Constantine Metal Resources CEM 1

Constantine Metal Resources (CEM.V) has confirmed Dowa Metals & Mining has decided to exercise its option to acquire a 49% participating interest in the Palmer VMS project as it has completed the mandatory US$22M earn-in.

US$2M of the unspent funds will be transferred to the joint venture level which will allow some additional exploration to be conducted before a first cash call from the JVco to both owners.

Constantine Metal Resources CEM 2

Constantine probably won’t have to raise cash on the equity markets anytime soon, as it’s still in the process of selling some Ontario-based claims to Tahoe Resources (THO.TO, TAHO). CEM expects the claim transfer to be completed in January, and will then receive a US$4.5M cash payment. This, combined with the existing US$2M on the JV level, should be sufficient to cover the cash needs for the 2017 exploration program at Palmer.

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