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A group of Northern Manitoba First Nations has signed a letter of intent to purchase the Manitoba assets of OmniTRAX Canada, the railroad management company announced late last week.The assets include Hudson Bay Railway, Port of Churchill and Churchill Tank Farms. A due diligence process for both parties will be conducted over the next 45 days.With the line now in stable position, the company is confident that the time is right to work with First Nations to change ownership in a way that will ensure future growth for the Manitoba operations, according to an OmniTRAX press release."Having visited many communities along the rail line, it became clear to me that the rail line served as a utility for these remote communities and that for the line and the assets to truly succeed, First Nation participation in ownership and management was essential," said OmniTRAX Canada President Merv Tweed. The company will work with the Northern Manitoba First Nations for a number of years to ensure a smooth transition. Transaction specifics will be forthcoming in the new year, officials said.