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The following statement was issued today by Rex Gibbons, Minister of Mines and Energy. It was also read in the House of Assembly. I wish to inform the House that Burin Minerals Ltd. has been granted Economic Diversification and Growth Enterprises (EDGE) status. Burin Minerals is planning a public share offering to finance the reopening of the fluorspar mine and mill at St. Lawrence, and EDGE designation should have a positive impact on the company's ability to raise the necessary capital. The fluorspar mine and mill at St. Lawrence have been closed since 1991. In October 1994, the Government of Newfoundland and Labrador invited proposals to explore and develop the fluorspar resources in the St. Lawrence area. In January 1995, a proposal was accepted from Northern Resource Investments Ltd., the parent company of Burin Minerals Ltd., to conduct a feasibility study on the St. Lawrence Fluorspar project. The results of this study were positive and mining leases were issued in April of this year. The remaining assets at St. Lawrence have been purchased by Burin Minerals and environmental approval has been granted for the project. Through the EDGE program, Burin Minerals will receive a 10-year tax holiday from provincial corporate income tax, post-secondary education and health (payroll) tax, followed by a 5-year phase in of these taxes. The town of St. Lawrence is an EDGE participant, meaning that Burin Minerals will be granted a 10-year holiday on municipal property and business taxes. I feel that the EDGE legislation for Burin Minerals will assist the company in its efforts to raise the necessary capital to reactivate the fluorspar operations at St. Lawrence. Once full production starts, the operation will produce approximately 120,000 tonnes of concentrate per year and the operation will employ about 100 workers. I wish Burin Minerals every success in these efforts and I look forward to the reactivation of mining operations and the production of high quality fluorspar in the historical mining town of St. Lawrence.
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