Constantine Metal Resources Ltd. (TSX Venture- CEM) (“Constantine” or the “Company”) is pleased to announce that its non-brokered private placement announced on October 15, 2008 has closed. The Company has issued 9,015,000 shares at a price of $0.10 per share for gross proceeds of $901,500, which includes an over subscription of 15,000 shares. The shares are subject to a four-month plus one-day hold period from October 28, 2008 in accordance with applicable securities laws.
The proceeds from the sale of the shares will be used to increase working capital and for general exploration purposes.
V.P. Exploration Appointment
Constantine is very pleased to announce the addition of Darwin Green as Vice-President, Exploration to the Constantine team. Darwin is an energetic explorer with volcanogenic massive sulphide (“VMS”) expertise and a record of utilizing modern analytical techniques to identify quality projects and find ore. He has significant large project experience, most recently overseeing a major underground exploration program as VP Exploration for Niblack Mining Corporation at the Niblack VMS deposit, southeast Alaska. His familiarity with the Alaskan regulatory and political environment will be of considerable value as Constantine advances the Palmer property.
Mr. Green has 15 years of experience in the mineral exploration industry, primarily with junior resource companies throughout Canada, USA, and Latin America. Mr. Green holds a B.Sc. in geological sciences from the University of British Columbia and a M.Sc. in economic geology from Carleton University, Ottawa. He is the recipient of numerous academic awards, including Carleton’s Senate Medal for his graduate work on the Palmer VMS property.
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, P. Geo., 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”
J. Garfield MacVeigh, President
Telephone: (604) 629-2348 or (778) 772-4437
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, interpretation of 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 include exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.