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The provincial government will provide $1.1 million from this year’s first offering of the Mineral Exploration Assistance Program (MEAP) to set in motion 25 mineral exploration projects generating about $12.7 million in expenditures, Science, Technology, Energy and Mines Minister Jim Rondeau announced today.

 

“It’s gratifying to see that companies continue to choose Manitoba to invest in mineral exploration,” said Rondeau. “We know MEAP plays a significant role in attracting companies to the province and that historically every MEAP dollar in support returns just over nine dollars in company spending for exploration in Manitoba.”

 

The minister noted total company spending on exploration in the province for 2009 is forecasted at $77.4 million which is well above the 10-year average of $52.2 million.  Rondeau also noted that three new companies have been attracted in part by MEAP’s financial assistance to explore in Manitoba for the first time.

 

“Rockcliff was attracted to explore in mine-friendly Manitoba partly due to the existence of the Mineral Exploration Assistance Program,” said Peter Wood, vice-president, exploration of Rockcliff Resources. “This provincial program provides an important source of funds that help us continue to explore our Snow Lake Project properties, especially now during these difficult economic times.”

 

MEAP was recently renewed for an additional three years starting with the April 2008 offering and will offer $2.5 million of assistance annually through two offerings per year.

 

MEAP provides assistance of up to 25 per cent of approved eligible expenses to a maximum of $300,000. There are higher levels of assistance, up to 35 per cent to a maximum of $400,000, to encourage exploration in under-explored frontier regions and to help sustain mining communities such as Lynn Lake, Leaf Rapids and Snow Lake.

 

Ten of the 25 projects are in the Lynn Lake/Leaf Rapids, Snow Lake and northern areas including the Far North, Northern Superior and the Hudson Bay Lowland. 

 

“Mineral exploration benefits the economies of rural and northern communities,” said Rondeau. “It is important to support the mining industry as it searches for new ore bodies to mine that will create new jobs and business opportunities for Manitobans, and that’s exactly what MEAP is doing.”