Okay. I appreciate that.
Next, I want to move to the mineral exploration tax credit. At the finance committee we hear about this every pre-budget consultation. It won't surprise you. We heard from organizations like the Prospectors and Developers Association of Canada. Obviously they are very supportive of this credit. In fact, they recommend every fall expanding it.
Their arguments—and I want you to respond to their arguments—and what they present to the committee typically, are that the federal government studies that have been done 2000 to 1994 indicate that for every dollar of tax expenditure made, it generates $2.60 in new exploration spending.
Further to that when the committee was I believe in Whitehorse, the junior mining companies were even stronger in saying that if you remove the tax treatment for the junior mining sector, because it is a very risky endeavour.... It's less risky obviously as you move up towards the existing mines, but for actual exploration, if you remove this tax treatment, you will in fact cause serious harm to the amount of exploration going on. The juniors obviously feed into the larger companies in terms of mines.
I want to get the full debate out here so I want to give you an opportunity to respond to the arguments they make before the committee each fall.