News Release

For immediate release
October 15, 2003

Government of Canada Assistance for Geological Exploration

Port Hawkesbury, N.S. – The Honourable Gerry Byrne, Minister of State responsible for Enterprise Cape Breton Corporation (ECBC) and the Atlantic Canada Opportunities Agency (ACOA) announced today, Government of Canada funding to assist with mineral exploration activity at five sites across Cape Breton Island.

The Strait-Highlands Regional Development Agency (SHRDA) will proceed with geological exploration to determine technical information about Cape Breton’s mineral resources, particularly lime. This activity will include mapping, trenching, geological and analytical services and drill core analysis to determine the potential of mineral deposits in Cape Breton. The information gathered would be of assistance to potential investors looking to establish mineral extraction and processing operations on the Island.

“This type of activity is consistent with the recommendations outlined in the Cape Breton Industrial Mineral Marketing Study recently undertaken through ECBC,” said Rodger Cuzner, MP for Bras d’Or–Cape Breton, speaking on behalf of Minister Byrne. “This study will provide valuable information that can be used to pursue opportunities in the resource sector, thus providing jobs in rural areas of Cape Breton.”

“Ready access to an ice-free, deep-water port and short transportation routes to markets in Europe and the US provide Cape Breton Island with an important marketing advantage when it comes to the movement of minerals,” said
A. J. MacDougall, Chairman of the SHRDA. “The transportation by rail of significant amounts of limestone and other minerals would also provide additional traffic for the Pt. Tupper to Sydney rail line.”

The total cost for the exploration activity is $83,325. ECBC will provide
non-repayable assistance of $20,000 through ACOA’s Business Development Program.

The Strait-Highlands Regional Development Agency is a not-for-profit regional development association incorporated in 1999 and located in Port Hawkesbury, NS. The SHRDA promotes economic development
co-operation and co-ordination between all levels of government in Inverness County, Richmond County and the town of Port Hawkesbury.

Enterprise Cape Breton Corporation offers programs in support of economic development initiatives and is responsible for delivering ACOA's programs in Cape Breton and the Mulgrave area.

FOR ADDITIONAL INFORMATION CONTACT:

Ralph Meechan
Office of the Minister of State for ECBC & ACOA
Tel: (613) 957-9959
Fax: (613) 941-7844

Office of Roger Cuzner, M.P.
Bras d’Or-Cape Breton
Tel.: (902) 842-9763
Fax: (902) 842-9025

Mary Ann MacCormick
Enterprise Cape Breton Corporation
Tel: (902) 564 7269

Blaine Gillis
CEO
Strait-Highlands Regional Development Agency.
Tel: (902) 625-3929