CONSTANTINE COMPLETES $2.2 MILLION IPO FINANCING, COMMENCES PHASE I - 2400M DRILL PROGRAM
August 3, 2006
White Rock, B.C. – Constantine Metal Resources Ltd (TSX Venture- CEM) (“Constantine” or the “Company”) is pleased to announce that it has completed its Initial Public Offering (the "Offering") of 5,500,000 units (the “Units”) at $0.40 per Unit for gross proceeds of $2.2 million. Pacific International Securities acted as the Company’s agent for the Offering. Constantine has been advised by the TSX Venture Exchange that its common shares will commence trading on the TSX Venture Exchange on Friday, August 4, 2006 under the symbol “CEM”.
The Company is also pleased to announce that a Phase I, 2400 metre drill program will start immediately on its Palmer property.
Phase I Program A Phase I, 2400 metre drill program will start immediately to test the gold-silver rich Palmer base metal project in southeast Alaska that is hosted by volcanic-sedimentary rocks which correlate with the world class Green’s Creek and Windy Craggy base metal deposits. The Company has obtained its drill exploration permits and a drill and exploration crew are presently onsite to carry out the following Phase I program:
- Drill test the strike and down-dip extensions of the two “stacked” horizons at Glacier Creek – including expanding the 1999 RW Zone massive sulphide drill discovery (13.51% Zn, 0.21% Cu over 2.2 m, 5.85% Zn, 1.89% Cu over 2.5 m, and 4.01% Zn, over 4.6 m) and testing for unoxidized extensions to the Main Zone adjacent to near surface sulphide leached barite rich horizon previously drilled.
- Drill test the Cap prospect by offsetting the existing silver-barite rich drill intercepts (134 g/t Ag over 23 m) to test for zonation into high-grade precious metal rich massive sulphides.
- Soil sampling and geophysical surveys on the south side of the overturned anticline at Glacier Creek to define eastward strike extensions of the RW and Main horizons indicated by prior work. Geological mapping will be conducted to evaluate strike extensions of the Glacier Creek zones 3.7 km to the northwest (Gullies prospects) and 2.6 km to the east (Red Creek prospect) that lie in the Glacier Creek mineral prospect corridor.