The Ontario government plans to make $5 million available during the 1995-96 fiscal year for exploration work, through two programs.
The level of financial assistance is unchanged from the current fiscal year. The Ontario Prospectors Assistance Program (OPAP) provides grants worth up to $10,000 to qualified individuals in the province for prospecting and grassroots mineral exploration. During the past four years, the Ontario Ministry of Northern Development and Mines has provided more than $13 million in grants to 1,455 prospectors.
The Ontario Mineral Incentives Program (OMIP) provides grants to qualified companies and individuals equal to 30% of eligible expenses. Maximum assistance is $200,000 per applicant per calendar year in northern Ontario and $300,000 in southern Ontario.
More than $22 million has been made available through OMIP during the past four years.
In the 1995-96 fiscal year, OPAP and OMIP will receive $2 million and $3 million, respectively.
Another source of funding is the Northern Ontario Heritage Fund Corporation, which has expanded its Resource Diversification and Development Program to include more advanced exploration projects. Assistance is in the form of non-repayable contributions equal to 30% of approved costs, up to a maximum of $300,000.
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