Coastal Pacific Mining Corp (fka CPMCF)

[FrankMD]

NEW NEWS!:Coastal Pacific Fulfills Initial Payment Requirement on Hotstone Property

Press Release Source: Coastal Pacific Mining Corp. On Monday February 14, 2011, 6:12 pm
CALGARY, AB--(Marketwire - 02/14/11) - Coastal Pacific Mining Corp. (Pinksheets:CPMCF - News) (Pinksheets:CPMCF - News) ("Coastal Pacific" or the "Company") www.coastalpacificminingcorp.com announced that it has fulfilled another component of its obligations under its Hotstone Gold Property Option Agreement ("Agreement"), entered into on October 6, 2010.

Under the terms of the Agreement, the Company is required to fund a total of $1,600,000 in order to earn our 50% interest. $100,000 is payable to the Optionor, with $50,000 due by December 6, 2010, and $50,000 due by April 6, 2011, together with 1,000,000 shares of our common stock were also payable upon the signing of the Agreement. The remaining $1,500,000 is by way of exploration costs, which is required to be raised by April 6, 2011, and utilized on an approved exploration work program (the "Program") by October 6, 2011.

To date, we are current in our obligations under the Agreement, as the common stock has been issued, and the first payment requirement of $50,000 has been completed according to the schedule.

The Company has also been working on obtaining the financing required to meet its exploration cost obligation. We are expecting to be able to provide additional information in that regard in the near future.

Upon the successful completion of the financing, the Company would, weather dependent, commence the exploration work program as soon as possible, from which would ensue a NI43-101 Report delineating the results of the Program.

Mr. Joe Bucci, President of Coast Pacific, comments, "Based on our review of the historical exploration work undertaken on the Property, we are expecting a successful outcome for the Program, with the Report to therefore provide an initial delineation of the reserves on the Property, and an overview of the costs and methods for the commencement of production."

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