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March 13, 2014 --- Vol. 08, No. 11March 2014

Alaska News Nuggets

FORTYMILE INVESTIGATION – Alaska Gov. Sean Parnell Mar. 13 reported the release of a special counsel report on the federal criminal compliance investigation of placer gold mining operations in the Fortymile mining district last August. The governor called for the special counsel report after learning of the unprecedented investigation. Notably, the report cites the lack of cooperation from U.S. Environmental Protection Agency officials to provide witnesses and documents pertinent to the investigation. The special counsel found the EPA-led criminal investigation unnecessarily placed Alaska mining families in harm’s way. The EPA went forward with the raid, even though the Alaska Department of Public Safety had investigated concerns of criminal activity a year earlier and they were “found to be without merit.” Additionally, the special counsel found that state involvement in the EPA-led investigation was limited, and communication by the federal agency was lacking. “The notion of armed federal agents showing up unannounced to ‘investigate’ hard-working Alaska mining families disturbs me,” Parnell said. “The question remains, why was a criminal investigation called for in the first place? Further, I am disappointed, but not surprised that the special counsel was met with resistance in attempting to access documents and witnesses pertinent to his review.”Gov. Parnell has issued directives to the commissioners of Natural Resources, Public Safety, Environmental Conservation, and the attorney general to implement and improve procedures for reviewing future requests by a federal agency to have the state participate in an environmental crimes investigation. The governor also will ask the House Natural Resources Committee and House Resources Subcommittee to request EPA documents and hold a hearing where EPA witnesses, unavailable to the special counsel, can be questioned. The Fortymile investigation report is available at:

http://gov.alaska.gov/parnell_media/resources_files/2013_fortymile_mining_district_investigation.pdf

Gov. Parnell’s letter to commissioners and the attorney general is available at:

http://gov.alaska.gov/parnell_media/resources_files/Letter_031314.pdf

PEBBLE – Alaska Representatives Andy Josephson, D-Anchorage, and Les Gara, D-Anchorage, Mar. 13 alleged that Alaska Gov. Sean Parnell, is siding with Pebble developer Northern Dynasty Minerals Ltd. The Democrat lawmakers based their assertion on a statement made by Northern Dynasty Ron Thiessen during a presentation at the Resource Development Council conference last November. During his remarks, Thiessen said, “To be successful, we need your help. We need the business leaders, we need the elected leader, we need the Native leaders and everyday Alaskans to stand up for responsible resource development – against the politicization of permitting and other regulatory process. Certainly, there are things the state can do and have said they will do to help us attract the next investor for the development of the Pebble project.” The Northern Dynasty leader went on to say that the business and Native community could help by sending “a clear signal to the international community that Alaska is open to investment and responsible resource development.” Josephson and Gara said Thiessen’s remarks contradict Gov.Parnell’s stated position of reserving judgment until completion of the permitting process for the Pebble Mine. The representatives pointed to a previous statement in which Parnell said, “Politicians shouldn’t be picking which projects get developed and which don’t — that leads to a corrupt “buddy-buddy” system where friends are rewarded rather than science and the public dictating outcomes.” Josephson added, “The governor has said the state is not putting a thumb on the scale with Pebble, but that seems suspect when hearing this from the project’s major backer.”Gara added, “The argument by the state that it is neutral on this mine always seemed highly questionable. If the state’s promised to spend public funds to promote Pebble, Alaskans need to know about it. Both representatives went on add their weight to the pro-conservation side of the Pebble scales with the following remarks. “Let’s focus on attracting responsible resource development to the state, not a mine that jeopardizes the greatest wild salmon fishery in the world,” said Josephson. Gara added, “Pebble is located at the headwaters of the world’s greatest fishing streams. It is a threat to them.”

FINANCE – Endurance Gold Corp. Mar. 12 announced that it closed the second tranche of a C$300,000 non-brokered private placement. In the final tranche, the company will issue 1,819,714 units at C7 cents per unit. Each unit consists of one common share and one non-transferable purchase warrant. Each warrant is exercisable into one common share at C10 cents for a period of five years, subject to early expiry conditions. Two Endurance directors subscribed to 1,109,714 units of this final tranche of the financing. No finder fee was paid in connection with this final tranche. Endurance said the proceeds from the private placement will be used to fund exploration and for general working capital.

FINANCE – NovaCopper Inc. March 7 said it has decided not to proceed with the public offering of common shares and concurrent private placement announced in February. The company is deferring a decision on any financing until after public release of the updated resource estimate for the Bornite project, anticipated later this month. In the interim, NovaCopper is continuing discussions with its principal shareholders and certain other parties, and is considering a number of financing alternatives.


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