Yukon prospector optimistic mining industry will bounce back

Yukon prospectorShawn Ryansays there are signs investment money may be returning to mineral exploration.

Small and mid-size mining companies have struggled over the last few years to attract financing from capital markets, thanks in large part to low commodity prices.

But Ryan saidcompanies that once had little hope of raising money are seeing a signs of aturnaround.

"The guys from the market, they're gamblers at heart, you know, and they got kind of burnt in last downturn," he said. "They're actually still gamblers, they've been actually sitting on their money in the background."

Ryan said the mood at last week's convention of theProspectors and Developers Association of Canada in Toronto was upbeat.

After several years in the doldrums, he said there was a sense the exploration industry has hit bottom and is starting to bounce back.

Ryan, who is affiliated with Ground Truth Exploration, said he thinks better gold prices are luring wary investors back into the marketplace.

"There's a lot of guys raising money, that we didn't think could raise money... so people could actually see we might start getting back to the bush," he said.

Ground Truthis almost booked up for this summer. Ryan said the company will be hiring more than 50 people to work on projects in Alaska, Nunavut and Yukon.