UKMP summer program update

The Upper Kobuk Mineral Projects (UKMP) 2016 field season is underway. The Bornite camp opened for the season in mid-June and will be in operation through approximately August 10, 2016. NANA entered into an Exploration and Option to Lease agreement with NovaGold (now NovaCopper) in October 2011 to explore the areas around Bornite and Arctic in the northeastern part of the region.

Since the project began, NANA has received $4 million in revenue, and summer exploration seasons have employed approximately 274 shareholders. In total, three NANA companies have also worked as contractors for UKMP. This year's field season will have a total of 45 positions and involve three NANA companies.

The goal this season is to advance the site to pre-feasiblity. There will be a drilling program at the Arctic deposit site, ongoing engineering studies, and an expanded environmental baseline study program. All this will be done in the hopes of better understanding all the potential options for the site from a technical and economic perspective.

Over the course of the project, NovaCopper and NANA have conducted more than 150 public meetings in the region to listen to shareholders concerns and answer questions. NANA holds four seats on the eight member UKMP Oversight Committee which is responsible for reviewing NovaCopper’s plans and oversight of matters to be carried out under the NANA/ NovaCopper Agreement. NovaCopper plans to spend approximately $5.5 million to advance the sites this season. ■