News for 'GDSM' - (Gold Coast Mining Announces Progress and Updates On Mining Joint Venture)
BOCA RATON, Fla., May 17, 2012 /PRNewswire via COMTEX/ -- Gold Coast Mining
Corp. (Pink Sheets: GDSM), is pleased to announce today significant progress in
its goal to develop its Skull Valley, Arizona claims along with its joint
venture partner, Western Sierra Mining.
Since completing its previously announced milestones (initial surveying, staking
and preparation for sampling), the joint venture has taken several steps forward
in its plans to develop the Gold Crown and GS 1-4 properties. After the initial
surveys, research and sampling programs Western Sierra has decided to narrow its
focus for the larger sampling program to a specific area of 316.45 acres of the
initial claims. It is the belief of both companies that this area is of higher
significance regarding mineralization and therefore this is where resources
should be concentrated to maximize results. Marking and flagging of additional
sampling sites within this area has been completed with crews being scheduled to
take samples for further processing.
Additionally, the joint venture announced that Western has received approval for
the Mineral Exploration Permit which allows for further sampling and exploration
of the claims.
Approval has also been received from the State of Arizona for our Plan of
Operation and the joint venture has refilled the state leases for the year
2012-2013.
Marc Lovito, President of Gold Coast, stated, "This is exciting, significant
progress towards the goal of developing our claims. Each of these steps brings
us closer to moving into the production phase of our plans."
"Our plan and objective for the next portion of the development is to prepare
and complete the larger sampling program so as to be able to focus our NOI with
BLM and the expanded Mineral Exploration Permit with the State."
Lovito continued, "We appreciate the support of our shareholders and will
continue to work on their behalf to build value. We will use Twitter and
Facebook for updates that are not part of our press releases. These tools are a
great way to let the shareholders know we are working and things are
progressing, even in the absence of press releases every other day or week."
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 is
currently at 629,887,086.
ABOUT GOLD COAST MINING
www.GoldCoastMining.com
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.
