Minister heads to major mining conference with optimism

Ed Byrne, Minister of Natural Resources, said the 2004 conference of the Prospectors and Developers Association of Canada (PDAC) is a great opportunity to promote the growing mineral industry in Newfoundland and Labrador. Minister Byrne is leading a delegation of senior department officials, prospectors and representatives of provincial mining companies to this year�s PDAC in Toronto taking place March 7-10. Attending the conference will be prospectors, mining companies and investors from across Canada and around the world.

"The mineral industry in Newfoundland and Labrador is certainly a bright spot in our provincial economy," said Minister Byrne. "In addition to the new development at Voisey�s Bay, there are nine mining operations currently active and some 120 companies involved in exploration activity. This tells us that growth in this sector is inevitable."

The total value of mineral shipments in the province is forecast to increase to $828 million this year, as compared to an estimated $775 million in 2003. Furthermore, direct employment in the industry will average 2,856 persons, compared to 2,738 in 2003. Mineral exploration expenditures are expected to increase to $28 million in 2004 from $25 million last year.

"The contribution of our mineral industry is significant, particularly because its impacts are felt throughout all regions of the province," said Minister Byrne. "Therefore, it is critical that we have a strong presence at this year�s PDAC. The conference presents government with the opportunity to highlight the industry activities in this province and to support our local prospectors and companies in their efforts to attract more investment."

Minister Byrne said the PDAC follows the province�s successful participation in Cordilleran Exploration Roundup in January and will be a good springboard for the Resources Investors Forum being held in St. John�s June 4-6. The forum in St. John�s, being spearheaded by the Newfoundland and Labrador Chamber of Mineral Resources, will bring together junior and senior resource companies, influential investment writers and analysts, brokers and the investing public.

"Approximately $3 billion to support exploration was raised during the past 12 months on global markets," said Minister Byrne. "With our vast geological deposits and skilled professional workforce, our province is on the competitive edge. We are well-positioned to attract more than our fair share of this potential investment."

Media contact: Carmel Turpin, Communications, (709) 729-5282

2004 03 08              12:20 p.m.