Released on May 4, 2005
Mineral exploration activity in Saskatchewan is expected to hit an all-time high this year according to new figures released today by Industry and Resources.Preliminary estimates are that the mining industry will invest more than $120 million this year in exploration for minerals such as uranium, gold, diamonds and base metals. This is double the $60 million spent in 2004, which almost doubles the $31.3 million spent in 2003. The 380 per cent forecast growth over two years is mainly in uranium and diamonds. Exploration incentives introduced by the province in 2002, and high commodity prices are fuelling a boom in exploration activity.
"We're in the midst of a staking rush that is unprecedented," Industry and Resources Minister Eric Cline said. "Saskatchewan is one of the top jurisdictions in the world for mining, and through these record investments in exploration, the industry is showing its confidence in the opportunities that our province affords."
"This new activity plus the rising price of uranium has increased the demand for skilled exploration personnel, and will ultimately mean more new jobs in our mining industry," Northern Affairs Minister Buckley Belanger said. "This is great news, especially for northerners who hold over 50 per cent of the long-term mining jobs."
Saskatchewan's Athabasca Basin is the world's premier exploration district for high-grade uranium deposits. The steady rise in the price of uranium, since near-historic lows at the end of 2000, reflects global demand exceeding current supply. Saskatchewan supplies approximately 30 per cent of world uranium production.
Cline released these figures and promoted mineral exploration opportunities to investors at the SaskRocks Conference held today by Union Securities in Saskatoon.
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For More Information, Contact:
| Bob Ellis Industry and Resources Regina Phone: (306) 787-1691 |