CONSTANTINE REPORTS COMMENCEMENT OF $4.0 MILLION EXPLORATION PROGRAM AT TRAPPER GOLD PROJECT, BRITISH COLUMBIA
June 16, 2011
Constantine Metal Resources Ltd. (TSX Venture – CEM) ("Constantine" or the "Company") is pleased to report commencement of exploration work on the Company’s Trapper Gold Project in northern British Columbia. The work is being funded and managed by Ocean Park Ventures Corp. (TSX-V: OCP) (“Ocean Park”) under an option-joint venture agreement with Constantine.
Camp construction is now underway at the Trapper Gold Project in advance of a $4M+ exploration program that will include over 5000 meters of diamond drilling. Drilling is anticipated to begin in late July. The phase 1 drill program will test a historically defined gold-in-soils and bedrock anomaly that has been traced for over 2 kilometers of strike and up to 500 meters in width.
Option Agreement with Ocean Park Ventures Corp.
The 100% owned Trapper property is subject to an option agreement with Ocean Park Ventures Corp. (“Ocean Park”) that was announced November 30th, 2010. In order for Ocean Park to earn a 50% interest in the property, total consideration consists of $100,000 in cash payments, 1,000,000 shares and $4,750,000 in work expenditures by December 15, 2014. In order to earn an additional 20%, for a total interest of 70%, Ocean Park must issue an additional 500,000 shares to Constantine by December 15, 2015 and spend an additional $5,000,000 in exploration by December 15, 2017.
About the Company
Constantine is a gold and copper exploration company with multiple active projects located in premier North American exploration environments. These are highlighted by the 100% owned Palmer Project, where Constantine has discovered a new copper-zinc-silver-gold deposit in a very accessible part of southeast Alaska, and the Munro-Croesus Project, that includes a past-producing mine property that yielded some of the highest grade gold ever mined in Ontario. The Palmer Project is host to a National Instrument 43-101 compliant 4.12 million tonne inferred resource grading 2.01% copper, 4.79% zinc, 0.30 g/t gold and 31 g/t silver (using an N SR cut-off of US$75/t; see news release dated January 20, 2010) that is open to expansion.
Constantine also controls a major, 700 km2 land position in an emerging new Carlin-type gold district in Yukon that is part of a 50/50 joint venture with Carlin Gold Corporation and will be the focus of an aggressive exploration program in 2011.
Please visit the Company’s website (www.constantinemetals.com) for more detailed company and project information.
On Behalf of Constantine Metal Resources Ltd.
Investor relations enquiries, please contact:
R.E. (Bob) Jeffery
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Jim MacDonald, Torrey Hills Capital
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Darwin Green, VP Exploration for Constantine, and a qualified person as defined by Canadian National Instrument 43-101, has reviewed the information contained in this news release.
Forward looking statements: This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements").” Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, "forecast", “expect”, "potential", "project", "target", "schedule", budget" and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding expected completions of financings and the use of proceeds thereof, potential mineralization, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, and future plans and objectives of the Company 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. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company’s expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.