Constantine Metal Resources Ltd.
Constantine acquires Four Corners Gold Property in prolific Abitibi gold Belt - Northern Ontario
January 28, 2008
Palmer drill core and Croesus gold on display at Roundup 2008
White Rock, B.C. – Constantine Metal Resources Ltd. (TSX Venture- CEM) (“Constantine” or the “Company”) is pleased to announce that it has signed a letter agreement to acquire an outright 100% interest in the 65 claim Four Corners property located 80 kilometres east of Timmins, Ontario. The property lies 1.2 kilometres east of the past producing high-grade Croesus Gold mine property that is 100% owned by the Company. The new acquisition straddles the area between the prolific Porcupine Destor Fault Zone (PDDZ) and the Pipestone Fault Zone, within the same sequence of rocks that hosts the high-grade Croesus Mine to the west and the > 2.0 million ounce combined production from the past producing Holt-McDermott and Holloway Mines located 25 kilometres to the east The Timmins-Porcupine gold camp 80 kilometres to the west, situated on the north side of the PDDZ in the Abitibi greenstone belt is the world’s largest lode gold camp (> 64 million ounces of gold) in Archean age greenstone belts.
In order to acquire a 100% interest in the project, Constantine must make payments totaling C$75,000 ($5,000 on signing the Letter Agreement) and issue 100,000 shares over a 3 year period commencing on or before February 15th, 2008. The Vendors will retain a 2.5% NSR royalty of which 1.0 % can be purchased by Constantine at any time for C$500,000 with a right of first refusal on the remaining 1.5% NSR royalty. The acquisition is subject to regulatory approval.
Historical records indicate that a total of 29 holes have been drilled on the property for an estimated total of 5714 meters. Two areas of gold mineralization have been identified. The Canamax Zone in the northwest part of the property is hosted by well altered ultramafics and graphitic-chloritic lapilli tuffs within the Pipestone Fault zone. The best results from this drilling are reported to be 2.69 g/t gold over a 3.0 meter core length in a 1986 Canamax drill hole. In 2003-04, St Andrews Goldfields drilled 8 holes in the southeast part of the property and intersected 9.37 g/t gold over 1.25m including 14.33 g/t gold over 0.68m. Constantine drilled one hole (298m) in the same area in December 2007, as part of its due diligence agreement and to meet pending assessment requirements on the claims. No significant gold results are reported in 24 samples received to date. Additional sample results are pending.
Constantine would like to invite attendees to Roundup 2008 to view the Palmer Project discovery drill core at the Roundup coreshack on Tuesday January 29th, 2008 from 9:30 AM - 5:00 PM. Samples from the high-grade Croesus Gold Mine will also be on display.
Constantine owns a 100% interest in the Palmer project, a world class base metal exploration opportunity in a very accessible part of southeast Alaska where it intersected thick high-grade massive sulphides in 2 drill holes spaced 430m apart on the Glacier Creek prospect at the end of the 2007 drill season(see news release dated December 7, 2007 for details). The two substantial intersections reported are CMR07-07 (3.8% copper, 7.2% zinc, 0 .37 g/t gold, 47 g/t silver over 46 ft [14m] core length) and CMR07-09 (79.5 feet [24 metres] core length assaying 6.46% zinc , 1.19% copper, 0.45% lead, 0.67 g/t gold and 49.8 g/t silver). Reported core lengths are interpreted to be 80-90% true thickness. Constantine has signed a drill contract with Connors Drilling LLC for two drills starting by mid-June 2008 to expand the Palmer, Glacier Creek prospect drill discovery.
At the Company’s 100% owned Munro Croesus Gold project east of Timmins, Northern Ontario, good progress is being made in compiling historical results in preparation for a late February early March 2008, 2000 meter drill program. The focus of the initial program is to test for the faulted extension of the spectacular high-grade Croesus ore. The Croesus gold mine is known for having produced some of the highest grade gold mined in Ontario. The Ontario Bureau of Mines (1919) reported that “765 pounds of ore taken from a portion of the shaft yielded $47,000 worth of gold”. This represented a grade of 5,944 oz gold per short ton (203,771 g/tonne) at a gold price of $20.67 per troy ounce. Five gold samples purchased by the Ontario Bureau of Mines for exhibition purposes and now in possession of the Royal Ontario Museum weigh 85 pounds collectively and contain 480.7 ounces of gold or 11,310 oz gold per short ton (387,727 g/tonne). (see news release dated October 30, 2007). The Four Corners gold project acquisition announced in this release substantially expands the Company’s land position in the Munro Croesus Gold Mine project area. Exploration plans will be announced once the historical data is compiled.
Garfield MacVeigh, President of the Company and a Qualified Person, has reviewed and approved the technical information contained in this release.
"J. Garfield MacVeigh"
J. Garfield MacVeigh, President
Telephone: (604) 629-2348
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.
Forward looking statements:
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 include exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.