IGDC News Research IGDC Meets with Twelve First Nations; Early Negotiations Are Productive for Expanded International Trade
IGDC Meets with Twelve First Nations; Early Negotiations Are Productive for Expanded International Trade
SAN FRANCISCO
Indigenous Global Dev. Corporation
John Mejia, 415-283-4757 (Press)
johnm@igdc1.com
Indigenous Global Development Corporation, the first majority owned and publicly traded Native American company in the U.S. (OTCBB:IGDC), today announced that its subsidiary company, First Indigenous Depository Company (FIDC), met in early June with over 12 Canadian First Nations to discuss sovereign nation to sovereign nation global economic opportunities. The economic opportunities discussed included exporting cattle, timber, natural gas and oil field development, natural gas sales into the U.S. market place and possible investments into a pulp mill in Saskatchewan. A follow-up meeting with the First Nations is scheduled for July 12.
In its first contract with the Sweetgrass First Nation, FIDC completed its initial seismic analysis of the Sweetgrass First Nation reserve lands to determine the potential of hydrocarbon deposits and is very pleased with the results. FIDC signed a historic contract with the Sweetgrass First Nation to begin development of the Nation's natural gas fields and, given the positive initial results, expects to drill test wells this fall.
The contract is historic because it represents the first time a Canadian First Nation will be a majority owner and developer of its own natural resource. FIDC will provide the financing, technical assessment and drilling expertise for this sovereign nation to sovereign nation venture. Under existing FIDC and IGDC agreements, IGDC will receive a 90 percent royalty payment from all of FIDC's natural gas project sales.
The Sweetgrass First Nation project has a potential for natural gas revenue of approximately $20 million to $90 million per year when the final analysis identifies the number of wells to be drilled. The Sweetgrass First Nation encompasses 49,000 acres of Reserve Land and over 4,100 acres of Treaty Land Entitlement lands and is located just west of the town of North Battleford in the Province of Saskatchewan
"The initial negotiation meetings and the follow-up meeting in July represent the dialogue leading to a new future for the First Nations of Canada," said Deni Leonard, Chairman and CEO, Indigenous Global Development Corporation. "It represents a new global economy for the First Nations as they work with other nations to build economic self-sufficiency. This will also create a major revenue source for IGDC."
About Indigenous Global Development Corporation
Indigenous Global Development Corporation (IGDC) is the first majority owned publicly traded Native American corporation. IGDC's goal is to provide strategy, financial and investment tools to deliver economic development, empowerment and financial self-sufficiency for Native Americans across the U.S. and for indigenous people worldwide. Investment financing, tribal energy creation and pharmaceutical development for Native American communities are its primary tools to create positive change in Indian Country. Its parent company is United Native Depository Corporation. You can find more information about Indigenous Global and First Indigenous Depository Company at www.igdc1.com and at www.fidc1.com.
Copyright (C) Indigenous Global Development Corporation, 2005.
