Constitution Mining has recently completed performing technical due diligence on an expansive portfolio of Nevada-based exploration and development stage gold projects controlled by Seabridge Gold Inc. (SA: NYSE.AMEX).
Subsequently, on April 1st, 2010, CMIN executed a definitive and binding Asset Purchase Agreement with Seabridge 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 in Esmeralda county, which already as 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 another 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 - www.seabridgegold.net/resources.php.
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 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.
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.
For more information on CMIN’s planned Nevada gold property acquitions, click here now.
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Walker Lane Gold Belt
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