Nunavut Tunngavik Inc. President Cathy Towtongie today announced that NTI and Agnico Eagle Mines Limited recently concluded a series of agreements regarding exploration and mining on Inuit Owned Lands.
There are now 15 mineral exploration agreements between NTI and Agnico Eagle allowing for the exploration of 110,241 hectares of Inuit Owned Lands in the Kivalliq region. NTI and Agnico Eagle also signed a mineral production lease for 114 hectares in the Meadowbank Gold Mine area, known as the Vault deposit. The production lease, which allows for commercial production, is the first that NTI has entered into with any company.
Agnico Eagle’s Vault deposit is an open-pit operation located approximately 9 km northeast of the Meadowbank processing plant. The Vault project is scheduled to become the main mining operation at Meadowbank in 2015 until the end of the life-of-mine. Agnico Eagle invested approximately $41 million US to develop the Vault pit.
“The NTI Board of Directors passed the NTI Mining Policy in Dec. 1997, making a clear commitment to support the development of mineral resources in Nunavut if there are significant long-term social and economic benefits for Inuit, and if it is consistent with protecting the eco-systemic integrity of Nunavut. NTI is implementing that policy. I am pleased that NTI and Agnico Eagle Mines are working well together as partners in mineral development,” said Towtongie.