Kasabonika Signs Mining Agreement

MacDonald Mines Exploration has signed a three-year agreement with  a northwestern Ontario first nation that gives it unrestricted access to  explore properties on band territory.

The value of the deal was not released, but the Toronto-based miner says it will issue shares to Kasabonika Lake First Nation, as well as make both a lump sum and ongoing payments.

MacDonald's property on the First Nation's territory has been reviewed  by nickel experts, and diamond drilling will begin later this year.

Kasabonika Lake First Nation is 575 kilometres northeast of Kenora and currently has a strategy to develop mineral exploration in the community.