TORONTO, May 4 /CNW/ - The Taku River Tlingit First Nation ("TRTFN") and Chieftain Metals Inc. ("Chieftain"or the "Company") (TSX: CFB) are pleased to announce the signing of a Letter of Understanding
("LoU") relating to the Tulsequah Chief mine, located in the Tulsequah
Valley in northern British Columbia in the TRTFN Territory. The LoU is
a first stage agreement between Chieftain and TRTFN establishing
processes for future negotiations between the parties. The parties are
committed to meaningful dialogue with the intention of building a
respectful and trusting relationship through this year and to achieve a
full Impact Mitigation and Mutual Benefits Agreement ("IMMBA").
This LoU covers the work occurring this year including advanced
exploration and the construction and operation of the interim water
treatment plant designed to deal with a legacy environmental issue of
acid mine drainage. The LoU provides for a range of employment and
contract opportunities for the TRTFN Citizens and Business Entities, a
cooperative process for dialogue on industrial access to the site and
confirms Chieftain Metals' commitment to maximizing economic benefits
to the TRTFN and the local residents.
About Chieftain Metals Inc.
Chieftain's principal business is the acquisition, exploration and
development of mineral properties. Since incorporation, the Company's
business has focused entirely on the acquisition, and thereafter the
development, of the Tulsequah Polymetallic Project, in northwestern
British Columbia, Canada. The Tulsequah Project consists of 38 mineral
claims and Crown-grants covering approximately 14,220 hectares and
covers two previously producing mines. For more information on the
Tulsequah Project, please refer to the Company's NI 43-101 compliant
technical reports, "Tulsequah Chief Deposit, Tulsequah Chief Property,
Northern British Columbia" and "Big Bull Project, Tulsequah Chief
Property, Technical Report, Northern British Columbia", each dated as
of November 8, 2010 and available under the Company's profile of SEDAR
About Taku River Tlingit First Nation
The Tulsequah Chief project is situated on TRTFN territory. The TRTFN
have participated over the years in decision making processes related
to the activities in the Tulsequah Valley. The TRTFN remain committed,
as a priority, to ensuring that projects in the TRTFN Territory are
developed with sustainability and risk reduction as one main focus,
including the resolution of the residual Acid Mine Drainage legacy and
appropriately addressing the long standing question of industrial
access to the Tulsequah Valley.
This press release includes certain "forward-looking statements" within
the meaning of the Ontario Securities Act or other laws or regulations.
All statements, other than statements of historical fact, included
herein, including without limitation, statements regarding potential
mineralization, mineral resources or reserves, exploration results and
future plans and objectives of Chieftain Metals Inc. are
forward-looking statements that involve risks and uncertainties. There
can be no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements.
SOURCE Chieftain Metals Inc.
For further information:
President and CEO
Chieftain Metals Inc
Phone: (416) 644-6000 ext. 650
Taku River Tlingit First Nation
Phone: (250) 651-7900