TORONTO, ONTARIO--(Marketwired - Jun 24, 2014) - COASTAL GOLD CORP. (TSX VENTURE:COD)(CY41.F) ("Coastal Gold" or the "Company") shareholders approved all matters put forth at the annual and special meeting of shareholders of Coastal Gold held on June 16, 2014, including the proposed shares for debt settlement whereby Coastal Gold has issued 34,628,659 common shares at a deemed price per share of $0.05 in settlement of liabilities of $1,731,432.97 on account of term loans, consulting fees and service fees owed to certain arm's length and non-arm's-length parties (for additional details regarding the shares for debt settlement see the news release dated May 5, 2014 and the management information circular relating to the meeting). 97% of the shares voted by disinterested shareholders at the Meeting were voted in favour of the shares for debt settlement. In addition, Messrs. David Gower, William Pearson, Brian Penney, Justin Reid and Adrian Bray were re-elected as directors of Coastal Gold.
Coastal Gold wishes to thank its shareholders for their continued support.
All common shares issued pursuant to the shares for debt settlement are subject to a hold period of four months and one day expiring on October 24, 2014.
ABOUT COASTAL GOLD
Coastal Gold is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol "COD". Coastal Gold's flag ship property is the Hope Brook Gold Project located in southwestern Newfoundland, which has 19.9 million tonnes at 1.93 g Au/t for 1,239,000 ounces of indicated mineral resources and 1.3 million tonnes at 3.22 g Au/t for 138,000 ounces of inferred mineral resources. This mineral resource includes a high grade underground resource of 2,284,000 tonnes grading 4.43 g Au/t containing 326,000 ounces gold in the indicated category and 769,000 tonnes grading 4.23 g Au/t containing 105,000 ounces gold in the inferred category. The potential open pittable high grade mineral resource is 8,682,000 tonnes grading 2.69 g Au/t containing 751,000 ounces gold in the indicated category with minor inferred resources. In addition, there are inferred mineral resources in the tailings of 4.9 million tonnes at 0.85 g Au/t and 0.09% copper containing 134,500 ounces of gold and 9.5 million pounds of copper. For additional details regarding the mineral resources, see the technical report entitled "2013 Mineral Resource Estimate Technical Report, Hope Brook Gold Project, Newfoundland and Labrador, Canada" effective as of December 4, 2013, which is available under the Company's profile on SEDAR at www.sedar.com.