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Kapuskasing Gold, 2 First Nation groups sign partnership deal over Ontario property

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Kapuskasing Gold, 2 First Nation groups sign partnership deal over Ontario property

Kapuskasing GoldCorp. said May 4 that it entered into a memorandum of understandingwith the Flying Post and Mattagami First Nations with respect to its recently West Keefer property innorthern Ontario.

The MOU envisages long-term cooperation between the parties,and also signals a commitment from Kapuskasing to identify business, employmentand training opportunities for the citizens of the First Nations communities totake part in the company's exploration activities.

Under the terms, Kapuskasing granted 50,000 common shares and50,000 share purchase warrants to Mattagami First Nation. Each warrant will be exercisableto acquire 1 additional share, priced at 5.5 Canadian cents apiece, for a five-yearperiod.

Flying Post will not receive any additional shares as it alreadysecured the same number of shares and warrants under a previous MOU with the company.

In addition, the company said Andrew Davidson has resigned asCFO but will remain as a director. He will be replaced by James Fairbairn.