Local company gets a $1-million shot in the arm

Nipissing MPP Monique Smith
News Release

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Ontario is supporting a North Bay company’s efforts to provide drilling services and explore new opportunities in mineral exploration.

With the assistance of a $1-million loan from the Northern Ontario Heritage Fund Corporation (NOHFC), Foraco Canada Ltd. is purchasing new diamond drilling equipment and accessories to expand its services to meet future needs. The company provides surface diamond drilling services to mining and mineral exploration companies. It currently employs 100 people.

Foraco International S.A. chose to locate in North Bay to take advantage of the strength of the local mining supply industry and the city’s transportation infrastructure, which make it easily accessible to the active mining exploration areas of Northern Ontario and Quebec.

“I’m pleased that this major international company recognized the many advantages of North Bay as its Eastern Canadian base of operation,” said Monique Smith, MPP for Nipissing. “The jobs that Foraco brings to our community are incredibly important, and the province is delighted to be able to support them with their investment in our area.”

“Ontario’s minerals industry is a resilient and innovative sector that is experienced in getting through lean times and positioning itself for the profitable times we know will come again,” said Michael Gravelle, Minister of Northern Development and Mines and Chair of the Northern Ontario Heritage Fund Corporation (NOHFC).

"Canadian's are renowned for their expertise in mineral exploration drilling services - the majority of which are concentrated here in Northern Ontario,” said Tim Bremner, President of Foraco Canada Ltd. “We are very pleased to have the support of the NOHFC as this will go a long way in helping Foraco develop our business further. Our company has gained significant expertise in mineral exploration from our base of operations in North Bay, and has since expanded across Canada and increasing throughout the Foraco world globally. We are very pleased to have the support of the NOHFC."

QUICK FACTS
• Provincial funding is provided through the NOHFC’s Enterprises North Job Creation Program.

• Since 2005, the NOHFC has invested nearly $10 million in some 30 private sector projects in the North Bay area.

• The 2009 Ontario budget included a commitment to provide $2 million annually for the next four years for mining and forest product equipment and services companies and sector associations to expand their export capacity and increase sales to international markets.

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