TORONTO, Feb. 26 /CNW/ - Today's Federal Budget has committed new funding
to geological mapping in Canada's North and has renewed the Mineral
Exploration Tax Credit (super flow-through share program) for an additional
Budget 2008 provides $34 million over the next two years to Natural
Resources Canada for geological mapping, primarily focused in Canada's North,
and for logistical support for mapping activities provided by the Polar
Continental Shelf Project.
"Investment in geoscience mapping is crucial to the mineral exploration
industry," says Patricia Dillon, president of the Prospectors and Developers
Association of Canada (PDAC). "The PDAC and the members of the Canadian
Mineral Industry Federation have worked hard to ensure that Ministers and
Members of Parliament are aware of the important role that new geoscience
mapping plays in encouraging a vibrant mineral industry. Today's commitment by
the federal government will improve our knowledge of Canada's mineral
potential in the North and will result in increased private sector
The Budget also announced a commitment to renew the Mineral Exploration
Tax Credit (super flow-through share program) for a further year until March
31, 2009. The temporary 15-percent Mineral Exploration Tax Credit is an
incentive available to individuals who invest in flow-through shares that are
used to finance grassroots mining exploration. Extension of the credit will
support continued exploration for new mineral reserves in the North and other
regions of Canada.
"Super flow-through shares help to ensure Canada's competitiveness in
mineral exploration," said Dillon. "Countries around the world are
endeavouring to attract mineral exploration and mine development. The Mineral
Exploration Tax Credit gives our country a competitive advantage by
encouraging people to invest their money in Canadian-based operations."
Budget 2008 also committed to the establishment of a new framework for
Aboriginal economic development by the end of 2008, dedicating $70 million
over the next two years for Aboriginal economic development measures to
support the framework. In announcing this framework, the Budget makes special
mention of the role that the mining and resource sectors serve in creating
economic opportunities for Aboriginal Canadians.
Securities reform also received mention in the Budget in a follow-up to
the February 21, 2008, announcement of the establishment of the Expert Panel
on Securities Regulation that will advise on ways to enhance the
effectiveness, content and structure of securities regulation.
"We've heard support for these initiatives from members of all federal
parties because they appreciate how important the mineral industry is to the
economic future of Canada. On behalf of the Prospectors and Developers
Association of Canada, I thank the Harper government, and Ministers Flaherty
and Lunn, for listening to and acting upon the recommendations raised by MPs
that will ensure Canada remains a world leader in mineral exploration."
The Prospectors and Developers Association of Canada is a national
association for the Canadian exploration sector, representing companies and
individuals active in the search for and development of mineral deposits. The
association annually hosts the world's largest mineral industry convention.
Its March 2-5, 2008, convention in Toronto is expected to attract a record
18,000 attendees representing more than 100 countries.
For further information:
For further information: Tony Andrews, PDAC Executive Director,
Telephone (416) 362-1969, ext. 222