CONSTANTINE METAL RESOURCES LTD. ANNOUNCES $900,000 NON-BROKERED FINANCING
October 15, 2008
Vancouver, B.C. -- Constantine Metal Resources Ltd. (TSXV: CEM) (the "Company") announces that it intends to raise up to $900,000 through a non-brokered private placement of up to 9,000,000 shares of the Company at the price of $0.10 per share. Net proceeds from the private placement will be used for general working capital and exploration purposes.
Certain directors and officers of the Company may acquire shares under the private placement. Any such participation would be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101”). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to or the consideration paid by such persons will exceed 25% of the Company's market capitalization. This private placement is subject to regulatory approval.
The Company owns the Palmer project, a world class base metal exploration opportunity in a very accessible part of southeast Alaska, where it has made a new high-grade, copper-rich massive sulphide discovery. A recently completed 12 hole, 14,421 foot (4,395 meter) drill program resulted in 17 mineralized intersections on the Southwall target that is part of the Glacier Creek prospect. The exploration to date has shown that there is now a minimum lateral extent of mineralization in the South Wall target of 1000 feet (~300 meters) horizontally by 1000 feet (~300 meters) vertically in three zones and all zones are open to expansion. Constantine also owns 100% of the Munro-Croesus Gold property, including the former high-grade Croesus Gold mine, consisting of 22 patented mining claims and leases (416 hectares), located 75 kilometers east of Timmins, Ontario and within the influence of the prolific Porcupine-Destor Deformation Zone.
Darwin Green, a Qualified Person, has reviewed and approved the technical information contained in this release.
Please visit the Company’s website (www.constantinemetals.com) for more detailed company and project information.
"J. Garfield MacVeigh"
Telephone: (604) 629-2348 or (778)-772-4437
Note: The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The news release includes certain “forward-looking statements”. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results and future plans and objectives of Constantine are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Constantine’s expectations are exploration risks detailed herein and from time to time in the filings made by the Constantine with securities regulators.