Constantine Announces Non-Brokered Private Placement

Vancouver, July 14, 2020 - Constantine Metal Resources Ltd. (TSXV: CEM) ("Constantine" or the "Company") is pleased to announce that it plans to conduct a non-brokered private placement of up to approximately 3.33 million units of Constantine (the "Units") at a price of $0.15 per Unit to raise gross proceeds of up to $500,000 (the "Offering"). Each Unit will be comprised of one common share in the capital of the Company (a "Share") plus one-half of a common share purchase warrant (each whole such warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional Share at a price of $0.20 per Share for a period of two years from the date of closing of the Offering (the "Closing Date").

Proceeds from the Offering will be used for general corporate purposes and to evaluate precious metals opportunities, including the potential for gold exploration on the Company's approximately 154 square kilometer 100% owned lands contiguous to the Palmer Project Joint Venture lands.

Closing of the Offering is subject to the receipt of all applicable regulatory approvals, including the approval of the TSX Venture Exchange. All securities to be issued pursuant to the Offering will be subject to a statutory hold period in Canada of four months and one day following the Closing Date.

About the Company

Constantine is a mineral exploration company led by an experienced and proven technical team with a focus on the polymetallic Palmer Deposit being advanced as a joint venture between Constantine (51%) and Dowa Metals & Mining Co., Ltd. (49%), with Constantine as operator. The plan is to continue to expand and discover new resources while the project is being advanced towards feasibility.

On Behalf of Constantine Metal Resources Ltd.

"Garfield MacVeigh"
President
For further information, please visit the Constantine website at www.constantinemetals.com, or contact:
Garfield MacVeigh, President
Email: info@constantinemetals.com
Phone: +1 604 629 2348

Notes:

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 Offering and the proposed use of proceeds on the Company's proposed evaluation of precious metals opportunities on its mineral properties in Alaska. 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 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.

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.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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