Officials with Nunavut's Inuit land claims organization say their recent agreement with a mining exploration company could create more benefits for Inuit in the territory.

Nunavut Tunngavik Inc. (NTI) signed a memorandum of understanding with Kaminak Gold Corp. last week, giving the Vancouver-based company rights to explore for uranium on Inuit-owned land about 300 kilometres west of Rankin Inlet in the Kivalliq region.

NTI has about 70 mineral exploration agreements with various mining companies, but its MOU with Kaminak marks the first agreement by the organization to permit uranium exploration on land owned by Inuit in Nunavut.

"This is slightly different from any other mineral exploration agreement that we have with the other companies," James Eetoolook, NTI's first vice-president, told CBC News on Monday.

"I think this one gives us the option to be part of the company. And it will be interesting [to see] how it turns out, and hopefully it will, and create some opportunities to business and employment and training and so forth."

Eetoolook said NTI will likely know by March if the agreement will be finalized, but he is hopeful that the deal will move forward.

The company believes there may be a deposit with up to 11.6 million pounds of uranium at its 18,000-acre property, named the Angilak Project. That amount has yet to be proven and officials stress that the project is in the early stages, with feasibility studies still in the works.

NTI to receive one million shares

Under the agreement, Kaminak will give Nunavut Tunngavik one million shares over three years. Depending on what exploration efforts uncover, NTI could earn a 25 per cent interest or a 7.5 per cent royalty on net profits.

Inuit residents, especially those in the Baker Lake area, have long opposed any uranium exploration or mining efforts in the territory, citing safety, health and environmental concerns related to the radioactive material.

But Tongola Sandy, a former president of the Kivalliq Inuit Association, said he supports NTI's agreement with Kaminak.

Speaking in Inuktitut, Sandy told CBC News that uranium mining is different today than it was decades ago, since modern mines use equipment that are much less dangerous than before. There is more information available about uranium these days, he added.