BOSTON, July 23, 2009 (GLOBE NEWSWIRE) -- Gold Coast Mining Corp. (Pink Sheets:GDSM), announced today the following corporate update:
Over the last several months the Company has completed numerous tasks in its effort to restore shareholder value. The name change, execution of a joint venture agreement with Western Sierra Mining Corp. and the sale of 51% of the Hot Web domains to a soon to be publicly traded company are three of the major milestones that have been accomplished to date.
In addition, the Company recently added two mining executives to its advisory board and secured the domain www.goldcoastminingcorp.com. The Company has also secured a web designer and expects the corporate site to be completed shortly.
In regards to its joint venture with Western Sierra Mining Corp. ("WSM"), the Company is a 50% partner on two mines currently owned by WSM (the Ore Cache Mine and the SunGold Mine). WSM will mine the properties and the Company will receive a 50% share of the proceeds after extraction costs. For its share of the joint venture the Company has agreed to provide capital to WSM to fund initial expenses such as the construction of a hard rock free gold recovery plant.
The Company plans to continue to fund the joint venture through loans from current shareholders and with a portion of the shares currently owned in Max Media Group, Inc. ("MMG"). As previously announced, the Company owns 49% or 29,700,000 shares of MMG (owner of the Hot Web domain properties). MMG has completed its merger with a publicly traded company and is expected to be trading the beginning of August. MMG has arranged a private placement of 1,000,000 shares of MMG common stock at a purchase price of $0.50 per share with its current shareholders to fund the expansion and marketing of its domain properties (www.hotautoweb.com, www.hotboatweb.com, www.hotplaneweb.com, www.hotcharityweb.com, www.hotrvweb.com, www.hotcycleweb.com).
Although the exact dividend has not yet been determined, the Company intends to dividend to shareholders no less than 50% (14,850,000 shares) of the 29,700,000 shares of MMG it currently owns. Management expects the exact dividend and record date to be announced by the first week of August.
About Gold Coast Mining Corp.
Gold Coast Mining Corp. is pursuing mining acquisitions and joint ventures. The Company currently has a joint venture with Western Sierra Mining Corp. for its Ore Cache and SunGold Mines located in Arizona.
The Company currently has 444,887,086 shares issued and outstanding.