CMIN reports completion of initial drill program at Gold Sands project

Constitution Mining Corp. has successfully completed a 26-hole exploratory drill program designed to test the company's entire 461 square kilometer (178 square mile) Gold Sands property package – including the recently optioned extensions to the north and south.

CMIN drilled 26 strategically located holes using Banka drills to average depths of 10 – 12 meters (32 – 40 feet). Drill targets were selected by utilizing ground magnetics throughout the district – a tool that has proven to be very effective.

Management was pleased to report that gold mineralization was discovered in most of the 26 holes, in many cases, beginning from or near the surface. Three of the holes returned gold grades that exceed levels currently witnessed in several large-scale alluvial dredging locations around the world.

Constitution Mining is developing an extensive plan of exploration with the principal objective of determining whether the minerals that have been found to exist on the property are of sufficient quantity to support commercial production.

The drilling to date was conducted for the purposes of developing and refining internal methods of exploration.

Constitution Mining's Senior Technical Consultant James Prudden stated: "The next phase of CMIN's project development will focus on grid drilling in specific regions with an aim to develop resource estimates that can be reported with a high degree of accuracy in measurable ounces per cubic meter."

"CMIN's senior management is meeting with technical advisors next week in Lima to formalize drill plans and their immediate implementation," he added. (Andina)

Location and Access

Constitution Mining controls 382 square kilometers (230 square miles) of the Gold Sands of northeastern Peru, where the Marañón river system leaves the Andean Mountains and pours onto the flat Amazon foreland. The local vegetation includes species suited for tropical rain forest. However, due to its proximity to the Andean foothills, the area has a microclimate with no defined wet and dry seasons. Average monthly rainfall is 28 centimeters (11 inches), most of which occurs in the afternoon.

The Company holds land positions in two of the Gold Sands’ three alluvial camps. Of these, Manseriche Camp is, by far, the largest and most important. It is located 470 kilometers (292 miles) west of the Amazon River city of Iquitos (population 400,000) and 240 kilometers (149 miles) north of Tarapoto (population 108,000). Both cities can be reached by charter flight, and both have by daily scheduled airline flights to Lima.

Supplies and heavy equipment can be brought in to Manseriche Camp by barge from Iquitos and also from Yurimaguas, 455 kilometers (283 miles) away on the Rio Huallaga. In addition, heavy loads can be trucked in from Bagua, 280 kilometers (174 miles) away, on a fair-weather road to the village of Saramiriza. Saramiriza, where the Company is establishing its logistics and administration base, is near the center of Manseriche Camp.

Foreign Minister: OAS has to solve peace, security, arms race issues

The Organization of American States (OAS), which assembly re-elected Jose Miguel Insulza as secretary general today, has to solve some pending issues related to peace, security and arms race, said Foreign Minister Antonio Garcia Belaunde.

The Peruvian chancellor highlighted the fact that Insulza was reelected by acclamation but warned that the OAS secretary general can not make any political conduction different to what was defined by country members.

Garcia Belaunde also said that the OAS has been an effective supporter in processes to reach democracy and a great mediator in difficult situations.

“Today, the main issue in the region is to solve issues related with peace, security and the arms race, that's the task we have,” he mentioned.

Garcia Belaunde said that Insulza is an experienced man, and explained that he should act according to the generated consensus.

The minister made these statements from New York, during a stop in his journey to China. (Andina)

Lima hosts in June Business Future of Americas and AACCLA's midyear meeting

Lima will host the XIV edition of the “Business Future of the Americas" (BFA) conference and the Association of American Chambers of Commerce in Latin America (AACCLA)'s midyear meeting, to be held June 21-24 this year.

This event will take place at the Swissôtel and gather renowned entrepreneurs, business delegations and high level officials of more than 23 countries of the occidental hemisphere, including the United States and Canada, reported to Andina the executive director of the American Chamber of Commerce of Peru (AmCham Peru), Aldo Defilippi.

Among the guests are three presidents, five ministers of trade, world officials and experts in foreign trade and CEOs of important companies of the hemisphere, such as Caterpillar CEO, Jim Owens; LAN CEO, Enrique Cueto; and Microsoft Emerging Markets senior deputy president, Orlando Ayala; among others.

The BFA becomes an opportunity for Peru to strengthen trade, productive and human relations with the countries of the occidental hemisphere such as the United States; and a platform to promote free market, especially trade facilitation in Latin America.

AmCham Peru board president, Miguel Rivera, stated that the BFA conference is aimed at encouraging the adoption of pro competitive measures to promote international trade eficiency and reduce transaction costs.

"This event will gather entrepreneurs from all the Americas and boost trade exchange, generating more wealth and increasing investments in the country, which is the main engine of the economic growth", he said.

“The BFA will stregthen business ties among investors," added Rivera, who is also president of Nextel Peru.

In addition, AACCLA president, Juan Manuel Carreón, said that this meeting will contribute to improve competitiveness of the main productive sectors as several experts will discuss and try to find solutions for several issues.

"Among the issues to be discussed are: customs, logistics, trade security, infrastructure and Small and Medium Entreprises (SME)," said Carreón, who also is president of Union Pacific Mexican sucursal, the first and biggest rail company in the United States and North America.

For nearly a century, the American Chambers of Commerce (AmChams) have been the most influential voice of U.S. business in Latin America and the Caribbean.

Today, joined together in the Association of American Chambers of Commerce in Latin America, these 23 AmChams represent more than 20,000 companies and over 80% of U.S. investment in the region. (Andina)

Peru International Reserves totaled US$ 35.2 billion by March 16

Peru's Net International Reserves (NIR) amounted to US$ 35.2 billion by March 16, US$ 287 million more than February’s closing, the Central Reserve Bank of Peru (BCR) reported Saturday.

According to BCR, so far this year, international reserves have totaled 2.1 billion dollars.

Results are mainly explained by purchases of foreign currency at the Negotiation Table for US$ 656 million and by the higher valuation of investments (US$ 24 million).

This evolution was partially offset by banks' decreased deposits and public sector deposits in the BCR for a total of US$ 286 million and US$ 120 million, respectively.

By March 16, the BCR foreign exchange position was US$ 24.96 billion, US$ 682 million more than February’s closing.

As of March 16, the prime rate in the domestic currency increased three percentage points to 1.69 percent as compared to the previous week.

On the other hand, the corresponding rate in foreign currency increased one percentage point to 1.33 percent as compared to the previous week.

So far this month, the daily average of the interbank interest rate in domestic currency was 1.23 percent. (Andina)

Gulf United Energy acquires working interest in Block XXIV Peru

Gulf United Energy Inc. reported Friday it has entered into a participation agreement with Upland Oil and Gas, LLC Sucursal del Peru to acquired rights to a 35% working interest in Block XXIV, an approximately 280,000 acre onshore and offshore property, located in northern Peru.

Pursuant to the terms of the participation agreement, Gulf United, through its wholly owned subsidiary Gulf United Energy del Peru, also acquired from Upland rights to a 35% working interest in the Peru TEA, consisting of four contiguous blocks totalling approximately 40 million acres.

Upland will serve as operator on both Block XXIV and the Peru TEA. The company has filed a Form 8-K today disclosing this transaction.

Gulf United Energy is an international energy company focused on global oil and gas exploration, development, production and investment in energy infrastructure projects.(Andina)

Argentine president to visit Peru on Sunday

Argentine President Cristina Fernandez will travel to Peru Sunday with a delegation of 100 Argentine business people from industries ranging from technology to wine production.

"The visit will strengthen the historic and close relationship between the two countries," said Argentine Foreign Minister Jorge Taiana.

During her stay on March 22-23, President Fernandez will hold talks with her Peruvian counterpart Alan Garcia, Congress President Luis Alva Castro and Lima's Mayor Luis Castaneda.

In the first visit by an Argentine head of state to Peru in 16 years, Fernandez will seek to bury a diplomatic row over the illegal sale of arms to Peru's neighbor, Ecuador.

According to Dow Jones Newswires, the Argentine government said it wants to "leave behind the mishaps of recent history," referring explicitly to the 1995 Ecuadorian weapons incident.

At the time of the arms sale, Argentina was acting as a mediator in talks between Peru and Ecuador, which had just fought a brief war.

Argentine courts have probed allegations that Argentina illegally sold weapons to Croatia in the early 1990s at the time of a United Nations embargo on arms sales to countries of the warring ex-Yugoslavia.

The investigators say arms were also sold in 1995 to Ecuador, a country enmeshed in a brief armed conflict with Peru.

Former President Carlos Menem was briefly detained in 2001 for his role in the alleged conspiracy to sell artillery, anti-tank missiles, mortars and rifles to Ecuador and Croatia. At least one investigation is ongoing. (Andina)

Russia's UTair plans expansion from new Peruvian base

Russia's UTair is planning expansion throughout Latin America, which has remained one of the world's fastest-growing civilian rotorcraft markets despite the global economic downturn, following its acquisition of Peru's largest helicopter operator.

UTair purchased Peruvian sister companies AviaSur and HeliSur in a transaction that closed last year.

The deal gave UTair, which operates a fleet of about 200 mainly Russian helicopters and is the launch customer for the new Eurocopter EC175, its first footprint in the fast-growing Latin American market.

HeliSur/AviaSur vice-president Mamed Kasumov says UTair Group's new Lima-based subsidiary is operating a fleet of 13 Mil Mi-8 MTV and Mi-171 helicopters under the HeliSur brand, with more than 250 employees.

He reveals UTair plans to add Mil Mi-26 super heavy and EC175 medium twin helicopters to its Peruvian-registered fleet as part of an expansion plan that also envisages operations in other South American countries.

"The prospective is to make the Peruvian company the base for expansion in the Latin American market," Kasumov says. "We are looking now at Ecuador, Chile and Brazil."

He says the first phase of the expansion will involve the delivery of two or three additional Mi-8/171s in 2010 to meet growing demand from HeliSur's customer base, flightglobal.com reported.

HeliSur now operates on-shore missions "for oil and gas exploration companies working in Peru" including Petrobas and other leading energy companies with aviation departments that "have their own system of certification and have the highest safety standards". (Andina)

Peru invests 759,000 USD in tsunami warning satellite network

The Peruvian Government will invest 2,186,000 soles (759,000 US dollars) to implement a satellite network for tsunami warning, as part of the National Earthquake Prevention that was launched in Peru on March 4.

Such amount will be transferred to the Geophysical Institute of Peru (IGP) for a satellite project in the Peruvian coast, which seeks to protect 1.6 million people who live along the coast, Xinhua reports.

The project proposed and promoted by Peru's Geophysical Institute for early forecasting of tsunamis, was approved by the government as a preventive measure and alert against possible disasters.

In this way, Peru seeks to correct its vulnerable and inadequate communication system of tsunami warning, the report said.

Meanwhile, President of the Council of Ministers Javier Velasquez Friday announced the creation of the National Emergency Operation Center as part of a "structural response" from the government to minimize the effects caused by natural disasters.

The minister said that following the earthquakes in Haiti, Chile and the 2007 earthquake in Pisco, the government decided to take prevention of natural disasters as state policy.

For this purpose, the Municipality of Lima organized Friday a simulation of earthquake in the Peruvian capital, with the participation of about 16,000 people, including students, tourists and workers.

A 20-minute simulation also took place at the Government Palace with the participation of the brigade and rescue teams from fire department. (Andina)

Travellers vote Lima airport lounge world's best

Airport lounges can ease some of the pain of travelling, and the SUMAQ VIP lounge of Lima's international airport has been voted the world's best for 2010 by independent airport lounge programme Priority Pass.

Priority Pass, the world's biggest membership programme that gives frequent travellers access to airport lounges regardless of their class of travel or which airline they've flown, asked more than 30,000 passengers from all over the world to pick their favourite lounge from among a 600-strong list.

The lounge at Peru's Jorge Chavez International Airport came up tops, reclaiming its 2009 position, with travellers praising its business facilities and relaxation rooms that have blankets, pillows and showers.

"The awards reflect truly exemplary service standards from the SUMAQ VIP Lounge and our other award winners," Jonathan French, head of brand at Priority Pass, said in a statement.

By region, Continental Presidents Club, Terminal E, Houston, Texas, was voted the best lounge in North America and Zurich's Panorama Lounge the best in Europe. In the Asia Pacific, KAL Lounge, Concourse A, in Seoul's Incheon Airport was in first place while Bahrain's Dilmun Lounge was the top in the Middle East and Africa. (Andina)

Japanese trains likley to be used for Electric Train Line 1

Peru’s Deputy minister of Communications, Jorge Cuba, and two officials from Callao Mass Transport Special Project Autonomous Authority (AATE) will evaluate in Japan the possibility of using Japanese trains for Lima’s Electric Train Line 1.

The deputy minister was authorized to travel to the Japanese cities of Tokio, Nagoya and Osaka from March 10 to 17, 2010, in his capacity as member of the Sectorial Committee in charge of coordinating the development of the Electric Train Mass Transport System of Lima and Callao, Line 1 from Villa El Salvador to Grau Avenue.

The Ministry of Transport and Communications (MTC) explained that according to a report of February 26, 2010, issued by the AATE’s Operation Management, the trains for the Electric Train will be modified and modernized pursuant to what is required in the public tender for the Contracting of the Civil and Electromechanical Works Execution of the Electric Train Project on Line 1.

In addition, such report indicates that the total extension of Line 1 will be of some 22 kilometers of six minute frequency as maximum to provide an appropriate service, being essential to have 15 trains minimum to start this service for this stretch in July 2011.

In that sense, the acquisition of trains that enable providing the service with the appropriate frequencies is necessary. (Andina)

Canadian investors interested in gold, uranium projects in Peru

Gold, uranium and polymetallic ores projects in Peru are attracting more and more investors from Canada, where the Prospectors and Developers Association of Canada (PDAC) annual conference 2010 is taking place, said Peru’s Minister of Foreign Trade and Tourism Martin Perez.

"Peru’s stand is one of the most visited at this great convention. We cannot disclose specific company names, but we can say they are large mining firms from the United States, Canada, China and Australia," he told Andina news agency.

PDAC Convention 2010 is the biggest mineral exploration event in the world and provides an excellent opportunity to promote Peru as an investment destination.

Peru's presence in such an important forum is strategic due to the increasing competition between countries to attract foreign investors.

The Peruvian delegation is headed by Ministries of Foreign Trade and Tourism (Mincetur), Energy and Mines (MEM) and Environment (Minam) as well as the Central Reserve Bank of Peru (BCR).

The annual PDAC conference is held in Toronto from the 7th - 10th of March. It showcases latest technology, products, services and mining jurisdiction.

Delegates from all over the world are going to address the conference. The participants will get to meet famous business delegates and marketing professionals.

The attendees will also get an excellent job opportunity in the PDAC 2010 event. This will not only help to explore the conference but will be helpful for the visitors to build business contact. (Andina)

Tinka options Anita de Tibillos copper porphyry project in Peru

Tinka Resources Limited announced the signing, through its 100% owned Peruvian subsidiary, of an option agreement to purchase 100% interest in the Anita de Tibillos Copper Porphyry property from an arm's length private owner in Peru.

Tibillos totals 1,000 hectares and is located about 40 km northeast of the town of Palpa, situated 50 km northwest of Nazca, along the Pan American highway.

Tinka has the right to acquire 75% interest in Tibillos by making cash payments totaling US$600,000 over a period of five years, including a cash payment of US$11,000, payment of outstanding mineral claim fees, and undertake certain exploration programs in the first year of the agreement.

The company has the exclusive right to purchase the remaining 25% interest in Tibillos by making cash payments of US$500,000 over a further five year period provided that Tinka has earned the initial 75% interest. The Vendor retains no royalties.

Tibillos is located within the coastal batholith and falls along a contiguous line of porphyry deposits including Lara, Tingo, Puquio and Los Pinos.

Tibillos was sampled by Noranda in the 1990's who took 87 rock chip samples over an area of 2.5 km x 1 km. Within a 1 km x 1 km area, 64 of these rock samples averaged 640 ppm Cu with the highest being 3,150 ppm Cu.

The granodiorite host rock is extremely leached; experience gained elsewhere, in similar environments, shows that surface copper values do not reflect the actual copper grades found in primary sulphides at depth or in any supergene zone, yet to be identified.

These results are very encouraging, and Tibillos has never been drill tested. The granodiorite subcrop has been traced for over 4 km east-west by 2 km north-south and is covered by quartzites and younger volcanics on all sides. (Andina)

Peru, El Salvador to strengthen trade ties as FTA with Central America moves forward

El Salvador's Economy Minister Hector Dada expressed his interest of strengthening trade ties with Peru, which will be possible under the Free Trade Agreement (FTA) whose negotiation was set to begin next May by Peru's Foreign Trade and Tourism Ministry (Mincetur).

After the meeting held with representatives of the Peruvian Exporters Association (ADEX), he pointed out that it is a fact that Peru wll start negotiations with Central America, including El Salvador, Costa Rica, Guatemala, Nicaragua and Honduras.

He said the negotiation process will be between Peru and Central America, such the one with the European Union, because this is the purpose of the Central American Council of Ministers of Economic Integration, which brings together the aforementioned countries.

According to Hector Dada, Peru has enhanced its service offering, while El Salvador is making efforts to enter this area.

“Central American economies in general are quite open, there are few restrictions except for some products with high tariffs, there is definitely a very big space to improve the relationship,” he added. (Andina)

Peru’s field hospital in quake-hit Chile to perform up to 20 surgeries a day

The field hospital sent by the Peruvian Government to Chile for the quake-affected people will perform between 15 and 20 surgeries a day, said Health Minister Oscar Ugarte.

Minister Ugarte said that the fully-equipped hospital has two surgical rooms, an intensive care unit and a sterilization room, among other facilities.

The government official, who traveled to Chile along with 21 Peruvian doctors and rescue workers, said the field hospital will be installed in the town of Penco in Concepcion, about 500 kilometers from the Chilean capital of Santiago.

The Peruvian minister pointed out that the 8.8-magnitude earthquake that hit central Chile last Saturday severely damaged eleven hospitals in the region, adding that immediate health priorities include search and rescue of survivors trapped underneath rubble.

Ugarte said he will monitor the performance of the hospital, which will help to meet the health care needs of thousands of people, including many Peruvians who live in this neighboring country. (Andina)

President Garcia met with Chile's president-elect Sebastian Pinera

Peruvian President Alan Garcia Perez met Tuesday afternoon with Chilean president-elect Sebastian Pinera, after expressing his country's solidarity with Chile and delivering humanitarian aid for those affected by last Saturday's 8.8-magnitude earthquake.

The meeting between Alan Garcia and Sebastian Pinera lasted 40 minutes and took place at the Chilean Air Force's Grupo 10 air base. Peruvian Foreign Affairs Minister Jose Antonio Garcia Belaunde also participated in this meeting.

Earlier Tuesday, the Peruvian leader held talks with his Chilean counterpart Michelle Bachelet at the same air base at 14:10 (local time).

Peruvian President Alan Garcia arrived today in Santiago with a message of solidarity for the Chilean people, along with 25 doctors and 30 tons of humanitarian help for quake victims.

"We share the pain of the Chilean people (...), we bring a message of fraternity, so that they know that we are at their service in order to support them in whatever they may need," said Alan Garcia, who was received by the Chilean Chancellor, Mariano Fernandez.

"Peru has been a victim many times to quakes and catastrophes and knows that solidarity is needed," said Garcia, who "following the indications of the Chilean government" arrived with a field hospital, health professionals and relief supplies.

"We need to strengthen our fraternity, our closeness, and in these moments of need, work toward a true union of peoples," said the Peruvian leader.

"We share the pain that the Chilean people feel, it fills us with dismay to see what has happened and how nature has wroth these people that were advancing rapidly on the path to a strong democracy and technological and social development." (Andina)

Peru offers construction material to aid Chile

President Alan Garcia said Sunday that Peru will provide Chile with construction material to help it repair the damage caused by the 8.8-magnitude earthquake that shook the country early Saturday morning.

"In the same way that Peru has received aid from other countries on previous occasions, including Chile, during the earthquake in Ica, which killed 596 and destroyed 70,000 houses. Now it is our time to return that aid," Garcia said, quoted by local media.

"We are waiting for the Chilean government to tell us what it needs, if medicines or construction material. We have iron-steel plants that can give them construction materials," Garcia said during a visit to a school.

Garcia said that to the moment his government has not received any request from the Chilean government. However, he said, his government will be waiting to the requests that Chile will make once it finishes registering the damage.

Chilean President Michelle Bachelet said on Sunday the death toll from the large earthquake has reached 708 and was likely to increase as rescue operations went on. Over 2 million people were affected by the temblor and more than 1.5 million buildings were damaged or destroyed, Xinhua reported.

Some estimates put the total damage at between 15 billion U.S. dollars and 30 billion U.S. dollars, equal to 10 percent to 20 percent of Chile's gross domestic product.

In the hardest-hit town of Concepcion, 115 kilometers from the epicenter of the quake, which is off the coast of Maule region, the whole downtown area was razed to the ground.

Also on Sunday, Mexican President Felipe Calderon and Polish President Lech Kaczynski offered support and condolences to the Chilean government and people. (Andina)