Ontario Mining Sector Support Measures Introduced Since 1995:

a 50% reduction in the Mining Tax rate from 20% to 10% by 2004, reducing corporate income tax rates for resource companies from 13.5% to 8% by 2005

a 10-year mining tax exemption for new remote mines opened after January 2001, after which time their profits will be taxed at a rate of only 5%

a new flow-through share incentive offering individual shareholders a 5% provincial tax credit, on top of the 15% federal tax credit and the 100% deduction currently available in respect of the eligible corporate exploration expenses

a one-year extension of the original two-year Ontario Treasure Hunt geoscience survey program, increasing total funding from $19 million to $29 million

a four-year, $27-million Abandoned Mines Rehabilitation Program to provide a systematic approach to cleaning up abandoned mine sites located on Crown land in the province

a new four-year, $8-million Ontario Mineral Exploration Technologies program, designed to stimulate the development of new technologies for mineral exploration

contributions through the Northern Ontario Heritage Fund of $4 million in support of the restructuring and establishment of the new Ontario Prospectors’ Association (OPA)

reduction of red tape to increase efficiency and front-line client services

reduced and stabilized mining costs through initiatives that held the line on taxes for mining leases and patents and payroll tax rates

introduction of the Professional Geoscientists Act to bring geoscientists under a system of licensure and enhance Ontario’s position as a safe place to invest and raise capital