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November 20, 2006 PROVINCE'S BURGEONING MINING SECTOR SHOWCASED AT MINES AND MINERALS CONFERENCE– – –Convention to Celebrate Inco's 50 Years of Mining in Thompson More than 800 national and international visitors will meet in Winnipeg today through Wednesday for the annual Manitoba Mining and Minerals Convention, Science, Technology, Energy and Mines Minister Jim Rondeau announced today.
“Mining is Manitoba’s second-largest primary resource industry, bringing in approximately $1.5 billion annually in mineral production to the provincial economy,” said Rondeau.
The minister noted the annual Fraser Institute survey of exploration and mining companies ranks Manitoba third in the world for investment attractiveness based on its mineral policies and geological database.
This year’s conference, considered to be one of the premier mining conferences in Canada, will celebrate the 50th anniversary of Inco’s Thompson nickel discovery with a full-day session on Manitoba’s world-class nickel potential. Inco employs approximately 1,500 people and produces about 100 million pounds of nickel each year.
The mining convention includes trade show exhibitors as well as numerous workshops on a range of topics including:
· a unique Aboriginal mining workshop on community prosperity through mining, recruiting and training, and partnerships with government and community;
· Manitoba’s growing nickel potential;
· new mining frontiers and developments;
· reclamation of orphaned and abandoned mines; and
· new results from geoscientific investigations in Manitoba’s far north.
The province is committed to investing in mineral exploration and mining to boost the economic opportunities the sector delivers, Rondeau said.
Recent initiatives to boost the mining industry in Manitoba include:
· the renewal of the Mineral Exploration Tax Credit, which provides tax incentives for Manitobans who invest in exploration in the province;
· the Mineral Exploration Assistance Program and the Prospectors’ Assistance Program, which offer approximately $2.5 million in annual funding to support exploration; and
· the establishment of a $70-million account for the rehabilitation of orphaned and abandoned mine sites, of which $4 million is being spent this year for priority rehabilitation projects at Lynn Lake, Ruttan, Sherridon and Snow Lake.
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Mining in Manitoba Highlights
· Manitoba’s mining industry is benefiting from a recent record-setting rise in metal prices.
· Gold prices reached 25-year highs in 2006, trading at over US$600 an ounce. Nickel, copper and zinc prices also attained historic highs this year.
· Company spending on exploration in Manitoba is expected to reach $48.8 million this year, an all-time high.
· Companies are undertaking major exploration projects across the province.
· Four nickel projects and one gold project are at the advanced stages, undergoing
pre-feasibility studies for possible new mine development. Conference Highlights
Keynote Addresses
· Nick Sheard, vice-president of exploration, CVRD Inco. Inco Limited was recently acquired by CVRD of Brazil, which is the world’s second-largest diversified mining company.
· Dale Ginn, president of San Gold Corporation of Canada and Manitoba’s newest gold producer. San Gold officially reopened the Rice Lake gold mine at Bissett in August 2006.
Conference Workshops
· Manitoba continues to support exploration by providing geological information through conference sessions. The first day of sessions will focus entirely on Manitoba’s growing nickel potential in light of Inco’s anniversary and the high price of nickel.
· The Manitoba Geological Survey is releasing a digital geological compilation of the entire Thompson nickel belt, providing the most comprehensive data to date on this world-class nickel resource.
· Results of new mapping in northern frontier areas and application of innovative exploration techniques in established mining camps.
· A Special Aboriginal Mining Workshop to help communities learn more about the industry and benefit from potential employment and economic development opportunities.
· Free workshop on mobile metal ion technology used to assist exploration for base (nickel, copper, zinc) and precious (gold, platinum) metals.
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