Yellowknife, NT (June 9, 2014) – The Chamber of Mines congratulates the Government of the Northwest Territories (NWT) on their newly announced Mining Incentive Program that will help rejuvenate mineral exploration in the NWT. The program provides funding to eligible prospectors and exploration companies who propose new NWT explorations projects or are already carrying out mineral exploration work in the territory.
“Mining is the number one industry in the NWT and we are proud of our commitment to environmental stewardship and the success we have had in bringing employment and business opportunities to local people and their communities. The current mines won’t last forever so more investment in exploration is required to find new mines to replace those that close. We are hopeful that the Mining Incentive Program will be an incentive for increased exploration investment in the NWT,” said Chamber president Brooke Clements. “These incentives may also assist in developing a new generation of prospectors. We are pleased that the GNWT, the new NWT landlord, is taking proactive steps under its Mineral Development strategy to support the mining and exploration industry.”
The NWT Mining Incentive Program is an initiative recommended under the GNWT’s first ever Mineral Development Strategy and is modelled on similar programs offered in a number of Canadian jurisdictions as a means to attract mineral exploration investment. The program will be managed by the Northwest Territories Geoscience Office and initial funding is set at $400,000.
The GNWT assumed responsibility for mineral development from the Federal Government when devolution took effect on April 1, 2014. The Mineral Incentive Program is an encouraging first action under the Mineral Development Strategy which was implemented to help ensure the future success of the mining sector in the NWT.
The Mineral Incentive Program will be managed by the Northwest Territories Geoscience Office. Information about the contribution program, including application forms and submission deadline, is available at http://www.nwtgeoscience.ca/minerals/mip.html
For more information on the NWT and Nunavut mining industries, please visit the website at http://www.miningnorth.com/ or contact Tom Hoefer, Executive Director at Tel: 867-873-5281 or email: executivedirector@miningnorth.com.