Constantine to Sell Interest in Trapper Gold Property to Ocean Park Ventures

Constantine Metal Resources Ltd. (TSX VENTURE:CEM) ("Constantine" or the
"Company") is pleased to announce it has entered into an agreement (the
"Agreement") with Ocean Park Ventures Corp. ("Ocean Park") to sell its interest
in the Trapper Gold Property ("Property") following a consolidation of Ocean
Park's outstanding shares. Upon completion of a 10 for 1 consolidation
Constantine will be issued common shares equivalent to 15% of the issued and
outstanding common shares of Ocean Park. 


Garfield MacVeigh, President and CEO states: "This arrangement with Ocean Park
allows them to focus on the exploration of the Trapper project while Constantine
maintains a significant non-participating interest and royalty. Currently we are
focused on our flagship Palmer project where we have two drills operating on a
4000 meter drill program as part of the Dowa Metals & Mining option, and our
gold projects in Ontario which includes the Golden Mile project that is being
explored under a joint venture option with Teck Resources."


Under the terms of the Agreement, additional post-consolidation share issuances
due to Constantine include (1) 250,000 shares upon Ocean Park entering into a
joint venture in respect of exploration of the Property, (2) 250,000 shares on
or before the date which is twelve months from completion of the consolidation,
(3) 1,000,000 shares upon completion of a National Instrument 43-101 compliant
resource estimate on the Property, indicating not less than 1,000,000 ounces of
gold equivalent, and (4) 2,000,000 shares upon completion of a positive
feasibility study on the Property.


Constantine will receive a 0.5% Net Smelter Royalty ("NSR") on commercial
production from the Property and the right to acquire an additional 0.5% NSR on
commercial production from the Property on payment of $250,000 to Ocean Park.
Additionally, Constantine will have a right of first refusal to acquire a 1.5%
NSR in the event Ocean Park acquires such a royalty from the underlying property
holder.


The Trapper Gold Project is located 120 kilometres northwest of Telegraph Creek,
British Columbia adjacent to Brixton Metals' active high-grade
copper-gold-silver Thorn Property. Ocean Park entered an into an option
agreement with Constantine on November 29, 2010 to acquire up to a 70% interest
in the Trapper project.


The Agreement is subject to the approval of the TSX Venture Exchange. All share
issuances will be subject to a four month hold period, in accordance with
applicable securities laws and the policies of the Exchange.


About the Company

Constantine is a mineral exploration company with multiple active projects
located in premier North American mining environments. In addition to the
flagship Palmer copper-zinc-silver-gold VMS Project, which Constantine is
advancing with Dowa Metals and Mining who can earn a 49% interest by spending
US$22 million over four years, other major projects include; (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 exploring an approximately 800 sq. km 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

(i) 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.; see news
release dated January 20, 2010. 


Notes:

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. 


Neither the 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Constantine Metal Resources Ltd.
Darwin Green
VP Exploration
604-629-2348


Constantine Metal Resources Ltd.
Koraleen Jarvis
Communications Coordinator
604-629-2348
info@constantinemetals.com
www.constantinemetals.com
Constantine Metal Resour... (TSXV:CEM)
過去株価チャート
から 5 2024 まで 6 2024