is leveraging all of Canada's mining industry, lol!
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Dude, I warned you. Do the DD, this is scam from the get-go. The only billions here, are the shares they are probably madly issuing right now.
Well let's see it junior, paint that tape! Close it above .052 there big-pockets!
I see you've commented mostly on a whopping two stocks in your time here at I-hub, might want to broaden your scope, I made a killing today on a dead-cat bounce, your assignment is to figure out where.
Here beginneth the lesson.
Who said anything about soon? Man, for "longs", you guys sure do assume some VERY short-term time periods when a person is commenting on this stock....sorry, but that really doesn't sound much like it's "longs" who are speaking here.
Give it your best shot man, hope it works out, but again, without some material events, the PPS will continue to bleed, and that's NOT a commentary on this stock or this company AT ALL, it's just the way it works, y'all know this.
All I did was comment on someone who mentioned "technicals" as being some sort of reason why it "couldn't" drop to .03, that's all I was commenting on, and that's all I meant, okay? Hackles down now please, i'm not an enemy, i'm an active realistic trader who likes a lot of these junior miners longer term, but I can't let erroneous statements go unanswered.
I didn't say that, I was merely chiming in when it was said that this couldn't go to .03, please don't put words in my mouth, or assume you have any idea of my intentions or motivations. You are going to want guys like me on board if you don't survive the current test of support.
Actually it CAN do it, saying it can't is ignoring all the facts, period. It has now violated the 50 day exponential moving average in a solid way at .052, and has been trying to form a bearish hammer all day. There may be some psychological support at .05, but that's typically only dedicated longs, and there's only so much money even they will throw here. And .03 is more optimistic than the chart, .02 is more likely the total downside without some material event occurring. I like KATX, but if you close today below .052, all bets are off. But I will definitely take some cheapies in the .02's for the longer haul...junior miners in general getting beat up the last couple days, it's definitely gut-check time.
LOL Jim! Well for goodness sake, don't post that over there, they are rather feisty about their scam today.
WAMUQ got dumped hard today finally, feel bad for those guys, helluva dead-cat bounce though, got back from fetching mulch just in time to see .10 again and loaded up, just sold it for all my wine money for the next month, lol, going to fetch more mulch now, and wine!
Slojab, i'm sorry buddy, I won't mention the balmy 78 degree weather here anymore, lol, be 100+ soon enough anyway!
LOL! Well i'm just gonna shut up about it now, I got summarily cussed out and PM'ed by angry people who are mad because they say I was harshing their gig, even complained to Shelly I guess. Sheesh. Nice day today, and I made some good coin this week, think i'll call it a day and work in my garden all day, sunny and warm here, so perfect day to be outdoors. Y'all have a great weekend!
Cheers!
Dragynn
Scam of the day=PFNO
http://investorshub.advfn.com/boards/board.aspx?board_id=5625
yikes, getting worse out there with too much of the market trading sideways.
Pinksheets doesn't even have the correct state of incorporation, i'm too sure anyone bases investment decisions on whatever garbage info Pinks**ts out.
SCAM IN PROGRESS.
C'mon guys....sheesh...read the filings, they R/S'ed this in 2007, got the O/S down to less than 100 million, as of 2009, it's close to a billion. See how they get money? Buncha scammers playing golf, selling stock, R/S, repeat repeat repeat....typical pinksh***er.
Any proof of this claim? I see none in the filings (which by the way, they filed 15-12g in 2008 and stopped reporting, y'all DO know what that means right?)
Holy crap, that's got to be the dumbest thing i've heard a company do all year if it's true...wow...they could have bought back almost 10 percent of their bloated O/S with that much cash at the current price. Nobody's that dumb, must be diluting/selling off.
There's a "promo" going on? Could have fooled me, where exactly is this being "promoted"? Seems like a pretty lame and ineffective "promo", couldn't these guys have afforded a better class of "promoter"? And aren't there better uses of company money than touting it's own stock?
SNOOKIE DID IT! AND NOW FOR THE MOASS!
oh boy! Penny, what do you think about this? Oh never mind, RS-RS-RS-RS-RS-RS-RS-RS-WIPEOUT-WIPEOUT...does that about cover it?
LOL!
Get ready to pay up NSS'ers!
OOPS! HATE TO BE CAUGHT IN A GINORMOUS SHORT POSITION IF THIS IS TRUE!! THE MOASS OF ALL MOASS'ES STANDING BY!
SRSR-news-more niobium and tantalum too!
Drilling Results Confirm Extension to SE Zone
OAKVILLE, ON -- (Marketwire)
03/11/10
Sarissa Resources Inc. ("Sarissa" or the "Company") (PINKSHEETS: SRSR) is pleased to announce that the preliminary analytical results from step out hole DDH-10-83 have identified an extensive new zone of Nb2O5 mineralization.
The Company's ongoing analysis of current and past geophysical data had led to the testing of an anomaly approximately 400 meters to the south of the existing mineralized area within the Southeast Zone. The anomaly was identified through an independent geophysicist's interpretation of the Ontario Geological Survey's (OGS) total magnetic intensity data from its Kapuskasing airborne geophysical survey and from the earlier ground and airborne geophysical work done on the property.
DDH-10-83 was located to test this anomaly and was drilled at an azimuth of N 45 degrees E and an inclination of -45 degrees to a total depth of 416 meters. Assays to date have been received for the first 308 meters of core, with the remaining assays expected shortly.
Niobium mineralization was encountered in this hole from bedrock surface, and significant niobium concentrations of 0.31% over a 103.5-meter width were obtained in a depth interval between 182 and 285.5 meters down hole. These grades are consistent with the historical grades obtained within the Southeast zone by Dominion Gulf Resources in the late 1950's and early 1960's. In addition to the Nb2O5 mineralization encountered, assays for Ta2O5 returned 266 parts per million over a 50-meter interval from 188 meters to 238 meters down-hole.
Scott Keevil, Sarissa CEO, commented, "These are very good results considering the distance of this step-out hole. Our geological team is eagerly awaiting the final assay results for this hole."
Mr. Warren Hawkins, Exploration Manager, commented, "This result is significant in that it supports management's theory that the entire outer rim of the Nemegosenda intrusive complex is potentially host to niobium mineralization. Interpretation of the OGS magnetic data indicates that the circumferential strike length of the outer rim of the complex is approximately 13.9 kilometers. To date, exploration work has only tested 2.8 kilometers of this strike length. By continuing to drill step out holes along the outer rim, Sarissa has excellent potential to substantially increase niobium reserves at the Nemegosenda property."
The Company has now entered into property agreements covering virtually all of the potentially mineralized ground within the complex.
Warren Hawkins, P.Eng. is a "qualified person" within the meaning of National Instrument 43-101 and has read and is responsible for the technical information contained in this news release.
Safe Harbor
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Sarissa Resources, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
About Sarissa Resources Inc.
Sarissa Resources Inc. is a junior exploration company with interests in properties with base metal, precious metal, uranium, niobium and rare-earth prospects in Northern Ontario, Canada. The Company is specifically focused on the development of its Nemegosenda niobium project.
FOR FURTHER INFORMATION contact:
www.sarissaresources.com
and http://nemegosenda.sarissaresources.com/
Public Relations: Merle Goertz
866-307-1331
Agreed Doubloon, the new availability of the Finra short data, has proved to be a source of conjecture and confusion, nothing more really. The fact is, MM's short sell stocks in the course of keeping a liquid market every day, and on every stock (which is their reason for existence to start with). It's not them taking a position, it's them providing stock for a buyer when the buyer is readily available and shares are not. It's possible for them to make money doing it, NITE does it a lot on high volume pinks, but not really an issue in a low float-low volume stock like WOLV.
JMHO
Yeah no kidding, it would have done more for the stock had he taken that 22,000.00 and used it to buy back shares. Talk about wasting cash..."awareness campaign", i'm too sure, P&D campaign is more like it.
Looked like a lot of buying actually to me D, the sales were going off at the ask in the morning, lot of buys at .04, and on much much better volume than average, a good sign indeed.
Now in all fairness, the thing to consider with the sells at .03-.035 while seemingly incomprehensible to us, make some sense when you consider that the company has been paying some of it's bills with stock at a figured price of .03, and some folks just might need to go ahead and collect their paycheck.
I did a basic back-of-the-envelope calc based upon their stated cash needs to complete phase 5 of their plan, and assumed they would have to sell stock for every bit of it. And still, this amounted to less than 20 million shares, which would put us at an OS of around 88 million, a somewhat ridiculously low number for a junior miner on the edge of JV'ing or producing (which they should be at that point)...for comparison, I also own SRSR at probably close to a 900 million OS by now, and roughly the same price.
I saw some across the board weakness in junior miners yesterday, i'm actually encouraged by WOLV holding it's range.
GLTU!
Thirding that. 30 million float....I just like hearing and saying that, lol, 68 million O/S...compared to the share structure of some other junior mining stocks I own...sheesh...yeah, i'll take a few more myself.
Enjoy my friend, you earned it, congrats and kudos for hanging tough all the way to the end game!
Dunno, looks like one guy. got tired maybe? needed some trading cash elsewhere? About 15k in cash or so...sucks, I didn't have a low-ball bid up there, that'll learn me, lol.
Yep, the MM's will fill it with glee too (after first yanking the fake bids/amounts they were dangling like the proverbial carrot), shame for somebody.
Anyone here have an account with PACER?
500k, yeah, kinda tripped me out too, maybe they had a hot runner elsewhere. No biggie, just biding my time waiting for the parlay, wish I would have had a bid in, I would have taken some cheapies.
Please take a moment, and request MXVDF at stockcharts.com, currently they don't have it charted, only takes a second!
Thanks!
http://stockcharts.com/help/doku.php?id=support:feedback:symbol_request
Yes! Someone fire up the SNOOKIE-signal! Same neighborhood too probably, and there's yer cameras right there!
WE WANT TRANSPARENCY!
That is hot-to-trot my brother! $$$$ in the bank!
SRSR at the PDAC!!!MUST READ! From Bullrun by way of Texas Ripper at the Junior Mining board:
Posted by: Texas Ripper Member Level Date: Monday, March 08, 2010 1:24:32 AM
In reply to: None Post # of 7585 Send a link via email Share on Facebook Tweet this post
Posted by: Bullrun2004 Date: Monday, March 08, 2010 12:17:50 AM
In reply to: None Post # of 78697
Hello SRSR shareholders,
I attended the PDAC this morning, got to the booth around 11:00am. Scott remembered me from last year (which was nice), and we had a little chat. Now mind you i didn't ask a bunch of questions regarding the drilling aspect of the business, but i'll let you know what we discussed.
First of all there are 3-4 holes that are in the process of getting essayed and results of at least one of the holes should be out within 1-2 weeks. He understands that the company has been quiet lately, and states that will start to change soon. Once the rest of the results come from the drilling, the company will update and complete the NI 43-101 report.
The company will then like to start the process of a feasibility study (which could take up to 18 months and around $25 million). Now to get the access to that type of money, they will do a JV with another company. Scott did say they have been approached by many companies with interest of doing a JV, but they are looking for the right deal. He did say it probably might be with either a Chinese company or a company in India that need the resources.
SRSR will also start drilling again on the Shining Tree property in June.
The stock options that are expiring this August @ .02 (around 50 million shares) are if exercised, will be restricted for 1 year. Scott stated a portion of these options are his, and will exercise them.
In a nutshell company will be completing the NI 43-101 report as well as do a JV with a company this year.
Personally, after speaking with Scott at the PDAC show for 2 years in a row, i am extremely confident we have a winner, just sit back and enjoy! Cheers:)
News-Mexivada signs LOI for Jefferson Property, Nevada
( New I-hub board for Mexivada here: http://investorshub.advfn.com/boards/board.aspx?board_id=17251
Mexivada Mining Corp. (MXVDF))
http://pr-canada.net/index.php?option=com_content&task=view&id=171779&Itemid=59
Posted by marin2008
Sunday, 07 March 2010
GOLD JACKPOT ASSAYS: Mexivada's Gold Jackpot property was sampled by a large third party company who reported to Mexivada that it had taken rock chip samples in the central, higher-grade core area, and had received assays grading up to 16 grams per tonne ("g/t") gold, 258 g/t tellurium, and 147 g/t silver. Mexivada personnel are designing a drilling program with the goal of testing this central core area at Gold Jackpot in 2010.
Gold Jackpot contains widespread and extensive, locally high-grade gold-enriched polymetallic mineralization throughout an area of 2 square kilometres in the central core area and discontinuously over approximately a 6 km length. Gold mineralization is closely associated with tellurium, silver, and lead. A 650 by 150 metre central core area at Gold Jackpot is the locus of the highest grade mineralization, including a Mexivada sample that assayed 4.844 g/t gold, 338.9 g/t tellurium, 239.7 g/t silver, 2.4% lead, 332 g/t copper, and 15 g/t indium. The three samples highest in copper carried 1046, 551, and 522 g/t Cu, suggesting that a "porphyry-style" intrusive could lie at depth in this area.
JEFFERSON PROPERTY, LETTER OF INTENT: Mexivada signed a non-binding Letter of Intent on March 4, 2010 through which Trilogy Mining Corporation could acquire a 90% interest in the Jefferson Property, located 35 kilometres east of the Round Mountain gold mine open pit in Nye County, Nevada, after a 30 day period of "due diligence". Mexivada would reserve a two percent net smelter return royalty, which could be purchased by Trilogy.
Maps showing property geology and mineralization have been posted to Mexivada's website at www.mexivada.com. The Company's President and CEO, Richard R. Redfern, M.Sc. and Certified Professional Geologist, a 'qualified person' for the purposes on National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified the information and evaluated the interpretations contained in this news release.
Sure, i'll jump on board, maybe I can be of some use, we'll DD this puppy out and see where she takes us.
Good luck this week MT! Hopefully some good deals are getting cut at PDAC and we'll have some news on some of the JM's this week.
Dragynn
News-Mexivada signs LOI for Jefferson Property, Nevada
http://pr-canada.net/index.php?option=com_content&task=view&id=171779&Itemid=59
Posted by marin2008
Sunday, 07 March 2010
GOLD JACKPOT ASSAYS: Mexivada's Gold Jackpot property was sampled by a large third party company who reported to Mexivada that it had taken rock chip samples in the central, higher-grade core area, and had received assays grading up to 16 grams per tonne ("g/t") gold, 258 g/t tellurium, and 147 g/t silver. Mexivada personnel are designing a drilling program with the goal of testing this central core area at Gold Jackpot in 2010.
Gold Jackpot contains widespread and extensive, locally high-grade gold-enriched polymetallic mineralization throughout an area of 2 square kilometres in the central core area and discontinuously over approximately a 6 km length. Gold mineralization is closely associated with tellurium, silver, and lead. A 650 by 150 metre central core area at Gold Jackpot is the locus of the highest grade mineralization, including a Mexivada sample that assayed 4.844 g/t gold, 338.9 g/t tellurium, 239.7 g/t silver, 2.4% lead, 332 g/t copper, and 15 g/t indium. The three samples highest in copper carried 1046, 551, and 522 g/t Cu, suggesting that a "porphyry-style" intrusive could lie at depth in this area.
JEFFERSON PROPERTY, LETTER OF INTENT: Mexivada signed a non-binding Letter of Intent on March 4, 2010 through which Trilogy Mining Corporation could acquire a 90% interest in the Jefferson Property, located 35 kilometres east of the Round Mountain gold mine open pit in Nye County, Nevada, after a 30 day period of "due diligence". Mexivada would reserve a two percent net smelter return royalty, which could be purchased by Trilogy.
Maps showing property geology and mineralization have been posted to Mexivada's website at www.mexivada.com. The Company's President and CEO, Richard R. Redfern, M.Sc. and Certified Professional Geologist, a 'qualified person' for the purposes on National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified the information and evaluated the interpretations contained in this news release.
About Mexivada Mining Corp.
---------------------------
Mexivada is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, mining, and joint venturing high-grade Gold-Silver, Tellurium, Diamond, and Rare Metal exploration projects in Mexico, Nevada, and Africa. Mexivada is managed by experienced and successful board members and advisors. For further information, including area maps, sections, and photos, please visit our web site at www.mexivada.com or contact us by e-mail at info@mexivada.comThis e-mail address is being protected from spam bots, you need JavaScript enabled to view it .
Hey Muaythai, checking these guys out now, looks like they are at PDAC this weekend, do we have any peeps attending that could give them the once-over?
Well the Canadian government agrees Doubloon, and has seen fit to extend a really nice tax credit to the mining sector. I think as time goes on, this trend will continue as the Canadian mining resources really are huge, and they will make it easier and easier for junior mining firms to get assistance to get up and running, and more cash from the government, means less is needed from investors (dilution). This article courtesy of mtcotc from the SRSR board:
EXPLORATION TAX CREDIT TO BE EXTENDED
Canadian mining associations praise federal budget mining initiatives
Canada's Conservative government Thursday demonstrated its continued commitment to the nation's mining and exploration sector through several initiatives contained within the proposed federal budget.
Author: Dorothy Kosich
Posted: Friday , 05 Mar 2010
RENO, NV -
Canada's proposed federal budget, which aims to slash Canada's $53.8 million (US$52.2 billion) budget deficit in half, also contains several provisions which are designed to benefit the nation's mining industry.
Total federal spending in 2010-2011, including debt charges, will hit $280.5 billion, almost $13 billion over the fiscal year that ends March 31st. A deficit of C$49.2 billion is forecast for 2010-11.
In the budget document presented by Finance Minister Jim Flaherty Thursday, the Canadian Government declared, "Canada's rich mineral resources represent significant economic opportunities. Promoting the exploration and development of these resources offers important benefits in terms of employment, investment and infrastructure, especially for rural and remote communities."
Budget 2010 proposed to extend the temporary 15% Mineral Exploration Tax Credit (METC) to March 31, 2011. The credit is designed to assist junior mining companies in raising new equity through the issuance of flow-through tax shares.
The program only applies to preliminary mineral exploration activities conducted from ground level or above ground level. Expenses for underground exploration or for the purpose of bringing a mine into production are also excluded.
The estimated net cost of extension of the credit will be $65 million over the next two fiscal years.
The budget also allocates $12 million over two years to Natural Resources Canada to renew the Targeted Geoscience Initiative, with a focus on developing new ways of exploring for deeper mineral deposits.
Budget 2010 proposes several new initiatives to improve the federal regulatory system. Earlier this week, the Conservative government pledged to "untangle the daunting maze of regulations that needlessly complicates project approvals, replacing it with simpler, clearer processes that offer improved environmental protect and greater certainty to industry."
The Mining Association of Canada (MAC) said, "The Government's commitment to ‘support responsible development of Canada's energy and mineral resources,' by untangling ‘the daunting maze of regulations that needlessly complicates project approvals, replacing it with simpler, clearer processes that offer improved environmental protection and greater certainty to industry,' is a positive signal that Canada is serious about responsible resource development."
"This commitment to clarity is a positive signal to industry that the government recognizes that
Canada's mining industry is integral to this country's recovery and long term prosperity," stated
Gordon Peeling, CEO of MAC. "Duplication leads to waste of government resources and at stake are thousands of high-paying jobs, billions of dollars in private sector investment and billions of dollars in government revenues."
Association for Mineral Exploration British Columbia (AME BC) CEO Gavin Diron said the announcement was "a welcome signal to industry that Canada is open to investment."
He also noted, "The federal budget represents several steps in the right direction to ensure that safe and modern mineral exploration and mining continue to benefit all Canadians."
"We appreciate the leadership being demonstrated, and we look forward to working with the federal government to make the Mineral Exploration Tax Credit Permanent and to ensure that mine proposals in this country are evaluated efficiently and effectively," Diron concluded.
http://www.mineweb.com/mineweb/view/mineweb/en/page72068?oid=100097&sn=Detail
Okay, one last post and i'm truly out, good news for all Canadian JM's, from SRSR board by mtcotc:
Posted by: mtcotc Member Level Date: Friday, March 05, 2010 5:46:22 PM
In reply to: None Post # of 78640 Send a link via email Share on Facebook Tweet this post
EXPLORATION TAX CREDIT TO BE EXTENDED
Canadian mining associations praise federal budget mining initiatives
Canada's Conservative government Thursday demonstrated its continued commitment to the nation's mining and exploration sector through several initiatives contained within the proposed federal budget.
Author: Dorothy Kosich
Posted: Friday , 05 Mar 2010
RENO, NV -
Canada's proposed federal budget, which aims to slash Canada's $53.8 million (US$52.2 billion) budget deficit in half, also contains several provisions which are designed to benefit the nation's mining industry.
Total federal spending in 2010-2011, including debt charges, will hit $280.5 billion, almost $13 billion over the fiscal year that ends March 31st. A deficit of C$49.2 billion is forecast for 2010-11.
In the budget document presented by Finance Minister Jim Flaherty Thursday, the Canadian Government declared, "Canada's rich mineral resources represent significant economic opportunities. Promoting the exploration and development of these resources offers important benefits in terms of employment, investment and infrastructure, especially for rural and remote communities."
Budget 2010 proposed to extend the temporary 15% Mineral Exploration Tax Credit (METC) to March 31, 2011. The credit is designed to assist junior mining companies in raising new equity through the issuance of flow-through tax shares.
The program only applies to preliminary mineral exploration activities conducted from ground level or above ground level. Expenses for underground exploration or for the purpose of bringing a mine into production are also excluded.
The estimated net cost of extension of the credit will be $65 million over the next two fiscal years.
The budget also allocates $12 million over two years to Natural Resources Canada to renew the Targeted Geoscience Initiative, with a focus on developing new ways of exploring for deeper mineral deposits.
Budget 2010 proposes several new initiatives to improve the federal regulatory system. Earlier this week, the Conservative government pledged to "untangle the daunting maze of regulations that needlessly complicates project approvals, replacing it with simpler, clearer processes that offer improved environmental protect and greater certainty to industry."
The Mining Association of Canada (MAC) said, "The Government's commitment to ‘support responsible development of Canada's energy and mineral resources,' by untangling ‘the daunting maze of regulations that needlessly complicates project approvals, replacing it with simpler, clearer processes that offer improved environmental protection and greater certainty to industry,' is a positive signal that Canada is serious about responsible resource development."
"This commitment to clarity is a positive signal to industry that the government recognizes that
Canada's mining industry is integral to this country's recovery and long term prosperity," stated
Gordon Peeling, CEO of MAC. "Duplication leads to waste of government resources and at stake are thousands of high-paying jobs, billions of dollars in private sector investment and billions of dollars in government revenues."
Association for Mineral Exploration British Columbia (AME BC) CEO Gavin Diron said the announcement was "a welcome signal to industry that Canada is open to investment."
He also noted, "The federal budget represents several steps in the right direction to ensure that safe and modern mineral exploration and mining continue to benefit all Canadians."
"We appreciate the leadership being demonstrated, and we look forward to working with the federal government to make the Mineral Exploration Tax Credit Permanent and to ensure that mine proposals in this country are evaluated efficiently and effectively," Diron concluded.
http://www.mineweb.com/mineweb/view/mineweb/en/page72068?oid=100097&sn=Detail
Had to add this post, for all who own Canadian JM's, repost from the SRSR board by mtcotc:
Posted by: mtcotc Member Level Date: Friday, March 05, 2010 5:46:22 PM
In reply to: None Post # of 78640 Send a link via email Share on Facebook Tweet this post
EXPLORATION TAX CREDIT TO BE EXTENDED
Canadian mining associations praise federal budget mining initiatives
Canada's Conservative government Thursday demonstrated its continued commitment to the nation's mining and exploration sector through several initiatives contained within the proposed federal budget.
Author: Dorothy Kosich
Posted: Friday , 05 Mar 2010
RENO, NV -
Canada's proposed federal budget, which aims to slash Canada's $53.8 million (US$52.2 billion) budget deficit in half, also contains several provisions which are designed to benefit the nation's mining industry.
Total federal spending in 2010-2011, including debt charges, will hit $280.5 billion, almost $13 billion over the fiscal year that ends March 31st. A deficit of C$49.2 billion is forecast for 2010-11.
In the budget document presented by Finance Minister Jim Flaherty Thursday, the Canadian Government declared, "Canada's rich mineral resources represent significant economic opportunities. Promoting the exploration and development of these resources offers important benefits in terms of employment, investment and infrastructure, especially for rural and remote communities."
Budget 2010 proposed to extend the temporary 15% Mineral Exploration Tax Credit (METC) to March 31, 2011. The credit is designed to assist junior mining companies in raising new equity through the issuance of flow-through tax shares.
The program only applies to preliminary mineral exploration activities conducted from ground level or above ground level. Expenses for underground exploration or for the purpose of bringing a mine into production are also excluded.
The estimated net cost of extension of the credit will be $65 million over the next two fiscal years.
The budget also allocates $12 million over two years to Natural Resources Canada to renew the Targeted Geoscience Initiative, with a focus on developing new ways of exploring for deeper mineral deposits.
Budget 2010 proposes several new initiatives to improve the federal regulatory system. Earlier this week, the Conservative government pledged to "untangle the daunting maze of regulations that needlessly complicates project approvals, replacing it with simpler, clearer processes that offer improved environmental protect and greater certainty to industry."
The Mining Association of Canada (MAC) said, "The Government's commitment to ‘support responsible development of Canada's energy and mineral resources,' by untangling ‘the daunting maze of regulations that needlessly complicates project approvals, replacing it with simpler, clearer processes that offer improved environmental protection and greater certainty to industry,' is a positive signal that Canada is serious about responsible resource development."
"This commitment to clarity is a positive signal to industry that the government recognizes that
Canada's mining industry is integral to this country's recovery and long term prosperity," stated
Gordon Peeling, CEO of MAC. "Duplication leads to waste of government resources and at stake are thousands of high-paying jobs, billions of dollars in private sector investment and billions of dollars in government revenues."
Association for Mineral Exploration British Columbia (AME BC) CEO Gavin Diron said the announcement was "a welcome signal to industry that Canada is open to investment."
He also noted, "The federal budget represents several steps in the right direction to ensure that safe and modern mineral exploration and mining continue to benefit all Canadians."
"We appreciate the leadership being demonstrated, and we look forward to working with the federal government to make the Mineral Exploration Tax Credit Permanent and to ensure that mine proposals in this country are evaluated efficiently and effectively," Diron concluded.
http://www.mineweb.com/mineweb/view/mineweb/en/page72068?oid=100097&sn=Detail
That is great news for all Canadian junior miners! Good work and thanks for posting it!
Have a good weekend Muaythai and miners! I am ever more convinced that this year is gonna make last year look like chickenfeed in the junior miners, added to a couple positions today, and bought one spec/BK/lotto miner, FGOCQ, currently in chap. 11 and upside down on debt thanks to somebody's paranoia about the Chinese, but parlays are hot right now, and I expect they'll find somebody with cash who likes gold!
take care,
Dragynn