WILTON, CT - October 31, 2013 - Gold Coast Mining Corp. (OTC Pink: GDSM), is pleased to announce a Corporate Update.
Gold Coast Mining continues its due diligence and is in active discussions with potential lenders on the Galahad Limited Partnership #1, LP ("Galahad") acquisition, which includes two producing oil wells on Lease #17652 (District 5, RRC Identifier 03935). The acquisition package also includes drilling a third well on the same Lease upon closing. The two wells, drilled in 2010, have been producing 140-150 barrels per month.
The Company regretfully announces that its interest in the Garfield project has fallen through. While Gold Coast did provide the funds, it turns out that Bubblin Crude was unable to fulfil its contract with Tiger Development, which required the purchase of 10% of the project. Bubblin fell short of its requirement by $30,000.
Michael Shea, CEO stated, "I am very disappointed in this turn of events, as the Garfield project is in production. However, after seeing our funds bounce back and forth several times between Bubblin Crude and Tiger, I would prefer to invest in projects where our participation is welcomed. To this extent, I am reviewing several projects that desire to have the Company as an investor and expect to make 1-2 investments prior to year end."
Shea continued, "I continue to believe that making investments in oil production, as well as, opportunistically acquiring wholly owned projects ala Galahad, makes strategic sense that should provide tremendous financial benefits for the Company and shareholders."
From an internal perspective, the Company engaged Corso and Company to perform its audit. Corso and Company will provide audited financial statements for fiscal years 2011 & 2012, a reviewed statement for the six month period ended June 30, 2013, as well as, the completion and filing of corporate tax returns for the last four years. The audit is progressing and should be completed by the end of November, allowing the Company to file its Form 10, "up list" and regain its full reporting status.
Becoming fully reporting with our shares registered is extremely important to the growth of the Company. It will provide us credibility in the marketplace, allow us the ability to use stock for acquisitions, as well as, support a higher market capitalization.
Shea concluded "While events are happening on a slower pace, the Company is moving forward. From a CEO perspective, I have failed in my pledge to full transparency. There are several internal issues that need to be resolved, primarily with debt holders that are nearing completion. Regardless, beginning Monday, shareholders and the investment community will be able to find the most current share structure on the Company's website (www.gdsmholdings.com) in addition to OTC Markets."
As of October 31, 2013, the common stock outstanding is 2,365,887,086.
ABOUT GOLD COAST MINING
Gold Coast Mining Corp. is a holding company with interests in the mining and energy sectors. The Company's goal is create a vertically integrated oil division and continue its diversification into other high growth industries. The primary goal is generate cash flow to sustain and grow profitability.
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Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance.
Gold Coast Mining Corp.
Phone: (203) 210-5614
SOURCE: Gold Coast Mining Corp.