new funding

Miners strike paydirt with new state grants
14/11/2008 9:11:00 AM
LOCAL mining companies have been offered grants from the State Government to search for gold and other base and precious metals cross central and northern Victoria.
Bendigo Mining, GBM Resources, Perseverence Exploration, Providence Gold and Minerals, and St Barbara have been offered a total of $265,000 by Energy and Resources Minister Peter Batchelor.

The grants are part of the second round of funding for the $2.5 million Rediscover Victoria Drilling Project. Member for Ballarat East, Geoff Howard, said GBM Resources had been offered two grants, including one of $66,000 to be used to aid exploration in an area between Malmsbury and Kyneton for gold and antimony, a metal used in electronic manufacturing.

“This exploration will focus on exploring for a new gold deposit possibly related to the historic workings found nearby.

“GBM only listed on the ASX in October 2007, so it is great that through this program we can attract new interest in our resources.’’

Mr Batchelor said the Brumby Government was taking action to drive investment in communities across Victoria.

“This round of funding for Rediscover Victoria Drilling received strong industry interest with more than 30 applications submitted, many of them offering highly prospective exploration proposals,’’ he said.

“As a result, double the number of grants have been given this time compared to the first round of grants in February.’’

He said the government knew there was a wealth of untapped resources in Victoria, but the exploration phase to pinpoint those resources was often the most risky for resource exploration companies.

“These grants aim to help reduce that risk for companies prepared to invest in more innovative exploration areas and concepts.

“In addition, the information generated during the exploration activities builds the understanding of the geology of Victoria, and will contribute to the development of a 3D geological model of the State,’’ he said.