Constantine Metal Resources Signs Option to Acquire 100% of Golden Perimeter Property, Near Timmins, Ontario
TSX VENTURE: CEM
Vancouver, British Columbia--(Newsfile Corp. - February 28, 2019) - Constantine Metal Resources Ltd. (TSXV: CEM) ("Constantine" or the "Company") is pleased to announce that it has entered into an option agreement (the "Agreement") to acquire a 100% interest in 546 single cell mining claims and 27 boundary cell mining claims in two blocks (12,280 hectares) comprising the Golden Perimeter Property (the "Property") located 13 and 26 kilometers south of Timmins, Ontario.
The main mining cell block covers an elliptical shaped monzonite body that is intrusive into lower Tisdale komatiites and mafic volcanic rocks on the south edge of the Shaw dome.
Under the terms of the Agreement, to maintain the option and to acquire 100% interest in the Property, the Company must make cash payments totaling $75,000 and issue 100,000 of the Company's shares over a four-year period. The Company has completed the first cash payment of $10,000. The first share issuance is payable on December 15, 2019, in the amount of 15,000 shares of the Company. All share issuance are subject to the approval of regulatory authorities.
Upon completion of payment of the full purchase price of cash and shares, the Company will make annual advance royalty payments of $10,000, commencing on December 15, 2024 and each year thereafter until commercial production commences. The terms of the Agreement also grant to the Owner a 2.5% NSR, of which a 1.0% NSR, at the Company's election, can be purchased on a pro-rata basis at any time after earn-in for $750,000. The Company retains the right of first refusal on the remaining 1.5% NSR.
About the Company
Constantine is a mineral exploration company led by an experienced and proven technical team with a focus on premier North American mining environments. In addition to the Company's flagship copper-zinc-lead-silver-gold (barite) Palmer Joint Venture Project, Constantine also controls a portfolio of high-quality, 100% owned, gold projects that the Company intends to spin out into a separate entity. These include the very high-grade Johnson Tract Au-Ag-Zn-Cu-Pb deposit, located in coastal south-central, Alaska and projects in the Timmins, Ontario gold camp that include the large, well-located Golden Mile property and the Munro Croesus Gold property, which is renowned for its exceptionally high-grade past production. Management is committed to providing shareholder value through discovery, meaningful community engagement, environmental stewardship, and responsible mineral exploration and development activities that support local jobs and businesses.
Please visit the Company's website (www.constantinemetals.com) for more detailed company and project information.
On Behalf of Constantine Metal Resources Ltd.
For further information please contact:
Garfield MacVeigh, President or Naomi Nemeth, VP Investor Relations
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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 the Golden Perimeter project and other future plans, objectives or expectations 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 barite and 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.