Constantine Update on Option and Joint Venture Agreement with Dowa Metals & Mining

Constantine Metal Resources Ltd. (TSX VENTURE:CEM) ("Constantine" or the
"Company") is pleased to provide an update on the status of the Option and Joint
Venture Agreement (the "Agreement") with Dowa Metals & Mining Co., Ltd. of Japan
("Dowa") with respect to the Palmer VMS project, Alaska (the "Project"). Since
announcing a non-binding letter agreement on November 5, 2012, which outlined
principal terms and conditions, Dowa and Constantine have made considerable and
positive progress towards finalizing the Agreement. To accommodate internal
schedules for board approvals, Dowa and Constantine have mutually agreed to
extend the deadline for concluding the Agreement, and are currently targeting
January for completion and signing.


About the Company

Constantine is a gold and copper exploration company with multiple active
projects located in premier North American mining environments. To advance its
flagship Palmer Project, Constantine recently signed a non-binding Letter
Agreement (see news release dated Nov 5, 2012) which provides Dowa Metals and
Mining Co., Ltd. the option to earn 49% by spending US$22 million over four
years. The Palmer Project is located in a very accessible part of southeast
Alaska and host to a NI 43-101 compliant 4.75 million tonne inferred resource
grading 1.84% copper, 4.57% zinc, 0.28 g/t gold and 29 g/t silver (using an NSR
cut-off of US$50/t; see news release dated January 20, 2010). Other major
projects include; (1) 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; (2) the large Golden
Mile property in the Timmins gold camp that is optioned to Teck Resources Ltd.
who can earn up to 66% by spending $5M; (3) the 50/50 Joint Venture with Carlin
Gold Corporation exploring an approximately 800 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, statements regarding the expected.
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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Constantine Metal Resources Ltd.
Darwin Green
VP Exploration
604-629-2348
info@constantinemetals.com


Constantine Metal Resources Ltd.
Koraleen Jarvis
Communications Coordinator
604-629-2348
info@constantinemetals.com
Constantine Metal Resour... (TSXV:CEM)
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