On Sept. 27 Constitution Mining Corp. (CMIN.OB) lived to see another consecutive downturn in its stock price. The company’s stock index dropped down by 4.88% to reach $0.39 per share. No conspicuous change in the usual traded volume was recorded as well.
CMIN.ob is an exploration-stage company focused on developing gold projects in Nevada and Peru.
The same day CMIN.ob and Seabridge Gold announced their final decision to terminate the Asset Purchase Agreement to purchase 30 gold properties consisting of approximately 2,141 claims located in Nevada. Apparently this news has discouraged the investors and triggered the slip in the stock price.
The company’s 10-Q report indicates a net operating loss before income tax of $28 million. The total deficit accumulated during the exploration stage amounts to $22.809. Though, such figures are not surprising for an exploration stage company.
Hopes for investors lie in the ongoing explorations of the Gold Sands area in northeastern Peru. But until something tangible comes out from the exploration no one can predict how CMIN stock prices will fluctuate.
