Mr. Speaker, earlier this week I made a statement about the need to invest in the biggest asset of the Northwest Territories -- our people -- and I stand by that statement.

Mr. Speaker, when world economies are soft, commodity prices are down, and markets are pessimistic, the time is right for new growth and opportunity. Some of our new areas of economic growth are very bright; one only has to look out at the streets of Yellowknife, filled with tourists from Asia, to see this.

Mr. Speaker, yesterday I was reminded that there is room to be optimistic in our established economies as well. Members of this House were privileged to get an update from TerraX Minerals. This is a company that is poised to spend roughly $40 million in exploration over the next few years; an investment that will benefit the entire territory.

TerraX plans to invest this money "on spec," meaning it has no guarantees of finding anything. It is investing in the area right around Yellowknife, one of the most explored areas of the North. Mr. Speaker, TerraX is using new technologies and theories, opening the possibility of creating opportunities that weren't available just a few years ago.

This is the kind of investment that we badly need and we must welcome it with open arms, Mr. Speaker. In my statement earlier this week I mentioned the "gloomy" outlook for the resource sector and, to be frank, between a forecasted drop in exploration spending of almost half, the loss of corporate head offices to Alberta, and Imperial Oil leaving Norman Wells, the outlook isn't rosy.

This makes it even more important that we create a welcoming climate for exploration investments like TerraX. This kind of investment has a multiplying effect, Mr. Speaker. While the principals of TerraX have no guarantees of finding a workable deposit, its investments will create jobs and activity for local businesses. While they take the risk, helicopter companies, diamond drillers, airlines, hotels, and other local businesses will reap the benefits. Mr. Speaker, I seek unanimous consent to conclude my statement. Thank you, Mr. Speaker.

---Unanimous consent granted