Natural Resources
October 29, 2008

Mineral Resources Review 2008 Highlights Record Breaking Year

Key players in the province�s mining industry are gathering in St. John�s this week to celebrate past successes, record-breaking accomplishments and future potential during the annual Mineral Resources Review 2008.

This year�s conference and trade show, entitled The Newfoundland and Labrador Mineral Industry: World Class Opportunities, is the premiere event in the province�s mining industry and attracts geologists, mineral exploration companies, mine operators and supply and service companies from all parts of the province and across Canada.

"The annual review highlights our mineral exploration and development potential and demonstrates clearly why this province is an excellent place to invest," said the Honourable Kathy Dunderdale, Minister of Natural Resources. "Through our Mineral Incentive Program, enhanced geological research and award-winning online services, our government is committed to working with industry to provide support and incentives to attract future investment. In Budget 2008, we provided $16.5 million for the industry and mineral resource management."

The mineral industry experienced record-breaking highs again this year with the value of mineral shipments reaching $5.4 billion, a 40 per cent increase over last year�s record shipments and an astounding 850 per cent increase since 2004. Exploration expenditures are projected to approach last year�s record of $148 million. It is recognized within the industry that the current global financial turmoil is creating uncertainty for the exploration outlook going forward into 2009.

Mineral Resources Review 2008 is a joint initiative of the Newfoundland Branch of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and the Mines Branch of the Department of Natural Resources. The event will include keynote presentations from mineral exploration and mining companies and other experts on a wide variety of mineral commodities. The Mines Branch and their partners will also present the latest results from this year�s field and office-based research programs. Aboriginal groups with interests related to the mining industry also figure prominently in this year�s program.

"The annual review enables prospectors, geologists and other industry experts to share ideas and exchange the latest information on what�s happening in the industry," said John Fleming, president of the Newfoundland Branch of the CIM. "This year�s program is exceptional and features presentations and technical sessions from industry leaders and will provide excellent networking opportunities."

The conference begins at 9 a.m. on Thursday, October 30, and runs until Saturday, November 1, at the Delta Hotel in St. John�s. For more information, please visit www.cim.org/Newfoundland or www.nr.gov.nl.ca/mines&en/geosurvey/.

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Media contact:

Tracy Barron
Director of Communications
Department of Natural Resources
709-729-5282, 690-8241
tracybarron@gov.nl.ca

2008 10 29                                                    10:20 a.m.
 


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