The Métis Nation of Ontario and Rainy River Resources Sign Memorandum of Understanding
TORONTO, July 10, 2013 /CNW/ - The Métis Nation of Ontario ("MNO") and Rainy River Resources Ltd. ("Rainy River" or the "Company" (RR.TSX)) are pleased to announce that they have signed a Memorandum of Understanding ("MOU") to guide their working relationship in regard to the development of the Rainy River Gold Project in the Township of Chapple, approximately 65 kilometers northwest of Fort Frances, Ontario.
"The MNO is pleased with the positive relationship-building efforts that Rainy River has demonstrated by signing this agreement," stated MNO President Gary Lipinski. "We developed this MOU collaboratively to guide engagement and consultation with the regional rights-bearing Métis communities in the Treaty #3/Lake of the Woods/Lac Seul/Rainy River/Rainy Lake traditional territories. I am pleased that the MNO was able to foster a strong foundation upon which consultation and accommodation can take place with Rainy River and I applaud Rainy River's efforts in working with the Métis Nation. This initial agreement represents a milestone in our continuing working relationship with the Company."
Raymond Threlkeld, President and CEO of Rainy River Resources Ltd. added: "We are delighted to have reached this milestone agreement with the Métis Nation of Ontario. We thank the MNO for working in collaboration and consultation with us to develop this strong foundation for continued partnership."
The MOU lays out the way in which the local Métis community, as represented by the MNO's Treaty #3/Lake of the Woods/Lac Seul/Rainy River/Rainy Lake Regional Consultation Committee and the MNO Community Councils that are part of the committee, will be consulted regarding the development of the project. It also provides details about how the parties will work together to address potential impacts on Métis' rights, interests and way of life.
MNO Regional Councilor Theresa Stenlund, Chair of the Region One Consultation Committee commented: "Our regional Métis community would like to acknowledge Rainy River Resources in working with the Treaty #3/Lake of the Woods/Lac Seul/Rainy River/Rainy Lake Consultation Committee. Through this MOU, the MNO will continue to strengthen its relationship with Rainy River while protecting our traditional values and way of life."
Subject to the project impacts on Métis rights and interests (if identified through the consultation process), the parties also agreed to negotiate an Impact Benefit Agreement ("IBA") based on the goals and objectives of the MOU.
The MNO represents the Métis people and Métis communities within Ontario through a province-wide governance structure at the local, regional and provincial levels. For more information on the MNO as well as its framework for government and companies to consult with Métis communities in Ontario, visit www.metisnation.org.
About Rainy River
Rainy River Resources Ltd. is a Canadian precious metals exploration company whose key asset is the Rainy River Gold Project, a large gold system centred in Richardson Township (part of Chapple Township). As at March 31, 2013, the Company had approximately $90 million in cash and cash equivalents, and it remains well funded for its ongoing activities, including: 1) commencement of basic and detailed engineering work and ongoing permitting and environmental assessment work; 2) continuing to grow the existing resource through exploration; 3) conducting a condemnation program in areas identified for potential mine facilities. RRGP is very well located in Northwestern Ontario. It is accessed by a network of roads and is close to hydro-electric infrastructure. The Rainy River district has a skilled labour force and is one of the lowest-cost areas for mineral exploration and development in Canada. Ontario has low political risk and, according to the annual Fraser Institute global survey of the mining industry, has consistently ranked as one of the top jurisdictions embracing mineral development.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. These statements include the possible conversion of inferred resources into higher confidence categories of resources. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
SOURCE Rainy River Resources