Minister welcomes exploration company to the province

Charles Furey, Minister of Mines and Energy, is pleased to welcome Billiton Exploration Canada Ltd. to the province. The minister expressed his pleasure with today's announcement regarding the company's joint ventures with four Newfoundland-based junior exploration companies active in Newfoundland.

"I am pleased to see Billiton Exploration Canada Ltd. invest in the province," says Furey. "This is good news for the junior exploration companies, for exploration in general, and for Central Newfoundland."

Billiton has entered into agreements with the four junior companies to carry out a high-tech airborne geophysical survey of their mineral-property holdings in Central Newfoundland. The four joint-venture partners are: Altius Minerals Corp., Buchans River Ltd., Celtic Minerals Ltd., and Jilbey Exploration Ltd. The general area being surveyed is a northeast-trending linear zone from Buchans to Badger. "This is one of the most important geological belts in the province," said Furey. "Its having hosted one of our world-class base-metal mines, the famous Buchans orebodies."

The minister also commented that Billiton's international expertise and the detailed geological knowledge of the local companies were an exciting and promising combination. He also pledged the full support of the Department of Mines and Energy in providing the maps, reports and other data necessary for a successful analysis of the area's mineral potential.

Minister Furey added that he recognizes that this is a first-phase exploration program and that further activities will depend upon the early results but is pleased that these important steps were being taken.

Furey said, "Exploration is an essential component in the development of our resources. It leads to the discovery of new resources and, in turn, results in the generation of new wealth through new investment, employment, and business opportunities. The province has continued to have a very active exploration sector in the province in spite of current depressed prices for metals and the challenges in obtaining funding for exploration."

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