The contribution of mineral exploration and development in this province is being celebrated this week during Mineral Resources Review 2006 in St. John�s from Thursday through Saturday, November 2 to 4.

"The investment in mineral exploration in this province this year is projected to be $79 million, which is a significant increase over last year," said the Honourable Kathy Dunderdale, Minister of Natural Resources. "Exploration is the key to development and the benefits are realized throughout Newfoundland and Labrador, particularly rural communities, making the mineral industry a significant contributor to the provincial economy."

Mineral Resources Review 2006 marks the 53^rd annual meeting of the provincial branch of the Canadian Institute of Mining, Metallurgy and Petroleum and the 30^th annual Mines Branch Review of Activities. It features presentations, technical sessions, a trade show and networking opportunities. It is the premiere event in the province�s mining and exploration industry, which is valued in excess of $2.6 billion. The industry provides the equivalent of more than 3,450 full-time, year-round jobs.

The province�s mineral industry is well positioned to help meet global demands of the Chinese, Indian and other emerging economies and to benefit from rising metal prices. Government has increased funding under the Mineral Incentive Program by 55 per cent this year to help foster growth. Under the junior exploration assistance component, every dollar government spent in 2005 resulted in $3 in private sector investment in grass-roots exploration. The program assists prospectors, junior exploration companies and developers of natural stone such as sandstone, marble or slate. Government also expanded the budget of the Geological Survey Division this year by $500,000. The additional investment will increase basic research to help stimulate and manage development of our mineral resources. This work helps attract new investment and provides geoscientific support for ongoing exploration.

"We have an excellent news story in the increasing level of exploration investment in the province and the value of our mineral shipments, which have increased by nearly 250 per cent in the last five years," Minister Dunderdale said. "We are investing in exploration and infrastructure and developing policies that will help encourage and promote resource development. These initiatives contribute to the health and vitality of our minerals industry and they demonstrate our strategic approach and long-term view to growing mineral exploration through targeted investment."

As the demand for mineral commodities continues to surge worldwide and prospectors and companies stake thousands of claims all over the province, Review 2006 promises to highlight the exciting opportunities and challenges that lie ahead. From nickel at Voisey�s Bay to zinc and copper at Duck Pond to uranium on the Labrador coast, this event is where industry players and government meet to ensure the continued growth of mining in Newfoundland and Labrador.

Minister Dunderdale will open Mineral Resources Review 2006 at the Delta Hotel at 9:00 a.m. Thursday, November 2. For more information, visit www.nr.gov.nl.ca/mines&en/.

To register, contact Tony Burgess at 709-729-6445 or email TonyBurgess@gov.nl.ca.

-30-

Media contact:
Tracy Barron
Director of Communications
Department of Natural Resources
709-729-5282, 690-1703
TracyBarron@gov.nl.ca

2006 11 01                                                10:50 a.m.