PDAC’s convention sets attendance record

The annual convention of the Prospectors and Developers Association of Canada (pdac) just keeps on growing. This year’s edition at Toronto’s Royal York Hotel drew more than 4,000 delegates (surpassing last year’s 3,700 registrants) from all parts of the country. (See photos, Page 13.)

Theme of the 56th convention was Financing — the key to new mines, and a big crowd turned out for the keynote session dealing with flow-through financing. Among the speakers that morning were representatives of the Save Flow-through Committee chaired by Eveline Kasner.

Flow-through is the financing vehicle generally credited with revamping grassroots mining exploration throughout the country. The federal government, as part of a tax-reform package, is proposing phasing out flow-through’s earned- depletion allowance, which gives investors a tax writeoff in excess of the actual amount spent on exploration, at the end of 1989.

Kasner, from the Kirkland Lake area in northern Ontario, likened the proposed tax reform to “pulling the rug out from under our feet.”

Addressing the session on behalf of the Save Flow-through Committee was a representative of single- industry towns, a speaker from Nova Scotia, the mayor of Kirkland Lake and the president of the Quebec Prospectors Association.

Planned by the committee is a series of weekly symposiums, starting April 11 and to run until mid- May, at different locations across the country. Estimated cost of the symposium campaign is $300,000, Kasner said. Annual banquet

Graciously receiving the pdac’s Prospector of the Year award at the annual banquet was Walter Baker, an octogenarian who got his start in mining in 1922. During his lengthy career, Baker, a native of Manitoba, spent 17 years with Esso Minerals. Baker retired in 1987 and he and his wife currently reside in Larder Lake, Ont.

Named 1987 Developers of the Year were were J. T. Flanagan and John McAdam, both of whom remain active at the exploration level through a number of companies. And receiving Distinguished Service awards were James Geddes of Dickenson Mines and M. E. Holt, who is currently doing consulting work for American Barrick Resources.

Awarded an honorary pdac life membership was lawyer Percy Finley, qc.

Making a brief speech at the awards banquet was the Ontario government minister responsible for mines, Sean Conway. Also at the head table were Conway’s Quebec counterpart, Raymond Savoie, and the federal mp for Timmins- Chapleau in northern Ontario, Aurele Gervais. The three took advantage of their presence at the banquet to compare notes on the mining issues of the day, Conway said.

Cancelled this year because of the unavailability of ice at Maple Leaf Gardens was the traditional hockey game hosted by Teck Corp. A video review featuring highlights of past contests was shown in place of the game. Luncheon speaker

One of the luncheon speakers, Bank of Montreal Chairman William Mulholland, reminisced about his mining past when he was president of Brinco Ltd. He said he once visited a U.S. mine which was up for sale, and as everyone prepared to go underground, the president of the mining company showed up wearing a silk suit and expensive loafers. Needless to say, the mining company president, who was probably making his first site visit, decided to stay above ground, Mulholland said.

It was suggested, in light of the shooting at the 1987 pdac convention, security might have been tightened this year, but not so, said the Royal York Hotel’s senior assistant manager, John Haunts. “Security is always adequate,” Haunts said, explaining that the shooting last year was an unforeseen event. Timmins Andre Bissonnette was given a life sentence after being convicted of second-degree murder in the shooting of stock broker Joseph LaMarche.