Constantine Metal Resources Ltd.

$1,190,000 Non-Brokered Financing Announced

May 29, 2007

White Rock, B.C. – Constantine Metal Resources Ltd. (TSX Venture- CEM) ("Constantine" or the "Company") is pleased to announce a $1,190,000 non-brokered private placement financing. The 3,400,000 unit ("Unit") financing will be priced at $0.35 per Unit. Each Unit will consist of one share and one-half of one warrant. Each whole warrant will be exercisable at $0.40 for a period of two years from the date of closing.

Insiders of Constantine may participate in the placement. The Company will pay a 10% finders' fee, payable in cash or units ("Finder's Units") at the option of the finder, and 10% warrants (the "Finders' Warrants"). Each Finder's Unit will have the same terms as the Units issued on the private placement. Each Finder's Warrant will entitle the holder to purchase one share at $0.40 per share for a period of 2 years.

The securities being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to U.S. persons without registration or applicable exemption from the registration requirement of such Act. This release does not constitute an offer for sale of such securities in the United States of America.

This financing is subject to the approval of the TSX Venture Exchange.

Exploration Update

A planned 10,000 foot drill program will start at the Palmer base metal project in Southeast Alaska in late June - early July, 2007. A letter agreement has been signed to acquire 100% interest the former Croesus Gold Mine in Northeast Ontario. The definitive agreement is expected to be signed on or before June 30, 2007 as planned.

About Constantine

The Company's Palmer project is 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 Croesus property acquisition will provide shareholders with exploration exposure to a gold project in a renowned and prolific gold production environment.

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