AME BC: BC Mineral Explorers Thank Federal Government for Continued Support

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2011) - The Association for Mineral Exploration BC (AME BC) today thanked the federal government for its continued support of the mineral exploration tax credit, and reducing red tape. The federal budget includes a proposed extension to the 15 per-cent Mineral Exploration Tax Credit to March 31, 2012. This important tax credit helps companies raise capital by providing an incentive to individuals who invest in flow-through shares issued to finance mineral exploration in Canada. The federal government will also continue its work with the Red Tape Reduction Commission to reduce complex and overlapping regulatory requirements.

The federal budget did not specifically address new funding for geoscience research that would facilitate mineral exploration as well as the critical assessment and management of geohazards, such as earthquake and landslide risks. However, earlier this month, the federal government committed $25 million over five years to the Targeted Geoscience Initiative and announced $1.8 million for Advanced Applied Physics Solutions that will enable remote high-precision mineral exploration of dense ore deposits.

"From a very small amount of land impacted, mineral exploration, mine development and mining contribute $32 billion to Canada’s GDP annually – bringing real economic opportunities to communities in both rural and urban areas," said Gavin C. Dirom, President & CEO of AME BC. "We thank the government for measures announced over the past two weeks and in today's budget that will help sustain the mineral exploration and mining sector, and ultimately benefit all Canadians. In a non-partisan manner, we look forward to working with the federal government to make the Mineral Exploration Tax Credit permanent and to ensure that mine proposals in this country are evaluated efficiently and effectively. We also hope that in light of recent seismic events in Japan and New Zealand, future budgets will examine the role of geoscience, not only for mineral exploration, but to further identify geological hazards."

About AME BC:

AME BC is the predominant voice of mineral exploration and development in British Columbia. Established in 1912, AME BC represents thousands of members including geoscientists, prospectors, engineers, entrepreneurs, exploration companies, suppliers, mineral producers, and associations who are engaged in mineral exploration and development in BC and throughout the world. Through leadership, advocacy, and partnerships, AME BC promotes a healthy environment and business climate for the mineral exploration industry.

B-roll footage and photos of prospecting, geological work, drilling, helicopter transportation, and other mineral exploration activities on properties in BC are now available on request.