Gold Exploration in West Africa

[FL]

More Gold Coast (GSRS): capitalization? Akoon/Tarkwa

I couldn't find information on the web about the market capitalization or total number of shares issued and outstanding of Gold Coast Resources, Inc. (traded as GSRS on the Pink Sheets).

When I looked yesterday, neither http://www.pinksheets.com , http://www.bigcharts.com nor http://www.yahoo.com had these figures, nor the company's own web-page http://www.goldcoastresources.com/ (at least not that I could find easily). So I called the company's investor information number [phone] and asked the person at the other end; he was busy traveling, but from his memory he said that the total GSRS shares are about 47 million and the float is about 1.7 million. (There was a December 2003 1-for-3 reverse split; the prior corporate name was AGRT "Aggregate, Inc.", I believe.) I didn't ask his name, as he was in a hurry. I also didn't ask whether those share figures were "on a fully diluted basis" or not (i.e., including all outstanding options, warrants, contingencies, etc.).

During 2004, the rarely-traded GSRS shares are reported on the Pinksheets web-site to have fallen from about US$1.30 per share to US$0.06. Then recently during 2005 they are reported as having risen (quintupled) to US$0.30 as of now -- again on infrequent trades, and low dollar volume.

So, it seems initially that, in theory, 47,000,000sh. * US$0.30 = US$14,100,000 market capitalization today (up from US$2,820,000 in January 2005, IF these share figures didn't change during 2005 and are right).

Anyone seriously interested should find out the facts more reliably than I have.

(Some "dilution delight" companies, especially shells changing names, might consider doing 1-for-30 reverse splits rather than 1-for-3.)

According to the GSRS company web-page: Along with several exploration tracts, their main property is a flooded, underground, former-big-producer gold mine closed years ago, called Akoon or "Tarkwa (Akoon)". With the gold price being higher now, the stated plan is to remove the water and resume underground mining.

This might be the same underground Akoon shaft at Tarkwa that Goldfields closed and flooded amid violent controversy when it shifted to open-pit in the 1990's; the underground mineworkers didn't want it closed and flooded. Shots were fired. Google now shows the GSRS boss Joseph K. Annan in Ghana as having attended a mine "dewatering" meeting. Eight months is mentioned as an estimated time needed for dewatering the Akoon mine.

Because of the proposed Akoon mine reopening, Gold Coast Resources Inc.'s stated plan is a bit different from those of the regular gold explorers.

FL