The Canadian Cultural Property Export Review Board has directed the Canada Border Services Agency to issue an export permit for the Baymaud shipwreck, located outside Cambridge Bay, according to the project manager of Maud Returns Home.
The Baymaud, originally called the Maud, first belonged to Norwegian explorer Roald Amundsen, the first person to successfully traverse the Northwest Passage by ship.
Jan Wanggaard presented his case, outlining the group's project and emphasized the cultural importance of the ship to Norway, before the review board on March 15.
"I think they feel we have a good plan and we are well prepared to do this," he said, when reached in Ottawa.
He added they will start preparations this summer but the salvage operation itself will be for the summer of 2013.
"That is great news for us and we can now go ahead making plans and prepare ourselves for the great challenge to finally bring Maud home," said Wanggard in an e-mail statement.
Maud Returns Home, a Norwegian group supported by investment company Tandberg Eiendom, wants to bring the shipwreck back to Norway and eventually build a museum.