Constitution Mining Initiates Phase II Resource Definition Drill Program
Lima, Peru - April 8, 2010 - Constitution Mining Corp. (CMIN.OB) reports that it has initiated an 100-hole drill program designed to define a measureable quantity of gold resources contained within a targeted zone on CMIN's 461 square kilometre (178 square mile) gold sands project and determine whether the gold that has been found to exist within this targeted zone is of sufficient quantity to support commercial production. The recently announced Banka drills, ordered by CMIN, have now arrived on location and two have begun drilling the zone.
Constitution Mining CEO, Dr. Michael Stocker stated, "We have now begun the process of attempting to build a reportable base of gold resources. Drilling this initial grid is the first step, albeit an important one, in defining the potential for our gold sands project ".
Gold Sands Phase II Drill Grid: Aerial Overview
In order to drill the grid rapidly and to generate the necessary data to prepare CMIN's first resource estimate within this vast Gold Sands deposition basin, the Company is using 3 motorized Banka drills and 1 churn drill which will each be drilling 16-hours per day. Each drill is equipped with 2 teams, each comprised of 8 labourers and 1 supervisor. More than 70 local area residents are being employed to carry out the program. CMIN has also hired 4 more Peruvian geologists, expanding its team of field technicians from 5 to 9. In addition, negotiations are in progress with a recognized independent laboratory to provide additional staffing for the Company's on site laboratory facility.
The Phase II 100-hole program will consist of definition drilling within a 2.5 square kilometre grid situated over a large paleo channel that was successfully drilled during the 26-hole Phase I exploratory program. The grid is comprised of 4 lines, equally spaced at 250 metres apart. Along each line, holes will be drilled every 100 metres to depths of up to 15 metres (50 feet). Additionally, CMIN's Churn drill will follow behind the Banka teams and selectively drill holes to depths of up to 30 metres (98 feet).
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 2.5 square kilometre 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. While the results received from the Phase I drill program were favourable, the Company cautions that these results do not yet indicate the presence of a commercially viable mineral deposit.
The full implementation of these programs will require the company to secure additional financing.
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 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).
Upon closing of the proposed Seabridge Gold / Nevada transaction, CMIN will discuss its strategy for advancing the existing base of measured, indicated and inferred gold resources - 308,000 ounces.
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)
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.
