EXPLORATION 1997 — Canadian exploration nears $1 billion as foreign spending jumps

Statistics compiled by Natural Resources Canada show that mineral exploration spending is on the rise in Canada.

During 1996, exploration spending increased to $945 million from a 26-year low of $383 million in 1992. The recovery was triggered by the discoveries of diamonds in the Northwest Territories and nickel-copper-cobalt at Voisey’s Bay in Labrador.

Since 1992, Canadian companies have more than doubled the total pool of funds spent on exploration and mine financing worldwide. In 1996, Canadian junior companies are believed to have accounted for 15% to 20% of total, worldwide exploration expenditures. Senior companies also are increasing their budgets for foreign exploration.