QUEBEC, Aug .18 -- Nemaska Exploration Inc. ("Nemaska" or the "Company") (TSX VENTURE: NMX) is pleased to announce the signing of a Memorandum of Understanding with the Cree Nation of Nemaska, a Cree local government, the Grand Council of the Crees and the Cree Regional Authority. The MOU provides the framework for further discussions between the signing parties on the development of the Whabouchi (Lithium/Beryllium) and the Nisk 1 (Nickel-Copper-PGE) deposits. The Cree Nation of Nemaska is a long term shareholder of Nemaska Exploration having participated in private and IPO financings and own approximately 7.4% of Nemaska Exploration.
On hand for the signing ceremony were, Chief Josie Jimiken, representing the Cree Nation of Nemaska, Grand Chief Dr. Matthew Coon Come, representing the Grand Council of the Crees (Eeyou Istchee) and The Cree Regional Authority and Mr. Guy Bourassa, President and CEO of Nemaksa Exploration.
After the ceremony Mr. Bourassa commented, "The signing of this agreement is a formalization of an excellent long standing relationship that we have had with the Cree community. They have supported our initiatives since we began exploring in the area. Our plan is to have our Whabouchi project in production within 2 to 3 years and we anticipate that this project will bring additional economic stimulus to the area. We currently count members of the Cree community as part of our workforce and where possible use Cree service providers to support out exploration activities."
Nemaska Exploration Inc. is a mineral exploration company involved in the James Bay region of Quebec. Its main assets are the Whabouchi (about 2,240 hectares), Lac Levac (about 7,212 hectares), Lac Arques (about 35,270 hectares), and Lac des Montagnes (about 16,695 hectares) properties, all 100 % owned. These properties are contiguous and cover about 70 km of the Lac des Montagnes green belt polymetallic formation. They are easily accessible year round by either the Route du Nord from Chibougamau (280 km) or the Route de la Baie James from Matagami (380 km) and are located near the Cree community of Nemaska and the Nemiscau airport.