Attached files
| file | filename |
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| 8-K - MAINBODY - CONSTITUTION MINING CORP | mainbody.htm |
| EX-10.2 - EX102 - CONSTITUTION MINING CORP | ex102.htm |
Constitution
Mining Updates Purchase
of
Seabridge Gold’s Nevada Projects
Lima, Peru – July
14, 2010 – Constitution Mining Corp. (CMIN.OB) reports that the Company
has paid Seabridge Gold Inc. (SA: NYSE.AMEX) US$302,260 to cover the Bureau of
Land Management property fees (“BLM Fees”) related to 30 gold properties
consisting of approximately 2,141 claims which are primarily located in the
heart of Nevada's prolific Walker Lane gold belt. The Company intends to acquire
these claims pursuant to an Asset Purchase Agreement entered into between the
parties on April 1, 2010. The BLM Fees paid by the Company will not
be credited against the transaction’s purchase price.
The most
advanced project in the 30-property package of mineral claims we are seeking to
acquire 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. The
Company cautions that it has not verified or confirmed the accuracy of this gold
resource estimate that was prepared at the direction of Seabridge in October
2000. Provided the Company is successful in acquiring these mineral
claims, it intends to confirm the accuracy of these resource
estimates.
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 in this geographical region 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.
Additionally,
the Company reports that it has entered into an amendment to the Asset Purchase
Agreement with Seabridge Gold that includes an extension of the termination date
of the Asset Purchase Agreement to September 30th,
2010.
Constitution
Mining CEO, Dr. Michael Stocker stated, “We are pleased to be making progress
with respect to the Nevada gold deal with Seabridge. We anticipate that the
successful acquisition of these properties will result in an immediately
measureable level of Nevada-based gold to anchor our company’s future growth –
with the potential for additional of ounces to be uncovered.”
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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.
Dr.
Stocker continued, “I am also pleased to report that at the Company’s Gold Sands
project in north-eastern, Peru, things are going very well. Our current 100-hole
drill program is well underway and we hope to, over the coming days, have some
additional news out of Peru.”
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 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
actively engaged in conducting a Phase II drill program focused on grid drilling
a 2.5 square kilometer region. While the results received from the Phase I drill
program and the preliminary results of the Phase II 100-hole drill program are
highly favorable, further results are needed to determine the full feasibility
of the project.
The full
implementation of these programs will require the Company to secure additional
financing.
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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 or before September
30th, 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.
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
Further
information about Constitution Mining Corp may be found at:
www.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.
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