YELLOWKNIFE (June 30, 2015) – The Government of the Northwest Territories (GNWT) will support 12 mineral exploration projects in the North Slave and Sahtu regions this year. These include diamond and gold exploration projects led by both prospectors and exploration companies in the Slave Geological Province, and a silver – IOCG (iron oxide - copper - gold) project southeast of Great Bear Lake. The latter project is being conducted by DEMCo Limited Partnership, a fully-owned company of Yellowknife-based Denendeh Investments Incorporated.

“We know our territory is rich in minerals, but we are still under-explored,” said David Ramsay, Minister of Industry, Tourism and Investment. “Prospecting maximizes the return on our investment through innovative and effective exploration. We are open for business with socially responsible companies that are willing to work with us to maximize the benefits for all northerners.”

The funded projects are:

Corporate Program                       Commodity             

TerraX Minerals Inc.                        Gold                           

Canterra Minerals Corp.                 Diamonds                 

Panarc Resources Ltd.                   Base Metals, Gold   

Proxima Diamonds Corp.               Diamonds                 

DEMCo L.P.                                      Multiple Metals        

GGL Resources Corp.                     Gold, Base Metals   

Prospector Program                     Commodity             

Dave Nickerson                               Gold                           

Penelope Shaw                               Gold                           

Gary Jaeb                                          Diamonds                 

Ken Baigent                                      Gold                           

Nicolas Walker                                 Gold                           

Wayne Kendrik                                Gold                           

The Mining Incentive Program was a key recommendation of the Mineral Development Strategy and was modelled on similar successful programs operated by other jurisdictions. It is managed by the Northwest Territories Geological Survey, the territory’s centre for geoscience research and analysis.  The annual budget for the program is $400,000. NWT licensed prospectors are eligible to receive up to $15,000, while mineral exploration companies are eligible to receive up to $100,000 representing 50 percent of eligible expenses. This is the second year of the program’s operation, and in both years prospectors and exploration companies requested more funding than was available.

Strengthening and diversifying the economy by developing a socially responsible and environmentally sustainable economic development and mining strategy is a priority of the 17^th Legislative Assembly.

Media inquiries:

Roya Grinsted
Communications Officer
Office of the Premier/Cabinet
Government of the Northwest Territories
Phone: (867) 669-2308