Constitution Mining Completes Purchase of 25% Interest in Gold Sands Project
Buenos Aires, Argentina - November 10, 2008 - Constitution Mining Corp. (CMIN.OB) announces the company has paid US$750,000 and issued 2,000,000 shares of common stock to exercise the initial option to acquire a 25% interest in the Mineral Rights for 382 km2 of mining properties in the developing Gold Sands district of northeastern Peru. The company has the right to purchase the remaining 75% on terms previously disclosed.
Constitution Mining CEO, Dr. Willem Fuchter commented, "We are optimistic about the potential for the Gold Sands district to become one of the better known gold regions suitable for the use of modern, large scale dredging technologies."
About Constitution Mining Corp. Our goal is to continuously increase the amount of gold underlying each of our outstanding shares. To build such value, we are focusing on the rapidly developing Gold Sands region of Peru, where we have optioned 382 square kilometers (147.5 square miles) of mining properties - 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 Marañón rivers have been carving their way through the gold-rich mountain canyons of the Andes, carrying off vast amounts of gold and depositing much of the treasure in loose gravels and sands - Gold Sands - below the Manseriche gorge in Northeastern Peru. There the rivers reach a broad flood plain, slow to a crawl and release their cargo.
Drilling results from more than 500 test holes in a 'proof of concept' zone located on Constitution Mining's properties indicate the presence of tens of millions of ounces of alluvial gold in the region. We intend to capture the profit potential of that gold by applying recently enhanced mining technologies that are especially well suited to low-density, near-surface deposits. These green-mining technologies are energy-efficient and environmentally friendly -- features that support their profitable use.
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.