CEM Constantine Metal Resources Ltd

Constantine Metal Resources Ltd. (TSX VENTURE:CEM) ("Constantine" or the
"Company") is pleased to announce that is has signed an agreement to acquire a
100% interest in the 423 claim unit, 68 square kilometer, Golden Mile property
(the "Property") near Timmins, Ontario. The Property is located 9 kilometers
northeast of Goldcorp's multimillion ounce Hoyle Pond deposit and is comparable
in size to the West Timmins and Main Camp holdings of the major gold production
companies operating in the Timmins Gold Camp (Figure 1). 


To view Figure 1, please click: http://media3.marketwire.com/docs/cem305_F1.pdf.

The Golden Mile Property covers the important Pipestone Fault System where it
crosses the "Porcupine Giant Mine Corridor" that has produced more than 55
million ounces of gold. This structural intersection, which contains excellent
targets within the Kidd-Munro volcanic sequence and adjacent Porcupine
sediments, is overburden covered and has seen very limited drill testing for
gold. The past-producing Clavos Gold Mine is located 5.4 kilometers to the east
of the Property and the Frankfield East gold deposit (1.2 million ounces gold)
lies 14 kilometers northwest of the Property, on or near the Pipestone Fault
system. A major flexure in the Pipestone Fault system where it is crossed by the
projection of the "Porcupine Giant Mine Corridor" is considered to be a
favourable structural feature that may localize gold deposits. 


Garfield MacVeigh, President and CEO, states: "Constantine is very pleased to
have acquired such a large land position in proximity to the Timmins Mining Camp
and along the projection of the 'Porcupine Giant Mine Corridor'. This is a
highly prospective geological setting where it intersects the Pipestone Fault
System that is known to host several gold deposits. We acknowledge the work and
persistence of David Meunier and his partner, the late Chris Pegg, who over many
years established and maintained the current land position, interpreted the
'Porcupine Giant Mine Corridor' and developed exploration targets on the
Property."


Agreement Terms

To acquire a 100% interest in the Property, Constantine must make payments
totaling C$175,000 and 180,000 shares over a 4 year period commencing on
December 10th, 2012 (effective agreement date is December 10, 2011). The Vendors
will receive a $10,000 annual advanced royalty payment commencing on December
10, 2017 and retain a 3.0% NSR royalty of which 1.0 % can be purchased by
Constantine at any time for C$1,000,000 with a right of first refusal on the
remaining 2.0% NSR royalty. The acquisition is subject to regulatory approval.


Historical Exploration Work

The Golden Mile property is partly covered by Frederick House Lake, a very
shallow lake that will be amenable to barge drilling in summer months and ice
drilling in winter months. Lake bottom MMI geochemistry carried out in 2007
outlined two large north trending gold anomalies. The western anomaly is
described to cover an area of 1,200 meters by 500 meters centered on 13 samples
with greater than 50 ppb gold. One kilometer to the east, a 900 meter by 500
meter anomaly is centered on 4 samples with greater than 50 ppb gold. The size
and extent of these anomalies coupled with the presence of native gold and
arsenopyrite grains in historical basal till sampling (1988) suggest that the
MMI anomaly may represent a bedrock gold source. A 1965 drill hole located to
the north of the MMI anomalies reported a zone of 1.39 ounce gold per ton over
1.0 feet. A significant amount of historical drilling (pre-1974) has been
carried out in a very limited area on a small nickel deposit (Nickel Island
deposit) on the eastern side of the property by Hollinger Gold Mines Limited and
Falconbridge Nickel Mines Ltd (now Xstrata). 


Immediate exploration plans are to complete an airborne magnetic and
electromagnetic survey over the property to assist in interpreting the geology
and structure. It will assist to establish the framework for existing gold
targets and identify new targets in the mainly overburden covered project area.
The Company will be looking for an exploration partner to advance the project.


Stock Options Granted

The Company announces the issuance of 1,925,000 stock options to purchase
1,925,000 shares of the Company at an exercise price of $0.11 cents per share,
expiring March 5, 2017. The stock options are being issued to directors,
officers and employees of the Company and are subject to approval by regulatory
authorities.


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. Constantine and Carlin have
announced their intention to combine their Joint Venture interests in the Yukon
and spin them out in a new company (see February 27, 2012 News Release).


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:

Darwin Green, VP Exploration for Constantine, and a qualified person as defined
by Canadian National Instrument 43-101, has reviewed the technical information
contained in this news release.


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 expected
completions of financings and the use of proceeds thereof, potential
mineralization, interpretation of prior exploration and potential exploration
results, the timing and success of exploration activities generally, the timing
and results of future resource estimates, and future plans and objectives of the
Company 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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