Katlodeeche First Nations Inks Exploration Deal
Katlodeeche First Nations
|Friday, February 11, 2005
Chief Roy Fabian announced that the Katlodeeche First Nations have signed a Memorandum of Understanding to form a joint venture with International Frontier Resources Corporation to explore for oil and gas on Katlodeeche lands. Chief Roy Fabian commented, saying "the joint venture partnership honors our culture and vision for future generations and provides immediate and future economic benefits for the Katlodeeche First Nations".
International Frontier is pleased to form a joint venture with the Katlodeeche First Nations to explore this large tranche of acreage covering approximately 1,900,000 acres (3,000 square miles). The acreage portfolio provides the Company with exposure to additional exploration prospects with significantly lower front end exploration costs than the Company's current exploration program in the Central Mackenzie Valley, NWT. The acreage is located immediately north of the Alberta border in the Deh Cho region of the southern Northwest Territories in Canada. The area is accessible on paved highways which will allow for extended seismic and drilling seasons and within close proximity to pipeline infrastructure. The Company will commence geological and geophysical operations upon execution of formal agreements.
The MOU provides access to both Reserve and Traditional lands together with a framework for our partner to request Crown lands located within the Katlodeeche Traditional area be opened for licensing. The parties have agreed to execute an access agreement and benefits plan in a timely fashion. Concurrent with reaching this agreement, the Company has, subject to regulatory approvals, agreed to issue 75,000 shares and to make certain cash payments to Katlodeeche as the exploration program progresses.