Prospectors & Developers Association of Canada (PDAC)

Prospectors & Developers Association of Canada (PDAC)

August 22, 2013 13:16 ET

The PDAC Applauds the Prime Minister's Renewal of Investment in Geoscience

TORONTO, ONTARIO--(Marketwired - Aug. 22, 2013) - The Prospectors & Developers Association of Canada (PDAC) applauds the Prime Minister's announcement of significant new support for geo-mapping in Canada's North, which will promote resource exploration in the region. Today's announcement extends the investment in the Geo-Mapping for Energy and Minerals (GEM) program for $100 million over seven years. GEM is integral to spur private sector investment in northern Canada, to increase mineral discovery rates, and to promote economic growth in Canada.

"Our Government is working to ensure that Northerners and all Canadians benefit from the tremendous natural resources in the Territories. Our investment in resource exploration will continue to unlock the full economic, mineral and energy potential of the region, while generating new government revenues, private sector investment and jobs," said Prime Minister Harper. "This critical knowledge will also help Northerners make informed decisions about land use and preserve our Northern environment."

"The Government's renewal of its investment in the GEM program demonstrates the strategic importance of mineral exploration for Canada and the north, as well as maintaining Canada's leadership in mineral exploration and mining around the world," says Ross Gallinger, Executive Director, PDAC. "Researchers estimate that every dollar invested in basic geological mapping triggers five dollars in exploration spending by the private sector and that every dollar invested in pre-competitive geoscience leads to the discovery of in-ground resources worth between $100 and $150."

Between 2008 and 2012, eight GEM mineral projects generated $16.7 million in mineral exploration spending. Over the long run, the GEM program is expected to stimulate over $500 million in exploration expenditures, with eventual mineral discoveries potentially valued at $12 billion. Government geoscience supports mineral exploration in three key ways:

  1. It allows companies to identify areas with favourable mineral potential;
  2. It increases exploration efficiency by minimizing the duplication of efforts by individual companies and directing exploration investment toward the most prospective ground; and
  3. It increases exploration effectiveness by providing the information required for informed, risk-based decision-making in a cost-effective manner.

About the PDAC (www.pdac.ca)

The Prospectors & Developers Association of Canada (PDAC) is a national association representing the mineral exploration and development industry with over 10,000 individual and corporate members. The PDAC Convention-the mineral industry's largest annual event-takes place March 2-5, 2014.

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