Sahtu Dene Council Grand Chief Frank Andrew and Aboriginal Pipeline Group Chairman Fred Carmichael announced today that a business agreement was signed in Calgary on June 23, 2004 that allows for full participation by the Sahtu in APG.

The Sahtu Dene Council, which holds the Sahtu’s shares in APG in trust for the beneficiaries of the Sahtu Pipeline Trust, becomes the third shareholder in APG after the Inuvialuit Regional Corporation and the Gwich’in Tribal Council. Each group has equal voting shares in APG, and ownership dividends, which are expected to be significant over the anticipated 25-year life of the project, will be shared by each partner in accordance with the distance the pipeline travels through each territory.

Grand Chief Frank Andrew commented that the signing is another historic day for the people in the Sahtu.

“The Sahtu Dene and Métis Comprehensive Land Claim Agreement was signed on June 23, 1993,” said Grand Chief Andrew. “In my mind, signing the ownership agreement with APG on Sahtu Day is significant for our people.”

The partnership could be worth as much as $300 million to the Sahtu over the life of the project.

APG Board Chairman Fred Carmichael said signing with the Sahtu Dene Council is a very positive step for APG and for future generations of beneficiaries living in the Mackenzie Valley.

“This fulfills our commitment with the Mackenzie Gas Project to include a third aboriginal group with APG by June 30, 2004,” said Mr. Carmichael. “This is an excellent business opportunity for all of the groups now included in the Aboriginal Pipeline Group. It allows Aboriginal people in the Mackenzie Valley to share in the long-term, substantial dividends to be earned from ownership in the Mackenzie Valley Pipeline.”

Mr. Carmichael said each group still must negotiate and sign its own land access and benefits agreements with the Mackenzie Gas Project. These negotiations and agreements are entirely separate from APG’s participation in and ownership of the pipeline project.

APG was formed by Aboriginal groups in the Northwest Territories in 2000 and represents the ownership interests of Aboriginal people in the proposed Mackenzie Valley pipeline. The corporate entities of APG are the Mackenzie Valley Aboriginal Pipeline Limited Partnership and the Mackenzie Valley Aboriginal Pipeline Corporation. APG holds a one-third share in the Mackenzie Valley pipeline, the construction of which is known as the Mackenzie Gas Project. Currently in the “project definition phase,” the Mackenzie Gas Project is operated by Imperial Oil Resources on behalf of partner proponents ConocoPhillips Canada, Shell Canada Limited, ExxonMobil Canada, and Aboriginal Pipeline Group.