pleased to announce today that the Company has
entered an Agreement with Western Sierra Mining
(?WSRA?) to purchase and develop the Azurite
Property, which includes the following patented claims:
Azurite, New Era, NIWOT Millsite, Little Kid, Wren and
Jayhaker.
Under the terms of the JV, Gold Coast will have a 50%
working interest in the Azurite property in exchange
for funding assistance to bring the claims into
production. Additionally, Gold Coast has an option to
acquire 50% ownership of the property. Azurite will be
operated under a sublease agreement, with any and
all sublease payments being applied 100% to the
purchase price. The purchase price of the 50%
ownership interest in the claims is $4 .5mm.
Gold Coast has also made payment of the initial
$50,000 required under the conditions of the
Agreement. The Company is currently in discussions
with its investors from Gold Star , to work together on
bringing the Azurite development forward. The
Company and the investors are in agreement on Gold
Coast?s continued commitment to develop these
projects while avoiding toxic financing and/or a
reverse split. Therefore, the funding and acquisition of
Azurite will be approached within the framework of
those commitments. The Company will be updating
shareholders regularly with information pertaining to
Azurite, funding schedules, financing structures/plans
and our Gold Star joint venture.
Marc Lovito , President of Gold Coast Mining , stated
?We, along with our investors and partners, realize that
we have a tremendous potential opportunity here with
Azurite. With all of the historical data that exists,
recent gold prices and the ability to move from the
completed funding phase to the production phase in
such a short period of time, we can?t help but to be
excited.?
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
654,887,086. The
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.
GDSM Finalized JV
Posted on August 14, 2012
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