No More Taboos

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Vancouver-based miner becomes the first company ever to win rights to drill on Inuit-owned land for a mineral that remains taboo among aboriginal people: uranium.

Seated within his suite at the luxurious Fairmont Royal York in Toronto, Rob Carpenter, CEO of Kaminak Gold Corp., is struggling to describe the significance of the Arctic mineral deposit his junior mining company has just secured...the 18,000-acre Angilak property, Kaminak's prized possession.

What makes it unique is that, among all the firm's properties, it is the only one where the land and mineral rights are owned by the Inuit under the Nunavut land claim. Moreover, it's the focus of a ground-breaking deal that makes Vancouver-based Kaminak the first company ever to win rights to drill on Inuit-owned land for a mineral that remains taboo among aboriginal people: uranium.

For Carpenter, the company's January deal with Nunavut Tunngavik Inc. (NTI) - the Inuit land claims agency - is a shining example of co-operation between private industry and aboriginal government. It also represents a staggering opportunity for Kaminak. Angilak, after all, is home to Lac Cinquante, a historical uranium discovery that, in the early 1980s, was estimated to contain 11.6 million pounds of high-grade uranium oxide. At today's prices, that makes it worth $870 million, over 40 times Kaminak's market value.

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