Coastal Pacific Provides Update on Santa Rita and Hotstone Properties
Marketwire “Press Releases “
CALGARY, AB — (MARKET WIRE) — 10/28/10 — Coastal Pacific Mining Corp. (OTCBB: CPMCF) (“Coastal Pacific” or the “Company”), is pleased to provide an update on progress made on both the Santa Rita and Hotstone properties.
Management of Coastal has determined that the Santa Rita property has substantial merit and potential and has scheduled a meeting to finalize a definitive option agreement with the current owners of the Santa Rita claims. These negotiations are expected to be completed by Monday, November 1st , at which time the full details of the agreement will be released.
With respect to the Hotstone property, the Company has reserved funds for partial payment towards the first $50,000 option payment due on December 6, 2010 and expects that they will effect payment in full of the first $50,000 on or before the December due date.