INNU Takuaikan UASHAT MAK MANI-SIGNS WITH TATA STEEL

Innu Takuaikan UASHAT MAK MANI-Uténam (ITUM) | INNU Takuaikan UASHAT MAK MANI-SIGNS WITH TATA STEEL Uténam MINERALS CANADA LTD.AN AGREEMENT IN PRINCIPLE TO THE SIGNING OF AN AGREEMENT ON THE BENEFITS AND IMPACT ON THE DRAFT OF IRON ORE Direct Shipping
Iron Ore shipping from Schefferville

Innu Takuaikan UASHAT MAK MANI-SIGNS WITH TATA STEEL Uténam MINERALS CANADA LTD. AN AGREEMENT IN PRINCIPLE TO THE SIGNING OF AN AGREEMENT ON THE BENEFITS AND IMPACT ON THE DRAFT OF IRON ORE Direct Shipping
UASHAT, QC, March 25 / CNW Telbec / - Innu Takuaikan Uashat Mak Mani-Utenam (ITUM ") and Tata Steel Minerals Canada Ltd.. ("TSMC" or the "Company") is pleased to announce they have signed an agreement in principle. This agreement in principle (EP) identifies the key steps include a final Agreement for the benefit of Uashaunnuat. The AIP provides for the consent of the proposed TSMC ITUM iron ore direct-shipping ("DSO") located in western Labrador and northeastern Quebec, near Schefferville.

For their consent to the Draft DSO TSMC, the Uashaunnuat benefit from the project by, among other things, training, employment, new business opportunities, creating a fund Aboriginal traditional activities and a financial stake in the project, including an immediate payment of one million dollars. The EP also represents the commitment of the company TSMC to locate the project while ensuring the environment, preservation of sites of spiritual and cultural significance and social and cultural protection of Uashaunnuat.

The EP states that the final Agreement to be signed no later than 15 April 2011 and it is ratified by Uashaunnuat later than May 15, 2011.

The EP was signed in Uashat by Chief Georges-Ernest Gregoire and Mr. Rajesh Sharma, CEO of TSMC.

"ITUM 4000 represents Innu Uashat Mak Mani-Utenam, whose family owners of the territories would be located where the DSO Project" said Chief Georges-Ernest Grégoire "My Council joins me to announce this good news to our community. We have given a mandate to collectively improve the socioeconomic conditions of our community, while remaining true to our values ​​and our cultural identity. Through our participation in this project, we ensure that mineral developers understand that our consent is necessary before the use, development or exploitation of our lands and our natural resources. We also ensure, through these agreements, respect for our political and economic aspirations as well as respect for our collective right to development as an indigenous people occupy this territory. The final agreement will be given to all Innu Uashat Mak Mani-Utenam a ratification vote, more detail measures to mitigate the effects of the DSO project on environmental, social and cultural "concluded Chief Gregory.

"This tentative agreement is the result of intensive and mutually respectful exchanges between representatives and those of TSMC ITUM in recent months," said Rajesh Sharma. "I am confident that we can conclude the final agreement by April 15, 2011.

About Innu Takuaikan Uashat Mak Mani-Utenam

ITUM is the political body representing all the Innu Uashat Mak Mani-Utenam and is charged with upholding and protecting the rights and interests of Uashaunnuat on their traditional territory