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CONSTANTINE
COMPLETES FINANCING AND COMMENCES DRILLING
AT PALMER VMS PROJECT, ALASKA
July 28, 2009
Vancouver, B.C. � Constantine Metal Resources Ltd. (the
�Company�) (TSX.V:CEM) is pleased to announce the start of the 2009 drill
program on its Palmer copper-zinc-gold-silver rich volcanogenic massive
sulphide (�VMS�) project following completion of its $3,000,000 financing.
The project is located 60 kilometres by road from the year-round deep sea
port of Haines, southeast Alaska. The current program includes up to 6,500
meters of drilling using two drills. The program is focused on expanding
thick zones of high-grade massive sulphide mineralization discovered in 2007
and 2008. These mineralized areas, referred to as South Wall and RW, include
stratigraphically stacked lenses of massive sulphide that are open for
expansion laterally and to depth.
The Palmer project is at
a stage where each successful drill intercept may add significant value. All
zones are very accessible for expansion, through 300 to 550 meter- long step
out holes. The deposit has not yet been characterized as a National
Instrument 43-101 compliant resource. Preliminary mineralogical and
metallurgical work planned in conjunction with the additional drilling will
be done with the intention of completing a National Instrument 43-101
compliant resource.
Garfield MacVeigh,
President and CEO of the Company, states �We are very pleased to be active
and moving forward with a substantial drill program at the copper-rich Palmer
project, particularly in a year that has proved extremely difficult for the
junior resource sector to secure project financing. Palmer is an important
new discovery with significant size potential, and we expect 2009 will be an
exciting year for the Company. Management is focused on enhancing the
value of this discovery for Constantine shareholders.�
About the Palmer VMS Discovery
Two separate discovery
holes were drilled on the Palmer Project at the end of the 2007 drill
program, one at the RW and one at the South Wall. Twelve holes completed in
2008 on the South Wall yielded seventeen massive sulphide intersections. Nine
of these intersections exceed 20 meters in width, including a 38.7 meter intersection grading 3.2%
copper, 3.6% zinc, 0.22 g/t gold and 20.1 g/t silver that includes a
substantial higher grade 15.2 meter subinterval grading 5.1% copper, 1.8%
zinc, 0.29 g/t gold and 20.5 g/t silver.
Other significant
intersections that will be followed up as part of the 2009 drill program
include:
30.0 meters grading 1.7% copper, 5.1% zinc, 0.22 g/t
gold, 32.8 g/t silver
20.4 meters grading
1.5% copper, 7.6% zinc, 0.81 g/t gold, 100.7 g/t silver
27.5 meters grading
2.5% copper, 3.4% zinc, 0.32 g/t gold, 25.5 g/t silver
36.3 meters grading
1.5% copper, 5.5% zinc, 0.47 g/t gold, 28.5 g/t silver
14.0 meters grading
3.8% copper, 7.2% zinc, 0.37 g/t gold, 47.0 g/t silver
Drilling to date has
defined the South Wall mineralization 300 meters horizontally along strike,
and 300 meters vertically down dip. The South Wall with its three
distinctive stratigraphic stacked zones occurs on the steep limb of a large
anticlinal fold, and is stratigraphically correlative with the RW that occurs
on the shallow dipping upright limb of the fold (see figures at
www.constantinemetals.com). The presence of massive sulphide on both sides of
the fold indicates a sizeable massive sulphide system, with zones on each limb
offering excellent opportunity for further expansion. The topography combined
with fold geometry and the occurrence of massive sulphide at several
stratigraphic horizons enhance the potential to intersect several massive
sulphide zones with a single drill hole. See 2008 news releases dated
December 2, October 10, August 11, July 22 and July 10 for further
information about the exploration results.
About the Company
Constantine has a 100% interest in two exceptional projects located in
world class exploration environments where management has strong familiarity
and expertise. These include the Palmer Project, where the Company has made a
major new copper-zinc-silver-gold discovery in a very accessible part of
southeast Alaska, and the Munro-Croesus Project a past-producing mine
property that yielded some of the highest grade gold ever mined in Ontario.
Darwin Green, Vice President Exploration of the Company and a Qualified
Person as defined in National Instrument 43-101, has reviewed and approved
the technical information contained in this release.
On Behalf Of
Constantine Metal Resources Ltd.
J. Garfield MacVeigh
President and CEO
Investor relations
enquiries, please contact:
Lisa May (Lisa D May & Associates Inc.)
Phone: 778.288.2737
Email: info@constantinemetals.com
www.constantinemetals.com
Neither
TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
Forward
looking statements: The news release includes certain �forward-looking
information within the meaning of Canadian securities legislation and
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 (collectively
"forward looking statements").� Forward-looking statements include
predictions, projections and forecasts and are often, but not always,
identified by the use of words such as �seek�, �anticipate�, �believe�,
�plan�, �estimate�, "forecast", �expect�, "potential",
"project", "target", "schedule", budget" and
�intend� and statements that an event or result �may�, �will�, �should�,
�could� or �might� occur or be achieved and other similar expressions and
includes the negatives thereof. All statements other than statements of
historical fact included in this release, including, without limitation,
statements regarding potential mineralization, interpretation of prior
exploration and potential exploration results, the timing and success of
exploration activities generally, the timing and results of future resource
estimates, 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. Forward-looking statements are based on a number of
material factors and assumptions. Important factors that could cause
actual results to differ materially from Constantine�s expectations include
actual exploration results, changes in project parameters as plans continue
to be refined, results of future resource estimates, future metal prices,
availability of capital and financing on acceptable terms, general economic,
market or business conditions, uninsured risks, regulatory changes, defects
in title, availability of personnel, materials and equipment on a timely
basis, accidents or equipment breakdowns, delays in receiving government
approvals, unanticipated environmental impacts on operations and costs to
remedy same, and other exploration or other risks detailed herein and from
time to time in the filings made by the Company with securities
regulators. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to differ from
those described in forward-looking statements, there may be other factors
that cause such actions, events or results to differ materially from those
anticipated. There can be no assurance that forward-looking statements
will prove to be accurate and accordingly readers are cautioned not to place
undue reliance on forward-looking statements.
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