NR 02-22 ATU ENG Atuqtuarvik-KC.doc

(November 7, 2002 – Gjoa Haven, Nunavut) Atuqtuarvik Corporation announced today that it has advanced $1 million to the Kitikmeot Corporation to support development and construction of the Kitikmeot General Hospital Project by the Inuit-owned development corporation. Atuqtuarvik Corp. is a wholly-owned subsidiary of Nunavut Tunngavik Inc. that acts as the investment arm of the Inuit birthright organization.

It is very important for Inuit to be involved in these hospital projects, said Paul Kaludjak, Vice President of Finance for NTI. It is to everyone’s benefit to have the Government of Nunavut and Inuit organizations working together on an initiative of this scale. We are confident in the development corporation’s ability to improve the quality of life for people of the Kitikmeot.

Added John Hickes, Chairperson of Atuqtuarvik Corp.: We look forward to the immediate involvement of Inuit in the construction and operation phases of the Kitikmeot project. Our due diligence work on behalf of NTI has led us to conclude that the funds will be accounted for in a clear and orderly manner.

The Kitikmeot Corporation (KC) is wholly-owned by the Kitikmeot Inuit Association, which in turn is one of the three Regional Inuit Associations that work with NTI in implementing the Nunavut Land Claims Agreement. KC and the Government of Nunavut are finalizing arrangements for a Development Agreement for the hospital project, which is expected to break ground next summer.

We are very pleased to have the opportunity to design, construct and operate the new regional health facility in Cambridge Bay, said Charlie Lyall, President and CEO of the Kitikmeot Corp. We value the confidence the Government of Nunavut has in us to meet the health and medical needs of the region.

NTI, through Atuqtuarvik, agreed last year to invest a total of $20 million in equity funding in the regional hospitals initiative, which is expected to cost a total of $70 million for three new regional hospitals (Qikiqtani, Kivalliq and Kitikmeot). Atuqtuarvik’s participation is considered an equity investment in KC and is expected to yield a good rate of return in the long term.

Atuqtuarvik was established by NTI in 2000 for the purpose of providing investments and loans to Inuit-owned businesses for commercially viable projects in all sectors of the economy. The Kitikmeot Inuit Association established its development corporation in order to develop the regional economy.

For further information:

John M. Hickes Charlie Lyall Paul Kaludjak
Chairperson President & CEO VP Finance
Atuqtuarvik Corp. Kitikmeot Corp. Nunavut Tunngavik Inc.
(867) 645-2784 (867) 983-2200 (867) 645-5400