New joint-venture company to provide drilling/exploration services

Cyr Drilling International of Winnipeg and Webequie First Nation, James Bay Treaty #9, 540 km north of Thunder Bay, recently announced the formation of a joint-venture company to provide drilling and early exploration services in Ontario.

Under the terms of the agreement, Webequie First Nation will hold a 20% interest in the company, which will be known as Cyr Drilling Ontario Inc. The joint venture will combine the industry expertise of Cyr Drilling International with Webequie First Nation’s strategic location, human resources and unique understanding of prospective ground in the “Ring of Fire.”

The “Ring of Fire” is known as a geological region of the James Bay Lowlands considered the next major mining camp in Canada, with more than 15 exploration and mining companies cur- rently exploring for gold, platinum, nickel, copper, among others.

Cyr Drilling Ontario will provide training programs and employment to the people of the Webequie First Nation, where unemployment rates are estimated at about 95%. As a further part of the agreement, Webequie will be able to purchase full ownership of Cyr Drilling Ontario in 2013.

Chief Scott Jacob of Webequie First Nation says “We are delighted to partner with Cyr Drilling International, and its investors, to bring new economic opportunities to our community.”