Geoscience BC Northern Vancouver Island Exploration Geoscience Project Update

August 13, 2012 -Geoscience BC is pleased to announce that Geo Data Solutions GDS Inc. has been selected to fly the airborne magnetic survey for the 2012 Northern Vancouver Island (NVI) Exploration Geoscience Project (red outline on map below). The survey will be flown along northeast-southwest lines spaced 250 m apart. The survey is expected to start in August and Geoscience BC anticipates being able to release this new data set in early 2013.

The NVI Exploration Geoscience project was recently announced by Geoscience BC and the Island Coastal Economic Trust (ICET), with up to $530,000 in funding from Geoscience BC, and up to $400,000 from ICET for a total project budget of $930,000. In addition, the Ministry of Jobs, Tourism and Innovation has provided generous support for stakeholder engagement in the project development phase, through the Campbell River Regional Economic Pilot initiative.

"In Canada Starts Here: The BC Jobs Plan, we made a commitment to capitalize on our natural advantages and increase regional investment and job creation," said Pat Bell, B.C. Minister of Jobs, Tourism and Innovation. "The Campbell River regional economic investment pilot has made it clear that collecting and sharing this survey data is crucial and Geoscience BC and the Island Coastal Economic Trust continue to take the necessary steps toward attracting investment and family-supporting jobs to northern Vancouver Island."

The NVI Exploration Geoscience project is designed to generate new geoscience data for northern Vancouver Island, including the communities of Campbell River, Port Hardy, Port McNeill, Alert Bay, Port Alice and Zeballos. This new regional information will help attract mineral exploration interest and investment, increase the understanding of the mineral potential, and provide local First Nations and communities with more information on the geology in their area.

Phil Kent, Chair of the Island Coastal Economic Trust notes that "This is ICET's first opportunity to invest in the mining sector and we believe that by building a geoscience knowledge base, our communities will be able to take a more strategic approach to economic development in the region. This new, comprehensive source of information about the mineral potential of the North Island will enable communities, First Nations and the private sector to make well informed decisions about opportunities for development."

In addition to the airborne magnetic survey, a stream sediment geochemical sampling and reanalysis program is being undertaken. New data collection is underway and will be completed this summer with results due to be released in early 2013. The project will also support two community awareness sessions on geoscience, mineral exploration and mining. The first of these short courses is scheduled to take place on August 28-29, 2012 in Campbell River, B.C.

"Geoscience BC is very pleased to have the support of ICET, the Ministry of Jobs Tourism and Innovation, First Nations, Regional Districts and numerous communities, for this project on Northern Vancouver Island," said Dr. 'Lyn Anglin, President and CEO of Geoscience BC. "The information that this project is collecting will help to stimulate interest, investment and hopefully job creation, in the minerals sector on Vancouver Island."

For updates on the NVI Exploration Geoscience project, including details on the two-day short course, please visit the project page at on Geoscience BC's website.

About the Island Coastal Economic Trust

The Island Coastal Economic Trust was established in February 2006 under an Act of the Province of British Columbia. It provided a $50-million endowment that is managed by an independent Board of Directors comprised of thirteen members -- eight Mayors and five provincial appointees from the prescribed area.

The Board's mandate is to make strategic investments in economic development priorities including forestry, transportation, tourism, mining, energy, economic development, agriculture and aquaculture, and small business. The ICET region encompasses all Regional Districts and municipalities on Vancouver Island north of the Malahat as well as the Powell River and Sunshine Coast Regional Districts.

ICET has approved approximately $47 million for over 90 projects on the Island and Sunshine Coast since implementing its grant program in 2007. The total impact of these investments is estimated at over $250 million.

About Geoscience BC

Geoscience BC is an industry-led, industry-focused not-for-profit society. Its mandate includes the collection, interpretation and marketing of geoscience data and expertise to promote investment in resource exploration and development in British Columbia. Geoscience BC is funded through grants from the Provincial Government and works in partnership with industry, academia, government, First Nations and communities to attract mineral and oil & gas investment to BC.