Ridgemont Iron Ore Corp. (TSX-V:RDG) has concluded a Memorandum of Understanding (“MOU”) with the Toquaht Nation whereby the parties have agreed to an ongoing business relationship with respect to the exploration and development of Ridgemont’s Redford iron ore property located on Vancouver Island, outside of Ucluelet, British Columbia.
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 their ongoing consent and support of Ridgemont’s exploration and development activities on Vancouver Island, 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. Ridgemont has established good relations with the Toquaht Nation by engaging the Toquaht Nation early in its program planning and is pleased to have entered into this MOU with the Toquaht Nation.
“The MOU further strengthens Ridgemont’s positive working relationship with the Toquaht Nation,” says 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,” says 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.”