BOSTON, Nov. 2, 2009 (GLOBE NEWSWIRE) -- Gold Coast Mining Corp. (Pink Sheets:GDSM), announced today the following corporate update:
The Company is pleased to announce that all dividend shares of Max Media Group, Inc. (Pink Sheets:MXMI) to shareholders of record on August 31, 2009 have been issued and released by Pacific Stock Transfer Company, MXMI's transfer agent. The Depository Trust Company is processing the distribution of the shares to shareholders who hold shares in brokerage firms or street name. The Company is distributing all shares to shareholders who hold shares in certificate form. All shares were issued and carry a Pay Date of September 30, 2009.
Jason Cooper, Interim CEO of Gold Coast Mining Corp., stated, "With the dividend in transit to shareholders, we are excited to focus all of our efforts on our joint venture projects, continued shareholder transparency and the goal of rebuilding shareholder value. The Company is in the process of preparing and completing its Quarterly Disclosure for the period ended September 30, 2009. We expect to file the Quarterly with Pink Sheets within the next 7-10 days."
Additionally, the Company is currently awaiting a shareholder loan of $25,000 that will be provided to Western Sierra for additional work on the Sun Gold Mine. Western will use the funds for the manpower, sample collection, crushing, grinding and transportation to Western's concentration tables in Lake Havasu. There Western has the tables, the water and the power for running the samples and reporting on the collected gold. Initially, Western expects to run two sample programs and send a small portion to an outside lab for evaluation. These will be surface samples of both the older workings and the exposed vein structures.
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.