BOSTON, Sept. 2, 2009 (GLOBE NEWSWIRE) -- Gold Coast Mining Corp. (Pink Sheets:GDSM), announced today the following corporate update:
-- The Company and its transfer agent, as well as Max Media, are
preparing all necessary documentation for distribution of the Max
Media Group, Inc. dividend. The distribution date, or Payable
Date, will be September 30, 2009. The shareholders of record of
the Company on August 31, 2009 will receive 1 share of Max Media
Group, Inc. for every 30 shares of the Company owned on that
date.
-- The Company further stressed that funding of its joint venture
with Western Sierra on the Sun Gold Mine will come through
non-equity based loans and its holdings in equity securities. As
previously announced, the Company has secured commitments from
several shareholders of a minimum of $200,000 in debt funding for
the Phase 1 development of Sun Gold. Information regarding the
Sun Gold Mine, including the development plan, can be located at
the Company's website www.goldcoastminingcorp.com.
-- The Company and its accountant are completing final items for
filing of Initial Disclosure Document ("IDD") with Pink Sheets.
The Company expects to have the IDD and its financials filed next
week. Upon filing and review by the Pink Sheet staff, the Company
will qualify for "Current Information" status. It is the
Company's intention to maintain that status by keeping
shareholders updated with regular filings and disclosure.
Jason Cooper, Interim CEO of Gold Coast Mining Corp. stated, "There has been some misunderstandings regarding the dividend, funding of the joint-venture and the Company's pursuit of disclosure filings. Unfortunately, these items are not easily accomplished overnight. With that said, all shareholders of record on August 31, 2009 will receive 1 share of Max Media for every 30 shares of Gold Coast they owned on that day, the Company is seeking and securing non-equity debt structured financing for the Sun Gold project and the Company is eagerly pursuing Current Information status with Pink Sheets."
About Gold Coast Mining Corp.
Gold Coast Mining Corp. seeks to provide financing, equipment and finance related services to the mining industry. It is the Company's plan to pursue these opportunities through acquisitions and joint ventures with other mining concerns.
The Company currently has a joint venture with Western Sierra Mining Corp.(Pink Sheets:WSRA) for its Ore Cache and Sun Gold Mine Projects located in the Prescott, Arizona area. Gold Coast has agreed to provide capital to WSRA to fund initial expenses to put each of the mines into production. Such initial expenses will include the construction of a hard rock free gold recovery plant. Gold Coast is a 50% revenue sharing joint venture partner in both projects.
The Company currently has 444,887,086 shares issued and outstanding.