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Lisbon Valley Mine and Flying Diamond Exploration Update

30 March 2006

Constellation Copper Corporation (CCU:TSX) is pleased to announce the following milestones achieved at the Lisbon Valley copper mine, year end reserves and resources at Lisbon Valley and the satellite Cashin deposit, and results from the nearby Flying Diamond exploration property, San Juan County, Utah.

Start-up of Solvent Extraction Circuit

The Company has completed commissioning of the solvent extraction ("SX") circuit and is currently processing copper-bearing pregnant leach solutions ("PLS") off the heap leach pads, and generating copper-rich electrolyte. The SX circuit will operate for 7 days before sufficient electrolyte is generated to fill the electowinning cells, at which time the rectifiers will be energized, with electroplating of cathode copper expected to commence by the end of this week. PLS flow rate into the SX circuit is currently approximately 1,800 gallons per minute (gpm). Operation of the SX facility will ramp up to full design capacity of 4,500 gpm, which is expected to be achieved by July 2006. First copper cathodes are expected to be harvested the second week of April.

Flying Diamond Exploration Drill Results

The Company has completed 17 drill holes in the Flying Diamond exploration target area. Fourteen (14) holes were completed in Colorado near the copper-bearing outcrops at the Stateline prospect area, located approximately 7,000 feet southeast of the Flying Diamond discovery holes announced last year. Three of the four holes closest to the Utah state line (designated as 06R-STL-03, -04 and -08), being the closest holes to the Flying Diamond discovery holes, intersected copper in the target formation as referenced in the table below. In addition, three (3) holes were drilled approximately 3,800 feet to the northwest of the Flying Diamond discovery holes in the area of copper-bearing outcrops. All three of these holes (designated as holes 06R-FLD-01, -02 and -03) intersected copper in the target formation as referenced in the table below. The copper-bearing intercepts in these holes confirm the Flying Diamond mineral system appears to be at least 10,000 feet long, with an unknown width.

Drill Hole From (ft.) To (ft.) Interval (ft.) % Cu

-------------------------------------------------------------------------

06R-STL-03 165 200 35 0.37%

255 265 10 0.44%

06R-STL-04 195 250 55 0.18%

06R-STL-08 140 190 50 0.31%

06R-FLD-01 120 155 35 0.29%

06R-FLD-02 90 135 45 0.21%

06R-FLD-03 175 210 35 0.21%

255 280 25 0.18%

The above holes were drilled with a reverse circulation drill rig, which encountered mechanical problems and which has since left the property for repairs. Two drills are currently drilling the open extensions of the Flying Diamond discovery drill-hole pattern, one drill rig being a rotary drill rig piloting holes down through the overlying Mancos Shale, and the other rig being a core rig drilling the target host Dakota and Burro Canyon formations. Results are pending on at least four additional drill holes outside of the discovery drill-hole pattern.

The Flying Diamond and Stateline drilling program, sampling, and assaying are being supervised by Mr. Tony Adkins, Manager of Exploration for Lisbon Valley Mining Co. LLC, a Certified Professional Geologist and a Qualified Person under National Instrument ("NI") 43-101. All assaying has been performed at Skyline Laboratories located in Tucson, Arizona and appropriate QA/QC protocols have been maintained with satisfactory results.

A drill hole location map of the Flying Diamond area, including the locations of the above drill holes, has been posted to the web site for reference.

2005 Year End Reserves and Resources

The Company is pleased to report Lisbon Valley's 2005 year end reserves and resources, as well as those for the satellite Cashin deposit, as reported in the table below. The resource model for the Centennial deposit was prepared by SRK Consultants in Lakewood, Colorado based on information supplied to it by the Company and was supervised by Gary Parkison, Vice President of Exploration & Development, a Certified Professional Geologist and Qualified Person under NI 43-101. The resource models for both the Sentinel and GTO deposits are the same as those reported in a NI 43-101 Technical Report prepared by Pincock, Allen & Holt and filed on SEDAR on September 27, 2005. The resource model for the Cashin deposit was prepared by Leah Mach, Principal Resource Geologist for SRK Consultants, a Certified Professional Geologist and a Qualified Person under NI 43-101, and updates and revises the resource model presented in an earlier Technical Report on the deposit filed on SEDAR on July 20, 2004.

The proven and probable reserves were estimated using anticipated Lisbon Valley operating costs for 2006, a copper price of $1.25/lb. and Whittle software. The reserves and resource estimates for the Lisbon Valley deposits in the table below were prepared by Russel Hufford, Chief Mining Engineer at Lisbon Valley, and supervised by Gary Parkison. The reserves and resource estimates for the Cashin deposit were prepared by Leah Mach using operating costs, including incremental haulage costs, based on the anticipated 2006 Lisbon Valley costs. The resources reported below are exclusive of the reserves and are based on a potential open pit mining geometry and a copper price of $1.50/lb.

2005 Year End Reserves by Deposit

---------------------------------

Deposit Tons %Cu Lbs. Cu Waste Tons

------- ---- --- ------- ----------

Sentinel 6,111,430 0.322 39,388,994 2,253,820

Centennial 29,307,450 0.488 286,232,007 65,076,490

GTO 3,635,860 0.762 55,435,271 20,598,120

TOTAL 39,054,740 0.488 381,056,272 87,928,430

Cashin 5,705,000 0.547 62,426,000 9,137,000

2005 Year End Resources by Deposit and Category

-----------------------------------------------

MEASURED AND INDICATED CATEGORY

Deposit Tons %Cu Lbs. Cu

------- ---- --- -------

Sentinel 2,231,839 0.241 10,777,897

Centennial 1,707,316 0.350 11,965,814

GTO 655,470 0.735 9,637,809

----------------------------------------

TOTAL 4,594,625 0.352 32,381,520

Cashin 1,076,000 0.411 8,849,000

INFERRED CATEGORY

Deposit Tons %Cu Lbs. Cu

------- ---- --- -------

Sentinel 275,761 0.229 1,262,983

Centennial 338,150 0.330 2,229,748

GTO ----- ---- ----

----------------------------------------

TOTAL 613,911 0.284 3,492,731

Cashin 337,000 0.427 2,875,000

%SEDAR: 00002465E

For further information: Constellation Copper Corporation: Greg Hahn, President, CEO; Michelle Hebert, Manager, Corporate Affairs, (720) 228-0055, Toll Free: 1-877-370-5400, Fax: (303) 863-1736, info@constellationcopper.com, www.constellationcopper.com; Renmark Financial Communications Inc.: Neil Murray-Lyon, nmurraylyon@renmarkfinancial.com; Tina Cameron, tcameron@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com

Source: newswire