• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Gold Coast Resources Inc. Expands Mineral Property Inventory

Posted on: Tuesday, 4 October 2005, 12:01 CDT

Gold Coast Resources Inc. (OTC: GSRS) management announced the acquisition of an additional property in the mineralized and gold belts of Ghana, West Africa.

The acquisition consists of the Patakoro Concession, covering an area of about 66.64 sq. km. between latitudes 6 deg 15' 45" N to 6 deg 22' 31" N and longitude 2 deg 54' 51" W to 3 deg 00' 00" W, approximately 10 km southwest of Sefwi Juabeso in the Juabeso - Bia District region of Ghana.

Patakoro is located on the Bibiani-Sefwi Gold Belt which has produced more than 3.2 million ounces of gold historically and still contains at least 20 million ounces of gold. The area is comprised of rocks affiliated with both the Sunyani Sedimentary Basin and Bibiani-Sefwi Volcanic Belt, the latter having been metamorphosed especially at the southeastern part of the concession.

Joseph Kingsley Annan, president and CEO, stated, "This acquisition is part of our strategic plan to enhance the company's reserve and exploration inventories and to broaden joint venture and funding options."

Other recent acquisitions include: the Ahanta, Botodwina, Edwenase, Jejeti, Jurugum, and Yankomase Concessions, all of which are located within the mineralized and gold belts of Ghana.

The company also controls the Akoon mine located at the north end of the town of Tarkwa, in the western region of Ghana. Historically, the Akoon mine has produced approximately 140 tons of gold (more than 4.4 million ounces). It has current reserves of 1.6 million ounces.

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the lead-in "Looking Forward." These statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results may vary materially from those in the forward-looking statements as a result of the effectiveness of management's strategies and decisions, general economic and business conditions, new or modified statutory or regulatory requirements, and changing price and market conditions. No assurance can be given that these are all the factors that could cause actual results to vary materially from the forward-looking statement.

More details about the company and the acquisition properties may be found at: www.goldcoastresources.com. E-mail: info@goldcoastresources.com Joseph Kingsley Annan, 403-217-6428 28 Strathridge Gardens SW, Calgary, Alberta, Canada T3H 3S1

Source: Business Wire

More News in this Category