Oilsands Quest Inc.

THROUGH CREDIT: Saskatchewan reintroduces program

SASKATOON — The Government of Saskatchewan has reintroduced the Saskatchewan Mineral Exploration Tax Credit program

The provincial program offers a non-refundable 10% tax credit to Saskatchewan taxpayers who invest in eligible flow-through shares issued by mining or exploration companies after April 1, 2008. The provincial credit follows the eligibility rules of the federal Investment Tax Credit for Exploration.

"Reintroduction of this program was an election promise of our government," Energy and Resources Minister Bill Boyd said. "We expect mineral exploration spending in Saskatchewan to top $360 million in 2008. We want to keep that momentum going well into the future."

The program is estimated to cost $2 million annually. The credit had been introduced as a temporary measure by the previous government in 2000 and was discontinued in 2006.

Additional information can be found at the Saskatchewan Ministry of Energy and Resources website at www.ER.gov.sk.ca.

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