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Wednesday, 12th November 2008 (1016 views)

The first phase of acquiring mineral rights for a gold mining area in South America has been completed by Constitution Mining.

According to the firm, it has handed over $750,000 (£487,618) and issued two million shares of common stock to ensure its 25 per cent interest in the Gold Sands region.

The Gold Sands region is an area in north-east Peru that is 382 km sq and contains mining properties.

Under previously agreed terms, Constitution Mining can now opt to purchase the remaining 75 per cent of the region.

Chief executive officer of the company Dr Willem Fuchter explained why the firm is interested in the region.

"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," he said.

In related news, Constitution Mining recently appointed Dr Michael Stocker as the company's new chairman of the board.

 

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