The Yukon's updated economic outlook is "all good news,” according to Harvey Brooks, the territory's deputy minister of Economic Development.

The publication was released by his department Wednesday. It shows the Yukon is projected to hit record highs in mineral exploration, construction and retail sales this year.

Mineral exploration is expected to top $300 million this year— almost twice last year's record of $157 million.

"This confirms what everyone already knew,” Brooks said in an interview this morning.

"The Yukon is receiving a lot of attention with mineral exploration.”

High mineral prices are of course a factor, he said.

Last year, gold was going for just under $1,225 an ounce. As of November, that number has jumped to almost $1,600. Silver was $20 an ounce last year, and now it's over $36 an ounce.

It's also easier for exploration companies to receive financing after last year's record high, Brooks said.

"We're a relatively unexplored and underexplored region, and the possibility of new and exciting finds are still available.”

Brooks said he doesn't yet know what next year will hold in terms of exploration, but "perhaps” it won't be as high as this year's.

As for whether, and for how long, this economic boom will last, Brooks said it's up to Yukoners to determine that.

"We do have a challenge here,” he said. "We need to make sure all sectors have the ability to benefit from this.”

Brooks said this means making sure we have a skilled workforce and secondary industry prepared for the opportunities opening up.

The Yukon has three producing mines in operation: Wolverine, Bellekino and Minto.

Last May, the value of mineral production was estimated to hit $560 million by the end of 2011. That number has dropped to $420 million in the most recent projections, mostly due to the Wolverine mine not hitting commercial production as soon as expected.

Brooks said although we're seeing such growth in mineral production, it's still up in the air as to when another mine might open. He thinks 2013 would be the earliest.

Michael Kokiw, the Yukon Chamber of Mines' executive director, agrees. He said it's "very, very hard to tell” when the next mine may begin production.

For those who are concerned about the mining boom's impact on the environment, the deputy minister said the territorys permitting process should relieve all those fears.

"The YESAA (Yukon Environmental Socio-economic Assessment Act) process sorts all the issues out in a calm, thorough and scientific way.”

Kokiw said it's important for the public to remember we're not living in the 1980s anymore. Modern mining uses a fraction of the footprint it did just 10 year ago, he continued.

Kokiw said the chamber believes we've reached the point where we've reached a sustainable mining industry.

"We've gotten to the critical point in production and exploration. These things don't just die out quickly.”

NDP MLA Jan Stick, her party's economic development critic, said this afternoon YESAA does a great job, but its staff are not a regulatory body. They make recommendations, she noted.

"It's up to the government to choose whether they follow those recommendations or not. Sometimes they do and sometimes they don't.”

Stick said the great numbers in the outlook do not tell the whole story.

"Some Yukoners are still falling behind.”

She thinks it's imperative government works with communities and industry to make sure enough training is provided, jobs are available and small businesses supported to get the most out of this economic boom.

We also have to plan for the eventual bust, she said.

"Mines don't last forever.”

Sandy Silver, economic development critic for the Liberal party, says the Yukon is in a great position.

"You'd think we'd all be happy, we really have the world by its tail.”

Silver said a lot of Yukoners are fearful of the boom coming on too strong and too quickly. The government, he continued, needs a better long term plan so we don't just "let the boom go” without direction.

That's a horrible plan, he said.

"We have the resources, and they're not going away. The government needs to be accountable for its decisions.”

In the first 20 months of 2010, there have been over 108,000 new quartz claims staked, compared to last year's record of 83,161.

The value of retail sales and construction is also projected to hit record highs this year.

Sales are expected to reach $660 million (compared to $578 million in 2010), while new construction is supposed to hit $180 million. This compares to almost $132 million in new permitted building construction last year.

Brooks said growth does lead to factors you have to "take care of,” like the Yukon's housing crisis.

He said with the boom in construction, that problem will hopefully be "alleviated” soon.

The territory's Gross Domestic Product (GDP) is forecast to grow between three and four per cent this year. Inflation is also supposed to grow by around three per cent.