By Shane Lasley
Mining News
Ending a streak of robust growth, mineral exploration spending in Alaska during 2012 took a downward turn from the record US$300 million spent a year earlier.
“More advanced-stage projects that added ounces or pounds to their resource base had a better go of it than early-stage exploration projects which have taken a hard right cross to the jaw!” Curt Freeman, a well-known Alaska geologist and president of Fairbanks-based Avalon Development, observed in September.
This blow delivered by unrelenting turmoil and uncertainty in the global financial markets was felt by junior explorers all year.
Greg Beischer, president and CEO of Millrock Resources Inc., said the scarcity of venture capital available to the junior exploration sector was palpable at the Cambridge House World Resource Investment Conference he attended in June.