VANCOUVER, Sept. 28 /CNW/ - Chief Rick Holmes, of the Upper Similkameen Indian Band (USIB) and J. Paul Stevenson, CEO, Sego Resources Inc. (SRI), are pleased to announce that they have signed a comprehensive Memorandum of Understanding (MOU) to enable the exploration and potential future mine development of the Miner Mountain property immediately northeast of Princeton, BC.
This MOU supports the USIB's principles of environmental stewardship, economic sustainability and self-determination. It also commits both parties to working collaboratively throughout the process of mineral exploration and development for lands under provincial tenure to SRI. Importantly, the agreement recognizes and respects the aboriginal title and rights of the USIB to the lands comprising the Miner Mountain property.
This comprehensive agreement demonstrates that large new exploration projects such as Miner Mountain can be developed with the active support of the local First Nation communities if there is a long-term commitment to establish a cooperative and mutually beneficial working relationship.
"SRI's commitment to open, transparent and mutually beneficial relationships with local communities is at the heart of SRI's strategy for successful resource development and we are very proud to be working with the USIB in the Miner Mountain project," says J. Paul Stevenson, CEO, Sego Resources Inc.
"By signing this agreement, the USIB and our partners are making a commitment to work together in the environmentally and socially responsible development of BC's Mining Industry, specifically when this occurs in our territory," states Chief Holmes.
The MOU commits SRI and the USIB to enhance and deepen their already strong relationship. It will provide certainty for local communities, investors and SRI alike that Miner Mountain will be explored with the support and involvement of USIB. The parties hope that the approach taken here will set a standard for others in the mineral exploration sector.
Agreement Highlights - Recognition of the USIB's traditional rights, title and interests to the project area, as well as, SRI's rights to explore and develop mineral resources in the Miner Mountain project; - Establishment of measures and procedures that will fully engage the USIB in all aspects of the project; - Development of opportunities for employment, contracting and related business creation for the USIB - Assistance to the USIB to develop and retain its capacity to effectively participate in and benefit from any development activities associated with SRI mineral tenures in the Band's Territory. - To develop and foster a positive, cooperative and productive working relationship between the parties through jointly implementing the commitments made in the MOU.
The agreement will remain in effect throughout the life of the Miner Mountain project and will be binding on any future operator of the mine.
The Upper Similkameen Indian Band is an aboriginal community whose members live primarily in the Hedley area. The Band's 8 reserves are located between just east of Hedley to north of Princeton.
The Miner Mountain project is located in the Quesnel/Stikine Terrain, immediately northeast of Princeton, BC. The property consists of 38 mineral claims and is approximately 20 sq. km in size.
SRI has an option to acquire 100% interest, subject to an NSR, in the claims. The Miner Mountain project is an early stage copper, gold, palladium porphyry project in the prolific Princeton mining camp.
Sego is advancing two(2) projects in British Columbia. The Gold Hill property, north of Barriere, BC and the Miner Mountain porphyry project near Princeton, BC. More information is available at our website. www.segoresources.com