic holding tank. From this tank, it is pumped to the second stage of solvent extraction, the stripping circuit.
In the stripper mixer box, the loaded organic is mixed with a lean, acid rich electrolyte that comes from the electro-winning plant after copper has been electro-plated from the solution. In the stripping circuit, two protons from the electrolyte replace copper on the organic reagent and the copper transfers from the organic phase to the aqueous phase to re-generate rich electrolyte which is the feed to the electro-winning plant.
The rich electrolyte flows by gravity to a strong electrolyte tank where air is blown through the solution to remove entrained organic by frothing and skimming. Recovered organic is returned to the organic tank for re-use. The stripped organic is skimmed off the stripper settler and flows by gravity to the two extractors for re-use. The strong electrolyte is then pumped through an anthracite/garnet filter as a final cleansing stage before being pumped to the electro-winning plant for copper plating.
The ‘polished’ electrolyte from filtration will feed an electrolyte surge tank. The rich electrolyte is combined with lean electrolyte return from the tank-house to form the re-circulating electrolyte or strong electrolyte feed to the electro-winning plant.
The strong electrolyte is pumped to the electro-winning plant and feeds equally to 16 polymer concrete electro-winning cells. Each cell contains 37 rolled lead-calcium anodes and 36 316-L stainless steel cathodes. Each cell is connected in series and the cathodes connected in parallel to a rectifier capable of maintaining 24 to 25 amps per square foot of cathode area. A voltage drop of 2.1 to 2.3 volts per cell is experienced. Cobalt sulfate levels of about 100 ppm will be maintained in the electrolyte to prevent excessive spalling of the lead anodes.
The leaching, solvent extraction and electro-winning process continue un-interrupted year round. Electro-deposition of copper is continuous and cathode growth to maturity is a seven day cycle.
At the end of the cycle, or once every seven days, the cathode is pulled from the cell using an overhead crane, taken to a stripping bay where the copper is removed from the stainless sheet as a sheet of copper weighing approximately 100 pounds and containing 99.998% purity. The cathode sheet is manually removed from the stainless sheet, falls to a transfer conveyor and is transported to a stacker. The copper sheets are stacked into bundles weighing approximately 3,000 pounds of copper per bundle, strapped, sampled and prepared for shipment. One cathode from each bundle is sampled to verify purity.
When a shipment of 48,000 pounds has been accumulated, the bundles are loaded onto a flatbed truck for shipment.
The Chloride Copper Mine Project is designed and constructed to Best Available Demonstrated Control Technology (BADCAT). All pads and ponds will be lined and have leak detection for early warning in the event of leakage.
The SX/EW plant is constructed with secondary containment as is the tank farm. Settlers are constructed of concrete with stainless steel liners as is the tank farm. All settlers and tanks have leak detection every four feet. The electro-winning cells are constructed of polymer concrete and sit on pedestals so that leakage is readily apparent. The electro-winning floor is contoured to a sump where any spilled solutions can be pumped back to the raffinate pond for re-circulation.
The Project will be permitted and with some minor modifications is ready for re-start. Since it is not a point source for air bourn contaminants, an air quality permit is not required.
A revised plan of Operations was filed in FEb of 2012 with BLM, Kingman and a Reclamation Plan and reclamation bond is anticipated prior to start of operations.
The following positions at the mine will be filled.
Plant Superintendent, Misc. Equipment Operator, 2 mechanics, 2 equipment servicemen, 1 repairman, 1 plant operator and 4 plant helpers.
Desert Construction will supply their own employees to operate their equipment.
After year one, waste stripping will add $0.10 per pound of copper, however, this will be somewhat offset by the processing of 350,000 tons of stockpiles grading 0.34% copper.
Following year one, when the 589,000 tons of ore in the pit bottom and the 350,000 tons of stockpiles are mined out, drilling and blasting will add another $0.20 per ton of ore mined, or another $12,000 per month and $0.027 per pound of copper produced.
If costs are carefully controlled, the operating cost should hold for the life of the project, resulting in a profit margin of approximately $2.00 per pound of copper at $3.40 sales price per pound.
Appears that the SIRG chill is being worn out especially since it was issued last Dec. and all the required filings by SIRG in relation to the chill were done. They were Amended filings and that is what an "A" means on a filing. This can be verified here.
http://www.otcmarkets.com/stock/SIRG/filings
The fact that it has had no effect on the trading of SIRG is clearly seen in the SIRG chart that achieved the Golden Cross. You could have bought SIRG in Feb. at .0018 as perspicacious SIRG investors did! In fact SIRG has been the best performing junior miner this year and the best is yet to come.
And I am here, continuing to watch over SIRG.
All the required filings by SIRG in relation to the chill were done and filed. They were Amended filings and that is what an "A" means on a filing. This can be verified here.
http://www.otcmarkets.com/stock/SIRG/filings
Strongly suggest that the POO be read so that a clear understanding that NO MOTORIZED EQUIPMENT is allowed on the GDSM/WSRA/Chaffee mining claims and leases. The 50 5 gal buckets of gravel must be dug by shovel and hand carried to their trucks!
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77730529
Plaser gold mining is the most destructive and the reclamation costs are huge. The company could be required to replace every plant they remove.
I suggest you spend some time on this site and get a feel for what it takes.
http://www.land.state.az.us/programs/natural/mineral_leasing.htm
BLM permits will be a bit different but this gives a good idea.
Actually there is one operating in So. Cal desert area,
www.youtube.com/watch?v=j3VPGGhai2s
Judge Slaps Mining Company With $2 Million Penalty
By TODD DVORAK Associated Press
BOISE, Idaho July 20, 2012 (AP)
A federal judge has ordered a Canadian mining company to pay a hefty $2 million penalty for its chronic failure to follow clean water laws and not doing enough to staunch the flow of arsenic and iron into a tributary of the Boise River system.
The order and penalty is the latest setback for Atlanta Gold Corp., which has been exploring gold deposits in the mountains around the historic mining town of Atlanta for more than 25 years.
Earlier this year, U.S. Magistrate Judge Mikel H. Williams ruled the company is legally responsible for high concentrations of pollutants flowing from an old mine shaft. His order, given Thursday, wraps up the penalty phase of a lawsuit brought by two environmental groups.
The Idaho Conservation League and the National Environmental Defense Center sued the Toronto-based company last year, accusing the company of violating its federal discharge permit and failing to reduce the levels of pollutants flowing daily into Montezuma Creek, a tributary of the Middle Fork of the Boise River.
"We are hopeful that this strong ruling will cause Atlanta Gold to come into compliance with the permit and allow for the restoration of Montezuma Creek and the Boise River," said Kristin Ruether, an attorney for Advocates of the West and the plaintiffs.
The judge also ordered the company to fix the problem by October 31 or face additional financial penalties.
Miners first discovered gold near Atlanta in 1863 and various companies have set up mining operations in the area northeast of Boise since. Atlanta Gold obtained an interest in the site in 1985 and for years has conducted exploratory drilling and excavation, but has yet to extract and process a single ounce of gold.
As part of its exploration process, the company reopened 200 feet of a mine adit first drilled in 1917, which is now deemed the primary source of contamination. The company has worked with federal agencies and built temporary facilities to treat the water, but, for a variety of reasons, those efforts have not successfully lowered levels of arsenic, a toxin that can cause adverse health effects on humans and aquatic life.
In court documents, the environmental groups presented monthly reports filed by the company showing the discharge from the adit was violating levels set in its EPA permit nearly every day since August 2009. In his January ruling, Williams determined that it's highly likely Atlanta Gold's work in and around the shaft increased water flows, and consequently the levels of pollutants flowing into the stream.
Water quality monitoring reports filed by the company and cited by the judge show water discharged from the treatment facility into the creek contain arsenic that, on average, is 26 times higher than the concentrations allowed by the EPA permit.
Ernie Simmons, president and CEO of Atlanta Gold, said the penalty is a disappointment and setback for companies interested in mining gold and other metals in Idaho.
Simmons said the company, which has invested $40 million in a project so far, is not considering an appeal. But he reiterated his belief that Atlanta Gold is unfairly being held liable for an inherited pollution problem.
"This is very negative for the state and development of natural resources," Simmons told The Associated Press on Friday. "The water flowing from this adit never met water quality standards."
Although Williams concluded that arsenic in Montezuma Creek poses no immediate threat to human health or drinking water, he said there is a "significant possibility that harm to human health may result if the discharges continue unabated."
"Considering the longstanding, serious, and ongoing nature of the violations, and considering AGC's history of attempting to delay compliance until it had its mine up and running, an injunction may well be the only way to ensure that the company complies with the CWA in a timely fashion," Williams wrote.
http://abcnews.go.com/US/wireStory/judge-slaps-mining-company-million-penalty-16821835#.UAtCFbSe4qw
Judge Slaps Mining Company With $2 Million Penalty
By TODD DVORAK Associated Press
BOISE, Idaho July 20, 2012 (AP)
A federal judge has ordered a Canadian mining company to pay a hefty $2 million penalty for its chronic failure to follow clean water laws and not doing enough to staunch the flow of arsenic and iron into a tributary of the Boise River system.
The order and penalty is the latest setback for Atlanta Gold Corp., which has been exploring gold deposits in the mountains around the historic mining town of Atlanta for more than 25 years.
Earlier this year, U.S. Magistrate Judge Mikel H. Williams ruled the company is legally responsible for high concentrations of pollutants flowing from an old mine shaft. His order, given Thursday, wraps up the penalty phase of a lawsuit brought by two environmental groups.
The Idaho Conservation League and the National Environmental Defense Center sued the Toronto-based company last year, accusing the company of violating its federal discharge permit and failing to reduce the levels of pollutants flowing daily into Montezuma Creek, a tributary of the Middle Fork of the Boise River.
"We are hopeful that this strong ruling will cause Atlanta Gold to come into compliance with the permit and allow for the restoration of Montezuma Creek and the Boise River," said Kristin Ruether, an attorney for Advocates of the West and the plaintiffs.
The judge also ordered the company to fix the problem by October 31 or face additional financial penalties.
Miners first discovered gold near Atlanta in 1863 and various companies have set up mining operations in the area northeast of Boise since. Atlanta Gold obtained an interest in the site in 1985 and for years has conducted exploratory drilling and excavation, but has yet to extract and process a single ounce of gold.
As part of its exploration process, the company reopened 200 feet of a mine adit first drilled in 1917, which is now deemed the primary source of contamination. The company has worked with federal agencies and built temporary facilities to treat the water, but, for a variety of reasons, those efforts have not successfully lowered levels of arsenic, a toxin that can cause adverse health effects on humans and aquatic life.
In court documents, the environmental groups presented monthly reports filed by the company showing the discharge from the adit was violating levels set in its EPA permit nearly every day since August 2009. In his January ruling, Williams determined that it's highly likely Atlanta Gold's work in and around the shaft increased water flows, and consequently the levels of pollutants flowing into the stream.
Water quality monitoring reports filed by the company and cited by the judge show water discharged from the treatment facility into the creek contain arsenic that, on average, is 26 times higher than the concentrations allowed by the EPA permit.
Ernie Simmons, president and CEO of Atlanta Gold, said the penalty is a disappointment and setback for companies interested in mining gold and other metals in Idaho.
Simmons said the company, which has invested $40 million in a project so far, is not considering an appeal. But he reiterated his belief that Atlanta Gold is unfairly being held liable for an inherited pollution problem.
"This is very negative for the state and development of natural resources," Simmons told The Associated Press on Friday. "The water flowing from this adit never met water quality standards."
Although Williams concluded that arsenic in Montezuma Creek poses no immediate threat to human health or drinking water, he said there is a "significant possibility that harm to human health may result if the discharges continue unabated."
"Considering the longstanding, serious, and ongoing nature of the violations, and considering AGC's history of attempting to delay compliance until it had its mine up and running, an injunction may well be the only way to ensure that the company complies with the CWA in a timely fashion," Williams wrote.
http://abcnews.go.com/US/wireStory/judge-slaps-mining-company-million-penalty-16821835#.UAtCFbSe4qw
Current Share Structure:
(reference: http://www.pinksheets.com/pink/quote/quote.jsp?symbol=gdsm#getFilings )
Outstanding Shares
444,887,086 as of Mar 31, 2010
Authorized Shares
750,000,000 as of Mar 31, 2010
Float(shares)
289,226,107 as of Mar 31, 2010
This is from their 2012 1st quarter financials.
Year ended 31 De 2011 ----- 579,887,086
Quarter Ended 31 Mar 2012 - 629,887,086
This shows that from Jan 1st to Mar 31st 50,000,000 shares were added to the O/S. YET Marc claimed and touted NO DILUTION when if fact 50M shares in 3 months is a lot of DILUTION.
Posted February 13, 2010
I was just reading an old post by bigtexmex on the GDSM board on April 24, 2012 that is totally inconsistent with the now known facts. I will highlight a few of the statements that are questionable.
First I have a problem with the date considering the dates of the POO.
Hi to all GDSMER'S I just got off the phone with my engineer buddy who is one of the hired person's doing CORE sampling for severval private company's including GDSM,WSRA,NS*S,ETC. Several weeks back he mentioned alot of filming and picture taken and heavy equipment on GDSM land plus properties that touch the GDSM mining area.
Several weeks ago would have been the beginning of April.
Well he said alot of those are on facebook and are the same but the best one's have not been shown.Now he told me this about 3-4 weeks ago and i posted this info then,he also stated some of the core samples are in for private investors and do not have to be reported due to a selling to a private person or co. who requested it.
Also if they are expanding a operation or investing private funds. Now if and when they find GOLD or any precious metals and make it known to the public it has to be filed and properly reported.My buddy also stated Gold,silver,copper,nickle,and other metals have been found,but most of all heavy findings of Gold,silver in black sands.
He has seen the field study and core sample reports,plus compared them to the other field agents doing the comparision crossovers. Since there are several dozen people who can set their eyes on these reports and not including all those who talk about whats being found and where, it's hard to keep this traced to one person leaking out private info.
Plus most of them are subcontracted to several different Company's and labs and a mixture of oil and precious metal samples.He was very very excited as myself and others and he stated that the core samples were not very deep in areas so he said the deeper we go we could hit a heavy v-pocket not only down but side to side with unlimited supply.
But the easiest would be the BLACK SAND very loose and easy to extract and filter.Guys it doesn't get any better than this,i am sharing this from someone who's there. I could be greedy and not share this but everybody on this post has been good to me,the first one was B-RICH he took me under his wing as others have too,i could be here all nite from all those who just say hi or thanks! That means alot to me but this is what this post was intented for helping each other with good DD and acurate information.
I or my buddy can't give you a time or date when the BIG BANG!!! will happen but it will and soon! All of those who have waited and been very patient will be rewarded $$$$$$$$ But i am not pushing any one it's your choice.I hope this has helped and i will post as MORE INFO COME'S IN!!! GO GDSM!!! and MAY GOD BLESS US ALL!!!!!!
Dates, minerals and heavy equipment are clearly lies! Knowing what we now know how could this be?? It did get the GDSM shareholders excited and the price moved up. Nice pump!
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.
NOTE: NO where does it say that GDSM paid $600,000 in cash into the JV.
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
Here is the information on the Gold Crown from:
Arizona State Land Department
GENERAL OPERATIONAL AND SURFACE RESTORATION REQUIREMENTS
FOR MINING PURPOSES
The following general conditions and requirements will become an integral supplement to your agreement with the Arizona State Land Department (ASLD). Amendments, waivers, and additions to this list of conditions can be made if it becomes necessary or required. Conditions are subject to review upon renewal or reapplication. Your restoration bond becomes your guarantee and insurance of compliance with all conditions, and requirements. Failure to adhere to these conditions is cause for cancellation of the agreement.
1. Operating Plans: Plans of Operation are to be submitted to and approved by the ASLD prior to the commencement of any use of the subject lands. Plans of Operations shall include an assessment of surface disturbance along with plans to restore and rehabilitate all disturbed areas. Updated Plans of Operation must be filed with the ASLD whenever the operation deviates from previously approved plans, including mining expansion.
2. Restoration & Rehabilitation: Operations shall be conducted in such a manner as to keep the opened and disturbed lands at a minimum. No more than 25% of the land shall be opened and unrestored at any one time.
Surface mined areas shall be reclaimed and rehabilitated to control erosion, eliminate hazards to the public's safety and to animals, and to assist in the development for future beneficial use.
Topsoil and overburden from the affected land shall be salvaged and stockpiled separately in a manner that replacement will utilize 100% of the materials in the final restoration. Overburden and topsoil shall be replaced as directed by the ASLD.
Rejected material shall be replaced into the extraction area and covered with overburden and topsoil, unless the ASLD declares the rejected material salvageable.
Open pit side banks and high walls shall be sloped to no less than a 4:l slope unless an alternative slope can be justified and approved.
Access and haul roads shall be rehabilitated as directed by the ASLD.
Restoration and rehabilitation, including the removal of all stockpiles, equipment and materials, shall be completed by the permittee within 90 days of the expiration or date of cancellation.
Final restoration details must be coordinated with ASLD representatives.
3. Environmental % Safety: In the event materials that are toxic or hazardous nature, or any other foreign substance must be used to enjoy the occupancy of the land, a separate written agreement, lease, or permit must be
obtained from the ASLD. All such materials shall be removed from the site. Proof of cleanup, removal and disposal on such materials must be submitted to the ASLD.
All precautions necessary to protect the safety of persons, animals and subject property must be taken. Dangerous workings must be fenced.
The permittee agrees to maintain the site in a condition free of trash, rubbish or any other foreign material.
http://www.land.state.az.us/programs/operations/applications/minerals/RECLAIM.pdf
But when companies like GDSM have no other source for funding their search for gold then they have no options. WSRA has to produce assay sheets that clearly show there is enough gold to sustain a mining operation to find private investors or outside funding.
GDSM's obligation for the JV is to provide the funding and they need $100,000 for an Oct payment and then $600,000 due early in 2013.
With no possible revenue from the mines by that time, how are they going to raise that amount?
GDSM is offering warrants for sale at .10 but I doubt there has been a stampede to buy them. Further GDSM has failed to reveal what those warrants offer. The right to buy how many shares per warrant, at what price, and no expiration date is known.
Now if GDSM was trading close to .10 I could see some people taking a gamble but not when the stock is at .0037.
When will GDSM be raising their A/S. At least the company treasury has to be close to empty with VERT back in action.
Shares Outstanding 629,887,086 a/o Mar 31, 2012
so that is only a guess since OTC markets has not been updated in over 3 months and with a tagged TA we cannot get a true share structure.
The red flags on GDSM are continuing to grow.
Float 599,887,086 a/o Mar 31, 2012 - NOT PROVEN OR VERIFIED
Authorized Shares 750,000,000 a/o Mar 31, 2012
There are only some 120,000,000 shares left and Marc will need to be paid. Does anyone know how many shares Marc got for his services in 2010 when he served as the GDSM VP? How about 2011? How many shares is he getting for 2012?
Jason Copper only served as GDSM CEO for a year or so and he got over 31M shares! And the latest financial report no longer lists him as a beneficial shareholder so he dumped them into the pump run prior to March 31st.
With no revenues in sight and only 50 5 gal buckets of ore to show for 4 months of effort, there is not going to be any revenues in the foreseeable future.
How is GDSM going to be able to sell Warrants at .10 when the stock price is in the tank and dropping? If GDSM fails to sell the warrants then where are they going to get the funds for the $100,000 payment to WSRA that is due in Oct the costs of uplisting and the expenses to produce that NI 43-101 report that Marc touted??
They might be able to get funds from Asher Enterprises! Over 800 companies use Asher to fund their start up operations.