Constellation Copper Corporation Provides Default Status Report

    TSX: CCU

    DENVER, CO, Dec. 7 /CNW Telbec/ - Constellation Copper Corporation (the
"Company") (CCU:TSX) announced that negotiations with the counterparty on the
Company's forward sales contracts continue to progress but have not yet been
finalized. The Company has obtained a verbal temporary waiver of the payments
that were due on November 2, 2007 and December 4, 2007 while the negotiations
continue. The aggregate amount of such payments is approximately
US$3.8 million.
    As announced on November 9, 2007 and for the reasons set forth in that
announcement, the Company indicated that it would not be filing its third
quarter unaudited financial statements by the required filing date under
applicable Canadian securities laws. The Company is providing an update in
accordance with CSA Staff Notice 57-301 Failing to File Financial Statements
on Time - Management Cease Trade Orders. In accordance with Appendix B of CSA
Policy 57-301:

    1. The Company advises that other than as disclosed in this press release
       and its press release dated November 30, 2007, there is no material
       change in the information contained in the Notice of Default dated
       November 9, 2007 and the Default Status Report dated November 23,
    2. The Company expects to file its interim financial statements for its
       third quarter ended September 30, 2007 and Management Discussion &
       Analysis related thereto on or before January 14, 2008 as originally
    3. The Company advises that there are no other financial statements that
       are not expected to be filed within the time period set out by the
       security regulatory authorities.
    4. The Company advises that there is no other material information
       concerning the affairs of the Company that has not been generally
    5. The Company intends to satisfy the provisions of CSA 57-301 Appendix B
       Default Status Reports on a bi-weekly basis as long as it remains in
       default of the financial statement filing requirement.

    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 M.
James, Chairman & CEO; Michelle Hebert, Manager-Corporate Affairs, (720)
228-0055, Toll Free: 1-877-370-5400, Fax: (303) 863-1736,,; Renmark Financial
Communications Inc.: Neil Murray-Lyon:;
Barbara Komorowski:; Media - Vanessa Napoli:, (514) 939-3989, Fax: (514) 939-3717,

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