Minister Noel delivers speech to Baie Verte Mining Conference

Mines and Energy Minister Walter Noel today spoke to the mineral exploration and prospecting community at the annual Baie Verte Mining Conference. This conference provides an opportunity for business, government, prospectors, investors, and all stakeholders to meet and discuss the mining industry in Newfoundland and Labrador.

"There are many exciting things happening in our mineral sector," said Minister Noel. "There is a tremendous amount of exploration activity occurring in the province and expenditures could reach as much as $25 million this year.

"Gold figures prominently in this year�s exploration plans, with expenditures estimated at $12 million. The prospect of gold prompted the majority of the island�s record 27,574 claims staked in 2002. It is expected that claim staking will continue in 2003 with an estimated 20,000 claims to be staked in the province. These sites are located throughout the province and include the Baie Verte and Springdale peninsulas, White Bay and the Botwood Basin. Other areas focus on base metal exploration in the Voisey�s Bay and Smallwood Reservoir regions of Labrador, and the Bonavista Peninsula and Red Indian Lake areas on the island.

"As we encourage new exploration, we must be aware of the competitive global environment for investment dollars. It is government�s approach to work closely with all stakeholders in our petroleum and mineral sectors to ensure that our investment climate is attractive to industry and results in new developments.

"This province is already recognized as a user friendly place to do business. My department has adopted straight-forward policies and procedures. The department�s method of staking mining claims is considered very efficient by the prospecting community. Our joint $22 million Mineral Incentive Program with industry was formulated to advance activity in mineral exploration. We also have a variety of other services to aid the mining industry in their exploration and development activities.

"As we witness the continued success of several projects in our province, we look forward to the future. Duck Pond, Beaver Brook and Voisey�s Bay have great potential to expand our mineral industry. We look forward to the potential benefits of these projects, especially Voisey�s Bay, during this work season.

"These are exciting times for our mineral sector, and another clear indication of our rich resource potential. There are currently over 120 mineral exploration companies active in the province. This government will continue to do everything it can to encourage the responsible exploration and development of this resource base for the benefit of our people."

Speaking Notes - Minister of Mines and Energy, Walter Noel

Media contact: Darrell Mercer, Communications, (709) 729-5777

2003 06 20                                      7:15 p.m.