Gold Coast Mining Shareholder Update August 8,
Post# of 390
Posted On: 08/09/2012 3:04:38 PM
Gold Coast Mining Shareholder Update
August 8, 2012
Dear Shareholders
We have completed our review of the Azurite claims and the opportunity presented to us by our mining partner Western Sierra Mining . As stated previously, these claims have extensive historical data available and the ability to be in production within 3-4 months from completion of required funding . After extensive conversations with Western and review of all due diligence material, Gold Coast believes it would in the best interest of its shareholders to pursue the Azurite project. The companies are currently reviewing agreements and expect to finalize a Joint Venture Agreement over the next week.
We will continue provide our shareholders with additional information and due diligence material regarding the Azurite project as we proceed forward.
Azurite Claims
Azurite is a private property that has mining history, water and existing old ore stock piles (mine dumps) on the surface. In regards to questions concerning initial activity towards production, Western Sierra provided the following general summary:
There is plenty of surface ore so we will not need to be underground immediately. We will open up the old tunnels just to have access and to attempt to identify the historical underground data that we have on the mine. There is some 3000 feet of underground workings that need to be looked at as we go along. There are no access problems; you can get in via good roads.
We will have to improve some of them (ones closest to the mine) a little, may need a permit to do that but improving an existing road is not usually a problem. You can get in now with a small truck with just a little difficulty. Large ATVs' are easy.
We are going to use the old production plant location, so no excavation to do that except brush removal and leveling. There is also a cabin on the property that needs some work. Additionally, we need to cut one additional road on the property that we will do during the upper road improvement, but will not need a permit for that. If we need additional water, there is an old well on the property that may be usable; a drilling permit (on private property) usually takes 3-4 days. Otherwise there is surface water that should do, as the production plant will require much less water than a corresponding placer plant. There is also an existing dam that needs a little work-brush removal etc., will not take much to do.
This mine, located in the Bradshaw Mountain, is in the center of a large historical mining district; shut down as most were because of the war act and never reopened because of the low price of gold.
In closing, we would like to again express our appreciation for the support of our shareholders. We will continue to work in the shareholders’ best interest to bring the Gold Star and Azurite projects to fruition.
NOW IF MARC WOULD JUST REVEAL WHERE GDSM IS GOING TO GET THE FUNDS TO PAY FOR THE DEVELOPMENT OF THIS MINE EVERYONE WOULD FEEL A LOT MORE SECURE HOLDING GDSM.
BUT THERE WILL BE NO PRODUCTION IN 3-4 MONTHS!
WSRA announced they would begin the process to return the Silver Cord mine to production over 1 1/2 years ago. Sadly WSRA has no experience in lode mining.
August 8, 2012
Dear Shareholders
We have completed our review of the Azurite claims and the opportunity presented to us by our mining partner Western Sierra Mining . As stated previously, these claims have extensive historical data available and the ability to be in production within 3-4 months from completion of required funding . After extensive conversations with Western and review of all due diligence material, Gold Coast believes it would in the best interest of its shareholders to pursue the Azurite project. The companies are currently reviewing agreements and expect to finalize a Joint Venture Agreement over the next week.
We will continue provide our shareholders with additional information and due diligence material regarding the Azurite project as we proceed forward.
Azurite Claims
Azurite is a private property that has mining history, water and existing old ore stock piles (mine dumps) on the surface. In regards to questions concerning initial activity towards production, Western Sierra provided the following general summary:
There is plenty of surface ore so we will not need to be underground immediately. We will open up the old tunnels just to have access and to attempt to identify the historical underground data that we have on the mine. There is some 3000 feet of underground workings that need to be looked at as we go along. There are no access problems; you can get in via good roads.
We will have to improve some of them (ones closest to the mine) a little, may need a permit to do that but improving an existing road is not usually a problem. You can get in now with a small truck with just a little difficulty. Large ATVs' are easy.
We are going to use the old production plant location, so no excavation to do that except brush removal and leveling. There is also a cabin on the property that needs some work. Additionally, we need to cut one additional road on the property that we will do during the upper road improvement, but will not need a permit for that. If we need additional water, there is an old well on the property that may be usable; a drilling permit (on private property) usually takes 3-4 days. Otherwise there is surface water that should do, as the production plant will require much less water than a corresponding placer plant. There is also an existing dam that needs a little work-brush removal etc., will not take much to do.
This mine, located in the Bradshaw Mountain, is in the center of a large historical mining district; shut down as most were because of the war act and never reopened because of the low price of gold.
In closing, we would like to again express our appreciation for the support of our shareholders. We will continue to work in the shareholders’ best interest to bring the Gold Star and Azurite projects to fruition.
NOW IF MARC WOULD JUST REVEAL WHERE GDSM IS GOING TO GET THE FUNDS TO PAY FOR THE DEVELOPMENT OF THIS MINE EVERYONE WOULD FEEL A LOT MORE SECURE HOLDING GDSM.
BUT THERE WILL BE NO PRODUCTION IN 3-4 MONTHS!
WSRA announced they would begin the process to return the Silver Cord mine to production over 1 1/2 years ago. Sadly WSRA has no experience in lode mining.
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