MINING NEWS: Yukon exploration spending to double

Exploration spending on Yukon mines is forecast to double this year from 2004 to about C$40 million, according to an exploration and development survey by the British Columbia and Yukon Chamber of Mines.

The greatest push is coming from healthy commodity prices, which have given a lift to investment in mining companies, said chamber President Scott Casselman.

In addition, he credited the Yukon government with “working very hard” to encourage a mining revival, especially by eliminating regulatory obstacles.

He placed Yukon Zinc, Sherwood Mining and Tagish Lake Gold among the expected big players of the 80 firms surveyed.

More than half of those contacted said they intend to be active in the Yukon this summer, spending more money than they have in eight years.

On the downside, Casselman noted that the spending will be restricted to minerals exploration and development properties, with none going to a hardrock operating mine.

To be assured that a revival is under way, he would like to see one or two operating mines, but he expressed hope that “we’re well on track to get there in very short order.”

—Gary Park