A non-binding letter of intent has been issued by Constitution Mining Corp. in order to purchase all of the interests of Seabridge Gold Inc. (TSX:SEA, SA: NYSE Amex) in certain Nevada exploration properties. These properties include Seabridge's Castle-Black Rock Project, for consideration exceeding US$7 million and consisting of three elements. The three elements consist of staged cash payments totalling US$3 million, a US$1 million convertible debenture, and 3 million shares of common stock in Constitution Mining. The closing of this transaction should take place on or about January 22, 2010 and subject to completion of final due diligence by Constitution, regulatory approval and execution of a binding definitive agreement.
Mr. Stocker continues. "We see the proposed transaction as richly beneficial for both companies and. Constitution intends to conduct a vigorous exploration program on those properties, and the success we hope to achieve there and elsewhere will benefit all our shareholders, including, under the proposed terms, Seabridge Gold."
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About Constitution Mining Corp.
Constitution Mining Corp. is an exploration or exploratory stage company. The Company is involved in the examination and investigation of land that can contain minerals, for the purpose of discovering the presence of ore, if any, and its extent. The properties of the Company include Atena Gold Project, Cerro Amarillo Property and Amira, Amira Norte, Peruvian Gold Sands Property and Esparta II Properties. The Company was previously engaged in the business of the sale of auto parts to auto owners globally through an Internet site/online store.
About Seabridge Gold Inc.
Seabridge holds a 100% interest in several North American gold resource projects. The Company's principal assets are the KSM property located near
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