Natural Resources

Junior mining companies, prospectors receive grants (08/09/29)

NB 1411

Sept. 29, 2008

FREDERICTON (CNB) - Eleven companies have received grants from the Department of Natural Resources under the New Brunswick Junior Mining Assistance Program. In addition, 62 prospectors have received grants under the New Brunswick Prospectors Assistance Program. Grants are awarded to stimulate exploration investment in New Brunswick.

"The mining sector is an important contributor to New Brunswick's economy, and we are pleased to provide these grants to foster growth in this sector," said Donald Arseneault, minister of natural resources.

The New Brunswick Junior Mining Assistance Program has succeeded in attracting new exploration companies to the province and in encouraging existing companies to continue their work here.

This year, junior mining companies have been awarded grants ranging from $30,000 to $50,000 for a total of $480,000. Junior mining companies have discovered new mineral resources in various parts of New Brunswick.

The New Brunswick Prospectors Assistance Program provides grants to prospectors to search for new mineral prospects; promotes their new discoveries at national trade shows; and supports prospector training. This year, $302,600 was provided to the 62 prospectors.

The value of mineral production in New Brunswick in 2007 was $1.57 billion. Exploration companies invested $34 million in the province and are projected to spend $43 million in 2008.

08/09/29

MEDIA CONTACTS: Sharon Jones or Sheri Strickland, communications, Department of Natural Resources, 506-453-2614.

08/09/29