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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
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