November 9, 2011 - "Geosciences information is the key tool that most geologists and prospectors turn to in determining both where and how to explore for these resources. Reliable geosciences data is vital to encourage exploration in areas with high resource potential, which in turn will foster significant mineral exploration investment in the Northwest Territories – contributing to the sustainability of the NWT mining industry." - Minister of ITI David Ramsay, CanNor/GNWT Geoscience Funding Announcement, Nov. 8, 2011

(CAD)

Thank you Minister Aglukkaq. The Government of the Northwest Territories shares your excitement about the opportunities this funding will bring.

Mineral and energy resource development presents our territory with amazing opportunities. But first we need to pinpoint the location of the new deposits of minerals, oil and natural gas.

Now more than ever, we need to invest in geosciences research.

Geosciences information is the key tool that most geologists and prospectors turn to in determining both where and how to explore for these resources. Reliable geosciences data is vital to encourage exploration in areas with high resource potential, which in turn will foster significant mineral exploration investment in the Northwest Territories – contributing to the sustainability of the NWT mining industry.

The NWT Geoscience Office has benefitted from funding from the Strategic Investments in Northern Economic Development program since 2005.

This funding was instrumental in allowing the Geoscience Office and its partners to carry out a large number of research activities in the Northwest Territories – research that translated into new maps, assessments and scientific reports now used in exploration activities around the territory.

Exploration companies can access this information with the click of a button through a new state-of-the-art web portal.

Without this funding, these research activities would not have been possible – meaning exploration companies would have nowhere to turn for essential geosciences data.

This new funding will support an additional three years of geoscience research activity in the NWT. Bedrock mapping, sedimentary basin analysis, regional geochemical and geophysical surveys, detailed studies of mineral and petroleum potential, and GIS support will all be part of this research.

Spearheading the work is the Northwest Territories Geoscience Office – their expertise is valued throughout the industry and I am confident this funding will translate to more opportunities in our mining sector.

We are especially pleased with CanNor’s commitment to multi-year funding. Our short northern summers make for a short field season. Many geosciences projects take more than one year to complete but this funding will ensure longer-term research can take place.

I want to thank the Canadian Northern Economic Development Agency, as well as our private sector partners, for their significant investment in geosciences research.

Not only will the outcomes of these research and data projects help attract investment to our territory, they will also create spin-off exploration projects that will provide employment and business opportunities for NWT residents.

Thank you.