Constantine Announces Completion of Spin-out of HighGold Mining Inc.

Press Release

Vancouver, BC – August 2, 2019 – Constantine Metal Resources Ltd. (“Constantine” or the “Company”) (TSX-V:CEM, OTCQX:CNSNF) is pleased to announce that it has completed its previously announced plan of arrangement (the “Arrangement”) with HighGold Mining Inc. (“HighGold”) as of August 1, 2019.

Under the terms of the Arrangement, Constantine transferred its gold assets to HighGold, and Constantine shareholders received one common share of HighGold for every three common shares of Constantine held. HighGold now holds the following assets:

• the Johnson Tract Au-Ag-Zn-Cu-Pb Project in Alaska;
• the Munro-Croesus Project, the Golden Mile Project and the Golden Perimeter Project, in the Timmins Gold Camp, Ontario;
• a Yukon joint venture project; and
• certain royalty rights in Ontario.

HighGold has applied to have its shares listed on the TSX Venture Exchange.

Effective at the opening of markets on August 2, 2019, the Constantine shares will commence trading on an ex-distribution basis without any due bill entitlement, reflecting that the distribution of HighGold shares has occurred. The due bill redemption date will be August 6, 2019.

About HighGold

HighGold is a mineral exploration company focused on quality, high-grade gold projects located in North ‎America, including the discovery and advancement of mineral deposits with mine development potential. ‎HighGold’s flagship asset is the high-grade Johnson Tract Au-‎Ag-Zn-Cu-Pb Project located in coastal south-central in Alaska. It also controls a portfolio of high-‎quality gold projects in the Timmins, Ontario gold camp that include the large, well-located ‎Golden Mile property, the Munro-Croesus Gold property, which is renowned for its exceptionally high-‎grade mineralization, and the Golden Perimeter property. More information about HighGold, as well as about the Arrangement, can be found in Constantine’s management information circular dated June 27, 2019 and the news releases dated May 21, 2019, June 28, 2019 and July 26, 2019, all of which are available for viewing on Constantine’s SEDAR profile at www.sedar.com.  ‎

About Constantine

Constantine is a mineral exploration company led by an experienced and proven technical team with a ‎focus on premier North American mining environments. The Company’s flagship asset is the Palmer ‎Project, a high-grade volcanogenic massive sulphide-sulphate (VMS) project being advanced as a joint ‎venture between Constantine (51%) and Dowa Metals & Mining Co., Ltd. (49%), with Constantine as ‎operator. 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 Constantine’s website (www.constantinemetals.com) for more detailed company and project ‎information.‎

On Behalf of Constantine Metal Resources Ltd.

“Garfield MacVeigh”

President & CEO

For further information please contact:

Darwin Green, VP Exploration or Naomi Nemeth, VP Investor Relations
Phone: 604-629-2348.  Email: info@constantinemetals.com

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