The Northern Miner July 25 2016 Issue 24

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GOLDEN ARROW RESOURCES

ODDS 'N' SODS

Options Antofalla project in Argentina / 3

DOMINION DIAMOND

A freakish mound in Arizona / 4

Approves $647M Jay expansion / 16

JULY 25-31, 2016 / VOL. 102 ISSUE 24 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

IDM’s Red Mountain moves closer to development

Stornoway's first diamonds MILESTONE

| Renard enters the history books as Quebec's first diamond mine

BC GOLD

| Production could start in 2018

BY SALMA TARIKH starikh@northernminer.com

I

DM Mining’s (TSXV: IDM) executive chairman couldn’t hide his excitement while talking about the updated preliminary economic assessment (PEA) at the Red Mountain gold project in northwestern B.C. “We have demonstrated a lowcapital cost, high rate of return project with a near-term development strategy here that’s really been de-risked,” Michael McPhie said in an interview.

The revised PEA, released on July 12, envisions a larger and more profitable project at Red Mountain than the original PEA in 2014.

Over its five-year life, the proposed underground mine could deliver 348,000 oz. gold and 965,000 oz. silver. This would come from 1.8 million tonnes at a head grade of 7 grams gold and 21.45 grams silver per tonne, and average recoveries of 89% gold and 80% silver.

This compares to the earlier plan of processing 1.4 million tonnes at slightly higher grades to produce 277,000 oz. gold and 852,000 oz. silver.

“We are mining more tonnes, so we are producing more gold. We have added 100,000 oz. into developing the project, which is good because that increases our annual production and overall economics,” McPhie says.

See IDM MINING / 2

Workers look on as a truck prepares to dump the first load of ore into the primary crusher at Stornoway Diamond’s Renard diamond mine in Quebec. STORNOWAY DIAMOND

BY SALMA TARIKH

I

starikh@northernminer.com

t’s not easy to over deliver, let alone deliver according to plan.

But it’s what Stornoway Diamond (TSX: SWY) has a knack for doing.

In mid-July, the company started processing ore at Quebec’s first operating diamond mine, ahead of its already revised schedule.

“There’s a huge amount of human capital that goes into bringing any mine into production — just time and money. So seeing it happen, and it is happening under the

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best circumstances, [means] we are doing very well. We’re ahead of schedule, we’re below budget … it’s a terrific experience,” Matt Manson, the company’s president and CEO, says in a phone interview.

The Glasgow native, who became president in March 2007 and CEO in January 2009, notes Stornoway chose ore processing as the “moment to celebrate” the achievements at Renard. “It really marks the end of a 15-year journey of huge amounts of effort in exploration, development studies, permitting, financing and construction.”

Ashton Mining of Canada and Soquem — the mining exploration arm of the Quebec government — found the diamond deposit in 2001. Stornoway acquired half of the project through its purchase of Ashton in 2007, and the rest from Soquem in 2011.

Despite the early bumps in sketching out Renard’s economics, Stornoway proved up the project’s potential and nailed down financial and local support. It has since exceeded its construction goals.

Back in February, the miner rebaselined its schedule for construc-

tion. It anticipated ore processing would kick off in September, with commercial production beginning by year-end 2016, roughly five months ahead of its previous plan. This revision lowered Renard’s estimated start-up capital to $775 million, from $811 million earlier.

In July, Stornoway processed 10 weeks ahead of the rebaselined target and seven months ahead of its estimate.

Manson attributes this to three factors.

The first is contracting and procurement. “We’re the only mine under construction in Eastern Canada, and that’s a big construction market. We were able to expedite the process of finding preferred vendors and contractors,” he says.

Given that the company built Renard during the downturn in global mining, it benefitted from minimal lead times on equipment and material delivery. “Everything was immediately available to us,” Manson says. For example, the 2011 feasibility estimated an 18-month lead time on Caterpillar equip-

PM40069240

See STORNOWAY / 2

ROXGOLD: HUMMING ALONG IN BURKINA FASO / 14

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JULY 25–31, 2016 / THE NORTHERN MINER

Stornoway's first diamonds at Renard STORNOWAY From 1

Ian Holl (left), vice-president of processing, and Yves Perron, vice-president of construction, hold some ore at Stornoway Diamond’s Renard diamond mine in Quebec. STORNOWAY DIAMOND

ment, which Stornoway received in a few weeks.

Second, the company’s contractors and employees were efficient and more productive than expected, Manson says, “because we had the best teams.”

Third, when Stornoway completed the original schedule as a junior looking to raise $1 billion to build a greenfield diamond mine, a lot of risks in the time line never materialized, Manson notes.

Days after closing a $946-million financing, Stornoway started construction at Renard on July 10, 2014.

In March 2016, the company updated the mine plan, extending Renard’s life by three years to 14 years. The extension came from a 25% increase in reserves.

Based on open-pit and underground reserves of 22.3 million carats (from 33.4 million tonnes grading 0.67 carat per tonne), Renard should produce 1.8 million carats a year during the first decade.

Life-of-mine operating costs should average $56.20 per tonne, or $84.37 per carat.

Meanwhile, Stornoway will focus on reaching commercial production.

While the executive does not expect to re-forecast Renard’s year-end target, analysts project that commercial production should start two to three months ahead of plan.

As of July 13, the miner had stockpiled 1 million tonnes of ore to support the ramp up. Michael Parkin, an analyst at Desjardins Capital Markets, points out that the re-baselined schedule expected the stockpile would reach 800,000 tonnes in September. Higher stockpiles show mining from the pits is “going well,” he writes.

Stornoway will source ore for 2016 production from the Renard 2 and Renard 3 pit, and supplement this with the stockpile if needed.

The operation should process 2.2 million tonnes a year, or 6,000 tonnes per day, before expanding to 2.5 million tonnes a year, or 7,000 tonnes per day in 2018. This would coincide with underground mining at R2.

The plant should hit full production — described as 2.2 million tonnes a year at 78% plant use — within nine months, or by March 2017.

“We are comfortable with the project to date,” Parkin says. The “biggest remaining risk” is reconciling the

resource to see how the grade and average value per carat compares to the block model, he adds.

“We’re not going to declare success on this project until we’ve gone through the ramp up and the resource is reconciled correctly.”

He adds that the latter would take several months.

The March 2016 reserve includes four kimberlites: Renard 2, Renard 3, Renard 4 and Renard 65. At the time, the weighted average price of the reserve was $209 (US$155) per carat.

Stornoway intends to sell all of Renard’s diamond production by tender sale in Antwerp. First sales should occur in January 2017.

Along with being ahead of schedule, the company has received nearly $83 million in proceeds, after 97.5% of its warrant holders exercised their 90¢ warrants to buy 91.9 million shares before the July 8 expiry date.

“We have a lot more cash on the balance sheet than we expected to have,” Manson says. “That gives us a lot of financial flexibility as to what we do with the cash flow when it starts.”

Stornoway closed July 18 at $1.04 per share, within a 52-week trading range of 65¢ to $1.08. TNM

IDM’s Red Mountain moves closer to development IDM MINING From 1

Annual production should total 70,000 oz. gold and 194,000 oz. silver, up 25% and 13% from the previous study.

To achieve the higher production, IDM has tweaked the mine plan.

It will now mine 1,500 tonnes per day for eight months a year to feed a year-round, 1,000-tonne-per-day plant. This compares to its earlier plan of mining and processing 1,000 tonnes per day for nine months a year, and closing down during the worst winter months.

“Overall, economics are better because we are now generating cash flow 12 months of the year,” McPhie points out.

Estimated cash costs are $550.77 per oz. and $522.41 per oz., net of silver credits. The costs are higher than the earlier study due to the weaker Canadian dollar. The new study assumes a Canadian–U.S. dollar exchange rate of 0.80, instead of 0.95. But in U.S. dollars, the anticipated cash cost per oz. has fallen 15% to US$440.61, and 8% to US$417.93, net of silver credits.

Although the mine life remains at five years, start-up costs are now $111.2 million — including a $10.1-million contingency — as opposed to $76.1 million. Expected sustaining costs are $41.1 million, bringing Red Mountain’s total cost to $152.3 million.

The increase in initial costs resulted largely from the new mine plan and infrastructure plan, plus to a higher degree of detail in the

cost estimates.

IDM plans to mine the deposit from underground using longhole stoping and drift-and-fill methods.

It will process the mill feed through a flotation-regrind-leach circuit to lower operating costs, instead of a whole-ore leach process.

It has also relocated the proposed mill and tailings facility to Bromley Humps. The site sits at a lower elevation and has less of a risk for avalanches.

Mining companies, particularly juniors, have tended to underestimate construction costs, McPhie concedes. To avoid that mistake, IDM has doubled its sustaining capital cost estimate and padded its expenses for waste and tailings management and mine closure.

“We didn’t want to go light on any of those,” McPhie says, adding IDM wants to present a “fully costed project, with everything included” to the market, which it would refine in the next six months in the feasibility study.

Most importantly, the project’s economics remain “super solid,” McPhie says. Using a 5% discount rate and metal prices of US$1,250 per oz. gold and US$15 per oz. silver, Red Mountain generates an $86.6-million after-tax net present value (NPV) and 32.3% internal rate of return (IRR).

The after-tax payback is two years.

The project should make an estimated $120.4-million after-tax free cash flow over the mine life, or $24.3 million annually, which is up 52% over the previous estimate.

McPhie says his team could cut the

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A driller working on in-fill and metallurgical sample drill program in July 2016 at the Marc zone and IDM Resources’ Red Mountain gold project in northwestern Bristish Columbia. IDM RESOURCES

project’s capital costs and improve economics by buying a used mill and leasing equipment, and converting the inferred resource through infill drilling. These opportunities will be considered in the ongoing feasibility study.

Commenting on the underground infill program at Red Mountain, McPhie reckons that the drilling could convert 70,000 to 80,000 inferred oz. into measured and indicated.

Initial assays should be out in the coming weeks.

It also plans to test targets with extension drilling, and McPhie explains that drilling should show the down-dip extensions of the JW zone and the 141 zone. “We see significant room for expansion in those areas. We just don’t have the drilling density to include them as part of the resource at this stage.”

Red Mountain’s resource estimate contains 1.64 million measured and indicated tonnes at 8.36 grams gold and 26 grams silver for 441,500 oz. gold and 1.37 million oz. silver.

Inferred resources stand at 548,100 tonnes grading 6.10 grams gold and 9 grams silver for 107,500 oz. gold and 153,700 oz. silver.

Most of the resource sits in the Marc, AV and JW zones, and to a lesser extent in the 141 and 132 zones. The deposit — described as a porphyry-related, hydrothermal gold system, located in the Stikine terrain — has five mineralized zones.

IDM says it could shrink capital costs by sharing infrastructure costs for the road and powerline, with an independent power producer developing a run-of-river hydroelectric project next to Red Mountain’s proposed mill site. (IDM’s project requires 7 km of new road.)

Meanwhile, McPhie says the current drilling and exploration program would show that Red Mountain has a life beyond five years. IDM geologists are conducting extensive surface exploration work.

They have identified a new zone hosting high-grade, intrusiverelated, gold-silver molybdenum mineralization at the Lost Valley area on the property. The retreating Cambria icefield helped expose that area.

“One of the fascinating parts of this story is the glacier retreat that has taken place over the last 10 years, which has opened up huge amount of mineralized areas that have yet to be explored. There’s on-surface mineralization, visible mineralization of sulphide and molybdenum… and others that we are chasing down that look very, very interesting.”

Pretium Resources’ (TSX: PVG; NYSE: PVG) nearby Valley of the Kings deposit, where a mine is under construction, has benefited from a similar glacier retreat.

“The Valley of Kings melted out from the under the ice over the last 10 years, and it led to the showings and

the ultimate discovery of a worldclass deposit. We are targeting a similar situation at Red Mountain … anchored by this existing deposit that we have very well defined,” McPhie notes.

Along with Red Mountain, the Valley of Kings and Seabridge Gold’s (TSX: SEA; NYSE: SA) KSM project, the Golden Triangle hosts a number of past-producing mines, including Premier, Eskay Creek and Snip.

The Red Mountain project is in Nisga’a traditional territory, where the junior has a “strong” relationship with the First Nation.

As part of its permitting process, IDM should file a project application report in late 2016. It anticipates publishing a feasibility study in early 2017, after which it will make an investment decision and secure project financing.

McPhie adds that IDM is fortunate to work in northwestern B.C., where there’s “extraordinary” geological potential, combined with a relatively straightforward permitting process and strong local support for mining.

“We really believe it is one of the best places in the world to be active. We think Red Mountain will be the next gold mine to come on-stream. We are excited about what the next number of months is going to deliver in terms of both geological potential and advancing the project towards development,” McPhie enthuses.

Depending on financing and permitting, Red Mountain could begin production in early 2018.

The junior has $10 million in its treasury and some well-known shareholders, including Osisko Mining (TSX: OSK) at 14%, Delbrook Capital at 9.8%, Sentry at 9.7%, Tahoe Resources (TSX: THO; NYSE: TAHO) at 6.6% and Premier Gold Mines (TSX: PG) at 6.5%.

“After getting through the last couple of years of difficult markets … we feel like we finally have a bit of wind in our back. And really now, it’s all about execution and fulfilling over objectives to meet our own timelines and the expectations that we have set in the marketplace,” McPhie says.

IDM recently closed at 25¢ per share, near its 52-week high of 25.5¢.

It reached a 52-week low of 6.5¢ per share in January. TNM

2016-07-19 5:46 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 25–31, 2016

Looking northeast at a dacite target 4,700 metres above sea level beside a ridge of silicified breccias at Golden Arrow Resources’ Antofalla silver-lead-zinc project in Catamarca province, Argentina. GOLDEN ARROW RESOURCES

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A sample of silicified breccia, with black silica with silver sulphides in the matrix from Golden Arrow Resources’ Antofalla project. GOLDEN ARROW RESOURCES

Golden Arrow options Antofalla in Argentina’s Catamarca province SILVER-LEAD-ZINC

BY TRISH SAYWELL tsaywell@northernminer.com

G

olden Arrow Resources (TSXV: GRG; US-OTC: GARWF) is best known for its Chinchillas silver-lead-zinc project in Argentina’s Jujuy province, but the prospect generator also has properties in the country’s San Juan and La Rioja provinces, and is now extending its reach into Catamarca province in an option deal to acquire a silver and base metals project called Antofalla.

“It’s one of the ones that we’ve had our eye on for a couple of years,” the company’s vice-president of exploration and development Brian McEwen says. “You can see this large area of alteration at Antofalla, and we started looking at it on Google Earth two or three years ago.”

“When we signed our due diligence deal and did chip-channel sampling on outcrops we came back with some spectacular results, like 14.9 metres of 271 grams silver and 1% lead.”

Under the option deal with the private vendor — an Argentine lawyer — Golden Arrow will pay $1.56 million in staged payments over five years to earn 100% of the project. The vendor has a 1% net smelter return royalty, but Golden Arrow has the option to buy it back for $1.5 million.

“It’s an incredible deal and it’s back-ended, so we’re not putting too much upfront,” McEwen says, noting that the company’s management team and the seller had

| Antofalla could have similar mineralization as Chinchillas

“YOU CAN SEE A LARGE AREA OF ALTERATION AT ANTOFALLA. WE STARTED LOOKING AT IT ON GOOGLE EARTH TWO OR THREE YEARS AGO.” BRIAN MCEWEN VICE-PRESIDENT OF EXPLORATION AND DEVELOPMENT, GOLDEN ARROW

come up with the structure of the deal a year and a half ago.

“It’s fair to say that if we were going to go in and try to negotiate a deal today, it would be difficult to strike one this attractive in today’s market, given the positive outlook in Argentina [after President Mauricio Macri’s election in late 2015] and the uptick in the market and metal prices in general.”

Geologists have known about Antofalla for years, and it has been looked at by other companies, McEwen says.

“We weren’t t he on ly ones knocking on the door, but the vendor also knows that we will advance it and put the money into the ground, and that’s really what he wants to see happen.”

Golden Arrow’s management team says Antofalla has a similar style and mineralization type as its Chinchillas project, which the company is advancing to a feasibility study with the help of Silver Standard Resources (TSX: SSO; NASDAQ: SSRI).

“Back in 2012, as we started working on Chinchillas, it was recognized that the Antofalla system is similar to the Miocene dacite domes and breccia complexes seen

at Chinchillas, which are related to silver-lead-zinc mineralization,” McEwen says. “The mineralization also occurs in quartz veins within red beds, but after the Chinchillas model … the best proposition for delineating resources is to assess the project for mineralization associated with the dacite domes and volcaniclastic tuffs and breccias.”

McEwen adds that Chinchillas has been a “real success” in demonstrating strong exploration techniques. “People believed Chinchillas was too small, and we went in and found it is not,” he says. “It’s a big deposit and it’s getting bigger. At Antofalla we see a similar environment, with younger rocks and mineralizing events intruding much older sediments with a big footprint. The potential is there to find something.”

This year Golden Arrow could spend up to $500,000 on its theories about Antofalla. If the junior gets encouraging results, it might consider a drill program.

“We need to understand what we have in the database and develop an understanding of the geological model,” he says. “From there we will develop and implement a plan that will include remote sensing,

sampling and mapping. Geophysics may also be an option — all with an end game of delineating drill targets.”

Mineralization at Antofalla occurs in two styles: silicified breccias that cross-cut the volcaniclastics related to the dacite domes, and in quartz veins within the red beds.

Previous operators included Northern Orion (1997) and Silex Argentina (2004–2005). Northern Orion focused on the dome zone in the volcaniclastic breccias, drilling six reverse-circulation drill holes.

Unverified results of historic drilling include 102 metres averaging 45 grams silver and 0.6% lead, with an 18-metre interval of 128 grams silver, 0.23 gram gold and 0.9% lead.

Silex focused on vein-style mineralization, drilling six diamond drill holes — three in the Los Espanoles vein and three in the Los Jesuitas vein. The best intercepts were 3 metres averaging 3.8 grams gold and 16 grams silver, and 16

metres averaging 0.5 gram gold, 77 grams silver and 1.2% lead. Trench sampling returned a best result of 2 metres averaging 9.2 grams gold, 52 grams silver and 5% lead.

The Antofalla project is made up of six continuous mining claims totalling 87.6 sq. km, about 50 km south of the border between Catamarca from Salta province.

The project is road accessible and reaches up to 5,300 metres above sea level.

With interest heating up in Argentina, McEwen says, Golden Arrow is looking at other potential acquisitions or option deals in the provinces of Salta and Santa Cruz, as well as in San Juan.

“One of the things that’s happened over the years — just because Argentina has not been an attractive place to invest, and it’s been difficult for companies to raise money for projects there — is that a lot of companies have left and that has given us a lot of properties to look at, and we are considering a lot of them.” TNM

A ppo i n t m e n t N o t i ce Mr. Marc Murnaghan, Chief Executive Officer and Director of Polaris Infrastructure Inc., is pleased to announce the appointment of Thomas Ogryzlo to its Board of Directors.

Mr. Ogryzlo is Interim CEO of Baja Mining Corp. and a Corporate Director. He has over fifty years Thomas Ogryzlo of experience with mining, energy and industrial projects, with responsibility for all aspects of development, financing, engineering, construction and operations. From 2000 to 2010, Mr. Ogryzlo was Vice President – Latin America, of Ram Power, Corp., predecessor company to Polaris Infrastructure Inc. As a result of his ten plus years in a senior leadership role at the San Jacinto project, in Nicaragua, Mr. Ogryzlo brings considerable operating experience and government relations expertise. For many years he held the position of President of Kilborn Engineering Ltd. and Kilborn SNC-Lavalin, one of the world’s largest engineering contractors.

Mr. Ogryzlo holds a Bachelor of Mechanical Engineering degree from McGill University in Montreal and speaks Spanish, Portuguese and French. Mr. Ogryzlo has served as a Director of more than 20 public companies including: Franco Nevada Mining Corp., Vista Gold, Aura Minerals, Birim Goldfields, Tiomin Resources and Atlas Corp.

Polaris Infrastructure is a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in Latin America. Currently, the Company operates a 72MW geothermal project located in Nicaragua. Polaris Infrastructure shares are listed on the TSX and trade under the symbol PIF.

www.polarisinfrastructure.com At the Antofalla project, looking southeast at volcaniclastic rocks and the Salar de Antofalla in the background. GOLDEN ARROW RESOURCES

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JULY 25–31, 2016 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L O P- E D Strange discovery under OSC creates a freakish quartzite whistle-blower program | Catch crooks, make up to $5M mound in Arizona SECURITIES LAW

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T

he Ontario Securities Commission (OSC) has just launched a paid whistle-blower program — the first of its kind by a securities regulator in Canada.

A whistle-blower under this program is “an individual, or a group of individuals acting jointly, who voluntarily provide high-quality information that contains

BY JOHN CUMMING timely, specific and credible facts regarding jcumming@northernminer.com potential misconduct.”

The program will be managed by the OSC’s new Office of the Whistleblower, which has set up a website at www.officeofthewhistleblower.ca, with Kelly Gorman serving as chief of the Office of the Whistleblower. Tips about Ontario securities law violations can be made through this website or by mail.

The OSC says the whistle-blower program furthers its mandate to “provide protection to investors from unfair, improper or fraudulent practices, and to foster fair and efficient capital markets and confidence in the capital markets.”

These tips about possible violations of Ontario securities law would include illegal insider trading, market manipulation, and accounting and disclosure violations.” Note that this new program excludes tips related to criminal or quasi-criminal matters.

Whistle-blowers who report information that leads to an OSC administrative proceeding resulting in monetary sanctions and/ or voluntary payments of $1 million or more may be eligible for a financial award of up to $5 million, under guidelines spelled out in the newly published OSC Policy 15-601 Whistleblower Program.

More specifically, the OSC will pay an eligible whistle-blower an award of 5–15% of the total monetary sanctions imposed and/ or voluntary payments made in the relevant proceeding or multiple related proceedings.

The OSC cautions it may take “several years or more” after a whistle-blower initially submits a form before there is payment of a reward. At that time, the OSC may disclose that a whistle-blower award has been paid without disclosing the identity of the whistleblower. The OSC’s decision on whether or not to give a whistleblower award cannot be appealed.

Tips would not be eligible for a reward if the information was provided in response to a request, inquiry or summons by the OSC or similar authority; subject to solicitor-client privilege; derived from a judicial or administrative setting; or obtained in a way that violates applicable criminal law. Officer, directors and auditors of a company under scrutiny would not be eligible for an award, and neither would an OSC or related employee.

The Office of the Whistleblower is not obligated to use the information provided by a whistle-blower, and is free to use the information provided “for any purpose” that helps it carry out its mandate.

The program incorporates whistle-blower protections, the OSC says, such the choice to report anonymously if represented by a lawyer.

The OSC vows to “make all reasonable efforts to protect the confidentiality” of whistle-blowers, though a whistle-blower must reveal their identity to the OSC to claim their reward.

Furthermore, the OSC emphasizes that anti-reprisal provisions have been added to Ontario’s Securities Act that allow the commission to take “enforcement action against employers who retaliate against whistle-blowers, and rendering as unenforceable contractual provisions designed to silence a whistle-blower.”

The OSC notes these anti-reprisal protections still apply if the information provided to it doesn’t result in enforcement action, or doesn’t meet the criteria for an award.

At the same time, the Office of the Whistleblower expects a whistle-blower to keep confidential any information the office provides to the whistle-blower. The office generally cannot give the whistle-blower any information as to the status of any ongoing investigations, in accordance with existing guidelines for staff disclosure of investigations.

Any potential whistle-blower should be aware that their hitherto publicly unknown identity could someday be revealed through the mechanism of a freedom of information request, based on Ontario’s Freedom of Information and Protection of Privacy Act. The OSC recommends that such a freedom of information request be denied in whistle-blower cases, but the OSC doesn’t have jurisdiction in these matters, as the final decision about revealing a whistle-blower’s identity would technically lie with Ontario’s Information and Privacy Commissioner, or a relevant court. TNM

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

Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . . . . . . . 12 Stock Tables. . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Ascot Resources. . . . . . . . 11 Boliden . . . . . . . . . . . . . . . 11 Dominion Diamond. . . . 16 Golden Arrow Resources.3 IDM Mining. . . . . . . . . . . . 1 Intrepid Potash. . . . . . . . . . 5 Mosaic. . . . . . . . . . . . . . . . . 5

Osisko Mining. . . . . . . . . . 2 Peregrine Diamonds. . . . 13 Potash Corp. of Saskatchewan. . . . . . . . . . . . . . . . . . . 5 Premier Gold Mines. . . . . 2 Pretium Resources. . . . 2,11 Roxgold. . . . . . . . . . . . . . . 14

Sabina Gold and Silver. . 13 Seabridge Gold. . . . . . . . . . 1 Silver Standard Resources.3 Soquem. . . . . . . . . . . . . . . . 1 Stornoway Diamond. . . . . 1 Tahoe Resources . . . . . . . . 2

ODDS ‘N’ SODS

| First use of an IP survey to find a porphyry copper deposit?

BY M. A. “MO” KAUFMAN Special to The Northern Miner

Let’s start this story close to its end with an April 27, 1967, front-page headline from Tucson’s Arizona Daily Star: “Papagos lease site for copper mine,” followed by a sub-headline: “Indians to gain self-sufficiency.”

And now to the beginning: After a few years wintering in Yellowknife and working in the Eastern Arctic Barren Lands for long, uninterrupted stints, I was ready for a change. Pounding the streets of Toronto led to a few job offers, the most interesting from Hunting Survey Corp., a U.K.-based group specializing in mineral surveys in undeveloped countries.

This job might have landed me in some Middle Eastern backwater, but, as it happened, they sent me to Tucson, Ariz., where they were just completing work on their Apache Indian Reservation survey, and were starting another project on the Papago Reservation, a vast tract of Sonoran Desert between Tucson and Ajo, its south margin following the Arizona-Mexico border.

Hunting’s modus operandi for these projects was to seek investment groups to finance the work, with the investors’ objective being majority ownership in any discovery that might result.

Hunting’s U.S. manager, headquartered in New York City, was responsible for designing the projects and, more importantly, selling them. One of Hunting’s main selling points was its expertise in advanced technology exploration.

And the U.S. country manager was perfect for this job: a geologist, but also a super salesman, who was enamoured of high technology.

To carry out the Papago work, a small office was set up in Tucson staffed by a manager and a few grunts like myself.

To help guide the investors, they hired a world-renowned professor of economic geology from the highly esteemed California Institute of Technology. When this guy talked, people listened, and his opinions were sacrosanct.

The special tool for Papago was the use of recently developed, highresolution aerial photos to map geology and delineate extensive altered areas that might indicate porphyry copper deposits.

But, after many months of following up colour anomalies, we came up empty. Little did we know that this fate was sealed long ago when the reservations were created by the forever corrupt Bureau of Indian Affairs: the boundaries were deliberately drawn to exclude any important mineralized areas.

With these results the professor became negative on the project and might have pulled the plug, but the financers still had a considerable spending requirement to fulfill their lease terms to the tribe.

So the next logical step was to evaluate the many documented meagre old mines within the reservation.

Vekol Hills Among the many places I was assigned to investigate, the most promising was Vekol Hills, located south of the abandoned Papago village of Kohakt. Here, along the 1.5-mile, southwest-trending

outcrop front of the hills were a number of small workings. The outcrop front was bordered to the east and southeast by a gravelcovered pediment grading into a gentle valley, which extended for 10 miles east.

The old Vekol Hills workings were on weak copper-bearing skarns and steep faults within a gently west-dipping section of Paleozoic sediments, mostly limestones, capped by an odd Cretaceous conglomerate formation. The sedimentary rocks were intruded by quartz porphyry and other granitic stocks and dykes.

Only one outcrop poked through the pediment and valley — a somewhat freakish mound of quartzite, about 400 feet in diameter and 15 feet high, situated 1,000 feet southwest from the closest part of the Vekol outcrop front.

Though I was no expert on porphyry copper deposits, it was evident that in many of the districts of the great Southwest U.S. copper province, the mineralizing intrusions rose up through sedimentary sections, which were altered to skarn assemblages, often hosting big parts of the ore deposits.

Though the Vekol showings were puny in comparison to the productive districts, I noted that some of the skarns contained magnetite, and recommended that a magnetic survey be carried out over the Vekol Hills and out into the pediment. I reasoned that magnetic highs might detect skarn occurrences, and magnetic low areas might indicate porphyrytype alteration. The U.S. manager approved and authorized an aerial survey covering the Vekols, and the whole extensive valley to the east.

No definitive magnetic lows were found, but pronounced highs were evident. A real whopper was detected hidden under pediment gravels on the east side of the valley 9 miles east of the Vekols, and a number of lower magnitude highs were found in the Vekol Hills area, the most promising one under the weird quartzite mound and surrounding pediment.

To further investigate the magnetic anomalies, induced polarization (IP) surveys were carried out.

The IP results over the whopper were negative, but the survey over the weak magnetic high around the quartzite hill detected a definite anomaly indicating up to 6% sulphides, 200 feet under the outcrop.

Because of its high magnetic response, the professor and country manager couldn’t resist a first drill hole into the whopper.

But the cause of the response turned out to be an ugly, barren magnetic Tertiary volcanic formation. They considered drilling at the quartzite hill anomaly but closed the door on it. Closely examining the quartzite outcrop underneath the centred IP anomaly would reveal a hungry-looking, dense quartzite cut by a narrow, altered felspar porphyry dyke and a few cracks coated by oxide copper minerals.

They theorized the IP anomaly could be either spurious, or caused by a Pre-Cambrian schist formation thought to underlie the quartzite.

In any case, they would not See DISCOVERY / 5

2016-07-19 5:46 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 25–31, 2016

5

Mosaic suspends Colonsay potash mine SASKATCHEWAN

BY SALMA TARIKH starikh@northernminer.com

Mosaic (NYSE: MOS) is temporarily shutting one of its three Saskatchewan potash operations, amid declining global demand and prices for potash.

The major fertilizer producer will close the Colonsay potash mine for the rest of 2016 in response to “challenging” market conditions.

As a result, it will lay off 330 employees until January 2017. This follows the company’s permanent dismissal of 46 Colonsay employees last October.

“Mosaic intends to keep a small workforce of 31 in scope employees on-site to perform safety checks,”

| Layoff of 330 employees only latest cutback by North American potash miners

Sarah Fedorchuk, the company’s senior director of public affairs, said in an emailed response. “We have also retained our 112 [nonunionized] out-of-scope employees for this period.”

The temporary shutdown will help Mosaic meet customers’ needs and lower production costs, Joc O’Rourke, the company’s president and CEO, said in a release.

The company plans to increase production at its lower-cost Esterhazy and Belle Plaine potash mines in Saskatchewan and sell from inventory to meet its customers' short-term potash needs.

The Colonsay mine has a proven annual production capacity of 2.6 million tonnes.

Given Mosaic’s ability to replace Colonsay’s production, Fedorchuk notes there will be no changes to Mosaic’s 2016 potash sales guidance of 7.5 million to 8 million tonnes.

In a note, BMO analyst Joel Jackson says that “many investors are misconstruing this as a production cut for the purpose of being disciplined, as opposed to what it likely really is: a necessary move due to poor potash fundamentals impacting Mosaic, which actually has higher-cost production than most peers, other than K+S and ICL’s European mines.”

Mosaic will focus on lower-cost production to meet its guidance, which is similar to what Potash Corp. of Saskatchewan (TSX:

POT; NYSE: POT) has been doing, Jackson says.

In January, PotashCorp suspended its new Picadilly potash operation in New Brunswick, dismissing 430 employees. A month later, it curbed production at its Saskatchewan potash operations. Both moves lowered its annual production capacity by 2.4 million tonnes.

After its first-quarter earnings miss, PotashCorp trimmed its 2016 potash sales guidance to 8.3 million to 8.8 million tonnes, down from 8.3 million to 9.1 million tonnes.

In May, Intrepid Potash (NYSE: IPI) said it would close the highcost West Facility in Carlsbad, New Mexico. The operation, which generated 42% of Intrepid’s potash in

Strange discovery under a freakish quartzite mound

Historic cross-section diagram of the Vekol Hills porphyry copper deposit in Arizona.

DISCOVERY From 4

authorize further drilling, and the project was terminated.

Myself and Quentin Whishaw, the Tucson office manager, vehemently disagreed with their decision, and talked them into at least shopping the property around. Neither of us had any profound knowledge of what might be causing the anomaly, but we simply thought it was foolish — after spending half a million dollars on the project — to not at least drill the only two targets we had found.

At the time Tucson was a hotbed of exploration for porphyry copper deposits, with most major companies keeping offices there, some staffed by up to 30 geologists. So I thought we might find some company willing to take over.

Was I ever wrong! Never, before or since, have I experienced so many shades of derision. The kindest was thigh-slapping laughter, and the meanest was: “No geologist of ethical purity would go around flogging such a dodgy property.” Many times

1 2 3 4 5 11 13 14 16_JULY25_Main .indd 5

COURTESY M.A. KAUFMAN.

I heard the familiar utterance: “Why should it get better at depth?”

With no hope in sight, I was seriously considering trying to deal with the investors, and blowing my modest savings on a drill hole or two. But I never got the chance.

Suddenly, along came a gallant white knight in the person of consulting geologist David Lowell, who had heard the property was available. Dave served as a listening post for Newmont Mining, which did not maintain a Tucson office. He saw something in our Vekol target that the others missed, and recommended that Newmont acquire it.

Before long, Bob Fulton, Newmont’s exploration manager, was on our doorstep with colleague Arthur Brandt, Newmont’s head geophysicist. After Brandt gave his blessing to the IP anomaly, Fulton’s response was roughly: “There’s a hell of a lot of copper in southern Arizona — let’s put a damned hole into this thing.”

And now, back to the Daily Star headline at the beginning of this

long, convoluted story. Newmont shortly thereafter acquired the property and set up a drill rig at the edge of the infamous quartzite mound.

They drilled through 200 feet of quartzite and feldspar porphyry, and then, lo and behold, they intercepted several hundred feet of ore.

From then on, it was grid drilling, mostly in ore holes, some ore zones being far shallower than in hole 1, and some ore intercepts up to 1,000 feet thick. The end point was a deposit containing 80 million tons grading 0.6% copper, with recoverable coproducts. This led to the 1967 newspaper headline.

T he pla n was to develop a 15,000-ton-per-day open pit to operate by 1970, and build a concentrator with concentrates shipped to their San Manuel smelter.

But this would never happen.

Unfortunately, Newmont’s plans coincided with sliding copper prices, leading to the awful decade of the 1970s, and the development was stillborn.

During the seventies and there-

after, the tribes were infiltrated by American environmental organizations, and many of them, including the Papagos, became negative on mining developments.

The resource, to this day, remains untouched, and the district remains frozen in time, only partly explored with 1960s geophysical technology.

Geo-logic So what in hell is really going on over and under the barren quartzite mound? The outcrop is impermeable Cambrian Troy quartzite — an extremely unfavourable host rock.

The Troy is overlain by thick, reactive Cambrian to Mississippian limestones, and underlain by the Proterozoic Mescal limestone and the Dripping Springs quartzite.

Underlying the whole mess is the Archean Pinal schist — the formation that the professor and manager thought caused the IP anomaly. Both the Mescal and Dripping Springs formations have been invaded by extremely thick diabase sills.

At this locality, ascending ore

2015, was becoming less and less profitable due to oversupply and foreign competition in the U.S. potash market, the company said. This decision affected 300 employees.

“The anticipated negative progression for high-cost mines continues to happen in potash amid a depressed potash market, with the Chinese contract approaching the point where it may not actually get signed this year,” Jackson says, or signed only for fourth-quarter shipments.

Given the constrained global demand, PotashCorp’s average realized potash price for the first quarter dropped 37% to US$178 per tonne. Mosaic’s average realized potash price fell 18% to US$365 per tonne. TNM solutions hit a dam at the lower Troy contact, and were deposited in the Mescal limestone, but mostly in the diabase sills both in the Mescal and dripping Springs formations.

The primary diabase is slightly enriched in copper, and sucks up water to copper in hydrothermal solutions like a sponge. There are small concentrations of magnetite in the mineralized Mescal formation, but the magnetic anomaly that led us to do the induced polarization survey that found the orebody was mainly caused by the diabase sills.

So this whole discovery was fortuitous. But credit is due to induced polarization geophysics, which was then in its infancy. To my knowledge, this was the first discovery of a new porphyry copper deposit using this tool.

In comparison to other Arizona porphyry copper deposits, the Vekol Hills discovery resembles Magma Copper’s more recently discovered giant Resolution Copper, now owned

by BHP and Rio Tinto. This deposit, which tops out at 1,500 metres below surface, contains 1.34 billion inferred tonnes of 1.51% copper and 0.04% molybdenum, as of 2008. It mostly occurs in thick diabase formations within the Mescal limestone section. And north of Resolution in overlying Paleozoic sediments was the old Magma mine, which produced 2.4 billion lb. copper, 40 million oz. silver and 795,000 oz. gold from manto orebodies averaging 5% copper.

While Resolution has clearly found causative intrusions at the bottom of their monstrous orebody, at Vekols, no such source has been identified. The known Vekol Hills resource could represent just a token of what might exist buried under the sedimentary section. I think of what might underlie the Cretaceous conglomerate cut by numerous felsic porphyry dykes capping the sedimentary section north and west of the proven orebody. And I think of the little inclined shaft bordering the gravel-covered basin west of Vekol Hills. My dump assays here were up to 2.66 oz. gold per ton, 55 oz. silver per ton and 14% copper.

Frankly, I would never write this story if my clock were not running out. Possibly, at some future time, the Papago Tribe (now known as the Tohono O’odham Nation) will reopen their land for exploration and mining activity, perhaps if and when the lucrative tribal casino business becomes a burst bubble — hopefully before our sun transforms into a Red Giant.

— M. A. “Mo” Kaufman is a mining geologist in Spokane Valley, Washington State. He can be reached at dv10@comcast.net.

[Editor’s note: We welcome submissions by our readers of interesting, funny or poignant remembrances from their careers in mining. Please send them to: tnm@northernminer. com.]

2016-07-19 5:46 PM

6

WWW.NORTHERNMINER.COM

JULY 25–31, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JULY 11–15 The S&P/TSX Composite Index rose 1.6% to 14,482.42, despite lower gold and oil prices.

The S&P/TSX Global Gold Index fell 3.2% to 266.68, as the gold price retreated 2% to US$1,337.10 per ounce. The S&P/TSX Global Mining Index edged up 0.8% to 66.43, while the S&P/TSX Capped Diversified Metals & Mining Index jumped 6% to 645.66. Crude oil futures slipped 0.4% to settle at US$45.24 per barrel.

Argex Titanium shares catapulted 63% to 7¢, after a $2.4-million financing. On July 13, the company closed a private placement offering of secured convertible notes.

Each note is convertible into 33,333 shares priced at 3¢ apiece and 28,333 warrants to buy more shares for 5¢ apiece over five years. The notes will mature in two years and bear a 15% annual interest rate until converted. Argex also amended its 8% convertible unsecured debentures, where it lowered the conversion price from $1.14 to 11¢. With the cash injection, Argex says it could resume activities at its lab in Salaberry-de-Valleyfield, Que., and advance its plans to build both a pilot and commercial plant to produce titanium dioxide pigment.

INV Metals soared nearly 47% after publishing positive results from a prefeasibility study on its Loma Larga gold project in

Ecuador. The study envisions Loma Larga as an underground operation, processing 3,000 tonnes per day, instead of 1,000 tonnes per day previously. Estimated annual production is 150,000 oz. gold at all-in sustaining costs of US$577 per oz., over an 11-year mine life.

With initial capital costs of US$285.9 million, the study estimates the project will generate a US$301-million after-tax net present value and 26.3% internal rate of return, using a US$1,250 per oz. gold price and a 5% discount rate. The after-tax payback should occur under three years. INV anticipates starting a bankable feasibility study by year-end. It closed at 85¢ per share.

Shares in Talon Metals shot up 31% to 11¢ on the drill bit. On July 12, Talon provided results from the winter 2016 exploration TSX MOST ACTIVE ISSUES

B2Gold First Quantum Kinross Gold Dalradian Res Yamana Gold Barrick Gold Trevali Mng U3O8 Corp Teck Res Eldorado Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BTO FM K DNA YRI ABX TV UWE TCK.B ELD

37958 4.00 3.75 3.80 - 0.09 34121 11.30 9.62 10.21 + 0.92 31780 7.40 6.78 6.87 - 0.36 29448 1.06 0.99 1.05 - 0.01 25356 7.83 7.40 7.57 - 0.13 24435 29.05 26.31 27.69 - 1.39 21696 0.83 0.60 0.79 + 0.16 21442 0.04 0.03 0.04 + 0.01 20733 18.90 17.99 18.57 + 0.91 16459 6.71 6.21 6.27 - 0.30

program at the Tamarack nickel-copperplatinum group metals (PGM) project in Minnesota. The best hole returned 11 metres of mixed massive sulphides, grading 4.7% nickel, 2.4% copper, 0.6 gram PGM and 0.10 gram gold per tonne. The results confirm the “previously predicted potential for further high-grade mineralization in the Tamarack zone,” Talon says. Drilling is ongoing at the project.

Trevali Mining shares jumped over 25% to 79¢, on new news. In its latest release, dated July 7, the miner reported it achieved commercial production at its Caribou zinc mine in the Bathurst mining camp of northern New Brunswick. Trevali is producing zinc and silver-lead concentrates from the 2,000-tonne-per-day Santander mine in Peru and from the 3,000-tonne-per-day Caribou mine. TNM

TSX GREATEST PERCENTAGE CHANGE

Argex Titanium INV Metals Talon Metals Trevali Mng Golden Star Coro Mining Timmins Gold Banro Northcliff Res Orbite Tech Rio Novo Gold Peregrine Diam Wellgreen Plat TVI Pacific Golden Queen Meadow Bay Gd Dynasty Met&Mn Nevada Copper Western Potash Argonaut Gold

RGX INV TLO TV GSC COP TMM BAA NCF ORT RN PGD WG TVI GQM MAY DMM NCU WPX AR

3654 1667 455 21696 2110 5594 13532 2828 826 11928 221 4397 1178 2185 1104 710 556 848 2286 7083

0.07 0.85 0.11 0.83 1.33 0.14 0.70 0.62 0.13 0.44 0.29 0.30 0.51 0.03 1.90 0.09 0.17 0.77 0.17 4.43

0.04 0.48 0.09 0.60 0.99 0.11 0.49 0.50 0.11 0.34 0.19 0.21 0.40 0.02 1.38 0.08 0.14 0.61 0.14 3.74

0.07 0.85 0.11 0.79 1.25 0.13 0.70 0.60 0.13 0.40 0.19 0.22 0.40 0.02 1.46 0.08 0.15 0.61 0.15 3.76

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agrium Potash Corp SK Labrador Iron MAG Silver First Quantum Teck Res First Majestic Pan Am Silver HudBay Mnls North Am Pall Franco-Nevada Detour Gold Seabridge Gld Barrick Gold Endeavour Mng Alamos Gold Tahoe Res Goldcorp Pretium Res Guyana Gldflds

+ 62.5 + 46.6 + 31.3 + 25.4 + 25.0 + 23.8 + 20.7 + 20.0 + 18.2 + 17.6 - 33.3 - 22.8 - 22.5 - 20.0 - 18.0 - 16.7 - 16.7 - 15.3 - 14.7 - 12.8

VOLUME WEEK (000s) CLOSE CHANGE

AGU POT LIF MAG FM TCK.B FR PAA HBM PDL FNV DGC SEA ABX EDV AGI THO G PVG GUY

1437 123.86 14715 22.35 1538 15.30 1297 20.34 34121 10.21 20733 18.57 10187 21.69 2795 24.64 9289 7.06 49 5.65 2796 97.18 4456 32.12 446 17.98 24435 27.69 1952 23.34 5386 12.35 6355 20.49 15555 24.96 4024 14.83 3530 8.66

+ 7.52 + 1.76 + 1.66 + 1.22 + 0.92 + 0.91 + 0.89 + 0.68 + 0.68 + 0.58 - 6.21 - 2.34 - 1.61 - 1.39 - 1.22 - 1.07 - 1.04 - 1.03 - 0.72 - 0.66

TSX VENTURE EXCHANGE / JULY 11–15 The S&P/TSX Venture Composite Index reached a 20-month high, gaining 14.24 points, or 1.9%, to a 766.36-point close. Spot gold prices declined US$28.88, or 2.1%, to US$1,337.45 per oz., after U.S. data suggested that economic growth regained speed in the second quarter. Comex copper gained US13¢, or 6.2%, to US$2.24 per lb. copper.

B.C. explorer Ascot Resources led the value-added category, with shares rising 65¢, or 52%, to $1.90, after the company landed a $20-million private placement from mining and exploration financier Eric Sprott. The company is in the midst of a 60,000-metre drill program at its Premier gold-silver deposit, 20 km northeast of Stewart, a former open-pit and underground mine that has produced 2.1 million oz. gold and 44.2 million oz. silver. Recent drill results returned 104.74 grams gold over 3.1 metres in a broader interval of 5.53 grams gold and 84.1 grams silver over 66 metres.

Ascot states that Premier shares similarities with Pretium Resources’ Valley of the Kings gold deposit, 40 km north, which has proven and probable reserves of 13.6 million tonnes grading 15.7 grams gold per tonne, 11 grams silver per tonne for 6.9 million contained oz. gold and 4.6 million contained oz. silver.

First Mining Finance saw 26 million shares traded before closing up 30¢, or 34.5%, to $1.17 per share, after announcing plans to settle its US$1.2-million debt owed by its wholly owned subsidiary, KCP Minerals, to First Majestic Silver. Under the deal, First Mining would issue First Majestic 820,440 shares at 80¢ per share, valued at US$500,000, with most debt paid in 12 monthly cash installments. The company also intends to complete a $16-million private placement financing of up to 20 million units at 80¢ per unit. Each unit consists of a share and half a warrant, with each warrant exercisable within 36 months for $1.10 per share. First Mining is a vehicle for acquiring mineral assets and has accumulated 10.5 million equivalent oz. gold TSX-V MOST ACTIVE ISSUES

First Mg Fin FF Roxgold ROG Berkwood Res BKR Victoria Gold VIT RJK Explor RJX.A New Carolin Gd LAD MX Gold MXL Redstar Gold RGC IDM Mining IDM Caracara Silvr CSV

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

25963 18563 16289 15793 13999 13188 10340 9207 8160 7493

1.31 1.73 0.08 0.80 0.02 0.09 0.27 0.10 0.26 0.03

0.88 1.51 0.03 0.54 0.02 0.07 0.23 0.05 0.21 0.02

1.17 + 0.30 1.51 - 0.17 0.05 + 0.03 0.74 + 0.15 0.02 - 0.01 0.09 - 0.01 0.25 - 0.02 0.10 + 0.05 0.25 + 0.02 0.03 + 0.01

resources in a 27-project portfolio across Canada, the U.S. and Mexico.

HTI Ventures was a front-runner in the greatest percentage-change category, gaining 292% to a 49¢-per-share close. The company announced that Neil Woodyer, Frank Giustra, Bernadette D’Silva and Jay Sujir have been appointed directors, and 3.5 million incentive stock options were

granted at 13¢ per share over 10 years. A press release said that Woodyer acquired 10.5 million shares, or 29.6% of the company, whereas Fiore Financial, a company owned and controlled by Frank Giustra, acquired 6.2 million shares, or 17.4% of the company.

HTI plans to change its name to Leagold Mining, pending its annual meeting in August. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Greatbanks Res Ross River HTI Ventures Eurotin Grenville Gold Cava Res Berkwood Res Conquest Res Candelaria Mg Grande Portage Altitude Res Trident Gold Nrthn Iron Sultan Mnrls Arcturus Vents Dorex Mnrls Stroud Res Lakeside Mnrls Bandera Gold Pedro Res

GTB.H RRM.H HTI.H TIN GVG CVA BKR CQR CXX GPG ALI TTG.H NFE SUL AZN.H DOX SDR LAK.H BGL PED.H

77 3605 2712 9 28 75 16289 4091 178 89 77 575 738 1348 140 384 557 172 376 135

0.03 0.03 0.70 0.08 0.18 0.25 0.08 0.07 0.37 0.20 0.07 0.01 0.03 0.02 0.02 0.02 0.01 0.01 0.01 0.15

0.00 0.01 0.40 0.00 0.00 0.10 0.03 0.03 0.17 0.00 0.02 0.01 0.02 0.01 0.00 0.00 0.00 0.00 0.01 0.07

0.03 0.03 0.49 0.08 0.18 0.23 0.05 0.07 0.35 0.19 0.02 0.01 0.02 0.01 0.01 0.02 0.01 0.01 0.01 0.07

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 500.0 + 500.0 + 292.0 + 166.7 + 157.1 + 155.6 + 150.0 + 116.7 + 112.1 + 111.1 - 73.3 - 66.7 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

VOLUME WEEK (000s) CLOSE CHANGE

Ascot Res Gold Reserve HTI Ventures First Mg Fin Blue Sky Uran Rock Tech Lith K92 Mng Inc Orla Mng Ltd Archon Mineral ScoZinc Mg Abitibi Royalt Tudor Gold Gold Std Vents Till Capital Bear Creek Mng CanAlaska Uran Roxgold Everest Vent Kaminak Gold MacMillan Mnls

AOT GRZ HTI.H FF BSK RCK KNT OLA ACS SZM RZZ TUD GSV TIL BCM CVV ROG HOL KAM MMX

3874 83 2712 25963 366 285 5521 533 2 20 103 79 978 2 1156 931 18563 63 1665 345

1.90 5.74 0.49 1.17 0.48 0.68 1.27 0.70 1.70 0.85 9.31 1.91 2.22 4.00 3.11 1.28 1.51 0.71 2.71 1.22

+ 0.65 + 0.54 + 0.37 + 0.30 + 0.24 + 0.22 + 0.20 + 0.20 + 0.19 + 0.19 - 0.64 - 0.36 - 0.22 - 0.20 - 0.19 - 0.17 - 0.17 - 0.12 - 0.10 - 0.10

U.S. MARKETS / JULY 11–15 Positive economic data for the month of June, including improved retail sales and industrial production, and a firming of inflation, extended the rally in U.S. equities. The Dow Jones Industrial Average advanced 2% to 18,516.55 and the S&P 500 Index rose 1.5% to 2,161.75. The gold spot price fell 2.1% to US$1,337.10 per oz., while the Philadelphia Gold & Silver Index climbed 0.5% to 107.73.

Mosaic rose 12.6%, or US$3.21, to finish at US$28.69, after it announced it would idle its Colonsay potash mine in Saskatchewan for the rest of the year and halt turnaround activities. The decision was made to remain competitive and adapt to “challenging potash market conditions.” About 330 employees have received temporary layoff notices. The company’s lower-cost Esterhazy and Belle Plaine mines, in combination with its current inventory, would help Mosaic meet its shortterm potash supply needs, the company said.

Vale’s shares were the third most traded and rose US41¢ to US$5.36 apiece. The company reported it is unlikely that operations will resume this year at its half-owned Samarco mine in Brazil. (BHP Billiton owns the other half of the joint venture.) The mine was halted

6_July25_MarketNews.indd 6

after a tailings dam breach on Nov. 5, 2015. Vale said Samarco filed an environmental impact study and an environment impact report to the State Department of Environment and Sustainable Development of Minas Gerais on June 23. The studies are part of licensing exhausted pits for tailings disposal. In another release, BHP confirmed that Samarco is unlikely to have the necessary approvals to restart its operations in 2016.

Hecla Mining’s shares rose US15¢ to US$6.20 after reporting second-quarter production results. The Idaho-based silver producer — with operating mines in AlasU.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 192599 13.25 11.37 13.11 + 1.91 Alcoa* AA 160220 10.96 9.87 10.92 + 1.10 Vale* VALE 121415 5.53 5.02 5.36 + 0.41 Barrick Gold* ABX 114338 22.20 20.35 21.40 - 0.92 United States S* X 68777 21.90 19.37 21.68 + 2.65 Kinross Gold* KGC 61940 5.65 5.23 5.31 - 0.22 Potash Corp SK* POT 49385 17.38 15.79 17.26 + 1.47 Yamana Gold* AUY 48856 5.99 5.71 5.85 - 0.05 Hecla Mining* HL 47493 6.34 5.81 6.20 + 0.15 IAMGOLD* IAG 47011 4.95 4.59 4.73 - 0.11

ka, Idaho, Mexico and Canada — produced 4.24 million oz. silver, in a 71.2% increase year-on-year, and 62,965 oz. gold, up 40.9%.

(The company’s equivalent silver production rose 38.4% to 11.81 million oz., while lead production rose 9.1% to 10,391 tons and zinc

production increased 3.5% to 18,132 tons. The company has raised its 2016 silver production estimate 5% to 15.75 million oz. and gold production 13% to 233,000 ounces. At the end of June, Hecla had US$157 million in cash and equivalents, and short-term investments. TNM

U.S. GREATEST PERCENTAGE CHANGE

Cloud Peak En* Natural Res Pt* Freeport McMo* United States S* Vedanta* Mosaic* HudBay Mnls* Alcoa* Intrepid Pots* Potash Corp SK* DRDGOLD* Alamos Gold* Seabridge Gld* Primero Mng* Franco-Nevada* Barrick Gold* Kinross Gold* Pretium Res* Eldorado Gold* Tahoe Res*

CLD NRP FCX X VEDL MOS HBM AA IPI POT DRD AGI SA PPP FNV ABX KGC PVG EGO TAHO

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

4853 2.76 336 20.97 192599 13.25 68777 21.90 1963 9.92 29473 28.71 1286 5.57 160220 10.96 6401 1.50 49385 17.38 5858 9.03 10117 10.41 4650 15.27 5622 2.60 2973 79.17 114338 22.20 61940 5.65 8304 12.41 26768 5.13 8753 16.84

2.21 16.90 11.37 19.37 8.89 25.59 4.97 9.87 1.27 15.79 7.17 9.39 13.78 2.35 74.50 20.35 5.23 11.31 4.81 15.66

2.75 20.55 13.11 21.68 9.84 28.69 5.45 10.92 1.49 17.26 7.43 9.53 13.89 2.40 75.17 21.40 5.31 11.46 4.85 15.87

+ 23.9 + 19.5 + 17.1 + 13.9 + 13.4 + 12.6 + 11.7 + 11.2 + 11.2 + 9.3 - 15.1 - 7.6 - 7.5 - 5.5 - 5.2 - 4.1 - 4.0 - 3.9 - 3.8 - 3.7

U.S. GREATEST VALUE CHANGE

Agrium* AGU Natural Res Pt* NRP Mosaic* MOS United States S* X NACCO Ind* NC Chevron* CVX Freeport McMo* FCX Potash Corp SK* POT Sibanye Gold* SBGL Rio Tinto* RIO Franco-Nevada* FNV DRDGOLD* DRD Seabridge Gld* SA Barrick Gold* ABX Alamos Gold* AGI Goldcorp* GG Tahoe Res* TAHO Pretium Res* PVG Osisko Gold* OR Buenaventura* BVN

VOLUME WEEK (000s) CLOSE CHANGE

3668 95.75 336 20.55 29473 28.69 68777 21.68 97 59.11 32450 107.03 192599 13.11 49385 17.26 9625 17.08 23078 32.86 2973 75.17 5858 7.43 4650 13.89 114338 21.40 10117 9.53 34310 19.29 8753 15.87 8304 11.46 220 13.25 7346 12.73

+ 6.50 + 3.36 + 3.21 + 2.65 + 2.49 + 2.26 + 1.91 + 1.47 + 1.34 + 1.27 - 4.11 - 1.32 - 1.13 - 0.92 - 0.78 - 0.64 - 0.61 - 0.47 - 0.37 - 0.23

2016-07-19 4:42 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JULY 25–31, 2016

7

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 PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, July 12, 2016 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.)

Change 1332.20 -20.65 $19.99 +0.36 $1085.00 -8.00 $636.00 +21.00 Price (US$/tonne) Change $10455.00 +15.00 $4983.00 +45.00 $1860.00 +8.00 $2245.00 +25.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, July 18, 2016 (change from July 11, 2016 in brackets): Aluminium Alloy 11980 (+80) 2312050 (-32125) Aluminium Copper 229425 (+6825) 186350 (+1825) Lead Nickel 376980 (-756) 5970 (-75) Tin 438275 (-1300) Zinc

Thermal Coal CAPP: US$39.50 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$41.10 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.70 Coal: CME Group Central Appalachian Futures Aug. 2016: US$39.50 Sept. 2016: US$39.50 Cobalt: US$11.34/lb.

Copper: US$2.19/lb.

Copper: CME Group Futures Aug. 2016: US$2.26/lb.; Sept.

2016: US$2.26/lb Ferro-Chrome: US$1.94/kg Ferro Titanium: US$3.80/kg FerroTungsten: US$26.87/kg Ferrovanadium: US$19.33/kg Iridium: NY Dealer Mid-mkt US$540/tr oz.

Iron Ore 62% Fe CFR China-S: US$56.20/tonne Iron Ore Fines: US$54.72/tonne Iron Ore Pellets: US$78.52/tonne Lead: US$0.84/lb.

Magnesium: US$1.99/kg Manganese: US$1.65/kg Molybdenum Oxide: US$6.92/lb.

Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$650.00/tr. oz.

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

Silver: Handy & Harman Base: US$20.05 per oz.; Handy & Harman Fabricated: US$23.94 per oz.

Tantalite Ore : US$195.00/kg Tin: US$8.14/lb.

Uranium: U3O8, Trade Tech spot price: US$26.40; The UX Consulting Company spot price: US$26.50/lb.

Zinc: US$1.00/lb.

Prices current July 19, 2016

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jul 04, 2016 (with changes from Jun 16, 2016) Largest short positions LUN 44928178 -64453 6/16/2016 Lundin Mng Potash Corp SK POT 34205230 -336729 6/16/2016 First Quantum FM 26108772 197010 6/16/2016 New Gold NGD 23776945 -3197090 6/16/2016 K 23510539 2209821 6/16/2016 Kinross Gold B2Gold BTO 20082509 -1360595 6/16/2016 Eldorado Gold ELD 19459559 1193299 6/16/2016 Stornoway Diam SWY 15758795 5145857 6/16/2016 SU 15059640 -1970227 6/16/2016 Suncor Energy IAMGOLD IMG 13962673 2172033 6/16/2016 HBM 11399868 3289371 6/16/2016 HudBay Mnls Detour Gold DGC 10239668 -22962 6/16/2016 Goldcorp G 9958832 1828334 6/16/2016 Thompson Creek TCM 8993062 172500 6/16/2016 TCK.B 8969013 145040 6/16/2016 Teck Res Largest increase in short position Teranga Gold TGZ 6565278 6284037 6/16/2016 Stornoway Diam SWY 15758795 5145857 6/16/2016 HBM 11399868 3289371 6/16/2016 HudBay Mnls Guyana Gldflds GUY 4833100 3237220 6/16/2016 5810806 2531900 6/16/2016 Sandstorm Gold SSL Largest decrease in short position Torex Gold TXG 1052851 -12011815 6/16/2016 Nevsun Res NSU 977014 -8149745 6/16/2016 NGD 23776945 -3197090 6/16/2016 New Gold Alamos Gold AGI 5219477 -2368056 6/16/2016 Suncor Energy SU 15059640 -1970227 6/16/2016

Short positions outstanding as of Jul 04, 2016 (with changes from Jun 16, 2016) Largest short positions 6/16/2016 Westkam Gold WKG 6008600 1677700 First Mg Fin FF 4270336 386898 6/16/2016 Santacruz Silv SCZ 2985274 2911574 6/16/2016 Integra Gold ICG 1768759 -1237117 6/16/2016 ORE 1698500 1687000 6/16/2016 Orezone Gold Nexgen Energy NXE 1078005 -80095 6/16/2016 GRZ 889600 -104200 6/16/2016 Gold Reserve Brazil Res BRI 875600 -344015 6/16/2016 Pure Energy PE 494637 409137 6/16/2016 Rye Patch Gold RPM 365728 14628 6/16/2016 RPX 318400 318200 6/16/2016 Red Pine Expl ATAC Res ATC 300400 -61500 6/16/2016 Bear Creek Mng BCM 232900 26100 6/16/2016 Jaguar Mng JAG 229128 121748 6/16/2016 Metanor Res MTO 184200 10900 6/16/2016 Largest increase in short position Santacruz Silv SCZ 2985274 2911574 6/16/2016 Orezone Gold ORE 1698500 1687000 6/16/2016 Westkam Gold WKG 6008600 1677700 6/16/2016 Pure Energy PE 494637 409137 6/16/2016 FF 4270336 386898 6/16/2016 First Mg Fin Largest decrease in short position Integra Gold ICG 1768759 -1237117 6/16/2016 Brazil Res BRI 875600 -344015 6/16/2016 MLN 500 -332300 6/16/2016 Marlin Gold Probe Metals PRB 10300 -293200 6/16/2016 161500 -288000 6/16/2016 Golden Dawn Ml GOM

DAILY METAL PRICES Daily Metal Prices Date Jul 18 Jul 15 Jul 14 Jul 13 Jul 12 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1500/1525 1540/1565 1540/1565 1525/1550 1525/1550 Aluminum 1644.50/1652 1681.50/1695 1671/1680.50 1668.50/1681 1645.50/1658 Copper 4838/4850 4945/4966 4911/4933 4918/4939 4810.50/4832 Lead 1850/1860 1900.50/1907 1875/1881 1861/1867 1850/1855 Nickel 10300/10350 10355/10380 10360/10380 10285/10315 10305/10355 Tin 17925/17895 18195/18200 17995/17950 17990/17925 17825/17850 2207/2208 2215.50/2221 2197/2196 2186.50/2190 2179/2181 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1326.15 1330.50 1325.70 1340.25 1352.85 Gold PM 1334.70 1327.00 1323.60 1342.75 1342.40 Silver 19.72 20.14 20.25 20.29 20.35 Platinum 1083.00 1092.00 1085.00 1091.00 1092.00 Palladium 637.00 647.00 645.00 640.00 627.00

EXCHANGE RATES Date US$ in C$ C$ in US$

TSX WARRANTS

Jul 15 Jul 14 Jul 13 Jul 12 Jul 11 1.2968 1.2892 1.2977 1.3042 1.3116 0.7711 0.7758 0.7708 0.7667 0.7624

Exchange rates (Quote Media, July 15, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6988 80.8815 14.3503 11.2416 1.0168 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5847 5.1578 51.7980 0.7575 878.2289 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3194 0.9062 104.8550 18.6036 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7583 6.6888 67.1400 0.9823 1138.6000

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17

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.$

7_July25_MMMM.indd 7

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

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Goldstar Minerals Inc (GDM.RT) - 1 Rt to buy sh @ 0.04 ti Aug 17/16 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Jul 15 Jul 14 Jul 13 Jul 12 Jul 11 High Low S&P/TSX Composite 14482.42 14514.52 14493.80 14477.67 14361.88 15527.30 12400.15 S&P/TSXV Composite 766.36 764.96 757.69 749.59 759.15 1050.26 883.52 S&P/TSX 60 843.73 844.80 843.10 841.86 834.08 896.74 709.99 S&P/TSX Global Gold 266.68 268.82 270.74 265.21 277.24 218.90 149.29 S&P/TSX Metals & Mining 645.66 659.20 654.44 656.39 629.77 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS JULY 11–15, 2016 352 New Highs

Aben Res* Agnico Eagle Agnico Eagle* Aguila Amer Gd Aguila Amer Gd* Alamos Gold Alamos Gold* Alberta Star* Aldershot Res* Alexandria Min Alexandria Min* Alexco Res* Almadex Min Almadex Min* Alturas Mnrls Amador Gold* Amato Expl AMI Res Anconia Res AngloGold Ash* Antioquia Gold* Arrowstar Res Asante Gold Ascot Res Astorius Res Astur Gold Atlantic Gold Augustine Vent AuRico Metals AuRico Metals * Aurvista Gold Aurvista Gold* Auryn Res* Avino Silver Avino Silver* Avnel Gold Axmin Inc B2Gold B2Gold* Banro Banro* Bard Vent* Barsele Min Barsele Min* Batero Gold Beaufield Res Beaufield Res* Berkwood Res Black Mam Mtls Blue Sky Uran Bluestone Res Bravura Vent Brixton Mtls Brixton Mtls* Buenaventura* Bullfrog Gold* Burey Gold* Cache Expl Caledonia Mng* Canasil Res Cancana Res

Candelaria Mg Cap-Ex Iron Caracara Silvr Carlin Gold Carube Copper* Castle Mtn Mng Cava Res Cda Zinc Mtls Cdn Zinc Cdn Zinc* Centamin Chalice Gold M* Champion Bear* Chantrell Vent Chevron* Chiboug Ind Mn Chiboug Ind Mn* China Mnls Mng* Coeur Mng* Colombian Mins Colorado Res Colorado Res* Commander Res Comstock Mtls Comstock Mtls * Conquest Res Copper North M* Copperbank Res* Corazon Gold* Corvus Gold Corvus Gold* Danakali* Declan Res DRDGOLD* Dynasty Gold Edgewater Expl* Eldorado Gold Eloro Mnrls Elysee Dev Emgold Mng Endeavour Mng Endeavr Silver Endeavr Silver* Eurotin Excalibur Res Finlay Minrls First Majestic First Majestic* First Mg Fin First Mg Fin * Flinders Res* Fort St J Nick Fortescue Mtls* Fortuna Silvr Fortuna Silvr* Franklin Mng* GGL Res* Global Mnrls GobiMin Gold Fields* Gold Lakes* Gold Mtn Mng Gold Resource*

Golden Dawn Ml Golden Dawn Ml* Golden Mnls Golden Mnls* Golden Sh Mng* Golden Star Golden Star* Golden Tag Goldex Res* Goldeye Expl* GoldQuest Mng Goldrock Mines Goldsource Min Goldsource Min* GoldTrain Res Gonzaga Res Gowest Gold* GPM Metals GPM Metals* Grande Portage Greencastle Rs Grenville Gold Group Ten Mtls GTA Res & Mng Harmony Gold* Heatherdale Rs Hecla Mining* Hochschild Mg* Homestake Res Homestake Res* HTI Ventures IAMGOLD IAMGOLD* IDM Mining IDM Mining* IMPACT Silver Inception Mng * Independence G Integra Gold Intl Millm Mng Intl Tower Hil Intl Tower Hil* INV Metals INV Metals* InZinc Mining InZinc Mining* Iron South Mng Ironside Res Irving Res Irving Res* Ivanhoe Mines Ivanhoe Mines* Jayden Res Jayden Res* Kerr Mines Kesselrun Res Kings Bay Gold Klondex Mns Klondike Silv La Imperial Lago Dourado Latin Am Mnls Latin Am Mnls*

Luna Gold* MacMillan Mnls MAG Silver Malbex Res* Manitou Gold Manson Creek Marifil Mines MartinMarietta* Mason Graphite Mason Graphite* McEwen Mng McEwen Mng* Mesa Expl Mesa Expl* MetalCorp Metals X* MillenMin Vent Millrock Res* Minco Silver Minco Silver* Minera Alamos Mineral Mtn Mineral Mtn* Mines Manage Mines Manage* Mirasol Res Mitchell Res Monarques Res Monarques Res* Moneta Porcpn Moneta Porcpn* Monster Mng* Morumbi Res Mount Gibson* Natural Res Pt* New Destiny Mg New Gold New Gold* NewCastle Gold* Newmarket Gold* Newmont Mng* NKWE Platinum* Northisle C&G Northn Empire Northn Empire* NovaGold Res NovaGold Res* Nrthn Freegold Nrthn Freegold* Nrthn Vertex Nthn Dynasty Nthn Dynasty* Nthrn Sphere NV Gold* Orla Mng Ltd Oroplata Res* Orosur Mng Osisko Gold OZ Minerals* Paget Mrnls Pan Am Silver Pan Am Silver* Pancontinental

Parallel Mng Pasinex Res Pinecrest Res Plata Latina Pretium Res Pretium Res* Prism Res Prospero Silvr Prospero Silvr* Pure Nickel* Rae-Wallace Mg* Redhill Res Redstar Gold Redzone Res Remington Res Resource Cap Resource Cap* Richmont Mines Richmont Mines* Rock Tech Lith Rock Tech Lith* Rockcliff Cop Rosita Mg Corp Rosita Mg Corp* Ross River Roxgold Roxgold* Rugby Mng Rye Patch Gold San Marco Res San Marco Res* Sandspring Res Sandspring Res* Sandstorm Gold Sandstorm Gold* Satori Res Satori Res* Savary Gold Savary Gold* Semafo Senator Mnrls Serabi Gold Sibanye Gold* Silver Std Res Silver Std Res* Silver Wheaton Silver Wheaton* Silvercorp Met Silvercorp Met* Skeena Res Skeena Res* Skyharbour Res Slam Explor Solitario Ex&R Spanish Mtn Gd Spanish Mtn Gd* Sparton Res* Stelmine Can Stillwater Mg* Stratton Res Sulliden Mng Tahoe Res Tahoe Res*

Takara Res Tasman Metals* Teck Res Teck Res* Teras Res* Terrax Mnrls Terrax Mnrls* Thor Expl Timmins Gold Timmins Gold* Tower Res Trueclaim Expl Turquoise HIl Turquoise HIl* Unigold* United States S* Uragold Bay Rs Uranium Valley Valley High Mg* Vedanta* Vena Res* Victoria Gold Volcanic Mtls Vulcan Mnrls West Kirkland Western Copper* Western Pac Rs Western Pac Rs* Westhaven Vent* Whitehaven Coa* Ximen Mng Ximen Mng* Xtierra Yamana Gold Yamana Gold* Yanzhou Coal* Yellowhead Mng* Zephyr Mnls Zincore Mtls

21 New Lows

Alpha Nat Res* Asante Gold* Astorius Res Aurania Res Azincourt Uran* Bold Vent CanAm Coal* Canex Energy* Cassidy Vents* Confedertn Mls* GoviEx Uranium* Green Valley M Intact Gold Intact Gold* Kingsrose Mng* Maudore Mnrls* Nautilus Mnrls Nevada Egy Mtl* Pancontinental* PUF Vent Inc * Western Potash

CANADIAN GOLD MUTUAL FUNDS

Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

LEGEND

RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17

Fund Jul 15 ($) AGF Prec Mtls Fd MF 29.14 BMO Prec Mtls Fd A 23.02 BMO ZGD 13.62 BMO ZJG 11.23 CIBC Prec Metal Fd A 14.41 Dyn Prec Metls Fd A 8.74 Horizons HEP IGMacGloPrecMetCl A 11.23 iShares XGD 16.66 Mac Prec Met Cl A 63.73 NB Prec Met Fd Inv 16.26 RBC GblPreMetFd A 39.75 Sentry Pre Met Fd A 52.58 Sprott Gold&PrMinFdA Sprott SilverEquCl A TD PreciousMetalsInv 49.53

Jul 08 ($) 30.00 23.77 14.06 11.73 14.97 9.06 35.08 11.49 17.21 65.03 16.87 41.14 54.05 50.64 8.41 51.25

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) -0.86 -2.87 79.83 2.78 213.50 -0.75 -3.14 82.40 2.40 79.26 -0.44 -3.10 92.70 0.63 38.10 -0.51 -4.33 106.65 0.60 79.66 -0.56 -3.72 68.46 2.62 68.81 -0.32 -3.53 99.51 2.66 471.14 0.51 1.48 83.61 0.80 -0.26 -2.23 99.80 2.76 109.60 -0.56 -3.23 95.09 0.61 836.51 -1.30 -1.99 102.40 2.51 151.26 -0.61 -3.62 92.70 2.46 46.35 -1.39 -3.39 92.02 2.13 475.31 -1.47 -2.72 93.18 2.90 271.54 1.05 2.14 92.35 3.19 288.29 0.44 5.49 119.85 3.23 81.27 -1.72 -3.36 88.24 2.26 183.88

2016-07-19 4:47 PM

8

WWW.NORTHERNMINER.COM

JULY 25–31, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JULY 11–15, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1166 0.17 0.14 0.15 - 0.02 0.28 0.03 Abcourt Mines* O 104 0.09 0.09 0.09 - 0.00 0.10 0.02 Abcourt Mines V 1187 0.12 0.11 0.11 - 0.01 0.13 0.03 V 102 0.03 0.00 0.03 + 0.01 0.08 0.02 ABE Resources Aben Res* O 202 0.16 0.14 0.16 + 0.02 100.52 0.03 Aben Res V 1179 0.20 0.17 0.20 + 0.03 0.21 0.06 Aberdeen Intl* O 83 0.13 0.12 0.12 + 0.01 0.16 0.07 Abitibi Royalt V 103 9.95 9.15 9.31 - 0.64 9.95 1.53 0.76 + 0.14 0.81 0.05 ABT Holdings* O 13 0.76 0.00 Adamera Mnls V 1352 0.11 0.09 0.10 - 0.01 0.14 0.01 Adamera Mnls* O 552 0.09 0.07 0.08 - 0.00 0.10 0.01 Adriana Res V 144 0.12 0.11 0.12 + 0.01 0.15 0.08 Advance Gold V 22 0.07 0.06 0.07 + 0.01 0.10 0.01 African Queen V 1217 0.11 0.06 0.08 - 0.03 0.14 0.01 0.08 + 0.02 0.08 0.01 Agave Silver* O 107 0.08 0.06 Agave Silver V 237 0.10 0.07 0.10 + 0.02 0.12 0.01 Agnico Eagle T 4396 73.97 70.62 72.55 - 0.29 73.97 27.63 56.07 + 0.23 57.06 21.00 Agnico Eagle* N 9459 57.06 54.23 Agrium T 1437 124.45 116.44 123.86 + 7.52 139.99 104.70 N 3668 96.48 89.18 95.75 + 6.50 107.75 79.94 Agrium* 376 0.14 0.10 0.10 + 0.01 0.14 0.03 Aguila Amer Gd V Alabama Graph* O 176 0.12 0.10 0.10 - 0.01 0.18 0.08 V 2036 0.15 0.13 0.14 - 0.02 0.24 0.11 Alabama Graph Alacer Gold T 4545 3.53 3.32 3.49 + 0.08 3.64 2.08 12.35 - 1.07 13.65 3.27 Alamos Gold T 5386 13.65 12.13 Alamos Gold* N 10117 10.41 9.39 9.53 - 0.78 10.41 2.27 Alaska Pac Egy* O 30 0.02 0.00 0.02 - 0.00 0.20 0.00 0.06 - 0.04 0.11 0.01 Alba Minerals V 7 0.09 0.06 Alberta Star* O 201 0.24 0.18 0.24 + 0.06 0.24 0.12 Alchemist Mng 472 0.05 0.04 0.04 - 0.01 0.10 0.01 Alcoa* N 160220 10.96 9.87 10.92 + 1.10 11.50 6.14 Alderon Iron* O 8 0.08 0.08 0.08 - 0.01 0.18 0.05 0.12 - 0.01 0.24 0.07 Alderon Iron T 1258 0.12 0.08 Aldershot Res V 263 0.05 0.03 0.04 - 0.01 0.05 0.01 Aldershot Res* O 97 0.04 0.02 0.02 - 0.01 0.04 0.00 Aldever Res V 912 0.10 0.08 0.08 - 0.01 0.30 0.08 Aldever Res* O 254 0.08 0.00 0.06 - 0.00 0.20 0.06 0.26 - 0.03 0.28 0.12 Aldridge Mnrls V 131 0.27 0.25 Aldrin Res* O 40 0.09 0.09 0.09 + 0.00 0.15 0.06 0.13 + 0.02 0.15 0.08 Aldrin Res V 108 0.13 0.11 Alexander Nubi V 591 0.08 0.05 0.07 + 0.01 0.10 0.04 Alexandria Min* O 388 0.07 0.06 0.07 + 0.01 0.07 0.01 V 3479 0.09 0.08 0.09 + 0.01 0.09 0.02 Alexandria Min Alexco Res* X 4123 2.07 1.83 1.92 + 0.09 2.07 0.22 2.50 + 0.15 2.73 0.35 Alexco Res T 1153 2.68 2.37 Algold Res V 973 0.33 0.28 0.29 - 0.03 0.40 0.07 Alianza Min* O 80 0.13 0.11 0.13 - 0.00 0.17 0.07 V 1287 0.10 0.09 0.10 + 0.01 0.18 0.04 Alix Res Alliance Res* D 1740 17.95 16.65 17.83 + 0.36 26.18 9.95 1.87 - 0.06 2.30 0.65 Almaden Mnls T 469 2.02 1.85 Almaden Mnls* X 3118 1.59 1.42 1.45 - 0.02 1.83 0.48 Almadex Min V 314 0.48 0.43 0.44 - 0.02 0.48 0.13 0.34 - 0.01 0.37 0.01 Almadex Min* O 263 0.37 0.32 Almonty Ind V 196 0.40 0.28 0.31 + 0.02 0.86 0.21 0.01 0.01 0.01 - 0.00 0.14 0.01 Alpha Nat Res* O 15778 ALQ Gold V 152 0.07 0.00 0.07 + 0.01 0.07 0.03 Alset Energy V 2462 0.44 0.31 0.36 - 0.08 0.84 0.02 433 0.08 0.05 0.07 + 0.01 0.25 0.02 Alta Vista Vnt Altai Res V 517 0.05 0.04 0.05 + 0.01 0.09 0.03 787 0.24 0.19 0.19 - 0.04 0.70 0.06 Altair Res Inc V Altan Nev Mnls V 188 0.03 0.02 0.02 - 0.01 0.05 0.01 Alternative ER* O 26 0.05 0.04 0.05 + 0.01 0.06 0.02 0.02 - 0.06 0.21 0.02 Altitude Res V 77 0.07 0.02 Altius Mnrls T 250 10.64 10.10 10.22 - 0.05 14.45 7.39 0.06 - 0.01 0.09 0.02 Alto Vent V 131 0.06 0.00 Alturas Mnrls V 490 0.03 0.02 0.03 + 0.01 0.03 0.01 Alumina Inc* O 202 4.41 4.16 4.40 + 0.41 4.73 2.70 ALX Uranium V 519 0.11 0.10 0.11 + 0.02 0.15 0.06 ALX Uranium* O 145 0.08 0.08 0.08 + 0.01 0.10 0.03 0.12 0.09 0.10 - 0.01 0.12 0.03 Am Creek Res V 1416 Am CuMo Mng* O 165 0.09 0.08 0.08 - 0.01 0.12 0.04 Am CuMo Mng V 515 0.12 0.10 0.11 - 0.01 0.16 0.06 AM Gold V 44 0.19 0.17 0.18 + 0.01 0.45 0.07 Am Manganese* O 199 0.05 0.04 0.04 + 0.00 0.05 0.01 0.01 + 0.01 0.01 0.00 Amador Gold* O 2 0.01 0.00 Amarc Res V 174 0.10 0.08 0.08 - 0.02 0.11 0.04 Amarillo Gold V 168 0.38 0.33 0.38 - 0.01 0.42 0.04 0.08 + 0.03 0.10 0.01 Amato Expl V 297 0.10 0.07 Amazing OG* O 328 0.66 0.40 0.57 - 0.08 1.16 0.29 O 33 0.02 0.02 0.02 + 0.00 0.08 0.00 Amer Vanadium* American Lith V 560 0.77 0.55 0.72 + 0.04 1.62 0.05 Americas Petro V 673 0.24 0.23 0.23 - 0.01 0.30 0.15 0.39 - 0.02 0.45 0.09 Americas Silvr T 7389 0.42 0.37 Americas Silvr* O 1482 0.32 0.28 0.30 - 0.02 0.34 0.04 0.13 + 0.01 0.31 0.07 Amerigo Res* O 625 0.14 0.12 Amerigo Res T 1966 0.18 0.15 0.17 + 0.01 0.40 0.10 Amex Expl V 704 0.04 0.00 0.03 - 0.01 0.08 0.02 O 260 0.08 0.06 0.08 + 0.01 0.08 0.02 Anaconda Mng* Anconia Res V 354 0.09 0.06 0.09 + 0.03 0.09 0.01 Andes Gold* O 69 0.01 0.00 0.01 + 0.00 1.00 0.00 Anfield Nickel V 1186 1.56 1.38 1.54 + 0.05 1.79 0.52 Anfield Res* O 123 0.20 0.15 0.18 - 0.02 0.20 0.06 0.10 + 0.00 0.11 0.01 Angel Gold* O 15 0.10 0.00 Angel Gold V 123 0.13 0.11 0.13 + 0.02 0.15 0.01 Anglo American* O 10 11.45 10.46 11.05 + 1.03 13.65 3.13 Anglo American* O 1424 5.68 5.06 5.52 + 0.67 5.76 1.57 Anglo-Bomarc V 64 0.11 0.10 0.11 - 0.01 0.30 0.10 Anglo-Can Mng V 528 0.02 0.02 0.02 - 0.01 0.03 0.01 AngloGold Ash* O 0 21.13 0.00 21.13 + 0.35 21.13 6.45 AngloGold Ash* N 19523 21.42 20.34 21.00 + 0.16 21.42 5.64 O 24 0.08 0.06 0.08 + 0.02 0.08 0.03 Antioquia Gold* Antioquia Gold V 171 0.10 0.08 0.10 + 0.01 0.11 0.04 V 100 0.03 0.03 0.03 - 0.01 0.04 0.01 Antipodes Gold Apogee Silver V 84 0.44 0.35 0.36 - 0.02 0.58 0.11 Apogee Silver* O 9 0.31 0.00 0.28 + 0.02 0.45 0.08 0.25 + 0.08 0.30 0.01 Appia Energy 42 0.25 0.16 Apple Cap Inc V 19 0.43 0.00 0.41 + 0.05 0.44 0.15 Applied Mrnls* O 47 0.18 0.15 0.18 + 0.03 0.52 0.11 AQM Copper V 412 0.11 0.10 0.11 + 0.01 0.15 0.03 Aquila Res* O 204 0.18 0.16 0.17 + 0.01 0.20 0.09 Aquila Res T 221 0.23 0.22 0.22 - 0.01 0.27 0.12 Arbitrage Expl 5 0.07 0.00 0.07 - 0.06 0.12 0.01 Arch Coal* O 1870 0.49 0.24 0.38 + 0.14 10.35 0.11 Archon Mineral V 2 1.85 0.00 1.70 + 0.19 2.10 1.30 0.07 + 0.01 0.08 0.03 Arco Res V 78 0.07 0.06 Arcturus Vents V 140 0.02 0.00 0.01 - 0.01 0.02 0.01 127 0.06 0.05 0.06 - 0.01 0.07 0.01 Arcus Dev Grp V Arena Mnls V 1168 0.24 0.19 0.21 - 0.03 0.34 0.15 Arena Mnls* O 138 0.16 0.00 0.16 - 0.08 0.25 0.23 Argentex Mng V 55 0.12 0.10 0.12 - 0.01 0.13 0.02 Argentex Mng* O 108 0.09 0.07 0.07 - 0.01 0.10 0.01 V 180 0.12 0.00 0.12 + 0.05 0.12 0.02 Argentum Silvr Argex Titanium T 3654 0.07 0.04 0.07 + 0.03 0.16 0.02 Argex Titanium* O 131 0.06 0.03 0.06 + 0.03 0.12 0.01 Argonaut Gold T 7083 4.43 3.74 3.76 - 0.55 4.45 0.78 O 287 3.36 2.89 2.90 - 0.42 3.38 0.53 Argonaut Gold* Argus Metals V 6 0.08 0.00 0.08 + 0.01 0.11 0.02 Arian Silver* O 5798 0.03 0.01 0.01 - 0.01 0.42 0.00 Arianne Phosph V 402 1.00 0.96 1.00 + 0.02 1.25 0.68 Arianne Phosph* O 79 0.78 0.74 0.77 + 0.00 0.98 0.52 0.50 - 0.02 0.85 0.12 Armor Mnrls V 13 0.52 0.47 Arrowstar Res V 88 0.15 0.10 0.14 + 0.05 0.15 0.04 Asanko Gold T 3240 5.82 5.20 5.36 - 0.18 5.89 1.77 Asanko Gold* X 2475 4.48 4.05 4.16 - 0.08 4.53 1.27 Asante Gold 118 0.27 0.15 0.22 + 0.07 0.26 0.05 Asante Gold* O 13 0.15 0.00 0.15 - 0.01 0.16 0.05 Ascot Res V 3874 2.00 1.30 1.90 + 0.65 2.00 0.80 Ashburton Vent* O 214 0.04 0.03 0.03 - 0.00 0.06 0.00 AsiaBaseMetals V 53 0.28 0.26 0.28 - 0.02 0.30 0.04 Asiamet Res V 154 0.04 0.04 0.04 - 0.01 0.08 0.01 Aston Bay V 610 0.47 0.40 0.47 + 0.08 0.49 0.10 Astorius Res V 320 0.15 0.00 0.12 + 0.05 0.15 0.01 Astur Gold V 1964 0.10 0.05 0.05 + 0.01 0.10 0.01 Atacama Pac Gd* O 43 0.32 0.00 0.31 - 0.03 0.35 0.09 Atacama Pac Gd V 213 0.49 0.38 0.48 + 0.08 0.50 0.14 Athabasca Mnls V 169 0.26 0.00 0.22 - 0.01 0.54 0.15 Athabasca Mnls* O 20 0.18 0.18 0.18 + 0.00 0.40 0.12 Athabasca Nclr V 338 0.12 0.09 0.10 + 0.01 0.17 0.02 Atico Mng* O 79 0.37 0.32 0.37 + 0.02 0.43 0.12 Atlanta Gold V 576 0.10 0.00 0.08 - 0.01 0.11 0.05 Atlantic Gold V 1054 0.80 0.74 0.78 + 0.02 0.80 0.17 Atlatsa Res T 226 0.12 0.09 0.10 - 0.01 0.13 0.03 Atlatsa Res* O 216 0.09 0.07 0.08 + 0.01 0.10 0.02 Atom Energy V 16 0.03 0.00 0.03 + 0.01 0.12 0.03 Augustine Vent 52 0.15 0.13 0.13 - 0.01 0.15 0.03 Aura Mnls T 844 0.27 0.21 0.24 - 0.01 0.31 0.06 Aura Silver Rs V 262 0.04 0.00 0.04 - 0.01 0.04 0.01 Aurcana Corp V 783 0.49 0.42 0.43 - 0.05 0.55 0.09 Aurcana Corp* O 109 0.38 0.33 0.33 - 0.04 0.42 0.07 AurCrest Gold V 131 0.04 0.03 0.04 + 0.01 0.05 0.01 Aureus Mng T 2969 0.09 0.08 0.08 - 0.01 0.55 0.05 Aureus Mng* O 175 0.08 0.00 0.06 - 0.02 0.33 0.03 AuRico Metals * O 525 0.91 0.82 0.90 + 0.06 0.91 0.34 AuRico Metals T 1601 1.22 1.07 1.14 + 0.05 1.22 0.49

8-10_July25_StockTables.indd 8

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Aurion Res V 935 Aurora Gold* O 52 Aurvista Gold* O 273 Aurvista Gold V 3532 Auryn Res* O 913 Austin Res V 1371 Avalon Adv Mat* O 255 Avalon Adv Mat T 1525 Avarone Metals 1072 Avino Silver V 567 Avino Silver* X 4571 Avnel Gold T 564 Avrupa Mnls V 125 Axmin Inc* O 756 Axmin Inc V 630 AZ Mining T 877 Azarga Mtls* O 127 Azarga Uranium T 68 Azarga Uranium* O 34 Azimut Expl V 148 Azincourt Uran* O 6 Azteca Gold* O 1146

0.38 0.34 0.35 - 0.03 0.40 0.04 0.01 0.01 0.01 - 0.00 0.02 0.01 0.27 0.17 0.26 + 0.09 0.25 0.02 0.39 0.21 0.32 + 0.10 0.33 0.03 3.00 2.42 2.80 + 0.32 3.00 0.70 0.02 0.01 0.02 + 0.01 0.04 0.01 0.19 0.16 0.18 + 0.02 0.26 0.07 0.25 0.21 0.24 + 0.02 0.33 0.10 0.08 0.07 0.08 + 0.01 0.14 0.02 4.05 3.57 3.88 + 0.15 3.92 1.03 3.14 2.75 3.08 + 0.21 2.99 0.71 0.36 0.33 0.34 + 0.01 0.36 0.18 0.16 0.13 0.14 - 0.02 0.17 0.07 0.03 0.03 0.03 + 0.01 0.06 0.00 0.05 0.03 0.04 + 0.01 0.05 0.01 1.83 1.64 1.75 - 0.05 1.88 0.22 0.13 0.13 0.13 + 0.01 1.00 0.03 0.30 0.28 0.29 - 0.02 0.40 0.24 0.22 0.21 0.21 - 0.03 0.29 0.18 0.43 0.38 0.38 - 0.06 0.44 0.10 0.05 0.00 0.05 + 0.00 0.07 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00

B2Gold* X 24775 B2Gold T 37958 Bacanora Mnls V 96 Baja Mng* O 29 Balmoral Res T 1009 Balmoral Res* O 754 Bama Gold 1532 Bandera Gold V 376 Banks Island* O 112 Bannerman Res* O 58 Banro* X 17075 Banro T 2828 Banyan Gold V 12 Bard Vent V 1656 Barkerville Go* O 225 Barkerville Go V 1023 Baroyeca Go&Si V 366 Barrick Gold* N 114338 Barrick Gold T 24435 Barsele Min V 642 Barsele Min* O 105 Batero Gold V 922 Battle Mtn Gld* O 34 Bayhorse Silvr* O 37 Bayhorse Silvr V 201 Bayswater Uran* O 82 Bayswater Uran V 1426 BC Moly V 9 Bear Creek Mng V 1156 Beaufield Res V 2976 Beaufield Res* O 196 Bell Copper V 164 Bell Copper* O 70 Bellhaven Cp&G V 109 Bellhaven Cp&G* O 13 Belmont Res V 1220 Belo Sun Mng T 1982 Benton Res V 1290 Benz Cap V 25 Berkeley Egy* O 85 Berkwood Res V 16289 Big North Grap V 112 Big Wind Cap 102 Bison Gold Res V 8 Black Hills* N 1840 Black Iron T 676 Black Mam Mtls V 13 Black Widow Rs V 661 Blind Crk Res V 100 Blue Rvr Res V 1197 Blue Sky Uran V 366 Bluestone Res V 31 Bold Vent V 170 BonTerra Res* O 54 BonTerra Res V 1122 Bravada Gold V 224 Bravada Gold* O 81 Bravo Multinat* O 2002 Bravura Vent 335 Brazil Mnrls* O 554152 Brazil Res V 3110 BrightRock Gld* O 152 Brilliant Sand* O 66 Britannia Mng* O 27 Brixton Mtls* O 121 Brixton Mtls V 287 Bryn Res* O 25 Buccaneer Gold V 50 Buenaventura* N 7346 Buffalo Coal V 5249 Bullfrog Gold* O 836 Burey Gold* O 596

3.09 2.88 2.94 - 0.03 3.09 0.60 4.00 3.75 3.80 - 0.09 4.00 0.86 1.57 1.49 1.51 + 0.01 2.04 1.17 0.01 0.01 0.01 + 0.00 0.03 0.00 0.97 0.85 0.94 + 0.02 1.02 0.33 0.76 0.65 0.73 + 0.02 0.79 0.23 0.10 0.00 0.10 + 0.02 0.20 0.05 0.01 0.01 0.01 - 0.01 0.02 0.01 0.00 0.00 0.00 + 0.00 0.09 0.00 0.03 0.02 0.03 + 0.01 0.04 0.01 0.48 0.39 0.46 + 0.08 0.48 0.15 0.62 0.50 0.60 + 0.10 0.62 0.21 0.07 0.00 0.07 + 0.01 0.09 0.02 0.04 0.02 0.03 + 0.01 0.04 0.01 0.58 0.53 0.54 - 0.03 0.60 0.15 0.75 0.70 0.71 - 0.04 0.76 0.20 0.01 0.01 0.01 - 0.01 0.02 0.01 22.20 20.35 21.40 - 0.92 23.47 5.91 29.05 26.31 27.69 - 1.39 30.45 7.89 1.07 0.86 1.00 + 0.08 0.96 0.08 0.77 0.66 0.75 + 0.14 0.72 0.05 0.21 0.16 0.20 + 0.01 0.21 0.05 0.48 0.39 0.41 - 0.01 0.52 0.06 0.12 0.11 0.11 - 0.01 0.14 0.03 0.15 0.13 0.15 + 0.01 0.20 0.05 0.04 0.03 0.03 - 0.01 0.05 0.00 0.07 0.05 0.05 - 0.02 0.07 0.01 0.08 0.00 0.08 + 0.03 0.23 0.03 3.49 2.99 3.11 - 0.19 3.77 0.50 0.16 0.12 0.13 - 0.01 0.16 0.03 0.12 0.10 0.10 - 0.01 0.12 0.03 0.07 0.04 0.07 + 0.02 0.07 0.01 0.04 0.03 0.03 - 0.00 0.06 0.00 0.30 0.23 0.30 + 0.07 0.40 0.03 0.23 0.18 0.23 + 0.05 0.27 0.02 0.10 0.08 0.09 - 0.01 0.12 0.02 0.97 0.88 0.90 - 0.06 1.10 0.15 0.07 0.06 0.07 - 0.01 0.10 0.03 0.03 0.03 0.03 + 0.01 0.12 0.01 0.52 0.51 0.51 - 0.01 0.55 0.31 0.08 0.03 0.05 + 0.03 0.08 0.01 0.03 0.02 0.02 - 0.01 0.06 0.02 0.10 0.08 0.10 + 0.02 0.10 0.01 0.18 0.00 0.18 + 0.06 0.38 0.10 62.96 61.17 62.82 + 0.21 64.58 36.81 0.05 0.05 0.05 - 0.01 0.06 0.03 0.13 0.00 0.13 + 0.05 0.13 0.02 0.06 0.05 0.06 + 0.01 0.08 0.01 0.07 0.07 0.07 + 0.01 0.08 0.03 0.05 0.05 0.05 + 0.01 0.08 0.03 0.50 0.22 0.48 + 0.24 0.40 0.04 0.23 0.23 0.23 + 0.11 0.23 0.05 0.06 0.00 0.05 - 0.01 0.06 0.02 0.30 0.29 0.30 + 0.02 0.37 0.08 0.41 0.38 0.40 + 0.02 0.51 0.09 0.32 0.26 0.28 + 0.01 0.40 0.02 0.24 0.20 0.23 + 0.02 0.31 0.01 0.03 0.02 0.03 + 0.01 0.10 0.02 0.33 0.25 0.33 + 0.07 0.31 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 3.01 2.75 2.95 + 0.14 3.16 0.38 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.05 0.06 - 0.00 0.20 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.92 0.70 0.72 - 0.01 0.92 0.03 1.20 0.90 0.99 + 0.05 1.20 0.05 0.01 0.01 0.01 - 0.00 0.01 0.00 0.03 0.03 0.03 - 0.01 0.04 0.02 13.10 12.39 12.73 - 0.23 13.10 3.30 0.02 0.01 0.01 - 0.01 0.05 0.01 0.12 0.08 0.12 + 0.03 0.12 0.01 0.07 0.05 0.05 - 0.01 0.07 0.04

Cache Expl V 347 Caledonia Mng T 140 Caledonia Mng* Q 115 Calibre Mng V 2934 Callinex Mines V 525 Callinex Mines* O 315 Cameco Corp T 4054 Cameco Corp* N 8617 Cameo Res V 1311 Camino Mnls V 10 Canada Coal V 1108 Canadian Zeol V 786 Canadian Zeol* O 26 CanAlaska Uran* O 250 CanAlaska Uran V 931 Canamex Res* O 1052 Canarc Res T 1959 Canarc Res* Q 1756 Canasil Res V 1277 Cancana Res V 224 Candelaria Mg V 178 Candente Coppr T 2698 Candente Gold V 488 Canex Energy V 1072 CaNickel Mng V 30 407 Canoe Mng Vent V Canstar Res V 382 Cantex Mn Dev V 42 V 108 Canyon Copper Canyon Gold* O 72 Cap-Ex Iron V 2135 T 3865 Capstone Mng Caracara Silvr V 7493 Cardero Res T 74 Cardero Res* O 9 Carmax Mng V 37 Carpathian Gld 5009 Cartier Iron 111 Cartier Res V 83 Carube Copper V 145 Cassidy Vents* O 160 Castle Mtn Mng V 3972 Castle Peak Mg V 245 Castle Res 27 Cava Res V 75 CB Gold V 52 Cda Carbon* O 84 Cda Rare Earth V 416 Cda Rare Earth* O 3 Cda Strtgc Met V 869 Cda Strtgc Met * O 49 Cda Zinc Mtls V 924 Cdn Metals 99 Cdn Platinum V 770 Cdn Silvr Hunt V 92 Cdn Zinc* Q 717 Cdn Zinc T 5627 Centamin T 369 Centenera Mng V 704 Centerra Gold T 4056 Centurion Mnls V 802 Century Global T 68 Cerro Grande* O 77 Cerro Grande 190 Chalice Gold M T 459 375 Chalice Gold M* O

0.18 0.10 0.18 + 0.08 0.16 0.06 1.59 1.41 1.53 + 0.14 1.59 0.66 1.23 1.09 1.19 + 0.11 1.23 0.48 0.25 0.19 0.21 - 0.02 0.27 0.06 0.36 0.33 0.35 + 0.01 0.54 0.23 0.28 0.25 0.26 + 0.00 0.44 0.17 14.15 13.75 13.96 + 0.18 19.32 13.47 10.99 10.55 10.79 + 0.22 14.79 10.31 0.05 0.05 0.05 - 0.01 0.10 0.02 0.21 0.00 0.17 - 0.03 0.21 0.07 0.04 0.03 0.04 + 0.01 0.05 0.01 0.39 0.31 0.31 - 0.07 0.41 0.07 0.30 0.27 0.27 - 0.03 0.30 0.06 1.13 0.81 0.97 - 0.16 1.20 0.06 1.45 1.05 1.28 - 0.17 1.55 0.09 0.04 0.04 0.04 - 0.00 0.05 0.02 0.10 0.09 0.10 + 0.01 0.15 0.04 0.08 0.06 0.08 + 0.01 0.12 0.03 0.51 0.47 0.50 + 0.01 0.50 0.03 0.30 0.18 0.27 + 0.09 0.30 0.13 0.37 0.17 0.35 + 0.19 0.37 0.06 0.14 0.11 0.14 + 0.01 0.16 0.03 0.08 0.06 0.07 - 0.01 0.09 0.01 0.03 0.02 0.02 + 0.01 0.11 0.01 0.10 0.00 0.08 - 0.02 0.14 0.03 0.05 0.04 0.05 + 0.01 0.09 0.02 0.12 0.09 0.12 + 0.03 0.12 0.03 0.09 0.07 0.08 + 0.01 0.10 0.03 0.03 0.02 0.02 - 0.02 0.04 0.01 0.19 0.08 0.10 + 0.02 0.54 0.02 0.11 0.08 0.10 + 0.01 0.11 0.01 0.97 0.87 0.89 + 0.02 1.20 0.27 0.03 0.02 0.03 + 0.01 0.02 0.01 0.22 0.19 0.21 + 0.02 0.26 0.08 0.17 0.00 0.15 + 0.01 0.18 0.05 0.04 0.04 0.04 + 0.01 0.06 0.02 0.08 0.07 0.07 - 0.01 0.09 0.01 0.09 0.08 0.09 - 0.02 0.11 0.01 0.15 0.14 0.14 - 0.01 0.16 0.04 0.13 0.11 0.13 - 0.01 0.20 0.05 0.07 0.03 0.03 - 0.03 0.45 0.04 0.84 0.76 0.82 + 0.02 0.84 0.18 0.05 0.04 0.05 + 0.01 0.07 0.01 0.25 0.00 0.22 - 0.06 1.50 0.05 0.25 0.10 0.23 + 0.14 0.21 0.04 0.11 0.10 0.10 + 0.01 0.15 0.03 0.23 0.22 0.22 + 0.01 0.28 0.18 0.03 0.03 0.03 + 0.01 0.04 0.02 0.02 0.02 0.02 - 0.00 0.03 0.01 0.12 0.11 0.11 - 0.01 0.13 0.03 0.09 0.08 0.08 - 0.02 0.09 0.01 0.30 0.25 0.27 + 0.02 0.30 0.10 0.29 0.25 0.29 + 0.03 0.44 0.06 0.02 0.02 0.02 - 0.01 0.03 0.01 0.03 0.03 0.03 + 0.01 0.05 0.01 0.32 0.26 0.31 + 0.05 0.32 0.04 0.41 0.34 0.40 + 0.06 0.39 0.06 2.87 2.66 2.73 - 0.04 2.87 1.07 0.27 0.20 0.24 + 0.04 0.29 0.02 7.64 7.25 7.52 - 0.04 8.67 5.51 0.07 0.05 0.07 + 0.02 0.18 0.04 0.24 0.22 0.22 - 0.02 0.36 0.15 0.03 0.01 0.01 - 0.00 0.05 0.00 0.03 0.00 0.02 - 0.01 0.05 0.01 0.20 0.18 0.18 - 0.01 0.21 0.09 0.17 0.15 0.16 + 0.01 0.17 0.08

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Champion Bear V 251 0.10 0.00 0.10 + 0.02 0.15 0.03 Champion Iron* O 89 0.19 0.18 0.18 + 0.00 0.23 0.09 Champion Iron T 484 0.25 0.23 0.24 + 0.01 0.30 0.11 0.15 + 0.01 0.19 0.06 Chantrell Vent V 21 0.19 0.15 Chesapeake Gld* O 203 4.92 4.17 4.17 + 0.14 5.03 1.05 Chesapeake Gld V 300 6.40 5.41 5.41 + 0.01 6.50 1.39 Chevron* N 32450 107.58 104.80 107.03 + 2.26 107.58 69.58 831 0.17 0.08 0.13 + 0.06 0.17 0.03 Chiboug Ind Mn V Chiboug Ind Mn* O 85 0.10 0.07 0.10 + 0.01 0.09 0.07 0.16 + 0.01 0.23 0.03 Chieftain Mtls V 55 0.16 0.14 Chilean Metals* O 13 0.14 0.13 0.14 - 0.01 0.15 0.00 Chilean Metals V 58 0.19 0.16 0.17 - 0.02 0.19 0.02 China Gold Int T 1113 2.65 2.46 2.60 - 0.02 2.72 1.52 130 0.02 0.01 0.01 - 0.01 0.02 0.00 China Mnls Mng* O Cibolan Gold* O 306 0.08 0.06 0.08 + 0.03 0.15 0.03 9 1.13 1.08 1.08 - 0.05 1.50 1.00 CIM Intl Grp CKR Carbon V 222 0.09 0.08 0.08 + 0.01 0.16 0.06 Claim Post Res V 18 0.04 0.02 0.04 + 0.01 0.06 0.01 Clifton Mng* O 96 0.12 0.12 0.12 + 0.00 0.18 0.05 Cloud Peak En* N 4853 2.76 2.21 2.75 + 0.53 4.79 1.08 Clydesdale Res V 7 0.05 0.02 0.05 + 0.02 0.08 0.01 CMC Metals V 341 0.14 0.12 0.13 - 0.01 0.32 0.05 CMC Metals* O 20 0.11 0.11 0.11 - 0.00 0.11 0.07 CMX Gold & Sil 31 0.10 0.09 0.10 + 0.01 0.10 0.05 Coeur Mng* N 31043 13.86 12.27 13.71 + 1.10 13.69 1.62 Colibri Res V 16 0.18 0.11 0.18 + 0.02 0.21 0.02 Colombia Crest V 136 0.02 0.01 0.02 + 0.01 0.02 0.01 Colombia Crest* O 5 0.00 0.00 0.00 - 0.01 0.01 0.00 Colombian Mins V 136 0.18 0.13 0.15 + 0.02 0.18 0.02 Colonial Coal V 368 0.13 0.11 0.13 - 0.01 0.18 0.02 Colorado Res V 1234 0.60 0.51 0.58 + 0.02 0.60 0.05 Colorado Res* O 347 0.47 0.42 0.43 + 0.00 0.47 0.04 Columbus Gold* O 436 0.53 0.48 0.50 + 0.00 0.58 0.23 Columbus Gold T 512 0.69 0.63 0.63 - 0.01 0.75 0.31 Commander Res V 261 0.08 0.06 0.07 + 0.01 0.07 0.01 Commerce Res V 643 0.08 0.07 0.08 + 0.01 0.13 0.06 Comstock Mng* X 2834 0.46 0.41 0.43 - 0.02 0.70 0.33 Comstock Mtls V 193 0.34 0.27 0.28 - 0.05 0.34 0.05 Comstock Mtls * O 62 0.26 0.22 0.22 + 0.00 0.26 0.10 Condor Res V 860 0.12 0.00 0.11 + 0.01 0.12 0.02 Confedertn Mls V 202 0.50 0.40 0.43 - 0.02 0.90 0.20 Confedertn Mls* O 8 0.38 0.31 0.33 - 0.02 0.42 0.31 Conquest Res V 4091 0.07 0.03 0.07 + 0.04 0.05 0.01 Cons Westview V 82 0.35 0.27 0.35 + 0.05 0.45 0.22 Cons Westview* O 13 0.23 0.20 0.20 - 0.03 0.23 0.16 Cons Woodjam V 171 0.07 0.05 0.07 + 0.01 0.09 0.02 CONSOL Energy* N 15334 17.31 16.21 17.19 + 0.95 19.44 4.54 Constant Mtl V 794 0.15 0.13 0.13 - 0.01 0.15 0.05 Contintl Gold* O 96 3.08 2.78 2.78 - 0.23 3.31 0.88 Contintl Gold T 1875 4.02 3.57 3.62 - 0.26 4.32 1.28 Contintl Prec* O 1 0.21 0.21 0.21 + 0.00 0.27 0.18 Contintl Prec T 10 0.30 0.00 0.30 + 0.04 0.38 0.25 Copper Fox Mtl* O 62 0.11 0.10 0.11 + 0.01 0.17 0.08 Copper Mtn Mng* O 28 0.48 0.44 0.44 + 0.05 0.78 0.23 Copper Mtn Mng T 5341 0.64 0.56 0.57 + 0.01 1.08 0.33 Copper North M V 105 0.19 0.15 0.18 + 0.05 0.50 0.13 Copper North M* O 1 0.13 0.00 0.13 + 0.03 0.12 0.10 Copper One * O 20 0.16 0.14 0.15 - 0.00 0.17 0.02 Copper One V 238 0.22 0.15 0.16 - 0.05 0.30 0.03 Copperbank Res* O 56 0.06 0.05 0.06 + 0.00 0.06 0.01 Copperbank Res 252 0.07 0.05 0.05 - 0.01 0.07 0.03 Coral Gold V 206 0.36 0.33 0.33 - 0.03 0.38 0.05 Corazon Gold V 60 0.30 0.00 0.25 - 0.01 0.30 0.18 Cordoba Mnls V 231 0.86 0.80 0.81 - 0.03 1.00 0.10 Corex Gold V 1513 0.20 0.16 0.16 - 0.02 0.21 0.03 Cornerstone Ca V 874 0.06 0.05 0.05 - 0.01 0.08 0.02 Cornerstone Ca* O 210 0.04 0.04 0.04 - 0.00 0.06 0.01 Cornerstone Mt V 359 0.04 0.04 0.04 + 0.01 0.04 0.01 Coro Mining T 5594 0.14 0.11 0.13 + 0.03 0.21 0.02 Coronet Mtls V 217 0.40 0.34 0.38 + 0.01 0.51 0.03 Coronet Mtls* O 93 0.32 0.00 0.29 - 0.00 0.40 0.02 Corsa Coal V 68 0.08 0.07 0.08 + 0.01 0.10 0.02 Corvus Gold T 522 1.26 1.10 1.10 - 0.04 1.26 0.33 Corvus Gold* O 118 0.97 0.85 0.88 + 0.02 0.97 0.25 Cougar Mnls V 20 0.51 0.00 0.49 - 0.03 0.82 0.08 Crazy Horse Res* O 135 0.02 0.02 0.02 + 0.00 0.02 0.00 Cresval Cap V 144 0.04 0.04 0.04 - 0.01 0.06 0.01 Critical Elem* O 169 0.44 0.40 0.43 + 0.02 0.58 0.10 Crown Mining V 72 0.16 0.14 0.14 - 0.02 0.20 0.03 Crystal Pk Min* O 91 0.26 0.22 0.22 - 0.02 0.32 0.11 Crystal Pk Min V 60 0.34 0.28 0.28 - 0.04 0.42 0.13 Currie Rose Rs V 379 0.03 0.02 0.03 + 0.01 0.03 0.01 Cypress Dev* O 183 0.14 0.11 0.13 + 0.01 0.16 0.01 Cyprium Mng V 2398 0.12 0.08 0.11 + 0.01 0.17 0.06

D-F Dajin Res V 1661 Dajin Res* O 1560 Dakota Ter Res* O 333 Dalradian Res* O 2788 Dalradian Res T 29448 Damara Gold V 93 Danakali* O 117 Darnley Bay V 135 Decade Res* O 100 Defiance Silvr* O 169 Defiance Silvr V 607 Del Toro Silvr* O 614 Delrand Res V 16 X 1368 Denison Mines* Denison Mines T 1838 Desert Gold V 2 Desert Star V 676 Detour Gold T 4456 Diamante Min* O 25 Diamcor Mng V 86 Diamcor Mng* O 97 Discovery-Corp V 327 DNI Metals* O 7 77 Dolly Vard Sil* O Dolly Vard Sil V 169 Dominion Diam T 692 Dominion Diam* N 1076 Dorex Mnrls V 384 Double Crn Res* O 1295 DRDGOLD* N 5858 Duncan Park H V 1569 Dundee Prec Mt T 1996 Durango Res V 1231 Durango Res* O 16 DuSolo Fertil V 80 Dynacor Gld Mn T 205 DynaResource* O 7 Dynasty Gold V 5858 O 140 Dynasty Met&Mn* Dynasty Met&Mn T 556 Eagle Graphite V 539 O 19 Eagle Graphite* Eagle Plains V 654 East Africa V 476 O 20 East Africa * Eastern Platin* O 6 Eastern Platin T 678 Eastmain Res T 1936 116 Eco Oro Mnls T Ecuador Gold V 170 Ecuador Gold* O 55 Edgewater Expl* O 25 El Capitan Prc* O 1924 El Nino Vent* O 54 Elcora Res V 196 Elcora Res* O 30 Eldorado Gold* N 26768 Eldorado Gold T 16459 Eloro Mnrls V 73 Ely Gold & Mnl V 203 Ely Gold & Mnl* O 243 Elysee Dev V 178 Emerita Res V 1091 Emgold Mng V 232 Emgold Mng* O 25 Encanto Potash V 1426 Encanto Potash* O 357 Endeavour Mng* O 94 Endeavour Mng T 1952 Endeavr Silver* N 15045 Endeavr Silver T 2401 Energizer Res T 1935 Energizer Res* O 265 Energy Fuels* X 983 Energy Fuels T 434 Engold Mines V 372 Ensurge* O 202 Entree Gold* X 819 Equitas Res V 4250

0.17 0.15 0.16 - 0.01 0.30 0.07 0.13 0.12 0.12 - 0.01 0.24 0.05 0.10 0.06 0.06 - 0.04 0.20 0.05 0.82 0.76 0.82 + 0.01 1.04 0.45 1.06 0.99 1.05 - 0.01 1.32 0.62 0.05 0.00 0.05 - 0.01 0.12 0.04 0.37 0.32 0.36 + 0.03 0.37 0.17 0.15 0.12 0.13 + 0.02 0.18 0.01 0.07 0.07 0.07 + 0.00 0.10 0.00 0.36 0.31 0.33 - 0.00 0.38 0.04 0.48 0.41 0.42 - 0.02 0.48 0.06 0.00 0.00 0.00 + 0.00 0.03 0.00 0.60 0.40 0.52 + 0.08 0.60 0.10 0.58 0.53 0.56 + 0.03 0.67 0.35 0.75 0.70 0.73 + 0.02 0.85 0.48 0.10 0.00 0.10 - 0.05 0.35 0.08 0.09 0.08 0.09 + 0.01 0.16 0.03 35.21 31.97 32.12 - 2.34 35.93 10.62 0.45 0.32 0.45 + 0.10 0.85 0.17 1.10 1.03 1.06 - 0.02 1.25 0.65 0.83 0.80 0.81 - 0.02 0.96 0.46 0.04 0.03 0.03 + 0.01 0.08 0.03 0.04 0.03 0.04 + 0.01 0.10 0.03 0.51 0.46 0.47 - 0.04 0.56 0.08 0.66 0.60 0.60 - 0.06 0.74 0.11 11.91 11.32 11.32 - 0.38 17.40 9.96 9.12 8.74 8.76 - 0.21 13.32 7.27 0.02 0.00 0.02 - 0.02 0.04 0.01 0.01 0.01 0.01 - 0.00 0.02 0.01 9.03 7.17 7.43 - 1.32 9.03 1.10 0.02 0.01 0.02 - 0.01 0.02 0.01 3.67 3.22 3.55 + 0.11 3.75 0.84 0.10 0.09 0.10 - 0.01 0.21 0.03 0.08 0.07 0.08 + 0.01 0.15 0.02 0.04 0.00 0.03 - 0.01 0.22 0.03 2.11 2.01 2.05 - 0.01 2.32 1.30 1.45 1.41 1.45 + 0.04 2.00 0.80 0.03 0.01 0.03 + 0.01 0.03 0.01 0.14 0.12 0.12 - 0.03 0.46 0.08 0.17 0.14 0.15 - 0.03 0.60 0.10 0.05 0.04 0.04 - 0.01 0.07 0.02 0.04 0.03 0.03 - 0.01 0.06 0.01 0.16 0.14 0.15 - 0.02 0.17 0.05 0.23 0.19 0.20 - 0.03 0.25 0.03 0.15 0.15 0.15 - 0.02 0.18 0.02 0.72 0.69 0.70 - 0.02 1.17 0.47 0.95 0.88 0.90 - 0.03 1.65 0.61 0.63 0.58 0.59 - 0.02 0.67 0.28 0.36 0.31 0.33 - 0.01 0.70 0.25 0.38 0.32 0.36 + 0.05 0.48 0.10 0.26 0.26 0.26 - 0.04 0.33 0.13 0.03 0.03 0.03 + 0.01 0.03 0.01 0.04 0.04 0.04 - 0.00 0.10 0.03 0.03 0.03 0.03 + 0.01 0.04 0.00 0.40 0.37 0.37 - 0.01 0.75 0.15 0.30 0.30 0.30 - 0.00 0.55 0.20 5.13 4.81 4.85 - 0.19 5.16 1.87 6.71 6.21 6.27 - 0.30 6.71 2.67 0.40 0.29 0.40 + 0.05 0.40 0.09 0.14 0.12 0.13 - 0.01 0.17 0.04 0.11 0.09 0.10 - 0.00 0.12 0.03 0.33 0.24 0.31 + 0.07 0.33 0.17 0.09 0.08 0.09 + 0.02 0.17 0.02 0.05 0.04 0.05 + 0.01 0.04 0.01 0.03 0.00 0.03 - 0.00 0.03 0.00 0.11 0.10 0.11 + 0.01 0.18 0.05 0.08 0.07 0.08 + 0.01 0.14 0.03 18.81 17.10 18.00 - 0.80 18.88 4.40 24.69 22.12 23.34 - 1.22 24.69 4.35 5.13 4.61 4.86 + 0.16 5.13 1.00 6.67 6.01 6.26 + 0.14 6.67 1.46 0.08 0.07 0.07 - 0.01 0.13 0.03 0.06 0.05 0.06 - 0.00 0.10 0.03 2.38 2.22 2.28 + 0.02 4.71 1.81 3.12 2.92 2.95 - 0.01 6.09 2.47 0.05 0.04 0.04 - 0.01 0.08 0.02 0.03 0.03 0.03 - 0.00 0.09 0.01 0.32 0.30 0.31 + 0.01 0.40 0.17 0.12 0.10 0.12 - 0.01 0.22 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

0.02 0.09 + 0.01 0.17 Equitas Res* O 1121 0.09 0.08 0.02 0.05 - 0.01 0.13 Equitorial Ex V 1355 0.06 0.05 0.43 0.29 0.39 + 0.03 0.50 0.09 18 V Era Res Inc 0.25 0.24 0.25 - 0.01 0.42 0.08 117 Erdene Res Dev* O 0.18 0.00 0.18 + 0.01 0.20 0.09 230 Eros Res Corp V 0.18 0.00 0.18 + 0.01 0.20 0.09 230 Eros Res Corp V 0.13 0.35 - 0.04 0.41 Ethos Gold V 144 0.40 0.35 0.09 0.30 + 0.01 0.32 Ethos Gold* O 15 0.30 0.29 0.48 1.05 - 0.05 1.34 Eurasian Mnls V 254 1.25 0.86 0.35 0.80 - 0.04 1.03 X 2469 0.98 0.62 Eurasian Mnls* 0.04 0.09 + 0.02 0.13 Eureka Res V 74 0.10 0.08 0.15 0.34 + 0.03 0.46 O 10 0.34 0.31 EurOmax Res* 0.21 0.46 + 0.03 0.62 EurOmax Res T 41 0.46 0.42 0.00 0.00 + 0.00 0.01 O 2000 0.00 0.00 European Metal* 0.21 0.00 0.20 - 0.02 0.27 0.05 84 Europn Uran Rs V 0.03 0.08 + 0.05 1.00 V 9 0.08 0.00 Eurotin 0.09 0.71 - 0.12 0.95 Everest Vent V 63 0.83 0.71 0.01 0.07 - 0.01 0.08 Everton Res V 328 0.08 0.07 0.00 0.05 - 0.00 0.07 Everton Res* O 43 0.06 0.05 0.04 0.40 - 0.03 0.50 Evolving Gold 69 0.40 0.36 0.02 0.32 - 0.00 0.38 O 22 0.32 0.28 Evolving Gold* 0.10 0.29 - 0.02 0.35 Evrim Res V 325 0.31 0.28 0.00 0.05 + 0.00 0.06 O 1581 0.05 0.03 Excalibur Res* 0.01 0.10 + 0.03 0.07 Excalibur Res 747 0.10 0.06 0.20 1.29 - 0.03 1.44 Excellon Res T 1738 1.42 1.21 0.14 0.95 - 0.07 1.13 Excellon Res* O 314 1.08 0.93 0.12 0.28 + 0.00 0.31 O 67 0.28 0.27 Excelsior Mng* 0.19 0.37 - 0.01 0.40 Excelsior Mng V 304 0.39 0.36 0.29 1.37 + 0.01 1.47 Exeter Res* X 2721 1.45 1.28 0.39 1.78 + 0.03 1.90 Exeter Res T 557 1.90 1.66 0.09 0.09 + 0.00 0.22 O 3 0.09 0.09 Expedition Mng* 0.03 0.12 - 0.01 0.18 Explor Res* O 1034 0.13 0.11 0.04 0.17 + 0.01 0.24 Explor Res V 2995 0.18 0.16 0.05 0.15 + 0.02 0.19 Explorex Res 76 0.15 0.12 0.02 0.16 - 0.03 0.23 Fairmont Res V 1396 0.22 0.15 0.10 0.16 - 0.00 0.16 Fairmont Res* O 9 0.16 0.16 0.21 0.97 - 0.02 1.25 Falco Res V 810 1.01 0.97 0.01 0.03 + 0.01 0.05 Falcon Gold V 323 0.03 0.00 0.02 0.11 + 0.01 0.15 Far Res 526 0.11 0.10 0.02 0.06 + 0.01 0.05 Finlay Minrls V 642 0.06 0.05 0.01 0.06 + 0.03 0.06 Finore Mng 112 0.06 0.03 0.01 0.05 + 0.01 0.06 Firestone Vent V 283 0.06 0.05 0.02 0.05 + 0.01 0.25 O 99 0.10 0.04 Firma Holdings* 0.00 0.00 - 0.00 0.00 First Liberty* O 2825 0.00 0.00 21.69 + 0.89 22.34 3.50 First Majestic T 10187 22.34 19.96 16.77 + 0.80 17.24 2.40 First Majestic* N 34823 17.24 15.35 0.02 0.04 - 0.01 0.07 First Mexican V 336 0.04 0.00 1.31 0.88 1.17 + 0.30 1.31 0.25 V 25963 First Mg Fin 1.02 0.67 0.90 + 0.23 1.02 0.19 First Mg Fin * O 18121 0.04 0.10 - 0.01 0.14 First Point T 277 0.11 0.09 11.30 9.62 10.21 + 0.92 15.80 2.15 First Quantum T 34121 0.09 0.08 0.08 - 0.01 0.12 0.06 379 V Fission 3.0 0.53 0.74 + 0.03 0.93 Fission Uran T 2581 0.76 0.71 0.39 0.57 + 0.04 0.72 Fission Uran* O 965 0.58 0.54 0.01 0.11 - 0.02 0.17 Fjordland Exp V 952 0.14 0.10 0.12 0.06 0.77 + 0.77 0.77 0.71 Flinders Res V 314 0.09 0.56 + 0.01 0.61 Flinders Res* O 269 0.61 0.55 0.07 0.12 - 0.01 0.30 V 1275 0.13 0.11 Focus Graphite 0.04 0.09 - 0.00 0.23 O 279 0.10 0.08 Focus Graphite* 0.05 0.11 + 0.01 0.24 Focus Vent V 607 0.11 0.10 0.05 0.02 0.27 + 0.22 Foran Mng V 349 0.23 0.21 0.09 0.54 + 0.04 0.63 T 368 0.54 0.51 Formation Mtls 0.05 0.07 + 0.01 0.21 Forsys Metals T 1880 0.09 0.06 0.10 0.00 0.10 + 0.05 0.25 0.05 15 Fort St J Nick V 1.00 3.21 + 0.25 3.31 O 55 3.31 3.03 Fortescue Mtls* 11.15 - 0.15 11.77 2.65 Fortuna Silvr T 3515 11.77 10.90 2.00 8.61 - 0.08 9.03 Fortuna Silvr* N 7117 9.03 8.38 0.01 0.07 - 0.01 0.11 O 1351 0.08 0.07 Fortune Mnrls* 0.02 0.10 - 0.01 0.14 Fortune Mnrls T 899 0.11 0.10 0.03 0.07 - 0.01 0.14 O 188 0.08 0.07 Forum Uranium* 0.05 0.30 - 0.03 0.39 Four River V 34 0.34 0.28 38.20 75.17 - 4.11 80.22 N 2973 79.17 74.50 Franco-Nevada* Franco-Nevada T 2796 103.82 96.31 97.18 - 6.21 104.19 49.96 0.00 0.00 + 0.00 0.01 Franklin Mng* O 402 0.01 0.00 0.05 0.21 - 0.01 0.27 Freegold Vent T 282 0.23 0.20 13.11 + 1.91 16.67 3.52 192599 13.25 11.37 N Freeport McMo* 24.35 - 0.30 26.65 8.70 Fresnillo plc* O 19 26.10 24.30 0.01 0.00 0.00 - 0.01 0.15 0.00 151 Frontier Rr Er* O

G-H G&S Minerals* O 475 Gabriel Res T 3606 Gainey Capital V 295 O 50 Galantas Gold* Galantas Gold V 193 235 Galena Intl Rs V Galway Gold V 251 Galway Mtls* O 12 Galway Mtls V 338 GAR Limited 438 218 Garibaldi Res * O Garibaldi Res V 588 GB Minerals V 112 13232 Gear Intl* O 344 V Gem Intl Res General Moly* X 395 Genesis Mtls V 319 Genius Props 803 V 835 Gensource Pot Geodex Mnrls V 24 O 461 Geologix Expl* Geologix Expl V 942 Geomega Res V 451 324 Gespeg Cop Res V Getty Copper V 342 GGL Res* O 12 Giyani Gold V 470 Giyani Gold* O 26 O 28 Gldn Predator* Gldn Predator V 650 100 Glen Eagle Res V Glencore Plc* O 1225 101 Global Cop Grp V Global Gold* O 79 Global Mnrls V 37 O 0 GlobalMin Vent* Globex Mng* O 145 Globex Mng T 499 GMV Minerals V 108 V 24 GobiMin GoGold Res T 1398 Gold & Silver* O 1244 171 Gold Bulln Dev* O Gold Bulln Dev V 3915 30296 Gold Fields* N Gold Jub Cap V 1100 Gold Lakes* O 1349 Gold Mng USA* O 3777 Gold Mtn Mng V 3018 214 Gold Reach Res V Gold Reserve V 83 Gold Reserve* O 252 X 7597 Gold Resource* 978 Gold Std Vents V Gold Std Vents* X 3263 Gold Torrent* O 5 Goldbelt Emp V 410 Goldcliff Res V 606 T 15555 Goldcorp Goldcorp* N 34310 Golden Arrow V 3290 V 66 Golden Cariboo Golden Dawn Ml V 3148 42 Golden Dawn Ml* O Golden Eagle* O 3 O 156 Golden Goliath* Golden Harp V 43 Golden Hope V 226 Golden Hope* O 5 Golden Matrix* O 8636 Golden Mnls T 454 Golden Mnls* X 4919 249 Golden Peak Mn V O 1999 Golden Queen* Golden Queen T 1104 Golden Secret V 289 42 Golden Sh Mng V 1 Golden Sh Mng* O Golden Star T 2110 31240 Golden Star* X Golden Tag V 839 Golden Valley V 2333 Goldex Res V 16 Goldeye Expl* O 990 Goldeye Expl V 3995

0.00 0.00 - 0.00 0.00 0.00 0.00 0.12 0.66 + 0.03 0.74 0.68 0.59 0.10 0.16 - 0.01 0.30 0.18 0.15 0.06 0.10 + 0.02 0.13 0.10 0.10 0.07 0.14 + 0.03 0.17 0.14 0.13 0.14 0.10 0.10 - 0.02 0.15 0.02 0.04 0.06 - 0.01 0.10 0.06 0.06 0.06 0.10 - 0.01 0.12 0.11 0.10 0.09 0.16 - 0.01 0.18 0.17 0.14 0.01 0.02 0.10 + 0.05 0.05 0.03 0.10 0.09 0.09 - 0.00 0.13 0.03 0.05 0.10 - 0.02 0.18 0.12 0.10 0.02 0.08 - 0.01 0.12 0.10 0.07 0.00 0.00 - 0.00 0.00 0.00 0.00 0.04 0.15 0.15 0.13 0.13 - 0.02 0.15 0.35 - 0.01 0.58 0.36 0.33 0.05 0.20 + 0.03 0.23 0.23 0.17 0.02 0.04 + 0.02 0.07 0.04 0.03 0.04 0.10 + 0.02 0.12 0.12 0.08 0.05 0.10 + 0.02 0.20 0.10 0.00 0.01 0.08 - 0.02 0.11 0.10 0.08 0.02 0.11 - 0.02 0.14 0.13 0.11 0.06 0.14 - 0.03 0.23 0.16 0.13 0.05 0.04 0.05 - 0.01 0.06 0.02 0.02 0.03 + 0.01 0.04 0.03 0.00 0.01 0.03 + 0.01 0.03 0.03 0.02 0.06 0.12 + 0.01 0.14 0.14 0.12 0.02 0.10 + 0.01 0.11 0.10 0.10 0.06 0.67 - 0.01 0.79 0.67 0.58 0.07 0.89 + 0.03 1.03 0.89 0.74 0.11 0.00 0.11 + 0.01 0.16 0.03 1.95 4.83 + 0.55 7.63 5.08 4.49 0.05 0.00 0.05 - 0.01 0.06 0.04 0.00 0.01 - 0.00 0.05 0.02 0.01 0.03 0.29 + 0.07 0.30 0.30 0.00 0.07 0.07 - 0.00 0.18 0.07 0.00 0.13 0.31 + 0.01 0.38 0.31 0.28 0.17 0.40 + 0.03 0.51 0.41 0.38 0.05 0.32 + 0.03 0.35 0.32 0.29 0.27 0.49 + 0.04 0.48 0.49 0.00 0.94 1.23 - 0.10 1.65 1.38 1.22 0.01 0.01 0.01 + 0.00 1000.00 0.00 0.08 0.06 0.08 + 0.01 0.11 0.01 0.10 0.08 0.10 + 0.01 0.16 0.02 2.04 5.90 + 0.24 6.13 6.13 5.62 0.17 0.12 0.15 + 0.01 0.28 0.07 0.03 1.65 + 0.45 1.55 1.65 1.18 0.01 0.00 0.01 - 0.00 0.19 0.00 0.49 0.20 0.33 + 0.06 0.49 0.02 0.16 0.13 0.16 + 0.01 0.21 0.08 3.06 5.74 + 0.54 8.00 5.96 4.94 2.19 4.30 + 0.30 5.90 4.60 3.60 1.14 5.42 + 0.56 5.50 5.58 4.87 2.47 2.13 2.22 - 0.22 2.73 0.40 1.89 1.64 1.68 - 0.21 2.10 0.26 0.20 0.61 - 0.08 0.69 0.61 0.60 0.02 0.06 + 0.02 0.10 0.06 0.05 0.01 0.03 - 0.01 0.04 0.04 0.00 13.55 24.96 - 1.03 26.56 26.34 24.50 19.29 - 0.64 20.38 9.46 20.14 18.93 0.17 0.89 - 0.03 1.19 1.06 0.83 0.03 0.07 - 0.01 0.08 0.08 0.07 0.21 0.16 0.21 + 0.02 0.21 0.07 0.16 0.14 0.16 + 0.02 0.14 0.06 0.00 0.01 - 0.00 0.03 0.01 0.00 0.00 0.07 + 0.01 0.10 0.07 0.06 0.03 0.16 + 0.04 0.28 0.16 0.12 0.16 0.22 + 0.01 0.62 0.23 0.20 0.12 0.19 + 0.03 0.49 0.19 0.16 0.01 0.00 0.01 + 0.00 3000.00 0.00 0.19 1.15 + 0.08 1.22 1.27 1.00 0.13 0.89 + 0.05 0.94 0.99 0.77 0.07 0.05 0.06 - 0.02 0.09 0.05 0.48 1.13 - 0.25 1.56 1.46 1.08 0.65 1.46 - 0.32 2.00 1.90 1.38 0.02 0.55 + 0.07 0.67 0.55 0.47 0.20 0.18 0.18 - 0.03 0.26 0.03 0.14 0.00 0.14 + 0.02 0.14 0.05 0.21 1.25 + 0.25 1.27 1.33 0.99 0.14 0.96 + 0.20 0.99 1.04 0.75 0.02 0.10 + 0.03 0.09 0.10 0.06 0.07 0.26 - 0.04 0.32 0.31 0.23 0.10 0.84 + 0.04 0.90 0.84 0.80 0.02 0.04 - 0.01 0.04 0.04 0.04 0.02 0.06 + 0.01 0.06 0.06 0.06

2016-07-19 4:45 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 25–31, 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

Goldgroup Mng* O 2638 Goldgroup Mng T 3155 GoldON Res* O 6 GoldON Res V 23 GoldQuest Mng V 3461 Goldrea Res 21 Goldrock Mines V 3716 Goldsource Min* O 854 Goldsource Min V 1121 Goldstar Mnls V 319 Goldstream Mnl V 1337 Goldstrike Res V 5269 GoldTrain Res 9 GoviEx Uranium* O 26 GoviEx Uranium V 798 Gowest Gold* O 686 Gowest Gold V 1571 GPM Metals V 726 Gran Colombia* O 809 Gran Colombia T 12538 Grande Portage V 89 Graphite Corp* O 603 Graphite One V 2581 Graphite One* O 162 Gray Rock Res V 38 Great Bear Res V 28 Great Panther T 4388 Great Panther* X 18870 Great Quest Fe* O 13 Great Rock Dev* O 71 Great Thunder V 1538 Great Western* O 114 Greatbanks Res V 77 Green Swan Cap V 407 Green Valley M V 1169 Greencastle Rs V 232 Greenland M&En* O 601 Grenville Gold V 28 Grizzly Discvr* O 84 Grizzly Gold* O 57 Group Ten Mtls V 6357 GTA Res & Mng V 1803 Gungnir Res* O 57 Gungnir Res V 151 Guyana Gldflds T 3530 Handa Copper V 168 Handeni Gold* O 1 Happy Ck Mnrls V 391 Hard Creek Ni V 10 Harmony Gold* N 28229 Harte Gold T 3315 Heatherdale Rs V 548 Hecla Mining* N 47493 Helio Res V 362 Hellix Vent* O 106 Hemcare Health* O 23 Heron Res T 651 Highbank Res V 1640 Highway 50 Gld* O 13 Hinterland Mtl V 2031 Hochschild Mg* O 347 Homestake Res* O 165 Homestake Res V 4807 Honey Badger E V 836 Horizonte Mnls T 174 Hornby Bay Mnl V 206 Houston Lake V 125 HTI Ventures V 2712 HudBay Mnls* N 1286 HudBay Mnls T 9289 Hudson Res V 64 Hudson Res* O 13 Hunt Mng* O 3 Hunt Mng V 20

0.28 0.25 0.28 + 0.02 0.30 0.03 0.36 0.34 0.36 + 0.03 0.39 0.05 0.12 0.12 0.12 - 0.03 0.15 0.03 0.20 0.00 0.15 - 0.02 0.36 0.03 0.62 0.53 0.57 + 0.01 0.62 0.09 0.10 0.00 0.10 + 0.01 0.12 0.02 1.55 1.43 1.46 - 0.01 1.55 0.15 0.45 0.38 0.42 + 0.02 0.45 0.11 0.57 0.50 0.53 + 0.01 0.57 0.13 0.05 0.04 0.04 - 0.01 0.07 0.01 0.01 0.01 0.01 - 0.01 0.02 0.01 0.29 0.19 0.28 + 0.06 0.34 0.07 0.15 0.00 0.15 + 0.02 0.20 0.08 0.14 0.00 0.14 + 0.01 0.16 0.08 0.19 0.17 0.18 + 0.01 0.19 0.17 0.16 0.13 0.14 + 0.00 0.16 0.04 0.20 0.17 0.18 - 0.01 0.20 0.05 0.57 0.49 0.51 + 0.06 0.57 0.08 0.11 0.09 0.10 - 0.01 0.22 0.04 0.14 0.12 0.13 - 0.01 0.31 0.06 0.20 0.00 0.19 + 0.10 0.14 0.04 0.01 0.01 0.01 + 0.00 0.02 0.00 0.10 0.08 0.09 + 0.01 0.18 0.07 0.08 0.06 0.07 + 0.01 0.14 0.05 0.09 0.06 0.09 + 0.03 0.09 0.02 0.30 0.27 0.30 + 0.02 0.35 0.05 2.07 1.73 1.76 - 0.21 2.82 0.40 1.58 1.34 1.36 - 0.16 2.25 0.30 0.13 0.13 0.13 + 0.00 0.39 0.09 0.01 0.00 0.01 + 0.00 0.02 0.00 0.13 0.10 0.10 - 0.04 0.24 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.00 0.03 + 0.03 0.04 0.01 0.09 0.07 0.07 + 0.01 0.14 0.01 0.02 0.00 0.02 + 0.01 0.05 0.01 0.17 0.14 0.17 + 0.03 0.15 0.05 0.03 0.02 0.03 + 0.01 0.17 0.00 0.18 0.00 0.18 + 0.11 0.15 0.06 0.04 0.03 0.03 - 0.01 0.07 0.02 0.21 0.11 0.17 - 0.03 0.21 0.01 0.07 0.04 0.05 + 0.01 0.07 0.01 0.16 0.08 0.10 + 0.01 0.16 0.02 0.04 0.02 0.04 + 0.00 0.04 0.00 0.04 0.04 0.04 - 0.01 0.05 0.01 9.54 8.50 8.66 - 0.66 10.35 2.48 0.06 0.04 0.06 + 0.02 0.07 0.03 0.14 0.00 0.14 + 0.02 0.18 0.12 0.18 0.16 0.17 - 0.01 0.19 0.08 0.03 0.03 0.03 - 0.01 0.06 0.01 4.72 4.28 4.51 + 0.05 4.72 0.53 0.31 0.28 0.29 - 0.01 0.35 0.05 0.07 0.05 0.06 + 0.02 0.07 0.01 6.34 5.81 6.20 + 0.15 6.34 1.45 0.07 0.06 0.07 + 0.01 0.08 0.02 0.03 0.02 0.03 + 0.01 0.06 0.00 0.07 0.06 0.06 - 0.00 0.25 0.02 0.16 0.14 0.16 + 0.02 0.16 0.07 0.10 0.06 0.06 + 0.01 0.21 0.04 0.19 0.19 0.19 + 0.00 0.19 0.05 0.07 0.05 0.07 + 0.02 0.12 0.01 3.24 2.91 2.97 + 0.11 3.24 0.59 0.17 0.14 0.16 + 0.02 0.17 0.01 0.21 0.17 0.20 + 0.02 0.21 0.01 0.04 0.04 0.04 - 0.01 0.05 0.01 0.04 0.04 0.04 + 0.01 0.06 0.02 0.07 0.00 0.06 + 0.01 0.09 0.03 0.29 0.26 0.28 + 0.03 0.40 0.13 0.70 0.40 0.49 + 0.37 0.70 0.00 5.57 4.97 5.45 + 0.57 7.60 1.56 7.25 6.49 7.06 + 0.68 9.85 2.26 0.44 0.39 0.44 + 0.02 0.55 0.34 0.32 0.29 0.32 + 0.02 0.41 0.26 0.18 0.17 0.18 + 0.01 0.22 0.01 0.24 0.00 0.23 + 0.02 0.35 0.02

I-Minerals V 172 I-Minerals* O 44 IAMGOLD* N 47011 IAMGOLD T 14955 IC Potash* O 117 IC Potash T 884 Iconic Mnls V 605 Idaho North* O 14 IDM Mining* O 1014 IDM Mining V 8160 iMetal Res V 21 IMPACT Silver V 818 Impala Platnm* O 215 O 27 Imperial Metal* Imperial Metal T 248 Inca One Gold V 2342 Inception Mng * O 30 Independence G V 568 Independence G* O 61 Indico Res V 267 Inform Res V 187 Intact Gold V 2382 Intact Gold* O 72 Integra Gold* O 1880 Integra Gold V 4503 Intigold Mines V 766 125 Intl Bethl Mng V Intl Lithium* O 34 Intl Lithium V 466 Intl Millm Mng V 669 Intl Samuel Ex V 296 Intl Star* O 6000 Intl Tower Hil* X 6691 Intl Tower Hil T 651 Intrepid Pots* N 6401 INV Metals T 1667 INV Metals* O 110 Inventus Mg * O 105 Inventus Mg V 1196 InZinc Mining V 1020 InZinc Mining* O 299 Ireland* O 28 Iron South Mng V 155 Ironside Res V 104 Irving Res 100 Irving Res* O 9 Itoco Mg Corp* O 87 Ivanhoe Mines* O 1504 Ivanhoe Mines T 7362 J.A.G. Mines V 97 Jaguar Mng V 1040 Jaguar Mng* O 736 Jaxon Mnls V 7 Jayden Res V 362 Jayden Res* O 25 K92 Mng Inc V 5521 K92 Mng Inc* O 1546 Kaizen Discvry V 161 Kaminak Gold V 1665 Kaminak Gold* O 555 Karnalyte Res T 228 Katanga Mng T 693 Kazax Mnls V 777 Kenna Res V 921 Kennady Diam V 43 Kermode Res V 3068 Kerr Mines* O 209 Kerr Mines T 2013 Kesselrun Res V 1556 Kilo Goldmines V 455 Kincora Copper V 414 Kings Bay Gold V 1 Kingsmen Res* O 25 Kinross Gold* N 61940 Kinross Gold T 31780 Kirkland Lk Gd* O 93 Kirkland Lk Gd T 2976 Kiska Metals* O 203 Kiska Metals V 1069 Kivalliq Enrgy V 843 Klondex Mns T 1618 Klondike Gold V 1158 Klondike Gold* O 30 Kombat Copper V 875 Komet Resource V 231 Kootenay Silvr V 1359 KWG Res 1764

0.32 0.29 0.30 - 0.01 0.37 0.16 0.23 0.22 0.22 - 0.01 0.28 0.14 4.95 4.59 4.73 - 0.11 4.95 1.15 6.49 5.94 6.12 - 0.21 6.49 1.50 0.07 0.05 0.07 + 0.02 0.16 0.03 0.08 0.07 0.08 + 0.01 0.21 0.04 0.37 0.33 0.35 - 0.02 0.45 0.03 0.10 0.08 0.08 - 0.02 0.10 0.06 0.20 0.16 0.20 + 0.01 0.20 0.04 0.26 0.21 0.25 + 0.02 0.26 0.07 0.06 0.06 0.06 + 0.01 0.10 0.03 1.09 0.96 0.98 + 0.01 1.09 0.11 3.83 3.56 3.82 + 0.23 4.24 1.45 5.66 5.43 5.62 + 0.28 7.38 2.81 7.40 6.91 7.25 + 0.41 9.54 3.92 0.05 0.04 0.05 - 0.01 0.18 0.04 1.00 0.50 0.80 + 0.30 1.00 0.20 0.35 0.30 0.32 - 0.02 0.35 0.06 0.25 0.24 0.24 - 0.02 0.26 0.04 0.05 0.04 0.05 + 0.01 0.10 0.03 0.02 0.01 0.02 + 0.01 0.03 0.01 0.08 0.07 0.07 - 0.02 0.18 0.02 0.06 0.05 0.06 - 0.00 0.14 0.05 0.70 0.62 0.63 - 0.05 0.70 0.18 0.89 0.79 0.81 - 0.06 0.89 0.23 0.08 0.06 0.06 - 0.01 0.22 0.06 0.03 0.03 0.03 - 0.01 0.10 0.02 0.18 0.16 0.16 - 0.02 0.55 0.02 0.23 0.20 0.22 + 0.01 0.38 0.03 0.10 0.08 0.09 + 0.01 0.10 0.05 0.11 0.00 0.11 + 0.01 0.15 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 1.40 0.99 1.14 + 0.12 1.40 0.18 1.82 1.31 1.48 + 0.17 1.82 0.26 1.50 1.27 1.49 + 0.15 11.17 0.65 0.85 0.48 0.85 + 0.27 0.80 0.08 0.59 0.41 0.59 + 0.18 0.58 0.08 0.25 0.20 0.20 - 0.04 0.28 0.20 0.34 0.24 0.26 - 0.05 0.35 0.02 0.18 0.11 0.16 + 0.04 0.18 0.04 0.12 0.09 0.12 + 0.03 0.11 0.03 0.24 0.21 0.21 - 0.01 0.39 0.13 0.20 0.09 0.19 + 0.10 0.20 0.04 0.16 0.00 0.16 + 0.04 0.24 0.05 0.35 0.22 0.27 + 0.07 0.35 0.11 0.27 0.00 0.20 + 0.05 0.27 0.09 0.13 0.09 0.09 - 0.02 1.10 0.08 0.92 0.79 0.87 + 0.06 0.92 0.36 1.19 1.01 1.14 + 0.06 1.19 0.53 0.02 0.02 0.02 - 0.01 0.03 0.01 0.56 0.51 0.53 - 0.02 0.58 0.12 0.44 0.39 0.40 - 0.02 0.45 0.07 0.08 0.00 0.08 - 0.01 0.09 0.01 0.23 0.12 0.21 + 0.11 0.22 0.03 0.10 0.10 0.10 + 0.03 0.10 0.01 1.27 0.98 1.27 + 0.20 1.33 0.87 0.99 0.75 0.99 + 0.17 1.03 0.75 0.25 0.22 0.23 - 0.02 0.28 0.08 2.86 2.66 2.71 - 0.10 2.88 0.61 2.18 2.04 2.09 - 0.08 2.21 0.47 2.26 2.00 2.21 + 0.22 4.15 0.52 0.16 0.14 0.14 - 0.01 0.24 0.13 0.02 0.01 0.02 + 0.01 0.05 0.01 0.25 0.20 0.23 - 0.03 0.26 0.12 4.30 4.20 4.20 - 0.05 4.86 2.35 0.02 0.02 0.02 + 0.01 0.02 0.01 0.11 0.09 0.10 - 0.01 0.12 0.01 0.16 0.12 0.14 - 0.01 0.16 0.02 0.43 0.28 0.39 + 0.12 0.43 0.02 0.14 0.11 0.12 - 0.02 0.17 0.04 0.05 0.00 0.04 + 0.01 0.06 0.02 0.09 0.00 0.09 + 0.02 0.15 0.05 0.10 0.06 0.07 - 0.03 0.10 0.02 5.65 5.23 5.31 - 0.22 5.82 1.31 7.40 6.78 6.87 - 0.36 7.56 1.79 9.30 8.69 9.03 - 0.22 9.62 3.12 12.19 11.26 11.67 - 0.40 12.39 4.49 0.08 0.06 0.08 + 0.00 0.09 0.01 0.10 0.09 0.10 + 0.01 0.12 0.01 0.10 0.09 0.10 + 0.01 0.10 0.06 6.00 5.55 5.62 + 0.06 6.00 2.56 0.35 0.27 0.31 + 0.03 0.42 0.08 0.26 0.24 0.25 + 0.03 0.32 0.06 0.07 0.06 0.06 - 0.01 0.10 0.02 0.40 0.33 0.35 - 0.09 0.50 0.29 0.48 0.43 0.44 - 0.01 0.50 0.17 0.03 0.02 0.03 + 0.01 0.04 0.01

I-J-K

8-10_July25_StockTables.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

L La Imperial 36 Labrador Iron T 1538 Lago Dourado V 83 Lake Victoria* O 105 Lakeside Mnrls V 172 Lara Expl V 588 Laramide Res T 250 Largo Res* O 86 Largo Res T 196 Latin Am Mnls* O 51 Latin Am Mnls V 441 Laurion Mnl Ex V 2538 LeadFX Inc* O 50 Legend Gold V 267 Levon Res Ltd * O 343 Levon Res Ltd T 1486 Lexam VG Gold* O 503 676 Lexam VG Gold T Li3 Energy* O 233 36401 Liberty Star* O Lincoln Mng V 437 Lion One Mtls V 190 Lion One Mtls* O 116 Lions Gate Mtl 3 Lithium Amer* O 1162 Lithium Amer T 4564 Lithium Corp* O 319 Lithium Expl* O 10965 LKA Gold* O 57 O 416 Lode-Star Mg* Lomiko Mtls* O 181 Loncor Res* O 23 Loncor Res T 75 Lone Star Gold* O 258 O 6 Lonmin plc* Lorraine Coppr V 223 Los Andes Copp V 417 Lowell Copper V 71 Lucara Diam T 4215 Luna Gold* O 654 Luna Gold T 774 Lundin Gold T 787 Lundin Mng T 13808 Lupaka Gold V 264 Lydian Intl* O 154 Lydian Intl T 1506 Lynas Corp* O 349

0.05 0.03 0.05 + 0.02 0.03 0.01 15.50 13.78 15.30 + 1.66 17.44 6.85 0.18 0.15 0.18 + 0.03 0.18 0.05 0.01 0.01 0.01 + 0.00 0.07 0.01 0.01 0.00 0.01 - 0.01 0.04 0.01 1.49 1.34 1.41 + 0.11 1.52 0.20 0.26 0.23 0.26 + 0.04 0.38 0.15 0.38 0.35 0.38 + 0.02 0.62 0.08 0.49 0.44 0.47 + 0.03 0.80 0.11 0.23 0.18 0.23 + 0.05 0.20 0.06 0.30 0.20 0.29 + 0.05 0.30 0.05 0.02 0.01 0.01 - 0.01 0.03 0.01 0.27 0.25 0.27 + 0.02 0.41 0.11 0.05 0.04 0.05 + 0.01 0.06 0.02 0.42 0.36 0.39 + 0.04 0.42 0.07 0.54 0.45 0.50 + 0.04 0.54 0.09 0.22 0.19 0.22 + 0.02 0.23 0.04 0.29 0.25 0.29 + 0.04 0.29 0.05 0.02 0.02 0.02 - 0.00 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.09 0.08 0.09 + 0.01 0.10 0.02 0.95 0.87 0.91 - 0.04 0.96 0.24 0.74 0.67 0.68 - 0.05 0.74 0.18 0.06 0.00 0.06 + 0.03 0.06 0.01 0.81 0.74 0.74 - 0.02 0.87 0.34 1.06 0.96 0.98 - 0.02 1.15 0.26 0.09 0.08 0.08 - 0.00 0.13 0.02 0.01 0.00 0.01 + 0.00 0.45 0.00 0.40 0.32 0.39 - 0.01 0.53 0.10 0.05 0.03 0.05 + 0.01 0.05 0.01 0.03 0.03 0.03 - 0.00 0.04 0.02 0.19 0.15 0.17 - 0.02 0.19 0.01 0.25 0.20 0.24 - 0.02 0.25 0.02 0.01 0.00 0.00 - 0.00 0.01 0.00 3.27 0.00 3.20 + 0.10 128.00 0.55 0.09 0.09 0.09 - 0.01 0.13 0.04 0.18 0.00 0.18 + 0.01 0.20 0.05 0.31 0.25 0.29 + 0.04 0.39 0.12 3.65 3.30 3.49 + 0.16 4.37 1.42 0.20 0.16 0.19 + 0.02 0.20 0.02 0.25 0.21 0.24 + 0.02 0.25 0.03 6.00 5.50 5.53 - 0.43 6.51 3.46 5.23 4.82 5.09 + 0.35 5.23 2.98 0.17 0.15 0.16 - 0.01 0.23 0.04 0.31 0.29 0.29 - 0.01 0.39 0.13 0.40 0.37 0.38 + 0.01 0.51 0.19 0.06 0.04 0.06 + 0.01 0.10 0.02

M MacDonald Mns V 1804 0.02 0.01 0.01 - 0.01 0.02 0.01 MacMillan Mnls V 345 1.44 0.70 1.22 - 0.10 1.44 0.16 MacMillan Mnls* O 2 0.00 0.00 0.40 - 0.40 0.80 0.02 Madeira Mrnls V 104 0.03 0.02 0.03 + 0.02 0.03 0.02 MAG Silver T 1297 20.68 19.02 20.34 + 1.22 20.55 8.13 O 86 0.27 0.18 0.23 - 0.04 0.35 0.04 Magellan Gold* Magnus Intl* O 250 0.00 0.00 0.00 + 0.00 0.00 0.00 Majescor Res V 166 0.09 0.07 0.07 - 0.01 0.15 0.02 Majescor Res* O 8 0.06 0.00 0.06 - 0.01 0.09 0.01 Makena Res V 1173 0.04 0.03 0.03 - 0.01 0.05 0.01 0.39 + 0.03 0.50 0.20 Malbex Res V 134 0.39 0.00 Mammoth Res V 273 0.02 0.02 0.02 + 0.01 0.03 0.01 Mandalay Res T 2372 1.27 1.17 1.17 - 0.06 1.35 0.59 V 89 0.05 0.04 0.04 + 0.01 0.06 0.01 Mangazeya Mng Manitou Gold V 79 0.12 0.08 0.09 + 0.01 0.12 0.02 Manson Creek V 405 0.03 0.02 0.03 + 0.01 0.03 0.01 Marathon Gold T 1002 0.52 0.43 0.49 - 0.04 0.53 0.11 Marifil Mines V 3152 0.04 0.02 0.02 + 0.01 0.04 0.01 0.26 - 0.02 0.31 0.08 Maritime Res V 230 0.28 0.25 Marlin Gold* O 39 0.47 0.44 0.47 + 0.05 0.52 0.10 197.57 + 0.87 199.87 108.31 MartinMarietta* N 2420 199.87 195.93 Mason Graphite* O 121 0.72 0.00 0.69 + 0.03 0.72 0.21 Mason Graphite V 629 0.92 0.81 0.90 + 0.07 0.92 0.30 V 157 0.05 0.00 0.04 - 0.01 0.08 0.03 Masuparia Gold Matachewan Con V 10 0.31 0.30 0.30 - 0.06 0.49 0.17 Matamec Expl V 804 0.07 0.06 0.06 - 0.01 0.07 0.02 Matamec Expl* O 110 0.05 0.04 0.04 - 0.01 0.06 0.01 Mawson Res T 384 0.30 0.22 0.25 - 0.03 0.30 0.16 0.19 - 0.02 0.24 0.12 Mawson Res* O 101 0.23 0.17 Maya Gold &Sil V 558 0.17 0.15 0.16 - 0.01 0.25 0.10 Mazarin V 501 0.02 0.02 0.02 + 0.01 0.03 0.01 MBAC Fertilizr* O 1484 0.00 0.00 0.00 - 0.00 0.07 0.00 McEwen Mng T 3305 6.44 5.75 5.96 - 0.18 6.44 0.84 19574 4.92 4.42 4.59 - 0.11 4.92 0.65 McEwen Mng* N MDN Inc V 340 0.07 0.06 0.06 - 0.02 0.08 0.01 MDN Inc* O 38 0.05 0.05 0.05 - 0.00 0.06 0.01 Meadow Bay Gd* O 79 0.07 0.06 0.06 - 0.01 0.17 0.04 Meadow Bay Gd T 710 0.09 0.08 0.08 - 0.02 0.24 0.06 N 666 1.84 1.68 1.79 + 0.02 2.48 1.23 Mechel* Medallion Res* O 61 0.03 0.03 0.03 + 0.00 0.04 0.01 Medallion Res V 461 0.03 0.03 0.03 - 0.01 0.06 0.01 Medgold Res V 724 0.16 0.13 0.15 - 0.01 0.25 0.05 Medinah Mnrls* O 5554 0.01 0.01 0.01 - 0.00 0.03 0.01 0.14 - 0.01 0.20 0.05 Mega Uranium T 1259 0.14 0.14 Mega Uranium* O 361 0.11 0.10 0.11 - 0.01 0.15 0.04 Melior Res V 50 0.03 0.03 0.03 - 0.01 0.06 0.01 0.04 + 0.01 0.06 0.01 Melkior Res V 631 0.04 0.04 Merrex Gold V 272 0.22 0.19 0.22 + 0.01 0.31 0.10 Merrex Gold* O 23 0.16 0.15 0.16 - 0.02 0.24 0.10 Mesa Expl* O 66 0.14 0.05 0.11 + 0.04 0.14 0.01 0.11 + 0.03 0.17 0.01 Mesa Expl V 1387 0.17 0.07 MetalCorp V 1405 0.04 0.02 0.04 + 0.02 0.03 0.01 Metalex Vent V 45 0.07 0.06 0.07 - 0.01 0.11 0.04 Metallis Res V 53 0.26 0.21 0.25 - 0.01 0.28 0.02 Metalo Manuf 8 1.05 0.00 0.99 - 0.06 1.50 0.30 2.60 - 0.11 3.59 1.26 Metalore Res T 13 3.59 2.50 Metals Creek V 417 0.15 0.13 0.13 - 0.02 0.20 0.05 0.10 - 0.02 0.14 0.05 Metals Creek* O 41 0.12 0.10 Mexus Gold* O 9994 0.07 0.04 0.06 + 0.01 0.07 0.00 MGX Minerals 211 0.19 0.17 0.18 - 0.01 0.70 0.08 0.03 + 0.01 0.03 0.01 Micrex Dev V 313 0.03 0.02 Midas Gold* O 2556 0.89 0.78 0.80 - 0.02 0.90 0.16 Midas Gold T 3017 1.15 1.01 1.03 - 0.02 1.18 0.25 Midland Expl V 111 1.10 0.98 1.07 + 0.02 1.12 0.45 Midway Gold* O 74 0.00 0.00 0.00 + 0.00 0.01 0.00 MillenMin Vent V 22 0.14 0.09 0.09 + 0.02 0.14 0.01 Millrock Res* O 291 0.40 0.35 0.36 - 0.03 0.40 0.11 Millrock Res V 890 0.51 0.46 0.49 + 0.01 0.51 0.15 Millstream Min V 98 0.07 0.07 0.07 - 0.01 0.16 0.01 Milner Con Slv V 440 0.06 0.04 0.04 - 0.01 0.07 0.02 Minaurum Gold V 509 0.12 0.10 0.12 + 0.01 0.14 0.04 0.33 - 0.05 0.42 0.10 Minco Gold* X 3929 0.42 0.32 Minco Gold T 434 0.54 0.42 0.44 - 0.06 0.55 0.12 Minco Silver T 1190 2.05 1.50 1.86 + 0.04 2.05 0.32 Minco Silver* O 222 1.54 1.25 1.41 + 0.07 1.54 0.26 Minecorp Egy V 35 0.09 0.08 0.08 - 0.01 0.18 0.01 V 594 0.21 0.14 0.18 + 0.04 0.18 0.07 Minera Alamos Mineral Hill V 83 0.23 0.00 0.20 - 0.05 0.40 0.11 Mineral Mtn V 295 0.41 0.36 0.39 + 0.02 0.41 0.08 Mineral Mtn* O 76 0.32 0.29 0.32 + 0.03 0.32 0.04 Mines Manage* X 993 1.40 1.25 1.35 + 0.02 1.40 0.11 Mines Manage T 41 1.98 1.60 1.71 + 0.14 1.98 0.17 Minnova Corp V 473 0.89 0.00 0.89 + 0.16 0.90 0.18 Miranda Gold V 763 0.16 0.13 0.13 - 0.03 0.18 0.06 Mirasol Res V 405 2.85 2.62 2.78 + 0.10 2.85 0.72 Mistango River 11 0.02 0.00 0.02 + 0.01 0.07 0.01 Mkango Res V 212 0.09 0.07 0.07 - 0.01 0.11 0.03 Molycorp* O 1459 0.04 0.03 0.03 - 0.00 0.15 0.02 Monarques Res* O 165 0.36 0.30 0.36 + 0.09 0.35 0.04 Monarques Res V 3435 0.46 0.39 0.46 + 0.09 0.46 0.06 Moneta Porcpn* O 547 0.26 0.19 0.23 + 0.04 0.26 0.05 Moneta Porcpn T 5471 0.33 0.26 0.30 + 0.04 0.33 0.07 Monster Mng V 9 0.07 0.07 0.07 - 0.01 0.30 0.05 Montan Mg V 3232 0.04 0.03 0.04 + 0.01 0.16 0.02 Montana Gold 197 0.10 0.07 0.10 + 0.01 0.10 0.02 Montero Mg&Ex V 100 0.05 0.04 0.04 - 0.01 0.08 0.01 Morumbi Res V 357 0.07 0.04 0.04 + 0.02 0.07 0.02 Mosaic* N 29473 28.71 25.59 28.69 + 3.21 45.87 22.02 Mountain Boy V 774 0.05 0.04 0.04 - 0.01 0.05 0.01 Mountain Prov T 192 6.38 6.06 6.10 - 0.22 6.60 3.38 Mountain Prov* D 101 4.89 4.67 4.72 - 0.13 5.10 2.47 Mundoro Cap* O 36 0.10 0.09 0.09 - 0.01 0.13 0.03 Mundoro Cap V 260 0.13 0.12 0.13 - 0.01 0.18 0.04 MX Gold* O 4007 0.21 0.17 0.20 - 0.00 0.23 0.07 MX Gold V 10340 0.27 0.23 0.25 - 0.02 0.29 0.10 Myson Group* O 100 0.02 0.01 0.01 - 0.01 0.10 0.00

N-O NACCO Ind* N 97 Namibia Rare E T 140 Napier Vent V 90 Napier Vent* O 74 Natural Res Pt* N 336

59.95 56.05 59.11 + 2.49 61.29 40.04 0.12 0.09 0.10 - 0.01 0.17 0.04 0.34 0.30 0.34 + 0.04 0.34 0.15 0.26 0.24 0.26 + 0.01 0.26 0.19 20.97 16.90 20.55 + 3.36 34.80 5.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nautilus Mnrls T 517 Nautilus Mnrls* O 778 Navis Res Corp 10 Nemaska Lith T 6258 Nemaska Lith* O 269 Nevada Clean M* O 80 Nevada Copper T 848 Nevada Egy Mtl* O 203 Nevada Egy Mtl V 773 280 Nevada Expl * O Nevada Expl V 290 Nevada Sunrise* O 545 Nevada Sunrise V 1279 Nevada Zinc V 280 Nevado Res V 482 Nevsun Res* X 5337 Nevsun Res T 5931 New Carolin Gd V 13188 New Carolin Gd* O 776 New Colombia* O 2102 127 New Dimen Res V New Gold* X 21987 New Gold T 9504 New Gold* O 47 New Guinea Gld* O 2353 263 New Jersey Mng* O New Milln Iron T 183 New Nadina V 35 New Nadina* O 3 New Oroperu V 72 3 New World Res* O New World Res V 235 NewCastle Gold* O 41 Newmac Res V 4 Newmarket Gold T 2960 Newmarket Gold* O 743 Newmont Mng* N 37188 Newport Expl V 257 O 163 Nexgen Energy* Nexgen Energy T 2113 Next Gen Mtls* O 35 Next Gen Mtls 45 NGEx Res* O 57 V 35 Nickel North Nicola Mg Inc* O 30 Nicola Mg Inc V 3160 Nighthawk Gold V 1096 Nikos Expl V 145 Niocorp Dev* O 391 Niocorp Dev T 292 51 Noble Metal Gr V Noble Mnl Expl V 123 Noka Res V 730 O 290 Noranda Alum* Noront Res V 693 Norsemont Cap 4 Nortec Mnls V 130 North Am Nickl* O 38 49 North Am Pall T North Am Pall* O 10 North Am Ptash V 91 North Arrow Mn V 60 North Arrow Mn* O 25 216 North Springs* O Northcliff Res T 826 Northisle C&G V 2892 Northn Empire V 975 Northn Empire* O 36 Northquest V 211 Norvista Cap V 119 V 427 Nouveau Monde NovaCopper* X 1010 NovaGold Res T 1923 NovaGold Res* X 11380 Novo Res* O 146 Novo Res V 225 NovX21* O 75 NovX21 V 3858 Nrthn Freegold V 429 Nrthn Freegold* O 69 V 221 Nrthn Graphite Nrthn Graphite* O 165 Nrthn Iron V 738 Nrthn Lion V 14 Nrthn Vertex V 112 Nrthn Vertex* O 30 Nthn Dynasty* X 12485 Nthn Dynasty T 9178 Nthrn Sphere 178 Nubian Res V 273 O 794 NuLegacy Gold* NuLegacy Gold V 2229 Nunavik Nickel V 66 NV Gold* O 26 O.T. Mining* O 70 OceanaGold T 10552 OceanaGold* O 20 84 Oceanic Iron O V Oceanus Res V 237 Oceanus Res* O 14 Odin Mng & Exp* O 30 Olivut Res* O 26 Olivut Res V 54 Orbite Tech T 11928 Orbite Tech* O 146 Orca Gold* O 10 Orefinders Res V 835 Oremex Silver V 431 O 170 Oremex Silver* Orex Mnrls* O 172 Orezone Gold V 2454 O 238 Orezone Gold* Organic Potash 31 46 Oriental Non F Orla Mng Ltd V 533 Oro East Mg* O 27 Oroco Res V 1231 Oroco Res* O 162 Orocobre T 243 Orofino Mnrls V 245 Oroplata Res* O 3333 Orosur Mng T 179 Orvana Mnrls T 1055 Orvana Mnrls* O 51 Osisko Gold* N 220 Osisko Gold T 1455 Otis Gold* O 71 Otis Gold V 385 OZ Minerals* O 1

0.11 0.10 0.11 - 0.01 0.47 0.10 0.09 0.08 0.09 + 0.00 0.36 0.08 0.01 0.00 0.01 - 0.01 0.03 0.00 1.24 1.17 1.21 + 0.01 1.97 0.17 0.96 0.89 0.93 + 0.00 1.50 0.13 0.01 0.01 0.01 - 0.01 0.04 0.00 0.77 0.61 0.61 - 0.11 1.49 0.45 0.09 0.08 0.08 - 0.01 0.20 0.06 0.12 0.10 0.10 - 0.01 0.26 0.01 0.38 0.32 0.35 + 0.01 0.61 0.08 0.50 0.41 0.43 - 0.02 0.94 0.05 0.23 0.18 0.23 + 0.00 0.28 0.09 0.30 0.24 0.28 - 0.01 0.37 0.13 0.36 0.32 0.33 + 0.01 0.43 0.19 0.07 0.05 0.06 + 0.01 0.07 0.01 3.07 2.91 3.05 + 0.11 3.80 2.27 4.00 3.80 3.95 + 0.14 4.81 3.27 0.09 0.07 0.09 - 0.01 0.15 0.04 0.08 0.05 0.07 - 0.01 0.12 0.03 0.02 0.02 0.02 - 0.00 0.05 0.00 0.14 0.10 0.11 - 0.03 0.19 0.04 5.01 4.64 4.69 - 0.17 5.01 1.76 6.57 6.03 6.06 - 0.29 6.57 2.52 0.08 0.06 0.07 - 0.01 0.28 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.10 0.12 + 0.01 0.12 0.02 0.08 0.00 0.07 - 0.01 0.15 0.05 0.13 0.10 0.13 + 0.03 0.18 0.05 0.09 0.00 0.09 - 0.00 0.11 0.08 0.45 0.40 0.40 - 0.05 0.52 0.09 0.07 0.07 0.07 - 0.00 0.07 0.02 0.10 0.07 0.07 - 0.02 0.11 0.01 0.65 0.60 0.64 + 0.05 0.64 0.14 0.07 0.00 0.07 + 0.01 0.15 0.05 4.10 3.84 4.04 + 0.15 4.10 0.80 3.19 2.95 3.14 + 0.16 3.19 0.61 41.68 39.91 41.33 + 0.19 41.68 15.39 0.26 0.22 0.22 - 0.05 0.38 0.19 2.03 1.87 1.92 + 0.02 2.25 0.41 2.65 2.44 2.51 + 0.04 2.86 0.56 0.10 0.10 0.10 - 0.00 0.14 0.08 0.12 0.11 0.11 - 0.01 0.18 0.01 0.81 0.76 0.81 + 0.02 0.83 0.37 0.02 0.02 0.02 + 0.01 0.02 0.01 0.13 0.09 0.10 - 0.03 0.14 0.03 0.17 0.12 0.13 - 0.04 0.20 0.05 0.38 0.34 0.36 - 0.02 0.40 0.04 0.12 0.08 0.11 + 0.02 0.19 0.02 0.74 0.68 0.71 + 0.02 0.87 0.37 0.95 0.90 0.92 + 0.04 1.14 0.51 0.01 0.01 0.01 - 0.01 0.01 0.01 0.02 0.02 0.02 - 0.01 0.03 0.01 0.12 0.11 0.11 - 0.01 0.21 0.03 0.07 0.06 0.06 - 0.01 5.04 0.02 0.34 0.30 0.33 + 0.03 0.51 0.28 0.26 0.26 0.26 + 0.01 0.31 0.07 0.04 0.04 0.04 + 0.01 0.08 0.02 0.07 0.06 0.07 + 0.00 0.18 0.05 5.65 4.97 5.65 + 0.58 16.00 3.85 4.38 3.82 4.30 + 0.40 12.00 2.71 0.09 0.00 0.09 + 0.01 0.15 0.03 0.22 0.19 0.22 + 0.02 0.50 0.12 0.16 0.16 0.16 - 0.00 0.38 0.11 0.37 0.18 0.21 - 0.18 40.00 0.10 0.13 0.11 0.13 + 0.02 0.15 0.06 0.14 0.10 0.11 + 0.01 0.14 0.02 0.27 0.16 0.21 + 0.03 0.22 0.06 0.22 0.11 0.21 + 0.06 0.15 0.04 0.26 0.25 0.25 - 0.01 0.35 0.07 0.20 0.16 0.20 + 0.02 0.24 0.08 0.31 0.28 0.28 - 0.02 0.38 0.13 0.68 0.57 0.62 + 0.01 0.86 0.15 9.56 8.78 9.08 - 0.22 9.56 3.42 7.29 6.80 7.00 - 0.12 7.29 2.65 0.76 0.68 0.68 - 0.04 1.00 0.33 0.99 0.87 0.89 - 0.08 1.30 0.44 0.02 0.02 0.02 + 0.01 0.03 0.00 0.03 0.02 0.02 - 0.01 0.05 0.02 0.29 0.23 0.29 + 0.05 0.29 0.04 0.23 0.18 0.21 + 0.03 0.20 0.02 0.45 0.38 0.45 + 0.03 0.63 0.16 0.35 0.28 0.35 + 0.03 0.47 0.12 0.03 0.02 0.02 - 0.02 0.03 0.01 0.15 0.12 0.12 - 0.03 0.16 0.03 0.47 0.00 0.46 - 0.01 0.47 0.13 0.38 0.35 0.38 + 0.03 0.42 0.15 0.58 0.44 0.50 + 0.08 0.58 0.20 0.76 0.57 0.65 + 0.09 0.76 0.28 0.60 0.20 0.60 + 0.15 0.55 0.10 0.08 0.05 0.08 + 0.01 0.10 0.01 0.26 0.23 0.24 - 0.02 0.32 0.06 0.34 0.29 0.31 - 0.02 0.39 0.08 0.17 0.17 0.17 - 0.02 0.27 0.03 0.09 0.09 0.09 + 0.00 0.09 0.09 0.05 0.04 0.05 - 0.00 0.09 0.02 5.49 4.84 4.85 - 0.49 5.56 1.79 4.15 3.80 3.82 - 0.33 4.26 1.43 0.24 0.00 0.24 + 0.05 0.25 0.08 0.29 0.27 0.29 - 0.01 0.35 0.14 0.23 0.21 0.22 - 0.01 0.26 0.17 0.55 0.53 0.54 - 0.00 0.58 0.17 0.27 0.23 0.27 - 0.01 0.30 0.05 0.35 0.29 0.34 - 0.01 0.42 0.08 0.44 0.34 0.40 + 0.06 0.53 0.20 0.33 0.29 0.32 + 0.06 0.40 0.15 0.32 0.29 0.29 - 0.02 0.32 0.08 0.07 0.06 0.06 + 0.01 0.08 0.01 0.08 0.05 0.07 - 0.01 0.10 0.01 0.09 0.03 0.06 - 0.04 0.10 0.00 0.69 0.67 0.67 - 0.02 0.70 0.26 1.11 1.00 1.02 - 0.06 1.25 0.22 0.84 0.78 0.81 - 0.01 0.95 0.16 0.02 0.02 0.02 + 0.01 0.09 0.01 0.40 0.38 0.40 + 0.01 0.40 0.27 0.79 0.51 0.70 + 0.20 0.75 0.08 0.02 0.01 0.02 + 0.00 0.06 0.00 0.06 0.04 0.05 - 0.01 0.06 0.01 0.04 0.03 0.04 - 0.01 0.04 0.01 4.84 4.58 4.77 + 0.15 4.87 1.33 0.19 0.15 0.15 - 0.04 0.25 0.05 1.86 1.22 1.72 + 0.53 1.86 0.25 0.32 0.28 0.29 - 0.01 0.32 0.10 0.28 0.24 0.26 + 0.03 0.30 0.11 0.20 0.18 0.20 + 0.03 0.24 0.07 13.65 13.00 13.25 - 0.37 13.80 8.88 17.90 16.89 17.15 - 0.63 17.90 12.39 0.15 0.13 0.14 + 0.01 0.15 0.04 0.19 0.17 0.19 + 0.02 0.19 0.05 5.28 4.47 5.11 + 0.64 5.28 2.29

Pac Booker Min V 11 Pac Booker Min* O 6 25 Pac North West* O Pac Potash V 225 51 Pac Ridge Expl* O Pac Ridge Expl V 66 Pac Topaz V 227 Paget Mrnls V 19 Palamina Corp* O 2 Palamina Corp V 81 Pan Am Silver* D 13267 Pan Am Silver T 2795 Pan Global Res V 62 Pancontinental V 145 Pancontinental* O 44 Pangolin Dia V 1106 Parallel Mng V 271 Paramount Gold* X 1055 Parlane Res V 176 Pasinex Res 305 Passprt Potash* O 52 Patriot Gold* O 179 Peabody Enrgy* O 1448 Pedro Res V 135 Pelangio Expl* O 769 Pelangio Expl V 640 Pele Mtn Res* O 110 Pele Mtn Res V 43 Peregrine Diam T 4397 Perseus Mng T 1091 Pershimco Res V 1840 Pershing Gold* D 1392 Peruvian Prc M* O 170 Philex Mng* O 398

1.10 0.00 1.10 + 0.08 2.50 0.63 0.85 0.74 0.84 - 0.00 1.93 0.45 0.05 0.04 0.04 - 0.00 0.06 0.00 0.05 0.04 0.05 + 0.01 0.10 0.03 0.07 0.00 0.06 + 0.01 0.07 0.01 0.08 0.07 0.08 - 0.01 0.10 0.02 0.24 0.20 0.24 + 0.04 0.29 0.06 0.09 0.00 0.09 + 0.03 0.09 0.01 0.14 0.13 0.13 - 0.01 0.15 0.08 0.19 0.16 0.17 - 0.02 0.20 0.06 19.30 18.03 19.02 + 0.66 19.30 5.38 25.00 23.46 24.64 + 0.68 25.00 7.77 0.03 0.03 0.03 + 0.01 0.04 0.01 0.05 0.04 0.05 + 0.01 0.05 0.01 0.03 0.00 0.03 - 0.01 0.04 0.00 0.14 0.11 0.13 - 0.01 0.22 0.03 0.16 0.13 0.16 + 0.02 0.16 0.05 2.89 2.35 2.40 - 0.34 2.93 0.93 0.17 0.14 0.17 - 0.01 0.21 0.01 0.14 0.11 0.14 + 0.04 0.14 0.03 0.00 0.00 0.00 - 0.00 0.27 0.00 0.22 0.18 0.18 - 0.04 0.23 0.03 2.05 1.55 1.93 + 0.30 41.10 0.55 0.15 0.07 0.07 - 0.07 0.15 0.01 0.06 0.04 0.04 - 0.01 0.06 0.01 0.08 0.06 0.06 - 0.02 0.08 0.01 0.03 0.03 0.03 + 0.01 0.04 0.02 0.04 0.00 0.03 - 0.01 0.06 0.03 0.30 0.21 0.22 - 0.07 0.32 0.09 0.66 0.61 0.61 - 0.04 0.67 0.27 0.25 0.22 0.23 - 0.01 0.25 0.09 5.02 4.68 4.84 - 0.09 5.89 3.04 0.04 0.04 0.04 - 0.01 0.10 0.02 0.17 0.00 0.17 - 0.04 0.21 0.05

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Philippine Mtl V 85 Pilot Gold T 874 Pilot Gold* O 646 Pinecrest Res V 834 PJSC Polyus Gd* O 2 V 88 PJX Res Planet Mng V 56 Plata Latina V 1110 Plate Res V 21 Plateau Uran V 81 Plateau Uran* O 17 373 Platinum Gp Mt T Platinum Gp Mt* X 2926 Plato Gold V 858 Playfair Mng V 95 Playfair Mng* O 16 Polaris Mater T 393 PolyMet Mng* X 793 Portage Res* O 411 Potash Corp SK T 14715 Potash Corp SK* N 49385 Potash Ridge T 4693 Potash Ridge* O 580 Premier Gold M T 3560 Premium Expl* O 8 Pretium Res* N 8304 Pretium Res T 4024 Prime Meridian V 113 Prime Meridian* O 500 Primero Mng T 4191 Primero Mng* N 5622 Prism Res V 20 Prize Mng V 194 Probe Metals* O 90 Probe Metals V 426 Prophecy Coal T 21 Prophecy Coal* O 3 Prosper Gold V 109 Prospero Silvr V 46 Puma Expl V 776 Pure Energy V 2997 Pure Energy* O 1415 Pure Gold Mg V 1467 Pure Gold Mg* O 239 Pure Nickel V 4322 Pure Nickel* O 81 Q-Gold Res V 114 QMC Quantum Ml V 914 QMX Gold* O 94 QMX Gold V 400 Quartz Mtn Res V 36 Quaterra Res* O 540 Quest Rare Mnl* O 51 Quinto Real V 43

0.10 0.06 0.06 + 0.01 0.12 0.01 0.80 0.71 0.73 - 0.02 0.83 0.22 0.62 0.54 0.56 - 0.01 0.64 0.06 0.26 0.20 0.24 + 0.03 0.25 0.03 36.30 0.00 36.00 - 0.40 37.59 13.70 0.20 0.18 0.18 - 0.02 0.23 0.13 0.04 0.00 0.04 - 0.02 0.08 0.02 0.12 0.05 0.05 - 0.04 0.12 0.01 0.06 0.00 0.06 + 0.02 0.11 0.03 0.32 0.28 0.30 + 0.02 0.45 0.24 0.24 0.22 0.24 + 0.01 0.35 0.18 4.54 3.88 4.03 - 0.47 5.25 1.35 3.51 3.00 3.12 - 0.34 4.04 0.96 0.02 0.01 0.02 - 0.01 0.03 0.01 0.09 0.08 0.08 - 0.02 0.10 0.02 0.08 0.05 0.05 - 0.03 0.08 0.01 1.25 1.00 1.21 - 0.08 2.29 1.00 0.79 0.74 0.78 - 0.00 1.28 0.55 0.00 0.00 0.00 + 0.00 0.01 0.00 22.43 20.71 22.35 + 1.76 38.25 20.03 17.38 15.79 17.26 + 1.47 29.45 14.64 0.26 0.20 0.24 + 0.02 0.50 0.03 0.20 0.15 0.19 + 0.03 0.38 0.02 4.48 4.13 4.28 - 0.05 4.49 1.65 0.01 0.00 0.00 + 0.00 0.04 0.00 12.41 11.31 11.46 - 0.47 12.41 4.00 16.17 14.68 14.83 - 0.72 16.17 5.57 0.15 0.15 0.15 + 0.04 0.18 0.05 0.11 0.11 0.11 - 0.01 0.12 0.05 3.40 3.04 3.10 - 0.22 4.41 1.94 2.60 2.35 2.40 - 0.14 3.39 1.41 0.16 0.12 0.16 + 0.04 0.15 0.04 0.03 0.03 0.03 + 0.01 0.03 0.02 0.88 0.80 0.82 - 0.06 0.95 0.24 1.15 1.02 1.07 - 0.07 1.26 0.33 5.45 3.99 4.50 - 0.50 6.50 1.00 3.70 3.20 3.46 - 0.37 4.05 1.25 0.38 0.34 0.35 - 0.01 0.39 0.06 0.21 0.13 0.13 - 0.06 0.21 0.05 0.09 0.07 0.07 - 0.01 0.12 0.03 0.82 0.76 0.78 + 0.04 1.15 0.23 0.63 0.58 0.61 + 0.04 0.91 0.21 0.73 0.68 0.70 - 0.01 0.76 0.07 0.55 0.52 0.54 + 0.00 0.60 0.05 0.03 0.02 0.02 + 0.01 0.04 0.01 0.03 0.01 0.03 + 0.01 0.02 0.00 0.13 0.10 0.10 - 0.01 0.14 0.01 0.08 0.05 0.07 - 0.01 0.08 0.01 0.06 0.05 0.05 - 0.01 0.08 0.01 0.08 0.07 0.08 - 0.01 0.11 0.01 0.06 0.00 0.05 - 0.01 0.06 0.01 0.06 0.05 0.06 + 0.01 0.11 0.04 0.12 0.10 0.12 + 0.01 0.20 0.03 0.15 0.00 0.11 - 0.04 0.16 0.01

R Rackla Mtls* O 3 0.11 0.09 0.11 + 0.01 0.11 0.03 Radisson Mng V 272 0.16 0.14 0.16 + 0.01 0.16 0.09 Rae-Wallace Mg* O 1161 0.01 0.00 0.01 - 0.00 0.01 0.00 Rainforest Res* O 2 2.20 0.00 2.20 + 0.10 2.20 0.30 Rainmaker Res V 271 0.11 0.09 0.10 - 0.01 0.25 0.07 Rainy Mtn Royl V 23 0.06 0.05 0.06 + 0.01 0.08 0.03 Rambler Ml &Mg V 49 0.08 0.07 0.07 + 0.01 0.25 0.05 Randgold Res* O 2 120.75 0.00 120.00 - 0.75 120.75 57.00 Randgold Res* D 5569 124.00 115.64 117.10 - 5.22 126.55 54.88 Rare Element* O 432 0.11 0.09 0.10 - 0.00 0.48 0.06 Rathdowney Res V 26 0.20 0.18 0.18 - 0.02 0.26 0.11 RB Energy* O 59 0.00 0.00 0.00 - 0.00 0.01 0.00 Red Eagle Mng V 2345 0.81 0.76 0.80 + 0.03 0.89 0.25 Red Eagle Mng* O 301 0.63 0.59 0.61 - 0.00 0.91 0.18 Red Hut V 200 0.13 0.08 0.09 - 0.05 0.15 0.01 Red Moon Potsh V 35 0.03 0.02 0.03 + 0.01 0.05 0.02 Red Pine Expl V 1374 0.19 0.17 0.19 + 0.02 0.20 0.03 Redhill Res V 205 0.80 0.60 0.80 + 0.10 0.75 0.06 Redstar Gold V 9207 0.10 0.05 0.10 + 0.05 0.09 0.03 Redzone Res V 10 0.13 0.00 0.12 + 0.01 0.30 0.06 Regulus Res V 194 1.41 1.25 1.31 + 0.06 1.44 0.19 Reliant Gold V 84 0.04 0.00 0.03 - 0.01 0.04 0.01 Renaissance Gd V 206 0.44 0.39 0.43 + 0.01 0.49 0.11 Renaissance Gd* O 121 0.34 0.30 0.33 + 0.00 0.38 0.08 Renforth Res 1051 0.03 0.03 0.03 - 0.01 0.05 0.01 Resource Cap* O 11 0.11 0.10 0.11 + 0.02 0.11 0.02 Resource Cap V 109 0.16 0.13 0.16 + 0.03 0.16 0.02 Revelo Res V 42 0.11 0.00 0.10 - 0.01 0.14 0.04 Rhyolite Res V 273 0.25 0.21 0.22 - 0.03 0.25 0.09 Richmond Mnls V 102 0.07 0.00 0.06 + 0.01 0.14 0.03 Richmont Mines* X 1756 10.20 9.39 9.84 - 0.02 10.20 2.27 Richmont Mines T 1643 13.35 12.27 12.74 - 0.06 13.35 3.14 Rio Novo Gold T 221 0.29 0.19 0.19 - 0.10 0.30 0.07 Rio Novo Gold* O 16 0.22 0.15 0.15 - 0.07 0.23 0.06 Rio Silver V 183 0.07 0.06 0.07 + 0.01 0.07 0.02 Rio Tinto* O 2 32.85 0.00 32.85 + 2.60 40.80 21.90 Rio Tinto* N 23078 33.77 31.83 32.86 + 1.27 41.69 21.89 Rio Tinto* O 1 37.23 36.98 36.98 + 0.60 39.53 25.47 Rise Res Inc 48 0.19 0.16 0.16 - 0.04 0.23 0.11 Riverside Res V 196 0.48 0.41 0.41 - 0.06 0.49 0.12 Riverside Res* O 54 0.37 0.31 0.32 - 0.04 0.38 0.08 0.02 - 0.01 0.03 0.01 RJK Explor V 13999 0.02 0.02 Robex Res V 587 0.13 0.12 0.12 - 0.01 0.17 0.05 Rochester Res V 19 0.10 0.08 0.08 - 0.03 0.11 0.03 Rock Tech Lith* O 18 0.53 0.35 0.53 + 0.18 0.39 0.02 Rock Tech Lith V 285 0.70 0.41 0.68 + 0.22 0.57 0.03 Rockcliff Cop V 561 0.09 0.06 0.08 + 0.02 0.09 0.02 Rockex Mng 226 0.08 0.00 0.05 - 0.06 0.75 0.02 Rockhaven Res V 166 0.28 0.24 0.24 - 0.04 0.29 0.10 Rockridge Cap V 7 0.25 0.00 0.25 - 0.04 0.57 0.05 Rockshield Cap 266 0.07 0.07 0.07 + 0.01 0.13 0.06 Rockwell Diam T 333 0.12 0.10 0.11 + 0.01 0.25 0.07 Rockwell Diam* O 200 0.08 0.00 0.08 - 0.00 0.19 0.05 O 422 0.00 0.00 0.00 + 0.00 0.03 0.00 Rodinia Lithm* Rogue Res V 618 0.07 0.00 0.07 + 0.01 0.16 0.03 Rojo Res V 143 0.12 0.11 0.12 + 0.02 0.15 0.04 Romios Gold Rs V 548 0.10 0.08 0.08 - 0.02 0.10 0.02 Romios Gold Rs* O 58 0.08 0.06 0.07 - 0.01 0.08 0.01 Rosita Mg Corp V 4446 0.14 0.08 0.12 + 0.04 0.14 0.01 Ross River V 3605 0.03 0.01 0.03 + 0.03 0.03 0.01 0.48 - 0.03 0.60 0.03 Rouge Res V 497 0.51 0.46 Roughrider Exp V 47 0.14 0.13 0.13 - 0.02 0.15 0.05 Roxgold* O 209 1.33 1.17 1.17 - 0.12 1.33 0.42 V 18563 1.73 1.51 1.51 - 0.17 1.73 0.54 Roxgold Royal Gold* D 5071 83.61 78.64 80.54 - 2.68 83.61 24.68 Royal Nickel T 1201 0.44 0.42 0.42 - 0.02 0.63 0.12 0.34 + 0.01 0.50 0.10 Royal Nickel* O 8 0.34 0.33 Royal Rd Mnrls V 389 0.17 0.14 0.14 - 0.02 0.18 0.04 RT Minerals V 53 0.14 0.13 0.13 - 0.04 0.30 0.05 RTG Mining T 14 0.61 0.56 0.60 - 0.01 0.70 0.33 Rubicon Mnrls* O 2537 0.04 0.03 0.04 + 0.00 1.00 0.01 Rugby Mng V 274 0.39 0.32 0.32 - 0.06 0.39 0.03 Rupert Res V 287 0.80 0.71 0.72 - 0.06 0.87 0.02 Rusoro Mng* O 212 0.10 0.08 0.08 - 0.01 0.13 0.02 Rusoro Mng V 669 0.13 0.11 0.11 + 0.01 0.19 0.03 Rye Patch Gold V 2404 0.47 0.43 0.45 + 0.01 0.47 0.11

S Sabina Gd&Slvr* O 1473 Sabina Gd&Slvr T 4254 Saint Jean* O 407 Saint Jean V 1583 Salazar Res V 167 Samex Mng* O 301 San Gold Corp* O 52 San Marco Res* O 24 San Marco Res V 137 Sanatana Diam V 2128 Sandspring Res* O 525 Sandstorm Gold* X 8491 Sandstorm Gold T 2653 Santa Fe Gold* O 1921 Santacruz Silv V 5557 Sarama Res V 497 Sarissa Res* O 3565 Satori Res V 196 Satori Res* O 22 Saturn Mnrls V 1172 Savary Gold V 3554 Savary Gold* O 920 Scandium Int M* O 115 Scorpio Gold V 1216 ScoZinc Mg V 20 Seabridge Gld T 446 Seabridge Gld* N 4650 Searchlight* O 96 Sego Res V 67 Semafo T 7424

1.04 0.94 0.96 - 0.03 1.55 0.24 1.35 1.21 1.24 - 0.04 1.87 0.32 0.04 0.03 0.03 - 0.02 0.05 0.02 0.04 0.03 0.04 + 0.01 0.07 0.02 0.13 0.12 0.12 - 0.01 0.16 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.15 0.13 0.15 + 0.01 0.15 0.01 0.23 0.19 0.19 - 0.02 0.23 0.02 0.03 0.02 0.03 + 0.01 0.04 0.01 0.60 0.51 0.54 - 0.01 0.60 0.08 5.40 4.91 5.17 + 0.27 5.40 1.94 7.08 6.40 6.74 + 0.35 7.08 2.82 0.07 0.03 0.03 - 0.02 0.09 0.00 0.51 0.41 0.43 - 0.07 0.63 0.09 0.24 0.18 0.20 + 0.01 0.24 0.05 0.00 0.00 0.00 - 0.00 0.02 0.00 0.17 0.13 0.17 + 0.02 0.17 0.02 0.12 0.11 0.11 - 0.01 0.12 0.02 0.10 0.09 0.10 + 0.01 0.22 0.09 0.15 0.13 0.15 + 0.01 0.15 0.02 0.12 0.10 0.11 + 0.00 0.12 0.06 0.14 0.13 0.13 + 0.00 0.17 0.06 0.10 0.09 0.09 - 0.02 0.12 0.05 0.85 0.00 0.85 + 0.19 1.25 0.40 20.00 17.85 17.98 - 1.61 20.71 4.34 15.27 13.78 13.89 - 1.13 15.88 3.31 0.10 0.07 0.10 + 0.01 0.42 0.01 0.03 0.03 0.03 + 0.01 0.05 0.01 7.39 6.65 6.77 - 0.48 7.39 2.46

2016-07-19 4:45 PM

10

WWW.NORTHERNMINER.COM

JULY 25–31, 2016 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Serabi Gold T 112 Sherritt Intl T 3980 Shore Gold T 463 Sibanye Gold* N 9625 Sibanye Gold* O 1 Sienna Res* O 88 Sienna Res V 2324 Sierra Iron Or* O 4 223 Sierra Iron Or V Sierra Metals T 289 Sierra Metals* O 46 Sierra Res* O 1273 Signal Expl V 39 Signature Res V 595 Silver Bear Rs T 1148 Silver Bull Re* O 4334 Silver Bull Re T 1390 Silver Dragon* O 328 Silver Grail V 112 261 Silver Mtn Mns V Silver Predatr V 69 Silver Pursuit V 50 Silver Range V 571 Silver Shield 347 Silver Spruce V 819 Silver Std Res T 5256 Silver Std Res* D 11993 Silver Wheaton T 9099 N 28738 Silver Wheaton* Silvercorp Met T 3208 Silvercorp Met* O 1805 Silvermet V 4616 Silverore Mns* O 37 SinoCoking Cl* D 2423 Sirios Res* O 115 Skeena Res* O 204 Skeena Res V 1859 Skyharbour Res V 3672 Slam Explor V 177 Solitario Ex&R T 51 Solitario Ex&R* X 487 Sona Res V 402 Sonora Gld & S V 295 Sonoro Mtls V 542 Southern Arc V 200 Southern Arc* O 16 Southern Copp* N 6219 Southern Silvr* O 278 Spanish Mtn Gd V 2393 Spanish Mtn Gd* O 269 Sparton Res* O 204 V 3060 Spearmint Res Sphinx Res V 140 Spruce Ridge R V 45 St Augustine T 316 St Elias Mns* O 30 V 246 Stakeholdr Gld Stakeholdr Gld* O 77 Standard Graph V 1088 O 63 Standard Graph* Standard Metal* O 55 Stans Energy V 971 Stans Energy* O 578 Star Gold* O 5 Starcore Intl T 421 Starr Peak Exp V 53 Stellar Africa V 1970 Sterling Grp* O 223 Stillwater Mg* N 7459 Stina Res* O 25 Stina Res 198 Stonegate Agri* O 6 Stornoway Diam T 4253 Stratabd Mnr V 491

0.12 0.11 0.12 + 0.01 0.12 0.04 0.93 0.86 0.91 + 0.05 1.79 0.53 0.20 0.19 0.19 + 0.01 0.25 0.13 17.25 15.54 17.08 + 1.34 17.11 4.07 4.22 3.93 4.22 + 0.92 4.22 1.28 0.18 0.16 0.16 - 0.01 0.19 0.01 0.24 0.20 0.22 - 0.02 0.25 0.01 0.25 0.19 0.24 - 0.01 0.36 0.15 0.30 0.24 0.30 + 0.02 0.50 0.22 1.60 1.34 1.56 + 0.23 1.80 0.84 1.20 1.01 1.20 + 0.13 1.40 0.69 0.00 0.00 0.00 + 0.00 0.01 0.00 0.23 0.21 0.22 + 0.06 0.30 0.01 0.07 0.05 0.06 - 0.02 0.09 0.01 0.32 0.27 0.28 - 0.02 0.32 0.02 0.17 0.15 0.15 + 0.00 0.19 0.02 0.22 0.19 0.20 + 0.01 0.25 0.04 0.04 0.03 0.03 + 0.00 0.05 0.01 0.13 0.10 0.12 - 0.02 0.13 0.02 0.05 0.03 0.03 - 0.01 0.05 0.01 0.08 0.07 0.07 - 0.01 0.09 0.01 0.08 0.07 0.07 - 0.01 0.13 0.02 0.21 0.17 0.17 - 0.04 0.24 0.02 0.08 0.05 0.08 - 0.01 0.17 0.01 0.08 0.08 0.08 - 0.01 0.10 0.04 19.53 17.71 18.43 - 0.58 19.53 5.28 14.93 13.71 14.24 - 0.34 14.93 3.66 34.64 32.62 33.65 + 0.01 34.64 14.51 26.41 25.22 26.02 + 0.23 26.41 10.04 4.02 3.75 3.90 + 0.03 4.02 0.60 3.11 2.88 3.01 + 0.04 3.11 0.41 0.04 0.04 0.04 + 0.01 0.06 0.02 0.04 0.03 0.04 + 0.01 0.20 0.01 0.53 0.31 0.35 + 0.03 1.48 0.26 0.31 0.31 0.31 + 0.01 0.39 0.07 0.12 0.10 0.12 + 0.01 0.12 0.04 0.15 0.12 0.14 + 0.02 0.15 0.06 0.07 0.05 0.06 + 0.01 0.07 0.02 0.14 0.07 0.12 + 0.05 0.14 0.01 1.05 0.92 0.92 - 0.09 1.05 0.57 0.81 0.70 0.72 - 0.07 0.82 0.40 0.06 0.00 0.06 + 0.01 0.09 0.01 0.06 0.05 0.05 - 0.01 0.08 0.01 0.13 0.10 0.11 - 0.01 0.13 0.04 0.76 0.64 0.70 + 0.04 1.00 0.24 0.57 0.52 0.57 + 0.04 0.66 0.17 26.94 25.87 26.42 + 0.65 31.31 21.55 0.31 0.12 0.30 + 0.00 0.39 0.02 0.12 0.10 0.12 + 0.02 0.11 0.02 0.09 0.08 0.09 + 0.01 0.09 0.01 0.05 0.05 0.05 + 0.00 0.05 0.00 0.04 0.04 0.04 - 0.01 0.06 0.01 0.05 0.00 0.04 - 0.01 0.05 0.01 0.04 0.03 0.04 + 0.01 0.06 0.01 0.12 0.11 0.11 - 0.02 0.14 0.07 0.01 0.00 0.00 + 0.00 0.01 0.00 0.45 0.40 0.45 + 0.05 0.62 0.04 0.35 0.30 0.35 + 0.05 0.46 0.05 0.09 0.07 0.07 - 0.02 0.13 0.01 0.06 0.06 0.06 - 0.01 0.09 0.00 0.16 0.11 0.16 - 0.00 0.90 0.01 0.03 0.02 0.02 - 0.01 0.05 0.01 0.02 0.01 0.01 - 0.00 0.04 0.01 0.10 0.06 0.06 - 0.00 0.15 0.05 0.86 0.76 0.80 - 0.09 0.91 0.25 0.08 0.07 0.07 - 0.01 0.19 0.05 0.06 0.04 0.05 - 0.01 0.08 0.01 0.04 0.03 0.03 + 0.00 0.04 0.01 13.57 12.69 13.35 + 0.62 13.57 4.99 0.13 0.13 0.13 - 0.00 0.19 0.06 0.15 0.13 0.13 - 0.02 0.19 0.11 0.01 0.01 0.01 - 0.00 0.03 0.00 1.05 0.95 1.02 + 0.03 1.08 0.65 0.01 0.01 0.01 - 0.01 0.02 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Strateco Res* O 153 Strategic Metl V 624 Strategic Res V 345 Stratton Res V 366 Stria Lithium V 155 Strikepoint Gd V 105 Strikepoint Gd* O 49 Stroud Res V 557 Sulliden Mng T 455 Sultan Mnrls V 1348 Suncor Energy T 13397 Suncor Energy* N 12330 Sunridge Gold* O 1565 Sunvest Mnrls V 56 Sutter Gold* O 195 Sutter Gold V 227 Swift Res V 42 Syrah Res* O 18

0.03 0.01 0.01 - 0.00 0.30 0.00 0.67 0.56 0.61 - 0.02 0.80 0.24 0.04 0.03 0.03 - 0.01 0.04 0.02 0.55 0.39 0.54 + 0.13 0.49 0.07 0.12 0.10 0.10 - 0.01 0.18 0.02 0.23 0.19 0.20 - 0.02 0.55 0.05 0.17 0.16 0.17 + 0.01 0.19 0.08 0.01 0.00 0.01 - 0.01 0.02 0.01 0.47 0.38 0.47 + 0.07 0.45 0.19 0.02 0.01 0.01 - 0.01 0.02 0.01 37.27 36.06 36.08 - 0.20 40.35 27.32 28.70 27.63 27.91 + 0.07 30.70 18.71 0.03 0.02 0.02 - 0.00 0.29 0.01 0.11 0.00 0.11 + 0.02 0.55 0.01 0.06 0.04 0.04 - 0.00 0.13 0.02 0.07 0.06 0.07 + 0.01 0.16 0.04 0.04 0.03 0.03 - 0.01 0.05 0.01 4.60 4.45 4.45 - 0.15 4.90 1.81

T Tahoe Res* N 8753 Tahoe Res T 6355 Tajiri Res V 570 Takara Res V 316 Taku Gold* O 172 Taku Gold 189 Talon Metals T 455 Tamino Mnrls* O 2569 V 168 Tanager Energy Tango Mining V 1859 Tanzania Rlty T 361 Tanzania Rlty* X 2372 Tarku Res V 160 Tartisan Res 140 Tasca Res V 323 Taseko Mines* X 1906 Taseko Mines T 788 Tasman Metals* O 200 V 324 Tasman Metals T 6 Teck Res Teck Res* N 30571 T 20733 Teck Res Tembo Gold V 589 Tembo Gold* O 798 Teranga Gold T 3466 Teras Res* O 136 Teras Res V 295 Terraco Gold V 2326 Terrax Mnrls* O 92 Terrax Mnrls V 2989 Teslin Rvr Res V 214 Teuton Res V 161 Teuton Res* O 51 Themac Res V 132 O 6250 Thompson Creek* Thompson Creek T 7343 Thor Expl V 149 Thunder Mtn Gd* O 245 29 Thunder Mtn Gd V Thunderstruck V 161 Till Capital V 2 Till Capital* D 9 Timberline Res V 58 O 293 Timberline Res* 18250 Timmins Gold* X Timmins Gold T 13532 Tinka Res* O 538 Tinka Res V 1678 Tintina Res V 160 Tintina Res* O 85 Tirex Res* O 29 Titanium Corp V 197 TMAC Resource* O 62

16.84 15.66 15.87 - 0.61 16.84 6.48 22.05 20.33 20.49 - 1.04 22.05 9.45 0.04 0.03 0.03 - 0.01 0.06 0.01 0.10 0.08 0.08 - 0.01 0.10 0.02 0.10 0.08 0.08 - 0.02 0.13 0.01 0.14 0.10 0.11 - 0.03 0.22 0.02 0.11 0.09 0.11 + 0.03 0.15 0.07 0.00 0.00 0.00 + 0.00 0.01 0.00 0.09 0.00 0.08 - 0.01 0.10 0.02 0.08 0.06 0.07 + 0.01 0.08 0.01 1.45 1.25 1.34 - 0.06 1.70 0.24 1.11 0.96 1.05 - 0.04 1.32 0.17 0.08 0.08 0.08 - 0.03 0.10 0.02 0.05 0.04 0.04 - 0.01 0.10 0.01 0.12 0.09 0.12 + 0.01 0.12 0.00 0.64 0.47 0.62 + 0.07 0.70 0.23 0.82 0.62 0.80 + 0.09 0.88 0.35 0.33 0.28 0.31 + 0.02 0.51 0.06 0.43 0.37 0.41 + 0.03 0.57 0.09 19.30 18.61 19.00 + 0.48 19.55 5.69 14.55 13.74 14.37 + 0.82 14.55 2.56 18.90 17.99 18.57 + 0.91 18.90 3.65 0.05 0.00 0.05 - 0.01 0.06 0.01 0.04 0.00 0.04 - 0.00 0.05 0.01 1.23 1.14 1.14 - 0.09 1.25 0.38 0.13 0.10 0.13 + 0.01 0.13 0.02 0.17 0.13 0.17 + 0.03 0.18 0.03 0.16 0.14 0.16 + 0.01 0.16 0.07 0.58 0.44 0.54 + 0.13 0.52 0.17 0.75 0.55 0.69 + 0.12 0.70 0.23 0.35 0.31 0.32 - 0.03 0.43 0.20 0.28 0.26 0.27 - 0.01 0.33 0.04 0.22 0.20 0.20 - 0.02 0.25 0.03 0.07 0.05 0.05 + 0.01 0.10 0.01 0.57 0.50 0.55 - 0.00 0.73 0.07 0.74 0.68 0.71 - 0.01 0.95 0.16 0.14 0.12 0.12 + 0.01 0.14 0.02 0.11 0.00 0.08 - 0.03 0.15 0.02 0.22 0.10 0.15 + 0.04 0.23 0.07 0.05 0.04 0.04 - 0.01 0.05 0.01 4.30 3.93 4.00 - 0.20 5.90 3.28 3.30 3.08 3.10 - 0.20 4.77 2.76 0.53 0.48 0.50 - 0.01 0.72 0.16 0.41 0.36 0.39 - 0.02 0.78 0.08 0.55 0.36 0.55 + 0.10 0.48 0.07 0.70 0.49 0.70 + 0.12 0.62 0.11 0.19 0.15 0.18 + 0.00 0.22 0.07 0.24 0.20 0.23 + 0.01 0.27 0.09 0.13 0.10 0.12 - 0.01 0.13 0.04 0.10 0.09 0.10 - 0.00 0.10 0.03 0.09 0.08 0.09 + 0.01 0.16 0.05 0.46 0.38 0.46 + 0.05 1.54 0.31 11.78 11.38 11.68 + 0.24 13.63 9.26

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

TMAC Resources T 624 TNR Gold V 2572 Tolima Gold V 920 Tombstone Expl* O 1944 Tonogold Res* O 172 Torex Gold T 2914 Tower Res V 1000 Transition Mtl V 81 Treasury Metal T 483 Trecora Res* N 133 Trevali Mng* O 882 Trevali Mng T 21696 Trident Gold V 575 TriMetals Mng T 748 TriMetals Mng* O 126 TriMetals Mng* O 186 Trinity Res* O 31 Trinity Valley V 125 TriStar Gold* O 75 TriStar Gold V 169 Troy Res* O 156 632 True North Gem V Trueclaim Expl V 688 Tsodilo Res V 158 Tudor Gold V 79 Tungsten Corp* O 6139 13804 Turquoise HIl* N Turquoise HIl T 3588 TVI Pacific T 2185 TVI Pacific* O 144 Tyhee Gold* O 239 Typhoon Expl V 153

15.24 14.90 15.10 + 0.31 17.73 4.85 0.06 0.05 0.06 + 0.01 0.09 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.02 0.01 0.02 + 0.00 0.02 0.01 0.03 0.00 0.03 + 0.01 0.07 0.01 25.78 24.61 25.30 - 0.59 26.61 8.50 0.10 0.07 0.08 + 0.01 0.10 0.01 0.19 0.17 0.19 + 0.02 0.19 0.06 0.65 0.60 0.63 - 0.02 0.65 0.32 11.54 10.84 11.45 + 0.65 16.36 8.17 0.64 0.46 0.62 + 0.14 0.74 0.18 0.83 0.60 0.79 + 0.16 0.97 0.25 0.01 0.01 0.01 - 0.01 0.02 0.01 0.30 0.27 0.30 + 0.01 0.36 0.04 0.27 0.21 0.27 + 0.03 0.32 0.06 0.24 0.20 0.23 + 0.01 0.28 0.03 0.05 0.00 0.04 - 0.02 1.50 0.05 0.02 0.02 0.02 - 0.01 0.04 0.01 0.29 0.27 0.28 + 0.01 0.32 0.10 0.38 0.32 0.36 + 0.02 0.40 0.10 0.46 0.42 0.45 - 0.01 0.56 0.13 0.10 0.09 0.09 - 0.01 0.20 0.07 0.04 0.03 0.03 + 0.01 0.04 0.01 0.73 0.54 0.70 - 0.03 1.03 0.54 2.24 1.80 1.91 - 0.36 2.50 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 3.67 3.51 3.57 + 0.07 3.66 1.55 4.72 4.57 4.62 + 0.05 4.72 2.30 0.03 0.02 0.02 - 0.01 0.04 0.01 0.02 0.01 0.02 - 0.00 0.03 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.13 0.10 0.12 - 0.02 0.13 0.03

U.S. Lithium* O 412 U3O8 Corp* O 603 U3O8 Corp T 21442 463 Ucore Rare Mtl V 359 Ucore Rare Mtl* O UEX Corp T 1161 Ultra Lithium* O 51 Ultra Lithium V 136 Umbral Enrgy 1100 Unigold* O 35 United Res Hdg* O 127 United Silver* O 585 United States A* X 847 United States S* N 68777 Unity Energy V 456 Ur-Energy* X 1553 Ur-Energy T 180 Uracan Res* O 45 Uragold Bay Rs V 3779 Uranium Energy* X 3149 Uranium Valley V 39 Uravan Mnrls V 241 US Energy* D 114 US Precious M* O 2268 US Tungsten* O 31 USCorp* O 122 Vale* N 32076 Vale* N 121415 Valley High Mg* O 42011 O 379 Vanadiumcorp* Vanadiumcorp V 902 Vanstar Mng Rs V 255 Vantex Res V 328 Vedanta* N 1963 Vena Res* O 20 Vena Res V 1427 Vendome Res V 75 Venture Mnrls* O 64 Verde Potash T 52

0.06 0.04 0.06 - 0.01 0.15 0.01 0.03 0.02 0.03 + 0.00 0.04 0.01 0.04 0.03 0.04 + 0.01 0.05 0.02 0.43 0.39 0.40 - 0.02 0.45 0.20 0.33 0.30 0.31 - 0.01 0.35 0.15 0.24 0.22 0.24 + 0.01 0.29 0.11 0.16 0.14 0.14 - 0.02 0.27 0.06 0.23 0.19 0.20 + 0.01 0.35 0.05 0.05 0.04 0.05 - 0.01 0.10 0.02 0.34 0.33 0.34 + 0.02 0.34 0.06 0.03 0.02 0.03 + 0.00 0.09 0.01 0.01 0.00 0.00 + 0.00 0.01 0.00 0.28 0.24 0.25 + 0.01 0.75 0.16 21.90 19.37 21.68 + 2.65 21.50 6.15 0.21 0.17 0.19 - 0.02 0.48 0.05 0.64 0.57 0.60 + 0.01 0.77 0.44 0.82 0.75 0.77 + 0.01 1.02 0.60 0.06 0.04 0.05 + 0.00 0.06 0.00 0.30 0.23 0.29 + 0.07 0.29 0.02 0.98 0.91 0.94 + 0.02 1.48 0.65 0.35 0.19 0.25 + 0.03 0.35 0.04 0.37 0.29 0.30 - 0.04 0.39 0.05 2.38 2.01 2.10 - 0.21 4.86 0.67 0.02 0.01 0.01 - 0.00 0.14 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.01 0.01 0.01 - 0.01 0.03 0.00 4.41 4.00 4.20 + 0.27 4.79 1.55 5.53 5.02 5.36 + 0.41 6.26 2.13 0.02 0.00 0.01 - 0.00 0.02 0.00 0.04 0.03 0.04 + 0.01 0.05 0.01 0.06 0.05 0.06 + 0.01 0.06 0.02 0.08 0.07 0.08 + 0.01 0.10 0.03 0.04 0.03 0.03 - 0.01 0.04 0.01 9.92 8.89 9.84 + 1.16 9.92 3.52 0.04 0.03 0.04 + 0.01 0.04 0.00 0.06 0.05 0.06 + 0.01 0.07 0.04 0.01 0.01 0.01 + 0.01 0.03 0.01 0.03 0.03 0.03 + 0.00 0.04 0.01 0.30 0.25 0.26 - 0.03 0.48 0.13

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Veris Gold* O 38 Victoria Gold V 15793 Victory Nickel 122 Victory Res V 670 Victory Vent V 475 Virginia Enrgy V 285 O 126 Virginia Enrgy* Viscount Mng V 240 Visible Gold M V 1845 Vista Gold* X 8402 Vista Gold T 462 Volcanic Mtls V 82 Voltaic Min V 417 Vulcan Mnrls V 289 VVC Expl V 473

0.00 0.01 + 0.00 0.03 0.01 0.00 0.11 0.74 + 0.15 0.77 0.80 0.54 0.02 0.04 + 0.01 0.05 0.04 0.04 0.02 0.05 + 0.01 0.09 0.06 0.04 0.01 0.03 + 0.01 0.06 0.03 0.02 0.04 0.04 - 0.01 0.10 0.04 0.00 0.02 0.03 + 0.01 0.08 0.03 0.00 0.16 0.69 - 0.05 0.91 0.75 0.68 0.05 0.04 0.04 - 0.01 0.07 0.02 0.24 1.60 - 0.06 2.09 1.73 1.50 0.31 2.07 - 0.13 2.73 2.26 1.97 0.04 0.17 + 0.03 0.17 0.17 0.15 0.03 0.40 - 0.06 0.52 0.46 0.40 0.02 0.05 + 0.01 0.05 0.05 0.03 0.01 0.04 - 0.01 0.05 0.05 0.04

Walker Lane* O 10 Walker River V 780 T 842 Wallbridge Mng O 1224 Walter Energy* Waseco Res V 361 Wealth Mnrls* O 205 Wealth Mnrls V 1310 O 1030 Wellgreen Plat* Wellgreen Plat T 1178 T 1911 Wesdome Gold 20 West High Yld V 623 West Red Lake 172 West Red Lake* O X 960 Western Copper* T 985 Western Copper 93 Western Pac Rs* O T 2286 Western Potash Western Uran 7 Western Uran* O 8 V 279 Westhaven Vent O 38 Westhaven Vent* O 239 Westkam Gold* V 2299 Westkam Gold Westmoreland* D 978 Westridge Res V 195 364 White Metal Rs V 86 White Mtn Engy* O O 50 Whitehaven Coa* Wildcat Expl V 467 O 2 Wincash Apolo* V 264 Wolverine Mnls O 103 Worldwide Res* WPC Res V 1429 X-Terra Res V 384 Ximen Mng V 2690 Ximen Mng* O 256 XLI Tech Inc* O 6225 V 605 Xtierra O 122 Xtra-Gold Res* Xtra-Gold Res T 148 Yamana Gold T 25356 48856 Yamana Gold* N Yanzhou Coal* N 192 T 245 Yellowhead Mng Zadar Vent V 3770 100 O Zadar Vent * Zazu Metals* O 36 Zazu Metals T 250 Zenyatta Vent V 165 O 78 Zenyatta Vent* Zephyr Mnls* O 3 Zephyr Mnls V 73 Zimtu Capital V 166 Zincore Mtls V 232 Zonte Mtls V 38

0.19 0.25 - 0.02 0.95 0.27 0.19 0.02 0.07 + 0.01 0.08 0.07 0.06 0.02 0.08 + 0.01 0.10 0.09 0.07 0.01 0.06 - 0.00 0.15 0.08 0.05 0.02 0.06 - 0.01 0.07 0.07 0.05 0.10 0.71 + 0.03 0.83 0.75 0.68 0.14 0.90 + 0.05 1.06 1.00 0.84 0.12 0.31 - 0.08 0.46 0.40 0.30 0.16 0.40 - 0.12 0.62 0.51 0.40 0.89 2.02 - 0.08 2.20 2.15 1.97 0.24 0.00 0.24 + 0.02 0.39 0.17 0.27 0.23 0.26 - 0.01 0.34 0.01 0.21 0.18 0.21 + 0.01 0.26 0.02 0.20 0.99 + 0.05 1.04 1.04 0.93 0.29 1.28 + 0.06 1.35 1.34 1.20 0.04 0.02 0.03 + 0.01 0.04 0.00 0.14 0.15 - 0.03 0.30 0.17 0.14 1.20 2.50 + 0.50 5.00 2.50 1.98 1.19 1.94 + 0.41 2.67 1.95 1.51 0.04 0.15 + 0.01 0.16 0.15 0.12 0.08 0.12 + 0.04 0.12 0.12 0.09 0.01 0.06 + 0.00 0.07 0.06 0.05 0.02 0.07 - 0.01 0.09 0.07 0.06 10.44 9.37 10.28 + 0.83 17.69 3.44 0.01 0.02 + 0.01 0.02 0.02 0.02 0.08 0.07 0.07 + 0.01 0.13 0.02 0.12 0.08 0.08 - 0.02 0.40 0.07 0.25 1.21 + 0.21 1.20 1.21 1.00 0.02 0.10 + 0.02 0.16 0.10 0.07 0.06 0.07 - 0.02 0.25 0.10 0.07 0.07 0.09 - 0.01 0.33 0.10 0.00 0.01 0.03 + 0.00 0.04 0.03 0.02 0.03 0.08 - 0.01 0.12 0.10 0.07 0.06 0.24 - 0.03 0.27 0.26 0.22 0.02 0.17 + 0.08 0.18 0.18 0.10 0.01 0.13 + 0.07 0.13 0.13 0.09 0.04 0.03 0.03 - 0.00 1.50 0.02 0.01 0.06 - 0.01 0.08 0.08 0.05 0.12 0.33 - 0.05 0.43 0.38 0.33 0.18 0.46 - 0.05 0.56 0.50 0.44 1.89 7.57 - 0.13 7.83 7.83 7.40 1.38 5.85 - 0.05 5.99 5.99 5.71 3.66 6.61 + 0.06 7.02 7.02 6.59 0.03 0.08 + 0.01 0.10 0.09 0.07 0.01 0.14 + 0.01 0.26 0.16 0.14 0.12 0.00 0.12 + 0.03 0.20 0.06 0.08 0.18 + 0.04 0.24 0.19 0.18 0.09 0.24 + 0.03 0.33 0.26 0.21 0.63 0.69 + 0.01 1.78 0.69 0.65 0.47 0.53 + 0.02 1.33 0.53 0.00 0.15 0.30 + 0.00 0.30 0.30 0.30 0.08 0.39 + 0.01 0.42 0.42 0.38 0.12 0.25 + 0.01 0.38 0.25 0.22 0.01 0.02 - 0.01 0.05 0.05 0.02 0.02 0.08 - 0.01 0.15 0.08 0.00

W-Z

BID-ASK — JULY 11–15, 2016

STOCK

EXC BID ASK LAST HIGH

37 Capital One Acme Res Corp Active Growth Afrasia Mnls African Metals Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Alexandra Cap Allante Potash Alpha Nat Res* Am Manganese Amanta Res Arak Res Arch Coal* Ardonblue Vent Arrowhead Gold Artha Res Astar Mnls Ateba Res Atlatsa Res* Aurgent Gold Banks Island BCGold BE Res Bearclaw Cap Bearing Res Belvedere Res Big Bar Res Bird River Res Black Bull Res BlackEagle Dev Bluenose Gold Boss Power Bullman Mnls Cairo Res Canuc Res Carrie Arran Cascade Res Cassidy Gold Cassius Vents Celtic Minrls Central Iron Chinapintza Mg Cliffs Nat Res* Comet Inds Compliance Egy Copper Reef Mg Crestwell Res Cricket Res CWN M’g Acq DGS Mnls DV Resources E-Energy Vent Empire Rock Enfield Expl European Metal Fire River Gol First Idaho Freeport Res G4G Res General Moly GFM Res Global Cobalt Golden Band Granite Ck Gld

8-10_July25_StockTables.indd 10

12-MONTH

C V V V V V C V X C V N V V V N V C V V C X V V V V V V V V C V C V V V V V V V V V C V V N V V C C V V C V V V C C V V V V T V V V V

0.06 1.63 0.15 0.20 0.01 0.03 0.02 0.03 0.05 0.06 0.05 0.10 0.03 0.08 0.03 0.05 0.06 0.09 0.09 0.11 ... 0.01 0.01 0.03 0.06 0.15 0.15 0.23 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.03 ...

0.03 0.03 0.03 0.10 0.03 0.06 0.23 0.24 0.24 4.16 0.04 0.05 0.05 0.07 0.01 0.02 0.01 0.03 0.04 0.03 0.07 ... ...

0.58 15.00 0.03 0.09 0.05 0.07 0.01 ...

0.03 0.05 0.13 0.15 0.12 0.20 0.10 ...

0.10 0.15 ... 0.01 0.01 0.01 ... ...

0.06 0.45 0.07 0.12 0.11 0.11 0.01 0.01 0.01 0.17 0.05 0.07 0.05 0.13 ... 0.34 0.35 0.04 0.06 0.04 0.06 0.01 0.05 0.03 0.04 0.06 0.05 0.09 0.08 0.50 0.10 0.10 0.03 0.09 0.05 0.07 ...

0.01 0.01 0.04 ...

0.04 0.04 0.01 0.03 0.01 0.03 0.17 0.20 0.17 0.17 0.05 0.09 0.09 0.09 0.24 0.39 0.30 0.30 0.23 0.29 0.25 0.30 0.05 ...

0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.03 0.05 0.04 0.04 ... ...

0.01 0.01 0.02 0.02 0.02 0.01 0.02 0.01 0.01 1.45 3.20 1.43 7.17 1.60 2.00 1.75 1.75 0.03 0.03 0.03 0.25 0.02 0.03 0.03 0.03 0.04 0.10 0.13 0.14 0.01 0.04 0.01 0.03 0.10 0.25 0.25 0.25 0.04 0.09 0.04 0.06 0.04 0.09 0.04 0.06 ... 0.01 0.01 0.21 0.25 0.25 0.27 ... ...

0.01 0.01 ... 0.01 0.01 0.01 0.03 0.07 0.09 0.75 0.08 0.14 0.12 0.12 0.02 0.03 0.02 0.09 0.07 0.12 0.08 0.11 0.21 0.50 0.44 0.65 0.02 0.10 0.02 0.03 0.02 0.02 0.02 0.08 ... 0.01 0.01 0.01 0.03 0.06 0.04 0.05

LOW

STOCK

0.05 0.01 0.02 0.01 0.02 0.01 0.08 0.16 0.12 0.03 0.01 0.20 0.01

Graniz Mondal V Gravis Energy C Green Arrow V Greenshield Ex V Greywacke Expl C Harvest Gold V HFX Holding V Highbury Proj V Highvista Gold V HiHo Silver C Homeland Egy V Icon Explor V IGC Res V Inter-Rock Mnl V V Jasper Mng Jazz Res V Jet Gold V Jet Metal V V Jiulian Res V Kairos Cap Karmin Expl V Karoo Expl V V Kestrel Gold Kitrinor Mtls V Lancaster Cap V Lateral Gold V Leo Res C Libero Mg Corp V Lions Bay Cap V V Logan Res Lovitt Res V Lund Enterpr V Maccabi Vent C X MAG Silver* Mainstream Mnl V Manado Gold V Margaux Res V Martina Mnls V Match Capital V McChip Res V McLaren Res C Mega Copper V Megastar Dev V Metallum Res V Midnight Star C Mindoro Res V Minsud Res V Moag Copper C Montego Res C Morgan Res V Mountain Lake C Mukuba Res V Natan Res V Nebu Res V Network Expl V Nevada Clean M V New Klondike V Newlox Gold C North Am Tung V NSGold V NSS Res Inc C Open Gold V Oracle Mng V Oxford Res V Pac Arc Res V Pac Cascade V Pac Link Mng V

0.02 0.58 0.05 0.03 0.01 0.09 0.01 0.06 0.02 0.01 0.03 0.02 0.01 0.10 0.02 0.03 0.01 0.17 0.03 0.08 0.05 0.05 0.02 0.01 0.01 0.01 0.01 0.98 1.20 0.03 0.01 0.08 0.01 0.11 0.03 0.03 0.04 0.01 0.01 0.03 0.05 0.01 0.03 0.22 0.02 0.01 0.01 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.04 0.05 0.05 0.05 ... 0.02 0.01 0.03 0.04 0.04 0.10 0.03 0.05 0.03 0.05 0.04 ...

0.04 0.04 0.04 0.12 0.04 0.05 0.04 0.06 0.04 0.15 0.18 ...

0.20 0.20 ... 0.16 0.17 ... 0.02 0.01 0.01 ... 0.01 0.01 0.01 0.02 0.03 0.02 0.03 0.01 0.01 0.01 0.02 0.09 0.12 0.09 0.14 0.05 0.08 0.06 0.08 0.12 0.18 0.15 0.23 0.04 0.08 0.06 0.06 0.10 0.10 0.09 0.15 0.02 0.05 0.02 0.03 0.02 0.04 0.02 0.03 0.25 0.32 0.32 0.36 0.01 0.02 0.01 0.02 0.02 0.02 0.02 0.07 0.01 0.02 0.01 0.02 0.13 0.28 0.28 0.32 0.11 0.16 0.14 0.18 0.01 0.03 0.01 0.01 0.14 0.20 0.14 0.20 0.01 0.03 0.01 0.01 0.15 0.15 0.12 0.15 0.05 0.12 0.05 0.05 0.10 0.13 0.11 0.14 0.08 0.13 0.10 0.14 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.01 0.01 0.03 0.08 0.20 0.23 0.23 0.29 ... 0.02 0.01 0.01 0.04 0.01 0.01 0.60 0.80 0.61 0.95 ... 0.01 0.01 0.01 0.05 0.12 0.05 0.05 0.04 0.06 0.04 0.08 0.03 0.06 0.12 0.06 0.15 0.06 0.10 0.01 0.01 0.01 0.01 0.06 ...

0.06 0.09 ... ...

0.08 0.12 0.08 0.15 0.11 0.13 0.01 0.01 0.01 0.03 ... 0.01 0.01 0.01 ... 0.01 0.01 0.02 0.17 0.27 0.25 0.25 0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.02 0.03 0.03 0.05 0.01 0.01 0.01 0.02 0.03 0.04 0.03 0.06 ...

0.01 0.01 0.02 0.09 0.12 0.10 0.10 ... ...

0.20 0.20 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.02 0.03 0.03 0.02 0.03 0.03 0.05 0.01 0.02 0.01 0.02 0.01 0.08 0.02 0.03

0.01 0.03 0.01 0.01 0.01 0.01 0.10 0.01 0.01 0.01 0.01 0.01 0.02 0.08 0.03 0.04 0.01 0.01 0.15 0.01 0.01 0.01 0.06 0.07 0.01 0.02 0.01 0.04 0.02 0.02 0.08 6.12 0.03 0.11 0.01 0.40 0.01 0.02 0.02 0.06 0.01 0.06 0.08 0.09 0.01 0.01 0.01 0.05 0.01 0.02 0.02 0.01 0.02 0.01 0.03 0.20 0.01 0.01 0.01 0.01

STOCK

Pantheon Vent Phoenix Gold Phoenix Metals Pitchblack Res Portofino Res ProAm Expl Rare Element* Remo Res Resolve Vent Revolver Res Rheingold Expl Rodinia Lithm Romulus Res RosCan Mrnls Rotation Mnls Rubicon Mnrls* Savoy Vent Scavo Res Search Mnls SG Spirit Gold SGX Res Shamrock Ent Silver Phoenix Sky Ridge Sniper Res Spada Gold Squire Mg Ltd Stockport Expl Stone Ridge Ex Strata Mnls Sunrise Res Sunset Cove Mg Talmora Diamd Tanzania Mnls Tearlach Res Teryl Res Corp Theia Res Tiger Intl Tiller Res Tri-River Vent Trigen Res Trio Gold Corp Troy Enrgy UC Res United Coal Universal Vent Vangold Res Velocity Mnrls Venerable Vent Wabi Expl WAI Cap Invest West Melville Weststar Res Whistler Gold Wolfeye Res Xiana Mng Xmet Inc Zara Res Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

V V V V V V X V V V C V V V V X V C V V V C C V V V C V C V V V C V V V V V V V V V V V C V V V V C V V C V V V V C V V

0.11 0.11 0.10 ... 0.01 0.01 0.02 0.19 0.20 0.21 0.21 0.08 0.15 0.09 0.20 0.07 0.12 0.07 0.13 0.02 0.03 0.02 0.02 0.11 0.16 0.15 0.89 0.09 0.15 0.09 0.10 0.14 0.18 0.14 0.30 0.20 0.25 0.20 0.27 0.03 0.10 0.04 0.05 0.02 0.02 0.01 0.05 0.12 0.16 0.16 0.16 0.01 0.02 0.02 0.02 0.09 0.40 0.04 0.04 ... ...

0.03 1.35 ... ...

0.16 0.36 0.57 0.36 0.54 0.08 0.09 0.08 0.11 0.11 ...

0.09 0.20 0.02 0.02 0.02 0.05 0.03 0.06 0.05 0.05 0.01 0.24 0.10 0.10 0.27 0.39 0.27 0.30 0.01 0.01 0.01 0.07 0.20 0.50 0.20 0.60 0.10 0.14 0.10 0.19 0.02 0.03 0.03 0.06 0.11 0.15 0.11 0.14 0.01 0.02 0.01 0.05 0.01 0.02 0.01 0.05 0.01 0.01 0.01 0.01 0.01 ...

0.01 0.01 0.01 0.01 0.01 0.02 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.11 0.16 0.11 0.16 0.13 0.25 0.13 0.25 0.03 0.07 0.03 0.07 0.03 0.07 0.03 0.17 0.06 0.20 0.06 0.07 0.01 0.02 0.01 0.02 0.02 0.07 0.05 0.05 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ...

0.45 0.01 0.02 0.02 0.02 0.09 0.21 0.09 0.20 0.01 0.04 0.02 0.02 0.05 0.06 0.05 0.06 0.03 0.03 0.03 0.05 0.34 0.40 0.40 0.45 0.04 0.06 0.06 0.06 0.02 0.28 0.02 0.02 0.25 ...

0.25 0.03 0.04 0.04 0.06 0.01 0.02 0.01 0.01 0.01 0.02 0.01 0.10 0.06 0.10 0.06 0.10 0.05 0.07 0.05 0.08

0.01 0.02 0.05 0.06 0.01 0.06 0.04 0.04 0.07 0.01 0.01 0.07 0.01 0.02 0.03 0.26 0.04 0.05 0.01 0.01 0.01 0.03 0.01 0.20 0.10 0.01 0.10 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.05 0.12 0.02 0.03 0.03 0.01 0.01 0.01

0.01 0.05 0.01 0.03 0.02 0.08 0.01 0.01 0.03 0.01 0.01 0.05 0.01

2016-07-19 4:45 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 25–31, 2016

11

Ascot prepares for Sprott’s $20M investment EXPLORATION

BY LESLEY STOKES

A

lstokes@northernminer.com VANCOUVER

scot Resources (TSXV: AOT) is reconsidering plans on how to best advance its flagship Premier gold-silver project, 20 km northeast of Stewart, B.C., now that mining and exploration financier Eric Sprott wants to inject $20 million into the company.

The placement, which Ascot expects to close by August, would be divided into flow-through units and hard-dollar units, valued at $1.25 per share and $1.15 per share.

Each unit comes with half a warrant, and each whole warrant is exercisable within two years for $1.50 per share.

Ascot’s chief financial officer Bob Evans tells The Northern Miner during a phone interview that the company is “delighted” to gain Sprott’s interest.

“Sprott has a reputation of being an asset finder and wealth creator, so for him to recognize the significance and potential of our property is good news for all our shareholders,” Evans says.

In April, the junior explorer began a 60,000-metre drill program at the project’s gold-silver Premier deposit, an epithermal breccia and stockwork vein system measuring 30 to 150 metres thick, 1.6 km along strike and up to 1.5 km down-dip.

By June, Ascot secured $4.2 million to cover costs of the program in a flow-through financing, which issued 3.8 million shares at $1.25 per share. Each share comes with half a warrant valued at $1.75 per warrant, and expires at the end of 2017.

Premier was mined by open pit and from underground from 1918 to 1968, 1976 to 1979, and 1989 to 1996, resulting in a combined production of 2.1 million oz. gold and 44.2 million oz. silver, from 8.6 million tonnes.

When the mine last closed, the deposit contained a 350,000-tonne historic resource of 7.19 grams gold and 37.7 grams silver. According to the company’s technical report, the system has been loosely tested from underground, with most work dating back to the 1920s to 1930s.

This year’s drill program had outlined a resource covering only 8% of Premier, but with the extra funds from Sprott, Evans says the company can look at more.

“We were going to drill off a small portion and proceed from

Published by:

| Ascot sees opportunity at the historic Premier gold-silver mine in BC

“SPROTT HAS A REPUTATION OF BEING AN ASSET FINDER AND WEALTH CREATOR, SO FOR HIM TO RECOGNIZE THE SIGNIFICANCE AND POTENTIAL OF OUR PROPERTY IS GOOD NEWS.” BOB EVANS CFO, ASCOT RESOURCES

there, but it’s not in our interest to do that anymore,” he says. “We’ll finish the program we’re doing, but we’re also going to step-out and see how significant this property really is — it’s what we always wanted to do, but never had the finances before to do it.”

Ascot’s report states that Premier shares similarities with Pretium Resources’ (TSX: PVG; NYSE: PVG) Valley of the Kings gold deposit at its Brucejack property, 40 km north, which has proven and probable reserves of 13.6 million tonnes grading 15.7 grams gold per tonne, 11 grams silver per tonne for 6.9 million contained oz. gold and 4.6 million contained oz. silver.

The deposits have similar geological environments and contain nuggety gold, Evans points out.

“We’ve had lots of drill hits at Premier that run over 100 grams gold, and a few other at 1,000 grams gold — that’s just the nature of the deposit we’re dealing with,” he says.

Recent drill results at Premier returned 104.74 grams gold over 3.1 metres in a broader interval of 5.53 grams gold and 84.1 grams silver over 66 metres. Previous drill holes in 2014 reported as much as 14,394.5 grams gold over 0.8 metre.

Evans notes that unlike Brucejack, Premier is road accessible and just a short drive from Stewart, which is one reason why he finds the project so appealing.

“We don’t need to set up a camp there. All of our drillers live in Stewart and drive right up to the property in the morning for work, then back home again at night,” he says. “If we were to build a mine, our whole capital costs would be a fraction of what Pretium paid for theirs, and that’s a big advantage.”

Ascot optioned the 100 sq. km property in 2009 from Swedish

A drill site at Ascot Resources’ Premier gold-silver project, 20 km northeast of Stewart in northwestern British Columbia. ASCOT RESOURCES

integrated miner Boliden (USOTC: BDNNF) and explored lowergrade, gold-silver mineralization at the property’s Dilworth, Martha Ellen and Big Missouri prospects.

The structurally hosted, shallowdipping zones extend more than 5 km, but are offset from one another through a series of structures.

By 2014, Ascot calculated the zones to have a combined resource of 93.5 million indicated tonnes of 0.82 gram gold and 6.9 grams silver for 2.5 million oz. gold. Inferred resources add 79.3 million tonnes of 0.59 gram gold and 7.2 grams silver. Both calculations assume a 0.3 gram gold cut-off.

In the same year, the company shifted its focus on the former mine to the south, after spending two years building a drill-hole database for the 4,500 historical holes.

“There was a vast amount of information on Premier, and it took a lot of work and time before we got to the point where we were comfortable exploring,” he says.

“We had excellent results in the north, but what we’re finding at Premier is more impressive, so it makes sense for us to concentrate our work down there. But what we learned geologically in the north is really helping us with drilling at Premier.” TNM

A pit at Ascot Resources’ past-producing Premier gold-silver project in British Columbia. ASCOT RESOURCES

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GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 25–31, 2016

13

A large-diameter rig on site in 2015 during the CH-7 kimberlite bulk sample at Peregrine Diamonds’ Chidliak diamond project on Baffin Island in Nunavut. PEREGRINE DIAMONDS

Peregrine eyes first production at Chidliak by 2021 ARCTIC DIAMONDS

BY MATTHEW KEEVIL

P

mkeevil@northernminer.com VANCOUVER

eregrine Diamonds (TSX: PGD; US-OTC: PGDIF) hopes to have its Chidliak discovery producing within five years, and it outlined the path forward on July 7 with a preliminary economic assessment (PEA) on the CH6 and CH7 kimberlite pipes.

Chidliak sits 120 km northeast of Iqaluit, the capital of Nunavut, on Canada’s Baffin Island. Peregrine has uncovered 74 kimberlites on the property since 2008, but its start-up operation would focus on what it calls the Southern Priority Area, due to better tonnage potential and coarse diamond distributions.

Peregine’s first phase of development would involve a decade-long open-pit diamond mine, with $435 million in development costs. The operation would focus on CH6 and transition to CH7.

“We’re looking at one of the highest margin diamond-development projects in Canada since the discovery of the Lac de Gras district,” president and CEO Thomas Peregoodoff said during a conference call. “And beyond that first phase we’re looking at significant exploration potential. We can now look at

| Developing 10-year open pit would cost $435M

the discovery package from more of a brownfield perspective, which may very well change the outlook on kimberlites across the property.”

The PEA is based on twin resources released earlier this year.

The CH7 estimate includes 5 million tonnes grading 0.85 carat per tonne for 4.23 million contained carats, while CH6 hosts 4.6 million tonnes grading 2.45 carats per tonne for 11.39 million contained carats.

Phase-one resources total 9.6 million tonnes at a life-of-mine head grade of 1.67 carats per tonne for 15.62 million contained carats. Both resources extend to 250 metres deep.

“There are a couple aspects of the diamonds themselves that drive our valuation. First, there is the colour distribution that is dominated by white and off-white stones … those are the high-value product,” Peregoodoff continued.

“If you compare this parcel to runof-mine parcels at other operations in Canada, you’d see a colour distribution that is essentially reversed.

The second element of our stones is the shape. Our diamonds have a lot of nice, octahedral shapes … it speaks to the yield of the stones when they’re cut,” he added.

The PEA was prepared by JDS Energy & Mining and features a $471-million, after-tax net present

value at a 7.5% discount rate, and a 29.8% internal rate of return. The operation would produce 1.2 million carats annually, with production peaking at 1.8 million carats per year.

Peregrine says that Chidliak would generate a 72% operating margin, with pre-tax average annual free cash flows of $131 million.

The company’s five-year time line to production assumes feasibilitylevel scoping work next year, while permitting would conclude in time for development in mid-2019. The construction schedule would see the mine enter commissioning, and then production, in 2021.

“The Nunavut government’s approach to mining is clear: they support responsible development, and understand that to achieve devolution they need an economic foundation. I believe they see resources as a pillar in becoming an independent territory,” Peregoodoff said.

“We’re a bit different in terms of water compared to other diamond developments in the North, since we do not need to drain any lakes to proceed with the plan … from a wildlife perspective there are also not any major caribou herds in the area where we work.”

Caribou became a hot-button

topic in the territory after the Nunavut Impact Review Board rejected Sabina Gold and Silver’s (TSX: SBB; US-OTC: SGSVF) mine design for its Back River development due to concerns for the regional Bathurst herd.

Peregrine’s PEA includes a costbenefit analysis on whether to build an all-weather road into the property. The alternative would be a seasonal road that would be open for six weeks during late winter.

“The transportation corridor is critical infrastructure for both construction and operations,” Peregoodoff said. “A lot of people are familiar with Canadian diamond operations that are supported by winter roads that extend to Yellowknife. It’s important to understand that Chidliak and Baffin Island are not the Lac de Gras region.

When we balanced off risk involving weather and working conditions, the all-season road was definitely the way to go.”

The company concludes that the best option is a 160 km road from Iqaluit, but it would eat up 30% of Chidliak’s preproduction capital.

There is $107 million earmarked for site development and roadworks on a 100% basis, and Peregrine could get infrastructure funding from the federal government.

The company's shares have traded in a 52-week range of 9¢ to 31¢ per share, and closed at 22¢ at press time. Peregrine has 339 million shares outstanding for a $74.6-million market capitalization, and reported $5.7 million in working capital at press time. Robert and Eric Friedland hold 46% of Peregrine’s outstanding shares. TNM

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A cargo plane take off from Peregrine Diamonds’ Chidliak diamond project. PEREGRINE DIAMONDS

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It’s full speed ahead for Roxgold GOLD IN BURKINA FASO

| Early exercise of IFC warrants boosts junior's treasury by US$9M

BY TRISH SAYWELL tsaywell@northernminer.com

T

he early exercise of warrants by International Finance Corp.

(IFC) gives Roxgold (TSXV: ROG) US$9 million to add to the US$33.8 million it already has in the bank.

With another US$14.2 million in receivables from gold sales and gold bullion inventory in June, the Burkina Faso-focused mining company doesn’t appear to suffer from a lack of funds — or confidence.

The news comes just days after Roxgold announced second-quarter production results for its Yaramoko mine. After pouring its first gold on May 17, the high-grade underground operation produced 14,482 oz. gold in the three months ended June 30. (Nearly three times Haywood Securities’ 5,000 oz. estimate.)

Equally impressive, the company

Ce ebra ng rs go d a Roxgo d s Yaramoko go d m ne n Burk na Faso rom e Roxgo d cha rman O ver Lennox K ng Pr me M n s er o Burk na Faso Pau Kaba Th eba Burk na Faso M n s er o M nes A a Oumar D ssa and Roxgo d pres den and CEO John Dorward ROXGO D

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says, is that the 40,339 tonnes of ore milled at the processing facility at an average 761 tonnes per day was above the nameplate capacity of 750 tonnes per day outlined in the feasibility study.

“It’s all happening here at Roxgold,” John Dorward, the company’s president and CEO, jokes lightheartedly in a telephone interview. “We try to put a few runs on the board.

“If you expected the ramp-up would go slowly, you’ve had a positive surprise,” he continues. “Because the project came in early — we came in about six weeks ahead of schedule, in terms of putting ore through the production plant — and because the ramp-up went smoothly, it caught everyone by surprise, so we ended up producing more gold in the June quarter than people anticipated.”

The seasoned Australian mining executive also says Roxgold is on track for declaring commercial production before the end of September.

Meanwhile, the funds from IFC’s warrant exercise will give the company the financial flexibility to accelerate exploration at the 55 Zone, Bagassi South and regionally.

“The IFC obviously has been a supportive shareholder, so their exercise of warrants early has given us additional capacity to bring forward our exploration plans,” he says. “We plan to refine our program over the summer and put out a more detailed exploration plan late in the third quarter.

“IT’S ALL HAPPENING HERE AT ROXGOLD.” JOHN DORWARD PRES DENT AND CEO ROXGOLD

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Barrick investors revolt against $11.9m bonus

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Barrick investors revolt against $11.9m bonus

By Gwen Preston in vancouver and trish saywell in toronto

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar overrun at its flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, changed its chief executive officer and seen its share price sliced in half.

So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million.

The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record.

“This compensation is inconsistent with the governance principle of pay-for-performance and is therefore disproportionate and sets a troubling precedent in Canadian capital markets,” the group said in a statement. As a group these funds collectively manage over $900 billion in assets.

But Barrick founder and chairman Peter Munk vigorously defended Barrick’s decision at the company’s annual general meeting on April 24.

“I convinced the board,” he told the standing-room-only crowd at the Metro Toronto Convention Centre. “If you want to give anyone hell, give it to me.”

Munk argued that the new paradigm of mounting resource nationalism requires a brand-new approach to government contacts. And he said that the challenges of protecting the company’s assets — “90% of which, to the tune of $40 billion, are in 23 different countries” — meant that the company needed someone of Thornton’s exceptional calibre and “unique credentials,” leverage and access to some of the world’s most important power brokers.

“We believe that pay should be tailored to achievements, that pay should come after performance,” Munk said. “It was hard to have someone paid on performance if he would not have been able to join to perform. So we had a bit of a chicken and an egg situation . . . sometimes you have to do things See Barrick, Page 3

Edgewater uncovers gold at Corcoesto in Galicia Site ViSit

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By matthew keevil

LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years.

Now Edgewater stands poised on the development threshold, having pulled together a gold re-

source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter.

Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna.

The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide.

Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees.

“We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform See EdGEwatEr, Page 18

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion MEXICdollar overrun at its O flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, changed its11-15 chief executive officer and seen its share price sliced in

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A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico.

BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — any other is excellent, Endeavour spending EndeavourAs founder are incredibly and the and T, EXK-N), president try in 2012,Latin American than is food Silver ton are friendly likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDR- Earlier counbased to come. producers SNL Metals to Halifaxsuperlatives, sulting that At least leads this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern capturing consums up sat down two mines Peter Mexican (FVI-T, total an idea into Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwideabout 6% of the silver of how with Cooke to erations large and profitable a rural ton, working after in just per; and Mining (CS-T),silver; kid from get cades, explorationnon-ferrous op- izingAlta., became eight With the $21.5 billion. despite almost four Hina leader cop(AEM-T, Agnico-Eagle budget purchase years.

Mexico’s derelated derachieving in revitalAEM-N), of said violence frequent drugMines Mining silver sector. of a third protests. and companies gold — they are mine, un- ‘I plans to pected Endeavour have Megaw, anti-mining repeat got hooked’ panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand The attraction with its MAG in geology in his final year of a and high-potential ing to Silver growing in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordis partly The marketsat Queen’s of So how land packages.

Uniologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chamsuch success? mergers Mexico tions been instrumental Ge- discovery near-term metal such demand geology and acquisitop s achieve ( is the Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several cracked v e r p r o d u in the Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. with silver producing Mining’s of top-10, a n d de- Resources His colleagues takeover See ENDEAVOUR, goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security N) bestingMines (CDM-T,Coeur year, have fallen Although it. Mexico risk First CDEsilver hard (FR-T, attracted US$30 was tradingthis AG-N) Majestic Silver in Silver US$1,657per oz. and at (OK-V). its bid for Orko gold And more per oz.

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company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million.

The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record.

“This compensation is inconsistent with the governance principle of pay-for-performance the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada. and is therefore disproportionate setstheawestern troubling preceSleeper was one of the lowest-cost Sleeperand lies within Site ViSit gold mines in the world, and Para- reaches the northern Nevada capital mardentof in Canadian mount believes the old mine has a rift, specifically along the SlumBy matthew keevil kets,” the consists group said in a bering Hills, which of WINNEMUCCA, NEV. — For Nev- robust future.

Sipping coffee inside Para- Mesozoic meta-sedimentary rocks ada-based explorer Paramount statement. As a group these funds Gold and Silver (PZG-T, PZG-X), mount’s headquarters in the min- of the Auld Lang Syne group and granitic intrusions. there’s a lot to be said for making ing town of Winnemucca, vice- Cretaceous collectively manage over $900 something old new again. In mid- president of exploration Glen van Mineralization at Sleeper falls into billion in assets. main categories, including: 2010 the company picked up the Treek, who joined Paramount four 13-04-24

5:28 PM

Photo by MAtthew Keevil

past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time

after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.

B2Gold hits new gold at developing Otjikoto mine

By Gwen Preston

VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals.

And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation.

Otjikoto sits 300 km north of the Namibian capital of Windhoek.

The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home

to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014.

Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year.

Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit.

Using historic data and a few drill See B2GoLd, Page 3

But Barrick founder and chairman Peter Munk vigorously defended Barrick’s decision at the company’s annual general meeting on April 24.

“I convinced the board,” he told the standing-room-only crowd at the Metro Toronto Convention Centre. “If you want to give anyone hell, give it to me.”

Munk argued that the new paradigm of mounting resource nationalism requires a brand-new approach to government contacts. And he said that the challenges of protecting the company’s assets — “90% of which, to the tune of $40 billion, are in 23 different countries” — meant that the company needed someone of Thornton’s exceptional calibre and “unique credentials,” leverage and access to some of the world’s most important power brokers.

“We believe that pay should be tailored to achievements, that pay should come after performance,” Munk said. “It was hard to have someone paid on performance if he would not have been able to join to perform. So we had a bit of a chicken and an egg situation . . . sometimes you have to do things See Barrick, Page 3

early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels.

During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially

Edgewater uncovers gold at Corcoesto in Galicia

El Tigre Silver 4

Sees a bright future in old tailings

Pages Newstrike

Site ViSit

By matthew keevil

LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years.

Now Edgewater stands poised on the development threshold, having pulled together a gold re-

source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter.

Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna.

The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide.

Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees.

“We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform

MEXICO

11-15

Capital’s

Ana Paula

gold project

in Mexico’s

Four muy silver stockcaliente picks Guerrero

STOCK

PICKS,

TSX-V:RRI

How Mexico mantle as a top reclaimed its mining nation April 29-May

5, 2013

NEWSTRIKE

CAPITAL

11-15

SilverCrest

Mines Analysts: Christos cap Securities; Doulis, StoneNicholas Canaccord Campbell, Genuity

Endeavour Bradford Silver’s shares his Cooke recipe

Knowledge is Golden™ www.rivres.com

gold belt.

BY ALISHA

To discern HIYATE the winners crowded Price target: field from holding of companiesa (Campbell) $3.55 (Doulis); mines projects and $4.25 Rating: in Mexico, development Miner The Northern SpeculativeOutperform asked (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Both analysts Securities, country. best stock picked nior SilverCrest bets in resilient the While SVLC-X) juthe analysts’ Mines have all as one (SVL-V, price Mexico-focused of their because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the picks will they believe open-pit, Santa mine in their northwest Elena gold-silver companies.outperform state into their peer Mexico’s production Sonora This year, in July 2011. churn out SilverCrest expects 2.4 million silver (579,000 equivalent to oz. silver oz. gold) oz. and 33,500 per oz. at a cash cost silver, of US$8.50 with production creasing to 4.6 million inequivalent See

20

Page 14

A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico.

BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — any other is excellent, Endeavour spending EndeavourAs founder are incredibly and the and T, EXK-N), president try in 2012,Latin American than is food Silver ton are friendly likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDR- Earlier counbased to come. producers SNL Metals to Halifaxsuperlatives, sulting that At least leads this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern capturing consums up sat down two mines Peter Mexican (FVI-T, total an idea into with Cooke Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwideabout 6% of the silver of how erations large and profitable to a rural ton, working after in just per; and Mining (CS-T),silver; kid from get cades, explorationnon-ferrous op- izingAlta., became eight With the $21.5 billion.

Hindespite almost four copa leader (AEM-T, Agnico-Eagle budget Mexico’s purchase years. derelated derachieving in revitalAEM-N), of said violence frequent drugMines Mining silver sector. of a third protests. companies and gold — they are mine, un- ‘I plans to pected Endeavour have Megaw, anti-mining repeat got hooked’ panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand The attraction with its MAG in geology in his final year of a and high-potential ing to Silver growing in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordis partly The marketsat Queen’s of So how land packages.

Uniologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chamsuch success? mergers Mexico tions been instrumental Ge- discovery near-term metal such demand geology and acquisitop s achieve ( is the Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several cracked v e r p r o d u in the Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. with silver producing Mining’s of top-10, a n d de- Resources His colleagues takeover See ENDEAVOUR, goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security N) bestingMines (CDM-T,Coeur year, have fallen Although it. Mexico risk First CDEsilver hard (FR-T, attracted US$30 was tradingthis AG-N) Majestic Silver in Silver US$1,657per oz. and at (OK-V). its bid for Orko gold per oz.

And more 2012, compared at the end at M&A of to US$17 See MEXICO, and

paramount orchestrates a golden revival at Sleeper An Evolution

in High-Grade

Silver

ExcellonResources.com

• Mexico’s Highest Grade Producer • Low Net Cash Costs 800+ g/t Ag $5-7/oz • Optimizing net of by-products Production • CRD/Source-Style Increase Cash Flow and Grow Discovery Mine Life 55M@130 Opportunity g/t

Mexico’s

• Market Excellon

TNM April

29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

Street,

Valued

Suite 900,

Ag; 3.11%

Discovery

Toronto,

Ontario,

Page 12

La Platosa

Grade

Mine

Silver

Pb; 1.69%

in a Rising

Canada

Highest

Producer

Maiden Ag Resource Due Q2 Strong Cash Position TSX.V: GRG www.goldenarrowresources.com

Zn; 0.075 g/t Au Silver Market

M5C 2N8

TSX:EXN

11

Contact:

Brendan Cahill 416 info@excellonresources.com 364 1130

13-04-24

Commentary

Rainforest reclamation done right in Brazil

and trish saywell in toronto

But Barrick founder and chairman Peter Munk vigorously defended Barrick’s decision at the company’s annual general meeting on April 24.

“I convinced the board,” he told the standing-room-only crowd at the Metro Toronto Convention Centre. “If you want to give anyone hell, give it to me.”

Munk argued that the new paradigm of mounting resource nationalism requires a brand-new approach to government contacts. And he said that the challenges of protecting the company’s assets — “90% of which, to the tune of $40 billion, are in 23 different countries” — meant that the company needed someone of Thornton’s exceptional calibre and “unique credentials,” leverage and access to some of the world’s most important power brokers.

“We believe that pay should be tailored to achievements, that pay should come after performance,” Munk said. “It was hard to have someone paid on performance if he would not have been able to join to perform. So we had a bit of a chicken and an egg situation . . . sometimes you have to do things See Barrick, Page 3

El Tigre Silver 4

Sees a bright future in old tailings

Pages Newstrike

By matthew keevil

WINNEMUCCA, NEV. — For Nevada-based explorer Paramount Gold and Silver (PZG-T, PZG-X), there’s a lot to be said for making something old new again. In mid2010 the company picked up the past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time

B2Gold hits new gold at developing Otjikoto mine

By Gwen Preston

VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals.

And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation.

Otjikoto sits 300 km north of the Namibian capital of Windhoek.

The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home

to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014.

Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year.

Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit.

Using historic data and a few drill

Site ViSit

source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter.

Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna.

The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide.

Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees.

“We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform

By matthew keevil

See EdGEwatEr, Page 18

in Mexico’s

Endeavour Bradford Silver’s shares his Cooke recipe STOCK

PICKS,

Guerrero

TSX-V:RRI

Knowledge is Golden™ www.rivres.com

gold belt.

How Mexico mantle as a top reclaimed its mining nation April 29-May

A drill site

5, 2013

NEWSTRIKE

CAPITAL

11-15

Page 14

at MAG

Silver’s

flagship

Juanicipio

BY

paramount orchestrates a golden revival at Sleeper An Evolution

in High-Grade

Silver

ExcellonResources.com

• Mexico’s Highest Grade Producer • Low Net Cash Costs 800+ g/t Ag $5-7/oz • Optimizing net of by-products Production • CRD/Source-Style Increase Cash Flow and Grow Discovery Mine Life 55M@130 Opportunity g/t

Mexico’s

• Market Excellon

TNM April

29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

Street,

Valued

Suite 900,

Ag; 3.11%

Discovery

Toronto,

Ontario,

Highest

Page 12

La Platosa

Grade

Mine

Silver

Pb; 1.69%

in a Rising

Canada

11

Producer

Zn; 0.075 g/t Au Silver Market

M5C 2N8

TSX:EXN

Contact:

Brendan Cahill 416 info@excellonresources.com 364 1130

13-04-24

Site ViSit By matthew keevil

By Gwen Preston

VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals.

And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation.

Otjikoto sits 300 km north of the Namibian capital of Windhoek.

The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home

Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions.

Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels.

During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years.

Now Edgewater stands poised on the development threshold, having pulled together a gold re-

gold project

SilverCrest

Mines Analysts: Christos cap Securities; Doulis, StoneNicholas Canaccord Campbell, Genuity

the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada.

WINNEMUCCA, NEV. — For Nevada-based explorer Paramount Gold and Silver (PZG-T, PZG-X), there’s a lot to be said for making something old new again. In mid2010 the company picked up the past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time

Sleeper was one of the lowest-cost gold mines in the world, and Paramount believes the old mine has a robust future.

Sipping coffee inside Paramount’s headquarters in the mining town of Winnemucca, vicepresident of exploration Glen van Treek, who joined Paramount after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.

B2Gold hits new EdgewaterPhoto uncovers

by MAtthew Keevil gold at developing Otjikoto mine in Galicia

Sleeper was one of the lowest-cost gold mines in the world, and Paramount believes the old mine has a robust future.

Sipping coffee inside Paramount’s headquarters in the mining town of Winnemucca, vicepresident of exploration Glen van Treek, who joined Paramount after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.

Ana Paula

BY ALISHA

gold at Corcoesto the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada.

Site ViSit

MEXICO

11-15

Capital’s

Four muy silver stockcaliente picks

To discern HIYATE the winners crowded Price target: field from holding of companiesa (Campbell) $3.55 (Doulis); mines projects and development $4.25 Rating: Miner in Mexico, The SpeculativeOutperform asked Northern (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Both analysts Securities, country. best stock picked nior SilverCrest bets in resilient the While SVLC-X) juthe analysts’ Mines have all as one price Mexico-focused of their (SVL-V, because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the picks will they believe open-pit, Santa mine in their northwest Elena gold-silver companies.outperform state into their peer Mexico’s production Sonora This year, in July 2011. churn out SilverCrest expects 2.4 million silver (579,000 equivalent to oz. silver oz. gold) oz. and 33,500 per oz. at a cash cost silver, of US$8.50 with production creasing to 4.6 million inequivalent See

20

silver property in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico.

BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — is excellent, any other Endeavour spending EndeavourAs founder are incredibly and the and T, EXK-N), president try in 2012,Latin American than is food Silver ton are friendly likely With theseis delicious.” a big part Godfrey Walaccording a company Bradford Cooke(EDR- Earlier counbased to come. producers SNL Metals to Halifaxsuperlatives, sulting that leads At least this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern concapturing sums up sat down two mines Peter Mexican (FVI-T, total an idea into with Cooke Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwideabout 6% of silver of erations large and profitable the per; to get Mining silver; ton, Alta., how a rural kid working after in just explorationnon-ferrous cades, and (CS-T), eight opfrom Hinbecame With the $21.5 billion. despite almost four izing Mexico’s a leader cop(AEM-T, Agnico-Eagle budget purchase years. derelated derachieving in revitalof said AEM-N), violence frequent drugMining of a third silver sector.

Mines protests. and companies gold — mine, they are un- ‘I plans to pected Endeavour Megaw, anti-mining have got hooked’ repeat panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand with its The attraction MAG in geology in his final year of a and high-potential ing to Silver growing in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordThe marketsat Queen’s is partly of So how land packages.

Uniologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in such success? chammergers Mexico tions been instrumental Ge- discovery near-term metal such demand geology and acquisitop s achieve ( is the Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several in the cracked v e r p r o d u Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. silver with producing Mining’s deof top-10, a n d His colleagues See ENDEAVOUR, Resources takeover goldfirst time countries must agree of Cerro in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security Although have N) bestingMines (CDM-T,Coeur it. Mexico fallen year, risk First CDEsilver hard (FR-T, attracted U S$30 was tradingthis AG-N) Majestic Silver in Silver per oz.

US$1,657 (OK-V). its bid for Orko at a And more per oz. nd gold 2012, M&A compared at the end at of to US$17 See MEXICO, and

Barrick investors revolt against $11.9m bonus

By Gwen Preston in vancouver

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar overrun at its flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, changed its chief executive officer and seen its share price sliced in half.

So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million.

The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record.

“This compensation is inconsistent with the governance principle of pay-for-performance and is therefore disproportionate and sets a troubling precedent in Canadian capital markets,” the group said in a statement. As a group these funds collectively manage over $900 billion in assets.

THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com

5:28 PM

$3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915

See ParaMount, Page 2

PM40069240 – PAP Registration #09263

THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com

to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014.

Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year.

Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit.

Using historic data and a few drill See B2GoLd, Page 3

5:28 PM

Photo by MAtthew Keevil

Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions.

Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels.

During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially

Maiden Ag Resource Due Q2 Strong Cash Position TSX.V: GRG www.goldenarrowresources.com

Commentary

Rainforest reclamation done right in Brazil $3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915

Barrick investors revolt against $11.9m bonus

THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com

El Tigre Silver 4

Sees a bright future in old tailings

Pages Newstrike

MEXICO

11-15

Capital’s

Ana Paula

gold project

in Mexico’s

Four muy silver stockcaliente picks Guerrero

STOCK

PICKS,

TSX-V:RRI

How Mexico mantle as a top reclaimed its mining nation April 29-May

5, 2013

NEWSTRIKE

CAPITAL

11-15

SilverCrest

Mines Analysts: Christos cap Securities; Doulis, StoneNicholas Canaccord Campbell, Genuity

Endeavour Bradford Silver’s shares his Cooke recipe

Knowledge is Golden™ www.rivres.com

gold belt.

BY ALISHA

To discern HIYATE the winners crowded Price target: from field holding of companiesa (Campbell) $3.55 (Doulis); mines projects and $4.25 Rating: in Mexico, development Miner The Northern SpeculativeOutperform asked (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Securities, Both analysts country. best stock picked nior SilverCrest bets in resilient the While SVLC-X) juthe analysts’ Mines have all as one (SVL-V, price Mexico-focused of their because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the they believe picks will open-pit, Santa mine in northwest Elena gold-silver their companies.outperform state into their peer Mexico’s production Sonora This year, in July 2011. churn out SilverCrest expects 2.4 million silver (579,000 equivalent to oz. silver oz. gold) oz. and 33,500 per oz. at a cash cost silver, of US$8.50 with production creasing to 4.6 million inequivalent See

20

Page 14

A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN state, Mexico. is

BY GWEN litically, support for VANCOUVER PRESTON more exploration mining the MAG SILVER pothe people geology is CEO of — As founder any other Endeavour spending Endeavour are incrediblyexcellent, and the and T, EXK-N), president try in 2012,Latin American than food Silver ton are friendly is likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDRcounto come. based Earlier producers SNL Metals to Halifaxsuperlatives, that At least leads this year, of the answer. sulting small, Group, geologist Miner sat — Fortuna three defunct has turned Mines Economics capturing contwo mines down withThe Northern sums up why Peter Mexican (FVI-T, total an idea into Megaw Capstone worldwideabout 6% of FSM-N), Silver Cooke he silver of erations large and profitable the metals to get in Mexico after is still working ton, Alta., how a rural kid in just per; and Mining (CS-T),silver; explorationnon-ferrous almost from Hin- cades, despite became opeight With the $21.5 billion. izing Mexico’s four dea leader cop(AEM-T, Agnico-Eagle budget purchase years. in revital- related violence frequent derachieving of silver sector.

Mining of a third said they AEM-N), gold Mines drugprotests. companies and unmine, plans to pected — have are considering Endeavour ‘I got Megaw, anti-mining repeat panding to invest were International hooked’ potentially the process president Mexico $7.6 billion exexects in their portfolio in — and In 1976, Cooke Exploration Development of silver majorattract the attention Mexico. what they 2012, more than in of projwas of a B.Sc. and co-founderand The attraction with its MAG of a in geology in his final year and high-potential ing to the spent in 2010, double Silver growing result at Queen’s output versity. The is an expert (MAG-T, Mexican of accordis partly of So how ber. Recent land packages. markets Uniologists mining the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chammergers such success?

Mexico tions been instrumental Gemetal geology such demand and acquisitop s achieve near-term grads ( is the discovery Bradford il includedM & A ) a c t world’s that job offers were Cooke of several cracked v e r p r o d u in the posits Primero i v i t y h a s and at Christmas.flooded with cer (P-T, PPP-N) the list there. silver producing Mining’s of top-10, a n d deHis colleagues See ENDEAVOUR, Resources takeover goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security Although have N) bestingMines (CDM-T,Coeur it. Mexico fallen yea r, risk First CDEsilv er hard (FR-T, attracted this US $ 3 0 wa s tra AG-N) Majestic Silver in Silver ding US$1,657p er oz. an (OK-V). its bid for Orko d go ld a t And more per oz.

2012, M&A compared at the end at of to US$17 and See MEXICO,

paramount orchestrates a golden revival at Sleeper An Evolution

in High-Grade

Silver

ExcellonResources.com

• Mexico’s Highest Grade Producer • Low Net Cash Costs 800+ g/t Ag $5-7/oz • Optimizing net of by-products Production • CRD/Source-Style Increase Cash Flow and Grow Discovery Mine Life 55M@130 Opportunity g/t

Mexico’s

• Market Excellon

TNM April

29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

Street,

Valued

Suite 900,

Ag; 3.11%

Discovery

Toronto,

Ontario,

Highest

Page 12

La Platosa

Grade

Mine

Silver

Pb; 1.69%

in a Rising

Canada

11

Producer

Zn; 0.075 g/t Au Silver Market

M5C 2N8

TSX:EXN

Contact:

Brendan Cahill 416 info@excellonresources.com 364 1130

13-04-24

5:28 PM

By Gwen Preston in vancouver and trish saywell in toronto

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar ove

See ParaMount, Page 2

the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada.

PM40069240 – PAP Registration #09263

Site ViSit By matthew keevil

WINNEMUCCA, NEV. — For Nevada-based explorer Paramount Gold and Silver (PZG-T, PZG-X), there’s a lot to be said for making something old new again. In mid2010 the company picked up the past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time

Edgewater uncovers gold at Corcoesto in Galicia Site ViSit

By matthew keevil

LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years.

Now Edgewater stands poised on the development threshold, having pulled together a gold re-

source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter.

Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna.

The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide.

Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees.

“We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform See EdGEwatEr, Page 18

Sleeper was one of the lowest-cost gold mines in the world, and Paramount believes the old mine has a robust future.

Sipping coffee inside Paramount’s headquarters in the mining town of Winnemucca, vicepresident of exploration Glen van Treek, who joined Paramount after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.

B2Gold hits new gold at developing Otjikoto mine

By Gwen Preston

VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals.

And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation.

Otjikoto sits 300 km north of the Namibian capital of Windhoek.

The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home

to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014.

Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year.

Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit.

Using historic data and a few drill

Photo by MAtthew Keevil

Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions.

Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels.

During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially See ParaMount, Page 2 PM40069240 – PAP Registration #09263

See B2GoLd, Page 3

See ParaMount, Page 2 PM40069240 – PAP Registration #09263

Empower Your Team With Analysis From The Northern Miner See EdGEwatEr, Page 18

See B2GoLd, Page 3

“Over the last few years we’ve done little in the way of exploration because we’ve focused on delivering the project, so now, to have a balance sheet and cash flow behind us, we can start to unlock the secrets of the regional land package.”

The exploration plan will likely include: expansion drilling at the 55 Zone to delineate potential extensions to strike underneath the current mine plan at 430 metres; more drilling at the QV1 and QV zones at Bagassi South; structural studies and analysis to identify prospective horizons for more zones close to the 55 Zone, and other targets next to the Boni Shear zone; and more auger and soil geochemistry on the southern part of the Yaramoko concession to extend the Kaho zone.

The company also plans to release exploration results from an 11,000-metre advanced definition and expansion drill program at the 55 Zone. “We’re looking forward to releasing those next month,” Dorward says, “so there is a little powder left in the can for us.”

The 55 Zone remains open for expansion.

As for the IFC, the group exercised 12.9 million warrants issued on Sept.

9, 2015, exercisable for one more share of the company, at a conversion price equal to 90¢ per share.

The warrants were set to expire on Sept. 9, 2017.

At press time, Roxgold’s shares traded at $1.56 apiece for a $570-million market capitalization.

Over the last year the company’s stock has traded in a price range of 54¢ to $1.73 per share.

The company has project debt of US$75 million.

At US$1,200 per oz. gold, total cash costs over Yaramoko’s mine life would come in at US$467 per oz., with all-in-sustaining costs of US$590 per oz. gold. TNM

2016 07 19 5 58 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 25–31, 2016

15

www.northernminerjobs.com

Senior Mine Engineer Dubreuilville, Ontario, Canada

Ontario Ministry of Northern Development & Mines Aggregate/ Industrial Mineral Specialist Ontario, Canada

Engineer – Projects & Planning Dubreuilville, Ontario, Canada

Reporting to the Chief Engineer, the Senior Mine Engineer, will be

Reporting to the Superintendent – Projects & Planning, the Engineer –

The Ministry of Northern Development and Mines is seeking a talented

responsible for overseeing activities related to supporting the operations

Projects & Planning role will be responsible for planning, coordinating

professional with sand, gravel and bedrock aggregates expertise to

and to ensure service and/or operating standards are met. The Senior

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become part of its Earth Resources and Geoscience Mapping team.

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Bring your technical expertise in geology to the Ontario Geological

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Survey, Earth Resources and Geoscience Mapping Section, where you

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will play a key role in the section’s aggregate/industrial mineral mapping program.

Community Relations Liaison Saskatoon, Saskatchewan, Canada

Metallurgist Dubreuilville, Ontario, Canada

Maintenance Planner Dubreuilville, Ontario, Canada

Cameco Corporation and AREVA Resources Canada Inc., as part of its Atha-

Reporting to the Mechanical Superintendent the Maintenance Planner

Reporting to the Mill Superintendent, the Metallurgist will be accountable

basca Community Relations program, are seeking a full-time Community

provides leadership and is responsible to develop, implement and main-

for providing metallurgical expertise and technical support to ensure

Liaison to work out of the community of Fond du Lac Denesuline First Nation.

tain reliability based maintenance strategies based on preventive and

efficient and optimum plant performance to meet production objectives

This position is one of three Community Liaison positions for Black Lake

predictive maintenance to ensure maximum availability and production.

of the Island Gold Mine.

Denesuline First Nation, Fond du Lac Denesuline First Nation, Hatchet Lake Denesuline First Nation, Wollaston, Stony Rapids, Camsell Portage and Uranium City. This position’s primary responsibility will be to the Fond du Lac Denesuline First Nation, Camsell Portage and Uranium City.

Financial Controller Rouyn-Noranda, Québec, Canada

Technologist II, Metallurgy Saskatoon, Saskatchewan, Canada

Lab Manager Langley, BC. Canada

Financial Controller wanted for junior mining company operating

The lab manager’s job will be to schedule the staffs’ time to ensure

Reporting to the metallurgists, you will be responsible for the operation and

near Rouyn-Noranda and expected to start production within the next

efficient use of lab equipment. You will train lab technicians and assistants

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must. You will conduct test work and report findings in an accurate and

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consistent manner.

Regional Director, Northern Region Sudbury, Ontario, Canada

Mineral Exploration and Development Program Specialist Sudbury, Ontario, Canada

Artisanal Gold Programme Officer Ottawa, Canada

As Regional Director in the Operations Division of the Ministry of Labour, you will lead the delivery of occupational health and safety and

Partnership Africa Canada (PAC) is a global leader in developing innovative

Mineral Exploration and Development with the Ministry of Northern

employment standards programs for the Northern Region, which includes

approaches to strengthen natural resource governance in high-risk and

Development and Mines is seeking a strong team leader to join the

North Bay, Sault Ste. Marie, Sudbury, Thunder Bay and Timmins.

conflict regions. For 30 years, PAC has collaborated with partners to promote

Mineral Development and Lands Branch as Mineral Exploration and

policy dialogue and solutions for sustainable development. The Just Gold

Development Program Specialist.

project aims to develop an independent, equitable and sustainable system that brings legal, conflict-free and traceable gold from artisanal mine sites in the Democratic Republic of Congo to international markets.

Mine Planning Engineer / Technician British Columbia, Canada

Regional Manager Industrial Minerals, Exploration & Development Canada

Mineral Exploration and Development Consultant Timmins, On. Canada

Reporting to the Director Competence Center Materials – Canada Region,

In this role, you will use your expertise to provide complex specialist

Are you looking for an exciting opportunity in one of Canada’s most prolific

this position is responsible for leading the Mineral Exploration & Resource

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Playing a key role in the monitoring and stimulation of exploration, you will

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and external stakeholders.

Mine Technologist Timmins, ON. Canada

Geotechnical Engineer Rainy River, Ontario,

Chief Mining Engineer Nevada, USA

Do you want to be part of the development and start-up of one of Canada’s

Lake Shore Gold Corporation is seeking a Mine Technologist to support

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development of holistic long and short range mine plans including mine services, infrastructure, and production. Supervises all technical personnel related to Mine Engineering, including contractors.

For full job details visit www.northernminerjobs.com and enter the Job Name in the search field

15-JULY25_NEW-MiningJobs.indd 15

2016-07-19 5:42 PM

WWW.NORTHERNMINER.COM

JULY 25–31, 2016 / THE NORTHERN MINER

16

The main camp at Dominion Diamond’s majority-owned Ekati diamond mine in the Northwest Territories. DOMINION DIAMOND

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Dominion approves $647M Jay project

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BY SALMA TARIKH

D

starikh@northernminer.com

ominion Diamond (TSX: DDC; NYSE: DDC) is going ahead with a major investment to extend by 13 years the mine life at its majority-owned Ekati diamond mine in the Northwest Territories.

The US$647-million investment involves developing the Jay kimberlite pipe deposit, following a recent feasibility study, which should help push Ekati’s mine life to 2033.

The large, high-grade deposit sits beneath Lac du Sauvage — a medium-sized lake north of Lac de Gras — and is about 1.2 km offshore.

It benefits from being near existing operations and infrastructure, sitting 7 km from Misery Road and 25 km from the Ekati main camp.

The study forecasts development between 2017 and 2021, assuming final permits are received for the project early next year.

Dominion intends to complete an all-season access road to Lac du Sauvage in 2017, after which it would spend the next three years building a 4.5 km long water retention dyke and more infrastructure to dewater the lake and the area surrounding the pit.

Dewatering and pre-stripping would begin in 2021, followed by first ore production in 2022.

Pleased with the feasibility results, the company’s CEO Brendan Bell said that production from Jay would be well-timed to coincide with a “growing gap in the supply and demand fundamentals of the diamond industry.” The mine extension also creates a “natural platform” for future development, he said.

Dominion aims to fund the project — that US$647 million cost figure includes a US$75-million contingency — using existing cash and future cash flows.

Building the dyke, roads and pumping systems account for half of the start-up capital at US$329 million, with mining equipment being the second most costly item at US$86 million.

| New pipe could push Ekati's life to 2033 The study assumes Dominion will mine the Sable pipe concurrently with Jay until 2023.

Afterwards, all the ore would come from the Jay pit until 2032, with processing ending in 2033.

“With Jay and Sable included in the mine plan, we now forecast the Ekati mine life to run through fiscal year 2034. This 18-year total mine life for Ekati, with steady production from Jay through the latter two-thirds of the plan, provides a stable platform for growth over the long-term,” Elliot Holland, the company’s vice-president of projects, said on the call.

From Jay alone, miners should extract 44.7 million tonnes at a strip ratio of 3-to-1 to produce a total of 78.6 million carats grading 1.8 carats per tonne.

Compared to the 2015 prefeasibility, Jay’s operational mine life has increased by two years to 13, to accommodate the concurrent Sable pipe processing.

However, the feasibility study forecasts recovering 7% less carats at a lower grade, largely due to new bulk sample data and reinterpretating the bulk samples.

It also incorporates a lower basecase diamond price of US$53 per carat compared to US$64 per carat, due to the new sampling data and the November 2015 price book.

These changes have offset the improvements in the mine life, initial capital and strip ratio. As a result, the project economics have decreased.

Using a 7% discount rate and a US$53-per-carat escalating diamond price, which increases 2.5% each year, Jay has a US$398-million post-tax net present value (NPV) and a 15.6% post-tax internal rate of return (IRR), on a 100% basis. In comparison, the prefeasibility study calculated a post-tax NPV and IRR of US$610 million and 16.2%.

“Given this is a brownfield development and considering the positive strategic considerations … It is an investment return that we feel comfortable taking forward to construction,” Holland said. (The economics of Dominion’s share include a US$278-million NPV and

16.7% IRR, after taxes.)

BMO analyst Edward Sterck points out that by eliminating the diamond price escalation, the feasibility study’s after-tax IRR on a 100% basis drops to 6%.

“Jay does not appear to be the most attractive project in the world, which is not a complete surprise,” Sterck said.

He points out that building Jay delays the reclamation liability costs at Ekati by 13 years, which gives the firm enough time to assess other development opportunities.

Along with the feasibility study — released on July 6 — Dominion reported its new capital allocation strategy, noting it would sell its Toronto office building and launch a share buyback program to enhance its annual dividend policy, which is at US40¢.

However, it says it w i l l not change the dividend policy until it knows more about the short-term impacts of the June 23 fire in the Ekati process plant.

A day earlier, it forecasted that the plant repairs would take three months and $25 million, cautioning that both estimates were preliminary. To help lower operating costs during the plant downtime, it has dismissed 330 temporary and permanent contractors and employees for three months, as well as postponed $10 million in non-essential sustaining capital projects to 2018.

Dominion expects Ekati will produce 4.7 million carats in fiscal 2017, down from 5.6 million carats previously.

This month the company’s vicepresident group controller Cara Allaway replaces chief financial officer Ron Cameron, until Dominion recruits a new CFO. “The strategic path forward is sound,” Bell said on the call. “The plan for value creation is crystalclear … I can say with confidence that the future for Dominion Diamond and its shareholders is indeed very bright.”

Dominion shares closed July 8 at $11.70, within a 52-week range of $9.96 to $17.40. TNM

2016-07-19 5:11 PM