BC & Yukon Chamber of Mines

BC & Yukon Chamber of Mines

March 07, 2005 09:00 ET

British Columbia and Yukon Chamber of Mines: Fraser Institute Mining Survey Ignores BC's Improved Investment Climate


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BC & YUKON CHAMBER OF MINES

MARCH 7, 2005 - 09:00 ET

British Columbia and Yukon Chamber of Mines: Fraser
Institute Mining Survey Ignores BC's Improved
Investment Climate

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 7, 2005) - The Fraser
Institute's Annual Survey of Mining Companies ignores many of the
positive changes that have made BC one of the most attractive areas for
mineral exploration and mining investment in the world, according to the
BC & Yukon Chamber of Mines (BCYCM).

British Columbia inched up to 44th place out of 64 jurisdictions in this
year's Fraser Institute survey. In last year's survey, BC was seventh
from the bottom.

"While we were pleased to see BC's improved standing, the survey results
do not reflect the many positive changes that have taken place over the
last half of the year that have bolstered investor confidence in BC's
mineral exploration and mining sector," said David Caulfield, President
of the BC & Yukon Chamber of Mines.

The Fraser Institute Annual Survey of Mining Companies is based on
opinions gathered in June. Since that time, commodity prices have
remained strong. The BC government has streamlined permitting
procedures, introduced an online claim staking system, committed $25
million to geosciences and unveiled a comprehensive long-range mining
plan for the province.

"An opinion survey is just a snapshot in time," said Caulfield. "The
true measure of investor confidence is the exploration dollars flowing
into the province. Investment in mineral exploration in BC more than
doubled last year to $130 million. BC now accounts for 12 per cent of
all the money spent in Canada on exploration, a considerable increase
from the all time low of 5.7 per cent in 2001."

Last year, BC mining companies trading on the Toronto Venture Exchange
raised $1.4 billion in capital for worldwide exploration and
development, compared to $800 million in 2003.

"At home and abroad, BC is recognized as one of the best jurisdictions
for mineral exploration and mining in the world," said Dan Jepsen,
Executive Director of the BCYCM. In June 2004, for example, BC was
nominated by the prestigious London Mining Journal as one of the most
improved regions in the world for mineral exploration and mining.

"2004 was a watershed year for mineral exploration and mining in BC," he
added. Two new coal mines opened in Northeast BC last year, and a number
of closed mines, including the Gibraltar copper mine, are reopening.
Currently, there are 13 new mines in BC undergoing or scheduled to begin
the environmental review process.

About the BCYCM

The BC & Yukon Chamber of Mines is an association of over 2,800
individual and corporate members, geoscientists, prospectors,
entrepreneurs, suppliers and mineral producers who are directly and
indirectly engaged in mineral exploration in British Columbia and
throughout the world. Through representative action, public outreach and
education, the BCYCM promotes a healthy environment and business climate
for the mineral exploration industry on behalf of its members. The BCYCM
is regarded as the predominant voice of mineral exploration and related
issues in the province.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    BC & Yukon Chamber of Mines
    Dan Jepsen, R.P.F.
    Executive Director & Chief Operating Officer
    Cell: (604) 818-7878
    djepsen@chamberofmines.bc.ca