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Gold Coast Mining Initiates Funding of Joint Venture; Files Supplemental Information ReportFont size: A | A | A10:31 AM ET 3/1/12 | PR Newswire
Gold Coast Mining Corp. (Pink Sheets: GDSM), is pleased to announce that the Company has filed a Supplemental Information Report with Pink Sheets outlining the details of its recently announced Joint Venture Agreement ("JV") with Western Sierra Mining ("WSRA") on the Gold Crown and the GS1 thru GS4 (formally Gold Star) mining claims (the "Claims"). The filing, which is the equivalent disclosure report to an 8K filing for S.E.C registered companies, includes the JV terms, funding requirements and funding structure for developing the Claims. The Supplemental Information Report may be viewed in its entirety at http://www.otcmarkets.com/financialReportViewer?symbol=GDSM&id=73887.

Marc Lovito, President of Gold Coast Mining, stated, "Our objective all along has been to bring a mining venture, with our partners, into the Company without the need for toxic financing or a reverse split. The funding structure and joint venture terms that have been agreed to accomplish those goals."

The Company has received numerous inquiries regarding a potential reverse split. The Company has maintained and continues to maintain the position that while it may need to issue shares as debt is settled, for legal services, advisors and/or 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. With 579,887,086 issued and outstanding going into the JV, the Company has reserved shares to cover these potential obligations including the preferred shares held by WSRA and the new investors as well as the warrants issued under the Joint Venture Agreement when eligible for issuance. Management is taking this approach to assure that its current obligations are accomplished within the current capital structure of the Company.

Additionally, the Company is pleased to announce that it has initiated the funding of its JV as required by the terms and conditions of the Joint Venture Agreement. Management will be issuing mining updates as developments progress.

Lovito, continued, "We are pleased to have initiated the funding of our joint venture. This allows us to now move to the next steps with our mining partners. The development of mining claims is a process, not something that occurs overnight. This is a major step in that process.

THE CLAIMS

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."

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.

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
Phone: [phone]
Email: [e-mail]
SOURCE Gold Coast Mining Corp.