The Yukon Chamber of Mines has completed its 2008 Yukon Exploration and Development Survey. The annual survey forecasts the level of exploration and development expenditures anticipated for the 2008 season. Out of 87 companies that have been active in the Yukon Territory in the past, 61 told the chamber that they plan to return this season.
The chamber reports that as of May 26 approximately C$115 million is projected to be spent on exploration this year, and an additional C$2 million in development expenditures is expected. The development expenditures exclude any estimates for the Wolverine copper-lead-zinc-silver-gold project, held by Yukon Zinc Corporation, pending finalization of a takeover bid by a consortium of China-based companies. The 2008 estimate is down slightly from the 2007 total of $140 million in actual expenditures.
The exploration expenditures forecast for 2008 are up C$7 million from the C$108 million anticipated for the 2007 season. Development expenditures are expected to drop from 2007 levels. The transition of Sherwood Copper Corp.’s Minto Mine from development to production has contributed to lower development expenditures this year.
In 2007, C$140 million was spent on mineral exploration and development in the Yukon Territory.
