LIMA, PERU--(Marketwire - Jan. 8, 2010) - Constitution Mining Corp. (OTCBB:CMIN) reports preliminary results of test drilling in the Gold Sands of northeastern Peru and their review by an international alluvial geology expert.
Constitution Mining has completed 19 Banka drill holes on its Gold Sands properties in the Maranon River Basin in northeastern Peru. All 19 holes intersected gold-bearing alluvial gravels, including mineralized horizons returning gold values as high as 200 milligrams per cubic meter. Subsequent pitting and bulk sampling on the site of one such hole found gold values of 213 mg/m3 and 208 mg/m3 respectively, findings that support the effectiveness of Banka drilling as an evaluation method.
Channel sampling of exposures in artisanal workings in palaeo channels indicate average grades in the range of 120 to 350 mg/m3. Local accumulations of gold were found in one-meter widths at the base of cross-bedded gravel units with grades up to 550 mg/m3.
James Prudden, a noted expert on alluvial geology, conducted a site visit to the Constitution Mining properties in connection with reviewing these recent results. He reports:
The processing of the geological samples from Banka drill holes and river exposures disclosed that gold is present in virtually all the material sampled by the Company. Many of the samples contained estimated gold concentrations that potentially are economic, indicating that this immense braided river system might support an extensive dredging operation. The prevailing gold morphology allows gold to migrate considerably further in this fluvial environment than in classical alluvial systems. Consequently, gold can be found in the sediments of the Rio Maranon for over 130 kilometers below the Manseriche Gorge, explaining the metal's widespread distribution throughout the basin where Constitution Mining's properties are located.
Constitution Mining has developed an extensive plan of exploration with the principal objective of determining whether the minerals that have been found to exist on the property are of sufficient quantity to support commercial production. Future work by Constitution Mining will target mineralized palaeo channels throughout its holdings. The alluvial gold in such channels is associated with magnetite; accordingly, the Company will conduct a program of regional ground magnetic traverses, to begin no later than January 15. This will be augmented by continued geology and sediment studies and regional sampling by two experienced alluvial geologists under James' Prudden's supervision.
John Keenan, Senior Field Coordinator of Constitution Mining, stated "Based on the promising results from the first 19 Banka drill holes, we intend to exploit Mr. Prudden's expertise in alluvial geology and his intimate experience in the Maranon to explore the resources on our properties and to evaluate the possible incorporation of close-by concessions. We also will look to Mr. Prudden's advice in defining additional basins for drill testing between now and April."
About Constitution Mining Corp.
Our goal is to locate large-scale, commercially viable gold deposits and continuously increase the amount of gold underlying each of our outstanding shares. We're interested primarily in geographical areas that are home to several significant proven gold deposits, including highly prospective districts likely to hold further large deposits.
Our first and most active project is in the Gold Sands region of Peru, where we hold options on 382 square kilometers (147.5 square miles) 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 much of the treasure in loose gravels and sands - Gold Sands - in the area the Company now controls.
Results from test holes drilled a decade ago indicated a potential presence of significant alluvial gold. The Company is now engaged in a program of pitting and test-mining with the intention to confirm and extend those earlier results and to gather further data for determining the feasibility of large-scale mining of this vast resource.
The implementation of these programs will require the company to secure additional financing.
Further information about Constitution Mining Corp may be found at www.ConstitutionMining.com.
On behalf of the Board:
Dr. Michael Stocker, Chairman of the Board
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.