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Exploration Agreement signed with Strongbow Resources: Potential for Joint Venture as well as long-term research benefits

NR 03-04 STR ENG Strongbow Agreement.doc

(MARCH 10, 2003 — Iqaluit, Nunavut) Nunavut Tunngavik Incorporated (NTI) today announced that it has signed an Exploration Agreement with Strongbow Resources Inc. that will allow the Vancouver-based company to explore more than 5,500 square kilometers in the Kitikmeot region of Nunavut.

This is the largest single mineral exploration agreement NTI has negotiated to date, said NTI 1st Vice President James Eetoolook. NTI has worked hard with both Strongbow and the Kitikmeot Inuit Association to ensure that this Exploration Agreement meets the present and future needs of Inuit, as well as serving as a model for future agreements to support exploration on other Inuit Owned Lands in Nunavut.

Strongbow Resources (SR-TSX Venture) is a junior mining company with active exploration underway in Northern Canada and Ireland. The company has identified high potential in the selected Inuit Owned Lands for gold, diamonds and base metals, as well as showings of nickel with platinum group metals (PGM). About 18 per cent of the optioned area lies in the heart of the Coronation Diamond District, within 20 km of a known kimberlite body. As well, the Exploration Agreement covers parts of the High Lake greenstone belt, which is known to contain gold and base metals.

The three-year-long agreement will not only pay NTI $455,000 in the first year alone, but will also see Strongbow spending a significant amount — about $1.3 million — in exploration work this calendar year. As well, Strongbow must compile the geoscience data collected on all the properties explored under this agreement, for future use by NTI.

NTI and Strongbow have also agreed to consider entering into Joint Ventures in the future, depending on the exploration results, or to simply have NTI draw a royalty based on net profits, Eetoolook said. Our interest is in promoting a sustainable industry that respects our environment and values.

NTI currently has 62 Exploration Agreements in place with various companies. Inuit own subsurface rights to 38,000 km2 of the 356,000 km2 of Inuit Owned Lands that form part of the Nunavut Land Claims Agreement. The Strongbow Agreement covers 36 distinct parcels of land and is consistent with the Memorandum of Understanding signed last August with NTI.

For further information:

Nancy Campbell
Director of Communications
Tel: (867) 975-4900
Fax: (867) 975-4943 Carson Gillis
Director of Lands and Resources