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Monday, September 24, 2012 2:05:02 PM
Gold Coast Mining Corp. (Pink Sheets: GDSM), is 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
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