BOSTON, Sept. 18, 2009 (GLOBE NEWSWIRE) -- Gold Coast Mining Corp. (Pink Sheets:GDSM) is pleased to announce today that the Company has completed all of its Initial Disclosure requirements with Pink Sheets. As a result of completing the disclosure filings, the Company has been upgraded to the Current Information Tier on Pink Sheets.
Jason Cooper, Interim CEO of Gold Coast Mining Corp., stated, "This represents a significant step forward in the Company's plans of restoring shareholder value and making the transition to a mining company. This not only shows our commitment to full transparency for our shareholders, but also creates opportunities for additional mining executives to join the Company."
Additionally, the Company announced the following updates:
-- The distribution of the Max Media Group, Inc. dividend is still set for 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 has received approximately $150,000 in securities assets (other than its Max Media Group, Inc. holdings) as part of its funding for the Sun Gold Mine joint-venture project. The receipt of this asset, as well as any other current funding commitments, will all be in the form non-equity debt. 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.
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.