Constitution Mining Acquires Option on Atena Gold Project, Argentina
Tempe, Arizona - December 18, 2007 - Constitution Mining Corp. (CMIN.OB) announces the acquisition of an option agreement positioning the company to acquire a 100% interest in two highly prospective gold zones, collectively known as the Atena Gold Project ("Atena").
Atena, presently owned by Rio Tinto Mining & Exploration Ltd., S.A., is situated in the heart of a rapidly developing mining district in Argentina well known for hosting large gold deposits.
Recursos Maricunga S.A. optioned Atena in 2007 from Rio Tinto enabling it to acquire 100% of Atena by making periodic cash payments and satisfying certain exploration commitments. It is that option-to-purchase agreement with Rio Tinto and all the underlying obligations and rights that are now the property of Constitution Mining Corp.
Constitution Chairman, Pat Gorman commented, "Constitution Mining is in the business of finding and retaining precious metals assets, and there are essentially two ways we intend to build value for our shareholders. The first is to amass a global portfolio of existing small and midsize gold and silver deposits-some fully defined, with others offering expansion potential. The second is to develop world-class deposits ourselves by drilling advanced gold and silver targets. And the Atena Gold Project offers exceptional potential to host a major discovery."
About the Atena Gold Project The Atena Gold Project covers an area of 3,676 hectares in Salta Province, Northwestern Argentina. The property lies at 3700 meters above sea level and comprises a gold-rich epithermal polymetallic vein system, which forms part of a larger mineral district that includes several known porphyry deposits and mineral occurrences.
Atena comprises some 80 quartz veins with a combined strike of over 11 km. The veins were first prospected by a local prospector in the mid 1950s who opened up a few trenches and pits. The vein system was rediscovered and staked by Rio Tinto during their porphyry and epithermal gold exploration campaign in 2003. When Rio Tinto decided to get out of gold exploration, the exploration-with-option-to-purchase rights were acquired by Recursos Maricunga, a privately-owned Argentine exploration company.
Rio Tinto undertook 3 exploration campaigns on Atena, starting with a reconnaissance sampling program of the veins (26 samples) which was followed-up by 152 grab samples. In addition, some 118 samples were taken from a number of shallow trenches. Grab samples by Rio Tinto returned up to 8.9g/t gold.
Atena comprises a number of sets of widely spaced, porphyry-epithermal level, dike-related, brittle shear-hosted lodes. Theses lodes have demonstrated the potential to contain high grades of gold mineralization. A Phase 1 surface exploration program is currently underway and expected to be completed by the end of January 2008. A Phase 2 work program will focus on outlining and interpreting the shape and tenor of these lodes so that a Phase 3 drill program can be initiated to test the depths of the gold mineralization.
About Constitution Mining Corp. Our Mission is to consistently increase the amount of honest money - gold and silver - underlying the number of shares we have outstanding. We intend to acquire, explore for, and hold onto deposits of gold and silver. Additional information about Constitution Mining Corporation may be obtained at www.ConstitutionMining.com.
About Rio Tinto Rio Tinto is a leading international mining group, combining Rio Tinto plc, a London listed public company headquartered in the UK, and Rio Tinto Limited, which is listed on the Australian Stock Exchange, with executive offices in Melbourne. Its activities span the world but are strongly represented in Australia and North America. There are also significant businesses in South America, Asia, Europe and southern Africa.
For the full terms of the deal, interested investors are encouraged to review the company's 8-K filing.
On behalf of the Board:
Pat Gorman, Chairman of the Board Constitution Mining Corp.
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.
