Feb. 27, 2008

Triple Five Energy inks resource-projects deal with Saskatchewan First Nations

RICHARD GILBERT

staff writer

An Edmonton-based company has negotiated several major agreements with Saskatchewan First Nations for the construction of uranium, oil and natural gas projects.

Triple Five Energy, a division of Triple Five Worldwide Organization, built West Edmonton Mall and is best known for its shopping mall projects.

However, the company is also heavily involved in resource development.

Triple Five Energy signed seven agreements on Feb. 13 for the development of natural resources, including oil, gas and uranium exploration with the chiefs and councils of a selection of First Nations bands.

“We are pleased to be able to enter into these agreements with Saskatchewan First Nations,” said Nader Ghermezian, chairman of Triple Five.

“We believe that these undertakings by Triple Five will be beneficial to the more than 140,000 First Nations members in Saskatchewan and the Saskatchewan economy.”

The company has extensive involvement in the development of natural resources in North America through Triple Five Energy as well as First Nuclear Corporation, that has been active in the uranium industry for 30 years. “We are also very happy that we have expanded our operations from Alberta into Saskatchewan,” said Ghermezian. “We believe Saskatchewan, like Alberta, will be a global economic leader in the natural resource sector for many years to come.”

A joint venture agreement was signed between the English River First Nation (ERFN) and Triple Five for exploration and development of uranium on the English River territorial lands at Slush Lake, Saskatchewan.

Ghermezian said the land assembly for this project is one of the largest in North America and contains the largest deposit of proven uranium. Geologists and Triple Five Energy staff will begin work in the area shortly, but no time line or total cost has been estimated for the project.

The ERFN said they believe that the joint venture will result in economic benefits for their communities. Some in the Saskatchewan construction industry concur about the benefits.

“In general, when there is an announcement for a new mine or an agreement like this, it is a very good thing for the construction industry,” said Rob Otway, director of Merit Contractors Association of Saskatchewan. “This is very good for workers, sub trades, suppliers and general contractors as a whole.”

Despite the optimism that surrounds the announcement of the project, some in the construction industry are also a bit cautious.

“This bodes well for the future of the industry in Saskatchewan, but it will create the usual problems with labour and finding people to build it,” Otway said.

The Slush Lake area is on the eastern edge of the mineral-rich Athabasca Basin and is near Cameco Corp.’s Millennium uranium project. The Saskatchewan government said the province is the world’s largest uranium producer and is recognized as a long-term, stable source of uranium. The Athabasca Basin in northern Saskatchewan boasts the highest-grade uranium deposits in the world and is home to the world’s largest uranium mine. In 2006, the province produced 25.6 million pounds of high-grade uranium and production is projected to climb to 41 million pounds by 2011, which is a 60 per cent increase in just five years.

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