Constantine Metal Resources Ltd.

Constantine Metal Resources Ltd.

August 17, 2009 09:25 ET

Constantine Intersects 21.3 Meters-2.8% Copper, 9.1 Meters-1.9% Copper, 5.2% Zinc in First Two Step-Out Holes

Third Drill Added Palmer VMS Project, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 17, 2009) - Constantine Metal Resources Ltd. (the "Company") (TSX VENTURE:CEM) is pleased to announce that the first two drill holes of the 2009 drill program have intersected significant base metal sulphide mineralization at the Company's Palmer copper-zinc-gold-silver rich volcanogenic massive sulphide ("VMS") project. The two new drill intersections represent significant step-outs of 40 meters downdip of 2008 drill hole CMR08-17, and 80 meters west and 40 meters updip of CMR08-17 and confirms that South Wall zone mineralization continues to remain strong to the west and to depth. Additional ongoing drilling continues to test extensions of the zone in both these directions. The Palmer project is located in a very accessible part of southeast Alaska, 60 kilometres by road from the year-round deep sea port of Haines.


- Step-out drill hole CMR09-23 intersected 21.3 meters of strong stringer and semi-massive sulphide mineralization grading 2.76% copper, 0.50% zinc with higher grade sub-intervals including 11.1 meters grading 3.86% copper and 0.50% zinc (see Table 1). This intersection extends South Wall Zone I mineralization 40 meters down dip of CMR08-17 (27.5 meters grading 2.52% copper, 3.38% zinc, 0.32 g/t gold, 25.5 g/t silver), the westernmost drill intersection in the 2008 drill program.

- Step-out hole CMR09-24 intersected 9.1 meters of massive sulphide and minor stringers grading 1.90% copper, 5.20% zinc, 0.30 g/t gold and 26.6 g/t silver, within a broader 18.7 meter wide zone of mineralization grading 1.16% copper, 4.16% zinc, 0.30 g/t gold and 29.2 g/t silver. The intersection expands South Wall Zone I, 80 meters west and 40 meters up dip of CMR08-17.

- A third drill has been added to expedite additional drilling.

Discussion of Results

Drilling to date has defined the South Wall mineralization 380 meters horizontally along strike, and 315 meters vertically down dip. The South Wall includes three distinctive stratigraphically stacked zones that occur on the steep limb of a large anticlinal fold. Holes CMR09-23 and CMR09-24 targeted only Zone I of the South Wall. The strong stringer style mineralization intersected in drill hole CMR09-23 correlates well with similar style stringer mineralization in neighbouring hole CMR08-14 and CMR08-17, and indicates proximity to the central axis of the massive sulphide vent system.

A long section depicting the pierce points of the new drill intersections is available at, or click here:


Inter- cept
From To cept (meters) Au Ag
ZONE I (feet) (feet) (feet) (i) Cu % Pb % Zn % (g/t) (g/t)
CMR-09-23 1157.0 1254.7 97.7 29.78 2.10 less than 0.01 0.85 0.09 8.0
Includes 1157.0 1227.0 70.0 21.34 2.76 less than 0.01 0.50 0.10 9.7
Includes 1163.5 1200.0 36.5 11.13 3.86 less than 0.01 0.50 0.12 10.8
CMR-09-24 1043.7 1105.0 61.3 18.68 1.16 0.10 4.20 0.30 29.2
Includes 1043.7 1073.4 29.7 9.05 1.90 0.02 5.20 0.30 26.6
Includes 1043.7 1066.2 22.5 6.86 2.20 0.02 6.10 0.27 23.2

(i) Drill intercepts reported as core lengths are estimated to be 75-80%
true width
Averages are weighted for length and density

About the Palmer VMS Project

The copper-rich Palmer Project represents one of North America's newest volcanogenic massive sulphide discoveries. The current drill plan has been designed with the objective of significantly expanding the footprint of high-grade massive sulphide mineralization discovered in late 2007 and 2008. The program is targeting the South Wall along strike to the west beyond hole CMR08-14 (46 m - 2.8% Cu, 3.4% Zn) and hole CMR08-17 (27.5 m - 2.5% Cu, 3.4% Zn), as well as expanding the South Wall down dip where alteration and metal zoning patterns are vectoring towards a higher temperature hydrothermal environment. Additional holes will target the overlying RW zone and will off-set the 2007 discovery hole CMR-07-07 drill intercept of 14.0 meters grading 3.8% copper and 7.2% zinc. The RW zone occurs on the opposite fold limb and is stratigraphically equivalent to the South Wall. 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.

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.

On Behalf Of Constantine Metal Resources Ltd.

J. Garfield MacVeigh, President and CEO


Samples of drill core were cut by a diamond blade rock saw, with half of the cut core placed in individual sealed polyurethane bags and half placed back in the original core box for permanent storage. Sample lengths typically vary from a minimum one foot interval to a maximum 6 foot interval with an average 3 to 5 foot sample length. Drill core samples were shipped directly by air freight from Whitehorse in sealed woven plastic bags to ALS-Chemex laboratories in North Vancouver. ALS Chemex laboratories operate according to the guidelines set out in ISO/IEC Guide 25. Gold was determined by fire-assay fusion of a 30 g sub-sample with atomic absorption spectroscopy (AAS). Various metals including silver, gold, copper, lead and zinc were analyzed by inductively-coupled plasma (ICP) atomic emission spectroscopy, following multi-acid digestion. The elements silver, copper, lead and zinc were determined by ore grade assay for samples that returned values greater than 10,000 ppm by ICP analysis. Density measurements were determined at the project site by Constantine personnel on cut core for each assay sample.

The 2009 exploration program for the Palmer project is managed by Darwin Green, VP Exploration for Constantine Metal Resources Ltd. and a qualified person as defined by Canadian National Instrument 43-101. Mr. Green has reviewed the information contained in this news release and has also verified the analytical data for drill core samples disclosed in this release by reviewing the blanks, duplicates and certified reference material standards and confirming that they fall within limits as determined by acceptable industry practice. The analytical results have also been compared to visual estimates for the base metals to check for any obvious discrepancies between analytical results and the visual estimates.

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, 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. This news release provides assay results for specific drill holes of the 2009 Palmer drill program. There is no assurance that assay results to be reported from other holes being drilled will provide similar results.

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.

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