Attached files
| file | filename |
|---|---|
| 8-K - MAINBODY - CONSTITUTION MINING CORP | mainbody.htm |
| EX-10.1 - EX101 - CONSTITUTION MINING CORP | ex101.htm |
Constitution
Mining Finalizes Agreement to Acquire
Nevada
Properties From Seabridge Gold
Lima, Peru – April 5, 2010 -
Constitution Mining Corp. (CMIN.OB) reports that on April 1st the
Company executed a definitive and binding Asset Purchase Agreement on Seabridge
Gold Inc.’s 30 Nevada-based gold projects comprising of approximately 2,141
claims, and primarily located in the heart of Nevada’s prolific Walker Lane gold
belt.
The most
advanced project in the package of mineral claims is the Castle Black Rock gold
project in Esmeralda county, which has an NI-43-101-compliant gold resource of
215,000 ounces in the measured and indicated categories (12.38 million tonnes
grading 0.54 gram of gold per tonne) and 93,000 ounces in the inferred category
(7.95 million tonnes grading 0.37 gram of gold per tonne). For
further information, see Seabridge Gold's Oct. 10, 2000, news release –
http://www.seabridgegold.net/resources.php.
Constitution
Mining CEO, Dr. Michael Stocker stated, “The Castle-Black Rock gold project was
an integral part of Seabridge’s early development strategy and fits well with
our current philosophy. We consider the potential for CMIN to expand on the
existing base of 308,000 ounces of gold resources in Nevada to be very
high.”
The
Walker Lane region of Nevada is home to several world-class gold deposits,
including Round Mountain, which has produced more than 10 million ounces of
gold. Additional mines include Gold Hill (produced 4.5 million ounces of gold),
Paradise Peak (produced more than 1.6 million ounces of gold) and the Bullfrog
Mine (produced 3.5 million ounces of gold). Nevada is currently the world’s
4th
largest gold producing region in the world, following China, South Africa and
Australia.
“We
consider the 2,141 claims being transferred to CMIN from Seabridge under the
terms of this Nevada transaction to provide a strong project compliment to our
large holdings in the Peruvian Gold Sands,” Dr. Stocker added. “We have just
completed a 26-hole drill program in Peru and are soon commencing an expansive
Phase II program.”
Financial
terms of the transaction described in the news release dated December 3rd,
2009 remain the same and the closing date for today’s Agreement has been set for
May 15th,
2010.
The
closing of the Transaction 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 the other
party. The Agreement may also be terminated upon mutual written
consent of the parties.
About
Seabridge Gold Inc.
Seabridge
holds a 100% interest in several North American gold resource projects. The
Company’s principal assets are the KSM property located near Stewart, British
Columbia, Canada and the Courageous Lake gold project located in Canada’s
Northwest Territories. For a breakdown of Seabridge’s mineral resources by
project and resource category please visit the Company’s website at http://www.seabridgegold.net/resources.php.
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 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, where the Company
holds options on 461 square kilometre (178 square mile) of mining property, the
largest such block in the district.
The Gold
Sands of Peru were 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 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 in specific 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.
Nevada
On April
1st ,
2010 CMIN executed a definitive and binding Asset Purchase Agreement with
Seabridge Gold Inc.’s to acquire 30 Nevada-based gold projects comprising of
2,141 claims, primarily located in the heart of Nevada’s prolific Walker Lane
gold belt. The most advanced project in the package of mineral claims is the
Castle Black Rock gold project, which has an NI-43-101-compliant gold resource
of 215,000 ounces in the measured and indicated categories (12.38 million tonnes
grading 0.54 gram of gold per tonne) and 93,000 ounces in the inferred category
(7.95 million tonnes grading 0.37 gram of gold per tonne).
The
implementation of these programs will require the company to secure additional
financing.
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Further
information about Constitution Mining Corp. may be found at
www.ConstitutionMining.com.
For
further details about Asset Purchase Agreement with Seabridge Gold, please see
today's current Form 8-K filing. For further information, see Seabridge Gold's
Oct. 10, 2000, news release –
http://www.seabridgegold.net/resources.php.
On
behalf of the Board:
Dr.
Michael Stocker - CEO
Constitution
Mining Corp. (CMIN.OB)
Investor
Inquiries:
Toll
Free: 888-475-0070
Direct
Dial: 646-755-3352
Email:
Info@ConstitutionMining.com
Disclaimer
This
release contains forward-looking statements that are based on the beliefs of
Constitution Mining Corp. management and reflect Constitution Mining Corp.
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 used 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 indicated 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.
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