Balmoral Resources Ltd. (TSX:BAR) (TCQX:BALMF) is pleased to announce that it has received an exploration tax credit refund of $1,021,729 from Revenu Quebec. The tax credit refund relates to eligible exploration expenditures incurred by the Company during 2017 on its Detour Gold Trend Project in the province of Quebec.
The government of Quebec provides incentives to support the mineral exploration and development industry in the province which includes a refundable tax credit which, in the case of Balmoral’s projects in Quebec, is equal to 38.75% of eligible exploration expenditures.
“Receipt of the 2017 exploration tax credit refund further bolsters our treasury following the successful completion of our recent financing,” said Darin Wagner, President and CEO of Balmoral. “We are now fully funded for the balance of 2019, an active 2020 exploration season, and beyond.”
Exploration results from the recently completed Area 52 drill program are expected shortly and plans are now being finalized for a resumption of testing in Area 52 and within the broader GFA (Grasset-Fenelon-Area 51/52) gold district where Balmoral is the dominant land holder.
About Balmoral Resources Ltd.
Balmoral is a multi-award winning Canadian-focused exploration company actively exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt. The Company’s flagship, 1,000 km2 Detour Gold Trend Project hosts the resource stage Bug and Martiniere West gold deposits, recent gold discoveries in the GFA district and the Grasset nickel-copper-cobalt-PGE deposit. Employing a drill focused exploration style in one of the world’s preeminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through the discovery and definition of high-grade, Canadian gold and base metal assets.
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