The Kivalliq $20 million exploration program has the CEO of Kivalliq confident that the drill results will add significant value to the uranium mining project. In the past year, Kivalliq has drilled in excess of 38,000 meters, the result of which will likely add additional inferred resources to the company's overall resource base. At last report, the company's Lac Cinquante deposit hosted an inferred resource of 1,779,000 tonnes grading 0.69% U3O8 totalling 27.3 million pounds U3O8. As the Nunavut region is very remote, costs for development of new mines is high. In order for the project to be considered economically viable in the long‐term, Kivalliq must continue to expand its uranium resource base as well as prove that its current resource is minable. With recent discoveries, Kivalliq is demonstrating that its Angilak property has the potential to host multiple uranium deposits. Kivalliq expects to see results from an additional 93 holes prior to the end of 2012.
Quilliq Energy, Nunavut's electrical power utility, is moving closer towards building two Hydro ‐electric projects in Iqaluit by conducting a $4 million feasibility study on two proposed dams. The feasibility study seeks to ensure the economic viability of the project if it goes ahead. Pending funding for the overall project, the Hydro ‐electric facilities should be complete by 2019, lowering costs for electricity in the region. Construction for the project is expected to generate jobs, millions of dollars in spin offs, and potentially lead to the construction of a deep water port for the Nunavut region.