Northerners have headed down to the annual Mineral Exploration Roundup in Vancouver to promote the territories as a good place to invest.

The symposium is coming at a time when money for mining exploration is drying up in some parts of the North.

In the Yukon, for example, it could drop by 30 per cent this year, which follows a big drop last year, too.

Tom Hoefer, executive director of the NWT and Nunavut Chamber of Mines, is among the hundreds of people attending the roundup this week.

He said it’s not just a northern problem.

“Funding is way down. Everybody's having a hard time globally to raise investment dollars for exploration. I think we're all going to hurt in that time, so I think the jury's out. I'm not sure what the answer is at this point,” he said.

Tom Hoefer, with the NWT and Nunavut Chamber of Mines, said funding for exploration is down everywhere, not just in the North. (CBC)

However, Hoefer added that mines nearing the development phase have not been affected.

“The projects that are advanced seem to have a good investment base already. They have people that have been with them for the longer ride for a number of years, so I think there's a bit more confidence there. But it's these smaller projects that the question mark is lying over.”

Nunavut Member of Parliament Leona Aglukkaq said nine projects in the North are close to development. She said mining still has huge potential for the North’s economy.

“The North is booming within the mining sector. In the three territories, there are about 13 projects in the queue for environmental process and then there's probably nine that will proceed to the next phase, and that creates jobs,” she said.

Some opposition to mining in Yukon

Hundreds attended Yukon Premier Darrell Pasloski’s talk at the roundup. He tried to reassure the mining community about Yukon’s free-entry staking system.

Pasloski told them the government can meet its legal obligations to consult First Nations, and keep the free-entry staking system.

The Ross River Dena Council recently won a court ruling that found the government has to consult the First Nation about staking in its traditional territories.

After his speech, Pasloski said he wanted to make the point that Yukon is an ethical place for mining companies to put their money.

“This is an area of a stable first-world country, with defined stable government, defined environmental protections, permitting processes,” he said.

Pasloski said the government is still considering whether to appeal the court ruling won by the Ross River Dena Council.