soared approximately 39% and its traded volume jumped over 1.5 million shares.The most curious thing here is that CMIN started to climb unexpectedly, as the company has not released any news about its operations since end-October. Then, CMIN announced it discovered a third channel at its Gold Sands Project. The company’s team was encouraged by the drilling results and started discussing the possible implementation of a test gold production program.
After the news was reported, there was no further information about Constitution Mining’s activities, except the regular discussions on the investor message boards. Though, CMIN is climbing up again.[BANNER]
Constitution Mining Corp. is an exploration-stage company focused on developing gold projects in Nevada and Peru. Historical records show that CMIN’s chart position is hard to be determined. The stock price has been constantly jumping up and down, supported by promotional newsletters and a series of positive news.
In September, the company made some changes in its team and appointed Patrick Gorman as Chairman of the Directors Board and James Prudden as VP Exploration and Development. Also at that time, Constitution Mining and Seabridge Gold terminated the Nevada Property acquisition because the deal was not beneficial for both companies and CMIN stock fell down. Yesterday, the up move was on again, though no one can say for how long.
Meanwhile, Constitution Mining’s financials don’t look promising. The company has a huge accumulated deficit and its operating loss has increased significantly. The management claims that CMIN has sufficient cash for the next 12 months and that the company still should find additional funds for its future operations. Otherwise, the corporation “will need to curtail operations”.
