Continued default under convertible debentures



    TSX: CCU

    DENVER, CO, Sept. 30 /CNW Telbec/ - Constellation Copper Corporation
(TSX: CCU) announced today that it will not pay approximately $1.9 million of
interest on its Cdn. $69 million convertible unsecured senior debentures due
September 30, 2008. The Company also failed to pay approximately $1.9 million
of interest due on March 31, 2008.
    At this time Constellation is being advised by a business combination of
Glencore International, AG and Jaguar Financial Inc., regarding restructuring
negotiations with the debenture holders and other debt holders and vendors of
the company.
    The Company may consider filing for legal protection from its creditors
in both Canada and the United States if cash liquidity problems cannot be
resolved in a timely manner.

    This press release contains certain forward-looking statements. In
certain cases, forward-looking statements can be identified by the use of
words such as "plans", "expects" or "does not anticipate", or "believes", or
variations of such words and phrases or statements that certain actions,
events or results "may", "could", "would", "might" or "will" "be taken",
"occur" or "be achieved". Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, risks related
to changes in commodity and power prices, changes in interest and currency
exchange rates, inaccurate geological and metallurgical assumptions (including
with respect to the size, grade and recoverability of mineral reserves and
resources), unanticipated operational difficulties (including failure of
plant, equipment or processes to operate in accordance with specifications,
cost escalation, unavailability of materials and equipment, delays in the
receipt of government approvals, industrial disturbances or other job action,
and unanticipated events related to health, safety and environmental matters),
political risk, social unrest, and changes in general economic conditions or
conditions in the financial markets. Although the Company has attempted to
identify important factors that could cause actual actions, events or results
to differ materially from those described in forward-looking statements, there
may be other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements.
    %SEDAR: 00002465E




For further information:

For further information: Constellation Copper Corporation: Patrick
James, Chief Executive Officer; 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;
Barbara Komorowski: bkomorowski@renmarkfinancial.com, (514) 939-3989, Fax:
(514) 939-3717, www.renmarkfinancial.com

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Constellation Copper Corporation

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