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HomeNewsHay River NewsFunding for mining prospects announced

Funding for mining prospects announced

The Department of Industry, Tourism and Investment will be putting $1 million into exploration and prospecting in the next year.

The money falls under the Government of the Northwest Territories’¬†Mining Incentive Program¬†and will award six prospectors and seven corporate recipients.

The program allows for companies to continue exploring while still maintaining work at current locations. Minister of ITI, Wally Schumann, says that exploration is key.

In this time of financial challenges within global exploration, it is essential that the NWT remains a competitive and attractive jurisdiction. Investing in promising, well-managed projects is one of many ways our government acts to safeguard the millions of dollars in economic benefits and thousands of jobs that mining creates in the NWT.

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The GNWT announced in March that the potential funding for MIP would be between $400,000 and $1 million.

The GNWT says that they will support mining as the foundation of the territorial economy; treating it as a commitment under it’s current mandate.

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