Constantine completes mineral claim sale to Lake Shore

Jan 19, 2017

CONSTANTINE CLOSES SALE OF MINERAL CLAIMS FOR CDN$4.5 MILLION PLUS ROYALTIES

Constantine Metal Resources Ltd. has completed the sale of mineral claims to Lake Shore Gold Corp., a wholly owned subsidiary of Tahoe Resources Inc. (see news release dated Nov. 7, 2016). Constantine has received $4.5-million cash and a 100-per-cent interest in the Munro claim, which is contiguous to Constantine’s Munro-Croesus claims.

The mineral claims that have been sold, known as the Horseshoe, Four Corners and the Meunier Add-on claims, are located adjacent to Lake Shore’s Fenn-Gib gold project in Ontario. They do not include Constantine’s neighbouring Munro-Croesus gold property (which is renowned for its exceptionally high-grade past production) or the Golden Mile property (which collectively represent a rare opportunity to control an extensive, high-potential land position in the prolific Timmins gold camp). Constantine has retained a 1-per-cent net smelter return royalty on the Horseshoe claims, which are located a few hundred metres west-northwest of the Fenn-Gib gold resource. Constantine also retain the rights to NSR buydown provisions associated with the underlying property agreements on all of the properties sold to Lake Shore.

About the company

Constantine’s principal asset is the high-grade Palmer project in coastal southeast Alaska, with an inferred mineral resource of 8.1 million tonnes grading 1.41 per cent copper, 5.25 per cent zinc, 0.32 gram per tonne gold and 31.7 grams per tonne silver. Constantine also controls a portfolio of high-quality, 100-per-cent-owned gold projects in the Timmins camp in Ontario. This includes the large, well-located Golden Mile property in Timmins and the Munro-Croesus gold property.

Darwin Green, vice-president, exploration, for Constantine Metal Resources and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this release.

http://www.constantinemetals.com/news/