Jaguar Financial and large international mining partner announce 9.9% ownership interest in Constellation

    TORONTO, June 11 /CNW/ - Jaguar Financial Inc. ("Jaguar") (TSX: JFI)
together with a large international mining company (collectively the "Joint
Venture") have announced their ownership of 17,882,000 common shares of
Constellation Copper Inc. ("Constellation"), representing approximately 9.9%
of the issued and outstanding common shares of Constellation.
    The following information concerning Constellation is based on its
publicly held information. Constellation owns the Lisbon Valley mine in Utah,
USA, which has been converted to a leach only operation. Constellation also
owns the San Javier project in Sonora, Mexico and the Terrazas project in
Chihuahua, Mexico. Constellation had a net loss of $18.8 million for the first
quarter-ended March 31, 2008.
    Constellation is in default of its $69 million in convertible debentures.
Constellation is soliciting various financing and mergers and acquisition
opportunities. Constellation has expressed significant doubt about its ability
to continue as a going concern.
    Jaguar, on behalf of the Joint Venture, submitted a restructuring
proposal to Constellation which included a $10 million equity investment at a
discount to the current market price and a restructuring of the convertible
debentures and hedging liabilities. The restructuring proposal was subject to
satisfactory due diligence and shareholder approval.
    Jaguar, on behalf of the Joint Venture, believes that there is an
opportunity to develop a win-win transaction for the shareholders and
creditors of Constellation, upon implementation of an appropriate
restructuring. The Joint Venture continues to be interested in developing a
restructuring plan for the mutual benefit of the shareholders and creditors of
    Vic Alboini, Chairman and Chief Executive Officer of Jaguar stated: "We
see an opportunity with the right restructuring to maintain Constellation as a
viable entity. Jaguar's interest is to acquire effective control of
Constellation in order to rely upon the mining experience and reputation of
our Joint Venture partner."
    The Joint Venture may, depending on market and other conditions, acquire
additional common shares or other securities of Constellation, through market
transactions, private agreement or otherwise. The Joint Venture may, depending
on market or other conditions, sell any or all of its common shares of

    About Jaguar

    Jaguar is a Canadian merchant bank that invests in undervalued small
capitalization companies in a variety of industry sectors.

    The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this news release. This news release may contain
certain forward looking statements which involve known and unknown risks,
delays, and uncertainties not under Jaguar's control which may cause actual
results, performances or achievements of Jaguar to be materially different
from those implied by such forward looking statements.

For further information:

For further information: For additional information on this press
release, please contact Kyler Wells, General Counsel, (416) 644-8177

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