G.N.W.T’s Mining Incentive Program oversubscribed in first year

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Yellowknife, NWT – The G.N.W.T says its Mining Incentive Program has been oversubscribed in its inaugural year, with strong interest shown by companies and prospectors in the territory and across Canada.

The program was launched in June, providing funds to eligible prospectors and mining exploration companies that are already engaged in exploration projects or proposing new ones in the N.W.T.

It also aims to offset some of the financial risks associated with grassroots mineral exploration in the territory.

Director of Mineral Resources Pamela Strand is with the G.N.W.T’s Department of Industry, Tourism and Investment.

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“It’s part of the Mineral Development Strategy which came out of the 17th Legislative Assembly. The Northwest Territories has excellent potential for new mineral discovery so this incentive program is one of the first steps for ensuring the long-term health of the industry in the Northwest Territories.”

In a news release, I.T.I Minister David Ramsay says he looks forward to using the program to contribute to the success of northern and Aboriginal-owned businesses pursuing mining projects so that more northerners can enjoy the benefits of economic development and a healthy mining sector.

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