Cementation Canada

Cementation Canada

April 26, 2005 13:00 ET

KITIKMEOT CORPORATION AND CEMENTATION CANADA JOIN FORCES

KITIKMEOT CORPORATION AND CEMENTATION CANADA JOIN FORCES TO CREATE A NEW COMPANY Attention: Business/Financial Editor, Education Editor, News Editor, Science Editor, Tech/Telecomm Editor TORONTO, ONTARIO--(CCNMatthews - April 26, 2005) - FOR IMMEDIATE RELEASE

April 26, 2005

KITIKMEOT CORPORATION AND CEMENTATION CANADA JOIN FORCES TO CREATE A NEW COMPANY

Toronto - - Kitikmeot Corporation (Cambridge Bay, Nunavut) and Cementation Canada (North Bay, Ontario) have signed a unanimous shareholder agreement to form a new company, Kitikmeot Cementation Mining & Development.

The new company has significant Inuit ownership and participation, and aims to create a platform for continuous training and development of the skills and capacities of aboriginal and Northern people in the areas of underground mining and safety. The new company will focus on the growth of the underground mining industry in Nunavut and the North West Territories.

The Kitikmeot Corporation is the birthright development corporation of the Inuit of the Kitikmeot Region of Nunavut. It is well known in the North, having established a number of businesses that service and support mining companies. The expansion into underground mine services is a natural progression that will provide further opportunities for the Kitikmeot Inuit and other aboriginals and Northerners to participate and contribute in the northern mining industry.

Cementation Canada is one of the largest and most respected underground mine contracting companies in North America, and part of the global Murray & Roberts mining group. With extensive Northern experience, the company was recently awarded the contract to carry out the underground development of the existing Diavik Diamond Mine, a contract estimated to be worth in the order of $20 Million CDN, and of two years duration.

With the formation of Kitikmeot Cementation Mining & Development (KCMD), Cementation will assign the Diavik contract to the new company, immediately establishing KCMD as a significant mine development company in the North.

Charlie Lyall, CEO of KCMD and President of the Kitikmeot Corporation said "The establishment of this new company is a significant step forward for our Corporation, and for the Inuit of our Region. The employment and training opportunities that will be created through this partnership are badly needed, and I am very encouraged to see such opportunities unfold for our youth. Kitikmeot Corporation has developed a number of companies that allow us to participate in the growth of the mining sector, and our partnership with Cementation Canada enables us to play an even stronger role in the potential development of this industry. The contract with Diavik brings our new company to the forefront of the diamond mining industry; and I am privileged to be closely affiliated with them in providing the services that will be required under this contract."

The group is actively investigating options for establishing training facilities and systems in the North to create a base for providing mining skills and safety training for aboriginals and Northerners. With the rapidly expanding mining industry in the area, such facilities will be key not only to providing local labour for KCMD contracts, but eventually supporting the Northern mining industry with a solid mining skills base.

Roy Slack, President of KCMD and Cementation added "We are excited about the formation of a mining business with the Kitikmeot Corporation. At our initial meeting in January of 2003 it was clear that our groups had a common vision of the objectives of a Northern mine development company. We look forward to a long term relationship that will benefit our Clients, the Kitikmeot and our company as well. The Diavik project is an excellent opportunity for the new company to shine, by carrying out work for a major Client at a world class diamond producing operation."

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For further information please contact:
Kitikmeot Cementation Mining & Development Ltd.

867-983-2200 705-472-3381
Cambridge Bay, Nunavut North Bay, Ontario

IN: ECONOMY, EDUCATION, LABOUR, MINING, TECHNOLOGY

Contact Information

  • Roy Slack, President
    Primary Phone: 705-472-3381