Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
| 24(1) |
File No. 5-900454 |
| |
G.R. White |
| |
(613) 957-8585 |
Attention: 19(1)
June 7, 1990
Dear Sirs:
Re: Diamond Deposits - Mineral Resource
We are writing in reply to your letter dated April 12, 1990 in which you requested certification that a diamond deposit discovered 24(1) would qualify as a mineral resource as that term is defined in subsection 248(1) of the Income Tax Act (the "Act").
The Minister of Energy, Mines and Resources has certified with respect to such diamond deposits that the principal mineral that would be extracted therefrom, diamonds, would be an industrial mineral contained in a non-bedded deposit.
Consequently we are of the opinion that the diamond deposits would qualify as a mineral resource under subparagraph (d)(i) of the definition in subsection 248(1) of the Act.
Yours truly,
Section ChiefResource Industries SectionBilingual Services and Resource Industrial DivisionRulings Directorate
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