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Wasaya Group Inc. and Bearskin Airlines Ltd are pleased to announce the completion of a transaction under which Wasaya Airways Leasing Ltd has purchased Bearskin Airline's northern assets.

Under the agreement, Wasaya Airways will take over the provision of scheduled passenger services to 21 First Nation Communities located north of Sioux Lookout and Red Lake, Ontario.  These new services to be phased in starting July 2, 2003 with expected completion by July 31, 2003.

Wasaya proposes to use Beech 1900D and PC12 aircraft to service the routes, providing enhanced passenger comfort.  The services will be operated from Bearskin's former hangar and office facilities at the Sioux Lookout airport.

Wasaya Airways is 100% owned by eight First Nation Communities in Northwestern Ontario.  Wasaya Airways is ranked among the largest airlines in Canada and one of the larger Aboriginal owned airlines.

A traditional signing ceremony is taking place on July 9, 2003 at Bearskin Lake First Nation.  In attendance will be many dignitaries, including The Honourable Robert Nault, Minister of Indian and Northern Affairs (Canada).  Bearskin Lake, one of the Wasaya Airways ownership communities, was the birthplace of the original Bearskin Lake Air Service in the late 1950's.

For further information, contact either :

Tom Morris, President and CEO
Wasaya Airways LP
Thunder Bay, ON
Tel 807.473.1200

or

Harvey Friesen, President and CEO
Bearskin Airlines
Sioux Lookout, ON
Tel 807.737.3474