Constantine Notice of TSX Acceptance of Option & Joint Venture Agreement with Dowa Metals & Mining Co., Ltd.

Constantine Metal Resources Ltd. (TSX VENTURE:CEM) ("Constantine" or the
"Company") is pleased to announce that the TSX Venture Exchange Inc. has
accepted for filing an Option and Joint Venture Agreement (the "Agreement")
between Constantine and Dowa Metals & Mining Co., Ltd. ("Dowa") dated February
1, 2013. 


Under the Agreement, Constantine has granted Dowa an option (the "Option") to
earn a 49% interest in Constantine's Palmer Project which is located in
southeast Alaska. In order to exercise the Option, Dowa must incur US$22,000,000
in exploration expenditures on the Palmer Project over a four year period that
includes cash payments aggregating to US$1,250,000 over the four year period.
Following Dowa exercising the Option, a 51:49 joint venture between Constantine
(51%) and Dowa (49%) for the Palmer Project will be formed. Constantine will pay
a staged finder's fee of up to a maximum of US$250,000 pursuant to a Financial
and Advisory Services Agreement with Roman Friedrich & Company LLC (the
"Finder"). The finder's fee may be paid through a combination of cash and shares
at Constantine's election An initial payment of $120,000 is payable to the
Finder on closing of the transaction, with $10,000 payable in cash and the
balance payable through the issuance of 1,466,666 common shares of Constantine,
which are being issued today to the assignee of the Finder. The 1,466,666 common
shares of the Company being issued are subject to a hold period of four months
and one day, expiring on July 20, 2013.


About the Palmer VMS Project

Palmer is a high-grade VMS project located in a very accessible part of
southeast Alaska, with road access to the edge of the property and within 60
kilometres of the year-round deep sea port of Haines. The project is 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 that is open to expansion (using an
NSR cut-off of US$50/t; see news release dated January 20, 2010). 


About the Company 

Constantine is a gold and copper exploration company with multiple active
projects located in premier North American mining environments. In addition to
the flagship Palmer VMS Project, the Company's 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


Constantine Metal Resources Ltd.
Koraleen Jarvis
Communications Coordinator
604-629-2348
info@constantinemetals.com
www.constantinemetals.com
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