VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 28, 2014) - Constantine Metal Resources Ltd. (TSX VENTURE:CEM) ("Constantine" or the "Company") is pleased to announce the 2014 program and budget for the Palmer VMS Project, Alaska ("Palmer" or "Project"). A budget of US$6.2 million plus contingency has been approved by partner Dowa Metals & Mining Co., Ltd. of Japan ("Dowa") and a US$250,000 option payment to Constantine has been made. Dowa are entering the second year of an option agreement in which they can earn 49% in the Palmer Project by making aggregate expenditures of US$22 million over four years.
Garfield MacVeigh, President and CEO, states, "2014 is poised to be a promising year for Constantine and the advancement of the Palmer project. We look forward to what will be the most active year in the company's history and the opportunity to continue proving up Palmer's potential."
Palmer is an early resource expansion stage project that is host to a 4.75 million tonne inferred resource estimate grading 1.84% copper, 4.57% zinc, 0.28 g/t gold and 29 g/t silver*. The 2014 program will be drill intensive and focused on expanding the South Wall and RW massive sulphide zones, which are open laterally and to depth. Drilling will also target other property wide massive sulphide prospects. The program is expected to include 3 drill rigs, with drills mobilizing late May. Constantine is Operator for work programs carried out during the earn-in period.
About the Palmer Project
Palmer is a high-grade volcanogenic massive sulphide (VMS) deposit located in a very accessible part of coastal southeast Alaska, with road access to the edge of the property and within 60 kilometres of the year-round deep sea port of Haines. The Project is located within the same belt of rocks that is host to the Greens Creek and Windy Craggy VMS deposits - both widely recognized to be world class systems. Drilling of 32 holes by Constantine between 2006 and 2009 led to the discovery of thick continuous zones of massive sulphide mineralization at the South Wall and RW Zones of the Glacier Creek prospect, and calculation of an initial mineral resource estimate. The total footprint of mineralization has been expanded with an additional 20 holes completed in 2010 and 2013, with the majority of this drilling consisting of step-outs from the resource estimate. The South Wall and RW Zones occupy the same time-stratigraphic intervals on opposite limbs of a large-scale anticline, and all zones intersected in drilling remain open to expansion laterally and to depth. There are at least 25 separate base metal and/or barite occurrences and prospects on the Palmer property, indicating the presence of a very extensive mineralized system with potential for discovery of multiple deposits.
About the Company
Constantine is a mineral exploration company with a focus on premier North American mining environments. In addition to the flagship Palmer copper-zinc-silver-gold VMS Project located in Alaska that is being advanced in partnership with Dowa Metals & Mining Co., Ltd., Constantine has a pipeline of other quality projects that includes; (1) the 100% owned Timmins area Munro-Croesus Project a past-producing mine property that yielded some of the highest grade gold ever mined in Ontario and includes strategically located claims immediately along trend from the Fenn-Gib gold deposit (1.35 million ounces indicated and 0.75 million ounces inferred); (2) the large Golden Mile property in the Timmins gold camp that is optioned to Teck Resources Ltd. who can earn up to 66% by spending $5M; and (3) the 50/50 Joint Venture with Carlin Gold Corporation with a district-scale land position in an emerging new Carlin-type gold district in Yukon. Please visit the Company's website (www.constantinemetals.com) for more detailed company and project information.
On Behalf of Constantine Metal Resources Ltd.
Garfield MacVeigh, President
* See the Company's technical report entitled, "Palmer VMS Project, Southeast Alaska, Mineral Resource Estimation and Exploration Update" dated March 4, 2010 and available on www.sedar.com. Resource estimate utilizes an NSR cut-off of US$50/t with assumed metal prices of US$700/oz for gold, US$12/oz for silver, US$2.25/lb for copper, and US$0.85/lb for zinc, with estimated metal recoveries of 55%, 55%, 90%, and 90% respectively. An "Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Confidence in the estimate is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure.
Forward-looking statements: This 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 the expected. 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 Company'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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