Gold Coast Mining Corp. entered into an agreement to acquire 50% stake in Azurite Property from Western Sierra Mining Corp. for $4.5 million.

Gold Coast Mining Corp. (OTCPK:GDSM) entered into an agreement to acquire 50% stake in Azurite Property from Western Sierra Mining Corp. (OTCPK:WSRA) for $4.5 million on August 14, 2012.

Gold Coast has made payment of $0.05 million under the conditions agreement. Under the terms of the agreement, Gold Coast will have a 50% working interest in the Azurite property in exchange for funding assistance to bring the claims into production. Additionally, Gold Coast has an option to acquire 50% ownership of the property.

Azurite will be operated under a sublease agreement, with any and all sublease payments being applied 100% to the purchase price.