Constantine Announces Loan Agreement

Press Release

Vancouver, BC – October 11, 2019 – Constantine Metal Resources Ltd. (“Constantine” or the “Company”) (TSX-V:CEM, OTCQX:CNSNF) is pleased to announce that it has entered into a loan facility agreement (the “Loan Agreement”) with Inter World Investments (Canada) Ltd. (the “Lender”) dated October 10, 2019 for an unsecured loan facility of US$667,800 (the “Loan”).

The Loan will have a term of five years, subject to acceleration upon the occurrence of certain events, and will bear interest at a rate of 12% per annum. The Lender is an arm’s length party to the Company. The purpose of the Loan is to allow the Company to meet expenditure requirements in connection with the Palmer Project in southeast Alaska.

As consideration for the Loan, the Company will issue to the Lender, at the Lender’s election, either:

• 572,756 common shares of the Company (“Bonus Shares”); or
• 2,863,784 warrants (“Bonus Warrants”), with each Bonus Warrant exercisable to purchase one common share of the Company at a price of $0.31 for a period of five years,

pursuant to TSX Venture Exchange (“TSX-V”) Policy 5.1 – Loans, Loan Bonuses, Finder’s Fees and Commissions and subject to the approval of the TSX-V. Any securities issued in connection with the Loan Agreement will be subject to a statutory four month hold period.

In connection with the Loan Agreement, Constantine will also pay a loan facility fee of US$30,000 (the “Loan Facility Fee”) to RCI Capital Group Inc. (“RCI”) in consideration and recognition of RCI introducing Constantine to the Lender and otherwise facilitating the Loan. The Loan Facility Fee is also subject to the approval of the TSX-V.

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:

Naomi Nemeth, VP Investor Relations

Phone: 604-629-2348.  Email: info@constantinemetals.com

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