Mr. Garfield MacVeigh reports

CONSTANTINE ANNOUNCES PARTNER-FUNDED WINTER EXPLORATION PROGRAM-GOLDEN MILE PROPERTY, ONTARIO

Constantine Metal Resources Ltd. optionee Teck Resources Ltd. is planning a winter exploration program on the company's Golden Mile property in Timmins, Ont., comprising approximately $600,000 in exploration expenditures The large, 68-square-kilometre Golden Mile property is located nine kilometres northeast of Goldcorp's multimillion-ounce Hoyle Pond deposit and covers the Pipestone fault system, where it crosses the Porcupine Giant mine corridor that has produced more than 55 million ounces of gold. The winter program is designed to follow up on targets generated from Teck-financed exploration and compilation work carried out in August and September, and is planned to include overburden drilling and ground-based geophysical surveys, subject to permit approvals and continuing stakeholder consultation.

A small overburden drill program conducted in the 1980s identified a strong gold-in-till anomaly at the southern edge of the property, suggesting the potential for a significant gold mineralized bedrock source located up ice to the north of these drill holes. Defining gold-grain dispersal trains with overburden drilling is a proven technique for tracing glacially transported gold back to its bedrock source. The combination of the historic gold-grain data, and interpretations of geological, geochemical and geophysical work completed by Constantine have defined a large prospective area for gold mineralization. This area is the focus of the planned winter program, with the objective of identifying and refining diamond drill targets. Details for the winter work program are being finalized and Constantine is currently targeting start-up in early 2013.

Teck agreements

Teck can earn a 51-per-cent interest in the Golden Mile property by incurring $1.5-million in exploration expenditures by Sept. 30, 2015, and making $25,000 annual cash payments to Constantine. Teck can earn an additional 15-per-cent interest in the property, for a total interest of 66 per cent, by incurring an additional $3.5-million in expenditures by Sept. 30, 2019, and making $50,000 annual cash payments to the company. Constantine has a technical services agreement to manage project activities.

The Golden Mile option and joint-venture agreement was one of three property rights agreements between Teck and Constantine that were announced May 9, 2012, concurrent with a $525,000 private placement by Teck. The rights granted to Teck by the Munro selection and Phoenix property agreements have expired unexercised. Teck no longer maintains any rights or encumbrances on either of these 100-per-cent-owned Constantine properties.

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