NLIS 2
May 18, 2000
(Mines and Energy)

43 prospectors benefit from government�s mining initiative

Mines and Energy Minister, Paul Dicks, announced today that 43 new prospectors have received funding under the department�s Prospectors Assistance Program.

Grants are awarded under the program up to an amount of $4000 for individual prospectors working in Newfoundland and Labrador. Individual prospectors spent at least a matching amount of "in-kind" expenditures.

The Prospectors Assistance Program is part of a $22 million, five year government and industry Mineral Exploration Program. Other program components include the Junior Company Assistance Program and the Dimension Stone Incentive Program.

Mr. Dicks said the Mineral Exploration Program is helping to stimulate the exploration of the mineral resources of the province.

"Exploration is vital to further developments in mining in Newfoundland and Labrador and is the driving force behind this industry," said Mr. Dicks. "It leads to new development opportunities which brings investment, employment opportunities and revenue into the province."

Mr. Dicks said the Mineral Exploration Program is an excellent example of the commitment and confidence that government and industry have in the future of the Newfoundland and Labrador mining sector.

So far this year, $106,700 has been approved in grants through the Prospectors Assistance Program. It is expected that this highly successful program will reach full subscription later this year.

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

2000 05 18                                                             9:55 a.m.