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| June 05, 2014 --- Vol. 08, No. 23 | June 2014
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Yukon Territory
MINE DEVELOPMENT – Wellgreen Platinum Ltd. June 4 said it signed a memorandum of understanding agreement with Northern Lights Energy LLC for the potential supply of liquefied natural gas from Alaska to the Wellgreen platinum group metal-nickel-copper project in southwestern Yukon Territory. The company also has signed an MOU agreement with General Electric Canada for the potential supply by GE of LNG power generation equipment and services, which the company expects would include GE’s comprehensive electrical infrastructure technology for the mine processing equipment, transmission technology and control & automation equipment. Together, these memorandums establish the framework for LNG supply and power generation to meet Wellgreen Platinum’s goal of delivering cost-effective and environmentally responsible energy for the Wellgreen project, where construction activities are anticipated to start as early as 2016. In April 2013, the Alaska Legislature approved the Interior Energy Project to provide financing for the development of a natural gas liquefaction plant to be located on the North Slope of Alaska as part of a larger initiative to bring affordable, clean-burning natural gas from Prudhoe Bay to Alaska’s Interior region. In January, the board of directors of the Alaska Industrial Development and Export Authority selected Colorado-based strategic consulting, engineering and construction firm MWH Global as its private sector partner for the Interior Energy Project, and Northern Lights Energy was established as a special purpose vehicle to serve as the project company. The purpose of the MOU with Northern Lights Energy is to establish a framework for delivery of LNG to the Wellgreen project consistent with the goals of the Interior Energy Project that requires that LNG from the project be supplied to certain, specified customers in Alaska on a priority and preferred basis. It is anticipated that the project, after it meets these preferred customers’ needs, will have additional supplies of LNG that Wellgreen may purchase under the terms of the MOU. Wellgreen is located near the Alaska Highway roughly 160 kilometers (100 miles) southeast of the Alaska-Yukon Territory border crossing. The parties also will work together to determine if there are opportunities to make Alaskan LNG available to provide clean and competitively priced power to southwestern Yukon communities along the Alaska Highway, such as the Kluane and White River First Nations. “The MOU between Northern Lights Energy is beneficial not just for Wellgreen, but for Alaska,” said Rick Adcock, managing director of Northern Lights Energy. “We look forward to working with the Wellgreen team as we move forward with our commitment to the Interior Energy Project.” Wellgreen Platinum President and CEO Greg Johnson said: “We are very pleased with this agreement with Northern Lights Energy which fits Wellgreen Platinum’s timelines and objectives of utilizing a cost-effective and environmentally responsible source of energy for the Wellgreen project. We believe this supply of LNG may potentially bring additional benefits from the Interior Energy Project to both Alaskans and to Yukon communities along the Alaska Highway, which currently rely on more expensive and less environmentally friendly diesel for power generation. This agreement also demonstrates the opportunities for other infrastructure-related cross-border working relationships that can benefit communities in the Yukon and Alaska.” Wellgreen Platinum’s MOU with General Electric Canada would provide products and services for the Wellgreen project, including a complete power generation and transmission network for the project. GE is one of the largest companies in the world and a leading power and automation technology authority. GE’s products include a full suite of integrated power and automation components, including GE Jenbaucher natural gas generators, main substations, all applicable motors, drives, motor control centers and controls throughout the mine surface plants and underground. The two parties will also work together in the consideration of the design of control systems, substations and field bus connected devices, utilizing GE’s technology. “We look forward to partnering with Wellgreen Platinum to advance the Wellgreen project toward production,” said David Willick – GE Mining Regional Commercial Director. GE has vast industry experience and a comprehensive array of automation and power offerings that enable us to provide the robust solutions required for these large-scale projects. We recognize the importance of the Wellgreen project, not only to Wellgreen Platinum but to the local and territorial communities as well as to the global supply of key commodities.” John Sagman, Wellgreen Platinum’s chief operating officer, said, “Our agreement with GE has the potential to expedite development of the Wellgreen project as an efficient, safe and sustainable operation. In addition to their leading-edge technology, GE also has the capability to provide vendor-financing packages, maintenance packages and opportunities to provide power generation solutions to the First Nations communities near the Wellgreen project.
CONSULTATION – Western Copper and Gold Corp. June 3 announced that its wholly-owned subsidiary, Casino Mining Corp., has entered into a settlement agreement and consultation plan with the Little Salmon-Carmacks First Nation. The agreement includes a consultation plan in which the parties will work cooperatively to review, evaluate and discuss the Casino copper-gold project; propose measures to reduce or eliminate any potential negative impacts related to developing a mine; and to promote and capture the potential positive impacts of the Casino project that could benefit Little Salmon-Carmacks First Nation members. As part of the agreement, Casino Mining has requested, and the Yukon Environmental and Socioeconomic Assessment Board has agreed, that the review of the Casino Project be placed on hold for up to six months to allow for additional consultation with Little Salmon-Carmacks First Nation. Upon completion of the consultation program, Little Salmon-Carmacks First Nation has agreed to withdraw its petition with the Yukon Supreme Court seeking a judicial review of YESAB’s decision that previous consultation was adequate. Casino Mining President Paul West-Sells said, “We are committed to continued consultation with Little Salmon-Carmacks First Nation. It is very important to us that concerns raised by them with respect to the YESAB process are addressed.”
MERGER – Klondike Gold Corp. June 2 reported that it is extending its offer to acquire a majority interest in the issued and outstanding shares of Klondike Star Mineral Corp. Klondike Gold is offering shareholders of Klondike Star shareholders the option to exchange each share of Klondike Stare held for 0.25 Klondike Gold shares. This offer to exchange is subject to a minimum of 51 percent of the outstanding shares of Klondike Star being tendered for exchange. The offer, originally set to expire on May 6, was extended to June 6, and now is further extended until June 13. Klondike Gold said this seven-day extension is to accommodate shareholders who require this extra time to complete the required paperwork in order to tender their Klondike Star shares. Klondike Star holds a number of quartz and placer mining claims, crown grants and leases in the Dawson Mining District of the Yukon Territory, including the Lone Star and Indian River placer properties. Klondike Gold’s portfolio includes the Lone Star, Dominion, Gold Run and Bonanza projects in the Klondike region of Yukon.
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