July 11, 2007
Mining Assistance Funding Nets Positive Results
A total of 42 new mineral exploration projects, generating an estimated $21.6 million in exploration expenditures, are underway as a result of more than $1.1 million in funding from the province’s Mineral Exploration Assistance Program (MEAP), Science, Technology, Energy and Mines Minister Jim Rondeau announced today.
“Because of MEAP, mineral exploration continues to be strong in Manitoba,” said Rondeau. “The program is providing up to 35 per cent of approved eligible expenses to a maximum of $300,000 and up to $400,000 to companies undertaking mineral exploration in under-explored frontier regions in the northern areas of the province or for communities experiencing recent mine closures. That is strong incentive for mining companies to come exploring in Manitoba.”
Exploration activity remains strong for base metals and gold which represent 83 per cent of proposed MEAP projects. Of that percentage, 31 per cent of exploration activity is for gold, 28 per cent is for nickel and 24 per cent is for copper and zinc.
Of the 42 projects announced, 15 are in the Lynn Lake/Leaf Rapids, Snow Lake and northern areas including the Far North, Northern Superior and the Hudson Bay Lowland.
Since MEAP’s first offering in 1995, the program has paid $21 million in assistance returning more than $133 million in reported exploration expenditures. For every $1 million paid through MEAP, it’s estimated that $6.3 million is generated in exploration expenditure. A total of 150 companies have participated in MEAP representing 556 exploration projects. Of these, 109 companies are new to Manitoba.
In addition to MEAP, other financial initiatives to boost exploration in the province include:
· the Manitoba Mineral Exploration Tax Credit (MMETC), which was renewed for another year in 2007, provides tax incentives for Manitobans who invest in exploration in the province); and
· the Manitoba Prospectors Assistance Program (MPAP) which offers $123,000 annually to encourage mineral prospecting in the province.
“Our government understands mining is one of Manitoba’s economic pillars,” said Rondeau. “The flurry of exploration throughout the province has significantly boosted local economies, positively impacting employment, service industries, real estate and other community supports for exploration. Ultimately, renewed exploration has the potential to result in long-term community benefits with the discovery of mineral deposits.”
Manitoba has been ranked first in the world by exploration and mining companies for its favourable mining policies.
To view a map showing the location of the MEAP projects visit:
- 30 -
BACKGROUND INFORMATION ATTACHED
Backgrounder
Mineral Production In Manitoba - https://www.gov.mb.ca/asset_library/en/newslinks/MEAPchart.pdf
Mineral Exploration Assistance Program - https://www.gov.mb.ca/asset_library/en/newslinks/MEAP.ST.doc