Gold Coast Mining Corp. (GDSM) stock plunged in just 2 days to the cent level from the impressive run to over 3 cents. Company announced today that it has filed a Supplemental Information Report with Pink Sheets outlining the details of its recently announced Joint Venture Agreement (“JV”) with Western Sierra Mining (“WSRA”) on the Gold Crown and the GS1 thru GS4 (formally Gold Star) mining claims (the “Claims”).
- Management has been and remains committed to no reverse splits and/or toxic financings as part of this process.
- The Company has reserved shares to cover Joint Venture Agreement obligations
- The Company has initiated the funding of its JV as required by the terms and conditions of the Joint Venture Agreement.
Lovito, President of Gold Coast Mining, commented:
We are pleased to have initiated the funding of our joint venture. This allows us to now move to the next steps with our mining partners. The development of mining claims is a process, not something that occurs overnight. This is a major step in that process.
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.
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.