Congratulations Sagamok on MOU with QFNX

Stonecircle, and particularly Alex Ker, continues to work closely with Sagamok Anishnawbek on its mining related negotiations and initiatives. Sagamok is a signatory to the Robinson Huron Treaty of 1850 and is located on the north shore of Lake Huron. The First Nation has a membership population of close to 2,600 of which approximately 60% live on reserve. The community is located within an active area of mining exploration and development.

The following information is taken from a press release issued jointly by the community and Quadra FNX, a mining company.

On Dec. 23, 2011, Chief Paul Eshkakogan of Sagamok and Michael Winship, Chief Operating Officer of Quadra FNX signed a Memorandum of Understanding with regard to QFNX's Victoria advanced exploration, nickel-copper project near Sudbury. The MOU establishes an interim-type agreement until the two parties can negotiate a more comprehensive impacts and benefits agreement (IBA) for this project, which has an estimated capital cost of $750 million.

As noted by Chief Eshkakogan, the MOU "will facilitate open and timely dialogue between Quadra FNX and our First Nation as it relates to the company's activities to develop the Victoria Advanced Exploration Project". The Chief also commented that he "looks forward to negotiating an IBA that will provide benefits for our members and ensure the environment and our traditional territories are protected."

Paul Blythe, President and Chief Executive Officer of Quadra FNX also said, "We are very pleased to have signed an MOU with Sagamok. As a company we believe in having a strong relationship with all First Nation communities and other stakeholders in the Sudbury area, and this MOU is an important step in establishing a long term, mutually beneficial partnership."