CEM Constantine Metal Resources Ltd

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Constantine Metal Resources Ltd. (TSX VENTURE:CEM) ("Constantine" or the
"Company") is pleased to announce that it intends to raise up to $1,400,000
through the non-brokered private placement of up to 7,000,000 units of the
Company at the price of $0.20 per unit. Each unit consists of one common share
and one-half of one warrant, each whole warrant entitling the holder to purchase
one additional share of the Company at a price of $0.30 per share for a period
of 24 months.


Net proceeds from the private placement will be applied to the general working
capital.


There may be finder's fees payable in connection with the private placement.

Certain directors and officers of the Company may acquire units under the
private placement. Any such participation would be considered to be a "related
party transaction" as defined under Multilateral Instrument 61-101 ("MI
61-101"). The transaction will be exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as neither the fair market value
of any units issued to or the consideration paid by such persons will exceed 25%
of the Company's market capitalization. This private placement is subject to
approval of the TSX Venture Exchange.


The securities being offered have not been, nor will be, registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold
in the United States or to U.S. persons without registration or applicable
exemption from the registration requirement of such Act. This release does not
constitute an offer for sale of such securities in the United States of America.


This financing is subject to the approval of the Exchange. The Company
anticipates closing of the Offering as soon as practicable subject to receipt of
all necessary regulatory approvals.


About Constantine Metal Resources Ltd.

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

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, financing plans and other 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 does not constitute an offer to sell or solicitation of an
offer to sell any securities in the United States. The securities have not been
and will not be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.

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