Yellowknife — April 1, 2019
The Government of the Northwest Territories (GNWT) has taken action to support its mineral exploration sector by extending a successful program for two years.
The Work Credit Program (WCP), originally introduced in 2015 to offset costs for mineral explorers since a downturn in the financial markets, will be extended for two years beginning April 1, 2019 to continue to encourage more exploration.
Under the NWT Mining Regulations, holders of recorded mineral claims in the NWT must complete work or submit cash in lieu to keep a claim active. Reported exploration work is assessed and approved by the Government of the Northwest Territories’ Mining Recorder’s Office.
With this program, the credit or value of qualifying early exploration work will be multiplied by 1.5 in the recording system — effectively increasing the value of work done and reducing burden on explorers operating in the NWT. To date, the WCP has generated nearly $5 million in additional benefit for NWT exploration projects.
Extending benefits under the WCP is consistent with the GNWT’s mandate to support mineral exploration in the NWT to drive the future of mining — an industry responsible for roughly 25% of economic activity in the NWT.
The Work Credit Program arose from the implementation of the NWT Mineral Development Strategy.
Relevant links:
For more information:
Mike Westwick
Senior Communications Officer
Industry, Tourism and Investment
1-867-767-9202 ext. 63039