TORONTO, Aug. 14 /CNW/ - Cyr Drilling International, a leading diamond drilling company, and a group of private investors announced a landmark joint venture with Webequie First Nation to provide drilling and early exploration services in Ontario.

Under the terms of the agreement, Webequie First Nation will hold a 20% interest in the company, which will be known as Cyr Drilling Ontario Inc. As part of the agreement, Webequie First Nation will be able to purchase full ownership of Cyr Drilling Ontario from Cyr Drilling International and the private investor group in 2013.

The joint venture was facilitated by Niskibi Commodities Inc. The joint venture will combine the industry expertise of Cyr Drilling International with Webequie First Nation's strategic location, human resources and unique understanding of prospective ground in the "Ring of Fire". The "Ring of Fire" is known as a geological region of the James Bay Lowlands considered the next major mining camp in Canada, with over 15 exploration and mining companies currently exploring for gold, platinum, nickel, copper, amongst others. Cyr Drilling Ontario will provide much needed training programs and employment to the people of Webequie First Nation as well as other area First Nations, where unemployment rates are estimated at approximately 95%.