over 1 million shares on the market.Apparently, CMIN started to climb after Mr. Henk van Muijen, Managing Director of MTI Holland B.V., provided the results of the visit to the Constitution Mining’s GoldSands properties.
According to the announcement, this August Muijen visited the GoldSands to determine data for a potential test mining, to be implemented after CMIN’s drill program II concludes. The mining specialist concluded that “Based on these drilling results, a first assumption of the deposit is already drafted which might be sufficient for a trial/pilot mining operation. However, much more exploration work will be required to establish a proper resource/reserve position”.
This might not seem promising enough for Constitution Mining, though the company is confident that they will conclude its drill program “by approximately October 15 and can then work on the conclusions”.[BANNER]
It seems that nothing is certain at this point, as CMIN stock has been jumping up and down quite frequently and its market position doesn’t look stable.
Recently, the company has made some changes in its team. In September, it appointed Mr. Patrick Gorman as Chairman of the Directors Board. Then, last week Mr. James Prudden was appointed as VP Exploration and Development of the company.
As already reported by hotstocked.com, last month CMIN and Seabridge Gold terminated the Nevada Property acquisition as the deal would not be beneficial for the companies and CMIN stock fell down. Now, probably encouraged by the latest news, investors started to buy the shares again.
However, based on the historical CMIN stock price movement, no one can be certain how long the up move will resist. The financials of the company are still disappointing, while its management team fights to find additional cash to cover the losses.
