Geoscience BC Applauds Government’s $12 Million Commitment for Mineral and Oil and Gas Exploration in B.C.

Investment to Jumpstart Economic Activity in B.C.’s Pine Beetle Infested Area

VICTORIA, BRITISH COLUMBIA–(Feb. 19, 2008) – Geoscience BC today commended the provincial government for its commitment of $6 million in new funding to support mineral exploration work in pine-beetle affected areas of the province and $6 million for oil and gas exploration in B.C.’s frontier areas, which was announced in today’s provincial budget.”This investment will advance our understanding of B.C.’s resource potential to help stimulate new economic activity in the province,” said Dr. Lyn Anglin, President and CEO of Geoscience BC. “The new funding will be used to accelerate mineral exploration geoscience projects in B.C.’s pine-beetle infested area to diversify local economies and help sustain forest-dependent communities. It will also enable Geoscience BC to launch new geoscience projects in northeast B.C. designed to identify new potential oil and gas plays.”

“Geoscience BC will work in partnership with the Ministry of Energy, Mines and Petroleum Resources as well as industry, academia, communities and First Nations to develop exploration geoscience projects that will yield the best and most immediate results,” said Anglin.

Established with a $25-million grant from the Province in 2005, Geoscience BC is an industry-led organization that conducts exploration geoscience in partnership with industry, academia, government, First Nations and communities. In numerous jurisdictions, it has been shown that every $1 invested in geoscience activities leads to $3 to $5 in exploration investment.

In June 2007, Geoscience BC in partnership with the Northern Development Initiative Trust, launched the largest public geoscience project in the history of the province. The $5 million QUEST (Quesnellia Exploration Strategy) Project is surveying a 46,000 square kilometre area, extending from Williams Lake to northwest of Mackenzie, to uncover mineral potential beneath the Mountain Pine Beetle-infested forests of British Columbia. The communities of Mackenzie, Fort St. James, Prince George, Quesnel, Wells and Barkerville are within the project area.

Since the QUEST Project was launched, over 780,000 mineral claims have been staked in the area through Mineral Titles Online bringing the total mineral staking within the QUEST Project area to over 2 million hectares.

In addition to the recently released airborne electromagnetic survey results, the QUEST project involves an airborne gravity survey of the project area which is presently underway. The QUEST Project also includes the analysis of new geochemical samples, collected from streams and lakes in the region. More than 2,000 new geochemical samples have been collected in the project area, and are currently being analyzed for over 30 different elements. Results from these surveys are expected to be available this spring.

About Geoscience BC

Geoscience BC is an industry-led, industry-focused, non-profit organization. Its mandate includes the collection, interpretation and delivery of geoscience data and expertise to promote investment in resource exploration and development in British Columbia. Geoscience BC works in partnership with industry, academia, government, First Nations and communities to attract mineral and oil & gas investment to B.C.

For more information, please contact

Geoscience BC
C.D. (‘Lyn) Anglin, PhD
President & CEO
(604) 290-1194
Email: info@geosciencebc.com

or

Living Communications Inc.
Martin Livingston
Principal
(604) 657-8234