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Ontario Mineral Exploration Spending Exceeded $1 Billion

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March 5 (Bloomberg) -- Investments in mineral exploration in Ontario rose to a record C$1 billion ($1 billion) in 2011, the Canadian province’s Ministry of Northern Development and Mines said.

Ontario accounted for 26 percent of mineral exploration spending in Canada last year, up from 20 percent in 2007, the Ministry said in a statement today. There are 38 active mines and more than 600 active exploration projects in the province, it said.

Exploration for gold accounted for more than half of the total, according to the ministry. Gold has risen for 11 straight years and reached a record $1,921.15 an ounce on Sept. 6 in London spot trading.

To contact the reporter on this story: Liezel Hill in Toronto at lhill30@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

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