03/20/2014 03:15 EDT | Updated 05/20/2014 05:59 EDT

Saskatchewan First Nation takes full control of land, resource monies

REGINA - A Saskatchewan First Nation has signed on to take full control of its land and resource money.

Kawacatoose First Nation signed the First Nations Oil and Gas and Moneys Management Act in Regina today.

Bernard Valcourt, the federal Minister for Aboriginal Affairs and Northern Development, says Kawacatoose will receive funds directly from natural resource development.

Before signing on, any money earned from mineral rights on the First Nation land was held in trust by the federal government.

Valcourt says Kawacatoose has proven their ability to govern their own resources through transparancy and leadership and hopes other First Nations see this as an opportunity.

"We have no concern whatsoever about the capacity of this First Nation to be the author and architect of their own economic and social and cultural develop out of their own resources," the minister said.