Thank you, Madam Speaker. As we've all heard, Metall Canada has recently announced the indefinite postponement of plans to develop their lead/zinc/copper property at Izok Lake. Metall representatives cited low-base metal prices and high infrastructure costs as the main reason for the sudden decision. They also announced that, with the postponement of development, they were also withdrawing from the regional environmental review committee process and the Inuit impacts benefits agreement negotiations process with the Kitikmeot Inuit Association.

The RERC and federal government officials have recently requested information from the company's feasibility study. According to News/North on February 21, project manager, Mr. Ken Hill responded to those requests, "whether the government gets a copy may depend on whether it, too, comes in as an investor." The IIBA had also developed a possible major obstacle in that KIA was attempting to negotiate an equity participation into the Izok Lake project which company negotiators were having difficulty in dealing with.

Other recent developments have had environmental groups, such as Ecology North and the Canadian Arctic Resources Committee, become more visible and vocal in raising concerns respecting the proposed Izok Lake project. And, as many of us know, Metealesellshaft, the parent company of Metall Company Incorporated, is in financial difficulty. Madam Speaker, as Metall progressed towards finalizing the regulatory approval requirements, more and more attention has been focused on their efforts and progress. Even while all these concerns were developing around the financial viability of the Izok Lake project, company officials continued to maintain to KIA that everything was on course, with minor delays and setbacks.

In fact, as recently as last Wednesday, February 16, at the KIA annual general meeting, Metall spokesmen advised the delegates that the feasibility study would be completed by March, taken to the Metall board for approval by June, with the intent to begin construction of mine facilities in 1995.

Since the very start of discussions between Minnova, which is the company purchased by Metall Canada Incorporated and KIA, there have been doubts raised about the viability of the project. Since that time, all the other potential detriments to the viability of the project had surfaced, including the parent company's financial situation, increasing base metal prices, less regulated deposits in other countries owned by Metall and high infrastructure costs.

Madam Speaker, I seek unanimous consent to conclude my statement.