VANCOUVER — The British Columbia government says it will extend the province's mining flow-through share program for another three years to 2013. The announcement was made by Premier Godon Campbell at the Association for Mineral Exploration British Columbia's (AMEBC) annual awards dinner at last week's Mineral Exploration Roundup.
"Flow-through share funding has been critical to the success of mineral exploration in British Columbia," said Gavin C. Dirom, president and CEO of AMEBC. "The Premier's announcement increases certainty that British Columbia will retain its competitive edge as a destination for mineral exploration investment."
The provincial government introduced the Mining Flow-Through Share Tax Credit in 2001 to provide a 20% tax credit for grassroots mineral exploration. Flow-through shares allow exploration companies to pass eligible Canadian exploration expenses to investors. When combined with federal flow-through share credits, the flow-through tax credit helps to reduce the cost of a $1,000 investment to approximately $380. Previously, the Mining Flow-Through Share Tax Credit was renewed on an annual basis.
The Association's website is at www.AMEBC.ca.