VANCOUVER – Saturn Minerals and four aboriginal groups – Fishing Lake First Nation, Kinistin Saulteaux Nation, Key First Nation and Yellowquill First Nation – have signed an agreement to create Inowending Exploration & Development Corp. It is probably the first mineral exploration company to be co-owned by industry and First Nations.
Inowending will be a private mineral exploration company based in Saskatoon. Saturn has agreed to provide initial financial and management support for up to two years in return for a stake in the new company. Each founding partner, including Saturn, will hold a 20% interest in the new company.
Saturn’s initial financial contribution is $33,000 to the Inowending Trust Fund. Any future Inowending profits will be payable to the trust, and it will administer their disbursement. Saturn has also issued 10 million warrants at a price of $0.50 each to Inowending. If Inowending exercises all the warrants, it will hold a 19.2% interest in Saturn.
More information about Inowending and the engagement of First Nations is posted at www.SaturnMinerals.com.