RANKIN INLET, Nun. Since WMC INTERNATIONAL decided to get out of the gold business, selling its 56% share of the Meliadine West property will be no problem. A joint venture of ANDAUREX INDUSTRIES and SAKKU INVESTMENTS, owned by the Kivalliq Inuit Association (KIA) has announced its intent to purchase the share. Andaurex will conduct negotiations with WMC.
The creation of Sakku Investments to participate directly in mineral exploration (and hopefully development) marks a greater Inuit participation in projects that provide employment, training and business opportunities for aboriginal people. They will also have more say in environmental and reclamation controls.
The rest of Meliadine West is owned by Cumberland Resources (22%) and Comaplex Minerals (22%). The Wolf, Tiriganiaq, F and Pump zones may contain over six million ounces of gold. The joint venture has spent about $70 million so far on exploration.
Andaurex president Greg Bowles may be reached at 613-257-1463.