NR 03-03 DEV ENG Dev Corp Review.doc

(FEBRUARY 27, 2003 – Kinngait / Cape Dorset, Nunavut) The Board of Directors of Nunavut Tunngavik Incorporated today approved a review of the financial health and management capacity of the three regional Inuit development corporations: Sakku Corporation, Qikiqtaaluk Corporation and Kitikmeot Corporation. The review will consider accountability, financial status and the level of return on Inuit funds that were invested in each corporation over the past 10 years.

NTI’s commitment to accountability extends to our dealings with the development corporations, said Paul Kaludjuk, Vice President of Finance. We believe that conducting these reviews is a prudent step, even a positive opportunity, to ensure that Inuit benefit fully from economic development in Nunavut.

The Board decision was made at its quarterly meeting in Cape Dorset / Kinngait. The review will begin immediately, with results and recommendations to be brought back to the Board at its next meeting in May.

The Board asked that the following matters be examined:
Current financial position of the Regional Development Corporations,
Their capacity to meet their management requirements, and
Their policies and procedures for investment.

The President and Vice President of each Regional Inuit Association sit on the NTI Board, together with the Chair of Nunavut Trust and the four elected leaders of NTI.

For further information:

Nancy Campbell
Director of Communications
Tel: (867) 975-4900
Fax: (867) 975-4943 John Lamb
Chief Executive Officer