BOCA RATON, Fla., Oct. 10, 2012 /PRNewswire/ -- Gold Coast Mining Corp. (Pink Sheets: GDSM), announced today that the Company would complete the process of becoming fully audited as well as get efforts underway for an uplisting to the OTCQB before continuing further merger talks. As previously announced, Gold Coast and International Gold Mining Reserve Corp. ("IGMR") entered an LOI for a potential merger between the two companies.
After an initial positive meeting and further discussions, both companies are of the opinion that completing audits and pursuing an OTCQB listing first would be in the best interest of GDSM shareholders. A fully audited company on its way to a potential uplisting is more valuable in terms of transparency, credibility, merger value and capital funding. The completion of these tasks will result in mergers, acquisitions and funding transactions that are less dilutive to current shareholders.
Marc Lovito, President of Gold Coast Mining Corp., stated "Our interaction with IGMR and their people, along with our advisors over the last several days has been very productive in terms of focus and direction for Gold Coast. It became apparent that before continuing with a merger, the Company needed to complete some things that would strengthen its overall potential value. With both parties agreeing that this needed to be the Company's priority, we have decided to seek more of an advisory relationship with some key individuals rather than a merger with IGMR at this time."
Gold Coast first two priorities will be the completion of audits by an S.E.C. qualified auditing firm and the engagement of an S.E.C. qualified law firm. Their main objective is to complete financial and securities work required in obtaining a potential listing to the OTCQB.
Lovito continued, "Completing these tasks and at the same time giving our JVs time to develop further along is important to maximizing value. We believe the Company can have a stronger position and valuation going into any merger, acquisition or jv funding situation for its shareholders by doing just that."
ABOUT GOLD COAST MINING
Gold Coast Mining Corp plans to pursue growth and enhance shareholder value through acquisition opportunities in and out of the mining industry. There are many lucrative mining projects that are sitting idle due to lack of capital and/or financing direction. Gold Coast will seek to capitalize on these opportunities by securing capital, finance consulting, equipment assistance and other financial assistance to these companies/projects.
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 Contact: Marc Lovito
SOURCE Gold Coast Mining Corp.