Denver, Colorado, May 3, 2007 - Constellation Copper Corporation (CCU: TSX) is pleased to announce it has amended the Option to Purchase Agreement to acquire the mineral rights covering the Terrazas zinc-copper project located in Chihuahua, Mexico.  The amendment was signed and notarized May 2, 2007 and extends the option period for up to eighteen months from April 26, 2007.  In consideration for the extension the Company has issued 25,000 shares of its common stock and while the extension is in effect will make monthly payments of US$30,000 to Minera Rio Tinto S.A. de C.V., the underlying owner of the mineral rights.  The Company will issue an additional 25,000 shares in the event the extension is continued beyond 12 months. The option price is US$3 million, which can be paid anytime during the extension period.

The extension of the option allows the Company to continue advancing the engineering and feasibility study addressing the best alternative for developing the Terrazas zinc-copper project.  The Company is currently evaluating capital and operating costs of a fully integrated agitation leach operation at Terrazas, including a sulfur-burning acid plant and co-generation power plant expected to provide all sulfuric acid and power requirements for the operation.  Two separate SX/EW circuits would produce nominally 9,000 tonnes of cathode copper and 70,000 tonnes of SHG zinc annually.  As part of its ongoing study, the Company is evaluating processing other nearby zinc resources that would be amenable to the agitation leach process and add to the life of the operation and amortization of capital required to construct the project.

The Company has recently agreed with the State agency responsible for water development to obtain make-up water requirements for the project from existing municipal water wells located adjacent to the property.  In addition, the Company has recently been granted authority to drill several test water wells close to the southern boundary of our purchased surface rights.  If successful, the new wells will allow the Company to obtain water rights sufficient to satisfy a requirement to replace water consumed from existing municipal wells.

We continue to pursue the optimum path forward for the Terrazas project given the significant zinc content of the current resources and the current zinc market.  The Terrazas project has a measured resource of 33.4 million tonnes grading 0.81% Zn and 0.35% Cu, containing 596 million pounds of zinc and 258 million pounds of copper, and an indicated resource of 52.2 million tonnes grading 1.51% Zn and 0.31% Cu, containing 1,731 million pounds of zinc and 357 million pounds of copper.  In addition the project has an additional 5.0 million tonnes of inferred resource that grades 3.54 % Zn and 0.36% Cu that contains 390 million pounds of zinc and 40 million pounds of copper.

Gary A. Parkison, Vice President Exploration/Development for the Company and a Qualified Person has reviewed and approved the content of this announcement.

For further information please contact:

Constellation Copper Corporation
Gregory A. Hahn, President  & CEO
Michelle Hebert, Manager-Corporate Affairs
Tel: (720) 228-0055
Toll Free: 1-877-370-5400
Fax: (303) 863-1736
info@constellationcopper.com
www.constellationcopper.com

Renmark Financial Communications Inc.
Neil Murray-Lyon: nmurraylyon@renmarkfinancial.com
Barbara Komorowski: bkomorowski@renmarkfinancial.com
Media - Lynda Martineau: lmartineau@renmarkfinancial.com
Tel.: (514) 939-3989 
Fax : (514) 939-3717
www.renmarkfinancial.com
 

This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".   Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.  Such factors include, among others, risks related to changes in commodity and power prices, changes in interest and currency exchange rates, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailability of materials and equipment, delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), political risk, social unrest, and changes in general economic conditions or conditions in the financial markets.  Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.  There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from THOSE ANTICIPATED IN SUCH STATEMENTS.  ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS.