OMEP-Ontario's exploration incentive

"On April 22, 1980, the Ontario government introduced a totally new incentive program for mineral exploration in the province to be effective September I, 1980. Replacing the former Mineral Exploration Assistance Program (MEAP) and also the assistance formerly provided to the mining sector under the Small Business Development Corporations Act, the new Ontario Mineral Exploration Program (OMEP) promises to offer a valuable benefit to certain eligible applicants.Unfortunately, the program is not without its shortcomings: the eligibility for grants or tax credits under the program is comparatively restrictive, and an October 1980 federal budget provision to amend income tax legislation would blunt some of the originally intended attractiveness of the grants and credits.IntroductionIn his budget of April 22, 1980, Ontario Treasurer Frank Miller introduced a new incentive program to encourage mineral exploration in the province.The Ontario Mineral Exploration Program (OMEP) replaces the Mineral Exploration Assistance Program (MEAP), which will be phased out by March 31, 1981. Exploration programs approved under MEAP will continue to qualify for incentives under that program, but will not qualify for OMEP."