NR 02-23 AQC ENG Atuqtuarvik-QC.doc

(November 7, 2002 – Gjoa Haven, Nunavut) Atuqtuarvik Corporation announced today that it has advanced $2.75 million to the Qikiqtaaluk Corporation to support development and construction of the Qikiqtani (Baffin) 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.

This is the first of several payments to be made to the Qikiqtaaluk Corporation and represents a significant investment by Inuit in the future of Baffin Island, said Paul Kaludjak, Vice President of Finance for NTI. These funds will enable QC to make a meaningful contribution to the quality of life for all Nunavumiut.

Added John Hickes, Chairperson of Atuqtuarvik Corp.: With a corporate structure now agreed to by the parties involved in the hospital project, now is the right time to flow the funds needed to start design and construction work. Due diligence completed by the corporation on behalf of NTI earlier determined that QC would account for the funds in a clear and orderly manner.

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

This is a low risk investment for us with more than financial benefits, said QC Chairperson George Eckalook. We plan to provide improved, cost-effective health facilities that are more convenient for patients and their families.

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 QC 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. QC was established by QIA for the purpose of developing the Baffin Island economy and has been involved in a number of projects, including construction and operation of the Igluvuk Building in downtown Iqaluit.

For further information:

John M. Hickes George Eckalook Paul Kaludjak
Chairperson Chairperson VP Finance
Atuqtuarvik Corp. Qikiqtaaluk Corp. Nunavut Tunngavik Inc.