Yep, I have one.
Indeed, the M16 is a refurb sort of '93 Spanish Mauser. I believe that makes it a "small ring" so many would tell you it's not up to the strength and safety standard as an M98. Some eons ago, the Spanish Guardia (their National Guard) was issued these rifles after they were converted to the CETME cartridge.
I've shot factory .308 in mine, but have always reloaded for it rather gently. As noted the CETME is dimensionally a .308, but has been historically loaded to lower pressures than, say, NATO spec 7.62x52mm ammo.
In my opinion, the rifle is representative of its generation of Mausers: strong action within limits, handy, sturdy, reliable. You might have to be watchful of handloading with short bullets like 110gr varmint loads, because the 7x57mm that it was designed for is significantly longer - shorter rounds sometimes hang up on feeding.
The sights on mine are nearly useless - the barleycorn front sight can't be drift adjusted (I don't think) and the tiny rear sight v-notch together make for a nearly impossible sight picture. Since it's not a museum piece by any stretch of the imagination, I'm contemplating Lyman iron sights or maybe a scope mount. The inherent accuracy is fairly standard for its type of rifle. I can hold a 3" group at 100 yards if I do my part.
I consider it handy enough to keep as a "truck gun," since it's not nearly so long as the loooong barrel that the '93 had originally. Even fairly mild 308 reloads pack plenty of punch for my own purposes.
Bottom line: I paid under $150 for mine some years back, and I'd spend it again.
