PDAC Welcomes Measures to Support Canada's Mineral Exploration Sector

TORONTO, ON--(Marketwired - April 21, 2015) - The Prospectors & Developers Association of Canada (PDAC) applauds the Government of Canada for taking steps to support Canada's mineral exploration and development sector, as announced in Economic Action Plan 2015.

"The initiatives included in Budget 2015 will support investment, employment and research in Canada's mineral exploration industry, in addition to helping the industry remain competitive and a leader on the world stage," says PDAC President Rodney Thomas.

As announced on March 1 at the PDAC 2015 Convention, the Honourable Joe Oliver, Minister of Finance, included in Economic Action Plan 2015 a commitment to renew the Mineral Exploration Tax Credit (METC) until March 2016, and ensures that the costs associated with environmental studies and community consultations will be eligible for Canadian Exploration Expense (CEE) treatment.

"Renewal of the vitally-important METC and updating eligibility for Canadian Exploration Expenses will support the competitiveness of the Canadian mineral exploration industry," says PDAC Executive Director Andrew Cheatle. "PDAC welcomes these investments, particularly at this time when it is increasingly difficult for Canadian junior explorers to obtain financing. We look forward to working together with the government on the accompanying CEE legislation."

Also included in Economic Action Plan 2015 is an investment of $22 million over five years to renew the Targeted Geoscience Initiative (TGI), a key recommendation of PDAC's 2015 pre-budget submission. "The PDAC welcomes the Government of Canada's continued investment in this program," notes Thomas. "Investments in public geoscience enhance the competitiveness and efficiency of exploration that discovers mines and contributes to Canada's attractiveness as a place to invest."

The government also committed $42 million in funding over five years to expand the footprint and resources of the Canadian Trade Commissioner Service to support Canadian firms working abroad. "The Canadian mining industry is active in over 100 countries and relies on the support of the Canadian Trade Commissioner Service when doing business," says Cheatle. "PDAC supports this continued investment in the Trade Commissioner Service and looks forward to the opportunity to work together with the Trade Commissioner Service on issues faced by the mineral exploration sector abroad."

About the PDAC
The Prospectors & Developers Association of Canada (PDAC) is the national voice of the Canadian mineral exploration and development community. With a membership of over 9,000 individual and 1,250 corporate members, the PDAC's mission is to promote a responsible, vibrant and sustainable Canadian mineral exploration and development sector. The PDAC is also known worldwide for its annual convention, regarded as the premier event for mineral industry professionals. PDAC 2016 will take place at the Metro Toronto Convention Centre from March 6 to March 9.