Constantine Extends Thick Zones of Massive Sulphide on the South Wall Target: Financial News

Constantine Extends Thick Zones of Massive Sulphide on the South Wall Target
Monday August 11, 2008 9:25 am ET

Plus Zone III results: 41.3 ft (12.6 m) 0.47% Cu, 6.27% Zn, 0.30 g/t Au, 24.3 g/t Ag

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Aug 11, 2008 -- Constantine Metal Resources Ltd. (CDNX:CEM.V - News) ("Constantine" or the "Company") is pleased to announce that drill hole CMR08-14 has intersected mineralized rhyolite/chert and massive sulphide over a core length of 228.2 feet (69.56 meters) from 556.8 to 785 feet that correlates with Zone I mineralization in drill holes CMR07-09, CMR08-11 and CMR08-13. The better chalcopyrite-sphalerite mineralized part of the intersection is between 607.7 to 732.2 feet (124.5 feet or 37.95 meters). The intersection is located 213 feet (65 meters) on strike to the west from CMR08-11. The true width of the intersection is unknown, but is expected to be greater than 50% of the core length. A second mineralized zone has been intersected from 1372.5 feet to 1453 feet (80.5 feet or 25.54 meters). The zone consists of mineralized chert with massive barite-sulphide interbeds that locally contain notable amounts of sulphosalt (?) mineralization and a massive pyrrhotite-pyrite-chalcopyrite section from 1437 to 1446 feet. The intersection is 575 feet (175 meters) on strike to the west of Zone II/Zone III mineralization in drill hole CMR08-11 reported previously and indicated in the table below. The true width of this intercept cannot be determined at this time but represents a significant step out from the previously reported mineralized zones. It also represents the most westerly intercept and the deepest penetration of mineralization to date on the South Wall target. Samples are being prepared for assay on the mineralized zones in drill hole CMR08-14.

Drill hole CMR08-13 has tested down dip of Zone I in CMR08-11 (see section on website) and intersected two zones of massive sulphide mineralization between 559 and 795 feet (see news release date July 22, 2008). Results for drill hole CMR08-13 are pending and will be reported when all assay results are received for the hole.

Assay Results from the third massive sulphide zone on the South Wall Target

The third massive sulphide zone (Zone III) in drill hole CMR08-11 is located 171.3 feet (52.2 meters) deeper in the hole than the Zone II intersection (see news release dated July 22, 2008) and was not intersected up-dip in 2007 drill hole CMR07-09. The intercept is 41.3 feet (12.6 meters) - 0.47% Cu, 6.27% Zn, 0.30 g/t Au, 24.3 g/t Ag (see table below for details). The true width of the intersection is not known at this time with certainty, but based on an estimated vertical dip, the true thickness would be 45% of the core length. This zone represents the deepest of three sub-parallel, stacked sulphide zones in drill hole CMR08-11. The updated 2008 Glacier Creek South Wall drill section with the Zone III results and the accompanying drill plan will be posted on the Company's website at www.constantinemetals.com.

 

ZONE III RESULTS, CMR08-11 (South Wall Target-Glacier Creek prospect)

Highlights are as follows:

           From      To  Intercept  Intercept    Cu   Pb    Zn   Au     Ag
Zone III  (feet)  (feet)     (feet)   (meters)    %    %     % (g/t)  (g/t)

CMR08-11 1153.3  1194.6      41.30      12.59  0.47 0.15  6.27 0.30   24.3

Includes 1153.3  1177.9      24.60       7.50  0.44 0.16  8.00 0.24   30.3

Includes 1161.5  1172.0      10.50       3.20  0.39 0.18 11.91 0.27   33.9

A tabulated summary of the three stacked sulphide zones intersected in Constantine's first 2008 drill hole (CMR08-11) are summarized below. The total cumulate core length of all three massive sulphide/mineralized zones is 227.3 feet (69.3 meters) with an estimated true width of 40 meters.

 

CMR08-11 - SUMMARY TABLE OF ZONE I, ZONE II AND ZONE III

           From     To  Intercept  Intercept    Cu   Pb    Zn    Au     Ag
CMR08-11  (feet) (feet)     (feet)   (meters)    %    %     %  (g/t)  (g/t)

Zone I    516.0  635.0      119.0       36.3  1.54 0.45  5.45  0.47   28.5

Includes  529.0  615.1       86.9      26.50  1.81 0.62  6.61  0.63   37.0

Includes  573.8  603.1       29.3       8.90  4.32 0.04  5.22  0.84   36.8

Zone II   915.0  982.0       67.0       20.4  1.53 0.37  7.62  0.81  100.7

Includes  921.0 968.65      47.65      14.52  1.21 0.44  9.74  0.44   88.6

Includes  946.0  972.6       26.6       8.11  1.60 0.55  7.18  1.46  166.5

Includes  964.4  972.6        8.2        2.5  1.98 0.40  7.00  3.71  371.7

Zone III 1153.3 1194.6      41.30      12.59  0.47 0.15  6.27  0.30   24.3

Includes 1153.3 1177.9      24.60       7.50  0.44 0.16  8.00  0.24   30.3

Includes 1161.5   1172      10.50       3.20  0.39 0.18 11.91  0.27   33.9

Zone III opens up additional exploration potential laterally and at depth in conjunction with the other stacked zones found in CMR08-11.

"These new drill intercepts on the South Wall discovery continue to demonstrate the potential for a large, high grade polymetallic (copper zinc and lead with gold and silver) deposit. With two drills now working on the South Wall target, we expect to be able to accelerate progress on this exciting new discovery," stated Garfield MacVeigh, President and CEO.

About Constantine

The Company owns the Palmer project, a world class base metal exploration opportunity in a very accessible part of southeast Alaska, where it has made a new high-grade gold-silver rich massive sulphide discovery and is currently carrying out an aggressive two drill multi-hole program. Constantine also owns 100% of the Munro-Croesus Gold property, including the former high-grade Croesus Gold mine, consisting of 22 patented mining claims and leases (416 hectares), located 75 kilometers east of Timmins, Ontario and within the influence of the prolific Porcupine-Destor Deformation Zone.

Please visit the Company's website (www.constantinemetals.com) for more detailed company and project information.

J. Garfield MacVeigh, President

Notes:

Drill core was split using a diamond blade rock saw with half of each sealed in individual 6 ml polyethylene bags for analysis and half placed back in the original core box for permanent storage. The sealed samples were delivered by Company personnel directly to the Eco Tech preparation lab in Whitehorse and pulped samples were shipped by Eco Tech Laboratory Ltd. to their analytical facilities in Kamloops, British Columbia. Twenty nine elements including silver, copper, lead and zinc were determined by inductively-coupled plasma(ICP/ES) atomic emission spectroscopy, following four-acid digestion. Ore metals reporting concentrations higher than 10,000 ppm were assayed using AAS to produce the results reported herein. Gold was determined by fire-assay fusion of a 30 g sub-sample with atomic absorption spectroscopy (AAS). Analytical results were monitored by insertion of two base metal standards prepared by CDN Resource Laboratories Ltd., blanks and replicates at appropriate intervals in the sample preparation stream in addition to Eco Tech's internal analytical QC protocols.

Dr. Hardolph Wasteneys, P.Geo., is the Qualified Person for the Palmer Project and an independent consulting geologist.

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 the third zone in the first hole of the 2008 Palmer drill program. There is no assurance that assay results to be reported from other holes being drilled will provide similar results.

To view the map accompanying this release please click on the following link: http://media3.marketwire.com/docs/cem811m1.pdf

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.