BOSTON, May 7, 2009 (GLOBE NEWSWIRE) -- Hot Web, Inc. (Pink Sheets:HWBI) announced today that it has initiated funding of its previously announced joint venture with Western Sierra Mining Corp. ("WSRA"). The start of funding is a result of the efforts of several shareholders of both Hot Web and WSRA, who have pledged personal assets and holdings to secure initial funding of $50,000 without any additional dilution to either company. The shareholders, along with Hot Web, are continuing to work on securing additional funding as the joint venture moves forward.
This funding will now allow the joint venture to complete its Phase I goals of improving access to the main portal and file exploration permits with the U.S. Forest Service. It will also allow the JV to begin Phase II operations and initiate a pre-production testing program for the Oro Cache hard rock gold property as well as begin designing the recovery plant.
Jason Cooper, managing Director of Presage Partners LLC and Interim CEO of Hot Web, Inc., commented, "I would like to thank the shareholders who have worked with us to secure this initial capitalization for our joint venture with Western. Their commitment to moving this forward puts our joint venture and pursuits in the mining industry into motion".
Michael Chaffee, CEO and President of Western Sierra Mining, commented, "We are very pleased to be able to commence this joint-venture with Gold Coast Mining Corp. (Hot Web). These initial funds will allow us to make significant progress toward production of the proven gold reserves at the Oro Cache Mine."
About Hot Web, Inc.
The Company has recently changed its name to Gold Coast Mining Corp. ("GCM") and is currently in the process of a symbol change. GCM, as previously announced, is pursuing various opportunities in the mining industry. GCM has recently entered into a joint venture agreement with Western Sierra Mining for several mining projects in its portfolio.
Hot Web, Inc. also owns 49% of Hot Web Properties, Inc. ("HWP") who is engaged in the business of consigning "big ticket" transportation related items through its diversified presences, both online and offline. HWP's mission is to "change the way the world buys and/or bids online" by harnessing the power of the Internet and coupling it with human interaction and expertise to create a safe, productive, comfortable and 'Fraud Free' way to conduct online/offline commerce. HWP utilizes both its internal certified regional representative base in addition to online third-party marketing tools like eBay Motors and others to attract and market vehicle listings.
HWP continues to host a radio show every Saturday from 9-10am in Tampa. The show is broadcast live on the Internet. The link can be accessed at www.hotautoweb.com or www.maximummotoring.com. HWP takes phone calls toll free at 866-977-4820 during the show and emails at theguys@maximummotoring.com.
HWP's current portfolio of niche-focused online businesses consists of www.hotautoweb.com, www.hotboatweb.com, www.hotcycleweb.com, www.hotrvweb.com, www.hotcharityweb.com and www.hotplaneweb.com.
The Hot Web, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4946