Constantine signs option to acquire Golden Perimeter

Mar 1, 2019

2019-02-28 11:28 ET – News Release

Mr. Garfield MacVeigh reports


Constantine Metal Resources Ltd. has entered into an option agreement to acquire a 100-per-cent interest in 546 single-cell mining claims and 27 boundary-cell mining claims in two blocks (12,280 hectares) comprising the Golden Perimeter property located 13 and 26 kilometres south of Timmins, Ont.

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-per-cent interest in the property, the company must make cash payments totalling $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 Dec. 15, 2019, in the amount of 15,000 shares of the company. All share issuances 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 Dec. 15, 2024, and each year thereafter until commercial production commences. The terms of the agreement also grant to the owner a 2.5-per-cent net smelter return (NSR), of which a 1.0-per-cent 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-per-cent NSR.

About Constantine Metal Resources Ltd.

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-per-cent-owned, gold projects that the company intends to spin out into a separate entity. These include the very high-grade Johnson Tract gold-silver-zinc-copper-lead deposit, located in coastal south-central Alaska and projects in the Timmins, Ont., 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.

We seek Safe Harbor.

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