Webequie First Nation partnering in drilling and early exploration services to develop local resources
Press release ...
Cyr Drilling International and Webequie First Nation Announce Joint Venture - New Ontario Company to Provide Drilling and Early Exploration Services
TORONTO, Aug. 14 /CNW/ - Cyr Drilling International, a leading diamond drilling company, and a group of private investors announced a landmark joint venture with Webequie First Nation to provide drilling and early exploration services in Ontario.
Under the terms of the agreement, Webequie First Nation will hold a 20% interest in the company, which will be known as Cyr Drilling Ontario Inc. As part of the agreement, Webequie First Nation will be able to purchase full ownership of Cyr Drilling Ontario from Cyr Drilling International and the private investor group in 2013.
The joint venture was facilitated by Niskibi Commodities Inc. The joint venture will combine the industry expertise of Cyr Drilling International with Webequie First Nation's strategic location, human resources and unique understanding of prospective ground in the "Ring of Fire". The "Ring of Fire" is known as a geological region of the James Bay Lowlands considered the next major mining camp in Canada, with over 15 exploration and mining companies currently exploring for gold, platinum, nickel, copper, amongst others. Cyr Drilling Ontario will provide much needed training programs and employment to the people of Webequie First Nation as well as other area First Nations, where unemployment rates are estimated at approximately 95%.
"We are delighted to partner with Cyr Drilling International, and its investors, to bring new economic opportunities to our community," says Chief Scott Jacob of Webequie First Nation. "We've been actively seeking strategic and willing business partners to increase employment and training prospects for our people and to benefit from the growing mining activity in our traditional lands. I sincerely believe this joint expertise will give us the necessary foundation to be a significant industry player in northern Ontario. Today marks a positive step towards achieving our community vision of building economic prosperity and self-sufficiency for the people of Webequie First Nation."
The joint venture, which is expected to be operational immediately, will be led by Gordon Cyr, President of Cyr Drilling International. "We look forward to working with our partners to build Cyr Drilling Ontario into a formidable contender in this industry," says Gordon Cyr. "We have been very impressed by the proactive and open approach of the Webequie First Nation to do business, build partnerships and develop training and jobs for their people. We are very confident this venture will be a win-win for both parties and we look forward to developing new business together."
Notes:
Webequie First Nation
Webequie First Nation is a remote community in Northwestern Ontario situated within the James Bay Treaty No.9. The First Nation is accessible by air only and is located 540 kilometers north of the City of Thunder Bay.
Webequie First Nation's current Chief and Council and Band Office staff is composed of a young, vibrant and educated group, who are dedicated to working to the best of their ability to benefit their people. Advancement and betterment of conditions for their people is the primary goal of this government.
Cyr Drilling International
Established in 2004, Cyr Drilling International Ltd. is a Canadian drilling company operating in Canada and internationally. The company is committed to working with First Nations to identify win-win opportunity and expand its business into remote regions of Canada. Cyr Drilling International is a member of the Canadian Diamond Drilling Association and the Prospectors and Developers Association of Canada (PDAC).