Gold Coast Mining Corp. announced that the company has signed a Letter of Intent to acquire 100% of a producing oil project in Navarro County, Texas. The LOI between the company and Galahad Limited Partnership #1, LP (Galahad) is for the acquisition of two producing oil wells on Lease #17652 (District 5, RRC Identifier 03935).

The LOI also includes drilling a third well on the same Lease upon closing. The two wells, drilled in 2010, have been producing 140-150 barrels per month. The purchase price is $500,000 and the agreement is structured as 'unit deal' which allows the company to acquire individual units.