Extending the Mineral Exploration Tax Credit for flow-through share investors, demonstrates Ottawa's commitment to the Canadian mining industry, said the federal Natural Resources Minister, March 2.
Lisa Raitt announced chose the opening day of the Prospector and Developers Association of Canada show in Toronto to highlight the exploration tax credit from the federal budget.
The tax credit is a measure that helps junior miners access venture capital to finance exploration.
Raitt said extending the credit is vital to 150 communities in an industry that employs 363,000 Canadians. The 15 per cent tax credit will help maintain investor confidence and interest in mining.
In 2007, the mining industry contributed $42 million to Canada's Gross Domestic Product.