Constitution Mining Contracts IHC Merwede Group to Assist with Developing the Peruvian Gold Sands
Buenos Aires, Argentina - February 19, 2009 - Constitution Mining Corp. (CMIN.OB) announces that its Peruvian service company, Logistica y Servicios Aluviales San Lorenzo SA ("San Lorenzo") has contracted MTI Holland BV, a member of the IHC Merwede Group, the world's leading manufacturer of innovative Gold Sands dredging and processing equipment, to assist with the technical development of the company's 382 km2 Gold Sands property.
With respect to the Gold Sands project, MTI will provide guidance and advice regarding:
Preparation of the preliminary exploration and project development plan
Drilling, sample taking, sample processing, and reporting procedures
Development of a conceptual master plan, including estimation of production rates and the associated equipment requirements with a view to completing a scoping study to evaluate the technical and economic feasibility of the Gold Sands project. This study will include a geotechnical analysis, equipment selection, cost determinations and cash flow modeling.
Constitution Mining CEO, Dr Willem Fuchter commented: "MTI has extensive expertise in assisting clients with the successful development of Gold Sands-style deposits - several of which are now producing gold."
"We are now in the final planning stages of our upcoming drill program, scheduled to begin the end of March 2009. It shouldn't take very long, once the drills start turning, for us to discover whether the multi-million ounce potential of the Gold Sands deposit is in fact a reality," added Dr. Fuchter.
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.