Mineral Exploration Set To Skyrocket In 2005

Mineral Exploration Set To Skyrocket In 2005

Wednesday, May 04, 2005 at 14:01

It’s shaping up to be a record-breaking year of mineral exploration in northern Saskatchewan.

The provincial government has released estimates of what the industry will spend on uranium, diamond, gold and base metals exploration this year.

It’s forecasting those expenditures will hit $120 million in 2005.

Last year, companies spent $60 million. The year before, firms invested a combined $31 million looking for minerals.

The government credits the exploration incentives it introduced in 2002 and high commodity prices for the boom in activity.

Energy and Mines spokeswoman Pam Schwann says, as a result, the Athabasca Basin has seen a number of new players begin uranium exploration projects.

Schwann says 90 per cent of this year’s total exploration expenditures will be spent looking for uranium and diamonds.