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Constantine avoids equity financing

 

Last updated 3/1/2015 at Noon



Constantine Metal Resources Ltd. Feb. 23 said it ended its fiscal year (Oct. 31) with C$587,481 in cash and working capital of C$470,841, compared with cash of C$181,557 and working capital of C$213,079 at the end of 2013.

This increase is a result of the company generating more than C$663,000 from option earn-in and management fees, while reducing cash operating costs to about C$460,000.

A record C$7.39 million was invested into Constantine's mineral exploration properties during 2014, including C$7.13 million of that spent on the Palmer project in Southeast Alaska.

Dowa Metals & Mining Co. Ltd., which has the option to earn 49 percent in Palmer by investing US$22 million in the project over four years, recently paid Constantine a US$250,000 option payment for 2015 and is planning the scope of this year's program.

 

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