The Northern Miner January 11-January 17, 2016

CHINA: CONCERNS OVER SLOWING DEMAND ARE OVERBLOWN, AUSSIE ANALYST SAYS / 11 Geotech_Earlug_2015_VTEM_Colour3.pdf 1 2015-09-25 9:59:47 AM

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

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BC Chief Inspector of Mines report finds Imperial Metals not liable / 5

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JANUARY 11-17, 2016 / VOL. 101 ISSUE 48 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Top gold performers in 2015 STANDOUTS

| Several juniors beat the odds

Pretium explores porphyry potential at Brucejack GOLD EXPLORATION

| Latest drilling leads towards the east, away from KSM system

BY SALMA TARIKH starikh@northernminer.com

S

ince the commodities downturn started four years ago, gold companies have sought ways to reduce costs and push ahead.

The spot gold price ended 2015 at US$1,061 per oz., down 10% for the year and 36% since closing 2012 at US$1,664 per oz. Despite the challenging gold-price environment last year, more than a few companies registered share-price gains.

The golden five Claude Resources (TSX: CRJ; USOTC: CLGRF) topped the percentage gainers, rising 148% last year to finish at 78¢. The stock is up an astonishing 457% since exiting 2013 at 14¢. Claude’s flagship asset is the Seabee gold operation, located in northeastern Saskatchewan. The operation includes the Seabee mine and the nearby Santoy mine complex, which includes the Santoy Gap and Santoy 8 deposits.

In an interview, president and CEO Brian Skanderbeg notes Claude’s success has come from improving its free cash flow margin with stronger grades and better mining techniques.

Two years ago Claude started using Alimak long-hole mining at Seabee, improving productivity and lowering costs. It also produced from the higher-grade Santoy Gap deposit. (Full production from the Santoy Gap should start in 2017.)

With these changes, and an asset and royalty sale in 2014, Claude has improved its free cash flow position and balance sheet.

Skanderbeg expects the company See TOP GOLD / 13

Warwick Board, Pretium Resources’ chief geologist, inspects a sample while conducting regional exploration at the Brucejack gold project in British Columbia. PRETIUM RESOURCES

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

W

ar w ick Board, chief geologist at Pretium Resources (TSX: PVG; NYSE: PVG), says excitement is building for exploration at the company’s Brucejack project in northwestern B.C., as his team zeroes in on discoveries within a district that compares in metal content to Grasberg, the world’s largest gold mine in Indonesia.

“One of the things I always thought about before I moved to Canada is just how spectacular the rest of the Cordillera is from

“WE’RE ON THE EDGE OF FINDING THAT THIS IS ANOTHER MASSIVE MINERAL PROVINCE WITH BIG POTENTIAL.”

PM40069240

WARWICK BOARD CHIEF GEOLOGIST, PRETIUM RESOURCES

Chile, Peru and to Arizona,” Board tells The Northern Miner during a phone interview. “At the time it didn’t make sense why we’re not finding the same mineral wealth here in Canada, but now I think, ‘Wow, we’re on the edge of finding another massive mineral province with big potential.’”

The company has explored its 1,030 sq. km Brucejack property

with a 20,000-metre drill program this year despite already preparing its Valley of the Kings (VOK) gold deposit on the Brucejack property for commercial production in 2017.

The epithermal, vein-hosted Valley of the Kings deposit boasts proven and probable reserves of 6.9 See PRETIUM / 2

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JANUARY 11–17, 2016 / THE NORTHERN MINER

Pretium explores porphyry potential at Brucejack

Geologist Ariel Montgomery and field assistant Mark Mooney conduct regional prospecting at Pretium Resources' Brucejack gold project in British Columbia. PRETIUM RESOURCES PRETIUM From 1

million oz. gold and 4.6 million oz. silver, within 13.6 million tonnes of 15.7 grams gold per tonne and 11 grams silver per tonne, assuming US$1,100 per oz. gold and US$17 per oz. silver.

“In short, there’s a heck of a lot going on at Brucejack right now,” he says. “And there’s a lot of excitement for an expansion on our brownfields exploration — I’ve never worked on a project that has this much potential.”

In 2015 the company extended mineralization at the VOK deposit by 1 km along strike to the east at the new Flow Dome zone, with results including 8.7 metres of 9.94 grams gold, 2.1 metres of 2,100 grams gold and 0.5 metre of 137 grams gold.

What’s more, Board says, is finding broad, lower-grade gold mineralization in drill holes located 1 to 2 km south and southeast of VOK, with intercepts such as 277 metres of 0.88 gram gold and 15.64 grams silver, including 8.7 metres at 9.94 grams gold and 90.3 grams silver, and 562 metres at 0.53 gram gold, including 3 metres at 6.34 grams gold, 24.4 grams silver and 0.64% copper.

The company reported the metal content improves at depth, with several high-grade gold intercepts being made near the bottom of the hole.

Based on indications from drill core and surface data, Board reckons that Brucejack — and the other gold-rich veins exuding out to surface — may be the golden branches of a much larger porphyry deposit hidden beneath.

“There’s something driving Brucejack, these systems don’t exist in isolation, and there’s certainly a lot of rusted rock out there,” he says.

Brucejack is located 1 km west of Seabridge Gold’s (TSX: SEA; NYSE: SA) Kerr porphyry deposit, which, together with the Sulphurets and Mitchell orebodies, has total proven and probable reserves of 38.2 million oz. gold and 9.9 billion lb. copper, within 2.2 billion tonnes grading 0.55 gram gold and 0.2% copper.

Board says geologists once thought Brucejack might be related to the Kerr porphyry deposit, but more recent insights into the geology are quickly proving otherwise.

“All the vectors are pointing us towards the east and southeast — away from the KSM system — and that has really opened up significant potential for brownfields expansion,” he says. “The porphyry intercepts we’ve made on the property look similar to Kerr in many ways, being copper poor, but we’re probably intercepting a late-mineral phase, and we’ll only know the copper grades until we actually intersect the main mineral phase of the system.”

Board describes the metal that was flushed through the KSM-Brucejack camp as being “comparable” to Freeport-McMoRan’s (NYSE: FCX) Grasberg gold-copper deposit in Indonesia — the world-class deposit that has 39.7 million oz. gold in developed and undeveloped reserves, according to the company’s 2014 annual report. “ The average gold grade at KSM-Brucejack runs 0.65 gram per tonne, and average silver is 3.2 grams per tonne, which is similar to Grasberg,” he says. “The copper grade in the camp is much lower, but the contained metal is quite similar.”

In light of the recent exploration drill results, Board expects the mineral wealth could grow in later drill programs, although he couldn’t yet provide details on how many metres Pretium would drill this year.

“We’ve done a lot of infill drilling and the learnings we’re getting out of that are filtering through to our greenfields exploration, and learnings from greenfields are cycling back to our brownfields, so it’s a great synergy, and we have some ideas going forward,” he adds.

In recent years, Pretium has come to understand the role of Devonian-aged structures in directing porphyry and epithermal deposits into the crust, and the trail of breadcrumbs it has left for B.C. explorers to follow.

Unfortunately, most of these structures today are hidden from

v iew, Board explains, largely overprinted by later deformation events during the Cretaceous, when the margin of western North America collided with the outboard terranes.

“During island arc development t here were ear t hqua kes going on, and that created the structural plumbing needed to promote emplacement of metalrich magmas,” he says. “What we see in the camp is a distinct nor t h–sout h t rend in mineralization, and that highlights where these old structures are.

With our geophysics, we’ve made inroads towards placing them in a regional sense, and we’ll be testing a lot of these hypotheses next year.”

The potential for a large porphyry system at Brucejack brings into question whether similar,

high-grade, vein-hosted deposits have been overlooked at properties elsewhere in the region, such as Imperial Metals’(TSX: III; USOTC: IPMLF) Red Chris, or Skeena Resources’ (TSXV: SKE; US-OTC: SKREF) GJ porphyry deposits.

Board says that although that may be the case, there’s a lot of variability in predicting the distribution of deposits.

“Maybe the structural regime did not allow for a plumbing system ... after the porphyry was emplaced, or it blew its top and destroyed what epithermal deposit had been there with a violent eruption,” he explains.

Pretium shares have traded within a 52-week range of $5.57 to $9.05 per share, and last closed at $6.89. The company has 144.6 million shares outstanding for a $1-billion market capitalization. TNM

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Drill pads on a ridge at Pretium Resources’ Brucejack gold project in British Columbia.

PRETIUM RESOURCES

2016-01-05 7:35 PM

GLOBAL MINING NEWS

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THE NORTHERN MINER / JANUARY 11–17, 2016

Banro’s Namoya gold mine in the Democratic Republic of the Congo. Namoya yielded 12,157 oz. gold in the third quarter of 2015, and sits 200 km southwest of its Twangiza gold mine.

BANRO

Banro lands US$98.8M DEVELOPMENT

| Chinese funds arrive as Namoya gold mine ramps up

BY TRISH SAYWELL

A

tsaywell@northernminer.com

Chinese mining investment fund and a Connecticutbased fund management company are giving Banro (TSX: BAA; NYSE-MKT: BAA) some breathing room this year with a private placement, term loan and streaming deal, worth nearly US$100 million.

The funds will come in handy as Banro ramps up Namoya, its second gold mine in the Democratic Republic of the Congo (DRC) 200 km southwest of its Twangiza gold mine, which has operated since 2012.

Most of the financing comes from China’s Resource Finance Works, the general partner for the Baiyin Stream Partnership I, LP, an offshore mining investment fund sponsored and funded by Baiyin Nonferrous Group Co., Ltd., a vast metals and mining conglomerate based in China’s interior Gansu province, with investments in resource development, extraction and refining in China, South Africa and Peru.

Part of the term loan is provided

by Gramercy Funds Management LLC, a US$6-billion investment manager for emerging markets that was created in 1998, and has offices in London, Hong Kong, Singapore, Mexico City and Buenos Aires.

Banro’s finance package comes in three parts: a US$8.75-million private placement that will give Resource Finance Works (RFW) 16.6% of Banro’s outstanding common shares (50 million shares and 2.5 mi l lion warrants); a term loan funded by RWF and Gramercy for US$22.5 million, with a maturity of Nov. 30, 2016, and extendable until Nov. 30, 2019; and a streaming transaction with RFW on the Twangiza mine worth US$67.5 million.

Mining analysts were quick to weigh in.

“This appears good news for Banro, given that the company’s future is secure, and the mine will be able to operate at full potential, rather than being constrained by a shortage of capital,” analysts at U.K.-based Investec Securities said in a research note.

Jan 11 Pgs 1 2 3 4 5 11 13 14 16.indd 3

Cosmos Chiu and Kevin Chiew of CIBC were more circumspect, noting that they had suspended their price target for Banro shares on the basis of the company’s current operations and capital position, identifying Banro as having “higher operating risk and a balance sheet that is already constrained, or could come quickly under pressure.”

“Overall, the financing package provides much needed near-term liquidity to Banro,” they wrote, “but further encumbers the company, which is already laden with stream agreements, interest payments and dividend payments, which we believe will hinder the company’s profitability.”

Richard Brissenden, chairman of Banro’s board of directors, said in prepared remarks the streaming arrangement and private placement, “along with the committed strategic relationships involved,” would give the company “a solid base to achieve its longer-term growth objectives, as well as the refinancing requirements in 2017.”

As for Baiyin, chairman Liao Ming was quoted in Banro’s press release as saying its investment in the Canadian mining company was consistent with its strategy of investing in “low-cost mines with large gold endowments, and substantial growth opportunities.”

Twangiza produced 105,092 oz. gold in the first nine months of 2015, costing US$539 per oz. and all-in sustaining costs of US$631 per oz., according to Banro’s financial results on Nov. 11. (In the third quarter, cash costs rang in at US$501 per oz. — a 19% decrease year-on-year — while all-in sustaining costs were US$608 per oz., in a 13% decrease from the year-earlier period.)

At Namoya, the miner increased stacked material and gold content, leading to improved gold production, “as the operation progresses towards steady-state operating levels.” The mine produced 12,157 oz. gold during the third quarter from 446,653 tonnes of ore, which was stacked and sprayed on the heapleach pads at an indicated head grade of 1.67 grams gold per tonne.

Proceeds from the financing will be doled out for various objectives,

including the repayment of Tranche 1 and 2 of gold forward sales agreements on Twangiza, as well as the repayment of a DRC bank loan facility nearing maturity, and major project suppliers. Some of the proceeds also pay accrued preferred share dividends, the defeasance of future interest on outstanding senior notes, and capital expenditures involved in expanding crushing capacity at Twangiza.

The financing package announced on Dec. 31 includes an 8.5% annual interest rate on the term-loan facility for the first two years, followed by a three-month London interbank offered rate, plus 8% for the term’s last two years. RFW and Gramercy will each provide one-half of the loan facility, and receive 5-million share purchase warrants exchangeable for Banro’s common shares at US$0.2275.

Under the streaming agreement, RFW receives 12.5% of Twangiza’s life-of-mine production at a gold price of less than US$1,150 per oz.; 11% at a gold price greater than US$1,150 per oz. and under US$1,500 per oz.; and 9.5% at a gold price greater than US$1,500 per oz. gold. Once the total gold production from Twangiza exceeds 1.1 million oz., the entitlement percentages will apply at 50% of the percentages outlined in the deal.

RFW will also buy US$60 million of outstanding debt and preferred shares from current investors (US$40 million of the outstanding Banro senior secured notes issued

by Banro in March 2012, and US$20 million of the outstanding preferred shares issued by Banro subsidiaries in February 2014). TNM

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Workers at Banro’s Twangiza gold mine in the Democratic Republic of the Congo. BANRO

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JANUARY 11–17, 2016 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com STAFF WRITERS: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Dave Chauvin (416) 510-6824 dchauvin@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders.

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E D I T O R IA L The new year starts with a lurch CHINA WEAKNESS

| Oil prices poised for more declines

T

hose returning to work on Jan. 4 with a bit of optimism for the mining industry after a brutal 2015 were hit with a sick feeling in the stomach as global markets dove on the first day of trading in the new year, in defiance of the usual salutary “January effect” on stocks, when investors typiBY JOHN CUMMING cally buy back stocks they sold in December jcumming@northernminer.com for tax-loss purposes.

This latest global market weakness has been fuelled by more disappointing economic news out of commodities-hungry China, coupled with a new wrinkle in global geopolitics: a ratcheting up of tensions between Middle East heavyweights Saudi Arabia and Iran.

In China, fresh manufacturing data shows that activity contracted for the tenth straight month in December, and dipped below levels that show expansion. Chinese stocks markets crashed on the year’s first trading day as a result, with Chinese authorities halting trading and implementing other restrictive measures to temporarily stem the decline. Chinese markets have wiped out most of 2015’s gains, and market watchers predict more declines ahead, as China’s economy slows and the yuan is devalued — all with markets still well above levels seen before the start of the Chinese stock market bubble in mid-2014.

The long-standing rivalry between Saudi Arabia and Iran turned red-hot as the new year began, with the Saudi regime executing Shia Muslim cleric Sheikh Nimr al-Nimr and 46 others, which the Iranian government has called “a crime.” After the executions, Saudi Arabia’s embassy in Tehran was ransacked and torched by a mob on Jan. 2, along with its mission in the Iranian city of Mashhad, prompting Saudi Arabia to break off diplomatic and commercial relations with Iran. Saudi allies Bahrain, Sudan and Kuwait followed with similar moves.

What’s remarkable about this particular eruption of the SaudiIranian blood feud — as it relates to commodities — is that the usual formula of “Middle East tensions equals higher oil prices” has been turned on its head this time around, with oil hitting 11-year lows below US$36 per barrel at press time.

Saudi authorities have reportedly lowered their prices for crude and kept high production levels in response to the flare-up with Iran, so that it can deprive the Iranian regime of oil revenue at a crucial time when the country is accelerating its compliance under the new nuclear agreement with the international community, in order to get long-standing oil export restrictions and sanctions lifted sooner.

If all goes to according to the Iranian government’s plans, it could soon add 1 million barrels per day to the global oil market, at a time when demand from Europe is flat and softening in China, and the U.S. is lifting its own outdated domestic export restrictions — all factors that lead some observers to predict sub-US$20-per-barrel prices ahead.

The knock-on effect in Canada, with its currency tied to oil prices above all other sectors in the economy, is an even weaker loonie.

At press time the Canadian dollar had retreated to just US71¢ in the face of declining world oil prices, and the outlook for high-cost oilsands development in Alberta continues to deteriorate.

In Canada, gold producers with mines in the country are coming out as the biggest winners in the mining sector. Having already found support throughout 2015 well above US$1,000 per oz., gold prices in U.S. dollars have gotten stronger in response to the Mideast troubles as investors seek safe havens, while Canadian gold miners reap the benefits of lower labour costs with the falling loonie. Similar effects are seen worldwide in other gold mining countries such as Australia and South Africa, where currency valuations are intimately tied to commodities exports.

With gold miners having been at the vanguard in the past few years in cleaning up their corporate act by slashing costs and selling or closing underperforming assets, it all leads to gold miners entering the new year on firmer footing, compared to just about everyone else in the mining sector.

NEW YEAR, NEW OFFICE! Our Vancouver bureau has packed up from its Hornby Street location to relocate 3.5 km south across False Creek to set up shop at 303 West 5th Avenue. We’re delighted to now share offices with the prestigious Business in Vancouver magazine, with both our publications owned

by Vancouver-based Glacier Media, which specializes in business and commodity-related trade publications and related data. TNM

DEPARTMENTS

Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . . 7

Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . . . . . 12-13 Stock Tables. . . . . . . . . . . . . . . . . . . . . . . 6-11

COMPANY INDEX

Agnico Eagle Mines.......13 Banro.................................. 3 Barrick Gold....................13 Centerra Gold.................13 CGN Mining...................16 Claude Resources............. 1 Denison Mines ...............16 Detour Gold....................13 Eagle Research Advisory.11

Endeavour Mining.........13 Fission Uranium.............16 Freeport-McMoRan......... 2 Imperial Metals..............2,5 Integra Gold....................13 Kirkland Lake Gold........13 Klondex Mines................13 La Mancha Resources....13 Lake Shore Gold.............13

Moody's Investors Service...14 OceanaGold....................13 Premier Gold Mines.......13 Pretium Resources............ 1 Roxgold............................13 Seabridge Gold.................. 2 Skeena Resources.............. 2

O P- E D

SEC re-proposes rules for resource sector under Dodd-Frank COMMENTARY

| Making sense of upcoming US disclosure regulations

BY STEVEN I. SUZZAN, CHRIS HILBERT AND TREVOR ZEYL Special to The Northern Miner

O

n Dec. 11, 2015, the U.S. Securities and Exchange Commission (SEC) reproposed rules requiring that resource extraction issuers disclose payments made to the U.S. federal government or foreign governments for commercially developing oil, natural gas and minerals. The proposed rules are mandated by Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and the SEC states that the rules are intended to advance “U.S. foreign policy interests in supporting global efforts to improve transparency in the extractive industries.”

Background The SEC had originally adopted disclosure rules regarding payments to governments by resource extraction issuers in 2012. In 2013, however, the rules were struck down by the U.S. District Court for the District of Columbia. A year later, in September 2014, Oxfam filed an action to compel the SEC to issue revised proposed rules. In responding to the action, a federal court judge found that “the commission unlawfully withheld agency action by not promulgating a final rule” as mandated under Dodd-Frank and, in September 2015, ordered that the SEC file an “expedited schedule” for reproposing and finalizing the rules.

Who must disclose?

Under the proposed rules, both domestic and foreign resource extraction issuers must disclose payments made to the U.S. federal government and foreign governments if: • The issuer is required to file an annual report with the SEC under the Securities Exchange Act of 1934; and • The issuer engages in the commercial development of oil, natural gas or minerals.

A resource extraction issuer would also be required to disclose payments made by its subsidiaries and other entities under its control, including those payments included in its consolidated financial statements made by entities that are consolidated or proportionately consolidated, as determined by applicable accounting principles.

Under the proposed rules, the following terms would have the following meanings: • “ Resource extraction issuer” would mean all U.S. companies and foreign companies (including foreign private issuers and MJDS companies) that are required to file annual reports pursuant to Section 13 or 15(d) of the Exchange Act, and are engaged in the commercial development of oil, natural gas or minerals; • “Commercial development of oil, natural gas or minerals” would mean exploration, extraction, processing and export, or the acquisition of a licence for any such activity; and • “Foreign government” would mean a foreign (non-U.S.) national government as well as

a foreign subnational government, such as the government of a state, province, county, district, municipality or territory under a foreign national government.

Form SD and types of payments to be disclosed Under the proposed rules, resource extraction issuers would be required to disclose the payments on a Form SD, and include as an exhibit to Form SD, information relating to payments made to the U.S. federal government and foreign governments during the fiscal year. The resource extraction issuer would be required to file the Form SD on the Commission’s Electronic Data Gathering, Analysis and Retrieval System no later than 150 days after the end of its fiscal year (Form SD is also used for conflict mineral disclosures required under separate and unrelated rules).

The term “payment” would mean payments that are made to further the commercial development of oil, natural gas or minerals, and are “not de minimis” (the SEC proposes defining “not de minimis” to mean any payment, whether a single payment or a series of related payments, that equals or exceeds $100,000 during the most recent fiscal year), and include: • Taxes; • Royalties; • Fees (including licence fees); • Production entitlements; • Bonuses; • Dividends; and • Payments for infrastructure improvements.

Specifically, the following information must be filed by the issuer as an exhibit to Form SD using the eXtensible Business Reporting Language electronic format and the electronic tags identified in Item 2.01 of Form SD: • T he type and total amount of payments made for each project; • T he type and total amount of payments for all projects made to each government; • T he total amounts of the payments, by category; • The currency used to make the payments; • The financial period in which the payments were made; • T he business segment of the resource extraction issuer that made the payments; • The government that received the payments, and the country in which the government is located; • The project of the resource extraction issuer to which the payments relate; • The particular resource that is the subject of commercial development; and • The subnational geographic location of the project.

The SEC proposes to define the term “project” in a manner similar to the EU Directives, using an approach focused on the legal agreement that forms the basis for payment liabilities with a government. In certain circumstances, this definition would also include operational activities governed by multiple legal agreements.

See SEC RULES / 13

2016-01-05 7:36 PM

GLOBAL MINING NEWS

5

THE NORTHERN MINER / JANUARY 11–17, 2016

A stretch of Hazeltine Creek, with the outlet to Quesnel Lake in the background, where reclamation work has helped clean up the spilled tailings from Imperial Metals’ Mount Polley mine in British Columbia. IMPERIAL METALS

Imperial judged ‘not liable’ for Mount Polley spill BC MINE INSPECTOR

BY LESLEY STOKES

A

lstokes@northernminer.com VANCOUVER

fter 16 months of deliberation, B.C.’s chief mine inspector has concluded that Imperial Metals (TSX: III; US-OTC: IPMLF) will not be held liable for the catastrophic failure of its Mount Polley gold and copper tailings dam and storage facility, 56 km northwest of Williams Lake, B.C. The investigative report states that the dam failed because the design of the original facility and subsequent raises did not consider the strength and location of an underlying clay unit.

However, this crucial geotechnical oversight did not contravene any existing mining laws, according to the B.C. Ministry of Energy and Mines.

In a press release, the ministry did comment that the company exercised “weak practices” during the mines’ operation, but there wasn’t enough evidence to warrant further investigation and penalty.

“We conducted a thorough and in-depth examination … from its initial site investigations 26 years ago to present,” Al Hoffman, the mine’s chief inspector, said in the release. “We determined that while the mine did not contravene any existing regulatory requirements, its management and operation practices failed in a number of areas, such as water management and misplaced confidence in the tailings site facility design.”

The dam failed in August 2014 when a clay layer in its foundation slipped without warning, and 25 million cubic metres of mine waste and water spilled through a massive breach in the dam and into a nearby stream and lake.

Investigations into the incident found that there was “too much” water in the tailings facility at the time of the breach, which had exasperated the dam’s collapse. “[The company] failed to effec-

Jan 11 Pgs 1 2 3 4 5 11 13 14 16.indd 5

| Investigation into massive tailings spill reveals ‘weak practices’

tively manage water at the mine site and in the tailings site facility … and did not adequately characterize the risk of surplus supernatant water, which had been compounding since the mine reopened in 2005,” the release stated.

Steve Robertson, vice-president of corporate affairs for Imperial, told The Northern Miner during a phone interview that his company is pleased the chief inspector ruled that the cause of the failure “was the mistake in the engineering work done, [but] we were disappointed that their perspective centered on our water management.

“The reason we had too much water wasn’t because we didn’t understand the water balance — we knew there would be an increasing surplus during the life of the project, and we were proactive in seeking the necessary permits to discharge it,” he added.

According to the inspector’s report, Imperial had applied for a water discharge permit in 2006, but for “unknown reasons,” it wasn’t accepted by the Ministry of Environment until six years later, in 2012.

The report states that “the chief inspector did not determine the root causes for the duration of this permit process. However, regardless of the cause(s), the time delay in completing the permitting process was identified as a contributing factor in the proximate cause of surplus supernatant water.”

Meanwhile, the long-awaited permit had its limitations — it let Imperial release 1.4 million cubic metres, provided the water quality and flow rates into Hazeltine Creek were acceptable.

Under the set of conditions, Imperial couldn’t discharge enough to ease the surplus, so it began amendment with the Ministry to approve higher discharge.

The permit was amended in July 2014, one month before the breach occurred.

“The real irony in all of this is

Al Hoffman, British Columbia’s chief inspector of mines, delivers the report into the Mount Polley tailings spill at the British Columbia Legislature’s press theatre in December. PROVINCE OF BRITISH COLUMBIA

that the water quality at Mount Polley is excellent,” Robertson said. “Since we couldn’t discharge, we’ve continually recirculated water through our tailings and plant for 17 years. Despite being in continual contact with ore, waste and tailings, the water only has two elements — copper and selenium — that were slightly off spec for drinking water. That really gives you a good idea about how clean this water is.”

After spending over $65 million in remediation work to clean

“WE WERE DISAPPOINTED THAT THEIR PERSPECTIVE CENTRED ON OUR WATER MANAGEMENT.” STEVE ROBERTSON VICE-PRESIDENT OF CORPORATE AFFAIRS, IMPERIAL METALS

up the site, Imperial was granted permission to temporarily reinstate operations at Mount Polley in June 2015, provided that any waste generated would be placed in the Springer Pit. Robertson said that under the amended permit, any water at the tailings facility from natural precipitation is also diverted to the pit.

“This is the first time we’ve had a permit that allowed us to properly manage our water balance at-site,” he added. “Another important lesson to be learned ... is that any delay in issuing permits creates an even greater risk to the environment, local communities and to the operation.”

The 16-month long investigation has been deemed the largest and most complex investigation and analysis ever done in B.C., and 19 recommendations were made to ensure that similar collapses do not occur again.

These recommendations include that a dam safety manager be designated at mine sites, along with creating an enforcement team within the

ministry, helmed by a new deputy chief inspector of mines.

For Robertson, a big value-add is that mines in BC are likely to be required to have an independent engineering review panel to help investigate tailings facilities.

“To have a senior group of engineers and scientists overseeing and looking for pitfalls is going to be a big improvement over the previous system,” Robertson said. “It will provide the company, public and the government more confidence in the construction and operation of a tailings facility.”

Mining companies need to retain an engineer of record to oversee tailing compounds.

These professionals are governed by the Association of Professional Engineers and Geoscientists of B.C. (APEGBC) — the licensing and regulatory body charged with protecting public safety in the province.

But according to the chief inspector’s findings, there were no guidelines or regulatory requirements in place for foundation investigations.

APEGBC will release the obligations to its members early this year.

In the meantime, Robertson said Imperial is driving Mount Polley back to full operation.

“We anticipate that the statutory decision on our permits for resuming full-time operations will be in April,” he said, noting that the company will submit a longterm water management plan to the ministry by June 2016. “We definitely won’t use the Springer Pit for long-term, and although we’re investigating other ways to deal with our tailings, the work we’ve done so far points to the use of our existing facility.”

The British Columbia Conservation Officer Service (COS) is still investigating the Mount Polley incident, based on compliance with the Ministry of Environment’s legislation. If the COS finds Imperial in non-compliance, the company could face prosecution. TNM

2016-01-05 7:36 PM

6

WWW.NORTHERNMINER.COM

JANUARY 11–17, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / DECEMBER 23–JANUARY 1 Sliding commodity prices and worries about slowing global growth sent the resourceheavy Toronto stock market down 11% to end 2015 at 13,000.95 — its worst performance since the financial crisis of 2008.

Spot gold finished 2015 at US$1,061 per oz.

— representing a 10% drop for the year, and its third straight annual decline — while copper posted a 25% year-on-year drop and nickel fell 43%. Brent crude and West Texas Intermediate (WTI) lost US$20.05 and US$16.23 during 2015. In London, February Brent crude futures settled at US$36.46 per barrel on Dec. 31, while in New York, February Nymex WTI crude futures closed at US$33.60 per barrel.

Potash producers Agrium and Potash Corp. of Saskatchewan posted some of the largest gains in the final trading days of 2015. Agrium advanced $2.30 to $123.67 and Potash Corp. climbed 87¢ to $23.70.

Analysts at Investec Securities in the U.K. argue that potash consumption in China “is one of the few bright spots in the commodity scene, given the growing demand for food in the country.” On Dec. 21, Agrium announced that it had finished its proving run for the 1-million-tonne production expansion at its Vanscoy potash facility.

The Canpotex proving run established an annual nameplate production capacity of 3.1

million tonnes for the Vanscoy facility. As a result, the company expects its Canpotex allotment will be 10.5% of Canpotex’s total annual international shipments, starting in 2016. Agrium president and CEO Chuck Magro said the proving run will help the company distribute more potash to international markets, lower the potash cash cost of production and increase earnings and free cash flow.

A joint-development agreement with a strategic Chinese partner lifted shares of Prophecy Development 16.6% to 4¢ apiece. The partner has agreed to invest in Prophecy’s 600-megawatt Chandgana coal-fired power plant project in central Mongolia's Khentii province. Prophecy’s partner represents the overseas investment TSX MOST ACTIVE ISSUES

VOLUME WEEK

(000s) HIGH LOW CLOSE CHANGE

First Quantum Teck Res B Aura Mnls B2Gold New Gold Kinross Gold Yamana Gold Barrick Gold Lundin Mng Goldcorp

FM 14746 6.20 5.25 5.18 + 0.88 TCKB 9398 5.74 5.22 5.34 + 0.47 ORA 7361 0.08 0.08 0.09 0.00 BTO 4687 1.50 1.42 1.40 - 0.02 NGD 3841 3.17 3.07 3.22 + 0.01 K 3765 2.69 2.60 2.51 - 0.01 YRI 3541 2.66 2.55 2.57 + 0.08 ABX 3366 10.64 10.37 10.24 + 0.24 LUN 3154 4.16 3.99 3.80 + 0.15 G 2979 16.57 16.21 15.99 - 0.04

subsidiary of a Chinese state-owned power generation group.

Dominion Diamond grappled with activist shareholders and posted the largest loss of the trading session, falling 37¢ to $14.14. On Dec. 24, the company announced that two of its independent directors, Fiona PerrottHumphrey and Ollie Oliveira, had resigned from the board. Dominion also confirmed speculation that it had retained investment

bank Rothschild Group to help with “a number of possible initiatives to maximize shareholder value,” including the possibility of a sale. On Dec. 21, K2 & Associates Investment Management Inc. emailed a letter to Dominion on behalf of a group of investors, who believe the company’s share price has “suffered excessively and unnecessarily,” as a result of “misguided policies and missed opportunities.” TNM

TSX GREATEST PERCENTAGE CHANGE

TSX GREATEST VALUE CHANGE

VOLUME WEEK

(000s) HIGH LOW CLOSE CHANGE

WEEK

VOLUME CLOSE CHANGE

New Pac Metals Zazu Metals Loncor Res MBAC Fertilizr Wallbridge Mng Starcore Int V First Quantum Prophecy Coal Canadn Zinc Verde Potash Silver Bear Rs Ratel Grp Northcliff Res UEX Corp Serabi Gold Argex Titanium New Milln Iron Rio Novo Gold Yellowhead Mng Lydian Intl

Agrium First Quantum Potash Cp Sask Imperial Metal Russell Metals HudBay Minls Teck Res B Horizns G Bull Cameco Corp Silver Wheaton Dominion Diam Horizns G Bear Altius Mnrls PolyMet Mng Lucara Diam Ratel Grp Pretium Res Major Drilling Central Fund Ur-Energy

NUX ZAZ LN MBC WM SAM FM PCY CZN NPK SBR RTG NCF UEX SBI RGX NML RN YMI LYD

14 113 168 2725 53 24 14746 204 628 30 556 20 11 1083 40 844 38 120 41 136

0.30 0.14 0.04 0.05 0.03 0.36 6.20 0.04 0.13 0.20 0.02 0.37 0.09 0.17 0.07 0.04 0.07 0.09 0.04 0.28

0.18 0.10 0.03 0.03 0.03 0.29 5.25 0.04 0.11 0.17 0.02 0.33 0.09 0.13 0.06 0.03 0.06 0.08 0.04 0.25

0.30 0.14 0.04 0.05 0.03 0.26 5.18 0.04 0.11 0.19 0.02 0.33 0.09 0.15 0.07 0.04 0.07 0.07 0.04 0.27

+ + + + + + + + + + - - - - - - - - - -

63.8 47.3 33.3 28.5 25.0 23.8 20.4 16.6 16.6 15.6 20.0 17.5 15.0 14.2 13.3 12.5 12.5 12.5 11.1 8.4

AGU FM POT III RUS HBM TCKB HGU CCO SLW DDC HGD ALS POM LUC RTG PVG MDI CEFA URE

291955 123.67 14746120 5.18 2365899 23.70 82441 6.66 238489 16.07 1548272 5.31 9398270 5.34 840300 16.33 542166 17.07 666449 17.20 386529 14.14 1030752 11.84 169774 10.13 16500 1.09 339965 2.25 20000 0.33 204097 6.96 195979 4.38 52862 13.79 28120 0.89

+ 2.30 + 0.88 + 0.87 + 0.58 + 0.51 + 0.51 + 0.47 + 0.42 + 0.25 + 0.25 - 0.37 - 0.30 - 0.09 - 0.08 - 0.08 - 0.07 - 0.06 - 0.06 - 0.06 - 0.05

TSX VENTURE EXCHANGE / DECEMBER 23–JANUARY 1 The S&P/TSX Venture Composite Index finished the year with a late rally owing to rising energy and base metal futures, as it gained 4.7%, or 23.62 points, en route to a 525.66-point close.

But there are hardly bright times ahead for resource stocks in 2016, with the Bloomberg Commodity Index down 25% over the past year. Meanwhile, the Canadian dollar dropped 17%, or 15¢ in 2015, before finishing at US72.2¢.

February contracts for West Texas Intermediate crude oil gained 6.6%, or US$2.29, en route to a US$37.04-per-barrel weekly close, while March contracts for copper jumped 1.4%, or US2.9¢, before closing at US$2.13 per lb. February contracts for gold bullion lost 2%, or US$21.60, before finishing at US$1,060.30 per oz.

Project-generator Eurasian Minerals topped the volume-traded category after production news from its Balya lead-zincsilver royalty asset in Turkey. The company saw nearly 4 million shares change hands before it closed flat at 57¢ per share.

On Dec. 23 Eurasian reported shipping material for processing from the Hastanetepe deposit at Balya. In the early 2000s, the company acquired the project through an auction before vending it to Dedeman, a

private Turkish miner, while retaining a 4% uncapped net smelter return royalty. Development is focused on an area of shallow, high-grade mineralization on the northeast margin of Hastanetepe, with 6,000 tonnes of run-of-mine material produced and stockpiled in 2015.

It’s almost the end of the line for beleaguered developer Banks Island Gold at its Yellow Giant gold mine project, located 120 km south of Prince Rupert, B.C. The company dropped to 0.5¢ per share on 4 million shares traded, after cancelling a proposed equity financing that may have given it enough liquidity to continue operations.

On Dec. 23 Banks Island revealed it would withdraw plans for a $3-million, non-brokered private placement, wherein it would have TSX-V MOST ACTIVE ISSUES

VOLUME WEEK

(000s) HIGH LOW CLOSE CHANGE

Eurasian Minls Senator Minls Orex Expl Banks Island G Encanto Potash Lucky Mnls Stelmine Can Alexandria Mnl Confedertn Mls Noble Mnl Expl

EMX SNR OX BOZ EPO LJ STH AZX CFM NOB

3770 3653 2521 2439 1598 1550 1021 1008 930 841

0.60 0.07 0.03 0.02 0.07 0.06 0.01 0.03 0.05 0.01

0.48 0.05 0.02 0.01 0.06 0.06 0.01 0.02 0.04 0.01

0.57 - 0.07 - 0.02 + 0.01 - 0.07 - 0.06 0.01 + 0.03 + 0.05 + 0.01

0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.00

issued 10 million shares priced at 30¢ per share. The company was forced to suspend operations at Yellow Giant after the B.C. government pulled its small-mine permits.

After the failed financing, Banks Island announced it had “insufficient funds to maintain operations,” and “received notice of claims from three significant trade creditors for payment of outstanding debt.” The company

provided a notice of termination to all its remaining employees.

Explorer Stakeholder Gold completed a one-for-10 share consolidation and announced a financing for the Ballarat project in the Yukon’s White Gold district.

The company finished at 10¢ per share on 28,000 shares traded, with 7 million shares outstanding. TNM

TSX-V GREATEST PERCENTAGE CHANGE

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK

(000s) HIGH LOW CLOSE CHANGE

WEEK

VOLUME CLOSE CHANGE

Stakeholdr Gld Tasca Res Nebu Res Kings Bay Gold RockBridge Res New Nadina Stelmine Can Castle Peak Mg Silver Mtn Mns Firesteel Res Banks Island G Burnstone Vent Falcon Gold Fjordland Exp African Metals Reva Res Northern Shiel Troymet Expl Dorex Minls Rodinia Lithm

Archon Mineral Abitibi Royalt Ascot Res Stakeholdr Gld Midland Expl Cancana Res Pac Iron Ore Kaminak Gold Centurion Mnls Los Andes Copp Chesapeake Gld Tearlach Res Tasman Metals Avino Silver Midnight Sun M Rockhaven Res Sierra Iron Or Reva Res Maritime Res Kilo Goldmines

SRC TAC NBU KBG RBE NNA STH CAP SMM FTR BOZ BVE FG FEX AFR RVA NRN TYE DOX RM

28 53 151 28 10 146 1021 155 43 56 2439 33 10 20 101 16 54 33 51 200

0.10 0.02 0.03 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.04 0.04 0.02 0.01 0.01 0.01

0.04 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.04 0.01 0.01 0.01 0.01

0.12 0.02 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.04 0.01 0.01 0.01 0.01

+ 380.0 + 200.0 + 150.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 66.6 - 50.0 - 50.0 - 50.0 - 40.0 - 38.4 - 33.3 - 33.3 - 33.3 - 33.3

ACS RZZ AOT SRC MD CNY POC KAM CTN LA CKG TEA TSM ASM MMA RK NAA RVA MAE KGL

17900 18351 48553 28001 43000 77000 62500 107802 12000 52000 80600 10500 19615 21080 170000 86010 64533 15500 50000 17640

2.00 3.35 1.15 0.12 0.64 0.19 0.31 0.86 0.14 0.14 1.76 0.14 0.26 1.24 0.10 0.14 0.29 0.04 0.12 0.09

+ + + + + + + + + + - - - - - - - - - -

0.51 0.20 0.10 0.10 0.08 0.08 0.06 0.05 0.05 0.05 0.13 0.06 0.04 0.04 0.04 0.03 0.03 0.03 0.02 0.02

U.S. MARKETS / DECEMBER 23–JANUARY 1 The Dow Jones Industrial Average and S&P 500 Index both failed to register annual gains, while posting small gains during the trading period. The Dow added 7.7 points to end at 17,425.03, down 2.2% for the year. This is its first annual loss since 2008. The S&P 500 Index added 0.2% during the period to finish at 2,043.94, but posted a 0.7% annual loss, snapping three years of double-digit gains.

The Nasdaq Composite closed at 5,007.41, up 5.7% for the year. Spot gold fell 1% during the period to close at US$1,061. The metal is down 10% for the year.

Randgold Resources was the second topvalue gainer, advancing US$1.99 per share to finish at US$61.93. On Dec. 21, the miner ended its conditional investment agreement with AngloGold Ashanti to form a joint venture to redevelop the Obuasi gold mine in Ghana. It explains the proposed investment did not meet its investment criteria. Under the agreement announced in September, redevelopment could have cost up to US$1 billion. AngloGold intends to run Obuasi’s limited operating phase through the first quarter of 2016. The iconic high-grade mine sits 320 km northwest of the capital, Accra, in

Jan 11 Pgs 6.indd 6

Ghana’s Ashanti region. It still has reserves of 24.5 million tonnes grading 6.70 grams gold per tonne for 5.29 million oz. For the year, Randgold shares were down 7.4%.

BHP Billiton posted a Dec. 22 update regarding the Nov. 5 dam collapse at Samarco’s iron ore operation in Brazil that killed at least 17 people. BHP and Vale each own 50% of Samarco. Brazil’s Federal Court has ordered the companies to undertake certain remedial actions within specific deadlines, among other conditions. The companies also face a US$5.2-billion lawsuit. Samarco, BHP and Vale have together hired a New-York based U.S. MOST ACTIVE ISSUES VOLUME WEEK

(000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 76501 7.53 6.70 6.77 + 1.03 Alcoa* AA 38999 10.22 9.68 9.87 + 0.63 Teck Res B* TCK 12321 4.14 3.76 3.86 + 0.37 Barrick Gold* ABX 10687 7.68 7.47 7.38 + 0.19 Potash C Sask* POT 10536 18.65 17.82 17.12 + 0.70 Consol Energy* CNX 7460 8.62 8.04 7.90 + 0.54 Newmont Mng* NEM 6849 18.25 17.76 17.99 + 0.34 Hecla Mining* HL 6626 2.06 1.96 1.89 - 0.03 Mosaic* MOS 6161 30.50 28.90 27.59 + 1.31 Goldcorp* GG 6027 11.94 11.71 11.56 + 0.05

law firm to conduct an external investigation into the cause of the dam failure. BHP finished the trading period up US$1.42 per share at US$25.76. The stock has fallen 42% since the end of 2014.

On Dec. 23, Goldcorp said it decommis-

sioned its El Sauzal gold mine in Mexico in accordance with the International Cyanide Management Code. Goldcorp gained a nickel during the trading period to finish at US$11.56 per share. The stock has dropped 36% from its 2014 close of US$18.04. TNM

U.S. GREATEST PERCENTAGE CHANGE VOLUME WEEK

(000s) HIGH LOW CLOSE CHANGE

US Energy* Mesabi Trust* Arch Coal* Freeport McMo* Harmony Gold* Intrepid Pots* Golden Mnls* Taseko Mines* Cloud Peak En* Hi-Crush Part* Tasman Mtls* Timberline Rs* PolyMet Mng* Ur-Energy* Eurasian Mnls* General Moly* Exeter Res* Minco Gold* Platinum Gp M* Entree Gold*

USEG MSB ACI FCX HMY IPI AUMN TGB CLD HCLP TAS TLR PLM URG EMXX GMO XRA MGH PLG EGI

545 0.20 262 5.18 3118 1.12 76501 7.53 3494 1.06 345 3.52 154 0.23 604 0.37 234 2.33 89 6.11 36 0.21 19 0.25 289 0.85 56 0.60 1161 0.42 594 0.22 33 0.35 31 0.15 75 0.15 59 0.22

0.14 4.30 0.93 6.70 0.91 3.12 0.21 0.32 2.10 5.45 0.18 0.22 0.79 0.58 0.35 0.19 0.33 0.13 0.13 0.22

0.16 + 54.2 4.52 + 26.2 0.99 + 20.8 6.77 + 17.9 0.93 + 15.5 2.95 + 14.7 0.20 + 12.9 0.34 + 12.9 2.08 + 12.4 5.92 + 11.9 0.18 - 12.6 0.17 - 6.7 0.79 - 5.9 0.65 - 5.8 0.43 - 4.8 0.20 - 4.7 0.33 - 3.5 0.14 - 3.4 0.15 - 3.2 0.24 - 2.8

U.S. GREATEST VALUE CHANGE

WEEK

VOLUME CLOSE CHANGE

Agrium* Randgold Res* US Silica Hld* Rio Tinto* BHP Billi-BHP* Mosaic* BHP Billi-BBL* Freeport McMo* Cabot Corp* Mesabi Trust* Central GoldT* Dominion Diam* PolyMet Mng* Ur-Energy* North Am En P* Hecla Mining* Tasman Mtls* Eurasian Mnls* Timberline Rs* Exeter Res*

AGU GOLD SLCA RIO BHP MOS BBL FCX CBT MSB GTU DDC PLM URG NOA HL TAS EMXX TLR XRA

156742 89.34 1093773 61.93 386817 18.73 1356909 29.12 5020980 25.76 6161353 27.59 2461112 22.65 76501166 6.77 305888 40.88 262147 4.52 65647 37.70 185776 10.23 289456 0.79 56186 0.65 11601 1.73 6626137 1.89 36055 0.18 1160870 0.43 18934 0.17 33132 0.33

+ 2.20 + 1.99 + 1.84 + 1.60 + 1.42 + 1.31 + 1.30 + 1.03 + 1.00 + 0.94 - 0.24 - 0.22 - 0.05 - 0.04 - 0.04 - 0.03 - 0.03 - 0.02 - 0.01 - 0.01

2016-01-05 7:35 PM

GLOBAL MINING NEWS · SINCE 1915

7

THE NORTHERN MINER / JANUARY 11–17, 2016

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, January 5, 2016 Precious Metals Price (US$/oz.)

Change $1078.00 +10.75 Gold Silver $14.01 +0.08 Platinum $878.00 +4.00 Palladium $547.00 -7.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $8555.00 +60.00 $4636.50 +28.00 $1717.50 -27.50 $1564.50 -3.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, January 4, 2016 (change from December 29, 2015 in brackets): Aluminium Alloy 15140 (+220) Aluminium 2889550 (-17375) Copper 235800 (-1275) Lead 191650 (-25) Nickel 441342 (-4026) Tin 6140 (-355) Zinc 462700 (-5775)

TSX SHORT POSITIONS

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$43.10 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$43.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$10.90 Coal: CME Group Futures Feb. 2016: US$43.33; Mar. 2016: US$43.63 Cobalt: US$10.89/lb.

Copper: US$2.11/lb.

Copper: CME Group Futures Feb. 2016: US$2.09/lb.; Mar. 2016: US$2.09/lb Ferro-Chrome: US$1.97/kg Ferro Titanium: US$4.35/kg FerroTungsten: US$22.75/kg Ferrovanadium: US$13.68/kg Iridium: NY Dealer Mid-mkt US$520/tr oz.

Iron Ore 62% Fe CFR China-S: US$43.10/tonne Iron Ore Fines: US$53.16/tonne Iron Ore Pellets: US$71.04/tonne Lead: US$0.80/lb.

Magnesium: US$1.99/kg Manganese: US$1.63/kg Molybdenum Oxide: US$5.44/lb.

Phosphate Rock: US$123.00/tonne Potash: US$300.00/tonne Rhodium: Mid-mkt US$650.00/tr. oz.

Ruthenium: Mid-mkt US$42.00/tr. oz.

Silver: Handy & Harman Base: US$13.90 per oz.; Handy & Harman Fabricated: US$17.37 per oz.

Tantalite Ore: : US$132.41/kg Tin: US$6.60/lb.

Uranium: U3O8, Trade Tech spot price: US$33.85/lb.; The UX Consulting Company spot price: US$34.25/lb.

Zinc: US$0.70/lb.

Prices current Jan. 5, 2016

Alamos Gold (AGI.WT) - Wt buys sh @ US$29.48 to Aug 30/18.

Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17.

Crocodile Gold (CRK.WT) - Wt buys sh @ $2.25 to Mar 24/16.

Dalradian Resources (DNA.WT) - Wt buys sh @ $1.50 to Jul 31/17.

Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov. 20/15.

Franco-Nevada (FNV.WT.A) - Wt buys sh @ $75 to Jun 16/17.

Gran Colombia Gold (GCM.WT) - Wt buys sh @ $65.00 to Aug 24/15. (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19.

Hudbay Minerals (HBM.WT) - Wt buys sh @ $15.00 to Jul 20/18.

IMX Resources (IXR.WT) - Wt buys sh @ C$0.62 or A$0.60 to Sep 14/15.

Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.80 to Dec 10/15.

MBAC Fertilizer (MBC.WT) - Wt buys sh @$1.00 to Apr 17/19.

New Gold A (NGD.WT.A) - Wt buys sh @ $15 to June 28/17.

Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.50 to Feb 18/22 Primero Mining (P.WT) - Wt buys sh @ $8 to July 20/15 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $.40 to Jul 17/17.

Royal Nickel (RNX.WT) - Wt buys sh @ $.80 to Jul 11/16.

RTG Mining (RTG.WT) - Wt buys sh @ $1.50 to Jun 4/17.

Rubicon Minerals (RMX.WT) – Wt buys sh @$2 to Mar 12/15.

Sandstorm Gold (SSI.WT.A) Wt buys 1/5 sh @ US$5 to Oct 19/15. (SSI.WT.B) Wt buys sh @ US$14 to Sep 7/17. (SSI.WT.C) Wt entitles holder to receive 0.145 of a sh to Oct 7/14.

Stonegate Agricom (ST.WT.A) - Wt buys sh @ $0.40 to Jul 24/15.

Stornoway Diamond (SWY.WT.A) - Wt buys sh @ $0.90 to Jul 3/16.

Vista Gold (VGZ.WT.U) - Wt buys sh @ US$5 to Oct 22/15.

Supplied by TMX Group.

TSX VENTURE SHORT POSITIONS

Short positions outstanding at Dec.15/15 (with changes from Nov.30/15).

Short positions outstanding at Dec.15/15 (with changes from Nov.30/15).

Largest short positions First Quantum FM 38177500 Lundin Mining LUN 34521841 PotashCorp POT 26712122 New Gold NGD 25752718 B2Gold BTO 24852859 Kinross Gold K 15419253 Yamana Gold YRI 13404739 Barrick Gold ABX 12672048 Eldorado Gold ELD 11164401 Teck Resources TCK.B 11114965 Platinum Group Metals PTM 10020674 Paramount Resources POU 9073976 Iamgold IMG 7872384 Torex Gold TXG 7725649 Argonaut Gold AR 7290950 Largest increase in short position 10020674 Platinum Group Metals PTM First Quantum FM 38177500 Agnico Eagle Mines AEM 3191411 Semafo SMF 3362504 Iamgold IMG 7872384 Largest decrease in short position Teck Resources TCK.B 11114965 Lundin Mining LUN 34521841 Detour Gold DGC 6072450 Yamana Gold YRI 13404739 New Gold NGD 25752718

Largest short positions Arctic Star Exploration ADD 1833000 East Asia Minerals EAS 1049000 Majestic Gold MJS 948000 Silver Range Res. SNG 650000 Gold Reserve GRZ 613600 Maya Gold & Silver MYA 460500 GTA Res. and Mining GTA 400000 Nemaska Lithium NMX 315274 Fjordland Exploration FEX 300000 Gensource Potash GSP 280000 Nexgen Energy NXE 273500 Wealth Minerals WML 250000 Purepoint Uranium PTU 218700 Zenyatta Ventures ZEN 201316 Golden Dawn Minerals GOM 170000 Largest increase in short position 1833000 Arctic Star Exploration ADD East Asia Minerals EAS 1049000 Majestic Gold MJS 948000 Silver Range Res. SNG 650000 Maya Gold & Silver MYA 460500 Largest decrease in short position Nexgen Energy NXE 273500 Nemaska Lithium NMX 315274 First Mining Finance FF 89600 Viscount Mining VML 20000 Graphite One Res. GPH 300

2448003 -5529175 -2286602 -3223593 -759757 -594218 -3811439 -1880467 -290489 -10385327 9605074 285534 1290211 377564 -26611 9605074 2448003 1569464 1436571 1290211 -10385327 -5529175 -4017517 -3811439 -3223593

1833000 1049000 744000 650000 21100 460500 400000 -552370 300000 280000 -2440308 250000 208100 -88384 166000 1833000 1049000 744000 650000 460500 -2440308 -552370 -156000 -142000 -140000

NORTH AMERICAN STOCK EXCHANGE INDICES

ADVANTAGE

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.60 to Aug 20/18.

Avala Resources (AVZ.WT) - Wt buys sh @ $4.80 to Mar 6/16.

Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18.

Cornerstone Capital Resources (CGP.WT) - Wt buys sh @ $0.35 to Apr 7/19.

Delta Gold (DLT.WT) - Wt buys sh @ $0.17 to Sep 14/17.

Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19.

Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 30/16.

Monarques Resources (MQR.WT) - Wt buys sh @ $0.20 to Dec 14/15. (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17.

NexGen Energy (NXE.WT) – Wt buys sh @ $o.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15. (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15.

Sunridge Gold (SGC.WT) – Wt buys sh @ $0.35 to Oct 18/17.

West African Resources (WAF.WT) - Wt buys sh @ $0.40 to Jan 17/17.

West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.30 to Apr 17/19.

Supplied by TMX Group Inc.

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www.northernminer.com NEW 52-WEEK HIGHS AND LOWS DECEMBER 23, 2015–JANUARY 1, 2016

52-week

Date Jan 4 Jan 1 Dec 31 Dec 30 Dec 29 High Low TSX Composite 12927.15 N/A 13009.95 13142.29 13245.75 15524.75 12617.66 S&P/TSX-Ven Comp 525.65 N/A 525.66 520.86 518.20 707.95 494.28 S&P TSX 60 758.36 N/A 764.54 773.50 779.82 905.09 744.37 Global Gold 134.32 N/A 129.53 129.49 131.22 195.63 114.48 TSX Metals & Mining 344.92 N/A 350.16 350.88 359.24 832.42 295.54 Gold & Silver XAU 46.40 N/A 45.30 45.20 46.15 83.22 42.72 Arca Gold Bugs 114.66 N/A 111.18 110.76 112.64 211.23 101.28

DAILY METAL PRICES Daily Metal Prices Date Jan 4 Jan 1 Dec 31 Dec 30 Dec 29 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1595/1610 N/A 1600/1610 1600/1610 1595/1605 Aluminum 1465/1470 N/A 1506.50/1513 1506/1512 1534/1540.50 Copper 4644.50/4635 N/A 4701.50/4700 4714/4718 4684/4686 Lead 1760/1758 N/A 1801/1795 1787/1776 1762/1752 Nickel 8510/8555 N/A 8660/8690 8600/8650 8550/8570 Tin 14540/14445 N/A 14575/14500 14650/14645 14590/14500 Zinc 1552/1573 N/A 1599.50/1614 1591.50/1607 1558/1572 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1072.70 N/A 1062.25 1067.80 1067.25 Gold PM 1082.25 N/A N/A 1060.00 1070.10 Silver 14.00 N/A 13.82 13.82 13.93 Platinum 893.00 N/A 872.00 868.00 895.00 N/A 547.00 555.00 558.00 Palladium 550.00

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Jan 4 Jan 1 Dec 31 Dec 30 Dec 29 US$ in C$ 1.3969 N/A 1.3840 1.3884 1.3850 C$ in US$ 0.7159 N/A 0.7225 0.7203 0.7220

5 New Highs Erdene Res Dev Kings Bay Gold New Pac Metals Noram Vent Orex Expl

122 New Lows Adex Mining African Gold G Alderon Iron O Alexandria Mnl Alita Res Altai Res Amarillo Gold Anglo-Can Mng Argex Titanium Auramex Res Aurvista Gold Avino Silver Avino Silver* Azincourt Res Baja Mng Barisan Gold Barker Mnrls Batero Gold BCGold Benton Cap Berkwood Res Big North Grap Blue Sky Uran Burnstone Vent Cadillac Vent

Canadn Arrow Canamex Res Canterra Mnls Cap-Ex Vent Castle Peak Mg Catalyst Coppr Cons Woodjam C Constant Mtl R Copper North M Discovery Harb DNI Metals Dorex Minls Emgold Mng Eurasian Minls Eurasian Mnls* Everton Res Fairmont Res Falcon Gold Firestone Vent Fjordland Exp Focus Vnt Fortune Mnrls Gabriel Res General Moly* Geodex Mnrls Geomega Res Gold Finder Ex Goldcliff Res Golden Band Goldeye Expl Goldgroup Mng Grande Portage Green Swan Cap

Handa Copper IMPACT Silver Independence G Intl Vestr Res Kestrel Gold Khan Res Kings Bay Gold Laurion Mnl Ex Lincoln Mng Majescor Res Makena Res Mandalay Res Maracote Intl Marifil Mines MDN Inc Metalcorp Mindoro Res Mineral Mtn Rs Miranda Gold Monster Mng Mountain Boy M MPVC Mustang Minls Noble Mnl Expl Nomad Ventures Northern Abiti Northern Dyn* Northern Iron Northern Shiel Northern Sup R Northisle C&G Opawica Expl Orestone Mng

Pac North West Pinetree Cap Plato Gold QMC Quantum Ml QMX Gold Quest Rare Mnl Rambler Mg&Mtl Ratel Grp Red Rock Enrgy Redhill Res Redstar Res Riverside Res RJK Explor Rodinia Lithm Scorpio Mining Serabi Gold Serengeti Res SGX Res Silver Bear Rs Silver Bull Re Silver Pursuit Source Expl Stakeholdr Gld Stonegate Agri Sultan Mnrls Teras Res Victory Nickel Victory Res West Kirkland Wolverine Mnls Zimtu Capital

For daily mining news, visit www.northernminer.com

EXCHANGE RATES (Bank of Canada, January 4, 2016) Currency Aus $ Euro Japan Mex P SA Rand UK £ In C$ 1.0009 1.5091 0.01171 0.08045 0.08939 2.0513 In US$ 0.7165 1.0803 0.00838 0.05759 0.06399 1.4685

Geotech_Earlug_2015_VTEM_Colour3.pdf 1 2015-09-25 9:59:47 AM

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

Short Road to Silver Production/Earning TSX.V: GRG www.goldenarrowresources.com

905 841 5004 | geotech.ca

GLOBAL MINING NEWS · SINCE 1915

LEGEND A – Australian Stock Exchange C – CNSX Canadian National Stock Exchange J – Johannesburg Stock Exchange L – London Stock Exchange M – Mexico Stock Exchange N – New York Stock Exchange O – U.S. over-the-counter Q – NASDAQ or U.S. OTC T – Toronto Stock Exchange V – TSX Venture Exchange X – NYSE Alternext U.S. * – Denotes price in U.S.$

STAFF INVESTMENT POLICY The Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public offerings or to engage in short selling.

CONVERSIONS OF WEIGHTS & MEASURES 1 troy ounce = 31.1 grams 1 kilogram = 32.15 troy ounces 1 kilogram = 2.2046 pounds 1 (metric) tonne = 1,000 kilograms 1 (metric) tonne = 2,204.6 pounds 1 (short) ton = 2,000 pounds 1 (metric) tonne = 1.1023 (short) tons

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton

= 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

Reprints Reprints of any article published in The Northern Miner or on our website are available. We will provide them in a PDF format for $350.

ALMADEN MINERALS

TERRAX MINERALS

New milling strategy for Ixtaca / 3

DIAMOND FORECAST

Takes aim at Yukon City Gold targets / 11

Relief in the long term? / 16

JANUARY 4-10, 2016 / VOL. 101 ISSUE 47 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Alexco finds silver lining at Keno with Flame & Moth SITE VISIT

| New discoveries in iconic mining district

Mining the unexpected RESOURCE MODELS | ‘Poor geology’ to blame for production shortcomings

BY MATTHEW KEEVIL mkeevil@northernminer.com KENO CITY, YUKON

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

T

here’s a wealth of history in the Yukon’s Keno Hill mining district, and Alexco Resource (TSX: AXR; NYSE-MKT: AXU) is out to prove there’s a lot of silver left to discover across its large land package, 330 km north of Whitehorse. The company shuttered underground operations at its Bellekeno mine two years ago, but new discoveries just might inject life into the famous region in the southern Klondike.

Driving through the abandoned mining town of Elsa on the way to Alexco’s site offices, it’s evident just how prolific the historic United Keno Hill mine must have been at its peak. The dilapidated cottages and apartment buildings observe the old township through blank windows, as a mud-stained tour van takes a sharp turn past a crumbling elementary school and community centre.

In the 1950s, Elsa hosted the second-largest silver producer in Canada and the fourth-largest in the world. According to the Yukon government, between 1913 and 1989 Keno Hill produced more than 217 million oz. silver and hosted 35 mine sites.

The history of the district plays a role in Alexco’s story, since it acquired a 235 sq. km land position surrounding Keno under an agreement with the government, which requires it clean up largescale environmental liabilities left behind by previous operators.

The company is a bit of an anomaly in the mining industry, since it isn’t strictly focused on exploration, development and production. Alexco also operates an environmental consulting division that services

W

Alan McOnie, Alexco Resource’s vice-president of exploration, at the Keno Hill polymetallic project in the Yukon.

clients across a number of sectors, including: mining, oil and gas, transportation, government and First Nations.

President and CEO Clynton Nauman explains during an interview that the environmental side of Alexco’s business developed from management’s previous experience working with major companies like Rio Tinto (NYSE: RIO), which led to expertise and connections for remediation, permitting and social licence.

“We’re a mining company in one regard, but we’re also operating a profitable environmental division with a large — and growing — group of professionals who give us a real strategic advantage,” Nauman says. “We have technologies we’ve applied, and as a result we’re recog-

nized by all levels of government on the environmental side. Keno Hill is a great example of how building those relationships can result in great opportunities in the mining business.”

In fact, Alexco’s environmental group has shouldered most of its cash generation during the downturn in the mining sector. The company reported revenue from environmental remediation totalling $15 million in 2014 — with a 33% profit margin — and estimates it has $100 million in backlog environmental contracts, including work at Keno Hill.

Alexco recently completed a contract with the U.S. Environmental Protection Agency involving an interim water-treatment facility at the Gold King mine

PHOTO BY MATTHEW KEEVIL

near Silverton, Colo. The abandoned operation was the site of a high-profile spill in August that impacted the Animas River.

“Few people are buying our stock based on this profitable environmental business that is, in essence, subsidizing our investment in highgrade silver mining,” Nauman says.

“The plan is two build up both businesses alongside each other, but eventually ... we’ll be forced to split things up. It will advance to a point where we’ll be forced to capitalize each unit separately, because our investors will be involved for different reasons,” he adds.

But the cash made from the environmental division has helped Alexco stay capitalized in tough

hen the “geological complexity” of their orebodies forced Rubicon Minerals’ (TSX: RMX; NYSE-MKT: RBY) to suspend development production at its Phoenix gold mine in Red Lake, Ont., and Goldcorp (TSX: G; NYSE: GG) to lower production at its Éléonore gold mine in Quebec, it brings to question whether miners today are fully prepared to handle the unexpected when it comes to mine geology.

Jean-François Couture, a corporate consultant from SRK Consulting, says the ability of mining companies to predict the nature of their orebody has “evolved tremendously” over the past decade — but a poor geological understanding can weaken or even break any resource model.

“We now have tools that are far GEOLOGY / 13 PM40069240

Contact: moliveira@northernminer.com or 416-510-6768 See ALEXCO / 2

MINERAL EXPLORATION ROUNDUP 2016 JANUARY 25 – 28 • CANADA PLACE, VANCOUVER, BC REGISTER TODAY AT amebc.ca/roundup

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JANUARY 11–17, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: DECEMBER 23, 2015–JANUARY 1, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 653 0.06 0.05 0.06 0.00 0.09 0.04 Abcourt Mines V 239 0.04 0.04 0.05 - 0.01 0.07 0.03 Aben Res V 180 0.07 0.06 0.07 0.00 0.30 0.06 Aberdeen Intl T 1400 0.12 0.11 0.16 - 0.01 0.19 0.11 Abitibi Royalt V 183 3.57 2.98 3.35 + 0.20 5.10 1.53 Actus Mnls V 710 0.02 0.02 0.04 + 0.01 0.11 0.02 Adamera Mnls V 300 0.02 0.02 0.02 + 0.01 0.05 0.01 Adex Mining V 350 0.01 0.01 0.01 0.00 0.02 0.01 Adriana Res V 2210 0.11 0.10 0.11 0.00 0.19 0.08 African Gold G V 1170 0.03 0.03 0.03 0.00 0.07 0.03 African Metals V 1010 0.04 0.03 0.03 - 0.02 0.11 0.02 African Queen V 240 0.02 0.02 0.02 + 0.01 0.03 0.01 Agnico-Eagle* N 13236 26.83 26.22 26.28 + 0.21 34.89 21.00 Agnico-Eagle T 4211 37.24 36.30 36.37 + 0.09 43.70 26.39 Agrium* N 1567 93.08 90.91 89.34 + 2.20 116.77 86.60 Agrium T 2919 128.98 126.15 123.67 + 2.30 146.51 109.56 Alabama Graph V 1671 0.17 0.16 0.17 + 0.01 0.35 0.14 Alacer Gold T 2651 2.55 2.46 2.47 + 0.03 3.23 1.99 Alberta Star V 207 0.02 0.02 0.03 0.00 0.05 0.02 Alcoa* N 389989 10.22 9.68 9.87 + 0.63 17.10 7.81 Alderon Iron O T 896 0.10 0.09 0.09 + 0.01 0.50 0.09 Aldridge Minls V 15 0.13 0.13 0.13 + 0.01 0.21 0.12 Aldrin Res V 237 0.10 0.10 0.11 - 0.01 0.26 0.09 Alexander Nubi V 31 0.05 0.05 0.05 + 0.01 0.20 0.04 Alexandria Mnl V 10082 0.03 0.02 0.03 + 0.01 0.06 0.02 Alexco Res T 1248 0.53 0.48 0.47 + 0.04 0.81 0.34 Alexco Res* X 1492 0.38 0.35 0.34 + 0.02 0.68 0.26 Alita Res V 1236 0.06 0.06 0.06 0.00 0.30 0.06 Alix Res V 810 0.04 0.04 0.05 - 0.01 0.09 0.03 Alliance Rs P* Q 6232 14.38 13.50 13.49 + 0.78 43.65 11.93 Alloycorp V 1500 0.02 0.01 0.02 0.00 0.07 0.01 Almaden Mnls* X 1057 0.69 0.64 0.68 + 0.04 1.11 0.48 Almaden Mnls T 470 0.95 0.91 0.95 + 0.03 1.57 0.65 Almonty Ind V 715 0.26 0.25 0.28 + 0.01 0.86 0.23 Alphamin Res V 365 0.18 0.18 0.18 0.00 0.32 0.11 Altai Res V 40 0.05 0.05 0.05 0.00 0.12 0.05 Altair Vent V 16 0.13 0.13 0.16 + 0.02 0.60 0.06 Altius Mnrls T 1697 10.06 9.73 10.13 - 0.09 15.47 9.46 Alto Vent V 10 0.02 0.02 0.02 0.00 0.10 0.02 Alum Cp China* N 268 8.39 8.25 8.24 + 0.18 17.44 7.01 Am Creek Res V 410 0.04 0.04 0.04 + 0.01 0.10 0.03 Amarc Res V 10 0.06 0.06 0.06 0.00 0.18 0.05 Amarillo Gold V 2710 0.06 0.04 0.05 - 0.01 0.15 0.04 American Manga V 490 0.02 0.02 0.02 0.00 0.05 0.01 American Vanad V 1555 0.09 0.09 0.09 - 0.01 0.25 0.05 Amerigo Res T 488 0.20 0.18 0.21 + 0.02 0.45 0.17 Anaconda Mng T 20 0.04 0.04 0.04 0.00 0.07 0.04 Anfield Res V 50 0.10 0.10 0.10 + 0.02 0.30 0.05 Angkor Gold V 215 0.47 0.43 0.47 - 0.01 0.64 0.38 Anglo-Can Mng V 10 0.01 0.01 0.01 0.00 0.02 0.01 AngloGold Ash* N 19474 7.36 7.11 7.10 + 0.36 13.12 5.64 Antofagasta Gd V 368 0.27 0.26 0.28 + 0.01 0.29 0.09 Apogee Silver V 48 0.20 0.18 0.18 - 0.03 0.65 0.15 AQM Copper V 70 0.04 0.04 0.04 0.00 0.08 0.03 Aquila Res T 95 0.18 0.18 0.17 + 0.02 0.24 0.09 Arch Coal* N 31178 1.12 0.93 0.99 + 0.17 19.00 0.80 Archon Mineral V 179 2.00 1.55 2.00 + 0.51 2.10 0.95 Arctic Hntr Ur V 50 0.03 0.03 0.03 0.00 0.06 0.02 Arctic Star Rs V 250 0.02 0.02 0.02 0.00 0.07 0.01 Arcus Dev Grp V 150 0.02 0.02 0.02 0.00 0.04 0.01 Argentex Mng V 150 0.03 0.03 0.03 + 0.01 0.08 0.02 Argex Titanium T 8441 0.04 0.03 0.04 - 0.01 0.60 0.03 Argonaut Gold T 3491 1.23 1.20 1.19 + 0.01 3.14 1.14 Arianne Phosph V 1083 0.99 0.97 1.00 + 0.03 1.00 0.68 Armistice Res T 403 0.33 0.32 0.33 + 0.01 0.52 0.22 Aroway Mnls V 370 0.01 0.01 0.01 0.00 0.09 0.01 ASA (Bermuda)* N 1483 7.28 7.09 7.17 + 0.04 12.31 6.73 Asanko Gold T 4607 2.07 2.00 2.03 + 0.04 2.55 1.57 Asanko Gold* X 90 1.48 1.45 1.46 + 0.01 1.94 1.26 Ascot Res V 485 0.92 0.82 1.15 + 0.10 2.00 0.81 Ashburton Vent V 2800 0.02 0.02 0.02 0.00 0.03 0.01 Atac Res V 442 0.31 0.30 0.30 0.00 0.78 0.26 Atacama Pac Gd V 15 0.15 0.15 0.15 0.00 0.45 0.14 Athabasca Mnls V 732 0.28 0.26 0.30 0.00 1.21 0.20 0.28 0.00 0.67 0.27 Atico Mng V 911 0.28 0.28 Atlanta Gold V 66 0.06 0.06 0.06 - 0.01 0.20 0.05 Augen Gold V 305 0.06 0.05 0.05 + 0.01 0.20 0.03 Augyva Mng V 20 0.10 0.10 0.10 + 0.01 0.15 0.07 0.09 0.00 0.12 0.06 Aura Mnls T 73614 0.08 0.08 Aura Silver Rs V 1490 0.02 0.02 0.01 0.00 0.02 0.01 Auramex Res V 20 0.01 0.01 0.01 0.00 0.02 0.01 Aurcana Corp V 653 0.13 0.11 0.13 0.00 0.35 0.09 AurCrest Gold V 250 0.02 0.01 0.02 0.00 0.04 0.01 Aureus Mng T 35 0.14 0.14 0.14 0.00 0.83 0.09 0.05 - 0.01 0.08 0.03 Aurion Res V 20 0.06 0.06 Aurvista Gold V 701 0.04 0.03 0.04 0.00 0.09 0.03 Avala Res V 10 0.03 0.03 0.04 - 0.01 0.09 0.03 Avalon Rare Mt T 3034 0.14 0.14 0.13 + 0.01 0.48 0.11 1.24 - 0.04 2.40 1.15 Avino Silver V 210 1.20 1.15 Avino Silver* X 2200 0.87 0.83 0.90 - 0.01 1.97 0.83 Avnel Gold T 5 0.24 0.24 0.25 0.00 0.31 0.15 Axmin Inc V 250 0.01 0.01 0.01 + 0.01 0.03 0.01 Azincourt Res V 23 0.05 0.04 0.05 0.00 0.36 0.04

(100s) Stock

Big North Grap V Bison Gold Res V Black Iron T Blue Rvr Res V Blue Sky Uran V BMO Jr Gld ETF T Bonterra Res V Bowmore Expl V Brazil Res V Brixton Mtls V Burnstone Vent V

150 510 450 880 205 656 124 40 231 180 326

Jan 11 Pgs 8 9.indd 8

1.08 1.03 1.02 0.00 2.38 0.98 1.50 1.42 1.40 - 0.02 2.88 1.30 1.69 1.49 1.69 + 0.17 2.05 0.75 0.02 0.02 0.02 0.00 0.06 0.02 0.45 0.42 0.43 + 0.02 1.25 0.40 0.02 0.01 0.01 - 0.01 0.28 0.01 0.24 0.23 0.28 0.00 0.47 0.14 0.17 0.16 0.20 + 0.00 0.40 0.12 0.02 0.02 0.02 0.00 0.14 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.26 0.24 0.26 + 0.03 0.40 0.20 7.68 7.47 7.38 + 0.19 13.70 5.91 10.64 10.37 10.24 + 0.24 16.54 7.89 0.06 0.06 0.06 + 0.01 0.11 0.06 0.02 0.02 0.02 0.00 0.06 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.07 0.07 0.12 + 0.02 0.13 0.02 0.64 0.60 0.58 0.00 1.94 0.56 0.04 0.04 0.04 - 0.01 0.06 0.03 0.04 0.04 0.04 + 0.01 0.45 0.03 0.03 0.03 0.03 0.00 0.09 0.02 0.25 0.23 0.25 0.00 0.30 0.15 0.02 0.02 0.02 0.00 0.04 0.02 0.04 0.04 0.04 0.00 0.06 0.03 0.01 0.01 0.01 0.00 0.05 0.01 23.43 22.97 22.65 + 1.30 48.87 20.36 26.19 25.62 25.76 + 1.42 50.22 23.21

12-month

0.02 0.02 0.03 - 0.01 0.45 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.03 0.03 0.00 0.05 0.02 0.04 0.04 0.04 0.00 0.05 0.03 0.04 0.04 0.04 - 0.01 0.26 0.04 5.13 4.94 4.93 + 0.10 7.65 4.45 0.18 0.18 0.18 - 0.01 0.43 0.09 0.08 0.08 0.08 + 0.01 0.11 0.03 0.50 0.49 0.45 + 0.01 0.85 0.43 0.08 0.07 0.08 - 0.02 0.22 0.05 0.01 0.01 0.01 - 0.01 0.04 0.01

C Cabot Corp* N 3058 Cadillac Vent V 90 Caledonia Mng T 115 Calibre Mng V 1750 Callinex Mines V 36 Cameco Corp* N 11970 Cameco Corp T 5421 Camino Mnls V 300 Canada Carbon V 991 Canada Rare Ea V 1216 Canadn Arrow V 1000 Canadn Int Mnl V 700 Canadn Mining V 65 Canadn Zinc T 6281 Canamex Res V 60 Canarc Res T 100 Cancana Res V 770 Candente Coppr T 85 CaNickel Mng T 47 Canoe Mng Vnt V 350 Canstar Res V 70 Canterra Mnls V 247 Cantex Mn Dev V 715 Cap-Ex Vent V 13 Capstone Mng T 16855 Cardero Res T 60 Caribou King R V 146 Carlisle Goldf T 1442 Carmax Mng V 413 Cassidy Gold V 31 Castillian Res V 10 Castle Peak Mg V 1550 Catalyst Coppr V 745 Centamin T 221 Centerra Gold T 4827 Central Fund* X 9187 Central Fund T 528 Central Gold-T T 4 Central GoldT* X 656 Centurion Mnls V 120 Chalice Gold M T 300 Champion Bear V 50 Champion Iron T 170 Chesapeake Gld V 806 Chiboug Ind Mn V 101 Chimata Gold V 1090 China Gold Int T 1254 Claude Res T 1129 Cliffs Nat Rs* N 54202 Clifton Star V 350 Cloud Peak En* N 2344 CMC Metals V 2190 Coeur Mng* N 18726 Colombian Mins V 12 Colonial Coal V 1380 Colorado Res V 70 Colt Res V 65 Columbus Gold V 750 Commerce Res V 2175 Compass Mnls* N 785 Comstock Mng* X 2177 Condor Res V 610 Confedertn Mls V 9300 Cons Woodjam C V 960 Consol Energy* N 74602 Constant Mtl R V 2040 Contintl Gold T 2830 Copper Fox Mtl V 1152 Copper Mtn Mng T 3258 Copper North M V 865 Copper One V 97 Corazon Gold V 40 Cordoba Mnls V 100 Corex Gold V 330 Cornerstone Ca V 1000 Coro Mining T 127 Corsa Coal V 690 Corvus Gold T 339 Critical Elem V 340 Currie Rose Rs V 800 CVR Partners* N 480 Cypress Dev V 90

B B2Gold* X 18614 T 46869 B2Gold Bacanora Mnls V 60 Baja Mng V 1530 Balmoral Res T 2291 Banks Island G V 24386 Banro T 1048 Banro* X 2490 Barisan Gold V 420 Barker Mnrls V 20 Barkerville Go V 6293 Barrick Gold* N 106871 Barrick Gold T 33661 Batero Gold V 1550 Bayswater Uran V 95 BCGold V 20 BCM Res V 1050 Bear Creek Mng V 703 Beaufield Res V 1090 Bellhaven Cp&G V 130 Belmont Res V 481 Belo Sun Mng T 1275 Benton Cap V 10 Benton Res V 10 Berkwood Res V 333 BHP Billi-BBL* N 24611 BHP Billi-BHP* N 50209

Week

Exc Volume High Low Last Change High Low

42.05 41.40 40.88 + 1.00 48.00 30.70 0.01 0.01 0.02 0.00 0.11 0.01 0.76 0.75 0.81 + 0.01 1.06 0.66 0.08 0.08 0.07 0.00 0.19 0.06 0.34 0.31 0.35 - 0.03 0.40 0.16 12.57 12.31 12.33 + 0.28 17.77 11.26 17.40 17.11 17.07 + 0.25 21.44 15.46 0.08 0.08 0.08 - 0.01 0.26 0.06 0.33 0.31 0.36 + 0.01 0.34 0.19 0.03 0.03 0.03 0.00 0.11 0.03 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.04 0.04 0.00 0.05 0.01 0.10 0.09 0.09 - 0.01 0.18 0.05 0.13 0.11 0.11 + 0.02 0.24 0.06 0.03 0.03 0.03 0.00 0.18 0.03 0.05 0.05 0.05 + 0.01 0.10 0.03 0.23 0.15 0.19 + 0.08 0.32 0.13 0.04 0.03 0.04 0.00 0.13 0.03 0.04 0.03 0.04 + 0.01 0.23 0.03 0.03 0.03 0.03 0.00 0.10 0.02 0.04 0.04 0.04 0.00 0.10 0.03 0.04 0.03 0.04 - 0.01 0.09 0.03 0.04 0.03 0.04 - 0.01 0.06 0.03 0.01 0.01 0.01 0.00 0.04 0.01 0.47 0.41 0.44 + 0.05 2.15 0.31 0.09 0.09 0.10 - 0.02 0.45 0.08 0.06 0.06 0.07 - 0.01 0.22 0.05 0.52 0.49 0.51 + 0.02 0.64 0.16 0.04 0.03 0.03 + 0.01 0.07 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.05 0.05 0.05 - 0.01 0.14 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.13 0.11 0.13 - 0.01 0.32 0.11 1.37 1.36 1.34 + 0.04 1.40 0.96 6.92 6.70 6.59 - 0.02 8.67 5.05 10.31 10.21 9.99 0.00 13.73 9.84 14.35 14.17 13.79 - 0.06 16.89 13.13 52.98 52.75 52.75 - 0.97 57.25 45.02 38.71 38.08 37.70 - 0.24 46.73 37.25 0.14 0.13 0.14 + 0.05 0.40 0.04 0.11 0.11 0.11 0.00 0.15 0.09 0.06 0.06 0.06 0.00 0.15 0.05 0.16 0.16 0.17 - 0.01 0.23 0.07 1.88 1.82 1.76 - 0.13 2.59 1.39 0.03 0.03 0.03 0.00 0.05 0.02 0.03 0.03 0.03 - 0.01 0.19 0.01 2.13 2.09 2.08 + 0.04 2.58 1.30 0.76 0.76 0.78 0.00 0.82 0.28 1.85 1.70 1.58 + 0.12 9.39 1.42 0.17 0.17 0.15 + 0.02 0.25 0.07 2.33 2.10 2.08 + 0.23 10.10 1.95 0.02 0.02 0.02 0.00 0.08 0.02 2.65 2.54 2.48 - 0.01 7.45 2.34 0.03 0.03 0.03 0.00 0.13 0.02 0.04 0.04 0.04 0.00 0.15 0.03 0.07 0.06 0.06 0.00 0.16 0.05 0.15 0.14 0.14 0.00 0.30 0.09 0.37 0.35 0.36 0.00 0.55 0.31 0.08 0.08 0.08 - 0.01 0.22 0.07 75.78 74.42 75.27 + 0.23 95.68 71.53 0.44 0.41 0.40 + 0.01 1.19 0.35 0.03 0.03 0.03 0.00 0.07 0.02 0.05 0.04 0.05 + 0.02 0.09 0.02 0.03 0.03 0.03 + 0.01 0.09 0.03 8.62 8.04 7.90 + 0.54 35.50 6.30 0.06 0.05 0.06 - 0.01 0.17 0.05 1.91 1.74 1.57 + 0.06 3.28 1.29 0.13 0.12 0.13 + 0.01 0.37 0.11 0.50 0.47 0.45 + 0.01 1.73 0.38 0.03 0.03 0.03 0.00 0.09 0.03 0.04 0.04 0.04 - 0.02 0.20 0.03 0.25 0.25 0.25 + 0.02 0.38 0.12 0.16 0.16 0.16 - 0.01 0.25 0.08 0.05 0.04 0.04 0.00 0.09 0.03 0.02 0.02 0.02 0.00 0.11 0.02 0.03 0.02 0.02 0.00 0.06 0.02 0.03 0.02 0.03 + 0.01 0.20 0.02 0.41 0.39 0.42 - 0.01 1.14 0.33 0.20 0.19 0.19 - 0.01 0.30 0.16 0.01 0.01 0.01 0.00 0.02 0.01 7.92 7.44 8.01 + 0.46 16.12 7.11 0.04 0.04 0.04 + 0.01 0.22 0.02

D-F Dajin Res V 1701 Dalradian Res T 2112 Decade Res V 500 Defiance Silvr V 797 Denison Mines T 6369 Denison Mines* X 1525 Detour Gold T 7601 Diagnos V 4114 Diamcor Mng V 8 Discovery Harb V 70 Discovery Vent V 1480 DNI Metals V 184 Dolly Vard Sil V 25 Dominion Diam* N 1857 Dominion Diam T 3865 Dorex Minls V 510 Doubleview Cap V 870 Dundee Prec Mt T 1805 Duran Vent V 7990 Durango Res V 552 Dynacor Gold M T 97 Dynasty Met&Mn T 318 Eagle Plains V 22 Eastern Platin T 5107 Eastmain Res T 705 Eco Oro Mnls T 97 Ecuador G & C V 320

0.14 0.14 0.14 - 0.01 0.16 0.04 0.74 0.72 0.79 0.00 1.16 0.62 0.01 0.01 0.01 0.00 0.09 0.01 0.07 0.06 0.07 - 0.01 0.19 0.06 0.62 0.59 0.70 - 0.02 1.22 0.48 0.45 0.43 0.48 - 0.01 1.00 0.35 15.10 14.69 14.41 + 0.06 16.86 7.75 0.06 0.05 0.05 + 0.01 0.11 0.04 0.77 0.77 0.94 + 0.03 1.45 0.65 0.01 0.01 0.01 + 0.01 0.11 0.01 0.15 0.14 0.15 + 0.01 0.25 0.09 0.07 0.06 0.07 0.00 0.22 0.06 0.12 0.12 0.14 - 0.01 0.65 0.11 10.19 9.55 10.23 - 0.22 20.30 7.27 14.14 13.28 14.14 - 0.37 24.60 9.96 0.01 0.01 0.01 - 0.01 0.10 0.01 0.10 0.08 0.09 + 0.01 0.19 0.07 1.33 1.27 1.28 + 0.04 3.76 1.14 0.02 0.02 0.02 0.00 0.04 0.01 0.04 0.04 0.04 + 0.01 0.08 0.03 1.76 1.72 1.89 0.00 2.59 1.30 0.20 0.19 0.21 0.00 0.82 0.18 0.05 0.05 0.05 0.00 0.08 0.05 0.83 0.75 0.84 - 0.01 2.26 0.61 0.33 0.32 0.34 - 0.01 0.62 0.20 0.39 0.34 0.34 + 0.04 0.95 0.27 0.02 0.02 0.03 0.00 0.07 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Edgewater Expl V 1000 Eldorado Gold* N 5558 Eldorado Gold T 15180 Electra Gold V 170 Ely Gold & Mnl V 100 Emerick Res V 23 Emgold Mng V 333 Encanto Potash V 15980 Endeavour Mng T 2440 Endeavr Silver T 362 Endeavr Silve* N 515 Energizer Res T 4632 Energold Drill V 614 Energy Fuels T 1088 Entourage Mtls V 1000 Entree Gold* X 591 Entree Gold T 30 Equitas Res V 5525 Equitorial Exp V 4497 Erdene Res Dev T 396 Erin Ventures V 165 Ethos Gold V 60 Eurasian Minls V 37700 Eurasian Mnls* X 11608 EurOmax Res V 95 Everton Res V 1902 Evrim Res V 30 Excellon Res T 1713 Exeter Res* X 331 Exeter Res T 117 Explor Res V 2678 Faircourt Gold T 219 Fairmont Res V 305 Falco Res V 1150 Falcon Gold V 100 Fancamp Expl V 100 Feronia V 50 Firesteel Res V 560 Firestone Vent V 200 First Lithium V 1181 First Majesti* N 9753 First Majestic T 4303 First Mexican V 400 First Point T 30 First Quantum T 147461 Fission 3.0 V 1227 Fjordland Exp V 200 Flinders Res V 80 Focus Graphite V 1319 Focus Vnt V 1185 Foraco Intl T 60 Foran Mng V 450 Formation Mtls T 200 Forsys Metals T 829 Fortuna Silver T 1838 Fortuna Silvr* N 5731 Fortune Bay T 16 Fortune Mnrls T 1090 Forum Uranium V 694 Franco-Nevada* N 6713 Franco-Nevada T 2417 Freegold Vent T 160 Freeport McMo* N 765011

0.02 0.02 0.02 0.00 0.03 0.01 3.22 3.12 2.97 + 0.02 7.99 2.45 4.47 4.32 4.10 0.00 9.68 3.26 0.10 0.09 0.11 + 0.01 0.14 0.04 0.06 0.06 0.06 + 0.01 0.08 0.03 0.11 0.11 0.13 0.00 0.30 0.10 0.01 0.01 0.01 0.00 0.03 0.01 0.07 0.06 0.07 - 0.01 0.16 0.05 7.76 7.47 7.63 + 0.16 8.01 3.80 2.01 1.96 1.98 + 0.04 3.83 1.64 1.45 1.41 1.42 + 0.02 3.16 1.25 0.08 0.07 0.09 0.00 0.14 0.03 0.39 0.35 0.34 - 0.02 1.32 0.31 3.74 3.28 4.10 + 0.07 7.58 2.47 0.07 0.07 0.07 + 0.01 0.22 0.03 0.22 0.22 0.24 - 0.01 0.51 0.08 0.30 0.30 0.29 - 0.01 0.66 0.18 0.07 0.07 0.10 + 0.01 0.22 0.05 0.06 0.05 0.05 0.00 0.20 0.05 0.17 0.16 0.16 + 0.01 0.17 0.10 0.08 0.08 0.08 0.00 0.11 0.04 0.14 0.14 0.17 - 0.01 0.23 0.11 0.60 0.48 0.57 - 0.01 0.97 0.48 0.42 0.35 0.43 - 0.02 0.81 0.35 0.29 0.26 0.29 + 0.08 0.57 0.17 0.01 0.01 0.01 0.00 0.05 0.01 0.15 0.14 0.15 + 0.03 0.22 0.10 0.28 0.24 0.31 + 0.04 1.15 0.20 0.35 0.33 0.33 - 0.01 0.66 0.29 0.57 0.46 0.45 - 0.02 0.82 0.39 0.08 0.07 0.08 + 0.01 0.09 0.04 2.74 2.68 2.71 - 0.03 4.38 2.42 0.03 0.02 0.03 0.00 0.23 0.02 0.26 0.25 0.27 + 0.01 0.69 0.21 0.01 0.01 0.01 - 0.01 0.11 0.01 0.03 0.03 0.03 + 0.01 0.05 0.02 0.16 0.16 0.16 - 0.04 0.45 0.07 0.01 0.01 0.01 + 0.01 0.08 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.40 0.37 0.40 0.00 0.48 0.18 3.44 3.29 3.27 + 0.12 7.15 2.66 4.77 4.59 4.51 + 0.15 8.55 3.54 0.04 0.04 0.04 0.00 0.07 0.02 0.05 0.05 0.05 - 0.01 0.10 0.04 6.20 5.25 5.18 + 0.88 19.83 3.75 0.09 0.08 0.12 - 0.01 0.14 0.06 0.01 0.01 0.01 - 0.01 0.04 0.01 0.17 0.17 0.15 0.00 0.50 0.12 0.09 0.09 0.09 - 0.01 0.53 0.07 0.12 0.10 0.12 + 0.01 0.27 0.10 0.28 0.21 0.29 + 0.06 0.77 0.13 0.08 0.08 0.08 - 0.01 0.48 0.07 0.12 0.11 0.12 - 0.01 0.22 0.09 0.11 0.09 0.08 + 0.01 0.36 0.08 3.19 3.10 3.11 + 0.01 6.30 2.65 2.31 2.23 2.25 + 0.04 5.25 2.00 0.28 0.28 0.28 0.00 0.43 0.26 0.02 0.02 0.02 0.00 0.16 0.02 0.05 0.05 0.07 + 0.01 0.12 0.04 47.40 46.06 45.75 + 0.34 58.84 38.20 65.75 63.85 63.30 + 0.16 74.10 49.96 0.06 0.06 0.07 0.00 0.24 0.05 7.53 6.70 6.77 + 1.03 23.81 6.08

Gabriel Res T 2577 Galane Gold V 582 Galantas Gold V 2400 Galway Gold V 240 Galway Mtls V 40 GAMCO Glb Gld* X 11951 Garibaldi Res V 554 General Moly* X 5941 Gensource Pot V 50 Geodex Mnrls V 107 Geodrill T 15 Geologix Ex T 1872 Geomega Res V 1860 GGL Res V 280 Glen Eagle Res V 5460 Globex Mng T 130 GMV Minerals V 93 Gobimin V 60 GoGold Res T 1695 Gold Bulln Dev V 1740 Gold Fields* N 27053 Gold Finder Ex V 60 Gold Reserve V 11 Gold Resource* X 3944 Gold Std Vnt V 1366 Gold Std Vnt* X 3112 Goldcliff Res V 1000 Goldcorp T 29793 Goldcorp* N 60267 Golden Band V 1200 Golden Dawn Ml V 1010 Golden Goliath V 550 Golden Hope V 108 Golden Mnls T 185 Golden Mnls* X 1544 Golden Peak Mn V 400 Golden Predatr V 61 Golden Queen T 145 Golden Reign R V 100 Golden Share M V 1 Golden Star T 250 Golden Star* X 3114 Golden Val Min V 970 Goldeye Expl V 100 Goldfield* X 345 Goldgroup Mng T 1350 GoldQuest Mng V 570 Goldrea Res C 44 Goldrock Mines V 55 Goldsource Min V 79 Goldstrike Res V 600 Gowest Gold V 880 Gran Colombia T 326 Grande Portage V 760 Graphite One R V 5831 Great Atlantic V 205 Great Bear Res V 10 Great Panther* X 2978 Great Panther T 691

0.14 0.12 0.14 0.00 0.86 0.12 0.04 0.04 0.04 + 0.01 0.22 0.03 0.09 0.09 0.09 0.00 0.18 0.05 0.08 0.07 0.08 + 0.01 0.12 0.05 0.10 0.10 0.10 0.00 0.16 0.09 4.84 4.66 4.75 + 0.14 7.85 4.46 0.14 0.13 0.13 + 0.01 0.21 0.05 0.22 0.19 0.20 - 0.01 1.00 0.19 0.06 0.06 0.07 0.00 0.07 0.04 0.01 0.01 0.01 0.00 0.06 0.01 0.60 0.60 0.60 + 0.05 0.99 0.46 0.02 0.02 0.03 0.00 0.05 0.02 0.07 0.06 0.06 0.00 0.29 0.06 0.02 0.02 0.02 0.00 0.06 0.01 0.08 0.06 0.09 + 0.02 0.15 0.03 0.24 0.23 0.24 - 0.01 0.37 0.17 0.09 0.09 0.09 0.00 0.26 0.05 0.34 0.34 0.34 0.00 0.51 0.27 1.31 1.20 1.16 + 0.10 1.67 0.95 0.04 0.04 0.03 0.00 0.06 0.02 2.89 2.80 2.77 + 0.06 6.01 2.04 0.02 0.02 0.02 - 0.01 0.07 0.02 3.46 3.33 3.46 - 0.04 5.39 2.48 2.14 2.07 1.66 + 0.05 3.88 1.61 0.92 0.88 0.95 + 0.01 0.96 0.40 0.66 0.63 0.68 + 0.00 0.69 0.26 0.01 0.01 0.01 0.00 0.02 0.01 16.57 16.21 15.99 - 0.04 30.95 15.05 11.94 11.71 11.56 + 0.05 25.00 10.87 0.01 0.01 0.01 0.00 0.01 0.01 0.09 0.09 0.09 - 0.01 0.30 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.23 0.22 0.22 - 0.02 0.64 0.08 0.32 0.28 0.32 + 0.03 0.82 0.26 0.23 0.21 0.20 + 0.02 0.67 0.19 0.06 0.06 0.07 - 0.02 0.09 0.04 0.11 0.11 0.13 - 0.01 0.15 0.07 0.70 0.70 0.70 + 0.01 1.68 0.65 0.08 0.08 0.07 - 0.01 0.13 0.05 0.08 0.08 0.09 - 0.01 0.09 0.03 0.24 0.24 0.24 - 0.01 0.51 0.20 0.18 0.17 0.17 0.00 0.42 0.14 0.10 0.10 0.10 + 0.01 0.21 0.07 0.02 0.02 0.02 0.00 0.06 0.02 1.53 1.47 1.55 + 0.06 2.85 1.20 0.06 0.05 0.10 + 0.00 0.16 0.05 0.15 0.14 0.15 0.00 0.20 0.07 0.06 0.06 0.07 + 0.03 0.10 0.00 0.21 0.21 0.18 0.00 0.40 0.15 0.22 0.22 0.25 0.00 0.29 0.13 0.15 0.13 0.14 + 0.01 0.21 0.05 0.08 0.07 0.07 0.00 0.10 0.05 0.15 0.15 0.13 0.00 0.60 0.12 0.01 0.01 0.01 0.00 0.02 0.01 0.09 0.08 0.08 0.00 0.13 0.07 0.04 0.04 0.04 0.00 0.30 0.03 0.03 0.03 0.03 0.00 0.09 0.02 0.49 0.46 0.50 + 0.03 0.78 0.30 0.68 0.64 0.70 + 0.05 0.95 0.40

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

494 Great Quest Me V Green Swan Cap V 2840 Gresham Res V 774 700 GTA Res & Mng V T 2170 Guyana Gldflds 350 Guyana Prec Mt V GWR Res V 633 Handa Copper V 562 34936 N Harmony Gold* Harte Gold T 1667 66261 Hecla Mining* N 885 Hi-Crush Part* N Highbank Res V 4535 Highland Res V 250 V 90 Homestake Res Horizns G Bear T 10307 Horizns G Bull T 8403 Houston Lake V 314 HudBay Minls T 15482 290 HudBay Mnls* N Hudson Res V 190

0.18 0.14 0.15 - 0.01 0.80 0.12 0.02 0.01 0.02 0.00 0.05 0.01 0.46 0.79 + 0.01 0.95 0.76 0.74 0.03 0.03 0.03 + 0.01 0.10 0.03 2.37 3.08 + 0.17 4.48 3.17 3.00 0.11 0.11 0.11 0.00 0.33 0.08 0.01 0.05 + 0.01 0.08 0.05 0.05 0.03 0.05 - 0.01 0.12 0.04 0.03 0.53 0.93 + 0.13 3.18 1.06 0.91 0.04 0.09 + 0.01 0.10 0.09 0.08 1.77 1.89 - 0.03 3.54 2.06 1.96 6.11 5.45 5.92 + 0.63 40.38 5.09 0.05 0.09 0.00 0.23 0.08 0.07 0.10 0.12 + 0.01 0.40 0.12 0.12 0.01 0.02 0.00 0.04 0.02 0.02 11.67 11.33 11.84 - 0.30 19.91 8.50 17.24 16.77 16.33 + 0.42 44.30 13.75 0.10 0.15 0.00 0.20 0.14 0.14 5.79 5.34 5.31 + 0.51 12.61 4.50 4.16 3.82 3.82 + 0.39 10.37 3.23 0.22 0.41 0.00 0.55 0.42 0.41

I-Minerals V 310 Iamgold* N 6261 T 7452 Iamgold IBC Adv Alloys V 1444 IC Potash T 2611 IMPACT Silver V 3522 824 Imperial Metal T 225 Inca One Res V V 700 Independence G Indico Res V 170 Integra Gold V 671 Intigold Mines V 915 760 Intl Bethl Mng V Intl Lithium V 632 123 Intl Tower Hi* X 65 T Intl Tower Hil 183 Intl Vestr Res V Intrepid Pots* N 3446 INV Metals T 340 33 ISh COMEX G Tr T Ivanhoe Mines T 16805 Jaguar Mng V 11 Jasper Mng V 150 Kaminak Gold V 1078 Karmin Expl V 20 Karnalyte Res T 220 Katanga Mng T 40 Kennady Diam V 331 Kesselrun Res V 1620 Kestrel Gold V 120 Khalkos Expl V 935 Khan Res C 201 V 176 Kilo Goldmines 280 Kings Bay Gold V Kinross Gold T 37647 57085 Kinross Gold* N Kirkland Lk Gd T 3976 Kiska Metals V 1904 Kivalliq Enrgy V 525 Klondex Mns T 751 Klondike Gold V 1001 Kobex Mnls V 30 V 6269 Kombat Copper V 1985 Kootenay Gold

0.14 0.26 + 0.03 0.37 0.25 0.23 1.16 1.42 + 0.06 3.39 1.45 1.39 1.50 1.97 + 0.06 4.09 2.00 1.92 0.07 0.07 0.06 - 0.01 0.15 0.06 0.04 0.06 + 0.01 0.31 0.07 0.06 0.12 0.12 - 0.01 0.27 0.14 0.12 6.29 5.70 6.66 + 0.58 13.69 4.75 0.10 0.10 0.09 - 0.01 0.29 0.09 0.06 0.06 + 0.01 0.11 0.06 0.06 0.02 0.04 + 0.01 0.16 0.04 0.04 0.18 0.34 0.00 0.37 0.32 0.31 0.03 0.09 0.00 0.32 0.08 0.08 0.03 0.03 0.03 + 0.01 0.10 0.02 0.02 0.08 0.00 0.09 0.08 0.07 0.20 0.20 0.20 0.00 0.62 0.19 0.29 0.28 0.27 0.00 0.75 0.26 0.01 0.01 0.02 0.00 0.12 0.01 3.52 3.12 2.95 + 0.38 15.09 2.63 0.08 0.11 - 0.01 0.28 0.12 0.12 14.31 14.25 14.10 - 0.28 15.78 13.20 0.59 0.61 - 0.01 1.36 0.63 0.60 0.12 0.17 0.00 0.65 0.17 0.17 0.02 0.03 0.00 0.07 0.03 0.03 0.61 0.86 + 0.05 1.15 0.85 0.81 0.15 0.19 + 0.03 0.40 0.22 0.21 0.52 0.70 - 0.02 1.33 0.74 0.68 0.13 0.14 - 0.01 0.39 0.15 0.14 2.35 3.01 0.00 5.95 3.15 3.00 0.01 0.02 - 0.01 0.06 0.03 0.02 0.01 0.01 0.00 0.07 0.01 0.01 0.05 0.08 0.00 0.12 0.08 0.06 0.34 0.44 0.00 0.80 0.35 0.34 0.04 0.09 - 0.02 0.14 0.09 0.09 0.01 0.01 0.01 + 0.01 0.01 0.01 1.79 2.51 - 0.01 4.48 2.69 2.60 1.35 1.82 - 0.01 3.71 1.94 1.88 4.99 4.92 4.84 - 0.04 6.88 2.90 0.01 0.02 0.00 0.07 0.02 0.02 0.06 0.10 0.00 0.19 0.10 0.10 1.80 2.83 + 0.02 3.87 2.87 2.82 0.08 0.11 - 0.01 0.28 0.11 0.11 0.46 0.52 - 0.02 0.65 0.54 0.54 0.02 0.03 0.00 0.11 0.03 0.03 0.18 0.19 - 0.01 0.56 0.20 0.18

75 La Quinta Res V Labdr I-Ore Ro T 3480 Lago Dourado M V 1200 Lake Shore Gd* X 2127 Lake Shore Gld T 9200 Lara Expl V 388 Laramide Res T 3708 Largo Res V 93 200 Laurion Mnl Ex V Lexam VG Gold T 1637 Lincoln Mng V 320 55 Lion One Mtls V Lomiko Mtls V 2723 Loncor Res T 1680 V 1010 Lorraine Coppr 520 Los Andes Copp V Lucara Diam T 3399 Lucky Mnls V 15504 Luna Gold T 521 Lundin Mng T 31542 Lydian Intl T 1360

0.02 0.02 0.02 0.00 0.02 0.01 10.84 10.40 9.59 + 0.18 19.85 9.56 0.07 0.06 0.06 0.00 0.15 0.05 0.83 0.80 0.81 + 0.01 1.14 0.61 1.15 1.11 1.12 + 0.03 1.38 0.70 0.20 0.25 - 0.01 0.45 0.25 0.23 0.15 0.29 - 0.01 0.41 0.26 0.22 0.15 0.30 - 0.01 1.85 0.29 0.28 0.01 0.01 0.01 0.00 0.03 0.01 0.07 0.06 0.07 - 0.01 0.11 0.05 0.02 0.02 0.00 0.09 0.02 0.02 0.36 0.35 0.32 + 0.01 0.60 0.17 0.03 0.04 - 0.01 0.09 0.04 0.04 0.02 0.04 + 0.01 0.13 0.04 0.03 0.04 0.04 0.00 0.08 0.04 0.04 0.14 0.09 0.14 + 0.05 0.23 0.05 1.42 2.25 - 0.08 2.38 2.35 2.27 0.05 0.06 0.00 0.14 0.06 0.06 0.03 0.05 + 0.01 0.43 0.05 0.05 3.37 3.80 + 0.15 6.46 4.16 3.99 0.23 0.27 - 0.03 0.62 0.28 0.25

T 2923 Mag Silver Mag Silver* X 107 Majescor Res V 20 Majestic Gold V 670 Major Drilling T 1959 Makena Res V 210 Malbex Res V 150 Mandalay Res T 5385 Manitou Gold V 135 Maracote Intl V 200 T 2705 Marathon Gold 100 Margaret Lk Di V Marifil Mines V 26 Maritime Res V 500 Marlin Gold V 1772 V 270 Mason Graphite Matamec Expl V 619 Mawson Res T 115 255 Maya Gold & Si V MBAC Fertilizr T 27250 McEwen Mng* N 1823 McEwen Mng T 805 MDN Inc T 2910 MDU Res* N 11357 Meadow Bay Gd T 1400 N 460 Mechel* Medallion Res V 2500 Mega Uranium T 9867 Melior Res V 495 Melkior Res V 4640 Merrex Gold V 660 Mesabi Trust* N 2621

10.11 9.72 9.77 + 0.17 11.00 6.90 5.60 7.06 + 0.17 9.17 7.26 7.04 0.03 0.03 0.00 0.06 0.03 0.03 0.03 0.09 - 0.01 0.12 0.09 0.09 3.75 4.38 - 0.06 7.49 4.50 4.15 0.02 0.02 + 0.01 0.06 0.02 0.02 0.01 0.03 0.00 0.06 0.03 0.03 0.63 0.64 - 0.01 1.04 0.65 0.63 0.01 0.03 + 0.01 0.04 0.03 0.03 0.01 0.02 0.00 0.20 0.01 0.01 0.11 0.14 + 0.01 0.38 0.14 0.13 0.11 0.11 0.11 + 0.01 0.26 0.07 0.01 0.02 0.00 0.02 0.01 0.01 0.10 0.12 - 0.02 0.24 0.12 0.12 0.15 0.19 + 0.04 1.09 0.20 0.16 0.35 0.34 + 0.01 0.65 0.40 0.37 0.02 0.03 0.00 0.07 0.03 0.03 0.15 0.17 0.00 0.30 0.18 0.18 0.13 0.12 0.12 0.00 0.31 0.10 0.01 0.05 + 0.01 0.17 0.05 0.03 0.65 1.06 + 0.04 1.40 1.08 1.03 0.84 1.45 + 0.04 1.71 1.50 1.43 0.01 0.02 0.00 0.08 0.02 0.01 16.15 18.32 + 0.48 24.58 18.53 17.95 0.09 0.08 0.08 + 0.01 0.31 0.08 0.61 0.82 + 0.00 1.88 0.87 0.83 0.01 0.04 0.00 0.07 0.03 0.03 0.05 0.07 - 0.01 0.15 0.06 0.06 0.01 0.02 0.00 0.12 0.02 0.02 0.01 0.02 + 0.01 0.05 0.03 0.02 0.06 0.17 + 0.02 0.23 0.17 0.15 5.18 4.30 4.52 + 0.94 18.59 3.90

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2016-01-05 7:34 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 11–17, 2016

9

S T O C K TA B L E S (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Metalcorp V 40 Metalex Vent V 220 Metallis Res V 884 Metals Ck Res V 58 Metanor Res V 4184 Micrex Devel V 135 Midas Gold T 602 Midland Expl V 430 Midnight Sun M V 1700 Migao T 115 Millrock Res V 110 Millstream Min V 50 Minas Buenavn* N 13084 Minaurum Gold V 2150 Minco Gold* X 312 Minco Gold T 29 Minco Silver T 2922 Mindoro Res V 10 Mineral Mtn Rs V 340 Mines Managem* X 277 Mines Managmnt T 7 Miranda Gold V 626 Mirasol Res V 30 Mkango Res V 650 Monster Mng V 700 Montero Mg&Ex V 212 Mosaic* N 61613 Mountain Boy M V 100 Mountain Prov T 378 MPH Vent V 343 MPVC V 1650 Mundoro Cap V 2845 Mustang Minls V 200

0.01 0.01 0.01 0.00 0.01 0.01 0.06 0.06 0.06 0.00 0.12 0.04 0.03 0.03 0.03 + 0.01 0.14 0.01 0.07 0.06 0.08 - 0.01 0.28 0.05 0.04 0.04 0.04 0.00 0.09 0.03 0.01 0.01 0.02 0.00 0.05 0.01 0.32 0.30 0.31 + 0.01 0.60 0.26 0.58 0.48 0.64 + 0.08 0.77 0.45 0.10 0.10 0.10 - 0.04 0.19 0.08 0.58 0.57 0.57 0.00 1.15 0.50 0.21 0.21 0.25 0.00 0.50 0.15 0.12 0.12 0.11 + 0.02 0.16 0.01 4.25 3.97 4.28 + 0.30 12.51 3.80 0.06 0.05 0.06 + 0.01 0.10 0.04 0.15 0.13 0.14 - 0.01 0.33 0.10 0.20 0.19 0.20 - 0.01 0.39 0.12 0.45 0.37 0.42 + 0.04 0.74 0.32 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.03 0.00 0.06 0.02 0.19 0.16 0.38 + 0.02 0.74 0.11 0.24 0.24 0.49 + 0.02 0.85 0.17 0.06 0.06 0.07 + 0.01 0.12 0.06 0.85 0.83 0.88 + 0.02 1.16 0.72 0.02 0.02 0.02 - 0.01 0.19 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.03 0.03 + 0.01 0.06 0.01 30.50 28.90 27.59 + 1.31 53.83 26.96 0.01 0.01 0.01 0.00 0.02 0.01 4.05 3.91 3.96 + 0.04 5.46 3.38 0.09 0.07 0.08 - 0.01 0.11 0.04 0.02 0.01 0.02 + 0.01 0.10 0.01 0.06 0.05 0.05 + 0.01 0.19 0.04 0.01 0.01 0.01 0.00 0.02 0.01

Namibia Rare E T 320 Natural Rs Pt* N 842 Nautilus Minls T 75 Nebu Res V 1510 Nemaska Lith V 1069 Network Expl V 10 Nevada Copper T 89 Nevada Sunrise V 2091 Nevsun Res T 6336 Nevsun Res* X 2332 New Carolin Gd V 50 New Gold T 38413 New Gold* X 32989 New Millennium V 370 New Milln Iron T 379 New Nadina V 1460 New Pac Metals T 138 New World Res V 20 Newmont Mng* N 68488 Newport Expl V 4030 Newstrike Res V 70 Niogold Mng V 1610 Nippon Dragon V 190 Noble Mnl Expl V 8410 Noka Res V 39 Nomad Ventures V 50 Noram Vent V 3310 Nordex V 260 Noront Res V 580 Nortec Mnls V 16 North Am En P* N 116 North Am En Pa T 167 North Am Pall T 15 North Arrow Mn V 165 Northcliff Res T 113 Northern Abiti V 170 Northern Dyn* X 1324 Northern Dyn M T 488 Northern Freeg V 80 Northern Graph V 476 Northern Iron V 1500 Northern Lion V 57 Northern Shiel V 540 Northern Sun M V 19 Northern Sup R V 203 Northern Vertx V 100 Northisle C&G V 110 Northquest V 400 NovaCopper T 91 NovaCopper* X 1343 NovaGold Res T 1712 NovaGold Res* X 11864 NSX Silver V 20 NuLegacy Gold V 980 Oban Mng T 368 OceanaGold T 10380 Oceanus Res V 7 Odin Mng & Exp V 50

0.05 0.05 0.05 0.00 0.22 0.04 1.23 1.10 1.27 + 0.10 10.08 1.00 0.29 0.29 0.28 + 0.01 0.55 0.24 0.03 0.02 0.03 + 0.02 0.05 0.01 0.41 0.40 0.44 - 0.01 0.45 0.15 0.01 0.01 0.01 0.00 0.05 0.01 0.66 0.64 0.66 + 0.02 2.03 0.56 0.21 0.20 0.21 + 0.01 0.49 0.13 3.75 3.49 3.75 + 0.18 5.35 3.32 2.71 2.51 2.71 + 0.13 4.36 2.41 0.05 0.05 0.05 + 0.01 0.08 0.02 3.17 3.07 3.22 + 0.01 6.04 2.52 2.29 2.21 2.32 0.00 5.12 1.90 0.11 0.11 0.12 + 0.01 0.36 0.07 0.07 0.06 0.07 - 0.01 0.27 0.05 0.02 0.01 0.01 + 0.01 0.03 0.01 0.30 0.18 0.30 + 0.12 0.30 0.14 0.02 0.02 0.02 0.00 0.12 0.01 18.25 17.76 17.99 + 0.34 27.90 15.39 0.22 0.21 0.21 0.00 0.49 0.19 0.03 0.03 0.03 0.00 0.08 0.02 0.33 0.30 0.33 + 0.03 0.43 0.22 0.11 0.11 0.11 0.00 0.15 0.03 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.04 0.04 0.00 0.26 0.03 0.01 0.01 0.01 - 0.01 0.07 0.01 0.03 0.02 0.03 0.00 0.03 0.01 0.09 0.08 0.08 - 0.01 0.39 0.06 0.42 0.40 0.37 - 0.01 0.67 0.25 0.02 0.02 0.02 0.00 0.04 0.02 1.80 1.69 1.73 - 0.04 3.44 1.60 2.50 2.35 2.47 + 0.04 3.95 2.10 4.00 3.97 4.00 0.00 188.00 3.85 0.20 0.20 0.20 0.00 1.34 0.17 0.09 0.09 0.09 - 0.02 0.24 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.29 0.28 0.31 + 0.00 0.72 0.28 0.42 0.39 0.42 0.00 0.83 0.37 0.05 0.05 0.05 + 0.01 0.11 0.04 0.21 0.20 0.22 + 0.02 0.89 0.18 0.01 0.01 0.01 0.00 0.05 0.01 0.04 0.04 0.04 - 0.02 0.16 0.03 0.02 0.01 0.01 - 0.01 0.04 0.01 0.08 0.08 0.08 - 0.03 0.30 0.03 0.02 0.02 0.02 0.00 0.04 0.02 0.20 0.20 0.25 0.00 0.26 0.09 0.02 0.02 0.02 0.00 0.06 0.02 0.23 0.23 0.23 0.00 0.32 0.07 0.44 0.42 0.40 0.00 0.93 0.39 0.32 0.30 0.28 + 0.01 0.74 0.29 6.12 5.91 5.81 + 0.08 6.34 3.10 4.41 4.26 4.21 + 0.07 4.60 2.65 0.02 0.02 0.02 - 0.01 0.07 0.02 0.10 0.09 0.10 - 0.01 0.17 0.08 1.17 1.14 1.19 + 0.02 3.40 1.09 2.70 2.58 2.64 + 0.04 3.15 1.70 0.17 0.17 0.17 0.00 0.35 0.14 0.37 0.37 0.37 + 0.02 0.50 0.21

N-O

Published by:

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Olivut Res V 1420 Opawica Expl V 2000 Orbit Garant D T 183 Orbite Alumnae T 10347 Orca Gold V 4112 Orestone Mng V 2000 Orex Expl V 25210 Orex Minls V 10 Oroco Res V 40 Orocobre T 131 Orosur Mng T 50 Orvana Mnrls T 52

0.11 0.09 0.12 - 0.02 0.17 0.08 0.01 0.01 0.01 0.00 0.03 0.01 0.70 0.68 0.73 + 0.01 1.49 0.62 0.44 0.41 0.44 - 0.02 0.53 0.20 0.17 0.15 0.15 0.00 0.43 0.14 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.02 0.02 + 0.01 0.03 0.01 0.13 0.13 0.13 0.00 0.34 0.11 0.02 0.02 0.02 - 0.01 0.06 0.01 1.98 1.95 2.42 + 0.06 2.88 1.33 0.10 0.10 0.11 0.00 0.24 0.10 0.13 0.13 0.13 0.00 0.49 0.11

P-Q Pac Bay Mnrls V 121 Pac Booker Min V 52 Pac Booker Mn* X 15 Pac Iron Ore V 625 Pac North West V 863 Paladin Energy T 952 Pan Am Silver T 1619 Pan Am Silver* Q 13978 Panoro Minls V 700 Peabody Enrgy* N 13478 Pelangio Expl V 439 Pele Mtn Res V 1950 Peregrine Diam T 500 Perseus Mng T 2025 Pershimco Res V 1425 Peruvian Prc M V 62 Pilot Gold T 2064 Pinecrest Res V 200 Pinetree Cap T 2220 Planet Mng V 247 747 Platinum Gp M* X Platinum Gp Mt T 13670 Plato Gold V 300 Playfair Mng V 20 Polaris Minls T 279 PolyMet Mng* X 2894 PolyMet Mng T 165 Potash C Sask* N 105363 Potash Cp Sask T 23658 Precipitate Gl V 90 Premier Gold M T 2583 Pretium Res* N 4166 Pretium Res T 2040 Prime Merid Rs V 200 Primero Mng T 1853 Primero Mng* N 497 Probe Mines V 1224 Prophecy Coal T 2040 Puma Expl V 1530 Purepoint U V 86 120 QMC Quantum Ml V QMX Gold V 121 Quaterra Res V 20 Quest Rare Mnl T 2009

0.09 0.09 0.09 0.00 0.10 0.02 2.15 1.97 2.00 - 0.01 6.90 1.02 1.55 1.46 1.48 + 0.03 5.75 1.04 0.31 0.30 0.31 + 0.06 0.39 0.10 0.02 0.01 0.02 - 0.01 0.04 0.01 0.23 0.22 0.25 - 0.01 0.41 0.15 9.41 9.17 9.01 + 0.15 15.06 7.77 6.80 6.59 6.50 + 0.13 12.05 5.85 0.12 0.11 0.11 0.00 0.30 0.09 9.12 8.44 7.68 + 0.16 123.45 7.06 0.02 0.02 0.02 0.00 0.05 0.01 0.03 0.03 0.04 0.00 0.09 0.03 0.14 0.14 0.14 0.00 0.39 0.12 0.34 0.32 0.35 + 0.02 0.48 0.19 0.12 0.11 0.11 + 0.01 0.26 0.09 0.03 0.03 0.03 0.00 0.16 0.03 0.32 0.28 0.31 + 0.04 1.27 0.24 0.06 0.06 0.06 0.00 0.50 0.05 0.04 0.04 0.04 0.00 0.21 0.04 0.03 0.03 0.03 0.00 0.06 0.02 0.15 0.13 0.15 - 0.01 0.60 0.13 0.20 0.18 0.20 0.00 0.74 0.18 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 0.00 0.08 0.01 1.55 1.40 1.54 0.00 2.83 1.26 0.85 0.79 0.79 - 0.05 1.37 0.55 1.16 1.11 1.09 - 0.08 1.75 0.76 18.65 17.82 17.12 + 0.70 37.60 16.65 25.84 24.74 23.70 + 0.87 47.10 22.89 0.08 0.08 0.08 - 0.01 0.21 0.07 2.64 2.54 2.64 + 0.05 2.92 1.64 5.14 4.99 5.04 0.00 7.56 4.26 7.13 6.92 6.96 - 0.06 9.05 5.57 0.10 0.10 0.10 + 0.02 0.19 0.05 3.25 3.16 3.12 + 0.07 6.06 2.56 2.34 2.28 2.28 + 0.04 5.02 1.93 0.38 0.38 0.39 + 0.02 0.56 0.18 0.04 0.04 0.04 + 0.01 0.08 0.02 0.04 0.03 0.04 + 0.01 0.17 0.03 0.03 0.03 0.04 0.00 0.07 0.02 0.01 0.01 0.02 0.00 0.04 0.01 0.02 0.01 0.02 - 0.01 0.04 0.01 0.07 0.07 0.09 + 0.01 0.15 0.04 0.07 0.06 0.07 + 0.01 0.29 0.06

Radisson Mng V 465 Radius Gold V 552 Rainy Mtn Royl V 310 Rambler Mg&Mtl V 740 Randgold Res* Q 10937 Rare Elemnt Rs T 515 Rare Elemt Re* X 1372 Ratel Grp T 200 Red Eagle Mng V 1981 Red Pine Expl V 1050 Red Rock Enrgy V 30 Redhill Res V 10 Redstar Gold V 300 Redstar Res V 3410 Reservoir Capt V 21 Reservoir Mnls V 689 Reva Res V 155 Richmont Mines T 344 Richmont Mine* X 970 Rio Novo Gold T 1195 Rio Tinto* N 13569 Riverside Res V 753 RJK Explor V 980 Robex Res V 142 Rochester Res V 10 RockBridge Res V 100 Rockhaven Res V 860 Rockridge Cap V 23 Rodinia Lithm V 2000 Rogue Iron Ore V 827 Rome Res V 1027 Romios Gold Rs V 100 Roxgold V 890

0.12 0.12 0.11 0.00 0.15 0.09 0.07 0.07 0.06 0.00 0.11 0.06 0.03 0.03 0.03 + 0.01 0.09 0.02 0.07 0.05 0.07 + 0.01 0.42 0.05 63.66 62.19 61.93 + 1.99 85.84 54.88 0.27 0.22 0.21 + 0.02 1.31 0.21 0.19 0.15 0.15 + 0.02 1.06 0.15 0.37 0.33 0.33 - 0.07 0.79 0.33 0.28 0.27 0.28 + 0.01 0.36 0.23 0.04 0.04 0.05 0.00 0.18 0.03 0.01 0.01 0.01 0.00 0.06 0.01 0.04 0.04 0.04 - 0.01 0.24 0.04 0.03 0.03 0.03 - 0.01 0.06 0.03 0.02 0.01 0.02 + 0.01 0.10 0.01 0.36 0.36 0.36 + 0.05 0.62 0.24 4.12 4.06 4.08 + 0.04 5.09 3.75 0.04 0.04 0.04 - 0.03 0.10 0.02 4.25 4.20 4.44 + 0.08 4.55 3.07 3.07 3.03 3.21 + 0.09 3.68 2.27 0.09 0.08 0.07 - 0.01 0.16 0.07 30.06 29.58 29.12 + 1.60 50.06 27.32 0.15 0.14 0.15 - 0.01 0.33 0.14 0.01 0.01 0.01 0.00 0.01 0.01 0.07 0.07 0.07 - 0.01 0.12 0.05 0.03 0.03 0.03 + 0.01 0.15 0.03 0.01 0.01 0.01 + 0.01 0.03 0.01 0.14 0.13 0.14 - 0.03 0.27 0.10 0.06 0.06 0.06 + 0.01 0.18 0.04 0.01 0.01 0.01 - 0.01 0.05 0.01 0.09 0.09 0.09 + 0.01 0.16 0.02 0.04 0.02 0.04 0.00 0.10 0.01 0.04 0.04 0.03 0.00 0.05 0.02 0.75 0.70 0.70 + 0.03 0.84 0.51

R

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Royal Cdn Mint T 98 Royal Gold T 35 Royal Gold* Q 5501 Royal Nickel T 2630 RPT Uranium V 213 Rubicon Mnls* X 35630 Rubicon Mnrls T 8337 Running Fox Rs V 100 Rusoro Mng V 4161 Russell Metals T 2384 Rye Patch Gold V 1335

15.97 15.77 15.71 - 0.18 17.41 14.48 51.85 50.70 50.20 + 0.89 95.64 45.92 37.49 36.48 36.47 + 0.84 77.20 34.42 0.19 0.17 0.18 - 0.01 0.59 0.15 0.20 0.20 0.20 0.00 0.41 0.17 0.08 0.07 0.09 + 0.01 1.35 0.04 0.12 0.11 0.12 + 0.01 1.63 0.09 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.05 0.05 0.00 0.07 0.02 16.02 15.43 16.07 + 0.51 27.81 14.36 0.14 0.13 0.13 0.00 0.20 0.11

Sabina Gd&Slvr T 3685 Sage Gold V 221 Sama Res V 21 San Marco Res V 10 Sanatana Diam V 110 Sandspring Res V 323 Sandstorm Gld* X 3839 Sandstorm Gold T 769 Santa Fe Metls V 1480 Santacruz Silv V 1765 Sarama Res V 250 Satori Res V 43 Saturn Minls V 30 Scorpio Gold V 1245 Scorpio Mining T 10230 Seabridge Gld* N 653 Seabridge Gold T 248 Secova Mtls V 1200 Semafo T 5368 Senator Minls V 36530 Sennen Res V 60 Sentry Sl PrmM T 120 Serabi Gold T 400 Serengeti Res V 50 SGX Res V 2550 Sherritt Intl T 16782 Shore Gold T 2092 Sierra Iron Or V 645 Signature Res V 295 Silver Bear Rs T 5563 Silver Bull Re T 100 Silver Mtn Mns V 430 Silver Predatr V 209 Silver Pursuit V 32 Silver Range R V 59 Silver Std Res T 2091 Silver Std Re* Q 8009 Silver Wheatn* N 27167 Silver Wheaton T 6664 Silvercorp Mtl T 9278 Sirios Res V 245 Skeena Res V 415 Skyharbour Res V 48 Slam Exploratn V 544 SNS Silver V 10 Soc Quim&M Ch* N 5160 Solitario Ex&R T 115 Solitario Ex&* X 721 Sona Res V 43 Source Expl V 10 Southern Arc V 81 Southern Silvr V 356 SouthGobi Res T 25 Spanish Mtn Gd V 590 Sparton Res V 1010 Sprott Ph Silv T 8 Sprott Res T 1249 St Andrew Gldf T 3512 St-Georges Plt C 200 Stakeholdr Gld V 280 Stans Energy V 360 Starcore Int V T 237 Stelmine Can V 10210 Stillwater Mg* N 10747 Stonegate Agri T 1311 Stornoway Diam T 1289 Strategic Metl V 1159 Stratton Res V 30 Strike Graph V 206 Sultan Mnrls V 10 SunCoke Engy* N 1557 Sunridge Gold V 175

0.79 0.75 0.73 0.00 0.80 0.30 0.05 0.04 0.05 + 0.01 0.17 0.04 0.13 0.10 0.13 0.00 0.26 0.09 0.02 0.02 0.02 0.00 0.08 0.02 0.02 0.02 0.02 0.00 0.08 0.01 0.15 0.14 0.15 + 0.01 0.44 0.13 2.75 2.61 2.63 + 0.14 4.40 2.20 3.80 3.60 3.60 + 0.16 5.30 2.88 0.02 0.02 0.02 + 0.01 0.03 0.01 0.10 0.10 0.09 - 0.01 0.43 0.09 0.07 0.07 0.07 + 0.01 0.12 0.05 0.04 0.04 0.04 0.00 0.25 0.02 0.13 0.13 0.14 0.00 0.24 0.10 0.07 0.06 0.07 - 0.01 0.19 0.05 0.11 0.09 0.10 0.00 0.27 0.09 8.36 8.10 8.29 + 0.09 9.89 3.31 11.58 11.24 11.45 + 0.06 12.60 4.34 0.04 0.04 0.05 0.00 0.09 0.03 3.67 3.52 3.51 + 0.02 4.49 2.46 0.07 0.05 0.07 - 0.01 0.17 0.03 0.10 0.10 0.10 0.00 1.35 0.10 2.11 2.10 2.10 - 0.02 3.49 2.00 0.07 0.06 0.07 - 0.01 0.10 0.06 0.02 0.02 0.02 0.00 0.07 0.02 0.01 0.01 0.02 0.00 0.02 0.01 0.76 0.69 0.73 + 0.03 3.25 0.63 0.19 0.18 0.18 0.00 0.30 0.13 0.30 0.28 0.29 - 0.03 0.62 0.08 0.04 0.03 0.04 + 0.02 0.04 0.01 0.02 0.02 0.02 - 0.01 0.10 0.02 0.04 0.04 0.04 0.00 0.30 0.04 0.01 0.01 0.01 + 0.01 0.04 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.06 0.02 0.03 0.03 0.04 0.00 0.11 0.02 7.24 7.01 7.16 + 0.04 10.56 5.03 5.22 5.05 5.18 + 0.05 8.02 4.12 12.89 12.56 12.42 + 0.23 24.22 11.03 17.87 17.45 17.20 + 0.25 29.86 14.62 0.70 0.67 0.66 0.00 2.00 0.65 0.10 0.09 0.10 + 0.01 0.13 0.06 0.07 0.07 0.07 0.00 0.13 0.06 0.03 0.03 0.03 - 0.01 0.07 0.02 0.04 0.03 0.05 + 0.01 0.06 0.01 0.48 0.48 0.47 + 0.01 0.50 0.05 18.93 18.12 19.01 + 0.89 26.40 12.65 0.67 0.61 0.67 + 0.01 1.18 0.57 0.49 0.44 0.49 + 0.04 1.00 0.40 0.01 0.01 0.01 - 0.01 0.06 0.01 0.02 0.02 0.02 0.00 0.10 0.02 0.39 0.38 0.32 + 0.05 1.00 0.25 0.06 0.05 0.05 0.00 0.13 0.03 0.32 0.31 0.39 + 0.03 1.25 0.24 0.03 0.03 0.03 - 0.01 0.05 0.02 0.02 0.02 0.03 - 0.01 0.04 0.01 5.44 5.44 5.29 - 0.04 7.43 5.23 0.50 0.46 0.47 + 0.01 1.99 0.40 0.45 0.44 0.43 0.00 0.46 0.21 0.02 0.02 0.02 0.00 0.05 0.01 0.10 0.04 0.12 + 0.10 2.80 0.04 0.02 0.02 0.02 0.00 0.13 0.01 0.36 0.29 0.26 + 0.05 0.66 0.25 0.01 0.01 0.01 + 0.01 0.05 0.01 9.18 8.78 8.57 + 0.44 15.22 8.16 0.02 0.02 0.02 0.00 0.06 0.02 0.73 0.70 0.72 + 0.01 0.85 0.50 0.31 0.29 0.29 + 0.01 0.37 0.24 0.08 0.07 0.07 - 0.05 0.14 0.06 0.02 0.02 0.02 0.00 0.15 0.01 0.01 0.01 0.01 0.00 0.02 0.01 3.99 3.78 3.47 + 0.14 20.00 2.83 0.26 0.26 0.28 + 0.02 0.28 0.13

Tahoe Res* N 2882 Tahoe Res T 3584 Taipan Res V 692 Takara Res V 100 Talon Metals T 489 Tanz Roy Exp T 78

8.75 8.47 8.67 + 0.24 16.13 7.33 12.12 11.76 11.97 + 0.23 19.45 9.66 0.07 0.07 0.07 - 0.01 3.05 0.06 0.05 0.05 0.04 0.00 0.06 0.01 0.12 0.12 0.12 0.00 0.28 0.08 0.38 0.38 0.35 0.00 0.87 0.32

S

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tanz Roy Exp* X 554 Tasca Res V 530 Taseko Mines* X 6044 Taseko Mines T 1475 Tasman Metals V 196 Tasman Mtls* X 360 Tearlach Res V 105 Teck Res A T 40 Teck Res B* N 123209 Teck Res B T 93982 Tembo Gold V 1000 Teranga Gold T 9806 Teras Res V 56 Terrax Minls V 350 Thompson Creek T 3141 Thompson Crk* N 1387 Tiger Intl V 6 Timberline Rs* X 189 Timmins Gold* X 90 Timmins Gold T 2064 Tinka Res V 590 Tirex Res V 541 Titanium Corp V 290 TomaGold V 50 Torex Gold T 8640 Treasury Metal T 949 Tres-Or Res V 2770 Trevali Mng T 13405 Tri Origin Exp V 960 TriMetals Mng T 20 Troymet Expl V 325 True Gold Mng V 1573 190 True North Gem V Trueclaim Expl V 290 Tsodilo Res V 85 Turquoise HIl* N 8681 Turquoise Hill T 10572 TVI Pacific T 1290

0.28 0.27 0.27 + 0.00 0.68 0.25 0.02 0.01 0.02 + 0.01 0.05 0.01 0.37 0.32 0.34 + 0.04 1.09 0.31 0.51 0.46 0.49 + 0.04 1.30 0.43 0.26 0.24 0.26 - 0.04 0.99 0.21 0.21 0.18 0.18 - 0.03 0.79 0.15 0.14 0.08 0.14 - 0.06 0.14 0.02 8.55 8.10 8.34 + 0.42 22.64 6.41 4.14 3.76 3.86 + 0.37 16.40 3.04 5.74 5.22 5.34 + 0.47 20.58 4.25 0.02 0.02 0.02 0.00 0.06 0.01 0.50 0.48 0.49 + 0.02 0.82 0.39 0.04 0.04 0.04 0.00 0.14 0.04 0.26 0.26 0.28 + 0.01 0.44 0.23 0.33 0.30 0.29 - 0.01 2.05 0.23 0.23 0.22 0.20 - 0.01 1.74 0.18 0.20 0.20 0.20 0.00 0.26 0.12 0.25 0.22 0.17 - 0.01 0.80 0.17 0.14 0.13 0.14 + 0.00 1.26 0.12 0.19 0.18 0.19 + 0.01 1.53 0.17 0.12 0.12 0.12 - 0.01 0.43 0.10 0.15 0.13 0.20 + 0.02 0.35 0.07 0.72 0.70 0.71 + 0.02 1.55 0.63 0.04 0.04 0.05 - 0.01 0.13 0.04 1.30 1.24 1.26 + 0.04 1.65 0.85 0.38 0.36 0.50 - 0.02 0.62 0.25 0.03 0.02 0.02 + 0.01 0.03 0.01 0.47 0.44 0.51 + 0.04 1.24 0.25 0.02 0.02 0.02 0.00 0.04 0.01 0.07 0.07 0.07 - 0.01 0.13 0.04 0.01 0.01 0.01 - 0.01 0.03 0.01 0.23 0.22 0.24 + 0.01 0.29 0.15 0.17 0.16 0.17 + 0.01 0.20 0.07 0.02 0.02 0.02 + 0.01 0.06 0.02 0.64 0.64 0.64 + 0.02 1.19 0.57 2.63 2.52 2.54 + 0.12 4.73 2.28 3.64 3.52 3.51 + 0.14 5.80 3.17 0.01 0.01 0.01 0.00 0.03 0.01

U3O8 Corp T 15869 Ucore Rare Mtl V 1672 UEX Corp T 10828 Unigold V 460 Ur-Energy T 281 Ur-Energy* X 561 Uracan Res V 226 Uragold Bay Rs V 1709 Uranium Ener* X 1321 Uranium Partic T 5942 Uranium Res* Q 9933 Uravan Minls V 270 US Energy* Q 5447 US Silica Hld* N 3868 N 46246 Vale* ValGold Res V 50 Verde Potash T 295 Victoria Gold V 1806 Victory Nickel T 186 Victory Res V 2770 Vior Mining V 70 Viscount Mng V 390 Visible Gold M V 700 Vista Gold T 70 Vista Gold* X 724 VMS Vent V 8152 Vulcan Mnrls V 20

0.03 0.03 0.03 0.00 0.07 0.02 0.27 0.26 0.24 + 0.02 0.44 0.20 0.17 0.13 0.15 - 0.03 0.32 0.11 0.13 0.11 0.13 - 0.01 0.25 0.08 0.85 0.81 0.89 - 0.05 1.35 0.60 0.60 0.58 0.65 - 0.04 1.07 0.45 0.03 0.02 0.03 + 0.01 0.06 0.01 0.04 0.03 0.05 - 0.01 0.07 0.02 1.02 1.00 1.06 + 0.01 2.99 0.90 5.19 5.04 5.13 - 0.02 5.69 4.82 0.42 0.35 0.52 + 0.01 1.99 0.35 0.12 0.11 0.10 + 0.01 0.17 0.04 0.20 0.14 0.16 + 0.06 1.77 0.11 20.67 19.08 18.73 + 1.84 40.17 13.50 3.45 3.25 3.29 + 0.29 9.14 3.00 0.02 0.02 0.02 0.00 0.02 0.01 0.20 0.17 0.19 + 0.03 0.60 0.17 0.16 0.15 0.16 + 0.01 0.24 0.10 0.02 0.02 0.02 0.00 0.28 0.02 0.02 0.02 0.02 0.00 0.09 0.02 0.05 0.05 0.05 0.00 0.13 0.04 0.50 0.50 0.50 0.00 0.63 0.16 0.05 0.05 0.06 0.00 0.27 0.04 0.43 0.41 0.39 + 0.01 0.56 0.31 0.31 0.29 0.28 0.00 0.45 0.24 0.06 0.05 0.06 0.00 0.30 0.05 0.02 0.02 0.02 0.00 0.04 0.02

U-V

W-Z Wallbridge Mng T 533 WCB Res V 20 Wealth Minls V 102 Wescan Goldfie V 22 Wesdome Gold T 55 West Af Iron O V 20 West Kirkland V 258 Western Copper T 1635 Western Coppr* X 113 Western Lithiu T 9827 Western Potash T 1119 Western Troy C V 130 Westkam Gold V 7835 Westminster Rs V 700 Wolfden Res V 5800 Wolverine Mnls V 560 Yamana Gold* N 23087 Yamana Gold T 35412 Yanzhou Coal* N 515 Yellowhead Mng T 410 Zadar Vent V 7280 Zazu Metals T 1133 Zenyatta Vent V 620 Zimtu Capital V 33

0.03 0.03 0.03 + 0.01 0.06 0.02 0.05 0.05 0.05 0.00 0.25 0.02 0.15 0.15 0.16 - 0.01 0.42 0.05 0.02 0.02 0.02 - 0.01 0.06 0.01 1.32 1.28 1.27 + 0.03 1.40 0.89 0.02 0.02 0.03 0.00 0.10 0.02 0.04 0.04 0.04 - 0.01 0.08 0.04 0.41 0.38 0.38 + 0.02 0.75 0.30 0.29 0.28 0.27 + 0.01 0.65 0.22 0.31 0.29 0.37 - 0.01 0.96 0.26 0.20 0.19 0.19 + 0.01 0.34 0.18 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 0.00 0.05 0.02 0.02 0.02 0.02 0.00 0.10 0.01 0.10 0.10 0.09 + 0.01 0.23 0.05 0.02 0.02 0.02 0.00 0.10 0.02 1.92 1.84 1.86 + 0.06 4.84 1.43 2.66 2.55 2.57 + 0.08 5.79 1.89 4.86 4.76 4.58 + 0.16 12.24 4.19 0.04 0.04 0.04 - 0.01 0.18 0.03 0.03 0.02 0.04 + 0.02 0.04 0.01 0.14 0.10 0.14 + 0.05 0.35 0.09 0.90 0.87 0.85 + 0.01 2.61 0.63 0.13 0.12 0.12 - 0.01 0.38 0.12

MAKE SENSE OF THE MINING INDUSTRY Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Basic Geology • Ore Deposits • High-Tech Prospecting Sampling & Drilling • Mining Methods • Processing Ore • Mining & the Environment • The Mining Team • The Business of Mining • Feasibility: Does it Pay? • Metal Markets • Making Sense of the Numbers • Investing in Mining • Glossary of Mining Terms

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STOCK

ABE Res Acme Res Adanac Moly Advance Gold Adventure Gold Aegean Metals Afferro Mng Africo Res Aftermath Silv AgriMinco Aguila Am Res Alamos Gold Alder Res Aldershot Res Allana Potash Alliance Mng Allied Gold Allied Nevada Allied Nevada* Alpha Gold Alpha Mnls Altan Nev Mnls Altan Rio Mnls Altima Res Altiplano Mnls Altitude Res Alturas Minls Am Cons Minls AM Gold Amador Gold Amara Mng Amato Expl Amcol Intl* American Bonan Amex Expl AMI Res Anconia Res AndeanGold Anfield Nickel Angel Gold Anglo Pac Grp Anglo-Bomarc Antioquia Gold Arco Res Arcturus Res Argentum Silvr Argus Metals Armadillo Res Arrowstar Res Asher Res AsiaBaseMetals Asian Minl Res Astar Mnls Aston Bay Astorius Res Astur Gold Atna Res Ltd Augusta Res Aurania Res AuRico Gold* AuRico Gold Avrupa Mnls Azimut Expl Azumah Res Bama Gold Bandera Gold Bannerman Res Banyan Gold Bard Vent Baroyeca Go&Si Bayfield Vent BE Res Bear Lake Gold Bearclaw Cap Bearing Res Belvedere Res Besra Gold Bitterroot Res Black Isle Res Black Widow Rs Blackstone Ven Blind Crk Res Blue Gold Mng Bluestone Res Bold Vent Bonaparte Res Bralorne Gold Bravada Gold Brazilian Gold Brionor Res Buccaneer Gold Bullman Mnls Cache Expl Cadan Res Calico Res Calvista Gold Canada Fluorsp Canada Zinc Mt Canadn Plat Canadn Silvr H Canaf Group Canasil Res Cancor Mines Cangold Cannon Pnt Res Canuc Res Canyon Copper Caracara Silvr Cariboo Rose Carlin Gold Cascadero Copp Cavan Vent Cayden Res Caza Gold CB Gold Central Iron O Chalice Diam Channel Res Chilean Gold China Mnls Mng CIC Energy Citation Res Claim Post Res Clear Mtn Res Cline Mng CMQ Res Coalspur Mines Cobriza Mtls Coeur Mng Colibri Res Colombia Crest Colossus Minls Comet Inds Commander Res Compliance Eny Comstock Mtls Conquest Res

12-MONTH

EXC BID ASK LAST HIGH

LOW

STOCK

V 0.03 0.04 0.03 0.08 V 0.02 0.03 0.02 0.06 V 0.18 1.51 0.18 0.20 V 0.01 0.02 0.02 0.04 V 0.12 0.12 0.14 0.20 V 0.03 0.05 0.03 0.11 V 1.10 2.50 1.57 2.40 T 0.44 0.49 0.49 0.55 V 0.01 0.01 0.01 0.02 V 0.01 0.01 0.01 0.01 V 0.04 0.05 0.04 0.11 T 5.02 5.07 5.03 10.31 V 0.01 0.01 0.01 0.05 V 0.01 0.02 0.01 0.05 T 0.50 0.50 0.50 0.50 V 0.01 0.01 0.01 0.06 T 2.25 2.29 2.25 3.70 T 0.16 0.16 1.08 4.45 X 0.86 0.86 0.86 6.70 V 0.04 0.06 0.04 0.06 V 5.55 5.68 5.45 7.60 V 0.01 0.01 0.01 0.03 V 0.01 0.02 0.01 0.05 V 0.01 0.01 0.01 0.04 V 0.02 0.03 0.03 0.06 V 0.08 0.10 0.08 0.21 V 0.01 0.01 0.01 0.01 V 0.04 0.04 0.04 0.07 V 0.04 0.08 0.04 0.06 V 0.01 0.01 0.01 0.01 T 0.20 0.29 0.21 1.72 V 0.01 0.02 0.01 0.03 N 45.74 45.75 45.74 47.09 T 0.02 0.02 0.02 0.06 V 0.03 0.05 0.05 0.09 V 0.04 0.05 0.05 0.06 V 0.01 0.02 0.01 0.03 V 0.01 0.02 0.02 0.04 V 0.67 0.72 0.72 0.96 V 0.03 0.04 0.03 0.10 T 1.07 1.30 1.07 2.05 V 0.11 0.17 0.18 0.30 V 0.07 0.09 0.09 0.10 V 0.03 0.04 0.04 0.09 V 0.01 0.02 0.01 0.03 V 0.02 0.03 0.02 0.06 V 0.04 0.05 0.05 0.11 C 0.01 0.05 0.02 0.02 V 0.07 0.15 0.06 0.20 V 0.01 0.02 0.02 0.08 V 0.04 0.09 0.05 0.14 V 0.03 0.03 0.03 0.08 V 0.09 0.20 0.09 0.16 V 0.15 0.19 0.16 0.20 V 0.01 0.02 0.01 0.05 V 0.01 0.02 0.02 0.04 T 0.01 0.01 0.05 0.12 T 3.15 3.50 3.55 4.18 V 0.33 0.60 0.33 0.45 N 2.87 2.88 2.86 4.69 T 3.58 3.73 3.58 5.12 V 0.10 0.11 0.11 0.38 V 0.11 0.12 0.11 0.25 T 0.02 0.03 0.02 0.11 V 0.07 0.20 0.06 0.23 V 0.01 0.01 0.01 0.05 T 0.03 0.04 0.03 0.08 V 0.03 0.04 0.03 0.10 V 0.02 0.02 0.02 0.04 V 0.01 0.01 0.01 0.01 V 0.24 0.25 0.24 0.41 V 0.05 0.08 0.35 0.35 V 0.03 0.04 0.04 0.06 V 0.04 0.07 0.03 0.05 V 0.01 0.04 0.03 0.04 V 0.01 0.01 0.01 0.15 T 0.02 0.02 0.02 0.07 V 0.03 0.04 0.03 0.15 V 0.04 0.05 0.05 0.09 V 0.02 0.02 0.02 0.08 V 0.01 0.03 0.01 0.20 V 0.04 0.06 0.05 0.07 V 0.46 0.49 0.47 0.95 V 0.06 0.10 0.06 0.14 V 0.02 0.02 0.02 0.06 V 0.05 0.12 0.05 0.11 V 0.19 0.19 0.20 0.45 V 0.04 0.05 0.03 0.07 V 0.10 0.10 0.11 0.25 V 0.01 0.01 0.01 0.03 V 0.02 0.02 0.02 0.04 V 0.03 0.05 0.03 0.14 V 0.10 0.13 0.10 0.16 V 0.04 0.06 0.05 0.12 V 0.08 0.09 0.08 0.19 T 1.09 1.10 1.09 1.10 V 0.35 0.35 0.35 0.35 V 0.13 0.14 0.13 0.33 V 0.01 0.01 0.01 0.01 V 0.01 0.01 0.01 0.07 V 0.04 0.05 0.04 0.09 V 0.05 0.05 0.06 0.07 C 0.01 0.02 0.01 0.05 V 0.03 0.04 0.03 0.15 V 0.18 0.19 0.19 0.25 V 0.05 0.07 0.05 0.35 V 0.02 0.03 0.03 0.12 V 0.01 0.01 0.01 0.01 V 0.03 0.04 0.03 0.07 V 0.01 0.01 0.01 0.02 V 0.03 0.04 0.03 0.05 V 0.02 0.02 0.02 0.04 V 2.40 2.49 2.40 3.49 V 0.03 0.03 0.03 0.09 V 0.04 0.06 0.07 0.14 V 0.01 0.01 0.01 0.01 V 0.07 0.07 0.07 0.08 V 0.04 0.06 0.05 0.09 V 0.03 0.03 0.03 0.08 V 0.01 0.01 0.01 0.01 T 1.99 2.00 1.99 2.45 V 0.07 0.08 0.07 0.10 V 0.01 0.01 0.01 0.09 V 0.01 0.01 0.01 0.03 T 0.01 0.01 0.01 0.84 V 0.02 0.04 0.02 0.05 T 0.02 0.02 0.02 0.08 V 0.12 0.13 0.12 0.16 T 12.03 12.64 12.09 20.14 V 0.05 0.08 0.08 0.23 V 0.01 0.01 0.01 0.01 T 0.02 0.02 0.04 3.40 V 1.35 1.75 1.22 1.75 V 0.02 0.03 0.03 0.04 V 0.06 0.06 0.05 0.40 V 0.02 0.02 0.02 0.04 V 0.01 0.01 0.01 0.02

0.03 0.02 0.00 0.01 0.06 0.00 0.00 0.30 0.01 0.01 0.03 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.03 0.00 0.01 0.01 0.01 0.02 0.07 0.01 0.00 0.03 0.01 0.00 0.01 0.00 0.00 0.02 0.01 0.01 0.01 0.52 0.01 1.00 0.02 0.01 0.03 0.01 0.02 0.02 0.01 0.04 0.02 0.04 0.03 0.09 0.08 0.01 0.01 0.00 0.00 0.30 0.00 0.00 0.07 0.10 0.00 0.00 0.01 0.03 0.02 0.01 0.01 0.00 0.35 0.00 0.02 0.02 0.01 0.00 0.03 0.02 0.01 0.10 0.04 0.00 0.05 0.02 0.00 0.00 0.02 0.00 0.01 0.02 0.03 0.05 0.03 0.06 0.00 0.00 0.11 0.01 0.01 0.04 0.03 0.00 0.00 0.00 0.05 0.01 0.01 0.02 0.01 0.02 0.02 0.00 0.03 0.03 0.01 0.00 0.00 0.02 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.02 0.01 0.00 1.00 0.01 0.04 0.01 0.01

Cons Richland V Contintl Nickl V Contl Precious T Copper Ck Gold V V Coral Gold Coronado Res V Coronet Mtls V Cortez Gold V V Cougar Mnls Crazy Horse Rs V V Creso Expl Cresval Cap V Crosshair Eny* X Crown Gold V Cuervo Res C Curis Res T V Dalton Res Ltd V Darnley Bay Darwin Res V V Desert Gold Desert Star V Diamond Fields V Diamonds North V V Dios Expl Discovery-Corp V Dominion Mnls* Q Duluth Metals T V Dunav Res Duncan Park H V V DV Res Dynasty Gold V E-Energy Vent V Eagle Hill Exp V V Eagle Mtn Gold East Asia Mnls V Eastern Merid V Eastfield Res V V El Nino Vent El Tigre Silvr V Elemental Mnls T Elgin Mng T V Elissa Res Eloro Minls V Endurance Gold V Eskay Mng V Esperanza Res V Estrella Gold V V Eureka Res Europn Uran Rs V V Eurotin Evolving Gold C C Excalibur Res Excelsior Mng V T Extorre Gold M Ferrum Am Mng V Fieldex Expl V Finlay Minrls V V Firebird Res First Bauxite V T First Nickel Freeport Res V T Frontier Rr Er Frontline Gold V V Full Metal Mnl Galore Res V Gem Intl Res V Gentor Res V Geocom Res* Q Geomark Expl V V Georox Res Getty Copper V V GFK Res Gitennes Expl V V Giyani Gold Global Hunter V T Global Ur Fund Gold Canyon V V Gold Mtn Mng Gold Reach Res V Goldbank Mng V Golden Arrow R V Golden Harp V Golden Tag V Goldex Res V GoldMountain* Q Goldrush Res V Goldstar Mnls V Gonzaga Res V Gossan Res V Granite Ck Gld V Gray Rock Res V Green Valley M V Greencastle Rs V Grenville Gold V Grizzly Discvr V Groundstar Res V Gryphon Gold T GTO Res V Gunpoint Expl V Hansa Res V Happy Ck Minls V Harvest Gold V Hawkeye Gld&Di V Heatherdale Rs V Helio Res V Highbury Proj V Highvista Gold V Highway 50 Gld V HiHo Silver C Hinterland Mtl V Honey Badger E V Horizonte Mnls T Hornby Bay Mnl V V Hunt Mng Huntington Exp V ICN Res V Iconic Mnls V IEMR Res V Indigo Expl V Inform Res V Inova Res T Inspiration Mg T Inter-Citic Mn T Inter-Rock Mnl V Intl Enexco V V Intl Millm Mng Intl Minls Crp T Intl Montoro R V Intl Northair V Intl Samuel Ex V Intrepid Mns T Iron South Mng V Iron Tank Res V J.A.G. Mines V Jaxon Mnls V Jazz Res V Jet Gold V

Jan 11 Pgs 1 2 3 4 5 11 13 14 16.indd 10

12-MONTH

EXC BID ASK LAST HIGH LOW

0.01 0.02 0.40 0.90 0.29 0.32 0.07 0.10 0.05 0.07 0.26 0.37 0.06 0.08 0.18 0.32 0.01 0.01 0.01 0.01 0.12 0.12 0.05 0.06 0.02 0.03 0.05 0.08 0.01 0.01 0.68 0.72 0.08 0.10 0.01 0.02 0.05 0.05 0.09 0.15 0.15 0.16 0.01 0.02 0.02 0.03 0.05 0.06 0.03 0.04 0.08 0.18 0.45 0.45 0.01 0.02 0.01 0.01 0.04 0.05 0.01 0.02 0.01 0.01 0.60 0.65 0.14 0.17 0.01 0.01 0.03 0.03 0.02 0.03 0.01 0.02 0.03 0.04 0.18 0.25 0.41 0.42 0.14 0.14 0.10 0.12 0.02 0.03 0.10 0.12 1.01 1.03 0.03 0.04 0.05 0.07 0.01 0.01 0.02 0.02 0.06 0.06 0.01 0.01 0.21 0.22 4.27 4.28 0.01 0.02 0.01 0.01 0.03 0.04 0.01 0.02 0.04 0.05 0.01 0.01 0.01 0.02 0.13 0.14 0.01 0.01 0.02 0.03 0.01 0.02 0.05 0.07 0.02 0.03 0.05 0.09 0.96 1.00 0.03 0.04 0.02 0.03 0.04 0.06 0.01 0.01 0.05 0.05 0.02 0.03 1.64 1.67 0.34 0.34 0.03 0.04 0.10 0.14 0.05 0.08 0.20 0.20 0.04 0.04 0.02 0.03 0.02 0.03 0.04 0.05 0.02 0.03 0.02 0.03 0.02 0.03 0.02 0.03 0.01 0.02 0.02 0.03 0.01 0.01 0.06 0.07 0.07 0.12 0.04 0.05 0.03 0.04 0.01 0.01 0.10 0.16 0.17 0.24 0.01 0.02 0.09 0.10 0.02 0.03 0.03 0.04 0.01 0.02 0.02 0.03 0.12 0.20 0.12 0.16 0.07 0.08 0.01 0.01 0.02 0.03 0.02 0.03 0.02 0.05 0.05 0.07 0.02 0.03 0.01 0.01 0.06 0.07 0.04 0.05 0.01 0.01 0.01 0.02 0.01 0.01 0.16 0.20 0.04 0.06 2.04 2.05 0.03 0.07 0.41 0.41 0.01 0.02 2.80 2.83 0.04 0.04 0.05 0.05 0.01 0.01 0.25 0.26 0.06 0.09 0.03 0.04 0.01 0.02 0.03 0.04 0.10 0.15 0.04 0.05

0.01 0.04 0.40 1.12 0.30 0.70 0.07 0.10 0.06 0.20 0.18 1.30 0.08 0.39 0.32 1.00 0.05 0.30 0.01 0.07 0.12 0.13 0.04 0.06 0.02 0.26 0.08 0.08 0.01 0.01 0.70 0.99 0.10 0.30 0.01 0.08 0.05 0.20 0.09 0.90 0.16 0.22 0.02 0.05 0.02 0.08 0.05 0.10 0.03 0.14 0.01 0.09 0.45 1.00 0.02 0.14 0.01 0.03 0.05 0.06 0.02 0.03 0.01 0.01 0.65 0.93 0.13 0.42 0.01 0.03 0.05 0.07 0.03 0.05 0.02 0.04 0.04 0.26 0.20 0.55 0.42 0.45 0.14 0.25 0.10 0.20 0.03 0.08 0.10 0.20 1.01 1.70 0.03 0.08 0.05 0.16 0.01 0.03 0.02 0.05 0.06 0.10 0.01 0.05 0.21 0.39 4.27 11.27 0.01 0.04 0.01 0.04 0.03 0.05 0.02 0.05 0.04 0.09 0.01 0.03 0.01 0.02 0.13 0.35 0.01 0.01 0.03 0.10 0.01 0.03 0.06 0.15 0.03 0.10 0.02 0.03 0.98 1.00 0.03 0.14 0.03 0.06 0.04 0.17 0.01 0.01 0.09 0.20 0.03 0.06 1.64 2.05 0.34 0.42 0.03 0.12 0.10 0.50 0.05 0.09 0.20 0.50 0.04 0.07 0.02 0.08 0.02 0.08 0.05 0.35 0.03 0.03 0.02 0.04 0.02 0.15 0.02 0.05 0.01 0.04 0.02 0.04 0.01 0.01 0.06 0.09 0.09 0.15 0.05 0.10 0.04 0.10 0.01 0.13 0.11 0.11 0.13 0.20 0.01 0.03 0.11 0.17 0.02 0.06 0.04 0.08 0.02 0.05 0.02 0.07 0.15 0.33 0.17 0.28 0.07 0.42 0.01 0.02 0.02 0.02 0.03 0.04 0.02 0.07 0.03 0.10 0.02 0.40 0.01 0.02 0.06 0.30 0.03 0.09 0.01 0.01 0.01 0.02 0.03 0.03 0.15 0.60 0.04 0.25 2.04 2.05 0.07 0.07 0.41 0.55 0.04 0.04 2.83 4.92 0.04 0.10 0.05 0.10 0.01 0.30 0.26 0.31 0.05 0.10 0.04 0.14 0.01 0.06 0.03 0.06 0.15 0.23 0.05 0.13

0.01 0.00 0.25 0.04 0.05 0.23 0.04 0.00 0.03 0.01 0.00 0.01 0.00 0.03 0.00 0.00 0.08 0.01 0.00 0.08 0.11 0.01 0.00 0.04 0.03 0.00 0.00 0.00 0.01 0.03 0.01 0.01 0.00 0.00 0.01 0.04 0.02 0.01 0.00 0.00 0.00 0.06 0.05 0.02 0.01 0.00 0.00 0.02 0.01 0.01 0.00 0.01 0.19 0.00 0.01 0.01 0.02 0.01 0.03 0.00 0.01 0.00 0.01 0.02 0.01 0.05 0.03 0.00 0.00 0.03 0.02 0.03 0.01 0.05 0.02 0.00 0.00 0.02 0.09 0.03 0.18 0.03 0.02 0.02 0.00 0.01 0.01 0.02 0.02 0.01 0.02 0.01 0.05 0.04 0.03 0.03 0.00 0.00 0.13 0.01 0.08 0.01 0.02 0.01 0.02 0.10 0.14 0.07 0.01 0.01 0.01 0.02 0.03 0.02 0.01 0.00 0.03 0.01 0.01 0.01 0.00 0.03 0.00 0.01 0.00 0.04 0.00 0.03 0.04 0.05 0.00 0.05 0.02 0.01 0.01 0.03 0.03

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Jiulian Res V 0.02 0.04 0.02 0.04 Kazax Mnls V 0.01 0.02 0.01 0.06 V 0.01 0.01 0.01 0.02 Kermode Res Kettle River V 0.01 0.01 0.01 0.02 T 0.15 0.16 0.15 0.40 Kimber Res Kincora Copper V 0.02 0.03 0.03 0.04 V 0.02 0.02 0.02 0.05 Klondike Silv Knick Expl V 0.02 0.02 0.02 0.03 KWG Res V 0.02 0.03 0.02 0.09 T 0.02 0.02 0.02 0.14 Labdr Iron Mns Lachlan Star T 0.01 0.01 0.02 0.28 Latin Am Mnls V 0.11 0.15 0.15 0.95 Legend Gold V 0.03 0.03 0.03 0.14 Letho Res V 0.08 0.10 0.08 0.14 T 0.05 0.08 0.04 0.13 Liberty Silver Lipari Energy T 0.46 0.49 0.47 0.49 Lithium Americ T 0.29 0.30 0.30 0.49 Lithium One V 1.15 1.18 1.15 1.46 V 0.03 0.05 0.05 0.06 Logan Res Long Harbour E V 0.07 0.10 0.08 0.15 Lornex Cap V 0.10 0.18 0.10 0.20 Lowell Copper V 0.16 0.22 0.21 0.50 MacDonald Mns V 0.01 0.01 0.01 0.02 MacMillan Mnls V 0.16 0.20 0.18 0.24 Magellan Minls V 0.04 0.05 0.04 0.10 MagIndustries T 0.10 0.04 0.13 0.26 Magma Metals T 0.09 0.09 0.09 0.28 Mahdia Gold C 0.01 0.17 0.01 0.02 Mammoth Res V 0.01 0.01 0.01 0.07 Manado Gold V 0.01 0.01 0.03 0.08 Manson Creek V 0.01 0.02 0.01 0.03 T 5.86 8.25 5.82 10.41 Marklnd AGF PM Masuparia Gold V 0.03 0.04 0.03 0.09 Maudore Minls V 0.01 0.01 0.01 0.01 Mawson West T 0.02 0.03 0.02 0.08 Max Res V 0.08 0.08 0.08 0.20 V 0.60 0.75 0.70 1.11 McChip Res McVicar Res V 0.47 0.49 0.49 0.52 V 0.03 0.04 0.03 0.05 Mega Copper Mega Precs Mtl V 0.08 0.09 0.08 0.13 Megastar Dev V 0.02 0.03 0.03 0.06 Menika Mining V 0.12 0.15 0.14 0.15 Mercator Mnls T 0.01 0.01 0.03 0.12 Mesa Expl V 0.02 0.03 0.02 0.04 Messina Minls V 0.06 0.10 0.06 0.13 Metalore Res T 2.20 2.35 2.39 3.72 V 0.40 1.59 0.12 0.12 Midasco Cap Midway Gold T 0.13 0.13 0.09 1.30 Midway Gold* X 0.07 0.08 0.04 1.17 Milner Con Slv V 0.01 0.03 0.02 0.07 T 0.10 0.30 0.13 0.13 Minemakers Minera IRL T 0.07 0.08 0.08 0.15 Mineral Depost T 5.00 5.09 4.75 6.95 Mineral Hill V 0.04 0.04 0.14 0.14 Minfocus Expl V 0.01 0.01 0.01 0.04 Minsud Res V 0.09 0.12 0.09 0.09 Mirabela Nickl T 0.02 0.02 0.02 0.62 Moly Mines T 0.06 0.07 0.06 0.15 Monarques Res V 0.06 0.06 0.06 0.13 Moneta Porcpn T 0.11 0.12 0.12 0.15 Monument Mng V 0.10 0.11 0.10 0.16 Mountain Lake V 0.32 0.35 0.32 0.82 V 0.02 0.02 0.02 0.03 Murgor Res Musgrove Mnls V 0.09 0.14 0.07 0.20 Nevada Clean M V 0.03 0.04 0.04 0.06 Nevada Expl V 0.30 0.31 0.31 0.94 V 0.01 0.01 0.01 0.06 Nevado Res New Dawn Mng T 0.10 0.16 0.13 1.10 V 0.01 0.01 0.01 0.03 New Destiny Mg New Dimen Res V 0.05 0.06 0.05 0.09 V 0.12 0.13 0.12 0.20 New Oroperu Rs T 12.10 12.90 12.11 31.00 Newcrest Mng V 0.08 0.99 0.08 0.29 Newmac Res Newmont Mng T 26.37 26.90 26.25 44.66 Newstrike Cap V 0.66 0.70 0.70 1.22 NGEx Res T 0.65 0.70 0.65 1.18 Nighthawk Gold V 0.06 0.07 0.07 0.32 Nikos Expl V 0.03 0.06 0.06 0.15 V 0.03 0.07 0.07 0.09 Nitinat Mnls NMC Res V 0.17 0.17 0.19 0.19 V 0.01 0.01 0.01 0.01 Noble Metal Gr North Am Nickl V 0.09 0.10 0.10 0.28 North Am Pot D V 0.01 0.01 0.01 0.01 North Am Tung V 0.01 0.01 0.01 0.06 North Country V 0.11 0.12 0.11 0.14 Northern Gld M V 0.01 0.01 0.01 0.03 NQ Expl V 0.01 0.01 0.01 0.02 NSGold V 0.04 0.07 0.04 0.11 Nubian Res V 0.01 0.02 0.01 0.03 Nuinsco Res T 0.01 0.01 0.01 0.03 Nunavik Nickel V 0.04 0.05 0.04 0.18 NV Gold V 0.01 0.02 0.01 0.17 NWM Mng V 0.01 0.01 0.01 0.01 NWT Uranium V 0.02 0.02 0.05 0.05 Oceanic Iron O V 0.08 0.10 0.09 0.30 Olympic Res V 0.12 0.14 0.14 0.32 Omineca Mg&Mtl V 0.05 0.06 0.05 0.11 Opta Minls T 1.15 1.40 1.30 2.00 Oracle Mng V 0.01 0.01 0.01 0.07 Orefinders Res V 0.02 0.02 0.02 0.07 Oremex Silver V 0.02 0.03 0.03 0.03 Orko Silver V 1.94 1.99 1.99 2.63 Orofino Mnls V 0.07 0.11 0.07 0.20 Oronova Res V 0.03 0.06 0.03 0.04 Orsa Vent V 0.10 0.10 0.10 0.15 Otis Gold V 0.08 0.11 0.11 0.14 Otterburn Res V 0.09 0.25 0.20 0.20 Pac Arc Res V 0.01 0.01 0.01 0.01 Pac Coal Res V 0.01 0.02 0.02 0.12 Pac Imp Mines V 0.01 0.02 0.01 0.01 Pac Potash V 0.04 0.06 0.05 0.20 Pac Ridge Expl V 0.02 0.03 0.02 0.04 Pac Rim Mining T 0.07 0.08 0.07 0.11 V 0.01 0.01 0.01 0.01 Paget Mnls Palmer Res V 0.01 0.01 0.01 0.05 Pan Global Res V 0.01 0.01 0.01 0.08 Pantheon Vent V 0.11 0.11 0.10 0.13 Paragon Minls V 0.06 0.07 0.06 0.12 Parallel Mng V 0.03 0.08 0.04 0.07 Paramount Gold T 1.20 1.20 1.52 1.88 Parlane Res V 0.04 0.07 0.01 0.23 PC Gold V 0.08 0.08 0.09 0.10 Peat Res V 0.01 0.02 0.01 0.03 Penteco Res V 0.05 0.06 0.05 0.06 Petaquilla Mnl T 0.03 0.03 0.03 0.31 Philippine Mtl V 0.01 0.03 0.01 0.05 Phoenix Gold V 0.01 0.01 0.01 0.04 Pitchstone Exp V 0.09 0.09 0.09 0.21 PJX Res V 0.15 0.20 0.15 0.29 Plata Latina M V 0.02 0.03 0.02 0.12 Plate Res V 0.05 0.05 0.05 0.21 Platinex V 0.01 0.01 0.01 0.01 PMI Gold T 0.48 0.50 0.48 0.72 PNG Gold V 0.01 0.01 0.01 0.02 Polar Star Mng T 0.01 0.02 0.01 0.17 Portage Mnls C 0.01 0.02 0.02 0.03 Portola Res V 0.20 0.01 0.20 0.20

0.02 0.01 0.01 0.00 0.00 0.02 0.01 0.01 0.00 0.00 0.00 0.01 0.03 0.05 0.00 0.00 0.00 0.00 0.03 0.04 0.00 0.15 0.01 0.05 0.04 0.00 0.00 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.01 0.04 0.57 0.00 0.02 0.00 0.02 0.05 0.00 0.02 0.00 2.35 0.05 0.00 0.00 0.02 0.06 0.00 0.00 0.12 0.01 0.05 0.00 0.00 0.06 0.04 0.08 0.00 0.00 0.04 0.03 0.05 0.01 0.00 0.01 0.04 0.07 0.00 0.06 0.00 0.00 0.44 0.04 0.02 0.03 0.00 0.01 0.08 0.01 0.01 0.00 0.00 0.01 0.03 0.01 0.00 0.04 0.01 0.00 0.05 0.08 0.03 0.01 0.25 0.01 0.01 0.02 0.00 0.05 0.03 0.00 0.02 0.20 0.01 0.01 0.01 0.03 0.02 0.00 0.01 0.01 0.01 0.03 0.00 0.03 0.00 0.03 0.00 0.01 0.00 0.00 0.01 0.01 0.00 0.13 0.01 0.03 0.01 0.00 0.01 0.00 0.00 0.20

2016-01-05 7:36 PM

GLOBAL MINING NEWS

11

THE NORTHERN MINER / JANUARY 11–17, 2016

Worry over Chinese demand is overdone, Aussie analyst says BEYOND THE NUMBERS

| Focusing on GDP may provide an inaccurate picture of the Chinese market

BY TRISH SAYWELL tsaywell@northernminer.com

W

hile people in the mining sector wring their hands about slowing growth in China, declining demand for base metals and collapsing prices, they’re all missing one key point, according to an Australian mining engineer, research analyst and frequent traveller to China.

The point, argues Keith Goode, managing director and founder of Eagle Research Advisory, a consulting and research analysis firm in Sydney, is that China does not include any construction activity in its gross domestic product (GDP) numbers that it undertakes outside its borders, and which is taking place on a massive scale.

“If China uses metal that it has imported or produced from ore processed in China, and sends it overseas, it isn’t going to be reflected in China’s GDP, and hence may not have any impact on metal prices,” Goode claims. “That explains why China has not turned away any ships — everything is offloaded.”

China stockpiles the metal or concentrates for future use, he says, and benefits from the lower prices.

“The stockpiles simply become lowcost, relatively cheap sources of mined ore,” he says. “From a Chinese perspective, it’s acquiring material at a significant discount.”

Beijing is quite happy to take all the metal it can get its hands on, he continues. “It doesn’t really care because it knows it will use the stockpiles eventually.”

China’s time frames, he adds, reflected in its five-year plans, are

The Great Hall of the People at the western edge of Tiananmen Square in China’s capital Beijing. PHOTO BY ZHENG ZHOU

completely dif ferent than everyone else’s, “which is something that people in the rest of the world just can’t wrap their heads around.”

Turning to China’s massive construction projects abroad, Goode points to the country’s plans to reinstall parts of the ancient silk routes by land and sea in a project it calls “One Belt, One Road (OBOR).”

OBOR involves bui lding at least 81,000 km of rail networks in Eurasia, not to mention thousands of kilometres of roads and other infra-

structure, he says. He estimates that the geographical area that OBOR covers affects 4.4 billion people, or 63% of the world’s population, 29% of the world’s economy and 24% of the world’s goods and services.

“OBOR was expected to require US$8 trillion in infrastructure, as China rebuilds the Stans [road then rail] along with Russian infrastructure [initially oil and gas pipelines], partly in return for mineral rights and resources,” he says. “Russia has allocated its poorly developed eastern regions to China for min-

eral exploitation, while Kazakhstan has granted many tenements in its mineralized areas.”

China is also building infrastructure across Africa. In Ethiopia, it is laying down 5,000 km of rail lines, and if the rail and rolling stock (such as locomotives and carriages) are made in China and shipped to Ethiopia, they are included in China’s gross national product, not its GDP, Goode says. China is involved in building nuclear energy projects in Kenya.

In South America, China is putting

in a railway along the Pan-American Highway through Chile and Peru, while in Central and South Asia, under the Central Asia Regional Economic Cooperation program, China intends to upgrade six transportation routes through areas including Kyrgyzstan, Turkmenistan, Kazakhstan, Tajikistan, Uzbekistan, Afghanistan and Pakistan.

“All that construction is ongoing, and it’s pretty extensive,” Goode says. “People home in on China’s GDP numbers, and they’re just numbers.” TNM

BID-ASK — DECEMBER 23, 2015–JANUARY 1, 2016

12-MONTH

EXC BID ASK LAST HIGH

LOW

STOCK

Premier Roy T 0.74 0.76 0.76 2.60 Proam Expl V 0.01 0.02 0.01 0.02 Prospero Silve V 0.07 0.13 0.06 0.25 Providence Res V 0.04 0.09 0.05 0.12 PVR Partners* N 27.44 27.46 27.44 29.22 Q-Gold Res V 0.01 0.02 0.01 0.06 Quartz Mtn Res V 0.01 0.02 0.01 0.04 Quia Res V 0.01 0.01 0.01 0.04 Rackla Mtls V 0.06 0.08 0.06 0.13 T 3.37 3.37 3.42 6.10 Rainy River Rs Randsburg Intl V 0.01 0.01 0.01 0.01 Range Engy Res C 0.02 0.03 0.03 0.10 Rapier Gold V 0.05 0.06 0.06 0.08 Rathdowney Res V 0.18 0.21 0.18 0.35 REBgold V 0.13 0.14 0.16 0.16 Red Cresc Res T 0.02 0.02 0.01 0.11 V 0.03 0.04 0.03 0.09 Red Moon Potsh Red Tiger Mng V 0.03 0.07 0.04 0.17 Redhawk Res T 0.04 0.05 0.05 0.10 Redzone Res V 0.10 0.13 0.09 0.50 Regal Res C 0.01 0.07 0.07 0.15 Regulus Res V 0.20 0.25 0.24 0.54 Reliance Res V 0.01 0.01 0.01 0.02 Reliant Gold V 0.01 0.02 0.02 0.06 Remington Res V 0.03 0.04 0.03 0.05 Remo Res V 0.05 0.11 0.05 0.12 Renaissnc Gold V 0.19 0.20 0.20 0.34 Resolve Vent V 0.05 0.07 0.04 0.07 Reunion Gold V 0.01 0.01 0.01 0.10 Revett Mnls T 0.56 0.65 0.57 1.42 Revolver Res V 0.07 0.12 0.03 0.23 Rhino Res* N 0.28 0.29 0.27 2.91 Rhyolite Res V 0.07 0.20 0.11 0.20 Richmond Mnls V 0.04 0.05 0.04 0.14 V 0.02 0.02 0.02 0.28 Ridgemont Ir O Rio Alto Mng T 3.47 3.51 3.48 3.99 Rio Alto Mng* N 2.46 2.48 2.47 3.18 Rio Silver V 0.02 0.03 0.02 0.04 Roca Mines V 0.03 0.03 0.03 0.03 Rock Tech Lith V 0.05 0.06 0.05 0.10 Rockcliff Res V 0.03 0.03 0.03 0.07 Rockex Mng T 0.03 0.04 0.04 0.30 Rockgate Cap T 0.30 0.35 0.30 0.53 Rockland Mnls V 0.02 0.02 0.02 0.06 Rockwell Diam T 0.12 0.15 0.13 0.28 Rokmaster Res V 0.01 0.02 0.01 0.05 Romarco Mnrls T 0.46 0.48 0.46 0.82 Romulus Res V 0.08 0.29 0.09 0.24 Rotation Mnls V 0.01 0.20 0.05 0.15 Royal Coal V 0.03 0.01 0.01 0.21 RT Minerals V 0.01 0.01 0.01 0.03 Rugby Mng V 0.06 0.07 0.05 0.19 Rupert Res V 0.03 0.03 0.03 0.08 RX Gold & Silv V 0.23 0.24 0.24 0.60 Ryan Gold V 0.11 0.12 0.12 0.16 Sable Res V 0.01 0.02 0.01 0.05 Saint Jean Car V 0.04 0.04 0.04 0.06 Salazar Res V 0.05 0.07 0.05 0.16 Samco Gold V 0.03 0.04 0.03 0.80 Sandstorm Mt&E V 1.20 1.37 1.36 3.54 Savant Expl V 0.01 0.01 0.01 0.03 Saville Res V 0.02 0.02 0.02 0.13 Search Mnls V 0.05 0.05 0.05 0.13

0.00 0.01 0.05 0.00 0.00 0.01 0.01 0.00 0.05 0.00 0.01 0.01 0.02 0.11 0.00 0.00 0.02 0.02 0.04 0.06 0.03 0.00 0.01 0.01 0.01 0.04 0.14 0.04 0.01 0.00 0.06 0.00 0.11 0.03 0.00 0.00 0.00 0.01 0.00 0.03 0.00 0.00 0.00 0.02 0.11 0.01 0.00 0.07 0.05 0.00 0.01 0.04 0.03 0.00 0.00 0.01 0.01 0.03 0.03 0.00 0.01 0.02 0.03

Sego Res Senior Gld Prd SG Spirit Gold Sienna Res Sierra Metals Silver Grail R Silver Spruce Silvercorp Mt* SilverCrest M* SilverCrest Mn Silvermet Silvermex Res Silvore Fox Ml Sirocco Mng Slater Mng Sniper Res SnipGold Softrock Mnrl Soltoro Sonora Gld & S Sonoro Mtls Southern Hemis Spruce Ridge R St Augustine Standard Graph Stellar Pac Vt Strata Mnls Stratabd Mnr Strategic Res StrikePoint Gd Strongbow Expl Stroud Res Sulliden Mng C Sunset Cove Mg Sunward Res Suparna Gold Superior Coppr Sutter Gold TAD Mnl Expl Tajiri Res Tanzania Mnls Taranis Res Tawsho Mng Temex Res Terraco Gold Teryl Res Corp Teuton Res Theia Res Thelon Cap Themac Res Thor Expl Thunder Mtn Gd Tigray Res Tiller Res Timberline Res Tintina Mines Tintina Res TNR Gold Tolima Gold Transition Mtl Trend Mng* Tri-River Vent TriAusMin

STOCK

Jan 11 Pgs 1 2 3 4 5 11 13 14 16.indd 11

12-MONTH

EXC BID ASK LAST HIGH LOW

V T V V T V V N X T V T V T V V V V V V V V V T V V V V V V V V T V T V V V V V V V V V V V V V V V V V V V V V V V V V Q V T

0.02 0.02 4.78 4.88 0.06 0.27 0.01 0.02 1.00 1.35 0.02 0.03 0.06 0.07 0.65 0.65 0.83 1.11 1.33 1.43 0.03 0.04 0.50 0.55 0.01 0.02 0.34 0.36 0.02 0.05 0.01 0.01 0.05 0.06 0.02 0.02 0.30 0.30 0.01 0.02 0.05 0.06 0.04 0.06 0.01 0.02 0.10 0.11 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.02 0.03 0.01 0.02 0.07 0.09 0.01 0.01 0.25 0.28 0.01 0.01 0.17 0.18 0.01 0.02 0.01 0.02 0.04 0.04 0.01 0.01 0.01 0.02 0.01 0.01 0.04 0.05 0.02 0.03 0.12 0.12 0.10 0.10 0.01 0.02 0.05 0.06 0.05 0.10 0.10 0.10 0.01 0.02 0.02 0.03 0.05 0.09 0.09 0.13 0.04 0.07 0.23 0.24 0.05 0.12 0.07 0.09 0.02 0.03 0.01 0.01 0.11 0.12 0.05 0.05 0.05 0.06 0.06 0.07

0.01 0.03 4.78 7.48 0.07 0.38 0.01 0.04 1.08 2.13 0.02 0.06 0.06 0.10 0.65 1.81 0.86 1.64 1.40 1.97 0.03 0.10 0.53 0.88 0.01 0.09 0.35 0.89 0.05 0.06 0.01 0.07 0.05 0.11 0.02 0.03 0.32 0.34 0.01 0.03 0.06 0.19 0.04 0.20 0.02 0.06 0.10 0.17 0.01 0.04 0.01 0.14 0.01 0.12 0.01 0.03 0.02 0.08 0.02 0.08 0.07 0.18 0.01 0.01 0.25 0.46 0.01 0.06 0.18 0.24 0.01 0.06 0.01 0.05 0.04 0.15 0.01 0.01 0.01 0.04 0.01 0.07 0.04 0.15 0.01 0.03 0.12 0.13 0.10 0.17 0.02 0.02 0.05 0.20 0.09 0.20 0.05 0.17 0.01 0.03 0.03 0.07 0.12 0.12 0.10 0.15 0.04 0.13 0.24 0.91 0.05 0.05 0.07 0.11 0.02 0.03 0.01 0.01 0.12 0.27 0.01 0.11 0.07 0.17 0.07 0.08

0.01 0.00 0.05 0.01 0.84 0.02 0.02 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.02 0.01 0.04 0.01 0.00 0.01 0.04 0.00 0.01 0.07 0.01 0.01 0.01 0.01 0.02 0.01 0.05 0.01 0.19 0.01 0.00 0.01 0.01 0.04 0.01 0.01 0.01 0.03 0.01 0.00 0.07 0.01 0.04 0.05 0.00 0.01 0.02 0.05 0.00 0.04 0.24 0.02 0.04 0.01 0.01 0.06 0.00 0.05 0.00

STOCK

Tribute Res Trio Gold Corp Troy Res Typhoon Expl UC Res Ultra Lithium United Silver Unity Energy Uranerz Energy Uranium One Uranium Valley US SIlver & Go Vaaldiam Mng Valterra Res Vangold Res Vanstar Mng Rs Vantex Res Vena Res Vendetta Mng Vendome Res Venerable Vent Veris Gold Victory Vent Viking Gold Virginia Engy Virginia Mines Volcanic Mtls Volta Res VVC Expl Walter Energy* Walter Energy War Eagle Mg Waseco Res Waymar Res West Cirque Rs West High Yld Westcore Energ Western Areas Western Melv M Western Pac Rs Westhaven Vent Westridge Res WGI Heavy Mnl Whetstone Mnls White Pine Res Wildcat Expl Williams Creek Windarra Minls Windstorm Res Witwatersrand World Vent* WPC Res Xemplar Energy Xinergy Xmet Xtierra Xtra-Gold Res Zena Mng Zephyr Mnls Zinco Mng Zonte Mtls

12-MONTH

EXC BID ASK LAST HIGH LOW

V 0.03 0.04 0.03 0.12 V 0.01 0.01 0.01 0.02 T 0.43 0.44 0.43 1.27 V 0.03 0.04 0.03 0.08 V 0.01 0.02 0.02 0.03 V 0.09 0.10 0.10 0.35 T 0.01 0.01 0.02 0.14 V 0.16 0.20 0.18 0.20 T 1.41 1.44 1.44 1.70 T 2.85 2.86 2.85 2.86 V 0.04 0.08 0.05 0.10 T 0.34 0.35 0.35 0.67 T 0.26 0.27 0.26 0.27 V 0.01 0.01 0.01 0.02 V 0.01 0.01 0.01 0.02 V 0.04 0.05 0.05 0.08 V 0.01 0.02 0.02 0.03 T 0.03 0.03 0.03 0.12 V 0.06 0.06 0.08 0.17 V 0.01 0.01 0.01 0.03 V 0.01 0.02 0.01 0.03 T 0.10 0.10 0.15 0.95 V 0.02 0.02 0.02 0.03 V 0.01 0.01 0.01 0.01 V 0.05 0.08 0.05 0.10 T 14.65 15.22 14.99 17.20 V 0.04 0.05 0.04 0.12 T 0.33 0.34 0.33 0.57 V 0.01 0.02 0.02 0.04 N 0.16 0.17 0.16 6.84 T 7.10 7.82 7.15 21.20 V 0.02 0.03 0.02 0.04 V 0.02 0.02 0.03 0.06 V 0.09 0.13 0.10 0.20 V 0.23 0.26 0.26 0.54 V 0.20 0.24 0.24 0.43 V 0.03 0.03 0.03 0.04 T 3.75 8.54 4.00 6.11 V 0.04 0.05 0.04 0.15 V 0.01 0.01 0.01 0.10 V 0.05 0.06 0.05 0.12 V 0.01 0.01 0.01 0.04 T 0.21 0.22 0.21 0.72 V 0.01 0.01 0.01 0.04 V 0.01 0.01 0.01 0.09 V 0.05 0.07 0.06 0.08 V 0.01 0.01 0.01 0.11 V 0.05 0.07 0.06 0.09 V 0.04 0.05 0.05 0.19 T 1.08 1.18 1.08 1.50 Q 0.01 0.51 0.02 0.10 V 0.04 0.04 0.04 0.08 V 0.02 0.02 0.02 0.05 T 0.02 0.02 0.02 0.48 V 0.01 0.01 0.01 0.07 V 0.01 0.01 0.01 0.09 T 0.22 0.27 0.27 0.30 V 0.06 0.10 0.07 0.12 V 0.11 0.14 0.11 0.20 V 0.03 0.08 0.02 0.08 V 0.09 0.12 0.09 0.15

0.02 0.01 0.00 0.03 0.01 0.05 0.00 0.05 0.00 0.00 0.04 0.00 0.00 0.01 0.01 0.04 0.01 0.02 0.05 0.01 0.01 0.00 0.01 0.01 0.03 0.00 0.04 0.00 0.01 0.00 0.00 0.01 0.02 0.00 0.00 0.11 0.01 0.00 0.03 0.01 0.05 0.01 0.00 0.00 0.01 0.02 0.01 0.00 0.00 0.00 0.00 0.04 0.02 0.00 0.01 0.01 0.10 0.06 0.08 0.01 0.02

2016-01-05 7:36 PM

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GLOBAL MINING NEWS

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SEC rules

Top gold performers

SEC RULES From 4

TOP GOLD From 1

Exemptive relief?

The proposed rules would not include any express exemptions. Instead, resource extraction issuers could apply for — and the commission would consider — exemptive relief on a case-by-case basis.

exited 2015 with more than $35 million in cash, up from $11 million from the start of the year.

In 2016, the miner will deliver strong operational results, generate free cash flow and repay its debt, while stepping up its exploration efforts. “Operating execution, balance sheet and exploration will be the themes for the year for Claude,” Skanderbeg says.

Endeavour Mining (TSX: EDV; US-OTC: EDVMF) exited 2015 at $7.63 per share, up 79.5% for the year, and 58% in the past two years. Doug Reddy, Endeavour’s senior vice-president of business development, attributes the share price appreciation to several events, including strong quarterly production results, voluntary debt repayments totalling US$40 million and “excellent” exploration results from the Agbaou gold mine in Côte d’Ivoire.

In December, Agbaou recouped its total construction capital and historic costs of US$181 million — 22 months after starting commercial production.

In November, Endeavour completed a 10-for-one share consolidation after La Mancha Resources, a private investment firm, bought a 30% interest in the company. In return, Endeavour received US$63 million in cash and a 55% stake in its fifth gold mine — Ity in Côte d’Ivoire — as well as a package of exploration properties and future financing support.

Endeavour expects to produce 580,000 oz. annually from its five mines in West Africa. Excluding Ity, it anticipates reaching the high end of its 2015 production forecast of 475,000 to 500,000 oz., with all-in sustaining costs of under US$930 per oz. This quarter, the miner should make a development decision on its Houndé gold project in Burkina Faso.

Integra Gold (TSXV: ICG; USOTC: ICGQF) ended last year at 34¢ per share, up 74% from the end of 2014. Its shares gained 89% since exiting 2013 at 19.5¢.

During 2015, the junior drilled

Reliance on foreign filed regulatory reports In addition, in light of recent developments abroad, as well as the developments with the U.S. Extractive Industries Transparency Initiative (USEITI), resource extraction issuers could use reports prepared for foreign regulatory purposes or for USEITI to comply with the proposed rules, provided that the SEC deems the foreign jurisdiction’s applicable requirements or the USEITI reporting regime is substantially similar to those of the SEC. Comment periods Initial comments on the proposed rules are due on Jan. 25, 2016. Reply comments, which are those comments which respond to issues raised in the initial comment period, are due on Feb. 16, 2016. A vote on the final rules is targeted for June 27, 2016. Under the proposed rules, resource extraction issuers would be required to comply with the rules starting with their fiscal year, ending no earlier than one year after the effective date of the adopted rules.

— Steven I. Suzzan is a securities and mergers and acquisitions (M&A) partner with Norton Rose Fulbright, based in New York. His practice focuses on corporate and securities matters, including M&A, private equity transactions, corporate finance and corporate governance.

Chris Hilbert is a transactional lawyer and business law advisor.

He is a partner at Norton Rose Fulbright’s New York office.

Trevor Zeyl is an associate at the New York office, his practice covers a variety of areas of corporate and commercial law, with a focus on public and private M&A, securities law and corporate finance. TNM

Jan 11 Pgs 1 2 3 4 5 11 13 14 16.indd 13

over 90,000 metres on its Lamaque gold project in Val-d’Or, Que., began building the Triangle zone portal and launched a $1-million “gold rush” challenge to help find discoveries by releasing historic data on the past-producing Lamaque property. “[Last year] was the busiest year we’ve ever had,” Steve de Jong, the company’s president and CEO, said in an emailed response.

In November, Integra published a better-than-expected resource update for its Triangle zone deposit, by incorporating 27,815 metres of new drilling. It still has assays from 35,000 metres pending. The deposit — one of the several at Lamaque — now contains a global gold resource of 1.49 million oz. at a cut-off of 3 grams gold.

Investors can expect another busy year in 2016, “with 100,000 metres of drilling planned, an updated preliminary economic assessment and an updated resource estimate, as we push Lamaque forward,” De Jong says. He adds that there is a “niche” for “high-grade, safe-jurisdiction, advanced-stage projects.”

Integra will unveil the winners of its Gold Rush Challenge at the Prospectors & Developers Association of Canada convention in March.

Detour Gold (TSX: DGC; USOTC: DRGDF) rose 52% during 2015 to finish at $14.41 per share.

The intermediate gold producer is up a remarkable 251% from its 2013 close of $4.10 per share.

In 2015, Detour ramped up its flagship Detour Lake gold complex in Ontario to design capacity, repaid US$124 million in short-term debt and reported positive infill drill results from its 30,000-metre program at Lower Detour.

“The share price success of Detour Gold in 2015 is the combined result of operational momentum, with the midpoint of our guidance at 500,000 oz. gold and financial discipline applied to the balance sheet,” Paul Martin, Detour’s president and CEO, said in an emailed response. Detour has guided 2015 production of 475,000 to 525,000 oz. gold, at all-in sustaining costs

STANDOUT GOLD STOCKS IN 2015

Company

Share price increase since year-end 2014

Claude Resources Endeavour Mining Integra Gold Detour Gold Klondex Mining Kirkland Gold Lakeshore Gold Premier Gold Mines OceanaGold Roxgold Agnico Eagle Mines

of US$1,050 to US$1,150 per oz.

Klondex Mines (TSX: KDX; NYSE-MKT: KLDX) shares gained 45% to end last year at $2.83. The stock is up 76% from its 2013 close.

The junior producer operates the underground Fire Creek and Midas gold-silver mines in Nevada. It started producing from Fire Creek in the second half of 2013, and from the Midas mine and mill in early 2014. The company has reached steady production at Midas, and it is ramping up Fire Creek. In a December interview, John Seaberg, the company’s vice-president of investor relations, attributed the company’s share price performance to its execution abilities. “We run our mines as a business — which is what everyone should do — that generates free cash flow in almost any gold-price environment,” Seaberg said. On Dec. 17, the company agreed to buy the bankrupt Rice Lake gold-mining complex in Manitoba for US$32 million. The transaction should close in early 2016. Klondex says its focus will remain on its Nevada assets and filling its Midas mill.

Honourable mention Kirkland Lake Gold (TSX: KGI; US-OTC: KGILF) ended the year at $4.84, up 44.5% since the end of 2014, and 88% since exiting 2013.

The company has been operating the Macassa gold mine in Ontario.

On Nov. 16, it announced a US$178million, all-share takeover of St Andrew Goldfields to become an intermediate gold producer.

Lake Shore Gold (TSX: LSG; NYSE-MKT: LSG) rose 44% to finish 2015 at $1.12 per share. The

Share price increase since year-end 2013

148% 457% 80% 58% 74% 89% 52% 251% 45% 76% 45% 88% 44% 131% 40% 76% 31% 61% 27% 57% 26% 30%

stock has climbed 131% since the end of 2013. Over the past two years, Lake Shore has increased production and lowered costs at its Timmins West and Bell Creek gold mines in Ontario, after expanding its Bell Creek mill. It recently acquired Temex Resources.

Premier Gold Mines (TSX: PG; US-OTC: PIRGF) shares climbed 40% to close last year at $2.64. The stock has appreciated 76% over the past two years. Premier has five gold assets. In 2016, it intends to produce at its 40%-held South Arturo mine in Nevada with partner Barrick Gold (TSX: ABX; NYSE: ABX), and finish a feasibility study on the partly owned Hardrock deposit in Ontario, with partner Centerra Gold (TSX: CG; US-OTC: CAGDF).

OceanaGold (TSX: OGC; ASX: OGC) exited last year at $2.64 per share. The stock increased 31% since 2014 and 61% since 2013. In 2015, it bought the Waihi gold mine in New Zealand and acquired Romarco Minerals for the Haile gold mine in South Carolina.

Roxgold (TSXV: ROG; US-OTC: ROGFF) shares advanced 27% in 2015 to finish at 70¢. The stock has increased 57% in the past two years. The company is building the Yaramoko gold project in Burkina Faso, with commissioning on track for the second quarter of 2016.

Agnico Eagle Mines (TSX: AEM; NYSE: AEM) is the only senior gold producer that registered significant share price gains last year. It finished at $36.37 per share, up 26% since 2014 and 30% since 2013. The miner — like all of the companies listed, except for Klondex — is still trading below its 2012 close. TNM

2016-01-05 7:36 PM

14

WWW.NORTHERNMINER.COM

JANUARY 11–17, 2016 / THE NORTHERN MINER

Industry performance will remain under pressure in 2016, Moody’s says FORECAST

| China's slowing growth to weigh on the commodities markets, especially steel and coal demand

A

A stockpile at BHP Billiton’s Mt Arthur thermal coal mine in New South Wales, Australia.

BHP BILLITON

fter a “material compression” of industry earnings in 2015, Moody’s Investors Service forecasts that the earnings contraction will continue this year.

“China’s slowdown and continued weakness in global economies will maintain downward pressure,” the credit ratings and research company said in its latest report on the outlook for global base metals, U.S. steel and North American coal.

For base metals, Moody’s forecasts a 10–15% decline in 2016 from 2015 levels of earnings before taxes, interest, depreciation and amortization (EBITDA), and says costs, liquidity and debt-maturity profiles “remain key considerations.”

“Slow Chinese growth [November PMI was 48.6, versus October’s 48.3 and September’s 47.2], and gross domestic product (GDP)level concerns, together with weak or contracting global trends — particularly Europe and Brazil

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Jan 11 Pgs 1 2 3 4 5 11 13 14 16.indd 14

— will hurt demand [and] prices in 2016,” the report says, noting that falling oil and a strong U.S. dollar are “not enough to offset plunging prices.”

Moody’s points out that mine development “will be more expensive, take longer and face more environmental and political issues.”

In terms of copper, which the agency describes having been in a “modest surplus” in 2015, current prices are nearing the marginal cost of production.

It s b a s e - c a s e c o m m o d i t y price assumptions put copper at US$2.15 per lb. in 2016 and US$2.35 per lb. in 2017; nickel at US$3.80 per lb. (2016) and US$4 per lb. (2017); iron ore (62% Fe China) at US$40 per tonne (2016) and US$45 per tonne (2017); and zinc at US75¢ per lb. (2016) and US80¢ per lb. (2017).

In the steel industry, Moody’s describes the outlook as negative in the U.S. and Asia, and stable in Europe.

In China, steel product ion “meaningfully exceeds domestic demand,” as economic growth slows, and concerns emerge over “weaker housing and construction amidst high inventories, and the availability of financing.”

Moody’s sees Chinese demand for steel decelerating 3.5% in 2015, and 2% this year. The ratings agency also forecasts a 6.3% Chinese GDP growth next year.

In the U.S., where manufacturing activity is slowing and growth remains uneven, Moody’s is forecasting GDP growth in 2016 of 2.5%.

As for Europe, where economic indicators show improvement at a slow pace, Moody’s argues, GDP growth could reach 1.5%.

The coal market looks equally bleak. Thermal coal demand is facing a “slow, long-term secular decline,” Moody’s says, while prices for metallurgical coal, challenged by slowing steel production rates and global steel overcapacity, are “unlikely to recover within the next 12 months.”

Domestic coal consumption in the U.S. will come under pressure from environmental regulations, while investment is channelled into natural gas and renewable energy sources.

The Energy Information Administration projects coal consumption will decline by 10% this year “due to low natural gas prices and regulatory-driven plant retirements, with no meaningful recovery in 2016,” Moody’s reports.

Describing the industry outlook for the North American coal industry as negative, Moody’s says it expects cumulative industry EBITDA will decline by as much as 10% over the next 12 months.

Its base case commodity price assumptions for high-quality metallurgical coal are US$80 per tonne in 2016 and US$85 per tonne in 2017.

Newcastle thermal coal could fetch US$55 per tonne in both 2016 and 2017. TNM

2016-01-05 7:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 11–17, 2016

Engineering Superintendent Freeport Indonesia Online Reference No: 62878

The Engineering Superintendent is responsible for the overall management, control, monitoring and development of the Engineering Department, his direct reports and the additional departmental staff under his management. The incumbent is responsible for setting and maintaining engineering systems, standards and controls in keeping with sound project engineering practices, Indonesian mining regulations, PTFI and PTRI standards.

Consultation Support Officer Ontario, Canada Online Reference No: 62871

RECRUIT SMARTER WITH MINING JOBS The Northern Miner’s new section dedicated to recruiting in mining

One listing is all you need Print Edition.

15

General Manager Gahcho Kué Mine Yellowknife, NWT, Canada Online Reference No: 62894 The successful candidate will lead the strategic and tactical management of the mine. Bachelor of Mining Engineering degree preferred, with eligibility for Professional Engineering designation in the Northwest Territories required. We are seeking a strong, decisive and ethical leader with a proven track record of delivering results in a large operation. Details at www.debeersgroup.com.

Geophysicist Regina, Saskatchewan Online Reference No: 62809

Circulated to TNM 20K+ readership Are you interested in engaging and building relationships with Aboriginal communities? If so, consider joining the Mineral Exploration and Development Branch of the Ministry of Northern Development and Mines, where you will provide consultation expertise and advice through the implementation and administration of the Mining Act, regulations and policies.

Underground Boom Truck Operator Musselwhite, Ontario Online Reference No: 62866 As a boom truck operator you will be required to perform lifts of varying nature in an approved manner consistent with current OH&S practices. Refuel, check coolant and engine and hydraulic oils, lubricate all points and complete standard daily check forms and drives equipment to and from work area. Operate traffic control signals where applicable and respond to signals to prevent a vehicle accident.

Mechanic – Canadian Royalties Nunavik Nickel Mine, QC Online Reference No: 62841 The primary role of the Mechanic is to perform preventive maintenance and repairs to diesel, electrical, hydraulic and air operated equipment (Jumbos, MacLean Bolters, scoops). This includes mobile equipment, drills, small tools and miscellaneous equipment of a similar nature.

Lead Electrician (Certified) Northern Quebec Online Reference No: 62839

The primary role of an electrician is to install, wire, maintain & perform preventive maintenance and repairs to electric equipment some of which are noted below in all surface and underground areas:

Occupational Health & Safety Inspector – Surface & Underground Mining Ontario, Canada Online Reference No: 62823 Do you have surface and underground mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your underground experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Mining with the Ministry of Labour.

+

4 INDUSTRY JOB BOARDS

CANADIAN Mining Journal EMAIL sales@mining-jobs.net or CALL 416-510-6772 AND START RECRUITING SMARTER TODAY.

Occupational Health & Safety Inspector – Surface & Plant Mining Ontario, Canada Online Reference No: 62826 Do you have surface and plant mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your surface and plant mining experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Surface Mining with the Ministry of Labour.

Ontario, Canada Inspectrice ou inspecteur de la santé et de la sécurité au travail Online Reference No: 62829 Vous avez de l’expérience en exploitation minière à ciel ouvert et souterraine et êtes à la recherche de nouveaux défis? La santé et la sécurité vous tiennent à cœur? Voici votre chance de mettre à profit votre expérience en installations souterraines et votre passion pour la santé et la sécurité au travail en devenant inspectrice ou inspecteur de la santé et de la sécurité au travail au sein du ministère du Travail.

Occupational Health & Safety Inspector – Electrical/Mechanical Ontario, Canada Online Reference No: 62816 Do you have electrical/mechanical mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Electrical/Mechanical mining with the Ministry of Labour.

The Saskatchewan Geological Survey Branch (SGS) with the Saskatchewan Ministry of Economy is seeking a self-motivated and committed Geophysicist to join its Data Management unit. The person we are seeking will have knowledge of electromagnetic, magnetic, gravity, and radiometric methods and the application, constraints, and limitations of geophysical interpretation techniques as applied to geological and mineral exploration studies.

Metallurgist McArthur Lake Operations Online Reference No: 62799 You will be responsible for providing technical expertise to process operations and establishing operational guidelines and control parameters for uranium milling, water treatment, slurry transport and for ensuring regulatory requirements are met. Your duties will include daily troubleshooting of plant operations, establishing operational set-points, metallurgical accounting and continuously improving process operations and control.

Environment Technician Rabbit Lake Operations Online Reference No: 62791 You will be responsible for carrying out environmental compliance monitoring activities such as collecting, preparing and shipping environmental samples, data entry and synthesis, and report preparation. You will be required to conduct environmental site inspections and assist in wildlife management activities and programs, as well as assist with environmental emergency response and providing support during environmental events.

Senior Finance Manager Ontario, Canada Online Reference No: 62781 The Senior Finance Manager is responsible for all financial accounting and related functions as well as administration processes for J.S. Redpath Limited. This includes all Canadian and International projects as well as Global Raisebore Business and Global Insurance managed by Canadian operations management.

Geoscientist Intern – Precambrian Geoscience Ontario, Canada Online Reference No: 62713 Are you interested in building your geological mapping skills and contributing to an organization that provides opportunities for personal growth, continuous learning and work-life balance? If so, then consider an internship with our team at the Ontario Geological Survey (OGS). This position will focus on Precambrian bedrock mapping.

For full job details visit MINING-JOBS.NET and enter the Online Reference No. in the search field For full job details visit MINING-JOBS.NET and enter the Online Reference No. in the search field

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JANUARY 11–17, 2016 / THE NORTHERN MINER

Fission eyes ‘landmark’ deal with China’s CGN Mining MINE FINANCE

| Chinese state-owned firm to pick up a fifth of the junior

BY MATTHEW KEEVIL

I

mkeevil@northernminer.com VANCOUVER

t was a stormy 2015 for explorer Fission Uranium (TSX: FCU; US-OTC: FCUUF) marked by a failed merger, struggling uranium prices and the brief threat of a proxy battle from retail shareholders.

But good news came in late December in the form of a framework for an investment by China’s state-owned CGN Mining, which should provide Fission with the financial footing to advance its prolific Patterson Lake South (PLS) uranium discovery just south of Saskatchewan’s Athabasca basin.

Under the Dec. 21 binding letter of intent (LOI), CGN would subscribe for 97 million Fission shares at 85¢ per share, taking a 19.99% equity stake in the Canadian explorer. CGN and Fission would also finalize an off-take agreement on uranium production at PLS. The arrangement doesn’t impinge on Canadian foreign investment restrictions on strategic resources, since foreign companies are only barred from owning more than 49% in producing uranium mines in Canada.

“The market might be a bit worried that the deal may not complete, since it’s only a LOI,” Fission CEO Dev Randhawa said in an interview when asked about the likelihood of the deal closing in January. “This one is a little bit different because we have a full agreement backing it, and we’ve essentially worked out the off-take specifics.”

Randhawa said the off-take is the “biggest component that people should pay attention to here, and the premium we achieved ref lects that value. We’re talking about a multi-billion dollar Chinese company that doesn’t haphazardly sign agreements.

Plus this deal is not subject to due diligence because we wanted

to get that out of the way before pen hit paper, since it can come back to haunt you.”

Randhawa has discussed the prospect of a white-knight investment from China since mining markets truly tanked over the past three years. The idea moved to the forefront after shareholders rejected a $483-million merger with Lukas Lundin’s Denison Mines (TSX: DML; NYSE-MKT: DNN) due to perceptions PLS was worth more than in the proposed agreement.

The project’s Triple R deposit represents a unique development opportunity with its shallowness, high grades and jurisdictional advantages that would combine to allow for relatively straightforward open-pit mining.

PLS’s indicated resource stands at 2.3 million tonnes grading 1.6% U3O 8 for 80 million contained lb., including a high-grade zone of 44.3 million lb. based on 110,000 tonnes at 18.2% U3O 8 .

Fission released a preliminary economic assessment earlier in 2015 that presented a mining scenario with industry-low operating costs of only US$14 per lb. U3O 8 .

“We don’t have to go back to this terrible market and raise money for another three years,” Randhawa said. “Let me tell you that this ‘flow-through treadmill’ that a lot of exploration companies are running on right now is truly awful.”

He added t hat t he “cost of stock is way too d iscou nted , and you tend to get hammered by these investors. We just don’t want anything to do with that process or t hat market. Once investors understand the CGN deal is closing ... we will start to see some traction on our stock price. And if anyone wants to invest in Fission moving forward, they’ll have to do it on the open market.”

Fission’s shares have been on the rise since hitting its 52-week low of 53¢ on Dec. 2. Since then they have shot up 53% with shares

Fission Uranium (TSX:FCU)

$1.20

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A core storage facility at Fission Uranium’s Patterson Lake South uranium project in northern Saskatchewan.

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“WE DON’T HAVE TO GO BACK TO THIS TERRIBLE MARKET AND RAISE MONEY FOR ANOTHER THREE YEARS.” DEV RANDHAWA CEO, FISSION URANIUM

trading at 81¢ at presstime.

The company plans to invest $7 million in a winter drill program at PLS, and Randhawa said it would advance permitting and upgrade its engineering models to a prefeasibility level.

He reiterated, however, that CGN’s involvement would not change Fission’s development timeline for the project.

Fission shares have traded within a 52-week price range of 53¢ to $1.38.

There are 387 million shares outstanding for a $313-million market capitalization.

“We’re working on one of the premier ura nium discoveries in the world here. There aren’t many opportunities globally even close to PLS when you talk about grade profile and depth — let alone in the Athabasca basin,” Randhawa added.

“I don’t think this is a sign that money from China is going to come in and buy up every opportunity in the region. We have indicated resources based on tight drill spacing, and we’re talking about an open-pit opportunity here. These ty pes of deals are not going to suddenly become common. PLS is a unique deposit, and it still took us a long time to get this landmark agreement finalized.” TNM

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