Fond du Lac Allowing Exploration On Reserve Land

Friday, December 01, 2006 at 15:47



A B.C. mining company has announced a major deal with a northern Saskatchewan Indian band.


CanAlaska Uranium is teaming up with the Fond du Lac First Nation to begin mineral exploration on reserve land.


The company says it will issue the band up to 300,000 common shares and make cash payments of up to $130,000.


It also says the work will take place over a four-year period at a minimum cost of $2 million.


The deal also gives Fond du Lac the chance to own a stake in the mining happening in its territory and collect royalties.


A survey of the land is to begin immediately.