BOCA RATON, Fla. , Sept. 25, 2012 /PRNewswire/ -- Gold Coast Mining Corp. (OTC: GDSM) (" Gold Coast " or the "Company") announced today it has received an unsolicited Letter of Interest ("LOI") from International Gold Mining Reserve Corp. ("IGMR") for a potential merger between the two companies combining properties, resources and management. Gold Coast plans to pursue a Definitive Agreement expeditiously, as the LOI has a 30-day response clause. The merger offer would include key mining relationships, geological advisors and financing resources.
Gold Coast views this unsolicited offer as an opportunity to strengthen the Company's position in the precious metals sector. Management will approach the merger with the goal of building shareholder value and enhancing the Company's overall competitive position. The combined company's investors, mining partners, and advisors have all expressed a desire to build a stronger foundation with the completion of the merger.
Marc Lovito , President of Gold Coast Mining Corp., stated, "The merger works towards achieving management's executive goals of building shareholder value. This is a tremendous opportunity to bring expertise and mining resources to Gold Coast . Our key management team and advisors have committed their full-time and energy in evaluating this potential offer before making any further executive decisions."
International Gold Mining Reserve Corporation's Chief Operating Officer, Steven A. Ragan said, "We look forward to achieving shareholder's common goals in this clearly synergistic tie-up. The union of Gold Coast and IGMR combines human resources and mineral assets in a very timely environment in the precious metals space, with the backdrop of global fiscal policy supporting this strategic merger."
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