CEM: TSX.V

Chairman: Wayne Livingstone

President and CEO: Garfield MacVeigh

Vice President, Exploration: Darwin Green

After two seasons of focusing its exploration efforts on gold properties in the Yukon Territory and Ontario, Constantine Metal Resources Ltd. returned to Southeast Alaska to expand Glacier Creek, a high-grade volcanogenic massive sulfide deposit at its Palmer project.

The renewed focus on its flagship property is largely attributable to US$22 million option and joint venture agreement that Constantine forged with Dowa Metals & Mining Co., Ltd. early in 2013.

To earn a 49 percent stake in Palmer, Dowa has agreed to invest US$20.75 million on exploration at Palmer and pay Constantine US$1.25 million in cash over a four-year span.

For Constantine and its shareholders, this means a substantial investment into the expansion of the existing high-grade VMS resource at Palmer without diluting share prices or giving up a controlling interest in the project.

For Dowa, , a copper- and zinc-rich deposit situated some 35 miles (60 kilometers) from the Pacific Rim deep-sea port of Haines could provide feed for its smelters in Japan.

Dowa budgeted US$3 million for the Palmer project during 2013, which involves a US$500,000 payment to Constantine with the balance for 2013 exploration.

This program included 3,750 meters of drilling focused on expanding Glacier Creek, the most advanced of a number of VMS prospects known across the 15,000-acre (6,300 hectares) property.

Five zones of mineralization have been discovered to date at Glacier Creek - RW East, RW West, and South Wall 1, 2 and 3.

Based on 32 holes drilled at Glacier Creek through 2009, an inferred resource of 4.75 million metric tons averaging 1.84 percent copper, 4.57 percent zinc, 0.28 grams per metric ton gold and 29 g/t silver (using an NSR cut-off of US$50/t) has been calculated for Glacier Creek.

This resource calculation does not include 10 holes drilled into the deposit in 2010, a program that expanded the breadth of the zones at both South Wall and RW. South Wall mineralization has now been defined from surface to a vertical depth of 525 meters and over a strike length of 450 meters.

The first four holes of the 2013 program, released by Constantine in August, expanded the outer limits of South Wall mineralization and confirmed mineralization between the RW East and West zones.

Hole CMR13-43, which represents roughly a 35 meter down-dip step-out on South Wall zone I, cut 25.23 meters grading 1.17 percent copper, 0.43 percent zinc, 8.5 g/t silver and 0.07 g/t gold.

Hole CMR13-45, a 65 meter up-dip step-out on South Wall zone I, cut 21.71 meters averaging 2.36 percent copper, 9.06 percent zinc, 0.13 percent lead, 28.8 g/t silver and 0.33 g/t gold.

CMR13-46, which intersected South Wall zone II massive sulfide mineralization approximately 50 meters west and 50 meters up dip of previous drilling, cut 20.58 meters averaging 0.92 percent copper, 7.18 percent zinc, 0.25 percent lead, 45.3 g/t silver and 0.32 g/t gold.

Constantine said the intersection in hole 46 significantly expands an area of thick Zone II mineralization, and opens the potential to add additional tons between the base of Zone I and the currently defined top of Zone II. Drill hole CMR13-44, which targeted the RW Zone with a roughly 100-meter eastward step out from the nearest drill intersection, cut 3.36 meters averaging 0.51 percent copper, 9.18 percent zinc, 0.92 percent lead, 46.2 g/t silver and 0.21 g/t gold.

Constantine believes that, considering the grades encountered so far, a doubling of the tonnage of the current resource would easily generate positive economics for the Palmer project.

In addition to Palmer, Constantine's portfolio includes an 800-square-kilometer (308 square miles) land position in the Yukon Territory's emerging Carlin-type gold district; three gold properties in Ontario and an interest in the Trapper gold project in northern British Columbia. Trapper Gold is located 120 kilometers (75 miles) northwest of Telegraph Creek, British Columbia adjacent to Brixton Metals' Thorn copper-gold-silver property.

Constantine picked up the property early in 2010 and then optioned the property to Ocean Park Ventures Corp. later that year.

During the 2011 season, Ocean Park completed a C$4.95 million exploration program at Trapper, more than enough to earn that junior a 50 percent interest in the property.

In August, 2013, Ocean Park completed a 10-1 consolidation of shares and changed its name to Dunnedin Ventures Inc. Upon completion of the transformation, Dunnedin was transferred full ownership of Trapper in exchange for issuing Constantine15 percent of its post-consolidation shares.

The agreement includes additional issuances of up to 4.5 million Dunnedin shares to Constantine upon reaching certain milestones at Trapper.

Constantine retains a net smelter royalty on the Trapper property.

Constantine's Yukon properties consist of 50-50 joint venture with Carlin Gold Corp. on 3,906 claims prospective for Carlin-style gold deposits.

In Ontario, Teck Resources Ltd. funded a C$600,000 winter exploration program at Golden Mile that included overburden drilling and ground-based geophysical surveys.

Constantine said the program identified drill targets that are being considered for follow-up diamond drilling.

Cash and short-term deposits: C$1.0 million (July 31, 2013)

Working capital: C$403,061 (July 31, 2013)

Market capitalization: C$8.1 million (Sept. 27, 2013)

320-800 West Pender St. Vancouver, B.C. Canada, V6C 2V6

Tel: 604-629-2348 • Fax: 604-608-3878

http://www.constantinemetals.com