New Age Metals Inc. (TSXV: NAM) has signed an Exploration Memorandum of Understanding (MOU) with Nipissing First Nation (NFN) to continue to promote a mutually respectful relationship concerning NAM’s exploration programmes on its mining leases and claims within the River Valley Project in Ontario.
NFN holds inherent Aboriginal rights and treaty rights to and over certain territory within the company’s Project and NFN exercises those rights and asserts certain rights and claims in respect of surface and subsurface rights.
- The MOU is supported by the NFN community as represented by the Chief and Council of NFN and by NAM represented by management and consultants.
- The River Valley Palladium Project is a multi-million-ounce Pre-Feasibility stage asset located 100-road-KMs from Sudbury, Ontario.
“New Age Metals is very pleased to sign this Memorandum of Understanding and to be an active Participant with Nipissing First Nation,” NAM Chairman and CEO, Harry Barr, said.
“New Age Metals acknowledges that the River Valley Project is subject to Aboriginal traditional and treaty rights which are protected under Section 35 of the Constitution Act, Canada. “By signing this agreement, the company believes that there is a structured method to work constructively with the Nipissing First Nation in regards to the exploration and development of any of the company’s claims that are located on traditional territories.”
Nipissing First Nation Chief Scott McLeod, said that through this MOU, NFN’s leadership commits to participating meaningfully in discussions with NAM related to ongoing exploration activities on our traditional territory in River Valley.
“Ongoing engagement and consultations with our nation members will ensure any potential mine developments respect our rights and the importance of the environment while creating direct benefits for our Nation.”
New Age Metals is undertaking mineral exploration activities on mining leases and mining claims located on lands which NFN assert are part of their traditional territory and in which NFN assert their members hold and exercise Aboriginal and/or Treaty rights.
The MOU establishes a foundation for collaborative and respectful communications between the Parties to facilitate New Age Metals’ consultation with NFN to ensure that any exploration activities, including the initial work within the NFN traditional territory, are conducted for the mutual benefit of NFN and NAM, while recognising the importance of the environment and NFN traditional territory and the associated Aboriginal and treaty rights of NFN and its members.
Future Negotiation of Further Agreements
In the event of the Project moving into construction, this MOU outlines the scope and timelines for the parties to negotiate further agreements. These negotiations shall be undertaken having regard to the scope, duration and estimated economics of advanced explorations and/or the mine. The company’s flagship River Valley Palladium Project is progressing through its fully financed Pre-Feasibility Study which is slated for completion in 2022.
Share Purchase Warrants
Under the terms of each of the MOU, the company has agreed to issue an aggregate 1,000,000 non-transferable share purchase warrants which will entitle the holder to purchase 1,000,000 common shares of the company at an exercise price of $0.20 for a period of five years from the date of issuance, subject to TSX Venture Exchange approval.
Any securities issued will be subject to a hold period of four months plus one day in accordance with regulatory requirements.
For further information please visit: https://newagemetals.com
