Ottawa will spend $88 million on new initiatives for Canada's mining sector over the next two years.
The initiatives were part of this year's federal budget, which was unveiled March 4, and include a one-year $65 million extension of the exploration flow-through share tax credit program.
The program was scheduled to end this month, and allows people that invest in flow-through shares to claim a tax credit equal to 15% of exploration expenses incurred in Canada.
In 2009, the government extended the program for one year as well, but the extension cost $55 million.
The government also announced $12 million for a targeted geoscience initiative designed to discover new ways to explore deep mineral deposits.
The Department of Indian Affairs and Northern Canada will receive $11 million during the next two years to accelerate the review process for resource projects in the North.
Gavin Dirom, president and CEO of the Association for Mineral Exploration B.C. (AME BC), welcomed the initiatives.
"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," Dirom said in a release.
The announcements were made just days after the provincial government released its budget, which included a three-year extension of B.C.'s 20% flow-through tax credit program.
Despite the extension, AME BC released a statement that criticized cuts made to the provincial Ministry of Energy, Mines & Petroleum Resources.