Vancouver exploration and development company Ridgemont Iron Ore Corp. (TSX V:RDG) has announced that it has completed a memorandum of understanding with the Toquaht Nation over the exploration and development of Ridgemont’s Redford iron ore property on Vancouver Island.
The MOU establishes that Ridgemont and the Toquaht Nation will work together to establish a long-term, mutually beneficial and cooperative business relationship. In return for its ongoing consent and support of Ridgemont’s exploration and development activities near Ucluelet, the Toquaht Nation may benefit through economic opportunities for community members. These opportunities will include employment and training for individuals or contracts with local Toquaht businesses.
Furthermore, Ridgemont has set aside a budget for the Toquaht Nation to be involved in the environmental monitoring of Ridgemont’s exploration and development activities.
The MOU provides assurances that the exploration and development of Ridgemont’s projects will be implemented in a manner that protects the interests of Toquaht community members and the environment.
“The MOU further strengthens Ridgemont’s positive working relationship with the Toquaht Nation,” said Mark Morabito, president and CEO of Ridgemont. “We look forward to a beneficial future for both parties as Ridgemont works towards its goal of developing a first-class iron ore deposit and taking it to production.”
“The Toquaht Nation is in favour of responsible development,” stated Chief Anne Mack of the Toquaht Nation. “We will continue to work agreeably with companies like Ridgemont that wish to pursue exploration activities in areas surrounding our territory in a manner that fulfills each party’s objectives.”