CEM Constantine Metal Resources Ltd

Constantine Metal Resources Ltd. (TSX VENTURE:CEM) ("Constantine" or the
"Company") is pleased to announce that it has closed the previously announced
private placement agreement with Teck Resources Limited ("Teck") that includes
certain rights regarding several of Constantine's Ontario gold properties. Teck
invested $525,000 in Constantine at a premium to market through the purchase of
4,200,000 units priced at $0.125. Each unit consists of one common share in
Constantine and one-half non-transferable common share purchase warrant. Each
warrant is exercisable to acquire one common share at an exercise price of $0.16
for a period of 24 months from the closing date of the private placement.
Proceeds of the financing will be used to fund exploration on the Company's
Ontario gold properties, including reimbursement for recent airborne geophysical
survey work, and general working capital. 


All of the above securities are subject to a four-month plus one-day hold period
expiring September 26, 2012 in accordance with applicable securities laws and
stock exchange rules.


Concurrent with the private placement, Constantine has granted Teck an exclusive
right to elect to option the Phoenix and Golden Mile properties, and a right of
first offer/first refusal on certain claims in the Munro-Croesus Project area,
referred to as the Munro Selection properties. Material terms of the option to
joint venture and preferential rights agreements are detailed in a news release
dated May 9, 2012. The Munro Selection properties exclude two shaft area claims
at the historic high-grade Croesus mine and a contiguous block of eight claims
located immediately adjacent and along strike to the west of the 2.1 million
ounce Fenn-Gib deposit. None of the above described property rights apply to
these ten claims, which remain 100% controlled by Constantine.


About the Company

Constantine is a gold and copper exploration company that has multiple active
projects located in premier North American exploration environments. These are
highlighted by: (1) the 100% owned Palmer Project, located in a very accessible
part of southeast Alaska, that is host to a NI 43-101 compliant 4.12 million
tonne inferred resource grading 2.01% copper, 4.79% zinc, 0.30 g/t gold and 31
g/t silver (using an NSR cut-off of US$75/t; see news release dated January 20,
2010); (2) 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 2.1
million ounce Fenn-Gib gold deposit; (3) the 50/50 Joint Venture with Carlin
Gold exploring an approximately 1000 sq. km land position in an emerging new
Carlin-type gold district in Yukon; and (4) the Trapper Gold Project in northern
British Columbia that is optioned to Ocean Park Ventures Ltd. who carried out an
8,500 meter drill program on the property in 2011. 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

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, the development potential of the
Company's exploration properties, 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. 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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