Federal Natural Resources Jim Carr chose the big stage of the Prospectors and Developers Association of Canada (PDAC) annual convention to announce the renewal of the Mineral Exploration Tax Credit for one year, along with the maintenance of the flow-through share system.
Carr made his remarks during the media reception at the convention in Toronto, March 6.
The renewal of the tax credit and maintenance of the flow-through share system were key PDAC recommendations for the 2017 federal budget.
The tax credit, which was scheduled to expire at the end of March, is regarded as a proven, effective incentive to stimulate investment in grassroots exploration.
It was precisely what PDAC president Glenn Mullan wanted to hear.
"Canada's innovative super flow-through share system underpins the success of Canada's mineral exploration and development industry. Our sector is proud to create economic opportunities for Canadians -- from large cities to rural, remote and Aboriginal communities.
The announcement of the maintenance of the super flow-through share system will help Canadian junior explorers raise capital to finance projects across the country."
The four-day convention is considered the premier event for the global minerals and mining industry. Held at the Metro Toronto Convention Centre, it annually attracts more than 25,000 people from 125 countries.
