News Release Archive

North Atlantic Marine Terminals Ltd. will assume management
responsibilities for the Sheet Harbour port and business park,
effective July 1, Economic Development and Tourism Minister
Richie Mann announced today.

North Atlantic Marine Terminals Ltd., a Nova Scotia subsidiary of
Cerescorp Inc., will lease the property from the Province of Nova
Scotia for $100,000 annually for five years, with an option to
renew. The agreement comes as a result of a public request for

"Our objective is to increase traffic at the Sheet Harbour port,"
said Mr. Mann. "With North Atlantic Marine Terminals Ltd.'s
international management and marketing expertise, port activity
should increase substantially, creating more jobs for local

North Atlantic Marine Terminals Ltd. expects to handle break bulk
shipments, such as forest and mineral products, and supplies for
the offshore at the port. The company plans to designate a
marketing and sales person exclusively for Sheet Harbour.

Cerescorp is one of the world's largest port management
corporations, with sales centres in Europe and Asia as well as in
Montreal and New York.

"Sheet Harbour is currently an underutilized port," said Chris
Kritikos, president of Cerescorp Inc. "We believe it has the
ability and capacity to handle many more ships, within a
competitive market."

The company intends to spend $500,000 in capital improvements to
the port, including building construction and equipment purchases
for the efficient and safe handling of cargo.

North Atlantic Marine Terminals Ltd. will use the Bluewater
Stevedore Union of Sheet Harbour for its labour force.


Contact: Steve Fairbairn
         Economic Development and Tourism
         Chris Kritikos
         Cerescorp Inc.

trp                         June 18, 1997 - 10:20 a.m.