Re: Will someone explain...........
in response to
by
posted on
Jun 28, 2008 05:37AM
Resource projects cover more than 1,713 km2 in three provinces at various stages, including the following: hematite magnetite iron formations, titaniferous magnetite & hematite, nickel/copper/PGM, chromite, Volcanogenic Massive and gold.
This article's logic is flawed, and in fact it is untrue.
1. None of the company's are rich, these are shares of stock owned by investors. The companies are exploring in the area, investing, with the possibility of getting rich. Anyone, including members of the Free Nations, are free to invest their own money in this exploration and potentially 'get rich'.
2. Noront has already made a payment to the Free Nations based on their Windfall work and talks continue.
On June 4, 2008 Noront met with representatives of Waswanipi Cree First Nation ("WCFN") to officially open the Windfall Project ramp at the site and to deliver the requisite "Mining Liaison Service' and "Interference Compensation" payments to the community. The payments made, sealed the commitment to a Memorandum of Understanding ("MOU") entered into on October 19, 2007, between the Company and the Cree First Nation of Waswanapi. The parties agreed to seek to negotiate in good faith, but without obligation to agree, to develop and, if ultimately approved by their respective decision making processes, to execute an Impact Benefit Agreement ("IBA") for the project having such terms and conditions as the parties may agree, guided by the principles set out in the MOU. The MOU covers many principles that have been agreed upon by both parties to the agreement, focusing on the implementation and protection of these principles pertaining to; ongoing communication, environmental concerns (including preservation of traditional pursuits and knowledge), social support, training employment and contract opportunities, education, socio-economical and remedial fund, pre-IBA support, as well as certain legal provisions. These principles are intended to support, rather than substitute for, specific programs and arrangements which may be made by the WCFN and Noront and are not intended to be a complete or exhaustive list of the matters that will be discussed in the IBA negotiations.