NEX: CCU.H

DENVER, CO, Nov. 20 /CNW Telbec/ - Constellation Copper Corporation ("Constellation" or the "Company") (NEX: CCU.H) reports that it has been delayed in filing its interim financial statements for its third quarter ended September 30, 2008 and Management Discussion & Analysis ("Third Quarter Report") related thereto by the required filing date under applicable Canadian securities laws, namely November 14, 2008. The delay is attributable to the uncertainty of reaching an agreement with Jaguar Financial Corporation and Glencore International AG pursuant to the letter of intent announced on September 3, 2008 and the status of the Company's ongoing negotiations with secured creditor Investec Bank (UK) Limited ("Investec"). Consequently, the Company does not know whether it will be able to continue operating as a going concern, unless the relief requested from Investec to cover critical operating and other expenses is granted or another source of financing becomes available. The Company may consider filing for legal protection from its creditors in both Canada and the United States if cash liquidity problems can not be resolved.

The Company currently anticipates that it will be in a position to file its Third Quarter Report by January 14, 2009. Until its Third Quarter Report is filed, the Company intends to satisfy the requirements of the "alternate information guidelines" described in CSA Staff Notice 57-603 (the "Notice"), including issuing bi-weekly default status reports.

As a result of this delay, Constellation management has asked the securities regulatory authorities in each of the Provinces of Canada to put in place a management cease trade order (the "MCTO") ") covering all persons who are directors, officers or insiders of the Company or who have been directors, officers or insiders of Constellation during the period that the financial statements are being prepared. If the Company's Third Quarter Report is not filed by January 14, 2009, one or all of the authorities may impose an issuer cease trade order against Constellation. The Company does not believe that it will be affected by this aspect of the Notice because it anticipates that it will be in a position to file its Third Quarter Report by January 14, 2009. The MCTO will remain in place until two full business days following receipt by the authorities of all filings that the Company is required to make pursuant to applicable Canadian securities laws.

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.

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