White Rock, B.C. – Constantine Metal Resources Ltd. (TSX Venture- CEM) (“Constantine” or the “Company”) is pleased to announce that it has completed a $1,190,000 non-brokered private placement financing which was announced on May 29, 2007.
The 3,400,000 unit non-brokered financing was priced at $0.35 per unit. Each unit consisted of one share and one-half warrant. Each whole warrant is exercisable for a period of two years at a price of $0.40. The Company paid finders’ fees consisting of $2,395.75 and 278,155 compensation units to finders having the same terms as the financing units. The Company also issued 285,000 finders’ warrants exercisable on the same terms as the private placement warrants, in connection with this financing.
The Company will utilize the proceeds of the private placement to identify new exploration projects and for general working capital.
The Company’s is currently exploring its Palmer project, a world class base metal exploration opportunity in a very accessible part of southeast Alaska. As described in the Company’s May 9, 2007 news release, Constantine has signed a letter agreement to acquire a 100% interest in the high grade Croesus Gold property, including the former Croesus Gold mine, consisting of 22 patented mining claims and leases (416 hectares), located 90 kilometers east of Timmins, Ontario and within the influence of the prolific Porcupine-Destor Deformation zone (PDDZ) that stretches between Timmins Ontario and Val’Dor Quebec. The closing of the Croesus property acquisition is pending.
Please visit the Company’s website (www.constantinemetals.com) for more detailed company and project information.
“J. Garfield MacVeigh”
J. Garfield MacVeigh, President
Telephone: (604) 629-2348 or (709)424-0561
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.