Ring of Fire junior miner KWG Resources has come up with a unique way of contributing to the United Way of Thunder Bay.
The company is working with the agency to facilitate donations of up to $2 million for the founding by the Wasaya Group of residences for First Nations students from the Far North who are attending high school in the city.
Chief Theresa Okimaw-Hall, executive director of Canada Chrome, the transportation arm of KWG, said the company will complete a private placement of flow-through shares to fund its half of the drilling program now underway with Cliffs Natural Resources at the Big Daddy chromite deposit in the James Bay lowlands.
“The purchasers of the flow-through shares will then donate the shares to the United Way of Thunder Bay.”
Funds generated by the sale, through a deal between the company and the Wasaya Group/Wasaya Wee-Chee-Way-Win Inc. will be made available for the acquisition, furnishing and maintenance of residences for students attending Dennis Franklin Cromarty High School.
Hall said it's a “very practical use” of the flow-through concept and a unique way of demonstrating how exploration spending on First Nations traditional land can generate a ripple effect for young people.
“Just imagine what might be done with perhaps $800 million of flow-through expenditures that our proposed Ring of Fire railroad could generate?”
It was suggested that residences to keep young people from the Far North together would be better for their transition to city life rather than have them placed, and separated, with billets.
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