Constitution Mining to expand Peru drill program
Lima, Peru - May 11, 2010 - Constitution Mining Corp. (CMIN.OB) reports that the Company has initiated the process for expanding the drill permits for its Gold Sands property in Peru.
Anticipating the expansion of its drill program, the Company is currently concluding the Environmental Impact permit which will allow CMIN to explore the entire Constitution Gold Sands property for the next 12 months and allow the drilling up to 428 additional holes.
A major step forward for this program was that the Company organized a community meeting on May 1st 2010 in Puerto Elisa, community close to our current drill program. Over 100 community's leaders and more than 1200 people participated in this meeting and confirmed the interest and support of the local people to CMIN's project in the Gold Sands Area.
The meeting included the presence of the district major of the Manseriche Municipality, Manseriches lieutenant-Governor, Manseriches district Judge, UGEL-Saramirizas educations coordinator, Indian organization ORPISIN-ORPAM's president, APUS from several native communities, governors and municipal agents of different villages, mothers club president, teachers and members of the general public.
Constitution Mining was represented by Rodolfo Matute (Head of Community Relationships) and his team including expert in communitarian relationships Gerardo Medina and regional Indian authority Washuru. The meeting was an important formal step to present the results of the environmental study and social base line executed by the international consulting companies AMEC and the Stocker Group. The expansion of the project was explained to the people and all community leaders signed a document which states that they are in favor of the expansion of the program. The meeting concluded with the signing of the respective Legal Records and a fellowship lunch.
CEO Michael Stocker commented: "I am impressed to see that we have reached our objectives to include the local people in our project from the beginning. I do not think that there is any other company in the area with such a support from the locals like Constitution. The presence of the governor, the Regional Indian Authority and hundreds of local men and woman that work with us confirm this."
About Constitution Mining Corp.
The Company's goal is to locate large-scale commercially viable gold deposits and continuously increase the amount of gold underlying its outstanding shares. The Company is interested primarily in geographical areas that are home to several significant proven gold deposits, including highly prospective districts likely to hold further large deposits.
Peru
The first and most active project is in the Gold Sands region of Peru - laid down by eons of alluvial erosion. For millions of years, the waters of the Santiago and the Maranon rivers have been carving their way through the gold-rich mountain canyons of the Andes, carrying off vast amounts of gold and depositing it in the loose gravels and sands - Gold Sands - in the area the Company now controls.
Results from test holes drilled during CMIN's 26-hole Phase I exploratory drill program indicates a potential presence of significant alluvial gold. The Company is now engaged in implementing a Phase II drill program that will focus on grid drilling 2.5 square kilometer regions with an aim to develop gold resource estimates and to gather further data to determine the feasibility of large-scale mining of this vast resource. While the results received from the Phase I drill program were favorable, the Company cautions that these results do not yet indicate the presence of a commercially viable mineral deposit.
The full implementation of these programs will require the Company to secure additional financing.
Nevada
On April 1st, 2010 CMIN executed a definitive and binding Asset Purchase Agreement with Seabridge Gold Inc. to acquire 30 Nevada-based gold projects comprised of 2,141 claims, primarily located in the heart of Nevada's prolific Walker Lane gold belt.
The closing of the Agreement, which is anticipated to occur on May 20, 2010, is subject to certain conditions, including, but not limited to: (1) Seabridge obtaining certain authorizations, approvals and consents necessary to transfer the assets to the Company, (2) the accuracy of the parties' representations and warranties, and (3) material performance of all of the agreements and obligations of the parties. The agreement contains certain termination rights, including the right of either party to terminate the Agreement if the closing has not occurred by June 20, 2010 (as long as the terminating party has performed its obligations under the Agreement) and to terminate upon a material misrepresentation or breach by either party. The Agreement may also be terminated upon mutual consent of the parties.
Further information about Constitution Mining Corp may be found at:
www.ConstitutionMining.com
On behalf of the Board;
Dr. Michael Stocker - CEO
Constitution Mining Corp. (CMIN.OB)
Investor Inquiries:
Toll Free: 888-906-5656
Direct Dial: +41 (0) 71 791 0080
Email: Info@ConstitutionMining.com
Disclaimer
This release contains forward-looking statements that are based on beliefs of Constitution Mining Corp. management and reflect Constitution Mining Corp's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release, the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words , or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of Constitution Mining Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance , or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, Constitution Mining Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission.
