Government continues funding for Mineral Incentive Program

Mines and Energy Minister Lloyd Matthews says the continuation of the Mineral Incentive Program (MIP) will be positive for the mineral exploration and development sectors in Newfoundland and Labrador.

This five-year, $22 million government and industry initiative was first announced in the 1999-2000 budget and has increased mineral exploration in the province.

"This program has encouraged new prospectors and mining companies to become involved in the Newfoundland and Labrador mining industry," said Minister Matthews. "As more and more people become interested in our mining sector, we will witness new discoveries."

Minister Matthews noted that this program was one of the key recommendations made to government during the Jobs and Growth Mining Forum held in November of 1999.

Program components include: Junior Company Exploration Assistance Program; Prospectors Assistance Program; and the Dimension Stone Incentive Program.

Minister Matthews said that he is encouraged by the level of participation and the feedback that he is receiving on the MIP. "The mining industry has told government that this would be a widely acclaimed program," said the minister. "The feedback that we have received from local prospectors and mining companies would suggest that this program is a great success."

To date, the MIP has funded 205 prospectors, 49 junior exploration projects and 10 dimension stone projects.

The MIP is an excellent example of the commitment and confidence that government and industry have in the future of the Newfoundland and Labrador mining sector.

"Exploration is key to the development of our mineral industry," said Minister Matthews. "I am confident that through this program, we are well on our way to new discoveries and investment."

Media contact: Gary Callahan, Communications, (709) 729-4890.

2001 03 22            4:30 p.m.