Nunavut Resources Corporation seeks financing

Inuit Group Seeks Funding on Wall Street to Mine Nunavut for Metals, MineralsAn Inuit group from Canada’s Nunavut territory comes to Wall Street today to pitch investors for financing for start-up mining and exploration projects in the Arctic, reported The Wall Street Journal.

Nunavut Resources Corporation (NRC) seeks to explore the 280,000-square-mile Kitikmeot Region of the Territory of Nunavut for metals and minerals. Approximately 32,000 people reside in the vast region roughly the size of Western Europe. The Inuit-owned land is “totally unexplored,” said Charlie Evalik, the chairman of the NRC, and mining experts speak of its potential mineral riches.

This week, Evalik said he will met with New York-based private-equity investors, as well as Eric Sprott, chief investment officer at Sprott Asset Management, in Toronto.

“The financing will be a challenge, but I think it will come,” Evalik told the WSJ.Comment:  "Eskimo Susie" in Saturday Night Live is the stereotype and this is the reality. Namely, guys in suits meeting Wall Street financiers to sign a multimillion-dollar business deal. The gap between truth and fiction couldn't be much wider.

For more on the Inuit, see Alaska Documentary on Native Suicide and Ice Age Documentary Stars Alaska Natives.

Below:  "The rugged airstrip on the Goose property south of Bathurst Inlet used by Sabina Gold and Silver to bring in the supplies they need for exploration. NRC announced a partnership with Sabina on March 23 to work together on infrastructure development in the Kitikmeot." (Sabina)