Resource World Magazine

www.resourceworld.com 43 A P R I L / M A Y 2 0 1 4 reasonable timeframe, the dispute will be resolved under the regime provided for in Part XV of the UNCLOS. Notably, Sec- tion 287 of Part XV of the UNCLOS es- tablishes jurisdiction for the resolution of disputes by the International Tribunal for the Law of the Sea, the International Court of Justice (ICJ) and other arbitral tribu- nals constituted in accordance with the convention. However, where international disputes arise, so do issues of sovereignty. As is the case in the High Arctic, the settlement of disputes will be dependent on the will of the parties. States are often reluctant to refer their disputes to adjudi- cators as they perceive it to be an infringe- ment on their sovereignty. Further, the CLCS will not consider nor make any rec- ommendations for any submission made where a land or maritime dispute exists. Therefore, disputes must be resolved prior to recognition by the CLCS of the outer limits of a state's continental shelf. While disputes between parties to the UNCLOS may be referred to the agreed upon forum under the convention, dis- putes involving non-parties must be settled through diplomatic relations which may lead to intervention by the ICJ. Although competing claims remain unresolved in the High Arctic, the five northern parties have convened at the Arctic Ocean Conference in May of 2008 and agreed to the "orderly settlement of any possible overlapping claims." Until the United States ratifies the UNCLOS, this cooperation amongst the five Arctic leaders may be the only avenue available for resolving the disputes prior to referring the matter to the ICJ. The speculated wealth of subsoil re- sources in the Arctic raises the stakes of the territorial claims in the area. The High Arctic countries are set to make submis- sions to the CLCS on the extension of their continental shelves, which will ensure in- ternational recognition of their exclusive interest in the exploration and exploita- tion of the natural resources found in the seabed and subsoil of the region. However, until ratification of the UNCLOS by the United States, the delimitation of the outer limits of the extended continental shelves in the Arctic will likely be the result of diplomatic cooperation rather than by ap- plication of the treaty. Such delineation is one critical step forward towards opening up the polar region to resource develop- ment. n "As states take steps to exploit the resources under the continental shelf, the prospect of further disputes seems likely." MINING $7,200,000 Units of Common Shares and Warrants IBK Capital Corp. IBK Capital Corp. I Investment Banking Debt & Equity Financing Going Public (RTO) Merger, Acquisition & Divestiture Advisory Business Valuations & Fairness Opinions Takeover Defense Planning For complete transaction details, please visit www.ibkcapital.com 25 Years IBK Capital Corp. $1,600,000 Units of Common Shares and Warrants and Units of Flow-through Shares and Warrants IBK Capital Corp. Private Placement Private Placement $3,432,500 Units of Common Shares and Warrants and Units of Flow-through Shares and Warrants IBK Capital Corp. Private Placements

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