GOVERNMENT PROVIDES SUPPORT FOR PROPOSED FISH PLANT

Released on December 2, 2004

The provincial government has approved $350,000 in conditional support to the proponents of a proposed fish processing plant for the province.

Saskatchewan Co-operative Fisheries Ltd. (SCFL) is working to establish a $4.5 million plant in Prince Albert. The government contribution from Saskatchewan Northern Affairs and Saskatchewan Industry and Resources is conditional on SCFL confirming full project financing for the plant.

"The government is pleased to offer this assistance to help SCFL to expand the commercial fishing industry and increase income for northern residents," Northern Affairs Minister Buckley Belanger said. "In addition to approximately 30 permanent jobs, the proposed plant would support additional seasonal employment and increased fish production and packing across the North."

Commercial fish production in the province is currently valued at more than $5 million each year, but most processing of Saskatchewan fish occurs at the Freshwater Fish Marketing Corporation's (FFMC) plant near Winnipeg. A plant in Prince Albert would allow more of that processing and packaging to be done in Saskatchewan, with marketing undertaken in co-operation with FFMC.

SCFL has raised monies through investments by northern commercial fishing co-operatives and individual fishers, and expects to confirm additional investment through a number of financing and venture capital agencies.

In addition to equity investment and loan funding, SCFL has applied for a financial contribution under the Canada-Saskatchewan Northern Development Agreement.

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For More Information, Contact:

Brian Cousins Northern Affairs Regina Phone: (306) 787-5061

Bob Ellis Industry and Resources Regina Phone: (306) 787-1691