The territory's mining minister is predicting up to $50 million in exploration in 2005.

Energy, Mines and Resources Minister Archie Lang was speaking yesterday from the 2005 Mineral Exploration Roundup (formerly known as the Cordilleran) in Vancouver, where he has been speaking to various mining companies.

Based on the conversations with the industry, Lang initially said the estimate for mineral exploration in the territory in 2005 is between $40 million and $50 million.

However, later in the telephone press conference, Lang said the number will be somewhere between $30 million and $40 million.

'I'm being conservative I'm looking at $30 million and I'm hoping for $40 million,' Lang said.

After last year's conference, Lang said he expected the exploration figures in the Yukon in 2004 to be somewhere between $20 million and $26 million.

The total money spent on searching for minerals in the Yukon was $22 million, once all the totals were calculated.

Lang noted that the extensive forest fires in the territory last summer hurt the final total.

The $22 million spent on exploration in 2004 was a 60-per-cent increase over the $13 million spent in 2003.

Lang would like to see the spending get back to where it was in the mid-1990s, when the total was more than $50 million a year.

The annual exploration figures started to plummet in the mid-1990s to a low of just over $6 million in 2002.

Mining officials told the Star in November that the jump in metals prices helped the increase in exploration.

As for future mines, Lang noted that Yukon Zinc Corp., formerly Expatriate Resources, is currently going through the permitting process and will likely have the Yukon's next mine.

The minister said the roundup was a big success for the territory, with 4,000 people registered for the event that is put on by the B.C. and Yukon Chambers of Mines.

'It's been a very positive experience,' said Lang.

Part of that success was the annual Yukon Night party the government hosted on Monday.

'It was just jammed with individuals,' the minister said.

The event included a presentation by the 2007 Canada Winter Games organizing group. Whitehorse will host the games.

Lang was accompanied to the event by Economic Development Minister Jim Kenyon.

Besides his estimate of this year's exploration totals, Lang said, there was nothing else concrete coming out of the event.

He was asked to compare what shape the Yukon's mining situation is in with other jurisdictions at the event, including B.C.

'Per capita, I think we're doing very well,' said the minister.

The roundup is scheduled to wrap up tomorrow.