Mr. Speaker, as you know, the recent drop in the price of gold has precipitated the recent closures of Colomac and Lupin Mines and forced Miramar to cut its production at Con Mine and to subsequently layoff workers. The pressure is also on Giant Mine to narrow the gap between its production costs and its revenues.

While in the short term this news does not bode well for the northern economy, it is encouraging to note that both Giant and Miramar have expressed their commitment to reduce their costs and to continue operations with the confidence that prices will recover in the medium term.

Both companies have approached the Government of the Northwest Territories to seek our cooperation, and we are determined to do what we can to help stabilize these operations and help them weather this current - and hopefully brief - economic storm. Each of these mines contributes hundreds of jobs and millions of dollars in wages and contributes to spending in our economy.

As my colleague, the Honourable Charles Dent has already reported, we are currently in the process of working in partnership with mine management and labour, the federal government, the City of Yellowknife and the Northwest Territories Power Corporation to examine a range of options and opportunities at Miramar's Con Mine. Discussions have also begun with Echo Bay regarding the Lupin Mine, and we will soon be commencing a similar process to respond to the situation at the Giant Mine.

Mr. Speaker, I am optimistic that this work can and will result in some positive initiatives and outcomes. It is important to note in this process, we are not contemplating a hand-out of any long-term subsidies to the northern mining industry. Rather, we are looking at win-win partnerships which can provide a measure of stability to a key economic sector and support to major employers in our region through what we all believe is a short-term downturn.

Mr. Speaker, I would like to acknowledge the cooperation of all parties to date, and I express my confidence that by working together we will ensure northern residents and the northern economy survive this crisis, and are well prepared for when the gold market improves. I look forward to bringing you positive and specific announcements over the weeks and months ahead. Thank you.