Canadian mining company Constantine Metal Resources has signed an exploration agreement (EA) with the Matachewan First Nation and the Wahgoshig First Nation for the company's properties which fall within the shared territories of the Nations.
According to the agreement, the company will issue a total of 185,000 Constantine shares to Wahgoshig and Matachewan, subject to regulatory approval.
The territories hold the Constantine's Golden Mile property located within the city of Timmins.
Constantine president and CEO Garfield Macveigh said that the company has established a positive, mutually beneficial relationship with the Wahgoshig First Nation since 2008 on its Munro Croesus project and looks forward to building a similar relationship with the Matachewan First Nation.
"We believe that establishing a strong mining industry and First Nation association is essential to the future success of the mining industry in Canada," said Macveigh.
The terms of the EA require training and employment of First Nation people along with business opportunities for First Nation companies and partnerships.
In addition, Constantine has also signed an impact benefits agreement with the First Nations for a negotiation process, in case any project within the shared traditional territory moves to an advanced stage.
Wahgoshig First Nation chief David Babin said that the group has a good relationship with Constantine and looks forward to a future collaboration.
"This agreement protects our traditional values and continues to demonstrate that Wahgoshig First Nation promotes responsible development on our land," Babin said.
Besides Constantine, Wahgoshig and Matachewan also have venture agreements with other mining companies, making a significant mark in the mining industry through business partnerships and employment of its members while maintaining traditional activities and stewardship of the environment.