Friday, August 24, 2012 2:46:02 PM
Jan. 19, 2012 /PRNewswire/ -- 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.
Why do you think they couldn't find any of those 168,750 total ounces of gold that the Jenkins report claims are there?
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