GDSM NEWS,
Gold Coast Mining Agrees to Pursue Gold Star Mine Joint Venture
Print
Alert
Gold Coast Mining Corp Fl (PC) (USOTC:GDSM)
Intraday Stock Chart
Today : Thursday 19 January 2012
Gold Coast Mining Corp. (Pink Sheets: GDSM), is pleased to announce today that the Company has agreed to pursue a joint venture with Western Sierra Mining ("WSRA") on the Gold Star Mine. The Gold Star Mine, currently owned by WSRA, consists of up to 5 unpatented claims on over 300 acres near Prescott, Arizona.
The claims show Ore Reserves of 6.75 million cubic yards of ore. The average ore tenor is 0.025 oz/yd. or 168,750 total ounces of gold. An unusual and significant attribute of the Gold Star property is that the mineralized black sands, unlike most, appear to contain substantial gold values. Limited testing has shown these values to be fairly uniform across the claims.
According to the Jenkins Technical Summary: "If the hi-bar deposits contain (mineralized black sand) gold values throughout, the potential may be staggering, and could far outweigh the free gold placer material."
Gold Coast Mining and Western Sierra Mining have executed a Memorandum of Understanding ("MOU") in which the parties have agreed to finalize the terms and execute the final joint venture agreement within the next 10 days. In the meantime, the companies are working together to secure the necessary funding, as part of the final joint venture, to move the Gold Star Mine to the production phase.
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 579,887,086. 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.
Gold Coast is currently working with Western Sierra Mining to secure and finalize a project (Gold Star Mine), 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.
SOURCE Gold Coast Mining Corp.
WELCOME TO THE PINKIES OUTHOUSE!!
