Cyr Drilling International and Webequie First Nation Announce Joint Venture

    New Ontario Company to Provide Drilling and Early Exploration Services

    TORONTO, Aug. 14 /CNW/ - Cyr Drilling International, a leading diamond
drilling company, and a group of private investors announced a landmark joint
venture with Webequie First Nation to provide drilling and early exploration
services in Ontario.
    Under the terms of the agreement, Webequie First Nation will hold a 20%
interest in the company, which will be known as Cyr Drilling Ontario Inc. As
part of the agreement, Webequie First Nation will be able to purchase full
ownership of Cyr Drilling Ontario from Cyr Drilling International and the
private investor group in 2013.
    The joint venture was facilitated by Niskibi Commodities Inc. The joint
venture will combine the industry expertise of Cyr Drilling International with
Webequie First Nation's strategic location, human resources and unique
understanding of prospective ground in the "Ring of Fire". The "Ring of Fire"
is known as a geological region of the James Bay Lowlands considered the next
major mining camp in Canada, with over 15 exploration and mining companies
currently exploring for gold, platinum, nickel, copper, amongst others. Cyr
Drilling Ontario will provide much needed training programs and employment to
the people of Webequie First Nation as well as other area First Nations, where
unemployment rates are estimated at approximately 95%.
    "We are delighted to partner with Cyr Drilling International, and its
investors, to bring new economic opportunities to our community," says Chief
Scott Jacob of Webequie First Nation. "We've been actively seeking strategic
and willing business partners to increase employment and training prospects
for our people and to benefit from the growing mining activity in our
traditional lands. I sincerely believe this joint expertise will give us the
necessary foundation to be a significant industry player in northern Ontario.
Today marks a positive step towards achieving our community vision of building
economic prosperity and self-sufficiency for the people of Webequie First
Nation."
    The joint venture, which is expected to be operational immediately, will
be led by Gordon Cyr, President of Cyr Drilling International. "We look
forward to working with our partners to build Cyr Drilling Ontario into a
formidable contender in this industry," says Gordon Cyr. "We have been very
impressed by the proactive and open approach of the Webequie First Nation to
do business, build partnerships and develop training and jobs for their
people. We are very confident this venture will be a win-win for both parties
and we look forward to developing new business together."

    Notes to Editors:

    Webequie First Nation

    Webequie First Nation is a remote community in Northwestern Ontario
situated within the James Bay Treaty No.9. The First Nation is accessible by
air only and is located 540 kilometers north of the City of Thunder Bay.
    Webequie First Nation's current Chief and Council and Band Office staff
is composed of a young, vibrant and educated group, who are dedicated to
working to the best of their ability to benefit their people. Advancement and
betterment of conditions for their people is the primary goal of this
government.

    Cyr Drilling International

    Established in 2004, Cyr Drilling International Ltd. is a Canadian
drilling company operating in Canada and internationally. The company is
committed to working with First Nations to identify win-win opportunity and
expand its business into remote regions of Canada. Cyr Drilling International
is a member of the Canadian Diamond Drilling Association and the Prospectors
and Developers Association of Canada (PDAC).