Miramar & KIA Announce Signing of Historical IIBA in Cambridge Bay, Nunavut 9/7/2006
Inuit Impact & Benefit Agreement signed for Doris North, Nunavut's first potential Gold mine
VANCOUVER, BRITISH COLUMBIA, Sep 07, 2006 (MARKET WIRE via COMTEX News Network) -- Miramar Mining Corporation (TSX: MAE)(AMEX: MNG) and the Kitikmeot Inuit Association (KIA) announced today that Miramar's subsidiary, Miramar Hope Bay Ltd., and the KIA have signed an Inuit Impact and Benefit Agreement (IIBA) relating to the development of a gold mine at Doris North on the Hope Bay greenstone belt. This historic agreement represents a significant milestone for both Miramar and for economic development for the region and territory, as Doris North is the first potential gold mine in Nunavut. The KIA is the designated Inuit organization responsible for negotiating the IIBA on behalf of the Inuit of the Kitikmeot region of Nunavut.
The IIBA satisfies the requirements of both Articles 20 and 26 of the Nunavut Land Claims Agreement and outlines the benefits that will be provided to the Inuit as a result of the development and operation of the Doris North gold mine. The IIBA provides that local employment, training, and business opportunities arising from construction and operation of the Doris North project are made available to the Inuit of the Kitikmeot region. The IIBA also outlines the special considerations and compensation that Miramar Hope Bay Ltd. will provide for Inuit regarding traditional, social and cultural matters, and effects on Inuit water rights.
The IIBA became effective on September 6, 2006 after the signing of the formal agreement at a ceremony sponsored by Miramar in Cambridge Bay, Nunavut. The ceremony was attended by elders, constituents and MLA's from the five communities in the region Also in attendance for the historic occasion were Nunavut Premier Hon. Paul Okalik, Nunavut Minister of Environment, Hon. Patterk Nester and Nunavut Minister of Economic Development and Transportation, Hon. Olayuk Akesuk. The ceremony also was attended by federal representatives including Ms. Nancy Karetak-Lindell, MP for Nunavut, and Hon. Senator Willie Adams. Several of Miramar's Board of Directors and staff were also happy to join in the occasion.
"This IIBA is a major commitment in the right direction for our economy that will help both KIA and Miramar. We are committed to seeing that our people in our communities get much needed jobs, training, scholarships, business contracts and many other opportunities which will benefit the Kitikmeot for the life of the Mine," said KIA President, Donald Havioyak. Mr. Havioyak added that KIA has always supported and will continue to support mining developments as long as they balance environmental protection with economic development.
"We are very encouraged by the commitment and dedication shown by the KIA in reaching this agreement," said Mr. Tony Walsh, Miramar's President & CEO. "This agreement will fulfill one of Miramar's principal goals which is to make the Doris North Project a win/win for both Miramar and the Inuit of the Kitikmeot region."
The Doris North project is anticipated to begin production in mid-2008, provided that all permits and licences are received in a timely manner.
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