News and event information for Williams Lake, BC - as it happens.

Minister of Energy and Mines Rich Coleman today announced BC experienced its second consecutive year of rising mineral exploration expenditures in 2011, as the mineral exploration and mining industry continued a dramatic upward trend.

The preliminary regional estimates for exploration expenditures are $463 million in 2011, up 35 per cent from $341 million in 2010. It also represents a 1,500 per cent increase over the 2001 figure of $29 million.

"The mineral exploration and mining industry brings in millions of dollars in revenue and provides well-paying, secure jobs in communities across the province," said Minister of Energy and Mines and Minister Responsible for Housing Rich Coleman. "This government is working to ensure these jobs continue and expand and mineral exploration continues to fuel investment.  2011 was a strong year for investment in the province and we're confident these numbers will continue in 2012."

Mining exploration expenditures set the stage for higher production volumes, continued capital investment and greater employment. In 2011, the total value of mineral sales in the province is estimated to have risen to $8.6 billion from $7.1 billion in 2010, an increase of more than 20 per cent.

BC's mining industry also invested more than $2.1 billion to upgrade capital equipment, expand existing operations and develop new mines last year.

Today, two major mines are under construction in the province - Mt. Milligan copper gold mine between Fort St. James and Mackenzie and New Afton copper gold mine near Kamloops. The Province also  recently permitted Barkerville Gold Mines Ltd.'s Bonanza Ledge property in December 2011, with construction expected to start this year.

The mining industry and related minerals sectors employed over 29,000 people in 2011. The 'Canada Starts Here: BC's Job Plan' commitment to expand nine mines and open eight additional mines by 2015, is expected to generate an increase of mine-operation revenue estimated at $1.6 billion per year once these projects are fully operational and create about 1,800 new and sustain more than 5,000 jobs because of longer mine lives.

The province proclaimed January 22 to 28, 2012, Mineral Exploration week.

"It is clear that mineral exploration and mine development are key economic drivers in B.C. These higher levels of investment and activity should ultimately lead to new discoveries and mine developments, spurring regional development, creating jobs, enhancing infrastructure and increasing government revenues. This is a major multi-generational socio-economic opportunity that can be measured in the billions of dollars and thousands of jobs," according to Association for Mineral Exploration president and CEO Gavin C. Dirom.

Quick facts:

• Mining Exploration Tax Credit provides a 20 per cent refundable tax credit for companies.

• Mining Flow Through Share Tax Credit provides a non-refundable 20 per cent tax credit. This incentive makes the cost of eligible exploration the second-lowest in the country.

• New Mine Allowance provides the equivalent of a 133.3 per cent deduction of capital costs for mines that commence or expand production before January 1, 2016.

• B.C is the first province in Canada to share direct revenue generated from mining with First Nations. Two agreements have been reached, and a number are under negotiation.

• The British Columbia Geological Survey has supported the mineral exploration industry for more than 100 years by providing new geological maps and other geoscience data, acting as the provincial custodian for all geoscience data and delivering this information via MapPlace, an award-winning Internet display tool that is among the best in the world.

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