DAILY NEWS Jan 29, 2013 4:16 PM - 0 comments

EXPLORATION: Yukon boosts incentive, okays two new mines

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WHITEHORSE – The Yukon government has increased funding to the Yukon Mining Incentive Program to encourage mineral exploration in the territory. The increase was announced at the Mineral Exploration Roundup by Minister of Energy, Mines and Resources Brad Cathers.

"We are increasing funds for the Yukon Mining Incentive Program by $200,000 to a total of $770,000 for 2013-14. This new money will encourage more investment in mineral exploration during a period when raising capital is extremely challenging," Cathers said.

"The incentive program has a proven track record at leveraging exploration dollars. In an average year, the grants we issue typically are matched by investors at a ratio of four to one," he added. "The program also provides economic incentive for individuals and companies to operate locally and invest in the Yukon economy."

The program provides funds to individuals, partnerships and companies to defray eligible expenses. It provides a portion of the risk capital needed to locate, explore and develop projects to an advanced stage. Program funds have been used to make several promising discoveries in the White Gold District.

For more information about Yukon Mining Incentive Program or other mining programs supported by the government visit Geology.gov.YK.ca. The application deadline for the upcoming year's program is March 31.

In a separate move, the Yukon government has given the nod to Alexco Resource Corp. of Vancouver to bring the Lucky Queen and Onek mines into production. They are located in the Keno Hill Silver District. Alexco (AlexcoResource.com) already operates the Bellekeno mine and mill nearby.

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