Inuvik (Feb 04/05) - The Town of Inuvik now plans to hire an independent consultant to evaluate the viability of purchasing a share of Inuvik Gas Ltd.

"We're going to get an outside source to look at the numbers and make a recommendation," said Town of Inuvik Senior Administrative Officer Jerry Veltman. "So wešre still three to six months away from a serious proposal."

Inuvik Gas Ltd. is owned by the Inuvialuit Regional Corporation, AltaGas and Enbridge Inc.

In 1999 an agreement was signed which provided an option for the town to purchase up to 25 per cent of the company as part of a franchise agreement that allowed the utility company to put gas lines in Inuvik town.

The gas flowing into Inuvik travels along 50km of pipe from the Ikhil processing plant north of Inuvik.

The $44-million project was completed and gas began flowing in 1999. While Ken Jacobsen, general manager of Inuvik Gas Ltd., declined to discuss company profits for the last fiscal year, he thought the town was taking the right approach.

"When you purchase anything it's good to do your homework," he said. "Once the evaluation is completed, we can enter into negotiations with the town."