The Northern Miner June 6 2016 Issue

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HECLA MINING

Offers US$37M for Mines Management / 3

CENTERRA GOLD

Faces $320M in fines at Kumtor / 5

ENDEAVOUR SILVER

To buy Oro Silver for $10.5M / 13

JUNE 6-12, 2016 / VOL. 102 ISSUE 17 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Veteran miner Kerry Knoll bets on moly renaissance BIOGRAPHY

| Darnley Bay options Thompson Creek's former Davidson project

BY TRISH SAYWELL tsaywell@northernminer.com

S

ince leaving his job as a journalist at The Northern Miner in 1987, Kerry Knoll has cofounded four companies and built four mines with his business partner Ian McDonald.

Their first company, Glencairn Gold, went on to become Central Sun Mining before getting snapped up by B2Gold (TSX: BTO; NYSE-MKT: BTG). Their second company, Wheaton River Minerals, was eventually taken over by Goldcorp (TSX: G; NYSE: GG), and their third, Blue Pearl Mining, is now known as Thompson Creek Metals (TSX: TCM).

Today the entrepreneurs are still involved in projects together, such as the Paris Hills phosphate property in Idaho, owned by Stonegate Agricom (TSX: ST), a company they set up in 2006 and took public in 2010. McDonald serves as chairman of the board and CEO, and Knoll is a director.

Lately, however, Knoll has become enamoured once again with molybdenum — a metal that he and McDonald profited from handsomely during their stewardship of Blue Pearl Mining.

Within three months of acquiring the Davidson property near Smithers, B.C., in late 2004, the price of molybdenum oxide doubled from US$6–7 per lb. to US$14 per lb. moly. The company’s shares soared from 6¢ at the time of optioning Davidson to $3 — a “50-bagger,” in the industry lingo.

“Our timing was fortunate,” Knoll recalls in an interview during a recent business trip to Toronto.

“Suddenly we were the hot stock on the street.”

Knoll says the timing could be right for a spike in molybdenum prices once again, and in March, Darnley Bay Resources (TSXV: DBL), a junior exploration company where he serves on the board of directors, optioned the same Davidson project that Blue Pearl owned a decade ago.

To support his instincts, Knoll likes to point to a research report Roskill Consulting released on March 1 that forecasts rising de-

Golden Predator attracts heavy hitters YUKON GOLD

| Shares rocket 47% following high-profile investments

BY TRISH SAYWELL tsaywell@northernminer.com

A

lbert Friedberg and his Friedberg Mercantile Group were listed among the top40, highest-earning hedge fund managers in the world by Forbes magazine in 2011.

More recent rankings weren’t immediately available, but when the Toronto-based trader with billions of dollars under management invests in a junior mining company, its stock tends to take off.

That’s precisely what happened when Golden Predator Mining (TSXV: GPY) announced that an entity controlled by Friedberg and members of his immediate family See GOLDEN PREDATOR / 11 PM40069240

Ian McDonald (left) and Kerry Knoll in 1993, holding the first gold bar produced at the Golden Bear heap-leach mine in British Columbia. PHOTO COURTESY OF KERRY KNOLL

“THE FACT THAT WE ACCOMPLISHED SOMETHING MOST JUNIOR COMPANIES ONLY DREAM OF WAS THE TRUE SUCCESS STORY.” KERRY KNOLL MINING ENTREPRENEUR

mand for molybdenum-bearing steel and chemicals will support a recovery in ferro molybdenum prices to US$13 to $US15 per lb., starting from 2017. Prices for ferro molybdenum plunged from US$35.39 per lb. in June 2014 to US$4.70 per lb. in November 2015, and sit at US$5.50 per lb. ferro molybdenum.

“That’s a big, bold prediction,” Knoll says. “That’s not saying it is going up 20%, that’s saying it’s going to go up two and a half times … we know Davidson is not economic at US$5.50 per lb., but at US$15 per lb., it probably is.”

Under the Davidson option agreement, Darnley Bay made an initial payment of $50,000 to Roda

Holdings in April. Subsequent payments of $100,000 are due on the anniversary of the agreement until the project starts commercial production — defined as a minimum 500,000 tonnes of molybdenum over 12 months.

“It’s really rare that you can buy something this cheap — our down payment is the cost of one drill hole,” Knoll says, adding that when Blue Pearl owned Davidson and molybdenum prices were at their peak, the project was probably worth $250 million.

Darnley Bay is also getting a project that has had quite a lot of work done already. Previous See KERRY KNOLL / 2

FILM: POINTING THE LENS AT BC'S GOLDEN TRIANGLE / 4

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JUNE 6–12, 2016 / THE NORTHERN MINER

Veteran miner Kerry Knoll bets on moly renaissance KNOLL From 1

owners completed 62,000 metres of diamond drilling from surface and underground. It also undertook 2,600 metres of underground excavation, primarily a 2 km long exploration adit driven into the heart of Hudson Bay Mountain, where the deposit lies.

After Thompson Creek Metals optioned the Davidson property in 2005, it completed another 12,000 metres of diamond drilling from surface and underground, as well as some metallurgical test work.

In 2006, Blue Pearl raised $700 million ($400 million in debt and $300 million in equity) to acquire Thompson Creek Metals, which at the time was the largest privately owned mining company in the United States.

“I’m not positive, but that’s the largest raise by a junior mining company ever,” Knoll says. “When I say a ‘junior mining company,’ I am referring to a company with no actual production. That was Ian — he did it. I was busy running Glencairn at the time.”

In 2007, Blue Pearl changed its name to Thompson Creek Mining.

McDonald, Blue Pearl’s co-founder and Knoll’s long-time business partner, reminisces in a telephone interview from the Bahamas that “the stars and the moon were aligned with Blue Pearl.”

The valuations were certainly sky-high. When Blue Pearl bought Thompson Creek, it was making a million-dollar-a-day profit at US$30 per lb. moly. “But the street valued it at US$2 billion, and that is where our market cap went, and the shares reached $24 by 2007 — by now a 400-bagger — and again we were the best performing stock on the TSX,” Knoll says. “Just raising the $700 million made us heroes again.

But the fact that we accomplished something most junior companies could only dream of doing was the true success story.”

Thompson Creek disposed of the Davidson project in 2013 when it got out of the molybdenum business — giving Knoll the opportunity to jump back into the project.

“They were closing their moly mines,” Knoll says, adding that Thompson Creek is “in difficult straits right now because of their debt.”

Now Darnley Bay has access to the Davidson drill core, which has been preserved in Smithers.

“We’re getting a property at exactly the point I like a property to be — it’s at the stage where you can do a feasibility study,” Knoll says, adding that Thompson Creek Metals did a feasibility study on Davidson in 2008, but never filed it on SEDAR. (The study envisioned moving the ore 200 km by truck to the privately owned Endako mill. The trip alone accounted for half the production costs of US$9.46 per lb. molybdenum — and was a non-starter.)

If the numbers in Darnley Bay’s upcoming feasibility study on Davidson look good, the company would consider building a stand-alone mill for the project.

For Knoll, the downturn in the commodities market and the fact that so many companies are staggering under piles of debt and, like Thompson Creek, have had to shed assets, makes it the perfect time for lucrative deals.

“This is the best time in the history of our business to get involved in a deal, and that’s why we’re doing it,” he says of Darnley Bay’s Davidson option. “But we’re not going to stick with just this one property. We want to get three or four properties and different commodities.”

His first preference is for projects in British Columbia.

“We still think B.C. is one of the best places to be,” he says. “It has never ranked high on the Fraser Institute’s lists, but there have been more mines built there over the last 20 years than any other province or state.”

One of those was Canada’s first heap-leach operation at the Golden Bear mine, 145 km west of Dease Lake.

Knoll and McDonald acquired Golden Bear in 1997 and turned it into a heap-leach operation. (The mine eventually ended up in the hands of Goldcorp after its merger with Wheaton River.)

Knoll says he became fascinated by heap-leach mines while covering them as a reporter at The Northern Miner.

“I wrote a long article about heap leaching and I started asking why there weren’t any heap leach mines in Canada, and everybody had their reasons, but none of them added up,” he recalls.

The Davidson molybdenum project near Smithers, B.C., which Darnley Bay Resources optioned in March. DARNLEY BAY RESOURCES

GOLD PROPERTY FOR SALE — YUKON Aurchem Exploration Ltd. a Yukon based company holds 180 quartz claims, ~9000 acres, in the Mt.Nansen gold mining area, near Carmacks,YT. Recently discovered high grade area, the “Vic Project” (totally 93 claims) with gold concentrations averaging 70g/t as high as 325g/t with estimated resource value of 80,000 oz.

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The Glencairn Gold team at the Bellavista gold mine under construction in Costa Rica in 2004, including Kerry Knoll (front, second from right) and Ian McDonald (standing, third from right). PHOTO BY JOHN CUMMING

Glencairn Gold’s El Limon gold mine in Nicaragua, as seen in 2004. PHOTO BY JOHN CUMMING

“One theory reasoned that it was because of Canada’s cold temperatures. I called up a company called ‘Pegasus,’ which operated five heapleach mines in Montana, which is as cold as Canada, and they said the cold wasn’t a problem at all. They said all it does is slow down the leaching process a little bit. So I thought, I’m going to leave The Northern Miner, and I’m going to find a heap-leach deposit in Canada and be the first.

Well, we were the first.”

Knoll estimates that the Golden Bear mine had about a year left of reserves when the company he co-founded with McDonald, called “Wheaton River,” bought it for $500,000 from Homestake, a large mining company in the U.S. (Homestake merged with Barrick Gold in December 2001.)

“Homestake also posted a bond to pay off all the severance and clean up all the environmental stuff, so we got it in pretty good shape for next to nothing,” Knoll says. “We started drilling and found two deposits and switched it to a heap-leach mine.

Even though gold was US$275 per oz. at the time, we were able to produce gold for US$125 per oz., so we were pretty profitable.”

McDonald adds that “we mined the whole thing out at sub-US$300 per oz. gold, so it was only a five-year mine life. We learned how risky mining is, but how rewarding it can be too. The stock went from 20¢ to $5, twice — all within two years.”

After Wheaton River finished mining out Golden Bear in 2002, Knoll was approached by a group of people led by Frank Giustra that included Pierre Lassonde and Ian Telfer, who wanted to buy the company and use it as a vehicle to buy gold assets. After turning the keys over to them, Knoll stayed on for another year or so, before leaving permanently.

Telfer took over as president and embarked on an acquisition spree.

“Their timing was brilliant,” Knoll recalls. “Telfer was able to raise a lot of money and his timing was great

… so Wheaton River turned out well. Then they spun off the concept with Silver Wheaton. It worked out very well for me.”

Indeed, when the first company Knoll co-founded with McDonald, Glencairn Gold, sold its shares of Wheaton River, the profits allowed management to turn Glencairn into an operating company. By the mid2000s, Glencairn had built three mines in Central America: El Limon and La Libertad in Nicaragua, now owned by B2Gold, and the Bellavista mine in Costa Rica.

Unfortunately, Bellavista was not a success. After entering production in December 2005, the troubled mine was shut down in May 2007 when cracks were found in corners of the leach pad, which contained cyanide, and an avalanche of waste slid down a hill. Knoll recounts that period of his career as “stressful,” although he had left Glencairn at that point. (Litigation on the waste spill continues.)

Ironically, it was also Glencairn that ended up acquiring a nickel mine in Lynn Lake, Man., formerly owned by Sherritt Gordon, where Knoll had worked doing odd jobs one summer as a 20-year-old.

One of his memories from that summer was playing baseball for one of the teams at the mine. “The playing field was on one of the original tailings deposits, and you couldn’t get the muck out of your clothing at the laundry,” he recalls. “I looked around one day thinking, ‘I can’t believe they are allowed to make such a mess.’ Then 30 years later my company Glencairn owned it and was expected to clean it up, which we helped to do.”

The summer job at the nickel mine was just one of 55 jobs Knoll held before joining The Northern Miner in 1981 at the age of 26.

The first was a paper route in Edmonton. (He was 10 years old, and perhaps one of the youngest in Albertan history to develop frostbite delivering newspapers at 42 degrees below zero.) Subsequent jobs

“THE STARS AND THE MOON WERE ALIGNED WITH BLUE PEARL.” IAN MCDONALD BUSINESS PARTNER AND CO-FOUNDER, BLUE PEARL

(often as many as three at a time) included flipping burgers, pumping gas, packing groceries, delivering pizza, paving roads, driving a food truck to construction sites, cleaning industrial waste out of steel drums, guiding fish tours north of the Arctic Circle, driving a backhoe at a National Park, and painting houses in the Northwest Territories.

But The Northern Miner, he says, was “the best job I ever had,” and still jokes that after leaving the newspaper, it took him six years before he managed to get his income back up to the $36,000 a year he made as a salaried reporter.

Among the most exciting stories he covered for the newspaper was the Hemlo discovery. After interviewing David Bell, the geologist credited with finding the deposit, Knoll called McDonald (a stockbroker at the time whom he had met by chance in an elevator while covering an event for the newspaper) and bought 200 shares on his credit card at $1 apiece.

By the time he got back to the office, the price had doubled. McDonald advised him to sell it and take the profit, which he did. Shortly afterward, the stock jumped to $32 per share. “I thought, ‘Well, I won’t be keeping him as a client anymore,’” McDonald says.

Looking back, Knoll and McDonald are the first to admit that not every company they have created or been involved with has done well.

In 2006, Knoll and McDonald founded Stonegate Agricom, which has invested $42 million developing See KERRY KNOLL / 11

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GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 6–12, 2016

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Mines Management’s Montanore silver-copper project, 37 km south of the town of Libby in northwestern Montana. MINES MANAGEMENT

Hecla bids for Mines Management and its Montanore deposit SILVER-COPPER

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

H

ecla Mining (NYSE: HL) is hoping to fortify its silver development portfolio in the U.S. Northwest with a US$37-million, all-share acquisition of Mines Management (TSX: MGT; NYSE-MKT: MGN) and its large Montanore silver-copper deposit in northwestern Montana.

The friendly deal would see Mines Management shareholders receive 0.2218 of a share of Hecla, or a 41% premium based on the companies’ 10-day, volume-weighted average trading prices at the time of signing.

Montanore is one of the largest undeveloped silver and copper deposits in North America. The project lies 16 km from Hecla’s Rock Creek silver project and 80 km north of its prolific Lucky Friday silver-lead-zinc operation in Idaho.

The U.S. Forest Service and the Montana Department of Environmental Quality conditionally approved an operation at Montanore of up to 18,143 tonnes per day under an environmental impact statement (EIS) tabled in December.

“This opportunity emerged for us and we think it makes good business sense to control both Rock Creek and Montanore, and advance the two projects under common ownership,” Hecla’s vice-president of external affairs Luke Russell said during an interview.

“We’ll definitely explore potential project synergies after this transaction closes early in the third quarter. We’ll take a hard look at our strategy, but we see these as two independent projects. That being said, we can provide consistency in technical approach, agency and permitting, and in the community,” he added.

The stratabound, sedimenthosted deposit has measured and indicated resources of 166.3 million oz. silver and 1.2 billion lb.

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| Purchase would complement nearby Rock Creek, Lucky Friday silver assets

“THESE ARE TWO LONG-LIFE ASSETS THAT FIT OUR PROFILE. WE’RE LOOKING AT OUR NEXT 100 YEARS, AND SEE THESE AS TWO GREAT POTENTIAL ASSETS.” LUKE RUSSELL VICE-PRESIDENT OF EXTERNAL AFFAIRS, HECLA MINING

copper, within 73.9 million tonnes of 63.5 grams silver per tonne and 0.8% copper, using a 31.1-gram silver cut-off. Inferred resources include 65.1 million oz. silver and 497.5 million lb. copper, within 31.8 million tonnes of 57.5 grams silver and 0.7% copper.

Mines Management has steadily advanced project engineering since Montanore’s discovery in 1983, by completing 70,000 metres of diamond drilling, excavating a 4,300-metre evaluation adit and filing a preliminary economic assessment in 2011.

The study models a US$552-million underground mine that would

crank out 6.4 million oz. silver and 51 million lb. copper over a 15-year mine life. Based on US$15 per oz. silver and US$2.50 per lb. copper, the mine would feature a US$229million pre-tax net present value at a 5% discount rate and an 11.5% internal rate of return.

“Part of the evaluation at Montanore is completing the additional drift necessary to get down into the orebody,” Russell said.

After more metallurgical and geotechnical testing, Hecla will update the mine plan and feasibility study, he said.

Down the road, Hecla acquired Rock Creek in early 2015 for US$20 million by buying junior Revett Mining.

Hecla wrapped up the public comment period on its draft EIS at Rock Creek during the first quarter, and hopes the U.S. Forest Service will issue the final supplemental EIS and draft record of decision within the next year.

Rock Creek has had a few social licence issues, namely court challenges from regional environmental groups concerned the mine could harm the local water supply, and fish and bear populations.

“We have really good relationships with the agencies and communities in and around Rock Creek. Montanore is a similar situation for us, so having the two projects together under one owner provides oppor-

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tunity for consistency that could help streamline the permit process moving forward,” Russell said.

“These are two long-life assets that fit our profile. We’re looking at Hecla’s next 100 years, and see these as two great potential assets.”

Rock Creek has inferred resources of 229 million oz. silver and 2 billion lb. copper, within 124.3 million tonnes of 51.9 grams silver and 0.7% copper.

Hecla estimates an underground room-and-pillar mine at Rock Creek could produce 6 million oz. silver and 50 million lb. copper annually over a 35-year mine life.

But next up for Hecla at Rock

Creek is an evaluation phase that would involve digging a 1,900-metre decline to access the orebody, which could take up to 36 months to complete.

Hecla shares have traded in a 52week range of US$1.45 to US$4.73, and closed at US$3.93 per share at press time. The company has 384 million shares outstanding for a $1.5-billion market capitalization.

Mines Management shares have traded in a range of US11¢ to US91¢ over the past year, and last closed at US87¢ per share. The company has 31.6 million shares outstanding for a US$27-million market capitalization. TNM

Public Auction

Silver Concentrate Prince Rupert, British Columbia Under the Warehouse Lien Act of the Province of British Columbia, Quickload CEF Inc., doing business as Quickload Logistics, claims a lien against 105 Super Sacks, each with a capacity of 1.5 metric tons, containing silver concentrate (the “Goods”), located at Quickload’s warehouse at #1 Regina Road, Prince Rupert, British Columbia, owned

by CMC Metals Ltd. and deposited at Quickload’s warehouse by Can-Ship Overseas Inc. between November 27 and 29, 2012. This lien is claimed in respect of arrears of storage fees and other charges in relation to the Goods.

The Goods will be sold at an online public auction, to be held from June 20, 2016 at 8:30 AM PST to July 20, 2016 at 1 PM PST. The auction is open to qualified bidders only. In order to qualify, prospective bidders must send a short description of their organization and contact information to operations@quickloadlogistics.com. Applications to qualify will be accepted until 5 PM PST on Friday, June 17, 2016.

Qualified bidders will receive a tender package including an assay of the Goods, but bidders are encouraged to satisfy themselves of the quality of the Goods. Site visits and opportunity to sample the Goods will be made available to qualified bidders upon request. Quickload does not offer any warranty regarding the quality of the Goods.

The contact information for submission of bids will be included in the tender package sent to qualified bidders. No bids will be accepted after 1 PM PST on Wednesday, July 20, 2016. The auction results will be announced on Thursday, July 21, 2016 at 3 PM PST. Quickload reserves the right to reject any bid.

RIGHT SOLUTIONS RIGHT PARTNER

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E D I T O R IA L

O P- E D

Northern Andean economies groan as oil revenues dry up GOLD

| Stunted minerals sector can’t make up the difference

T

here’s nothing quite like a fall in oil prices to expose the cracks in the economies and politics of countries highly dependent on oil exports. And such is the case with South America’s largest oil exporters — Venezuela, Colombia and Ecuador — all three of which have suffered

BY JOHN CUMMING through three years of recession, and have jcumming@northernminer.com chronically underperforming mining sectors that can’t pick up much of the slack.

Venezuela has taken a particular turn for the worse in recent weeks. There are shortages of just about every basic necessity, from toiletries and food staples to medicines and electricity — despite the deeply unpopular Venezuelan President Nicolas Maduro asking women in the country to stop using hairdryers to save electricity, as droughts hamper hydroelectric power generation.

Most companies still active in country have halted or curtailed production, with even Coca-Cola having stopped producing its iconic drink owing to sugar shortages caused in part by the government’s inability to pay for fertilizer imports.

As a symptom of the lousy business environment Venezuela offers these days, two of the world’s top airlines — Latam Airlines (Latin America’s biggest carrier) and Germany’s Lufthansa — are cancelling or indefinitely suspending flights to the country. Two months ago, American Airlines (the top North American airline serving Latin America) scrapped its New York–Caracas route only three months after reinstating it.

And it’s not just because of the dwindling volume of passengers.

Reuters reports that Lufthansa has had difficulty repatriating profits from Venezuela due to onerous currency-exchange controls, and is owed at least US$100 million by the Venezuelan government, and that the International Air Transport Association has been lobbying the Venezuelan government to free all trapped airline revenue, which likely amounts to billions of U.S. dollars.

Even with the recent rise in oil prices back to the US$50-per-barrel range, the International Monetary Fund (IMF) estimates Venezuela’s economy will contract by 8% in 2016, after having already contracted 5.7% in 2015, with an inflation rate expected to surge to almost 500% this year.

Despite its enormous mineral endowment — especially gold in the southeast — the Venezuelan government decisively turned its back on foreign miners’ investment in 2008, when president Hugo Chavez, who died in 2013, started talking about nationalizing gold and cement assets in the country, and strengthened ties with China, Iran and Russia. Top miners such as Hecla Mining and Gold Fields quietly packed up and left the country for good, and potential gold mega-projects such as Las Cristinas and Brisas have f loundered due to domestic politics, more than the projects’ technical deficiencies.

With its more mixed and free-market economy, Colombia is faring better. The IMF sees the country’s growth easing to 2.5% in 2016 from 3.1% in 2015 due to low oil prices, as well as tightening macroeconomic policies and financial conditions.

Colombia’s export numbers from the minerals sector has benefitted from years of output from large coal and nickel mines, complemented by smaller-scale gold and emerald output, even if new gold-mine development in the country is hampered by bureaucratic, political, security and social-licence issues.

The IMF describes Ecuador’s outlook as “highly uncertain,” and says it depends on the availability of external financing. Under the IMF’s baseline scenario, Ecuador’s economy is expected to contract this year by 4.5%, due to “lower oil prices, a loss of competitiveness on the back of an appreciating dollar, fiscal consolidation and tight financing conditions.”

Ecuador is not a traditional mining nation and has had chaotic experiences in decades past with artisanal miners, such as at Nambija in the south.

But nonetheless the Ecuadorian government has renewed efforts over the past couple of years to woo foreign miners back to the country — with real progress seen such as the restart of development of the spectacular Fruta del Norte gold deposit, now under the direction of Lundin Gold. TNM

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

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

COMPANY INDEX B2Gold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Capstone Mining. . . . . . . . . . . . . . . . . . . . . . 13 Centerra Gold. . . . . . . . . . . . . . . . . . . . . . . . . . 5 Darnley Bay Resources. . . . . . . . . . . . . . . . . . 1 Endeavour Silver. . . . . . . . . . . . . . . . . . . . . . 13 Focus Ventures. . . . . . . . . . . . . . . . . . . . . . . . 16 Goldcorp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Golden Predator Mining . . . . . . . . . . . . . . . . 1

Hecla Mining. . . . . . . . . . . . . . . . . . . . . . . . . . 3 McEwen Mining . . . . . . . . . . . . . . . . . . . . . . 11 Mines Management. . . . . . . . . . . . . . . . . . . . . 3 Penoles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Stonegate Agricom . . . . . . . . . . . . . . . . . . . . . 1 Thompson Creek Metals . . . . . . . . . . . . . . . . 1 Trevali Mining. . . . . . . . . . . . . . . . . . . . . . . . 14 Uranium One. . . . . . . . . . . . . . . . . . . . . . . . . 11

The Northern Lights above a tower on the Northwest Transmission Line in B.C., in a still from the documentary KONELĪNE: Our land beautiful. CANADA WIDE PRODUCTIONS

Film finds drama in BC's Golden Triangle REVIEW

| Award-winning documentary captures the complexity of life in northwest BC

BY DAVID PERRI dperri@northernminer.com

N

orthwest B.C. is a land of abundance and beauty.

Teeming with wildlife, the mountains, rivers and valleys are also home to the Tahltan First Nation. Riches below the surface have inspired miners to call the region the “Golden Triangle.”

This landscape is the focus for Nettie Wild’s documentary KONELĪNE: Our land beautiful.

The film-maker points a lens at the people who live and pass through this remarkable land, capturing the intersection of natural beauty, development and a native homeland.

tailings spill in mid-2014.

Lacking overt narration or a heavy-handed agenda, the film, which was shot over a full year, delivers some truly fascinating scenes.

The camera follows a pair of Tahltan hunters in the autumn as they stalk, shoot and butcher a moose. Another segment sees a guide outfitter ferry 17 horses, one by one, across the f lowing Stikine River.

The region’s natural beauty is in full view, with breathtaking wide shots, but Wild also finds beauty in unexpected places, artfully capturing diamond drillers pulling up core at Pretium Resources’ Brucejack gold project.

“THERE ARE JUST SO MANY FILMS OUT THERE WITH PEOPLE TELLING OTHER PEOPLE WHAT TO THINK.” NETTIE WILD DIRECTOR, WRITER, CO-PRODUCER, KONELĪNE: OUR LAND BEAUTIFUL

Konelīne (pronounced koe-nelee-neh) is a Tahltan world that means “our land beautiful.” Wild says the one thing everyone in the region shares — from Tahltan elders to prospectors — is a love of the land.

Mineral development in the area can quickly turn controversial, as locals, developers, government and non-governmental organizations enter the mix. Wild captures these tensions over development while trying to stay above the fray by focusing on the people in the region.

“There are just so many films out there with people telling other people what to think,” Wild said in a phone interview from her home in Vancouver. “This film is not in my voice.”

Viewers meet Tahltan members who are employed by the development industry, as well as those opposed to and unsure about it. The film also documents the Tahltan blockade at Imperial Metals’ Red Chris project (now a mine), as fears spiked in the aftermath of the Mount Polley

In one of the film’s most gripping scenes, a helicopter delivers a power transmission tower to a crew that struggles to secure it to the ground. Shot in slow motion as the helicopter hovers overhead, Wild calls it an “extraordinary choreographed dance, with linemen, the biggest helicopter in the world and a 16,000 lb. tower.”

She hopes the documentary will challenge stereotypes and stop people on all sides from “writing off” those with differing opinions about development, environmentalism and aboriginal issues.

“My role as a film-maker was to go up there and listen really hard to the people in the North. And then, as best as I could, ref lect the poetry of their lives and their voices.”

Wild inherited a love of the bush from her grandfather, a doctor who caught the mining bug and came to own a tungsten mine near Revelstoke. “The only thing he loved more than fishing and being in the bush was chasing anything that glittered in rock,” she said. The mine never amounted to much,

2016-05-31 7:13 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 6–12, 2016

5

Centerra appeals Kumtor fines KYRGYZSTAN

| Gold miner faces more than US$320M in fines

BY SALMA TARIKH

C

starikh@northernminer.com

enterra Gold’s (TSX: CG) subsidiary has been fined US$98 million for environmental damages at the Kumtor gold mine, and faces another US$225 million in environmental fines, all of which the firm intends to appeal.

On May 25, the Bishkek interdistrict court in Kyrgyzstan ruled that the Kumtor Operating Company (KOC) would have to pay a US$98.4-million environmental fine for Kumtor’s waste rock. The ruling follows a claim that the state inspectorate office for environmental and technical safety (SIETS) — filed along with others in 2012 — alleging that the company should pay tariffs for placing waste rock on Kumtor’s waste dumps. The tariffs normally apply to industrial or domestic waste.

“The agency is interpreting that the waste rock should have a fee … but you see our 2009 [investment] agreements outline a complete set of taxes, fees and other charges applicable to the Kumtor project. So we have been arguing that the waste rock is covered under our mine plan and shouldn’t be subjected to this tariff,” the firm’s vice-president of investor relations John Pearson explains.

“We are obviously appealing that.”

Centerra is also appealing a May 24 inter-district court ruling against its subsidiary in another SIETS claim alleging unrecorded wastes from Kumtor’s effluent and sewage treatment plants, amounting to US$10,000 in damages.

The company intends to appeal both decisions to the Bishkek city court, and if required, to Kyrgyzstan’s Supreme Court. On May 30, it delivered a notice of arbitration to the government regarding other ongoing disputes at Kumtor.

The inter-district court is set to hear two more SIETS claims that charge KOC has caused land damage and failed to pay for water use.

The two claims total US$5 million.

In addition, KOC faces a US$220million claim made by the state agency for environment and forestry protection (SAEPF) for alleged en-

vironmental pollution, which was filed in 2013.

Court hearints on the SIETS and SAEPF claims have been postponed to May 31 and June 3.

Pearson says Centerra has dealt with the two environmental agencies in court for some time.

“As we stated before, we dispute the allegations in their claims and consider the claims to be without merit. So they will be automatically appealed.”

Meanwhile, Centerra is working with the government to resolve other matters surrounding its sole producing mine, including a criminal case by the general prosecutor’s office (GPO) and outstanding approvals for its annual mine plan.

The GPO alleges the company’s Kumtor Gold Co. subsidiary made a financial violation by paying a US$200-million, inter-corporate dividend to Centerra in 2013.

In late April, the GOP and other officers raided Kumtor Gold’s Bishkek offices to collect documents related to the dispute.

“There was nothing illegal done,” Pearson says. “It was an inter-corporate dividend. It’s done all the time. It was done within Kyrgyz law, business law and within corporate governance rules.”

In a separate matter, Centerra cautions that if it does not receive the outstanding permits and approvals for its 2016 mine plan by the end of June, it will have to shut down operations on July 1.

Historically the annual permits have been “somewhat delayed,” but Centerra has “always received them,” Pearson says.

BMO analyst Andrew Breichmanas notes that Kumtor has operated since 1997, producing more than 10 million oz. gold and paying over US$1 billion to the country’s budget and social fund.

“Given the importance of the mine to the country’s economy … sustaining operations would appear to be a priority,” he writes.

Despite the outstanding matters, Kumtor is on track to meet its 2016 production guidance of 480,000 to 530,000 oz. gold, Pearson says. TNM

Scenes from the documentary KONELĪNE: Our land beautiful, from top: hunters skin a moose; a guide outfitter swims a horse across the Stikine River; a Tahltan man runs his dogs across the land (left); Tahltan members play a stick gambling game; and linemen struggle to secure a transmission tower to the ground. CANADA WIDE PRODUCTIONS

but “as a kid growing up, I had this mythology of what we referred to as ‘the family mine.’

Getting access to film the various regional actors was a challenge, Wild says. Resistance initially came from all sides and threatened to kill the project.

It was Hy-Tech Drilling founder and chairman Harvey Tremblay who first granted filming access, which snowballed into a wider acceptance from people in the region.

Tremblay admits he was taken aback when he had to sign a document granting full access and independence for the film-maker.

But he said doing so helped ensure the film accurately showed what his drillers do. “We do good

1 2 3 4 5 11 13 14 16_Jun6_Main .indd 5

work and I feel good about the way we do our work,” he said in an interview.

“If nobody participates, they’ll make up our part,” he said. “We’re going to be a player in [the film] whether we participate or not.”

Tremblay said the industry should be more transparent about what it does and why, and that informing people about the mining industry will help the public understand its importance. “We should be proud in the mining industry of what we do. We shouldn’t hide what we do — that does us a disfavour.”

Tremblay watched the documentary at its opening in Whitehorse and is pleased with the finished

product. He praises Wild for her “balanced hand,” which he believes will promote conversation between concerned groups. “It’s a beautiful film. She did a great job of bringing real poetry to the land. It’s an absolutely stunning, visual movie.”

Tremblay isn’t the only one who was impressed. In May, KONELĪNE won the Best Canadian Feature Documentary Award in May at the Hot Docs 2016 Festival in Toronto.

The film will play in Toronto from June 10 to 16, and in major cities and mining towns across Canada this year.

To view the trailer, show times and more information, please visit www.canadawildproductions.com/ film/koneline. TNM

2016-05-31 7:13 PM

6

WWW.NORTHERNMINER.COM

JUNE 6–12, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / MAY 23–27 The Bank of Canada kept its target for the overnight lending rate at 0.5% and estimated that the wildfires in Alberta would knock 1.25 percentage points from real gross domestic product in the three months ended June 30. Canada’s benchmark stock exchange advanced 1.3% to finish at 14,105.23, while the S&P/TSX Capped Diversified Metals & Mining Index climbed 0.95% to 511.74. Spot gold fell 3.1% to US$1,212.80 per oz., and the S&P/TSX Global Gold Index dropped 7.96% to 204.37.

Suncor Energy announced that there had been no damage to its assets from the Alberta blaze and that it had remobilized its employees to support the staged restart of its operations in the Regional Municipality of Wood Buffalo. Suncor also said it was ramping up construction at its Fort Hills mine. Suncor’s shares jumped $1.40 to $35.90.

Shares of Globex Mining Enterprises climbed 39% to 45¢ after announcing it had optioned two of its Quebec lithium projects (Chubb and Bouvier) to Great Thunder Gold Corporation. Great Thunder will pay Globex $60,000 over six months and deliver 2.4 million shares. Globex receives a 2% gross metal royalty on all production from the properties and an underlying 1% net smelter return royalty. Separately, Globex also acquired 11 new lithium exploration projects.

A bid for Mines Management by U.S.listed silver miner Hecla Mining sent Mines Management up 35% to $1.12 per share.

Under the deal, each outstanding share of Mines Management will be exchanged for 0.2218 of a Hecla share. The offer is a 41% premium using both companies’ 10-day, volume-weighted average price on May 20.

Mines Management’s Montanore silvercopper project in Montana is 80 km from Hecla’s Lucky Friday mine in Idaho and 16 km from its Rock Creek project.

Cameco’s shares rose 34¢ to $15.26. Cameco and Kazatomprom — Kazakhstan’s state-owned importer and exporter of uranium and nuclear fuel for power plants — signed an agreement to restructure and enhance their joint-venture Inkai project, an TSX MOST ACTIVE ISSUES

Kinross Gold B2Gold Yamana Gold First Quantum Barrick Gold Teck Res Eldorado Gold Lithium Amer IAMGOLD Suncor Energy

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

K BTO YRI FM ABX TCK.B ELD LAC IMG SU

45296 6.57 5.50 5.52 - 0.98 31539 2.69 2.28 2.31 - 0.33 31524 6.35 5.35 5.44 - 0.78 30639 9.04 8.18 8.92 + 0.30 25642 24.17 21.30 21.67 - 2.20 21908 13.30 12.08 12.43 - 0.50 20040 6.07 5.41 5.50 - 0.39 18096 0.91 0.76 0.85 - 0.03 16546 4.91 4.14 4.14 - 0.59 15552 36.00 34.32 35.90 + 1.40

in situ recovery uranium mine in southern Kazakhstan. Cameco owns 60% of the JV and Kazatomprom owns the rest. Under the agreement, the JV could ramp up production to 10.4 million lb. uranium oxide (U3O8) per year, which is up from 5.2 million lb. U3O8.

Subject to adjustments, Cameco’s ownership would change to 40% and Kazatomprom’s to 60%. The partners will also complete a feasibility study on building a uranium

refinery in Kazakhstan capable of producing 6,000 tonnes of uranium per year, as uranium trioxide. Kazatomprom will also have the option to obtain UF6 conversion services at Cameco’s Port Hope facility for 10 years. Depending on Cameco’s commercial support, Cameco’s interest in JV Inkai may be increased to 44% and its ownership stake in the refinery would also be adjusted from 28.3% to 29.3%. TNM

TSX GREATEST PERCENTAGE CHANGE

Namibia Rare E Globex Mng Mines Manage Prophecy Coal AZ Mining Verde Potash Redhawk Res Yorbeau Res Formation Mtls Gabriel Res Mawson West Erdene Res Dev Silvercorp Met Atlatsa Res Coro Mining Timmins Gold Stonegate Agri New Milln Iron Vista Gold Argonaut Gold

NRE GMX MGT PCY AZ NPK RDK YRB.A FCO GBU MWE ERD SVM ATL COP TMM ST NML VGZ AR

126 1040 54 292 2507 108 22 1189 650 810 658 2239 3828 66 3337 10883 651 1586 298 6719

0.12 0.45 1.23 0.02 1.68 0.37 0.04 0.09 0.38 0.24 0.01 0.47 2.88 0.10 0.13 0.42 0.03 0.08 1.10 3.21

0.08 0.31 0.77 0.02 1.21 0.30 0.04 0.08 0.33 0.21 0.01 0.31 2.20 0.07 0.09 0.30 0.02 0.06 0.85 2.56

0.12 0.45 1.12 0.02 1.57 0.37 0.04 0.09 0.37 0.24 0.01 0.33 2.23 0.07 0.09 0.32 0.02 0.06 0.85 2.60

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agrium Suncor Energy TMAC Resources Orocobre Cameco Corp AZ Mining First Quantum Mines Manage Lundin Mng Lucara Diam Franco-Nevada Detour Gold Agnico Eagle MAG Silver Barrick Gold Seabridge Gld Osisko Gold First Majestic Endeavour Mng Pan Am Silver

60.0 39.1 34.9 33.3 24.6 15.6 14.3 12.5 12.1 11.6 50.0 28.3 22.6 22.2 21.7 21.0 20.0 20.0 19.0 19.0

VOLUME WEEK (000s) CLOSE CHANGE

AGU SU TMR ORL CCO AZ FM MGT LUN LUC FNV DGC AEM MAG ABX SEA OR FR EDV PAA

1355 118.88 15552 35.90 188 13.90 468 4.15 3910 15.26 2507 1.57 30639 8.92 54 1.12 12330 4.40 3747 4.03 3137 81.80 5193 25.15 4749 57.72 1665 15.58 25642 21.67 622 15.67 2272 14.87 8754 13.49 2813 16.84 3255 17.83

+ 3.59 + 1.40 + 0.63 + 0.37 + 0.34 + 0.31 + 0.30 + 0.29 + 0.26 + 0.24 - 4.20 - 3.01 - 2.72 - 2.36 - 2.20 - 1.68 - 1.57 - 1.55 - 1.54 - 1.44

TSX VENTURE EXCHANGE / MAY 23–27 The S&P/TSX Venture Composite Index fell 2.6%, or 17.6 points, to a 668.54-point close over the trading period.

Spot gold hit a three-month low, falling 3.2%, or US$39.60, to US$1,212.38 per oz. gold, while stronger oil prices boosted threemonth London Metal Exchange copper contracts, rising US$78 per tonne, or 1.7%, to a US$4,700-per-tonne close.

American Lithium led the value-added category, gaining 24¢ to a $1.27-per-share close, after an all-share deal to acquire a privately held company and its Colorado and San Emidio lithium brine joint-venture projects in Nevada. The B.C.-based explorer will acquire the private company in exchange for 6 million shares.

The Colorado project increases American Lithium’s land position to a contiguous 74.9 sq. km in Esmeralda County’s Fish Lake Valley, whereas the San Emidio project, 100 km northeast of Reno, brings the company’s total land holdings in Nevada to 84.1 sq. km.

Previous explorers on the San Emidio target defined a lithium-in-brine anomaly 1 km wide and more than 5 km long, with concentrations ranging from trace up to 23.7 milligrams of lithium per litre at 24 to 39 metres deep from sample wells.

Alset Energy saw 27.8 million shares traded

before closing up 23¢ to 36¢-per-share on news of initial sampling results at its Wisa Lake spodumene lithium project, 80 km east of Fort Frances, Ont. The company reported grab samples of 1.4% and 0.95% lithium oxide from the project’s North zone. Samples collected 900 metres south and parallel to the North zone returned 1.75%, 1.47% and 1.45% lithium oxide. The property hosts a historic resource of 330,000 tonnes grading 1.15% lithium oxide.

Alset also identified multiple conductive zones associated with flake graphite on its newly acquired Champion graphite project, north of Kenora, Ont. Several 1-metre-deep holes dug over 1.3 km on the property graded 1.7% to 9% carbon.

Shares of Great Thunder Gold jumped TSX-V MOST ACTIVE ISSUES

Alset Energy Nemaska Lith Great Thunder Ashburton Vent Standard Toll Critical Elem Graphite One Spearmint Res Benton Res Integra Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ION NMX GTG ABR TON CRE GPH SRJ BEX ICG

27844 17489 12962 12300 11858 11766 10906 10004 8831 6920

0.52 1.97 0.24 0.07 0.02 0.70 0.18 0.04 0.10 0.71

0.12 1.48 0.06 0.05 0.01 0.44 0.14 0.03 0.06 0.60

0.36 1.75 0.15 0.06 0.01 0.59 0.14 0.04 0.07 0.63

+ + + + + + - - + -

0.23 0.14 0.09 0.01 0.01 0.01 0.03 0.01 0.01 0.07

6¢, or 150%, to a 15¢-per-share close after announcing intentions to option the Chubb and Bouvier spodumene lithium properties near Val-d’Or, Que. Great Thunder must pay $60,000 to a vendor over the next six months to exercise the option, along with 2.4 million shares and a 2% gross metal royalty. The company will also grant a finder’s fee equal to 7% of the option’s

number of issuable shares.

Nemaska Lithium closed up 14¢ to $1.75-per-share after receiving the first $5-million tranche from Ressources Québec — a subsidiary of provincial government-owned Investissement Québec.

The company will receive the remaining $5-million balance after meeting construction milestones. TNM

TSX-V GREATEST PERCENTAGE CHANGE

MillenMin Vent Tolima Gold Alset Energy Great Thunder Astur Gold Cdn Arrow Standard Toll MacDonald Mns Montero Mg&Ex Barker Mnrls Balto Res Romulus Res CB Gold Kings Bay Gold Stroud Res Dynasty Gold Plato Gold Cerro Mng Stratabd Mnr Lakeside Mnrls

MVM TOM ION GTG AST CRO TON BMK MON BML BAL.H ROM.H CBJ KBG SDR DYG PGC CRX SB LAK

423 4913 27844 12962 2311 608 11858 1169 1695 1754 10 7 193 571 477 227 206 5 434 90

0.02 0.03 0.52 0.24 0.08 0.01 0.02 0.01 0.08 0.02 0.03 0.16 0.15 0.01 0.01 0.02 0.01 0.02 0.02 0.01

0.01 0.01 0.12 0.06 0.02 0.01 0.01 0.00 0.00 0.01 0.01 0.08 0.08 0.01 0.01 0.00 0.01 0.00 0.01 0.01

0.02 0.02 0.36 0.15 0.06 0.01 0.01 0.01 0.04 0.01 0.01 0.08 0.08 0.01 0.01 0.01 0.01 0.02 0.01 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 300.0 + 200.0 + 176.9 + 150.0 + 120.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 60.0 - 53.1 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

VOLUME WEEK (000s) CLOSE CHANGE

American Lith Alset Energy Regulus Res Bacanora Mnls Wealth Mnrls Abitibi Royalt Kennady Diam Nemaska Lith Gldn Predator Falco Res Gold Reserve Novo Res Anfield Nickel Chesapeake Gld Altair Gold Mirasol Res Cordoba Mnls ATAC Res Orezone Gold Avino Silver

LI ION REG BCN WML RZZ KDI NMX GPY FPC GRZ NVO ANF CKG AVX MRZ CDB ATC ORE ASM

895 27844 1143 368 2609 119 150 17489 769 4066 166 348 1271 179 76 406 469 1230 1624 367

1.27 0.36 0.93 1.86 0.84 6.05 4.25 1.75 0.59 0.93 3.47 0.86 1.36 3.51 0.50 1.62 0.57 0.70 0.85 1.77

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

0.24 0.23 0.23 0.23 0.19 0.15 0.15 0.14 0.13 0.12 2.33 0.32 0.20 0.20 0.18 0.17 0.16 0.16 0.15 0.15

U.S. MARKETS / MAY 23–27 U.S. indexes gained ahead of the Memorial Day weekend, after U.S. Federal Reserve Chair Janet Yellen hinted at a possible interest rate hike in the coming months.

The Dow Jones Industrial Average advanced 2.1% to 17,873.22, and the S&P 500 Index rose 2.3% to 2,099.06 — the best performance for both since March. The Nasdaq Composite climbed 3.4% to 4,933.50, in its best week since February. The July contract for crude oil hit an intraday high of US$50.21 per barrel, before closing at US$49.33 — a 1.3% weekly gain. The July contract for Brent crude also popped above US$50 per barrel to US$49.32.

Pittsburgh-based natural gas producer Consol Energy rose 12.8%, or US$1.68 per share, to close at US$14.85, on no new news. In late April, it reported a first-quarter adjusted net loss attributable to continuing operations of US$16 million, or US7¢ per share. This compares to last year’s adjusted net income of US$85 million, or US37¢ per share. On April 1, Consol closed the US$420-million sale of its Buchanan mine and other metallurgical coal assets to Coronado IV LLC. Hecla Mining shares slipped US33¢ to US$3.91 on 43.2 million shares traded, after

6_JUN6_MarketNews.indd 6

announcing a US$37-million, all-share acquisition of Mines Management for its large Montanore silver-copper deposit in northwest Montana. Hecla is offering 0.2218 of its share for each Mines Management share held. The transaction should close in the third quarter.

Gold companies saw the biggest value drop, as spot gold fell US$39.10, or 3.1%, to US$1,212.80 per ounce. Franco Nevada led the value losers, dropping US$2.71 to US$62.81 per share. Shares in Agnico Eagle Mines and Newmont Mining retreated US$2.04 and US$1.77 to finish at US$44.14 and US$31.96, both on no news.

U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 185596 12.04 10.72 11.14 + 0.06 Vale* VALE 128890 4.33 3.85 3.98 unch 0.00 Alcoa* AA 92528 9.81 9.13 9.35 + 0.24 Barrick Gold* ABX 90169 18.21 16.24 16.62 - 1.58 United States S* X 74252 15.35 13.00 14.38 + 1.02 Kinross Gold* KGC 70499 5.02 4.22 4.23 - 0.74 Yamana Gold* AUY 65232 4.74 4.08 4.17 - 0.55 Goldcorp* GG 46589 17.64 16.03 16.60 - 0.77 Newmont Mng* NEM 46190 34.30 30.86 31.96 - 1.77 Hecla Mining* HL 43158 4.33 3.83 3.91 - 0.33

Kinross Gold tumbled 14.9% to US$4.23 per share, after a strike by its unionized employees at the Tasiast gold mine in Mauritania. Kinross said it is open to resume negotiations with union representatives, and does not expect the strike to affect expansion.

Seabridge Gold gave back US$1.12 per share to finish at US$12.03, after outlining its 2016 exploration plans at the KSM gold-copper project in northwestern B.C. The 10,000-metre drill program could extend Deep Kerr’s block cave resource 800 metres south. TNM

U.S. GREATEST PERCENTAGE CHANGE

CONSOL Energy* United States S* Trecora Res* Yanzhou Coal* Suncor Energy* Vedanta* Agrium* NACCO Ind* Cameco Corp* Alcoa* DRDGOLD* Kinross Gold* McEwen Mng* Endeavr Silver* Gold Fields* Pretium Res* Cloud Peak En* IAMGOLD* Harmony Gold* Yamana Gold*

CNX X TREC YZC SU VEDL AGU NC CCJ AA DRD KGC MUX EXK GFI PVG CLD IAG HMY AUY

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

29807 15.61 12.69 14.85 + 12.8 74252 15.35 13.00 14.38 + 7.6 149 11.38 10.45 11.34 + 6.9 56 5.32 4.92 5.27 + 6.3 20141 27.82 25.98 27.54 + 4.7 634 6.22 5.71 6.12 + 4.3 6591 92.05 87.86 91.28 + 3.9 150 55.01 51.33 53.42 + 3.2 5933 11.96 11.28 11.71 + 2.8 92528 9.81 9.13 9.35 + 2.6 3214 5.35 4.34 4.53 - 16.9 70499 5.02 4.22 4.23 - 14.9 11754 2.63 2.15 2.21 - 14.3 9637 3.60 3.03 3.05 - 13.6 33931 4.09 3.45 3.50 - 13.2 6724 7.98 7.01 7.04 - 12.5 3397 1.90 1.64 1.68 - 12.5 34254 3.64 3.16 3.17 - 12.4 20656 3.41 2.88 2.92 - 12.0 65232 4.74 4.08 4.17 - 11.7

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Agrium* AGU Chevron* CVX CONSOL Energy* CNX NACCO Ind* NC Suncor Energy* SU Black Hills* BKH United States S* X Trecora Res* TREC Rio Tinto* RIO Franco-Nevada* FNV Agnico Eagle* AEM Newmont Mng* NEM Barrick Gold* ABX Seabridge Gld* SA First Majestic* AG AngloGold Ash* AU Pretium Res* PVG Silver Wheaton* SLW DRDGOLD* DRD

VOLUME WEEK (000s) CLOSE CHANGE

3358 191.83 6591 91.28 23192 102.02 29807 14.85 150 53.42 20141 27.54 1879 59.81 74252 14.38 149 11.34 19177 28.73 3817 62.81 10494 44.14 46190 31.96 90169 16.62 5307 12.03 25859 10.35 19097 13.38 6724 7.04 24221 18.20 3214 4.53

+ 4.65 + 3.41 + 2.23 + 1.68 + 1.67 + 1.24 + 1.19 + 1.02 + 0.73 + 0.42 - 2.71 - 2.04 - 1.77 - 1.58 - 1.17 - 1.12 - 1.08 - 1.01 - 0.93 - 0.92

2016-05-31 7:20 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JUNE 6–12, 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 SPOT PRICES COURTESY OF SCOTIABANK Tuesday, May 30, 2016 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.)

Change $1210.50 -32.15 $16.06 -0.21 $993.00 -26.00 $543.00 -18.00

Price (US$/tonne) Change $8445.00 +15.00 $4650.50 -24.00 $1694.00 +1.00 $1924.00 +24.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, May 27, 2016 (change from May 20, 2016 in brackets): Aluminium Alloy 14400 (-280) Aluminium 2534000 (-26550) Copper 153750 (-1975) Lead 185250 (+5150) Nickel 402744 (-1812) Tin 7115 (+380) Zinc 383000 (-3750)

TSX SHORT POSITIONS

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$43.63 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$40.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.35 Coal: CME Group Central Appalachian Futures July 2016: US$44.80 Aug. 2016: US$44.80 Cobalt: US$10.66/lb.

Copper: US$2.14/lb.

Copper: CME Group Futures July 2016: US$2.111/lb.; Aug. 2016: US$2.110/lb Ferro-Chrome: US$1.77/kg Ferro Titanium: US$3.50/kg FerroTungsten: US$23.12/kg Ferrovanadium: US$14.70/kg Iridium: NY Dealer Mid-mkt US$520/tr oz.

Iron Ore 62% Fe CFR China-S: US$50.90/tonne Iron Ore Fines: US$56.46/tonne Iron Ore Pellets: US$72.89/tonne Lead: US$0.77/lb.

Magnesium: US$2.03/kg Manganese: US$2.01/kg Molybdenum Oxide: US$6.94/lb.

Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$665.00/tr. oz.

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

Silver: Handy & Harman Base: US$16.29 per oz.; Handy & Harman Fabricated: US$20.36 per oz.

Tantalite Ore: US$191.35/kg Tin: US$7.37/lb.

Uranium: U3O8, Trade Tech spot price: US$28.85; The UX Consulting Company spot price: US$28.50/lb.

Zinc: US$0.86/lb.

Prices current May 31, 2016

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov 20/15 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 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 Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.8 to Dec 10/15 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 Newmarket Gold (NMI.WT) - Wt buys 4.07 sh @ $9.17 to Mar 24/16 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 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 Royal Nickel (RNX.WT) - Wt buys sh @ $0.8 to Jul 11/16 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 Vista Gold (VGZ.WT.U) - Wt buys sh @ $5 to Oct 22/15

Short positions outstanding as of May 27, 2016 (with changes from Apr 18, 2016) Largest short positions Gold Std Vents GSV 19100 -600 CB Gold CBJ 3000 1000 Largest increase in short position CBJ 3000 1000 CB Gold Gold Std Vents GSV 19100 -600 Largest decrease in short position GSV 19100 -600 Gold Std Vents CB Gold CBJ 3000 1000

DAILY METAL PRICES Daily Metal Prices Date May 30 May 27 May 26 May 25 May 24 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy N/A 1530/1560 1530/1560 1530/1560 1530/1555 Aluminum N/A 1550/1558 1552.50/1558.50 4635.50/4615 1552/1561 Copper N/A 4725/4700 4705/4686 1645/1648 4636/4609 Lead N/A 1693.50/1695 1666/1668 8335/8375 1651/1652 Nickel N/A 8370/8420 8370/8430 15490/15450 8335/8385 Tin N/A 16225/16150 15700/15690 1820/1825.50 15765/15700 Zinc N/A 1902/1898 1882/1878 1665/1695 1826/1833 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM N/A 1221.25 1226.65 1220.75 1242.65 N/A 1216.25 1223.85 1220.60 1236.85 Gold PM Silver N/A 16.30 16.46 16.21 16.27 Platinum N/A 984.00 1003.00 994.00 1006.00 Palladium N/A 546.00 545.00 523.00 544.00

EXCHANGE RATES May 27 May 26 May 25 May 24 May 23 Date US$ in C$ 1.2979 1.2979 1.3020 1.3123 1.3143 C$ in S$ 0.7706 0.7706 0.7680 0.7621 0.7609 Exchange rates (Quote Media, May 27, 2016) C$ to AUS C$ to EURO 1.0666 0.6886 C$ to UK Pound C$ to China Yuan 0.5254 5.0528 US to AUS US to EURO 1.3839 0.8933 US to UK Pound US to China Yuan 0.6817 6.5570

C$ to YEN C$ to Mex Peso C$ to SA Rand 84.5700 14.2182 11.9566 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 51.5730 0.7623 908.7500 US to YEN US to Mex Peso US to SA Rand 109.7700 18.4571 US to India Rupee US to Swiss Franc US to S. Korea Won 66.9265 0.9893 1179.9000

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

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

7_JUN6_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

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 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 20/16 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 Monarques Gold (MQR.WT) - Wt buys sh @ $0.2 to Dec 14/15 NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15 Oceanic Iron Ore (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 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

IndexName May 27 May 26 May 25 S&P/TSX Composite 14105.23 14049.20 14053.74 S&P/TSXV Composite 668.54 679.93 677.08 S&P/TSX 60 824.87 821.38 821.33 S&P/TSX Global Gold 204.37 209.40 210.50 S&P/TSX Metals & Mining 511.74 509.29 508.08

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of May 27, 2016 (with changes from Apr 18, 2016) Largest short positions Lundin Mng LUN 46405998 2031242 Kinross Gold K 45115997 -1156579 Potash Corp SK POT 33865225 -91286 First Quantum FM 27273583 -3969150 B2Gold BTO 25948611 3489468 New Gold NGD 20924215 28685 Eldorado Gold ELD 18609395 -79313 Teck Res TCK.B 15530345 663460 Barrick Gold ABX 11750478 292564 IAMGOLD IMG 10772065 -460476 Suncor Energy SU 10695054 -657747 Silver Std Res SSO 9633458 1563923 Detour Gold DGC 9329551 -162837 Yamana Gold YRI 9018038 1552222 Goldcorp G 8663566 71710 Largest increase in short position Golden Star GSC 7638100 4399900 Nevsun Res NSU 3836485 3718090 B2Gold BTO 25948611 3489468 Americas Silvr USA 3071992 2294992 Asanko Gold AKG 3371940 2185486 Largest decrease in short position FM 27273583 -3969150 First Quantum Semafo SMF 642420 -3509635 K 45115997 -1156579 Kinross Gold Centerra Gold CG 3354062 -763810 Suncor Energy SU 10695054 -657747

TSX VENTURE WARRANTS

May 24 May 23 High Low 13952.85 13919.58 15527.30 12400.15 675.31 686.14 1050.26 883.52 815.58 812.64 896.74 709.99 207.46 222.04 218.90 149.29 490.58 506.91 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS MAY 23–27, 2016 145 New Highs TMAC Resource* Abitibi Royalt Acme Res Inc Africo Res Algold Res Alphamin Res Alset Energy Alset Energy* Altair Gold Altiplano Mnls Alto Vent American Lith Anfield Res* Argus Metals* Asanko Gold* AsiaBaseMetals Astur Gold Atacama Res* Athabasca Nclr Aurvista Gold* Auryn Res* AZ Mining Barker Mnrls Barsele Min* Battle Mtn Gld Battle Mtn Gld* Benton Res Berkeley Egy* Black Mam Mtls Black Mam Mtls* Bluestone Res Bravada Gold Bravada Gold* Bravura Vent Bullfrog Gold* Cairo Res Candelaria Mg Canuc Res* Castle Mtn Mng Cda Strtgc Met * Chilean Metals Chilean Metals* Critical Elem Critical Elem*

Darnley Bay Darnley Bay* Eagle Plains Ecuador Gold Ecuador Gold* Emerita Res Eskay Mng Europn Uran Rs* Falco Res Four River Gem Intl Res Gldn Predator Gldn Predator* Globex Mng Globex Mng* Gold Bulln Dev Gold Bulln Dev* Gold Ridge Exp Gold Std Vents Gold Std Vents* Goldbank Mng Golden Harp Golden Valley Goldsource Min Goldsource Min* GoldTrain Res Granite Ck Gld Great Thunder Green Swan Cap Iconic Mnls IMX Res* Kincora Copper Klondike Gold Klondike Gold* Lancaster Cap Lucara Diam Magellan Gold* Majescor Res Majescor Res* Manitou Gold MartinMarietta* Mason Graphite Mason Graphite* MDN Inc Mexus Gold*

MillenMin Vent Mines Manage Mines Manage* Monarques Res Monarques Res* Monster Mng Montero Mg&Ex Mountain Prov Mountain Prov* Mundoro Cap* Nemaska Lith Nemaska Lith* New Dimen Res New Dimen Res* Northisle C&G Nouveau Monde Nrthn Shield Nrthn Vertex NV Gold NV Gold* Orezone Gold* Oriental Non F Orocobre Oroplata Res* Palamina Corp* Pancontinental* Pedro Res Precipitate Gl Prism Res Pure Gold Mg* Rainforest Res* Regulus Res Reva Res Rio Novo Gold* Romios Gold Rs* Rusoro Mng Rusoro Mng* Savary Gold* Scientific Mts Signature Res Strikepoint Gd* Telferscot Res Telson Res * Tembo Gold* Tiller Res

TMAC Resources Tolima Gold Valterra Res* Vantex Res Viscount Mng Wealth Mnrls Wealth Mnrls* Wildcat Expl* Wolverine Mnls X-Terra Res Zephyr Mnls

14 New Lows Castle Res* Central Rand* Comstock Mtls * Duran Vent * Hycroft Mg* Intact Gold Intact Gold* Nautilus Mnrls* Noble Mnl Expl Portex Mnrls Royal Nickel* Silver Mtn Mns* Spada Gold XLI Tech Inc*

CANADIAN GOLD MUTUAL FUNDS Fund May 27 ($) May 20 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 22.93 24.67 -1.74 -7.05 60.20 2.80 192.66 BMO Prec Mtls Fd A 18.36 19.72 -1.37 -6.92 64.92 2.40 72.79 10.16 11.23 -1.06 -9.46 74.67 0.63 119.06 BMO ZGD BMO ZJG 7.95 8.99 -1.04 -11.62 78.14 0.60 69.55 11.58 12.48 -0.90 -7.21 54.93 2.62 64.04 CIBC Prec Metal Fd A Dyn Prec Metls Fd A 6.66 7.18 -0.52 -7.24 69.53 2.66 388.68 Horizons HEP 29.34 -0.98 -3.37 62.89 0.80 IGMacGloPrecMetCl A 8.54 9.23 -0.69 -7.48 76.18 2.75 90.56 iShares XGD 12.77 13.88 -1.10 -7.94 76.60 0.61 744.60 Mac Prec Met Cl A 47.57 51.55 -3.98 -7.72 77.58 2.51 133.58 12.70 13.71 -1.01 -7.37 72.90 2.46 43.37 NB Prec Met Fd Inv RBC GblPreMetFd A 31.40 33.69 -2.30 -6.81 70.62 2.13 426.25 Sentry Pre Met Fd A 38.83 43.04 -4.21 -9.77 72.84 2.92 249.29 Sprott Gold&PrMinFdA 39.92 -2.14 -5.40 68.27 3.19 249.04 6.26 -0.24 -3.89 87.92 3.23 58.46 Sprott SilverEquCl A TD PreciousMetals-I 37.46 40.97 -3.51 -8.57 67.34 2.26 160.54

GLOBAL MINING NEWS · SINCE 1915

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2016-05-31 5:35 PM

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WWW.NORTHERNMINER.COM

JUNE 6–12, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MAY 23–27, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 2410 0.09 0.06 0.08 + 0.01 0.13 0.03 0.05 0.04 0.04 - 0.01 0.09 0.04 Abacus Mng &Ex V 1644 Abcourt Mines* O 87 0.07 0.07 0.07 + 0.00 0.09 0.02 Abcourt Mines V 343 0.10 0.09 0.09 + 0.01 0.11 0.03 ABE Res V 20 0.03 0.00 0.03 + 0.01 0.08 0.02 Aberdeen Intl T 2101 0.17 0.15 0.16 - 0.01 0.24 0.10 0.12 - 0.02 0.16 0.07 Aberdeen Intl* O 50 0.14 0.12 Abitibi Royalt V 119 6.23 5.50 6.05 + 0.15 5.95 1.53 0.60 - 0.06 0.90 0.05 ABT Holdings* O 5 0.66 0.60 Acme Res Inc V 116 0.06 0.04 0.06 + 0.01 0.06 0.02 Active Growth V 96 0.06 0.04 0.04 - 0.01 0.10 0.02 0.06 - 0.01 0.07 0.01 Adamera Mnls V 960 0.07 0.06 Adventure Gold V 1072 0.33 0.29 0.30 - 0.01 0.35 0.06 0.03 - 0.01 0.04 0.01 African Queen V 1579 0.04 0.03 0.95 + 0.02 0.96 0.30 Africo Res T 202 0.96 0.93 O 5 0.00 0.00 0.00 + 0.00 0.00 0.00 Aftermath Slvr* Agave Silver V 109 0.07 0.06 0.06 - 0.01 0.09 0.01 Agnico Eagle T 4749 60.74 56.03 57.72 - 2.72 62.56 27.63 Agnico Eagle* N 10494 46.65 42.71 44.14 - 2.04 48.47 21.00 T 1355 120.00 114.83 118.88 + 3.59 139.99 104.70 Agrium N 6591 92.05 87.86 91.28 + 3.41 109.46 79.94 Agrium* Aguila Amer Gd V 26 0.08 0.07 0.07 - 0.01 0.12 0.03 Alabama Graph* O 29 0.13 0.11 0.13 - 0.01 0.22 0.08 V 856 0.17 0.15 0.17 + 0.01 0.28 0.11 Alabama Graph 2.94 - 0.36 3.57 2.08 Alacer Gold T 4334 3.31 2.93 Alamos Gold T 5944 9.27 7.68 8.12 - 1.03 9.73 3.27 11002 6.97 5.85 6.24 - 0.80 7.53 2.27 Alamos Gold* N Alberta Star* O 3 0.17 0.16 0.16 + 0.00 0.20 0.12 0.07 + 0.02 0.08 0.01 Alchemist Mng 3200 0.07 0.05 Alcoa* N 92528 9.81 9.13 9.35 + 0.24 12.80 6.14 0.11 - 0.01 0.30 0.07 Alderon Iron T 795 0.12 0.10 0.08 - 0.02 0.24 0.05 Alderon Iron* O 25 0.10 0.08 Aldever Res V 1002 0.13 0.11 0.11 - 0.02 0.32 0.09 0.08 - 0.01 0.20 0.08 Aldever Res* O 33 0.09 0.08 Aldridge Mnrls V 227 0.19 0.16 0.19 + 0.03 0.20 0.12 V 704 0.06 0.05 0.05 - 0.01 0.18 0.04 Alexander Nubi Alexandria Min* O 138 0.06 0.05 0.05 - 0.01 0.06 0.01 Alexandria Min V 3446 0.07 0.06 0.06 - 0.01 0.07 0.02 Alexco Res T 938 1.67 1.35 1.42 - 0.16 1.84 0.35 Alexco Res* X 2697 1.25 1.02 1.09 - 0.13 1.42 0.22 0.25 + 0.04 0.29 0.07 Algold Res V 1447 0.29 0.21 0.16 - 0.00 0.24 0.07 Alianza Min* O 24 0.16 0.15 Alix Res V 3468 0.09 0.07 0.09 + 0.02 0.10 0.04 Alliance Res* D 1204 15.04 14.25 14.44 - 0.46 30.90 9.95 0.09 - 0.01 0.50 0.05 Alloycorp Mng V 141 0.10 0.08 Almaden Mnls* X 1727 1.15 1.00 1.03 - 0.05 1.42 0.48 Almaden Mnls T 137 1.44 1.31 1.35 - 0.09 1.80 0.65 Almadex Min V 222 0.39 0.35 0.37 - 0.01 0.43 0.13 Almadex Min* O 147 0.31 0.26 0.29 - 0.01 0.34 0.01 0.37 + 0.02 0.86 0.21 Almonty Ind V 49 0.37 0.33 0.02 0.01 0.02 + 0.00 0.57 0.01 Alpha Nat Res* O 2720 0.20 - 0.08 0.28 0.11 Alphamin Res V 1108 0.28 0.20 ALQ Gold V 29 0.07 0.05 0.06 - 0.01 0.07 0.03 0.36 + 0.23 0.52 0.02 Alset Energy V 27844 0.52 0.12 Alset Energy* O 46 0.36 0.10 0.28 + 0.18 0.36 0.01 Alta Vista Vnt 599 0.06 0.00 0.06 + 0.01 0.25 0.01 0.08 - 0.01 0.09 0.05 Altai Res V 152 0.08 0.08 Altair Gold V 76 0.70 0.50 0.50 - 0.18 0.70 0.06 O 1 0.04 0.00 0.04 + 0.00 0.06 0.02 Alternative ER* Altiplano Mnls V 86 0.22 0.17 0.22 + 0.05 0.22 0.04 10.56 + 0.16 15.47 7.39 Altius Mnrls T 163 10.61 10.22 Alto Vent V 350 0.09 0.05 0.05 - 0.01 0.09 0.02 Alumina Inc* O 21 4.12 4.05 4.07 - 0.02 5.40 2.70 ALX Uranium V 1941 0.10 0.08 0.08 - 0.02 0.15 0.06 ALX Uranium* O 88 0.07 0.06 0.07 - 0.00 0.10 0.03 412 0.08 0.06 0.08 + 0.01 0.12 0.04 Am CuMo Mng* O Am CuMo Mng V 664 0.10 0.08 0.09 - 0.01 0.15 0.06 0.25 + 0.02 0.45 0.07 AM Gold V 46 0.25 0.00 Am Manganese V 701 0.03 0.02 0.02 - 0.01 0.05 0.01 O 217 0.01 0.01 0.01 - 0.00 0.04 0.01 Am Manganese* Amador Gold V 212 0.01 0.00 0.01 + 0.01 0.02 0.01 Amarc Res V 363 0.08 0.06 0.06 - 0.02 0.14 0.04 Amarillo Gold V 757 0.33 0.25 0.28 - 0.04 0.41 0.04 Amazing OG* O 2 0.39 0.00 0.38 + 0.01 1.21 0.29 O 559 0.07 0.00 0.02 - 0.03 0.08 0.00 Amer Vanadium* Amer Vanadium V 2300 0.03 0.02 0.03 - 0.01 0.10 0.02 1.27 + 0.24 1.25 0.05 American Lith V 895 1.27 0.93 American Pot 177 0.10 0.00 0.10 + 0.02 0.70 0.03 V 749 0.26 0.24 0.25 + 0.01 0.33 0.15 Americas Petro Americas Silvr T 8345 0.35 0.30 0.31 - 0.02 0.40 0.09 Americas Silvr* O 968 0.26 0.23 0.24 - 0.01 0.32 0.04 0.14 - 0.01 0.45 0.10 Amerigo Res T 457 0.15 0.13 Amerigo Res* O 33 0.10 0.09 0.10 + 0.01 0.36 0.07 0.06 + 0.01 0.08 0.02 Amex Expl V 297 0.07 0.06 AMI Res V 335 0.06 0.04 0.06 + 0.01 0.06 0.03 0.00 - 0.00 1.00 0.00 Andes Gold* O 238 0.01 0.00 Anfield Nickel V 1271 1.68 1.32 1.36 - 0.20 1.79 0.52 Anfield Res* O 34 0.16 0.10 0.16 + 0.06 0.16 0.06 Angel Gold* O 26 0.06 0.00 0.05 - 0.01 0.07 0.01 Angkor Gold V 234 0.45 0.43 0.44 - 0.01 0.61 0.38 Anglo American* O 279 4.74 4.19 4.44 + 0.14 5.76 1.57 Anglo American* O 5 8.92 8.79 8.92 + 0.07 16.12 3.13 Anglo-Can Mng V 26 0.02 0.01 0.02 + 0.01 0.02 0.01 AngloGold Ash* N 19097 14.74 13.18 13.38 - 1.08 16.63 5.64 Antioquia Gold V 86 0.10 0.08 0.09 + 0.01 0.11 0.02 Antofagasta* O 13 6.30 6.00 6.30 + 0.30 11.53 5.24 0.30 - 0.01 0.65 0.11 Apogee Silver V 64 0.34 0.29 Apogee Silver* O 2 0.26 0.00 0.26 - 0.00 0.45 0.08 Applied Mrnls* O 322 0.18 0.15 0.16 + 0.01 0.66 0.11 AQM Copper V 1011 0.12 0.07 0.09 - 0.03 0.15 0.03 Aquila Res* O 200 0.19 0.16 0.17 - 0.01 0.20 0.09 Aquila Res T 230 0.25 0.20 0.21 - 0.03 0.27 0.12 Arch Coal* O 325 0.44 0.35 0.40 + 0.04 10.35 0.11 Arco Res V 17 0.08 0.05 0.08 + 0.04 0.09 0.03 Arcus Dev Grp V 187 0.06 0.04 0.04 - 0.02 0.06 0.01 Arena Mnls V 401 0.33 0.28 0.30 - 0.02 0.34 0.15 Argentex Mng V 153 0.12 0.08 0.09 - 0.01 0.13 0.02 Argentex Mng* O 151 0.08 0.06 0.07 + 0.01 0.10 0.01 Argentum Silvr V 129 0.06 0.05 0.05 - 0.01 0.12 0.02 T 1785 0.04 0.03 0.03 - 0.01 0.43 0.02 Argex Titanium Argonaut Gold* O 379 2.53 1.98 1.98 - 0.43 2.56 0.53 Argonaut Gold T 6719 3.21 2.56 2.60 - 0.61 3.30 0.78 Argus Metals* O 1 0.06 0.06 0.06 + 0.01 0.06 0.01 Argus Metals V 67 0.10 0.00 0.07 - 0.02 0.11 0.02 0.01 - 0.01 0.05 0.01 Arian Res V 593 0.02 0.01 Arian Silver* O 190 0.04 0.01 0.02 - 0.01 0.50 0.00 Arianne Phosph* O 30 0.84 0.79 0.81 - 0.00 0.98 0.52 Arianne Phosph V 106 1.10 1.03 1.07 - 0.03 1.25 0.68 Asanko Gold* X 3031 3.73 3.08 3.11 - 0.44 3.73 1.27 4.06 - 0.59 4.72 1.77 Asanko Gold T 4697 4.65 4.02 Asante Gold* O 30 0.13 0.10 0.10 - 0.03 0.13 0.05 Ascot Res V 97 1.11 1.02 1.10 + 0.05 2.00 0.80 Ashburton Vent V 12300 0.07 0.05 0.06 + 0.01 0.07 0.01 Ashburton Vent* O 109 0.05 0.04 0.04 + 0.01 0.06 0.00 AsiaBaseMetals V 59 0.21 0.17 0.20 + 0.04 0.20 0.04 Asian Minl Res V 91 0.03 0.00 0.03 + 0.01 0.08 0.02 Aston Bay V 192 0.40 0.35 0.37 - 0.02 0.42 0.10 Astur Gold V 2311 0.08 0.02 0.06 + 0.03 0.08 0.01 ATAC Res V 1230 0.86 0.70 0.70 - 0.16 0.88 0.26 Atacama Pac Gd V 6 0.38 0.34 0.38 + 0.04 0.49 0.14 Atacama Res* O 69 0.10 0.05 0.10 + 0.05 0.10 0.05 Athabasca Mnls* O 30 0.23 0.20 0.23 + 0.03 0.54 0.12 Athabasca Mnls V 222 0.32 0.25 0.28 + 0.01 0.70 0.15 Athabasca Nclr V 3886 0.17 0.08 0.17 + 0.08 0.15 0.02 Atico Mng V 579 0.40 0.35 0.39 - 0.01 0.65 0.16 Atico Mng* O 160 0.30 0.29 0.29 - 0.01 0.51 0.12 0.07 + 0.00 0.09 0.03 Atlanta Gold* O 46 0.07 0.07 Atlanta Gold V 125 0.10 0.09 0.09 - 0.01 0.11 0.05 Atlantic Gold V 2178 0.61 0.57 0.59 - 0.01 0.73 0.17 Atlatsa Res T 66 0.10 0.07 0.07 - 0.02 0.16 0.03 Atlatsa Res* O 43 0.07 0.06 0.06 + 0.01 0.14 0.02 Atna Res Ltd* O 406 0.01 0.00 0.00 + 0.00 0.09 0.00 Augustine Vent 320 0.08 0.07 0.07 - 0.01 0.09 0.03 Aura Mnls T 828 0.26 0.25 0.26 + 0.01 0.31 0.06 Auramex Res V 87 0.03 0.00 0.02 - 0.01 0.03 0.01 Aurania Res V 39 0.45 0.41 0.44 + 0.03 0.60 0.30 Aurcana Corp* O 48 0.23 0.20 0.20 - 0.03 0.32 0.07 Aurcana Corp V 352 0.30 0.25 0.26 - 0.04 0.41 0.09 Aureus Mng T 6369 0.07 0.06 0.07 - 0.01 0.83 0.05

8-10_JUN6_StockTables.indd 8

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Aureus Mng* O 4592 AuRico Metals * O 334 AuRico Metals T 1525 Aurion Res V 226 Aurvista Gold V 1941 Aurvista Gold* O 98 Auryn Res* O 565 Avalon Adv Mat T 4993 313 Avalon Adv Mat* O Avino Silver* X 2943 Avino Silver V 367 Avnel Gold T 2836 Avrupa Mnls V 48 Axmin Inc* O 32 AZ Mining T 2507 Azarga Uranium T 87 O 27 Azarga Uranium* Azimut Expl V 450 Azincourt Uran V 150 Azincourt Uran* O 19 Azteca Gold* O 102

0.05 0.00 0.05 - 0.00 0.68 0.03 0.85 0.67 0.67 - 0.13 0.90 0.34 1.09 0.85 0.87 - 0.20 1.15 0.47 0.17 0.14 0.16 + 0.03 0.19 0.03 0.16 0.13 0.13 - 0.03 0.16 0.03 0.11 0.10 0.10 - 0.01 0.11 0.02 2.13 1.50 1.61 + 0.01 2.13 0.70 0.28 0.23 0.24 - 0.01 0.33 0.10 0.21 0.18 0.18 - 0.01 0.26 0.07 1.60 1.33 1.37 - 0.09 1.69 0.71 2.00 1.75 1.77 - 0.15 2.16 1.03 0.36 0.29 0.30 - 0.06 0.36 0.18 0.12 0.11 0.12 + 0.01 0.17 0.07 0.02 0.01 0.01 - 0.00 0.06 0.00 1.68 1.21 1.57 + 0.31 1.68 0.22 0.34 0.00 0.30 - 0.04 0.40 0.24 0.26 0.26 0.26 - 0.00 0.29 0.18 0.33 0.27 0.28 - 0.03 0.44 0.10 0.07 0.05 0.06 - 0.01 0.10 0.04 0.05 0.04 0.05 - 0.00 0.07 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00

B2Gold* X 11667 B2Gold T 31539 Bacanora Mnls V 368 Baja Mng* O 254 Balmoral Res* O 647 Balmoral Res T 2569 Balto Res V 10 Bama Gold 71 Bandera Gold V 93 Bannerman Res* O 82 Banro T 1028 X 8257 Banro* Banyan Gold V 89 Bard Vent V 22 Barker Mnrls V 1754 Barkerville Go* O 125 Barkerville Go V 1600 V 310 Baroyeca Go&Si Barrick Gold T 25642 Barrick Gold* N 90169 Barsele Min V 820 Barsele Min* O 7 Batero Gold V 414 Battle Mtn Gld V 228 Battle Mtn Gld* O 39 Bayhorse Silvr* O 95 Bayhorse Silvr V 74 Bayswater Uran* O 363 BCM Res V 29 Bear Creek Mng V 690 Beaufield Res V 271 Beaufield Res* O 18 Bell Copper V 10 Bell Copper* O 36 Bellhaven Cp&G* O 11 Belmont Res V 30 Belo Sun Mng T 5098 Belvedere Res V 211 Benton Res V 8831 Besra Gold* O 56 Big North Grap V 258 Bison Gold Res V 17 Bitterroot Res V 124 Black Hills* N 1879 250 Black Isle Res V Black Mam Mtls* O 1 Black Mam Mtls V 99 Black Widow Rs V 618 Blind Crk Res V 13 Blue Rvr Res V 1569 Blue Sky Uran V 27 Bluestone Res V 15 Bold Vent V 372 BonTerra Res V 1090 BonTerra Res* O 32 Borneo Res Inv* O 37351 Bowmore Expl V 263 Bravada Gold V 251 Bravada Gold* O 66 Braveheart Res V 325 Bravo Multinat* O 1234 Bravura Vent 2210 Brazil Mnrls* O 263300 BrightRock Gld* O 138 Brionor Res V 266 Brixton Mtls V 87 Brixton Mtls* O 15 Buenaventura* N 9433 Buffalo Coal V 291 Bullfrog Gold* O 1041 13 Bullion Gld Res V

2.03 1.75 1.75 - 0.24 2.31 0.60 2.69 2.28 2.31 - 0.33 2.93 0.86 1.94 1.53 1.86 + 0.23 2.05 1.16 0.01 0.00 0.01 - 0.01 0.03 0.00 0.70 0.59 0.61 - 0.05 0.76 0.23 0.89 0.76 0.80 - 0.05 0.96 0.33 0.03 0.01 0.01 - 0.02 0.03 0.01 0.12 0.00 0.12 - 0.01 0.20 0.07 0.01 0.01 0.01 - 0.01 0.02 0.01 0.03 0.02 0.02 - 0.01 0.05 0.01 0.45 0.36 0.37 - 0.06 0.48 0.21 0.32 0.27 0.28 - 0.04 0.39 0.15 0.08 0.07 0.07 - 0.01 0.09 0.02 0.02 0.01 0.01 - 0.01 0.03 0.01 0.02 0.01 0.01 + 0.01 0.02 0.01 0.42 0.37 0.41 + 0.03 0.51 0.15 0.54 0.48 0.50 + 0.02 0.63 0.20 0.01 0.01 0.01 - 0.01 0.02 0.01 24.17 21.30 21.67 - 2.20 25.44 7.89 18.21 16.24 16.62 - 1.58 19.73 5.91 0.84 0.66 0.71 - 0.09 0.84 0.08 0.58 0.39 0.58 + 0.19 0.58 0.05 0.14 0.12 0.13 - 0.01 0.16 0.05 0.68 0.56 0.64 + 0.02 0.68 0.09 0.52 0.41 0.49 - 0.00 0.52 0.06 0.11 0.08 0.10 + 0.00 0.13 0.03 0.14 0.11 0.11 - 0.01 0.20 0.05 0.02 0.01 0.02 + 0.01 0.04 0.00 0.30 0.26 0.30 - 0.01 0.32 0.02 2.22 1.95 2.08 - 0.10 2.68 0.50 0.10 0.09 0.10 + 0.01 0.11 0.03 0.08 0.07 0.07 - 0.01 0.09 0.02 0.05 0.00 0.04 - 0.01 0.06 0.01 0.02 0.02 0.02 - 0.02 0.04 0.00 0.16 0.16 0.16 + 0.00 0.33 0.02 0.08 0.07 0.07 - 0.01 0.12 0.02 0.94 0.81 0.88 - 0.06 1.05 0.15 0.08 0.06 0.06 - 0.02 0.09 0.01 0.10 0.06 0.07 + 0.01 0.10 0.03 0.01 0.00 0.01 + 0.00 0.08 0.00 0.04 0.03 0.03 - 0.01 0.08 0.02 0.17 0.00 0.17 + 0.03 0.63 0.12 0.04 0.03 0.04 + 0.01 0.10 0.03 59.83 57.85 59.81 + 1.19 62.26 36.81 0.05 0.04 0.05 + 0.01 0.05 0.03 0.07 0.05 0.07 + 0.02 0.05 0.03 0.12 0.08 0.12 + 0.04 0.10 0.02 0.04 0.03 0.04 + 0.01 0.08 0.01 0.05 0.00 0.05 - 0.02 0.07 0.03 0.07 0.04 0.05 - 0.01 0.08 0.03 0.08 0.00 0.08 + 0.02 0.19 0.04 0.17 0.15 0.17 + 0.01 0.17 0.05 0.05 0.04 0.05 - 0.01 0.06 0.02 0.41 0.36 0.37 - 0.04 0.51 0.09 0.33 0.28 0.29 - 0.02 0.37 0.08 0.00 0.00 0.00 + 0.00 0.02 0.00 0.13 0.11 0.12 - 0.02 0.15 0.03 0.25 0.13 0.19 + 0.02 0.25 0.02 0.17 0.10 0.14 - 0.00 0.17 0.01 0.06 0.05 0.05 - 0.01 0.08 0.02 0.05 0.04 0.05 + 0.01 0.12 0.02 0.20 0.07 0.19 + 0.12 0.16 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.02 0.03 + 0.01 0.03 0.01 0.40 0.35 0.38 - 0.03 0.45 0.05 0.31 0.27 0.27 - 0.05 0.35 0.03 10.21 9.27 9.52 - 0.45 11.50 3.30 0.02 0.01 0.02 - 0.01 0.05 0.01 0.07 0.05 0.07 + 0.02 0.07 0.01 0.08 0.00 0.08 - 0.05 0.15 0.05

Cadan Res V 84 Cadillac Vent V 610 Cairo Res V 51 Caledonia Mng T 69 Caledonia Mng* Q 79 Calibre Mng V 2033 Calico Res* O 74 Calico Res V 312 California Gld V 215 Callinex Mines V 400 Callinex Mines* O 393 Cameco Corp* N 5933 Cameco Corp T 3910 Cameo Res V 1254 Camino Mnls V 40 Canada Coal V 59 O 52 Canadian Zeol* Canadian Zeol V 93 CanAlaska Uran V 555 CanAlaska Uran* O 68 Canamex Res* O 69 Canarc Res* Q 1832 Canarc Res T 4261 Canasil Res V 831 Cancana Res V 87 Candelaria Mg V 75 Candente Coppr T 189 Canex Energy* O 20 CaNickel Mng* O 2 CaNickel Mng V 12 440 Canoe Mng Vent V Canstar Res V 77 Canuc Res* O 13 Canuc Res V 49 Canyon Copper V 20 Canyon Gold* O 218 Capstone Mng T 3178 Cardero Res T 95 Cardero Res* O 56 Cariboo Rose V 225 Carlin Gold V 985 Carmax Mng V 363 Carpathian Gld 12693 Carpathian Gld* O 543 Cartier Res V 349 Carube Copper V 217 Castle Mtn Mng V 2246 Castle Res 38 Catalyst Coppr V 117 Cava Res V 45 Caza Gold V 237 CB Gold V 193 Cda Carbon* O 276

0.08 0.00 0.07 - 0.01 0.09 0.03 0.04 0.03 0.04 + 0.01 0.04 0.01 0.29 0.24 0.25 - 0.04 0.29 0.08 1.27 1.18 1.23 + 0.04 1.45 0.66 0.97 0.87 0.94 + 0.02 1.12 0.48 0.14 0.12 0.12 - 0.02 0.16 0.06 0.10 0.07 0.08 - 0.01 0.12 0.05 0.12 0.10 0.11 - 0.01 0.16 0.06 0.07 0.06 0.07 + 0.01 0.18 0.02 0.47 0.40 0.42 - 0.04 0.54 0.23 0.37 0.30 0.33 - 0.03 0.44 0.17 11.96 11.28 11.71 + 0.32 15.74 10.31 15.59 14.86 15.26 + 0.34 19.54 14.56 0.05 0.04 0.05 + 0.01 0.10 0.02 0.18 0.00 0.18 + 0.02 0.25 0.07 0.02 0.02 0.02 - 0.01 0.03 0.01 0.09 0.07 0.07 + 0.00 0.09 0.05 0.11 0.10 0.11 + 0.01 0.12 0.06 0.65 0.57 0.60 + 0.01 0.65 0.09 0.48 0.45 0.46 + 0.01 0.50 0.06 0.04 0.03 0.03 - 0.01 0.07 0.02 0.05 0.04 0.05 - 0.01 0.12 0.03 0.07 0.06 0.06 - 0.01 0.15 0.04 0.27 0.23 0.23 - 0.03 0.28 0.03 0.20 0.18 0.18 - 0.02 0.32 0.13 0.21 0.14 0.14 - 0.07 0.21 0.06 0.10 0.09 0.09 - 0.01 0.11 0.03 0.02 0.02 0.02 - 0.01 0.12 0.02 0.06 0.05 0.05 - 0.00 0.09 0.01 0.08 0.00 0.08 - 0.02 0.14 0.03 0.06 0.04 0.06 + 0.02 0.06 0.02 0.09 0.07 0.07 - 0.01 0.12 0.03 0.13 0.13 0.13 + 0.00 0.13 0.05 0.20 0.16 0.18 + 0.02 0.30 0.05 0.02 0.01 0.01 - 0.01 0.06 0.01 0.46 0.30 0.35 - 0.10 0.54 0.02 0.69 0.60 0.67 + 0.04 1.34 0.27 0.18 0.14 0.16 + 0.02 0.26 0.08 0.14 0.10 0.12 + 0.01 0.15 0.05 0.07 0.06 0.06 - 0.01 0.08 0.03 0.03 0.02 0.02 - 0.01 0.04 0.01 0.03 0.00 0.03 - 0.01 0.06 0.02 0.07 0.05 0.06 - 0.01 0.07 0.01 0.05 0.04 0.04 - 0.00 0.05 0.00 0.15 0.12 0.13 - 0.01 0.16 0.04 0.10 0.00 0.10 + 0.01 0.21 0.05 0.62 0.49 0.56 + 0.01 0.61 0.18 0.02 0.00 0.02 + 0.01 0.15 0.01 0.54 0.49 0.53 + 0.03 0.56 0.10 0.07 0.06 0.06 - 0.01 0.25 0.04 0.05 0.03 0.03 - 0.01 0.07 0.02 0.15 0.08 0.08 - 0.08 0.15 0.03 0.22 0.00 0.22 - 0.01 0.28 0.18

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cda Carbon V 426 0.30 0.28 0.30 + 0.01 0.42 0.23 Cda Strtgc Met V 3083 0.12 0.08 0.09 - 0.01 0.12 0.03 156 0.15 0.14 0.14 - 0.01 0.25 0.10 Cda Zinc Mtls V Cdn Arrow V 608 0.01 0.01 0.01 + 0.01 0.01 0.01 0.36 + 0.06 0.44 0.06 Cdn Metals 375 0.38 0.30 Cdn Silvr Hunt V 182 0.04 0.03 0.03 - 0.01 0.05 0.01 Cdn Zinc* Q 696 0.16 0.13 0.14 + 0.00 0.23 0.04 Centamin T 254 2.19 1.79 1.79 - 0.36 2.30 1.07 Centaurus Diam* O 46 0.28 0.24 0.27 + 0.02 0.34 0.01 V 11 0.15 0.15 0.15 - 0.01 0.16 0.02 Centenera Mng 6.77 - 0.90 8.67 5.51 Centerra Gold T 4080 7.76 6.72 Centurion Mnls V 141 0.10 0.07 0.09 - 0.01 0.20 0.04 Cerro Grande 72 0.05 0.04 0.05 + 0.01 0.05 0.01 Cerro Mng V 5 0.02 0.00 0.02 - 0.02 0.03 0.01 Chalice Gold M T 364 0.15 0.14 0.14 - 0.02 0.21 0.09 O 25 0.17 0.14 0.14 - 0.03 0.23 0.09 Champion Iron* Champion Iron T 1301 0.24 0.17 0.18 - 0.03 0.30 0.08 Chesapeake Gld* O 64 2.85 2.65 2.72 - 0.13 3.20 1.05 Chesapeake Gld V 179 3.78 3.44 3.51 - 0.20 4.00 1.39 Chevron* N 23192 102.37 99.07 102.02 + 2.23 104.26 69.58 Chieftain Mtls V 101 0.06 0.06 0.06 + 0.01 0.11 0.03 Chilean Metals V 155 0.15 0.10 0.14 + 0.05 0.15 0.02 O 178 0.12 0.08 0.11 + 0.02 0.12 0.00 Chilean Metals* China Gold Int T 2462 2.45 2.06 2.10 - 0.31 2.72 1.52 Cibolan Gold* O 143 0.08 0.07 0.08 + 0.00 0.15 0.03 CKR Carbon V 335 0.09 0.07 0.07 - 0.01 0.20 0.06 2.08 - 0.25 2.38 0.51 Claude Res T 3633 2.35 2.08 Claude Res* O 899 1.78 1.58 1.62 - 0.16 1.85 0.39 Clifton Mng* O 65 0.13 0.13 0.13 - 0.02 0.20 0.05 Cloud Peak En* N 3397 1.90 1.64 1.68 - 0.24 6.06 1.08 CMC Metals V 206 0.12 0.10 0.10 - 0.01 0.53 0.05 Coeur Mng* N 21340 8.20 6.98 7.28 - 0.66 8.73 1.62 Colibri Res* O 13 0.09 0.09 0.09 + 0.01 0.12 0.02 V 1170 0.01 0.01 0.01 - 0.01 0.01 0.01 Colombia Crest Colorado Res* O 161 0.30 0.24 0.25 - 0.04 0.32 0.02 Colorado Res V 2879 0.40 0.31 0.32 - 0.03 0.40 0.05 Columbus Gold* O 561 0.55 0.42 0.45 - 0.09 0.58 0.23 T 608 0.73 0.55 0.57 - 0.13 0.75 0.31 Columbus Gold Commerce Res V 603 0.08 0.07 0.08 - 0.01 0.13 0.06 Comstock Mng* X 1508 0.39 0.35 0.35 - 0.03 0.75 0.35 Comstock Mtls V 92 0.17 0.00 0.14 - 0.03 0.25 0.05 Comstock Mtls * O 140 0.14 0.10 0.10 - 0.05 0.20 0.10 Condor Res V 196 0.10 0.08 0.08 - 0.01 0.10 0.02 Confedertn Mls* O 44 0.06 0.05 0.06 - 0.00 0.06 0.01 CONSOL Energy* N 29807 15.61 12.69 14.85 + 1.68 29.42 4.54 Constant Mtl V 255 0.08 0.08 0.08 + 0.01 0.17 0.05 Contintl Gold T 3984 2.78 2.40 2.41 - 0.24 3.28 1.28 1.85 - 0.14 2.65 0.88 Contintl Gold* O 329 2.13 1.83 Copper Ck Gold V 117 0.07 0.00 0.07 - 0.01 0.10 0.05 Copper Fox Mtl V 1553 0.13 0.12 0.12 - 0.01 0.24 0.11 Copper Fox Mtl* O 38 0.10 0.00 0.10 - 0.00 0.19 0.08 Copper Mtn Mng* O 21 0.36 0.34 0.36 + 0.00 1.07 0.23 Copper Mtn Mng T 866 0.48 0.45 0.47 + 0.01 1.36 0.33 0.02 0.02 0.02 + 0.01 0.06 0.02 Copper North M V 1027 Copper One V 170 0.04 0.00 0.03 - 0.01 0.15 0.03 Copperbank Res* O 8 0.04 0.02 0.04 + 0.00 0.05 0.01 Corazon Gold V 49 0.27 0.00 0.27 + 0.07 0.30 0.18 Cordoba Mnls V 469 0.75 0.57 0.57 - 0.16 1.00 0.10 Cornerstone Ca* O 243 0.04 0.03 0.03 - 0.01 0.06 0.01 Cornerstone Ca V 978 0.05 0.04 0.04 - 0.01 0.08 0.02 0.09 - 0.03 0.21 0.02 Coro Mining T 3337 0.13 0.09 Coronet Mtls V 58 0.08 0.07 0.08 + 0.01 0.12 0.03 Corsa Coal V 90 0.08 0.07 0.07 + 0.01 0.12 0.02 Corvus Gold T 165 0.99 0.85 0.85 - 0.11 1.12 0.33 Corvus Gold* O 59 0.79 0.65 0.65 - 0.08 0.89 0.25 Crazy Horse Res V 30 0.02 0.02 0.02 + 0.01 0.07 0.01 Critical Elem V 11766 0.70 0.44 0.59 + 0.01 0.70 0.14 0.46 + 0.06 0.53 0.10 Critical Elem* O 918 0.53 0.42 Crown Mining V 150 0.18 0.13 0.13 - 0.05 0.20 0.03 Crystal Pk Min V 69 0.40 0.39 0.39 - 0.01 0.42 0.13 Crystal Pk Min* O 86 0.31 0.29 0.29 - 0.02 0.32 0.11 Cypress Dev* O 30 0.11 0.10 0.11 + 0.01 0.16 0.01 0.16 + 0.01 0.20 0.02 Cypress Dev V 333 0.16 0.13

D-F Daleco Res* O 25 Dalradian Res* O 711 Dalradian Res T 2263 Danakali* O 190 Darnley Bay V 837 Defiance Silvr* O 78 Defiance Silvr V 1235 Denison Mines* X 846 Denison Mines T 2849 Desert Star V 687 Detour Gold T 5193 Diamante Min* O 441 Diamcor Mng V 66 Diamcor Mng* O 41 Dios Expl V 291 Discovery Mnls* O 3600 Discovery Vent* O 158 Discovery Vent V 3391 Discovery-Corp V 131 DNI Metals 719 Dolly Vard Sil* O 62 Dolly Vard Sil V 49 Dominion Diam* N 1056 Dominion Diam T 601 Double Crn Res* O 1485 Doubleview Cap V 1437 DRDGOLD* N 3214 Dundee Prec Mt T 844 Durango Res* O 25 Durango Res V 2720 DuSolo Fertil V 165 Dynacor Gld Mn T 362 O 5 DynaResource* Dynasty Gold V 227 Dynasty Met&Mn T 252 East Africa V 404 O 6 Eastern Platin* Eastern Platin T 2481 Eastfield Res V 49 Eastmain Res T 6594 Eco Oro Mnls T 117 Ecuador Gold V 192 V 68 Edgewater Expl El Capitan Prc* O 1285 El Nino Vent V 182 Elcora Res V 146 Elcora Res* O 15 Eldorado Gold* N 33312 Eldorado Gold T 20040 Ely Gold & Mnl* O 331 Ely Gold & Mnl V 191 Emerita Res V 4260 Emgold Mng* O 91 Empire Rock V 36 Encanto Potash* O 285 Encanto Potash V 2062 Endeavour Mng T 2813 Endeavour Mng* O 118 Endeavr Silver* N 9637 Endeavr Silver T 1297 Endurance Gold V 173 O 517 Energizer Res* Energizer Res T 797 Energy Fuels T 221 Energy Fuels* X 729 Ensurge* O 327 Entree Gold* X 357 Entree Gold T 199 Equitas Res* O 949 Equitorial Ex V 792 Era Res Inc V 128 Erdene Res Dev T 2239 Erdene Res Dev* O 65 Erin Ventures* O 41 Erin Ventures V 766

0.05 0.04 0.04 - 0.01 0.10 0.01 0.88 0.74 0.75 - 0.07 1.04 0.45 1.10 0.96 0.99 - 0.09 1.32 0.62 0.23 0.20 0.22 - 0.01 0.40 0.17 0.18 0.08 0.14 + 0.06 0.18 0.01 0.17 0.15 0.16 - 0.01 0.20 0.04 0.24 0.19 0.20 - 0.02 0.27 0.06 0.51 0.48 0.48 - 0.02 0.85 0.35 0.66 0.61 0.61 - 0.05 1.05 0.48 0.07 0.05 0.06 + 0.02 0.17 0.03 28.44 24.96 25.15 - 3.01 30.50 10.62 0.28 0.20 0.28 + 0.05 0.95 0.17 1.14 1.05 1.14 + 0.06 1.45 0.65 0.87 0.80 0.87 + 0.06 1.15 0.46 0.15 0.10 0.12 - 0.01 0.19 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.09 0.10 + 0.01 0.20 0.07 0.14 0.13 0.14 + 0.01 0.25 0.10 0.04 0.03 0.04 + 0.01 0.11 0.03 0.07 0.04 0.06 + 0.02 0.10 0.04 0.22 0.15 0.17 - 0.03 0.30 0.08 0.30 0.23 0.30 + 0.03 0.45 0.11 10.62 9.99 10.28 + 0.11 19.50 7.27 13.78 13.07 13.37 - 0.01 24.27 9.96 0.02 0.01 0.02 - 0.00 0.02 0.01 0.12 0.07 0.10 + 0.03 0.18 0.06 5.35 4.34 4.53 - 0.92 6.05 1.10 3.11 2.35 2.50 - 0.56 3.14 0.84 0.09 0.09 0.09 - 0.00 0.15 0.02 0.13 0.09 0.10 - 0.01 0.21 0.03 0.05 0.04 0.05 + 0.01 0.22 0.03 2.11 1.86 1.96 - 0.12 2.32 1.30 1.37 1.30 1.35 - 0.02 2.00 0.80 0.02 0.00 0.01 - 0.01 0.03 0.01 0.16 0.14 0.15 - 0.01 0.78 0.10 0.15 0.12 0.12 - 0.03 0.16 0.03 0.85 0.78 0.79 - 0.06 1.60 0.47 1.17 1.01 1.15 + 0.06 2.03 0.61 0.03 0.03 0.03 - 0.01 0.05 0.02 0.59 0.46 0.46 - 0.09 0.63 0.28 0.39 0.28 0.32 - 0.07 0.81 0.25 0.42 0.33 0.42 + 0.09 0.40 0.10 0.04 0.03 0.03 - 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.11 0.03 0.03 0.02 0.02 - 0.01 0.03 0.01 0.44 0.40 0.42 - 0.02 0.75 0.15 0.33 0.31 0.33 + 0.01 0.55 0.20 4.64 4.13 4.23 - 0.28 5.16 1.87 6.07 5.41 5.50 - 0.39 6.65 2.67 0.11 0.09 0.10 + 0.01 0.12 0.02 0.14 0.12 0.14 + 0.02 0.17 0.03 0.10 0.08 0.09 + 0.01 0.09 0.02 0.02 0.01 0.02 + 0.01 0.03 0.00 0.22 0.00 0.20 - 0.02 0.27 0.04 0.09 0.07 0.08 - 0.01 0.14 0.03 0.11 0.10 0.11 + 0.01 0.18 0.05 18.42 16.75 16.84 - 1.54 19.63 4.35 13.90 12.81 12.88 - 1.09 15.23 4.40 3.60 3.03 3.05 - 0.48 4.28 1.00 4.63 3.95 3.99 - 0.62 5.36 1.46 0.05 0.04 0.05 + 0.01 0.08 0.02 0.07 0.06 0.07 - 0.01 0.10 0.03 0.10 0.09 0.09 - 0.01 0.13 0.03 3.08 2.86 2.87 - 0.01 6.59 2.47 2.38 2.19 2.21 + 0.01 5.35 1.81 0.03 0.02 0.03 + 0.01 0.09 0.01 0.35 0.29 0.32 + 0.01 0.41 0.17 0.42 0.39 0.40 - 0.02 0.53 0.25 0.05 0.05 0.05 + 0.00 0.17 0.02 0.06 0.05 0.05 - 0.01 0.19 0.02 0.29 0.11 0.29 + 0.04 0.50 0.09 0.47 0.31 0.33 - 0.13 0.55 0.11 0.34 0.27 0.29 - 0.02 0.42 0.08 0.04 0.03 0.04 + 0.01 0.08 0.03 0.05 0.04 0.05 - 0.01 0.11 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Eskay Mng V 352 Ethos Gold V 250 X 142 Eurasian Mnls* Eurasian Mnls V 47 Eureka Res V 190 EurOmax Res V 107 22 Europn Uran Rs* O 40 Europn Uran Rs V Everton Res V 1830 Everton Res* O 56 Evolving Gold 244 O 26 Evolving Gold* Evrim Res V 313 O 455 Excalibur Res* Excellon Res* O 132 Excellon Res T 865 O 101 Excelsior Mng* Excelsior Mng V 432 Exeter Res* X 863 Exeter Res T 147 O 1 Expedition Mng* Explor Res* O 100 Explor Res V 912 Explorex Res 28 Fairmont Res V 6140 Falco Res V 4066 Fancamp Expl V 1013 Far Res 1011 Fieldex Expl V 5831 Finlay Minrls V 149 2 Fire River Gol* O O 57 Firma Holdings* First Liberty* O 2832 First Majestic* N 25859 First Majestic T 8754 First Mexican V 438 V 4484 First Mg Fin First Mg Fin * O 5111 First Point T 136 First Quantum T 30639 Fission Uran* O 425 Fission Uran T 2231 Fjordland Exp V 2193 Flinders Res V 147 Flinders Res* O 230 V 1230 Focus Graphite O 257 Focus Graphite* Focus Vent V 603 Foran Mng V 174 T 650 Formation Mtls Forsys Metals T 223 O 14 Fortescue Mtls* Fortuna Silvr T 2555 Fortuna Silvr* N 4111 Fortune Bay T 4 Fortune Mnrls T 1608 O 31 Fortune Mnrls* V 249 Forum Uranium O 433 Forum Uranium* Four River V 20 8 Fox River Res* O 7904 Fox River Res N 3817 Franco-Nevada* Franco-Nevada T 3137 Franklin Mng* O 40 Freegold Vent T 302 185596 N Freeport McMo* Fresnillo plc* O 6 Frontline Gold V 272 35 Full Metal Mnl V

0.01 0.20 + 0.01 0.21 0.21 0.17 0.11 0.26 - 0.03 0.34 0.30 0.23 0.35 0.87 - 0.05 1.03 0.94 0.85 0.48 1.13 - 0.08 1.34 1.29 1.13 0.04 0.11 - 0.01 0.13 0.12 0.09 0.21 0.46 - 0.04 0.62 0.51 0.46 0.02 0.00 0.02 + 0.01 0.02 0.00 0.02 0.00 0.02 - 0.01 0.02 0.01 0.01 0.05 - 0.01 0.08 0.06 0.04 0.00 0.04 - 0.00 0.06 0.05 0.03 0.02 0.22 + 0.04 0.25 0.22 0.00 0.02 0.16 + 0.00 0.23 0.16 0.13 0.10 0.25 - 0.06 0.35 0.32 0.25 0.00 0.03 - 0.01 0.06 0.06 0.03 0.14 0.85 - 0.09 1.13 0.98 0.85 0.20 1.11 - 0.15 1.40 1.27 1.05 0.12 0.30 + 0.02 0.31 0.31 0.28 0.19 0.39 + 0.03 0.39 0.39 0.35 0.29 0.77 - 0.05 1.07 0.95 0.76 0.39 1.04 - 0.04 1.34 1.24 0.99 0.14 0.14 - 0.01 0.22 0.14 0.14 0.03 0.16 + 0.01 0.18 0.16 0.13 0.04 0.19 - 0.02 0.24 0.21 0.17 0.05 0.13 - 0.02 0.19 0.15 0.13 0.02 0.08 + 0.02 0.19 0.12 0.06 0.21 0.93 + 0.12 1.00 1.00 0.73 0.02 0.04 - 0.01 0.05 0.05 0.04 0.02 0.11 - 0.02 0.15 0.13 0.09 0.01 0.04 + 0.01 0.05 0.04 0.02 0.02 0.04 - 0.01 0.05 0.04 0.04 0.04 0.00 0.04 + 0.04 0.77 0.00 0.02 0.04 - 0.01 0.25 0.04 0.04 0.00 0.00 + 0.00 0.00 0.00 0.00 10.35 - 1.12 12.23 2.40 11.68 10.07 13.49 - 1.55 15.78 3.50 15.40 13.22 0.02 0.05 + 0.02 0.07 0.05 0.04 0.76 0.61 0.64 - 0.11 0.84 0.25 0.59 0.46 0.49 - 0.08 0.67 0.19 0.04 0.07 + 0.01 0.10 0.08 0.07 9.04 8.18 8.92 + 0.30 18.56 2.15 0.39 0.47 - 0.02 0.94 0.51 0.46 0.53 0.63 - 0.01 1.16 0.64 0.60 0.01 0.06 - 0.02 0.08 0.08 0.05 0.12 0.45 + 0.06 0.60 0.45 0.37 0.09 0.34 + 0.04 0.47 0.35 0.29 0.07 0.15 - 0.01 0.30 0.17 0.14 0.04 0.11 + 0.00 0.23 0.13 0.10 0.05 0.08 - 0.01 0.24 0.09 0.08 0.05 0.16 + 0.01 0.24 0.18 0.15 0.09 0.37 + 0.04 0.47 0.38 0.33 0.06 0.07 + 0.01 0.23 0.07 0.06 1.00 2.11 - 0.04 2.80 2.17 2.08 2.65 7.14 - 0.94 8.60 8.14 7.07 2.00 5.49 - 0.68 6.69 6.19 5.40 0.25 0.32 - 0.01 0.43 0.34 0.00 0.02 0.11 - 0.01 0.14 0.12 0.10 0.01 0.07 - 0.01 0.11 0.10 0.00 0.04 0.13 - 0.02 0.20 0.17 0.13 0.03 0.12 + 0.01 0.14 0.14 0.10 0.05 0.33 + 0.03 0.33 0.33 0.00 0.04 0.03 0.03 + 0.00 0.04 0.02 0.05 0.04 0.05 + 0.01 0.06 0.03 38.20 62.81 - 2.71 71.48 65.97 60.77 49.96 81.80 - 4.20 91.61 86.29 79.82 0.00 0.00 + 0.00 0.00 0.00 0.00 0.05 0.18 - 0.02 0.27 0.19 0.17 11.14 + 0.06 21.17 3.52 12.04 10.72 14.63 - 1.14 16.92 8.70 15.68 14.63 0.01 0.02 - 0.01 0.03 0.02 0.02 0.05 0.04 0.05 + 0.01 0.07 0.02

G&S Minerals* O 5 Gabriel Res T 810 Gainey Capital V 198 Galane Gold V 342 Galantas Gold V 15 Galway Gold V 936 Galway Mtls V 121 Garibaldi Res V 497 GB Minerals V 31 497 V Gem Intl Res General Moly T 8 General Moly* X 238 Genesis Mtls V 103 Genesis Mtls* O 5 Genius Props 1261 Geodex Mnrls V 169 Geologix Expl V 836 O 340 Geologix Expl* O 381 Geomega Res* Geomega Res V 479 757 Gespeg Cop Res V Getty Copper V 108 O 32 Gldn Predator* Gldn Predator V 769 30 Glen Eagle Res V Glencore Plc* O 924 Global Gold* O 829 Global Hunter V 191 Global Mnrls V 11 O 1 GlobalMin Vent* Globex Mng* O 56 Globex Mng T 1040 GMCI Corp* O 4 GMV Minerals V 166 V 29 GobiMin GoGold Res T 1304 Gold & Silver* O 2733 488 Gold Bulln Dev* O Gold Bulln Dev V 5237 O 133 Gold Dynamics* 33931 Gold Fields* N 273 Gold Jub Cap V 902 Gold Mng USA* O 164 Gold Mtn Mng V 79 Gold Reach Res V Gold Reserve* O 2037 Gold Reserve V 166 X 4301 Gold Resource* 610 Gold Ridge Exp V Gold Std Vents* X 5113 Gold Std Vents V 2066 V 170 Goldbank Mng Goldbelt Emp V 270 Goldcliff Res V 229 T 14345 Goldcorp Goldcorp* N 46589 Golden Arrow V 1945 53 Golden Dawn Ml* O Golden Dawn Ml V 2107 Golden Harp V 41 Golden Hope V 56 Golden Matrix* O 1682 Golden Mnls* X 1475 Golden Mnls T 391 135 Golden Peak Mn V O 924 Golden Queen* Golden Queen T 298 Golden Secret V 243 83 Golden Sh Mng V Golden Star T 1231 11080 Golden Star* X Golden Tag V 95 Golden Valley V 1591 Goldex Res V 70 O 1770 Goldgroup Mng* T 2805 Goldgroup Mng GoldON Res* O 4 GoldON Res V 126

0.00 0.00 - 0.00 0.00 0.00 0.00 0.12 0.24 + 0.03 0.48 0.24 0.21 0.10 0.15 + 0.02 0.30 0.18 0.13 0.03 0.04 - 0.01 0.13 0.05 0.04 0.07 0.11 - 0.02 0.18 0.12 0.11 0.04 0.05 - 0.01 0.11 0.06 0.05 0.09 0.12 - 0.02 0.18 0.14 0.00 0.05 0.08 - 0.01 0.18 0.09 0.08 0.02 0.09 + 0.01 0.12 0.10 0.09 0.12 0.09 0.10 + 0.02 0.12 0.04 0.22 0.43 - 0.02 1.00 0.46 0.43 0.15 0.35 + 0.00 0.82 0.37 0.31 0.05 0.19 - 0.01 0.22 0.20 0.18 0.10 0.12 - 0.03 0.15 0.15 0.12 0.02 0.05 + 0.01 0.12 0.05 0.04 0.05 0.08 - 0.03 0.30 0.10 0.08 0.02 0.06 - 0.01 0.07 0.07 0.06 0.01 0.05 - 0.01 0.06 0.05 0.05 0.03 0.14 + 0.01 0.15 0.14 0.00 0.06 0.18 + 0.02 0.21 0.19 0.15 0.05 0.03 0.05 + 0.02 0.05 0.02 0.02 0.02 - 0.01 0.05 0.03 0.02 0.06 0.45 + 0.13 0.42 0.46 0.32 0.07 0.59 + 0.13 0.63 0.63 0.43 0.11 0.10 0.10 - 0.01 0.16 0.03 1.95 3.89 + 0.23 9.15 4.06 3.61 0.00 0.01 - 0.01 0.05 0.02 0.01 0.01 0.02 - 0.01 0.07 0.03 0.02 0.02 0.09 + 0.02 0.15 0.10 0.00 0.07 0.08 + 0.01 0.20 0.08 0.07 0.13 0.34 + 0.10 0.33 0.34 0.24 0.17 0.45 + 0.13 0.45 0.45 0.31 0.20 2.46 + 0.08 2.50 2.46 0.00 0.05 0.13 - 0.04 0.20 0.17 0.12 0.27 0.40 - 0.02 0.46 0.46 0.40 0.94 0.05 1.67 1.12 - 1.22 1.06 0.01 0.01 0.01 - 0.00 3640.00 0.00 0.11 0.10 0.10 - 0.00 0.11 0.01 0.16 0.12 0.14 - 0.01 0.16 0.02 0.00 0.00 - 0.00 0.01 0.00 0.00 2.04 3.50 - 0.53 4.76 4.09 3.45 0.17 0.16 0.16 - 0.02 0.28 0.07 0.02 0.02 0.02 - 0.00 0.19 0.01 0.11 0.10 0.10 - 0.01 0.18 0.02 0.19 0.16 0.19 + 0.03 0.25 0.08 2.19 2.55 - 1.84 5.90 4.55 2.48 3.06 3.47 - 2.33 8.00 6.00 3.28 1.14 2.98 - 0.52 3.88 3.61 2.90 0.10 0.05 0.10 + 0.02 0.09 0.01 1.89 1.48 1.62 - 0.01 1.89 0.26 2.35 1.95 2.06 - 0.08 2.35 0.40 0.03 0.13 + 0.03 0.13 0.13 0.10 0.02 0.04 - 0.04 0.10 0.07 0.04 0.01 0.03 + 0.01 0.03 0.03 0.02 13.55 21.65 - 1.12 25.35 22.96 21.03 16.60 - 0.77 20.24 9.46 17.64 16.03 0.17 0.62 - 0.13 0.83 0.75 0.59 0.11 0.10 0.11 + 0.00 0.14 0.06 0.15 0.13 0.15 + 0.01 0.21 0.07 0.03 0.25 + 0.05 0.25 0.25 0.13 0.13 0.16 - 0.01 0.64 0.17 0.00 0.05 0.02 0.03 - 0.02 3000.00 0.01 0.13 0.37 - 0.01 0.94 0.42 0.36 0.19 0.50 - 0.02 1.22 0.55 0.49 0.08 0.06 0.08 + 0.01 0.09 0.04 0.48 1.14 - 0.14 1.56 1.27 1.01 0.65 1.48 - 0.19 2.00 1.70 1.34 0.02 0.42 - 0.12 0.67 0.54 0.41 0.20 0.17 0.17 - 0.01 0.26 0.03 0.21 0.68 - 0.10 1.05 0.79 0.62 0.14 0.52 - 0.06 0.84 0.58 0.47 0.02 0.06 - 0.01 0.09 0.06 0.06 0.07 0.23 + 0.01 0.23 0.23 0.20 0.10 0.55 + 0.05 0.65 0.60 0.46 0.03 0.14 + 0.00 0.17 0.16 0.12 0.05 0.18 + 0.01 0.22 0.19 0.18 0.03 0.09 - 0.06 0.15 0.15 0.09 0.03 0.13 - 0.05 0.36 0.18 0.12

G-H

2016-05-31 3:56 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 6–12, 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

GoldQuest Mng V 2303 Goldrea Res 405 Goldrock Mines V 601 Goldsource Min* O 548 Goldsource Min V 1138 Goldstar Mnls V 36 Goldstrike Res V 402 GoldTrain Res 4 Gonzaga Res V 128 GoviEx Uranium 450 Gowest Gold* O 705 Gowest Gold V 2067 GPM Metals* O 170 GPM Metals V 416 Gran Colombia* O 261 Gran Colombia T 1151 Grande Portage V 18 Granite Ck Gld V 93 Graniz Mondal V 24 Graphite Corp* O 1729 Graphite One V 10906 Graphite One* O 767 Great Bear Res V 458 Great Lakes Gr* O 143 Great Panther T 2035 X 6435 Great Panther* 34 Great Quest Fe V Great Rock Dev* O 608 Great Thunder V 12962 Great Western* O 425 310 Green Valley M V Greenland M&En* O 253 Greenshield Ex V 4 Grenville Gold V 59 Grizzly Discvr V 48 Grizzly Gold* O 99 Group Ten Mtls V 1218 GTA Res & Mng V 276 Guerrero Vents V 199 Gungnir Res V 680 Gungnir Res* O 388 Gunpoint Expl V 63 Guyana Gldflds T 4483 Harmony Gold* N 20656 Harte Gold T 3131 V 442 Heatherdale Rs Hecla Mining* N 43158 Helio Res V 865 Hellix Vent* O 393 Hemcare Health* O 2 Heron Res T 70 HFX Holding V 9 Highbank Res V 1270 Highland Copp V 230 Highway 50 Gld V 80 O 14 Hochschild Mg* Homestake Res* O 74 Homestake Res V 1583 T 1475 Horizonte Mnls Hornby Bay Mnl V 191 HudBay Mnls* N 995 HudBay Mnls T 7421 Hudson Res V 137 Hudson Res* O 12 Hunt Mng* O 35 Hunt Mng V 77

0.37 0.31 0.31 - 0.04 0.39 0.09 0.07 0.05 0.07 + 0.01 0.11 0.02 0.62 0.52 0.54 - 0.08 0.64 0.15 0.33 0.29 0.32 - 0.00 0.33 0.11 0.43 0.39 0.41 - 0.01 0.43 0.13 0.05 0.00 0.05 - 0.01 0.07 0.01 0.18 0.17 0.18 + 0.01 0.21 0.07 0.09 0.00 0.09 + 0.01 0.20 0.08 0.03 0.03 0.03 - 0.01 0.04 0.01 0.09 0.07 0.08 + 0.01 0.19 0.04 0.07 0.05 0.06 - 0.01 0.10 0.04 0.09 0.08 0.08 - 0.01 0.12 0.05 0.18 0.16 0.16 - 0.03 0.21 0.07 0.27 0.21 0.27 + 0.02 0.33 0.08 0.08 0.06 0.08 + 0.01 0.30 0.04 0.10 0.09 0.09 - 0.01 0.41 0.06 0.13 0.00 0.13 + 0.06 0.14 0.04 0.04 0.02 0.04 + 0.02 0.03 0.01 0.03 0.02 0.03 + 0.01 0.03 0.01 0.01 0.00 0.01 - 0.00 0.02 0.00 0.18 0.14 0.14 - 0.03 0.18 0.07 0.14 0.11 0.12 - 0.02 0.14 0.05 0.04 0.03 0.04 + 0.01 0.08 0.01 0.06 0.05 0.06 + 0.00 0.12 0.04 2.21 1.87 1.90 - 0.24 2.82 0.40 1.72 1.44 1.44 - 0.21 2.25 0.30 0.20 0.16 0.17 - 0.03 0.63 0.11 0.00 0.00 0.00 - 0.00 0.02 0.00 0.24 0.06 0.15 + 0.09 0.24 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.02 0.02 0.02 + 0.01 0.03 0.01 0.04 0.02 0.04 + 0.01 0.17 0.01 0.04 0.00 0.04 - 0.01 0.05 0.01 0.10 0.08 0.09 - 0.02 0.15 0.05 0.07 0.06 0.07 + 0.01 0.10 0.01 0.10 0.06 0.06 - 0.02 0.20 0.01 0.04 0.03 0.03 - 0.01 0.06 0.01 0.07 0.05 0.06 + 0.01 0.08 0.02 0.02 0.02 0.02 - 0.01 0.05 0.01 0.03 0.03 0.03 - 0.01 0.04 0.01 0.02 0.02 0.02 + 0.00 0.03 0.00 0.28 0.27 0.27 - 0.01 0.30 0.13 8.22 6.97 7.08 - 1.14 8.47 2.48 3.41 2.88 2.92 - 0.40 4.19 0.53 0.22 0.19 0.21 - 0.01 0.35 0.05 0.04 0.03 0.03 - 0.01 0.04 0.01 4.33 3.83 3.91 - 0.33 4.73 1.45 0.07 0.05 0.05 - 0.01 0.07 0.02 0.02 0.01 0.02 + 0.01 0.06 0.00 0.12 0.07 0.07 - 0.06 0.80 0.01 0.13 0.11 0.12 + 0.01 0.14 0.07 0.07 0.05 0.05 - 0.03 0.15 0.01 0.07 0.05 0.06 + 0.01 0.21 0.04 0.09 0.08 0.09 + 0.01 0.20 0.07 0.24 0.24 0.24 + 0.01 0.24 0.05 2.15 2.07 2.09 - 0.07 2.30 0.59 0.07 0.06 0.06 + 0.01 0.11 0.01 0.09 0.08 0.08 - 0.01 0.15 0.01 0.05 0.04 0.04 - 0.01 0.06 0.02 0.04 0.04 0.04 + 0.01 0.10 0.03 4.14 3.74 3.96 + 0.10 9.92 1.56 5.34 4.92 5.15 + 0.10 12.37 2.26 0.46 0.44 0.45 + 0.01 0.55 0.34 0.34 0.33 0.34 + 0.00 0.41 0.26 0.14 0.10 0.10 - 0.04 0.14 0.01 0.18 0.13 0.15 - 0.03 0.18 0.02

I-Minerals* O 84 I-Minerals V 1289 IAMGOLD T 16546 IAMGOLD* N 34254 Iberian Mnrls V 4333 IC Potash* O 204 IC Potash T 1174 Iconic Mnls V 994 IDM Mining* O 809 IDM Mining V 2773 IMPACT Silver V 917 O 270 Impala Platnm* Imperial Metal* O 12 Imperial Metal T 149 IMX Res* O 72 Inca One Gold V 5638 96 Inception Mng * O V 265 Independence G Indico Res V 1971 Infrastructure* O 319 Intact Gold V 3600 Intact Gold* O 88 Integra Gold V 6920 Integra Gold* O 2528 Inter-Rock Mnl V 256 Intgr Egy Sol* O 89417 Intigold Mines V 288 Intl Bethl Mng V 192 Intl Lithium* O 145 Intl Lithium V 791 Intl Montoro* O 56 Intl Tower Hil T 408 Intl Tower Hil* X 1038 INV Metals T 334 Inventus Mg V 226 Ireland* O 247 Irving Res* O 6 Itoco Mg Corp* O 51 Ivanhoe Mines* O 916 Ivanhoe Mines T 5699 Jaguar Mng* O 469 Jaguar Mng V 1283 Jasper Mng V 53 Jaxon Mnls V 22 Jayden Res V 58 Kaizen Discvry V 431 Kaminak Gold V 4386 Kaminak Gold* O 996 Karmin Expl V 5 Karnalyte Res T 89 KAT Expl* O 74283 Katanga Mng T 425 Kennady Diam V 150 Kesselrun Res V 604 Khalkos Expl V 280 V 879 Kilo Goldmines Kincora Copper V 3360 Kings Bay Gold V 571 Kingsmen Res* O 40 Kinross Gold* N 70499 Kinross Gold T 45296 Kirkland Lk Gd* O 178 Kirkland Lk Gd T 3472 Kiska Metals* O 164 Kiska Metals V 997 Kivalliq Enrgy V 522 Klondex Mns T 1596 Klondike Gold V 1242 Klondike Gold* O 190 Klondike Silv V 313 Kombat Copper V 946 Kootenay Silvr V 1466 KWG Res 5197

0.19 0.17 0.19 + 0.02 0.28 0.14 0.27 0.22 0.27 + 0.03 0.37 0.16 4.91 4.14 4.14 - 0.59 5.22 1.50 3.64 3.16 3.17 - 0.45 4.05 1.15 0.07 0.05 0.06 + 0.01 0.11 0.04 0.06 0.04 0.04 - 0.01 0.23 0.03 0.07 0.06 0.06 - 0.01 0.29 0.04 0.36 0.26 0.31 - 0.02 0.36 0.03 0.16 0.13 0.14 - 0.02 0.19 0.04 0.21 0.17 0.18 - 0.02 0.24 0.07 0.72 0.55 0.59 - 0.04 0.80 0.11 3.30 3.00 3.11 - 0.16 5.09 1.45 4.68 4.12 4.29 - 0.27 8.81 2.81 6.10 5.34 5.66 - 0.41 11.01 3.92 0.02 0.00 0.00 - 0.00 0.02 0.00 0.06 0.05 0.05 - 0.01 0.22 0.04 0.17 0.09 0.15 - 0.57 1.65 0.50 0.15 0.13 0.14 - 0.02 0.17 0.06 0.08 0.04 0.05 - 0.02 0.16 0.03 0.01 0.01 0.01 + 0.00 0.02 0.01 0.11 0.09 0.09 - 0.01 0.18 0.02 0.08 0.07 0.07 - 0.01 0.14 0.07 0.71 0.60 0.63 - 0.07 0.74 0.23 0.56 0.46 0.49 - 0.05 0.59 0.18 0.13 0.10 0.10 - 0.03 0.14 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.06 0.08 + 0.01 0.26 0.06 0.04 0.03 0.03 - 0.01 0.10 0.02 0.22 0.18 0.20 + 0.02 0.55 0.01 0.28 0.24 0.26 + 0.02 0.38 0.03 0.01 0.00 0.01 - 0.00 0.05 0.01 0.76 0.57 0.63 - 0.09 0.95 0.26 0.56 0.40 0.45 - 0.10 0.75 0.18 0.69 0.52 0.52 - 0.10 0.80 0.08 0.30 0.26 0.28 - 0.02 0.30 0.02 0.23 0.13 0.21 - 0.03 0.51 0.13 0.12 0.10 0.12 - 0.00 0.15 0.09 0.12 0.08 0.10 - 0.02 1.10 0.11 0.85 0.73 0.76 - 0.05 1.00 0.36 1.06 0.96 0.99 - 0.06 1.24 0.53 0.28 0.25 0.25 - 0.01 0.32 0.07 0.37 0.33 0.33 - 0.03 0.40 0.12 0.08 0.00 0.05 - 0.03 0.08 0.02 0.08 0.07 0.08 + 0.01 0.09 0.01 0.08 0.00 0.08 - 0.03 0.14 0.03 0.25 0.20 0.21 - 0.04 0.28 0.08 2.47 2.27 2.32 - 0.14 2.61 0.61 1.90 1.71 1.78 - 0.10 2.02 0.47 0.32 0.30 0.30 - 0.02 0.40 0.15 2.05 1.86 1.90 - 0.10 4.15 0.52 0.00 0.00 0.00 - 0.00 0.00 0.00 0.16 0.14 0.16 + 0.01 0.26 0.13 4.40 3.79 4.25 + 0.15 5.95 2.35 0.15 0.10 0.12 - 0.01 0.18 0.02 0.15 0.13 0.13 - 0.01 0.26 0.05 0.14 0.10 0.10 - 0.03 0.17 0.04 0.05 0.03 0.04 + 0.02 0.05 0.02 0.01 0.01 0.01 - 0.01 0.02 0.01 0.08 0.07 0.07 - 0.01 0.09 0.02 5.02 4.22 4.23 - 0.74 5.82 1.31 6.57 5.50 5.52 - 0.98 7.49 1.79 8.39 7.62 7.63 - 0.73 9.24 3.12 11.00 9.84 9.99 - 1.01 11.97 4.49 0.04 0.04 0.04 + 0.00 0.04 0.01 0.06 0.04 0.05 + 0.01 0.06 0.01 0.09 0.08 0.08 - 0.01 0.13 0.06 4.59 4.07 4.15 - 0.40 4.90 2.56 0.37 0.31 0.33 - 0.03 0.37 0.08 0.28 0.25 0.25 + 0.00 0.28 0.06 0.04 0.03 0.04 + 0.01 0.06 0.01 0.07 0.06 0.07 - 0.01 0.10 0.02 0.48 0.40 0.44 - 0.01 0.50 0.17 0.03 0.03 0.03 - 0.01 0.04 0.01

Labdr Iron Mns* O 92 Labrador Iron T 1096 Lakeside Mnrls V 90 Lamelee Iron V 6193 Lancaster Cap V 12 Lara Expl V 927

0.01 0.00 0.00 - 0.00 0.02 0.00 12.31 11.22 11.54 - 0.50 17.45 6.85 0.01 0.01 0.01 - 0.01 0.02 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 0.32 0.28 0.28 - 0.04 0.32 0.06 0.98 0.83 0.86 - 0.07 1.04 0.20

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Exc Volume High Low Last Change High Low

Laramide Res T 442 Largo Res* O 57 Largo Res V 384 Laurion Mnl Ex V 91 Leeta Gold V 97 Legend Gold* O 13 Legend Gold V 129 Lepanto Con Mg* O 50 Levon Res Ltd T 316 Levon Res Ltd * O 66 820 Lexam VG Gold T Lexam VG Gold* O 481 Li3 Energy* O 537 30533 Liberty Star* Q Lincoln Mng V 593 132 Lion One Mtls V Lion One Mtls* O 30 Lions Gate Mtl 48 Lithium Amer T 18096 Lithium Amer* O 3092 Lithium Corp* O 1471 14878 Lithium Expl* O LKA Gold* O 5 Lomiko Mtls* O 102 Loncor Res* O 29 Loncor Res T 51 Lonmin plc* O 1 Lowell Copper V 72 Lucara Diam T 3747 Luna Gold* O 149 Luna Gold T 184 Lundin Gold T 160 Lundin Mng T 12330 Lupaka Gold V 420 Lydian Intl* O 282 Lydian Intl T 2342 Lynas Corp* O 310

0.26 0.24 0.26 + 0.01 0.38 0.15 0.50 0.40 0.45 + 0.04 0.68 0.08 0.66 0.53 0.61 + 0.02 0.87 0.11 0.02 0.01 0.01 - 0.01 0.03 0.01 0.05 0.04 0.04 - 0.02 0.07 0.03 0.03 0.03 0.03 - 0.00 0.05 0.01 0.06 0.04 0.04 - 0.01 0.06 0.02 0.01 0.01 0.01 + 0.01 0.02 0.00 0.28 0.25 0.27 + 0.02 0.34 0.09 0.21 0.17 0.20 + 0.01 0.26 0.07 0.25 0.21 0.24 + 0.01 0.29 0.05 0.20 0.16 0.17 - 0.01 0.23 0.04 0.02 0.02 0.02 + 0.00 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.06 0.05 0.05 - 0.01 0.10 0.02 0.64 0.53 0.58 - 0.04 0.74 0.24 0.46 0.41 0.44 - 0.01 0.59 0.18 0.05 0.00 0.04 - 0.01 0.06 0.01 0.91 0.76 0.85 - 0.03 1.00 0.26 0.70 0.59 0.64 - 0.02 0.80 0.34 0.10 0.08 0.08 - 0.01 0.13 0.02 0.01 0.00 0.01 + 0.00 0.45 0.00 0.44 0.00 0.44 + 0.00 0.53 0.10 0.04 0.03 0.03 - 0.00 0.05 0.02 0.13 0.11 0.11 - 0.02 0.15 0.01 0.18 0.14 0.15 - 0.03 0.18 0.02 2.73 0.00 2.58 - 0.20 224.00 0.55 0.24 0.23 0.24 + 0.01 0.43 0.12 4.07 3.73 4.03 + 0.24 4.07 1.42 0.15 0.13 0.13 + 0.00 0.16 0.02 0.19 0.17 0.19 + 0.01 0.21 0.03 5.80 5.50 5.72 - 0.06 6.51 3.46 4.44 4.08 4.40 + 0.26 6.03 2.98 0.17 0.15 0.17 - 0.01 0.19 0.04 0.28 0.24 0.25 - 0.02 0.48 0.13 0.38 0.32 0.32 - 0.03 0.58 0.19 0.06 0.04 0.05 + 0.01 0.10 0.02

M Macarthur Mnl V 5739 0.16 0.12 0.13 - 0.01 0.18 0.02 Macarthur Mnl* O 173 0.11 0.10 0.10 - 0.01 0.14 0.02 MacDonald Mns V 1169 0.01 0.00 0.01 + 0.01 0.01 0.01 Mag Copper 3250 0.01 0.01 0.01 + 0.01 0.08 0.01 MAG Silver T 1665 17.97 15.30 15.58 - 2.36 18.58 8.13 11.95 - 1.77 14.40 6.12 MAG Silver* X 743 13.79 11.73 Magellan Gold* O 68 0.29 0.08 0.12 + 0.01 0.29 0.04 Magnus Intl* O 100 0.00 0.00 0.00 - 0.00 0.00 0.00 Majescor Res V 1663 0.14 0.07 0.14 + 0.05 0.14 0.02 Majescor Res* O 37 0.09 0.00 0.08 + 0.05 0.09 0.01 Makena Res* O 6 0.02 0.02 0.02 - 0.00 0.03 0.01 0.28 + 0.01 0.55 0.10 Malbex Res V 317 0.30 0.27 Mandalay Res T 2693 1.10 1.03 1.04 - 0.03 1.14 0.59 Manitou Gold V 577 0.05 0.04 0.05 + 0.01 0.05 0.02 0.02 - 0.01 0.03 0.01 Manson Creek V 9 0.02 0.00 Marathon Gold T 1349 0.31 0.26 0.28 - 0.02 0.33 0.11 Marlin Gold V 427 0.45 0.35 0.39 + 0.01 0.69 0.15 Marlin Gold* O 89 0.31 0.29 0.29 + 0.00 0.52 0.10 MartinMarietta* N 3358 193.87 186.70 191.83 + 4.65 193.87 108.31 Mason Graphite V 708 0.76 0.63 0.76 + 0.12 0.73 0.30 Mason Graphite* O 89 0.57 0.49 0.55 + 0.09 0.55 0.21 V 40 0.05 0.04 0.04 - 0.01 0.08 0.03 Masuparia Gold Matamec Expl* O 157 0.05 0.04 0.04 - 0.01 0.06 0.01 Matica Ent 1566 0.02 0.01 0.02 - 0.01 0.08 0.01 Matica Ent* O 110 0.02 0.02 0.02 - 0.00 0.06 0.01 Mawson Res T 182 0.29 0.24 0.24 - 0.05 0.30 0.16 Mawson Res* O 23 0.22 0.19 0.22 + 0.02 0.25 0.12 Mawson West T 658 0.01 0.01 0.01 - 0.01 0.05 0.01 0.01 - 0.00 0.07 0.00 Maxwell Res* O 40 0.01 0.01 Maya Gold &Sil V 727 0.15 0.14 0.15 + 0.01 0.30 0.10 Mazarin V 20 0.02 0.01 0.02 + 0.01 0.04 0.01 McEwen Mng* N 11754 2.63 2.15 2.21 - 0.37 2.78 0.65 McEwen Mng T 1613 3.46 2.83 2.88 - 0.49 3.58 0.84 MDN Inc V 2178 0.06 0.04 0.05 + 0.02 0.06 0.01 827 0.11 0.08 0.09 - 0.01 0.27 0.06 Meadow Bay Gd T Meadow Bay Gd* O 295 0.09 0.06 0.07 - 0.01 0.20 0.04 N 354 1.92 1.77 1.79 - 0.10 2.64 1.23 Mechel* Medinah Mnrls* O 3635 0.02 0.01 0.01 - 0.00 0.03 0.01 Mega Uranium* O 205 0.11 0.10 0.10 - 0.01 0.15 0.04 Mega Uranium T 1450 0.15 0.13 0.14 - 0.02 0.20 0.05 0.05 + 0.01 0.06 0.01 Melkior Res V 449 0.05 0.04 Mercator Mnls* O 20 0.00 0.00 0.00 + 0.00 0.03 0.00 Merrex Gold V 969 0.27 0.20 0.24 - 0.03 0.31 0.10 0.18 - 0.03 0.24 0.10 Merrex Gold* O 67 0.20 0.16 Meryllion Res 67 0.02 0.02 0.02 - 0.01 0.03 0.01 Metalex Vent V 790 0.09 0.07 0.07 - 0.01 0.11 0.04 0.20 - 0.03 0.23 0.01 Metallis Res V 80 0.22 0.20 Metals Creek* O 8 0.12 0.12 0.12 - 0.00 0.14 0.05 Metals Creek V 171 0.15 0.14 0.14 + 0.01 0.19 0.05 Metals X* O 8 0.82 0.82 0.82 - 0.01 1.08 0.68 0.09 - 0.01 0.13 0.03 Metanor Res V 5360 0.10 0.08 Mexus Gold* O 10577 0.07 0.04 0.05 + 0.02 0.07 0.00 0.03 + 0.01 0.04 0.01 Micrex Dev V 382 0.03 0.02 Midas Gold* O 1088 0.61 0.52 0.57 + 0.01 0.66 0.16 Midas Gold T 1474 0.77 0.67 0.71 - 0.04 0.84 0.25 0.69 - 0.03 0.80 0.45 Midland Expl V 101 0.72 0.65 Midway Gold* O 1173 0.00 0.00 0.00 + 0.00 0.13 0.00 MillenMin Vent V 423 0.02 0.01 0.02 + 0.02 0.02 0.01 Millrock Res* O 351 0.31 0.25 0.25 - 0.05 0.35 0.11 Millrock Res V 667 0.40 0.32 0.32 - 0.07 0.45 0.15 Milner Con Slv V 120 0.02 0.02 0.02 + 0.01 0.04 0.02 Minco Gold T 58 0.38 0.35 0.35 - 0.03 0.55 0.12 Minco Gold* X 395 0.30 0.27 0.28 - 0.02 0.40 0.10 Minco Silver T 437 1.24 1.01 1.04 - 0.16 1.48 0.32 Minco Silver* O 131 0.94 0.78 0.81 - 0.10 1.16 0.26 Minera Alamos V 410 0.13 0.11 0.12 + 0.01 0.18 0.07 Mineral Mtn V 193 0.30 0.28 0.30 + 0.01 0.37 0.08 Mines Manage* X 6065 0.91 0.62 0.87 + 0.23 0.91 0.11 Mines Manage T 54 1.23 0.77 1.12 + 0.29 1.23 0.17 0.02 - 0.01 0.05 0.01 Minfocus Expl V 525 0.03 0.02 0.07 - 0.01 0.09 0.07 Minsud Res V 425 0.07 0.07 Miranda Gold V 529 0.10 0.09 0.09 - 0.01 0.12 0.06 Mirasol Res V 406 1.84 1.60 1.62 - 0.17 1.93 0.72 Molycorp* O 1075 0.05 0.04 0.04 - 0.00 0.62 0.02 O 60 0.21 0.00 0.21 + 0.07 0.13 0.04 Monarques Res* Monarques Res V 2022 0.28 0.18 0.28 + 0.09 0.21 0.06 Moneta Porcpn* O 151 0.20 0.17 0.17 - 0.01 0.22 0.05 Monster Mng* O 216 0.02 0.02 0.02 - 0.19 0.20 0.01 Montero Mg&Ex V 1695 0.08 0.00 0.04 + 0.02 0.08 0.01 Monument Mng V 236 0.13 0.12 0.12 - 0.01 0.16 0.08 Morro Bay V 319 0.02 0.01 0.02 + 0.01 0.06 0.01 Mosaic* N 23279 26.81 25.61 25.69 - 0.25 47.13 22.02 Mountain Prov T 538 6.45 5.91 6.23 - 0.05 6.45 3.38 Mountain Prov* D 161 4.92 4.67 4.78 + 0.01 4.92 2.47 Mundoro Cap* O 25 0.12 0.09 0.12 + 0.01 0.12 0.03 Mundoro Cap V 79 0.15 0.12 0.13 - 0.02 0.18 0.04 Murchison Min 1761 0.03 0.02 0.03 + 0.01 0.03 0.01 0.03 - 0.01 0.18 0.00 Myson Group* O 243 0.04 0.02

N-O NACCO Ind* N 150 Namibia Rare E T 126 Napier Vent* O 13 Napier Vent V 12 Natural Res Pt* N 171 Nautilus Mnrls* O 707 Navis Res Corp* O 93 Nemaska Lith* O 645 Nemaska Lith V 17489 Nevada Clean M* O 562 Nevada Copper T 381 Nevada Egy Mtl* O 1307 Nevada Egy Mtl V 4684 Nevada Expl * O 313 Nevada Expl V 225 Nevada Sunrise V 1411 Nevada Sunrise* O 508 Nevada Zinc V 181 Nevado Res V 2381 Nevsun Res* X 2241

55.01 51.33 53.42 + 1.67 62.96 40.04 0.12 0.08 0.12 + 0.05 0.19 0.04 0.23 0.23 0.23 + 0.01 0.26 0.19 0.29 0.27 0.27 - 0.01 0.34 0.15 11.62 10.43 11.15 - 0.17 43.60 5.00 0.12 0.10 0.12 + 0.01 0.39 0.10 0.01 0.01 0.01 + 0.00 0.03 0.01 1.50 1.21 1.35 + 0.13 1.50 0.13 1.97 1.48 1.75 + 0.14 1.97 0.16 0.02 0.01 0.02 + 0.00 0.05 0.00 0.75 0.62 0.66 - 0.09 1.93 0.45 0.14 0.11 0.12 - 0.01 0.20 0.06 0.18 0.14 0.16 - 0.02 0.26 0.01 0.42 0.34 0.39 + 0.01 0.61 0.08 0.53 0.44 0.48 - 0.01 0.94 0.05 0.28 0.20 0.25 + 0.03 0.33 0.13 0.20 0.17 0.18 + 0.01 0.25 0.09 0.38 0.33 0.35 - 0.02 0.43 0.19 0.03 0.02 0.02 - 0.01 0.05 0.01 3.45 3.22 3.35 + 0.01 4.36 2.27

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Exc Volume High Low Last Change High Low

New Carolin Gd V 1959 New Carolin Gd* O 177 New Colombia* O 3719 New Dimen Res V 547 New Dimen Res* O 19 New Gold* O 74 New Gold T 10386 New Gold* X 27098 New Jersey Mng* O 60 New Milln Iron T 1586 New Nadina V 26 New Pac Metals T 34 NewCastle Gold* O 69 Newmarket Gold T 4486 Newmarket Gold* O 557 Newmont Mng* N 46190 Newport Expl V 75 V 2446 Nexgen Energy Nexgen Energy* O 209 25 Next Gen Mtls* O Next Gen Mtls 791 Nexus Gold V 798 NGEx Res T 360 Nicola Mg Inc* O 33 Nicola Mg Inc V 694 V 391 Nighthawk Gold Nikos Expl V 261 Niocorp Dev* O 294 Niocorp Dev T 369 Nippon Dragon V 311 V 203 Nomad Ventures Noram Vent V 5136 Noranda Alum* O 190 Noront Res V 956 North Am Nickl* O 98 North Am Nickl V 1456 North Am Pall T 11 North Am Pall* O 5 82 North Am Ptash V North Arrow Mn V 152 North Springs* O 46 Northcliff Res T 1590 Northern Uran V 1329 Northisle C&G V 1143 Northn Empire V 469 Northquest V 1107 Norvista Cap V 318 Nouveau Monde V 726 NovaCopper* X 599 NovaCopper T 86 NovaGold Res T 2165 NovaGold Res* X 13196 Novo Res V 348 Novo Res* O 246 NRG Metals* O 42 NRG Metals V 441 Nrthn Abitibi V 2092 Nrthn Freegold* O 51 Nrthn Freegold V 694 O 147 Nrthn Graphite* Nrthn Graphite V 146 Nrthn Iron V 80 Nrthn Shield V 5986 Nrthn Superior V 349 Nrthn Vertex* O 7 NSGold V 75 Nthn Dynasty* X 1386 Nthn Dynasty T 1037 NuLegacy Gold V 1684 O 504 NuLegacy Gold* NV Gold* O 20 O.T. Mining* O 1768 OceanaGold T 10334 OceanaGold* O 26 Oceanic Iron O V 47 Oceanus Res V 111 Oceanus Res* O 24 15 Odin Mng & Exp* O Odin Mng & Exp V 148 Olivut Res* O 305 Opawica Expl V 437 Orbite Tech T 1852 Orbite Tech* O 9 Orca Gold V 266 Orefinders Res V 460 Oremex Silver V 257 Orezone Gold* O 513 Orezone Gold V 1624 Oriental Non F 50 Orla Mng Ltd V 167 Oro East Mg* Q 133 Oroco Res V 280 Orocobre T 468 Oroplata Res* Q 37 Orosur Mng T 227 Orvana Mnrls* O 208 Orvana Mnrls T 843 Osisko Gold T 2272 Osisko Gold * O 101 Otis Gold* O 135 Otis Gold V 321 Otterburn Res V 4603 OZ Minerals* O 51

0.13 0.10 0.10 - 0.03 0.15 0.04 0.10 0.07 0.07 - 0.02 0.12 0.03 0.02 0.01 0.01 - 0.00 0.05 0.00 0.18 0.13 0.16 + 0.02 0.16 0.04 0.14 0.12 0.14 + 0.02 0.12 0.03 0.08 0.05 0.07 + 0.00 0.28 0.03 5.74 4.85 4.87 - 0.67 6.25 2.52 4.37 3.70 3.73 - 0.48 4.85 1.76 0.09 0.08 0.08 - 0.01 0.12 0.02 0.08 0.06 0.06 - 0.02 0.15 0.05 0.16 0.12 0.12 - 0.02 0.30 0.05 0.35 0.33 0.34 - 0.01 0.35 0.15 0.45 0.00 0.44 + 0.04 0.47 0.14 3.95 3.45 3.48 - 0.47 4.00 0.80 3.11 2.66 2.68 - 0.29 3.12 0.61 34.30 30.86 31.96 - 1.77 35.75 15.39 0.33 0.30 0.33 + 0.02 0.45 0.19 2.42 2.16 2.24 - 0.13 2.78 0.51 1.80 1.66 1.71 - 0.12 2.14 0.41 0.11 0.08 0.11 + 0.03 0.14 0.08 0.15 0.13 0.14 + 0.01 0.18 0.01 0.05 0.05 0.05 - 0.01 0.14 0.04 0.94 0.85 0.94 + 0.09 0.96 0.44 0.08 0.06 0.06 - 0.02 0.11 0.03 0.10 0.08 0.09 - 0.02 0.15 0.04 0.19 0.15 0.17 - 0.01 0.19 0.04 0.10 0.08 0.08 - 0.01 0.19 0.02 0.68 0.61 0.63 - 0.01 0.87 0.37 0.85 0.80 0.83 - 0.01 1.14 0.51 0.09 0.00 0.08 + 0.01 0.15 0.03 0.01 0.01 0.01 + 0.01 0.06 0.01 0.05 0.03 0.05 + 0.02 0.07 0.01 0.06 0.04 0.05 - 0.01 14.21 0.02 0.32 0.30 0.32 - 0.01 0.51 0.28 0.07 0.05 0.06 + 0.00 0.20 0.05 0.10 0.07 0.09 + 0.02 0.24 0.07 5.10 4.80 5.00 - 0.09 22.00 3.85 3.90 0.00 3.75 - 0.14 17.20 2.71 0.11 0.00 0.10 - 0.01 0.15 0.03 0.17 0.12 0.17 + 0.02 1.10 0.12 1.00 0.00 0.65 - 0.10 40.00 0.15 0.14 0.11 0.13 - 0.01 0.16 0.06 0.03 0.02 0.03 + 0.01 0.06 0.01 0.07 0.04 0.07 + 0.03 0.07 0.02 0.20 0.16 0.17 - 0.01 0.22 0.06 0.26 0.24 0.26 + 0.01 0.32 0.07 0.19 0.16 0.17 - 0.01 0.24 0.08 0.29 0.24 0.27 + 0.02 0.29 0.12 0.63 0.50 0.54 - 0.02 0.86 0.15 0.82 0.65 0.70 - 0.04 1.08 0.20 7.94 6.60 6.66 - 1.16 8.43 3.42 5.84 5.03 5.10 - 0.88 6.57 2.65 1.29 0.82 0.86 - 0.32 1.30 0.40 0.90 0.64 0.65 - 0.28 1.00 0.29 0.09 0.00 0.08 - 0.02 0.11 0.01 0.13 0.11 0.11 - 0.01 0.18 0.02 0.02 0.02 0.02 - 0.01 0.02 0.01 0.18 0.14 0.14 - 0.01 0.20 0.02 0.23 0.14 0.15 - 0.06 0.28 0.04 0.40 0.34 0.36 - 0.01 0.62 0.12 0.50 0.45 0.47 - 0.03 0.75 0.16 0.02 0.01 0.02 + 0.01 0.04 0.01 0.18 0.12 0.14 - 0.03 0.18 0.01 0.03 0.03 0.03 - 0.01 0.04 0.01 0.33 0.31 0.32 - 0.01 0.33 0.15 0.09 0.05 0.09 - 0.01 0.10 0.03 0.38 0.31 0.32 - 0.02 0.53 0.20 0.46 0.41 0.43 - 0.02 0.67 0.28 0.31 0.26 0.26 - 0.04 0.39 0.08 0.25 0.20 0.21 - 0.03 0.32 0.06 0.02 0.02 0.02 - 0.07 0.11 0.03 0.05 0.02 0.03 - 0.02 0.09 0.02 4.23 3.92 3.93 - 0.22 4.64 1.79 3.20 3.02 3.14 - 0.07 3.66 1.43 0.13 0.12 0.13 + 0.01 0.20 0.08 0.30 0.25 0.28 - 0.02 0.35 0.14 0.22 0.22 0.22 - 0.00 0.26 0.18 0.53 0.44 0.53 + 0.08 0.58 0.17 0.74 0.62 0.65 - 0.09 0.85 0.21 0.15 0.12 0.15 + 0.00 0.17 0.05 0.14 0.11 0.14 + 0.03 0.15 0.02 0.28 0.27 0.28 + 0.01 0.53 0.20 0.21 0.00 0.21 + 0.01 0.40 0.15 0.31 0.27 0.28 - 0.02 0.33 0.12 0.04 0.04 0.04 + 0.01 0.08 0.01 0.04 0.03 0.04 + 0.01 0.06 0.01 0.82 0.63 0.65 - 0.11 0.82 0.16 1.05 0.82 0.85 - 0.15 1.05 0.22 0.31 0.27 0.31 + 0.02 0.30 0.27 0.18 0.14 0.18 + 0.04 0.32 0.07 0.03 0.02 0.03 + 0.00 0.06 0.01 0.04 0.03 0.03 - 0.01 0.05 0.01 4.20 3.55 4.15 + 0.37 3.94 1.33 1.50 0.25 0.90 + 0.65 0.50 0.25 0.21 0.19 0.19 - 0.01 0.24 0.10 0.14 0.12 0.13 - 0.01 0.26 0.07 0.19 0.17 0.18 - 0.01 0.33 0.11 16.56 14.77 14.87 - 1.57 18.64 12.39 12.47 11.32 11.39 - 1.11 14.97 8.88 0.14 0.11 0.13 + 0.03 0.15 0.03 0.18 0.14 0.18 + 0.04 0.19 0.04 1.18 0.87 1.06 + 0.06 1.18 0.87 4.33 0.00 3.99 - 0.34 4.33 2.29

Pac Booker Min V 3 Pac Booker Min* O 4 Pac Imperial V 2328 Pac Iron Ore V 15 Pac North West* O 154 Pac Potash V 71 Pac Ridge Expl* O 51 Pac Ridge Expl V 253 Pac Topaz V 137 V 152 Palamina Corp Palamina Corp* O 15 Pan Am Silver* D 13477 Pan Am Silver T 3255 Pancontinental V 529 Panex Res* O 2221 Pangolin Dia V 211 Panoro Mnrls V 94 Parallel Mng V 14 Paramount Gold* X 176 Paringa Res* O 265 Parlane Res V 45 Passprt Potash* O 160 Patriot Gold* O 516 Peabody Enrgy* O 2021 Pedro Res V 132 Pelangio Expl* O 6 Pele Mtn Res V 1889 Pele Mtn Res* O 107 Peregrine Diam T 1081 Perseus Mng T 4969 Pershing Gold* D 1007 Pershing Res* O 60 Peruvian Prc M* O 33 Petaquilla Mnl* O 324 Pilot Gold* O 676 Pilot Gold T 1526 Pine Cliff En* O 46 Pine Cliff En T 967 Pinecrest Res V 172 Pistol Bay Mng V 195 PJSC Polyus Gd* O 5 Plata Latina V 18 Plate Res V 182 Plateau Uran* O 28 Platinum Gp Mt* X 1339

0.86 0.00 0.86 - 0.06 5.67 0.63 0.65 0.00 0.64 - 0.05 4.39 0.45 0.04 0.02 0.04 + 0.02 0.05 0.01 0.22 0.18 0.22 + 0.04 0.39 0.11 0.05 0.04 0.05 + 0.00 0.06 0.00 0.04 0.03 0.03 - 0.01 0.10 0.03 0.06 0.04 0.04 - 0.03 0.06 0.01 0.07 0.05 0.05 - 0.02 0.10 0.02 0.18 0.16 0.16 - 0.01 0.29 0.06 0.18 0.15 0.18 - 0.01 0.18 0.06 0.14 0.09 0.14 + 0.05 0.13 0.08 14.98 13.46 13.67 - 0.96 16.49 5.38 19.47 17.67 17.83 - 1.44 21.27 7.77 0.04 0.00 0.03 + 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.11 0.09 0.11 + 0.02 0.12 0.03 0.20 0.17 0.18 - 0.02 0.21 0.09 0.08 0.07 0.07 - 0.01 0.09 0.05 1.56 1.43 1.45 - 0.08 1.66 0.93 0.15 0.14 0.15 + 0.01 0.25 0.14 0.16 0.15 0.15 - 0.02 0.21 0.01 0.01 0.00 0.00 - 0.00 0.27 0.00 0.11 0.10 0.11 + 0.02 0.15 0.02 0.99 0.77 0.95 + 0.03 52.50 0.55 0.09 0.08 0.09 + 0.01 0.09 0.01 0.04 0.03 0.04 + 0.01 0.04 0.01 0.04 0.03 0.03 - 0.01 0.06 0.03 0.03 0.00 0.03 - 0.00 0.04 0.02 0.20 0.17 0.19 + 0.01 0.31 0.09 0.53 0.45 0.46 - 0.07 0.62 0.27 4.50 3.93 4.09 - 0.37 6.30 3.04 0.03 0.03 0.03 - 0.00 0.15 0.02 0.04 0.03 0.03 - 0.01 0.10 0.02 0.01 0.01 0.01 - 0.00 0.03 0.00 0.58 0.49 0.51 - 0.06 0.64 0.06 0.76 0.64 0.66 - 0.09 0.83 0.22 0.57 0.53 0.54 - 0.03 1.20 0.52 0.71 0.67 0.69 - 0.01 1.51 0.61 0.21 0.15 0.15 - 0.05 0.24 0.03 0.05 0.04 0.04 - 0.01 0.07 0.01 35.75 35.15 35.45 - 0.60 37.59 12.67 0.05 0.05 0.05 - 0.01 0.07 0.01 0.05 0.04 0.04 - 0.01 0.17 0.03 0.24 0.20 0.21 - 0.03 0.40 0.18 3.09 2.78 2.79 - 0.10 4.51 0.96

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Platinum Gp Mt T 285 Plato Gold V 206 Playfair Mng V 379 PNG Gold V 166 Polaris Mater T 60 PolyMet Mng* X 559 PolyMet Mng T 52 Portage Res* O 4972 Portex Mnrls 21245 Portofino Res V 110 Potash Corp SK* N 40408 Potash Corp SK T 9616 Potash Ridge T 3691 Potash Ridge* O 281 Precipitate Gl V 1235 Premier Gold M T 3890 Premium Expl* O 285 Pretium Res* N 6724 Pretium Res T 2420 Primero Mng T 4968 Primero Mng* N 5393 Prism Res V 33 Probe Metals* O 50 Probe Metals V 281 Prophecy Coal T 292 O 136 Prophecy Coal* Prospect Glob* O 19 Prosper Gold V 228 PUF Vent Inc * O 82 Puma Expl V 274 Pure Energy* O 1315 Pure Energy V 5366 Pure Gold Mg* O 452 Pure Gold Mg V 5437 QMX Gold* O 425 QMX Gold V 1351 Quaterra Res V 465 Quaterra Res* O 246 Quest Rare Mnl* O 7 Quest Rare Mnl T 300 Quinto Real V 157

3.92 3.63 3.65 - 0.12 5.50 1.35 0.01 0.01 0.01 - 0.01 0.02 0.01 0.06 0.05 0.05 - 0.01 0.08 0.02 0.01 0.01 0.01 - 0.01 0.01 0.01 1.40 1.26 1.35 - 0.05 2.75 1.12 0.84 0.79 0.83 + 0.02 1.33 0.55 1.08 1.04 1.08 + 0.01 1.71 0.76 0.00 0.00 0.00 + 0.00 0.01 0.00 0.01 0.00 0.01 - 0.01 0.01 0.01 0.08 0.07 0.07 - 0.01 0.13 0.06 17.18 16.21 16.57 + 0.04 32.39 14.64 22.23 21.30 21.59 - 0.09 40.47 20.03 0.33 0.26 0.32 + 0.02 0.50 0.03 0.27 0.21 0.24 + 0.01 0.38 0.02 0.30 0.20 0.27 + 0.06 0.29 0.06 3.32 2.78 2.82 - 0.50 3.80 1.65 0.01 0.00 0.01 + 0.00 0.04 0.00 7.98 7.01 7.04 - 1.01 8.74 4.00 10.64 9.15 9.17 - 1.42 11.25 5.57 2.50 2.16 2.17 - 0.26 5.51 1.94 1.93 1.65 1.66 - 0.19 4.49 1.41 0.15 0.11 0.15 + 0.04 0.15 0.04 0.62 0.58 0.60 - 0.02 0.72 0.24 0.83 0.77 0.77 - 0.03 0.94 0.33 0.02 0.02 0.02 + 0.01 0.08 0.01 0.02 0.02 0.02 - 0.00 0.06 0.01 0.07 0.00 0.07 - 0.01 0.20 0.02 0.28 0.24 0.25 - 0.03 0.36 0.06 0.02 0.02 0.02 - 0.00 0.05 0.01 0.08 0.06 0.08 + 0.01 0.13 0.03 0.47 0.39 0.43 - 0.02 0.91 0.18 0.60 0.47 0.56 - 0.03 1.15 0.21 0.51 0.44 0.46 - 0.04 0.51 0.01 0.72 0.55 0.60 - 0.12 0.72 0.07 0.06 0.05 0.05 - 0.00 0.08 0.01 0.08 0.06 0.06 - 0.02 0.11 0.01 0.08 0.07 0.07 - 0.01 0.15 0.05 0.06 0.05 0.05 - 0.00 0.11 0.04 0.14 0.12 0.14 + 0.00 0.20 0.03 0.18 0.16 0.17 - 0.01 0.25 0.06 0.11 0.07 0.08 - 0.01 0.16 0.01

Rackla Mtls V 159 Radisson Mng V 327 Rainforest Res* O 19 Rambler Ml &Mg V 267 Randgold Res* D 4077 Rapier Gold V 126 Raptor Res* O 41 Rare Element* O 374 RB Energy* O 618 Red Eagle Mng* O 328 Red Eagle Mng V 2593 Red Hut V 161 5 Red Moon Potsh V Red Pine Expl V 580 Redhawk Res T 22 Redstar Gold V 281 Regulus Res V 1143 Reliant Gold V 150 O 53 Renaissance Gd* Renaissance Gd V 56 Reservoir Mnls* O 107 V 1038 Reservoir Mnls Resolve Vent V 83 Resource Cap V 44 Revolver Res V 9 Rheingold Expl 445 Rhyolite Res V 12 Richmont Mines T 1468 X 2173 Richmont Mines* Rio Novo Gold* O 174 Rio Novo Gold T 285 Rio Silver V 163 Rio Tinto* O 5 Rio Tinto* N 19177 Rise Res Inc 42 O 43 Riverside Res* Robex Res V 427 Rochester Res V 19 Rock Tech Lith* O 9 Rockcliff Cop V 595 Rockex Mng 58 V 243 Rockhaven Res V 148 Rockland Mnls Rockridge Cap V 141 Rockwell Diam* O 104 Rockwell Diam T 77 Rojo Res V 47 Rojo Res* O 6 Romios Gold Rs V 215 Romios Gold Rs* O 2 Romulus Res V 7 RosCan Mrnls V 99 Rouge Res V 318 Roughrider Exp V 84 Roxgold* O 267 Roxgold V 3101 Royal Gold T 97 Royal Gold* D 3932 Royal Nickel* O 51 Royal Nickel T 4582 Royal Std Mnrl* O 323 RT Minerals V 315 Rubicon Mnrls* O 1777 Rubicon Mnrls T 997 Rugby Mng V 191 Running Fox Rs V 37 Rupert Res V 350 Rusoro Mng* O 102 Rusoro Mng V 430 Rye Patch Gold* O 549 Rye Patch Gold V 1393

0.08 0.00 0.06 - 0.02 0.13 0.05 0.14 0.12 0.13 - 0.01 0.16 0.09 1.50 0.00 1.50 + 0.50 1.50 0.30 0.08 0.00 0.08 + 0.02 0.25 0.05 89.32 82.85 83.51 - 5.81 101.60 54.88 0.10 0.06 0.06 - 0.04 0.10 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.11 0.09 0.09 + 0.00 0.64 0.06 0.01 0.00 0.00 - 0.00 0.01 0.00 0.62 0.46 0.51 - 0.07 0.91 0.18 0.77 0.56 0.66 - 0.11 0.89 0.25 0.08 0.07 0.08 - 0.01 0.15 0.01 0.03 0.00 0.03 - 0.01 0.05 0.02 0.09 0.08 0.09 + 0.01 0.13 0.03 0.04 0.04 0.04 + 0.01 0.10 0.04 0.05 0.05 0.05 - 0.01 0.07 0.03 1.05 0.62 0.93 + 0.23 1.05 0.19 0.03 0.02 0.02 - 0.01 0.04 0.01 0.32 0.24 0.25 - 0.04 0.38 0.08 0.41 0.32 0.33 - 0.07 0.48 0.11 6.81 6.29 6.61 + 0.06 7.46 2.25 8.71 8.25 8.60 + 0.03 9.35 3.26 0.20 0.18 0.18 - 0.01 0.30 0.04 0.06 0.00 0.06 + 0.01 0.08 0.02 0.18 0.17 0.17 - 0.01 0.23 0.07 0.04 0.03 0.04 + 0.01 0.05 0.01 0.17 0.13 0.17 + 0.04 0.18 0.09 10.98 9.18 9.65 - 1.33 11.54 3.14 8.60 7.01 7.38 - 1.00 8.97 2.27 0.12 0.00 0.12 + 0.01 0.12 0.06 0.16 0.14 0.16 + 0.01 0.16 0.07 0.04 0.04 0.04 + 0.01 0.05 0.01 29.57 27.95 28.35 + 0.40 44.18 21.90 29.74 27.86 28.73 + 0.42 45.00 21.89 0.15 0.13 0.15 + 0.02 0.20 0.11 0.24 0.21 0.21 - 0.02 0.27 0.08 0.14 0.13 0.13 - 0.01 0.17 0.05 0.05 0.00 0.05 + 0.01 0.08 0.03 0.25 0.19 0.19 - 0.06 0.27 0.02 0.05 0.04 0.04 - 0.01 0.06 0.02 0.30 0.00 0.20 - 0.01 0.75 0.01 0.19 0.17 0.17 - 0.01 0.24 0.10 0.08 0.07 0.07 - 0.01 0.11 0.01 0.07 0.06 0.06 - 0.01 0.08 0.05 0.08 0.06 0.06 - 0.02 0.20 0.05 0.10 0.09 0.09 - 0.02 0.25 0.07 0.10 0.08 0.08 - 0.03 0.14 0.04 0.08 0.06 0.06 - 0.02 0.09 0.03 0.08 0.07 0.08 + 0.01 0.08 0.02 0.07 0.05 0.07 + 0.00 0.07 0.01 0.16 0.08 0.08 - 0.09 0.16 0.07 0.01 0.01 0.01 + 0.01 0.01 0.01 0.42 0.34 0.35 - 0.06 0.48 0.03 0.13 0.09 0.12 + 0.01 0.16 0.05 0.92 0.81 0.86 - 0.07 1.10 0.42 1.27 1.06 1.14 - 0.08 1.44 0.54 73.90 69.19 71.77 - 1.02 81.52 35.46 57.38 52.69 55.02 - 0.43 65.79 24.68 0.37 0.00 0.34 - 0.00 0.50 0.10 0.47 0.41 0.44 - 0.03 0.63 0.12 0.00 0.00 0.00 - 0.00 0.00 0.00 0.29 0.22 0.25 - 0.04 0.30 0.05 0.04 0.03 0.04 + 0.00 1.20 0.01 0.05 0.05 0.05 - 0.01 1.49 0.02 0.17 0.15 0.15 - 0.02 0.25 0.03 0.03 0.02 0.02 - 0.01 0.03 0.01 0.67 0.58 0.58 - 0.06 0.67 0.02 0.13 0.00 0.11 + 0.02 0.11 0.02 0.16 0.12 0.14 + 0.02 0.15 0.03 0.22 0.18 0.21 + 0.02 0.23 0.08 0.28 0.22 0.26 + 0.03 0.28 0.11

Sabina Gd&Slvr* O 1450 Sabina Gd&Slvr T 7308 Sage Gold* O 113 Saint Jean* O 37 Saint Jean V 1036 Salazar Res V 1371 Sama Res V 37 Samco Gold V 63 Samex Mng* O 283 234 San Gold Corp* O San Marco Res V 287 Sanatana Diam V 855 Sandspring Res* O 431 Sandspring Res V 587 Sandstorm Gold T 8924 Sandstorm Gold* X 5999 Santa Fe Gold* O 2921 Santacruz Silv V 1150 Sarama Res V 733 Satori Res V 45 Saturn Mnrls V 4457 Savant Expl V 26 Scandium Int M* O 545 Scientific Mts V 5841 ScoZinc Mg V 1 Seabridge Gld T 622 Seabridge Gld* N 5307 Search Mnls V 277 Searchlight* O 315 Sego Res V 75 Select Sands V 253 Semafo T 10491 Senator Mnrls V 27

1.29 1.03 1.09 - 0.17 1.55 0.24 1.68 1.36 1.43 - 0.21 1.87 0.32 0.06 0.05 0.06 - 0.01 0.07 0.03 0.05 0.05 0.05 - 0.00 0.05 0.01 0.06 0.05 0.06 + 0.01 0.07 0.01 0.12 0.00 0.09 - 0.03 0.16 0.03 0.11 0.10 0.10 - 0.01 0.20 0.07 0.08 0.00 0.08 - 0.01 0.35 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.08 0.08 - 0.01 0.10 0.02 0.02 0.01 0.01 - 0.01 0.05 0.01 0.40 0.33 0.34 - 0.05 0.51 0.08 0.52 0.43 0.44 - 0.07 0.63 0.11 5.44 4.51 4.55 - 0.67 5.83 2.82 4.07 3.47 3.49 - 0.44 4.52 1.94 0.00 0.00 0.00 - 0.00 0.12 0.00 0.49 0.37 0.40 - 0.07 0.63 0.09 0.16 0.13 0.13 - 0.03 0.20 0.05 0.08 0.07 0.08 + 0.01 0.15 0.02 0.12 0.09 0.11 + 0.02 0.22 0.09 0.02 0.01 0.01 - 0.01 0.02 0.01 0.13 0.12 0.12 - 0.00 0.17 0.06 0.13 0.09 0.13 + 0.03 0.12 0.01 0.58 0.00 0.58 - 0.03 1.25 0.40 18.02 15.42 15.67 - 1.68 19.93 4.34 14.14 11.75 12.03 - 1.17 15.50 3.31 0.09 0.06 0.07 - 0.02 0.11 0.04 0.09 0.08 0.08 - 0.00 0.42 0.06 0.04 0.03 0.03 - 0.01 0.05 0.01 0.28 0.23 0.23 - 0.06 0.50 0.20 5.55 4.83 4.93 - 0.59 6.01 2.46 0.39 0.23 0.38 + 0.08 0.37 0.03

R

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2016-05-31 3:56 PM

10

WWW.NORTHERNMINER.COM

JUNE 6–12, 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

Serengeti Res V 225 Sherritt Intl T 2236 Sibanye Gold* N 7057 O 640 Sidney Resrces* Sienna Res V 5984 Sienna Res* O 302 Sierra Iron Or V 39 31 Sierra Iron Or* O Sierra Metals* O 10 Sierra Metals T 28 Signature Res V 266 Silver Bear Rs T 563 Silver Bull Re* O 763 767 Silver Bull Re T Silver Dragon* O 172 Silver Grail V 72 9 Silver Mtn Mns* O Silver Predatr V 68 Silver Pursuit V 83 Silver Range V 151 Silver Shield 208 Silver Std Res T 2952 Silver Std Res* D 9032 Silver Stream* O 160 Silver Wheaton T 6828 Silver Wheaton* N 24221 Silvercorp Met T 3828 Silvercorp Met* O 1344 Silvermet V 170 SinoCoking Cl* D 148 Sirios Res* O 240 Sirios Res V 1064 Skeena Res V 289 Sky Ridge V 182 Slam Explor V 143 SnipGold V 193 Solitario Ex&R T 124 Solitario Ex&R* X 334 159 Sonora Gld & S V Sonoro Mtls V 1480 Sonoro Mtls* O 1406 Southern Arc* O 12 Southern Copp* N 6046 Southern Silvr V 1473 Southern Silvr* O 342 Spada Gold V 3 Spanish Mtn Gd* O 141 Sparton Res V 846 Sparton Res* O 82 V 10004 Spearmint Res Spruce Ridge R V 17 Squire Mg Ltd 89 St Augustine T 282 Stakeholdr Gld* O 5 V 45 Stakeholdr Gld Standard Graph* O 5 Standard Graph V 1143 Standard Metal* O 99 Standard Toll V 11858 Stans Energy V 803 Stans Energy* O 103 Starcore Intl T 517 Sterling Grp* O 521 Stillwater Mg* N 6675 Stina Res 412 Stina Res* O 84 Stockport Expl V 66

0.09 0.07 0.08 + 0.01 0.11 0.02 0.80 0.72 0.73 - 0.05 2.64 0.53 12.47 11.28 11.53 - 0.82 16.63 4.07 0.01 0.01 0.01 - 0.01 0.02 0.00 0.18 0.15 0.15 - 0.02 0.19 0.01 0.13 0.12 0.12 - 0.01 0.15 0.01 0.37 0.31 0.37 + 0.06 0.62 0.22 0.28 0.25 0.25 - 0.01 0.42 0.15 1.27 1.06 1.09 - 0.11 1.40 0.69 1.67 1.37 1.41 - 0.23 1.80 0.84 0.09 0.06 0.06 - 0.01 0.08 0.01 0.18 0.15 0.16 - 0.02 0.21 0.02 0.09 0.09 0.09 - 0.00 0.15 0.02 0.13 0.11 0.12 - 0.01 0.18 0.04 0.03 0.02 0.02 - 0.00 0.05 0.01 0.10 0.09 0.10 + 0.02 0.11 0.02 0.01 0.01 0.01 - 0.01 0.02 0.02 0.03 0.03 0.03 - 0.01 0.04 0.01 0.07 0.07 0.07 + 0.01 0.13 0.02 0.16 0.12 0.13 - 0.02 0.18 0.02 0.14 0.11 0.12 - 0.02 0.17 0.01 12.79 11.29 11.35 - 1.34 12.96 5.28 9.81 8.62 8.71 - 0.96 10.06 3.66 0.01 0.01 0.01 + 0.00 0.04 0.00 25.35 23.44 23.74 - 1.38 26.46 14.51 19.41 17.87 18.20 - 0.93 21.14 10.04 2.88 2.20 2.23 - 0.65 3.10 0.60 2.20 1.68 1.70 - 0.43 2.45 0.41 0.04 0.04 0.04 + 0.01 0.09 0.02 0.43 0.33 0.38 + 0.05 2.44 0.26 0.33 0.30 0.33 - 0.00 0.39 0.07 0.44 0.40 0.41 - 0.01 0.51 0.07 0.09 0.08 0.08 - 0.01 0.13 0.06 0.30 0.26 0.26 - 0.01 0.30 0.03 0.06 0.05 0.06 + 0.01 0.12 0.01 0.29 0.24 0.26 - 0.01 0.30 0.04 0.63 0.00 0.61 - 0.02 0.95 0.57 0.50 0.45 0.47 - 0.01 0.81 0.40 0.06 0.04 0.04 - 0.02 0.08 0.01 0.10 0.07 0.07 - 0.03 0.16 0.04 0.06 0.04 0.06 - 0.01 0.12 0.03 0.36 0.29 0.36 + 0.07 0.41 0.17 27.37 26.17 26.61 - 0.09 31.35 21.55 0.29 0.21 0.25 - 0.02 0.32 0.03 0.21 0.17 0.19 - 0.02 0.24 0.02 0.30 0.20 0.20 - 0.10 0.60 0.20 0.07 0.07 0.07 - 0.00 0.08 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.03 0.02 0.03 + 0.01 0.04 0.00 0.04 0.03 0.04 - 0.01 0.05 0.01 0.05 0.04 0.05 + 0.02 0.06 0.01 0.19 0.11 0.11 - 0.08 0.19 0.10 0.13 0.12 0.12 - 0.01 0.14 0.07 0.42 0.35 0.35 - 0.05 0.46 0.05 0.59 0.46 0.50 - 0.01 1.00 0.04 0.05 0.05 0.05 + 0.01 0.06 0.00 0.07 0.06 0.06 - 0.01 0.08 0.01 0.21 0.13 0.16 + 0.01 0.94 0.01 0.02 0.01 0.01 + 0.01 0.15 0.01 0.03 0.02 0.02 - 0.01 0.07 0.01 0.02 0.01 0.02 - 0.00 0.06 0.01 0.80 0.67 0.70 - 0.08 0.89 0.25 0.04 0.03 0.04 + 0.01 0.04 0.01 10.35 9.40 9.77 - 0.11 14.75 4.99 0.16 0.15 0.15 - 0.01 0.19 0.11 0.13 0.11 0.11 - 0.02 0.20 0.06 0.03 0.03 0.03 - 0.01 0.05 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Stonegate Agri* O 8 Stonegate Agri T 651 T 2035 Stornoway Diam Stratabd Mnr V 434 Strategic Metl V 401 Stratton Res V 20 Strikepoint Gd V 112 O 3 Strikepoint Gd* Strongbow Expl V 286 Stroud Res V 477 Sulliden Mng T 442 Suncor Energy T 15552 Suncor Energy* N 20141 Sunridge Gold* O 1638 Sutter Gold* O 56 Sutter Gold V 182 Syrah Res* O 30

0.02 0.01 0.01 - 0.00 0.03 0.00 0.03 0.02 0.02 - 0.01 0.04 0.01 0.98 0.95 0.98 + 0.01 1.08 0.65 0.02 0.01 0.01 - 0.01 0.02 0.01 0.48 0.41 0.42 - 0.05 0.50 0.24 0.24 0.23 0.24 + 0.01 0.30 0.07 0.25 0.21 0.21 - 0.03 0.75 0.05 0.19 0.16 0.19 + 0.03 0.19 0.08 0.15 0.14 0.14 - 0.01 0.23 0.05 0.01 0.01 0.01 - 0.01 0.01 0.01 0.40 0.38 0.39 - 0.01 0.45 0.19 36.00 34.32 35.90 + 1.40 40.35 27.32 27.82 25.98 27.54 + 1.24 30.70 18.71 0.15 0.01 0.03 - 0.02 0.29 0.01 0.09 0.05 0.07 - 0.02 0.13 0.02 0.11 0.07 0.07 - 0.04 0.16 0.04 3.83 3.50 3.76 - 0.07 4.01 1.81

Tahoe Res T 5601 Tahoe Res* N 9008 Taku Gold 17 Tantalex Res 686 Tanzania Rlty T 96 Tanzania Rlty* X 840 Tartisan Res 478 Tasca Res V 40 Taseko Mines* X 576 Taseko Mines T 183 Tasman Metals* O 86 Tasman Metals V 105 Teck Res T 9 Teck Res* N 38485 Teck Res T 21908 TECO Enrgy* N 9313 Telson Res * O 23 Tembo Gold* O 18 Tembo Gold V 631 Teranga Gold T 10219 Teras Res V 178 Terraco Gold V 496 Terrax Mnrls* O 39 Terrax Mnrls V 910 Teryl Res Corp* O 60 Teslin Rvr Res V 1323 Teuton Res V 662 Teuton Res* O 55 Themac Res V 43 O 1046 Thompson Creek* Thompson Creek T 988 Thunder Mtn Gd* O 186 Thunderstruck V 1072 Till Capital* D 13 Timberline Res V 214 Timberline Res* O 310 Timmins Gold T 10883 Timmins Gold* X 6535 Tinka Res* O 125 Tinka Res V 455 Tintina Res V 76 Tirex Res V 117 Tirex Res* O 49 Titanium Corp V 99 TMAC Resource* O 34 TMAC Resources T 188 Tolima Gold V 4913

16.42 15.30 15.37 - 0.75 18.65 9.45 12.76 11.66 11.81 - 0.52 15.14 6.48 0.15 0.08 0.08 - 0.06 0.22 0.02 0.04 0.03 0.04 + 0.01 0.07 0.01 0.66 0.55 0.56 - 0.10 0.76 0.24 0.50 0.40 0.43 - 0.07 0.57 0.17 0.04 0.04 0.04 - 0.01 0.07 0.01 0.06 0.00 0.06 + 0.02 0.06 0.01 0.52 0.45 0.50 + 0.01 0.73 0.23 0.66 0.62 0.66 + 0.02 0.91 0.35 0.21 0.17 0.18 - 0.00 0.68 0.06 0.27 0.23 0.25 + 0.01 0.84 0.09 15.18 14.06 14.08 - 1.01 17.50 5.69 10.17 9.20 9.53 - 0.32 12.57 2.56 13.30 12.08 12.43 - 0.50 15.68 3.65 27.63 27.49 27.53 + 0.04 27.83 17.60 0.17 0.00 0.17 + 0.06 0.17 0.07 0.03 0.02 0.03 + 0.01 0.03 0.01 0.04 0.03 0.03 - 0.01 0.04 0.01 1.08 0.89 0.89 - 0.19 1.18 0.38 0.16 0.14 0.16 + 0.01 0.16 0.03 0.14 0.12 0.14 - 0.01 0.15 0.07 0.26 0.25 0.26 - 0.00 0.32 0.17 0.37 0.33 0.34 - 0.01 0.43 0.23 0.01 0.01 0.01 - 0.01 0.01 0.00 0.37 0.35 0.36 - 0.01 0.43 0.20 0.28 0.19 0.27 - 0.01 0.33 0.04 0.22 0.15 0.20 - 0.02 0.25 0.03 0.06 0.05 0.06 + 0.01 0.06 0.01 0.37 0.32 0.33 - 0.02 1.13 0.07 0.46 0.41 0.43 - 0.03 1.43 0.16 0.09 0.06 0.06 - 0.03 0.15 0.02 0.03 0.02 0.02 - 0.01 0.06 0.01 3.28 0.00 3.10 + 0.07 6.23 2.76 0.40 0.28 0.40 + 0.07 0.84 0.16 0.34 0.21 0.30 + 0.06 0.78 0.08 0.42 0.30 0.32 - 0.09 0.85 0.11 0.32 0.23 0.25 - 0.06 0.68 0.07 0.20 0.17 0.19 - 0.01 0.24 0.07 0.26 0.22 0.22 - 0.02 0.29 0.09 0.09 0.08 0.09 - 0.01 0.11 0.04 0.13 0.10 0.12 + 0.01 0.24 0.07 0.10 0.08 0.09 + 0.01 0.19 0.05 0.40 0.35 0.36 - 0.04 1.55 0.31 10.92 9.92 10.68 + 0.56 10.92 9.26 14.15 13.00 13.90 + 0.63 14.15 4.85 0.03 0.01 0.02 + 0.01 0.01 0.01

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

TomaGold V 196 Tonogold Res* O 62 Torex Gold* O 438 Torex Gold T 14409 Tower Res V 44 V 630 Transatlan Mng Transition Mtl V 333 Treasury Metal T 257 Trecora Res* N 149 Trevali Mng* O 539 Trevali Mng T 6047 Tri Origin Exp V 779 O 184 TriMetals Mng* TriMetals Mng* O 224 TriMetals Mng T 641 TriStar Gold* O 100 TriStar Gold V 74 Troy Res* O 38 Troymet Expl V 4787 True North Gem V 3207 Tudor Gold V 218 O 2308 Tungsten Corp* Turquoise HIl* N 9473 Turquoise HIl T 6237 TVI Pacific* O 41 Tyhee Gold* O 41

0.10 0.08 0.08 - 0.02 0.10 0.04 0.03 0.01 0.03 + 0.01 0.08 0.01 1.54 1.35 1.42 - 0.12 1.89 0.67 2.02 1.78 1.83 - 0.19 2.32 0.85 0.05 0.04 0.04 - 0.01 0.07 0.01 0.06 0.04 0.04 - 0.03 0.15 0.04 0.13 0.12 0.13 + 0.01 0.18 0.06 0.52 0.47 0.48 - 0.02 0.62 0.32 11.38 10.45 11.34 + 0.73 16.50 8.17 0.39 0.34 0.34 - 0.02 0.84 0.18 0.49 0.44 0.45 - 0.03 1.06 0.25 0.05 0.05 0.05 - 0.01 0.07 0.02 0.25 0.20 0.24 - 0.00 0.27 0.03 0.24 0.20 0.22 - 0.03 0.32 0.06 0.32 0.27 0.31 - 0.01 0.36 0.04 0.26 0.25 0.26 + 0.02 0.28 0.10 0.32 0.00 0.30 - 0.02 0.38 0.10 0.50 0.42 0.44 - 0.08 0.56 0.13 0.04 0.03 0.03 - 0.01 0.05 0.01 0.12 0.10 0.10 - 0.01 0.20 0.07 1.11 0.95 0.99 - 0.09 1.26 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 2.96 2.71 2.81 + 0.04 4.43 1.55 3.83 3.58 3.65 + 0.03 5.51 2.30 0.02 0.02 0.02 - 0.00 0.03 0.00 0.01 0.00 0.01 + 0.01 0.03 0.00

Ucore Rare Mtl* O 319 Ucore Rare Mtl V 1298 UEX Corp T 1147 Ultra Lithium* O 34 Ultra Lithium V 290 Umbral Enrgy 8808 V 296 Unigold Unigold* O 30 United Res Hdg* O 59 205 United States A* X United States S* N 74252 Unity Energy V 208 Ur-Energy* X 747 Ur-Energy T 180 Uracan Res* O 1043 Uragold Bay Rs V 879 Uranium Energy* X 2466 O 1399 Uranium Hunter* Uranium Res* D 217 US Energy* D 382 US Rare Earths* O 79 Vale* N 40305 Valterra Res V 155 Vanadiumcorp* O 175 Vanadiumcorp V 415 Vantex Res V 555 Vedanta* N 634 Vendetta Mng V 133 Venture Mnrls* O 61 Verde Potash T 108 Verde Res* O 25 Veris Gold* O 381 Victoria Gold V 6525 Victory Nickel* O 40 Victory Res V 287 Virginia Enrgy* O 25 Viscount Mng V 376 Visible Gold M V 1542

0.31 0.26 0.30 + 0.02 0.35 0.15 0.41 0.35 0.38 + 0.03 0.44 0.20 0.24 0.22 0.22 - 0.02 0.29 0.11 0.22 0.18 0.18 - 0.03 0.27 0.06 0.29 0.24 0.29 + 0.01 0.35 0.05 0.06 0.04 0.06 + 0.02 0.07 0.02 0.35 0.29 0.33 - 0.01 0.42 0.08 0.31 0.25 0.25 - 0.06 0.31 0.06 0.04 0.04 0.04 + 0.01 0.11 0.01 0.28 0.23 0.25 - 0.01 0.93 0.16 15.35 13.00 14.38 + 1.02 26.95 6.15 0.30 0.21 0.28 + 0.05 0.48 0.05 0.49 0.45 0.46 + 0.01 0.93 0.44 0.64 0.60 0.62 + 0.02 1.16 0.60 0.04 0.02 0.03 - 0.00 0.04 0.00 0.16 0.14 0.14 - 0.02 0.23 0.02 0.79 0.70 0.77 + 0.05 3.00 0.65 0.00 0.00 0.00 + 0.00 0.00 0.00 1.63 1.39 1.49 - 0.04 16.56 1.46 0.38 0.35 0.36 + 0.01 1.04 0.11 0.15 0.05 0.15 + 0.02 1.83 0.01 3.56 3.07 3.14 - 0.06 5.86 1.55 0.02 0.02 0.02 - 0.01 0.02 0.01 0.04 0.04 0.04 + 0.00 0.05 0.01 0.05 0.04 0.05 + 0.01 0.05 0.02 0.04 0.03 0.04 + 0.01 0.04 0.01 6.22 5.71 6.12 + 0.25 12.66 3.52 0.10 0.09 0.09 - 0.01 0.17 0.05 0.04 0.03 0.04 - 0.00 0.04 0.01 0.37 0.30 0.37 + 0.05 0.48 0.13 0.05 0.05 0.05 - 0.01 0.15 0.05 0.01 0.00 0.00 - 0.00 0.03 0.00 0.51 0.41 0.44 - 0.04 0.54 0.11 0.02 0.02 0.02 - 0.01 0.06 0.01 0.05 0.04 0.04 - 0.01 0.09 0.02 0.05 0.03 0.04 - 0.01 0.08 0.02 0.64 0.51 0.64 + 0.06 0.63 0.16 0.04 0.00 0.04 - 0.01 0.09 0.02

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

X 3030 T 298 V 185 V 1639

0.24 0.67 - 0.12 0.89 0.84 0.65 0.31 0.85 - 0.20 1.15 1.10 0.85 0.03 0.34 + 0.09 0.52 0.34 0.25 0.01 0.03 + 0.01 0.04 0.03 0.02

T 365 Wallbridge Mng O 726 Walter Energy* WCB Res V 360 Wealth Mnrls* O 450 Wealth Mnrls V 2609 O 103 Wellgreen Plat* Wellgreen Plat T 301 T 2518 Wesdome Gold 153 V West Af Res 69 West High Yld V West Kirkland V 641 790 West Red Lake 50 West Red Lake* O X 123 Western Copper* T 318 Western Copper 22 Western Pac Rs* O 160 Western Troy C V Western Uran 10 Western Uran* O 18 O 10 Westhaven Vent* V 2479 Westkam Gold O 163 Westkam Gold* V 2974 Westminster Rs Westmoreland* D 1532 Whistler Gold V 5 70 White Mtn Engy* O Wildcat Expl V 47 Wolfden Res V 664 V 721 Wolverine Mnls V 17 Worldwide Res WPC Res V 752 X-Terra Res V 736 Xander Res V 54 Ximen Mng V 446 Ximen Mng* O 100 XLI Tech Inc* O 1046 V 251 Xtierra O 36 Xtra-Gold Res* Xtra-Gold Res T 365 Yamana Gold T 31524 65232 Yamana Gold* N Yanzhou Coal* N 56 Yorbeau Res T 1189 Zadar Vent V 1074 Zazu Metals* O 109 Zazu Metals T 30 Zenyatta Vent V 63 O 17 Zenyatta Vent* Zephyr Mnls V 51 Zimtu Capital V 131 Zincore Mtls V 7 Zonte Mtls V 131

0.02 0.09 - 0.01 0.10 0.10 0.08 0.01 0.08 + 0.01 0.51 0.09 0.06 0.02 0.05 + 0.01 0.15 0.06 0.04 0.10 0.60 + 0.09 0.71 0.71 0.47 0.14 0.84 + 0.19 0.92 0.92 0.60 0.12 0.22 - 0.01 0.35 0.24 0.21 0.16 0.29 - 0.01 0.43 0.32 0.28 0.89 1.65 - 0.01 1.82 1.74 1.55 0.20 0.16 0.17 - 0.04 0.22 0.05 0.25 0.22 0.25 + 0.03 0.41 0.17 0.04 0.10 - 0.02 0.14 0.12 0.09 0.28 0.22 0.25 - 0.01 0.34 0.01 0.21 0.18 0.18 - 0.02 0.25 0.02 0.20 0.60 + 0.02 0.66 0.62 0.56 0.29 0.80 + 0.05 0.87 0.80 0.73 0.01 0.01 0.01 - 0.00 0.02 0.00 0.04 0.03 0.04 + 0.01 0.05 0.01 1.20 1.55 - 0.05 5.00 2.16 1.53 1.19 1.20 + 0.00 1.80 1.45 1.19 0.10 0.11 + 0.00 0.12 0.11 0.11 0.02 0.04 - 0.01 0.06 0.05 0.04 0.01 0.04 + 0.00 0.05 0.04 0.03 0.01 0.10 - 0.02 0.18 0.14 0.09 8.53 7.46 8.13 + 0.48 28.42 3.44 0.01 0.02 - 0.01 0.02 0.02 0.00 0.10 0.09 0.10 + 0.01 0.46 0.07 0.02 0.09 + 0.01 0.16 0.13 0.09 0.05 0.13 - 0.01 0.15 0.14 0.12 0.08 0.15 + 0.03 0.38 0.15 0.02 0.01 0.03 - 0.01 0.06 0.04 0.00 0.03 0.08 - 0.02 0.12 0.10 0.08 0.06 0.25 + 0.10 0.22 0.25 0.12 0.19 0.42 - 0.02 0.46 0.44 0.40 0.02 0.08 - 0.01 0.15 0.10 0.08 0.01 0.08 + 0.01 0.11 0.08 0.07 0.09 0.07 0.09 - 0.00 1.50 0.07 0.01 0.02 - 0.01 0.04 0.03 0.02 0.12 0.36 + 0.01 0.38 0.36 0.32 0.18 0.47 + 0.01 0.50 0.47 0.42 1.89 5.44 - 0.78 6.70 6.35 5.35 1.38 4.17 - 0.55 5.19 4.74 4.08 3.66 5.27 + 0.31 9.54 5.32 4.92 0.06 0.09 + 0.01 0.17 0.09 0.08 0.01 0.22 - 0.01 0.26 0.26 0.21 0.08 0.18 - 0.02 0.24 0.22 0.17 0.09 0.23 + 0.01 0.33 0.24 0.22 0.63 0.80 - 0.05 2.50 0.85 0.80 0.47 0.64 + 0.01 1.99 0.64 0.60 0.08 0.25 + 0.06 0.24 0.25 0.19 0.12 0.18 + 0.01 0.34 0.18 0.17 0.01 0.02 + 0.01 0.03 0.02 0.01 0.02 0.07 - 0.02 0.15 0.09 0.07

Vista Gold* Vista Gold Voltaic Min VVC Expl

W-Z

BID-ASK — MAY 23–27, 2016

STOCK

37 Capital One Acme Res Corp Adex Mining Advance Gold Afrasia Mnls African Metals Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Aldershot Res Alexandra Cap Allante Potash Almo Capital Alpha Nat Res* Amanta Res Anglo Pac Grp Anthem United APAC Res Inc Apple Cap Inc Arak Res Arch Coal* Archon Mineral Arcturus Vents Ardonblue Vent Arrowhead Gold Arrowstar Res Artha Res Asbestos Corp Asher Res Asia Now Res Ateba Res Atlantic Ind Atlatsa Res* Banks Island BC Moly BCGold BE Res Bearing Res Benz Cap BHK Mining Big Bar Res Bird River Res Black Bull Res BlackEagle Dev Bluenose Gold Boss Power Carrie Arran Cascade Res Cassidy Gold Cataca Res* Cdn Platinum Celeste Mng Celtic Minrls Chantrell Vent Chimata Gold Chinapintza Mg Claim Post Res Cliffs Nat Res* Clydesdale Res CMX Gold & Sil Comet Inds Compliance Egy Contintl Prec Copper Lake Rs Copper Reef Mg Cougar Mnls Crestwell Res Cresval Cap Cricket Res CWN M’g Acq Cyprium Mng Damara Gold Delrand Res Deveron Res DGS Mnls DV Resources E-Energy Vent Enfield Expl European Metal Fire River Gol Firesteel Res First Idaho Freeport Res G4G Res GAR Limited GFM Res

8-10_JUN6_StockTables.indd 10

12-MONTH

EXC BID ASK LAST HIGH

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

0.12 0.40 0.01 0.03 0.01 0.02 0.04 0.05 0.03 0.08 0.06 0.10 ...

0.01 0.06 0.15 0.20 0.22 ...

0.40 0.03 0.04 0.03 ...

0.02 0.10 0.09 0.16 0.23 0.24 0.01 0.02 1.48 2.50 0.16 0.21 0.03 0.10 0.02 0.06 0.04 0.04 ... ...

1.71 1.90 0.01 0.02 0.05 0.09 0.01 ...

0.05 0.06 0.13 0.15 0.18 0.30 0.01 0.02 0.01 0.02 ...

0.01 ...

0.01 ... ...

0.01 0.01 0.05 0.10 0.05 0.07 ...

0.34 0.01 0.05 0.03 0.04 0.03 0.04 0.08 0.50 ...

0.07 ...

0.01 0.03 ...

0.01 0.03 0.17 0.20 0.05 ...

0.02 0.04 0.01 0.02 ... ...

0.01 0.02 ...

0.01 ... ...

0.09 0.20 0.03 0.04 0.01 0.02 0.03 0.03 1.45 3.20 0.01 0.02 ...

0.10 1.32 1.75 0.03 0.03 0.33 0.38 0.04 0.04 0.02 0.03 0.01 0.01 0.04 0.10 0.04 0.05 0.01 0.04 0.13 0.50 0.08 0.08 0.05 0.10 0.50 0.60 0.20 0.22 0.04 0.09 0.03 0.04 ...

0.01 ... ... ...

0.01 0.03 0.07 0.02 0.02 0.07 0.14 0.01 0.02 0.06 0.10 0.03 0.04 0.02 0.10

0.20 0.20 0.02 0.04 0.02 0.02 0.04 0.06 0.03 0.05 0.06 0.11 0.01 0.03 0.15 0.23 0.20 0.23 0.14 0.52 0.04 0.04 0.03 0.03 0.01 0.06 0.09 0.14 0.24 4.16 0.01 1.48 2.05 0.16 0.46 0.03 0.11 0.09 0.09 0.04 0.09 0.58 15.00 1.71 2.10 0.02 0.02 0.05 0.07 0.03 0.07 0.05 0.11 0.12 0.20 0.16 0.30 0.02 0.05 0.02 0.03 0.01 0.01 0.01 0.01 0.06 0.45 0.01 0.17 0.05 0.23 0.05 0.13 0.35 0.03 0.03 0.12 0.04 0.10 0.10 0.10 0.06 0.07 0.01 0.03 0.03 0.01 0.03 0.17 0.19 0.05 0.07 0.02 0.05 0.02 0.04 0.20 0.51 0.01 0.02 0.01 0.01 0.01 0.09 0.14 0.04 0.13 0.01 0.01 0.03 0.03 1.43 7.17 0.01 0.08 0.10 0.10 1.32 1.75 0.03 0.25 0.33 0.45 0.04 0.09 0.03 0.04 0.05 0.08 0.13 0.15 0.05 0.06 0.01 0.04 0.13 0.44 0.08 0.19 0.05 0.13 0.60 0.60 0.24 0.31 0.04 0.06 0.03 0.06 0.01 0.01 0.01 0.01 0.01 0.09 0.75 0.02 0.03 0.06 0.15 0.01 0.02 0.06 0.10 0.03 0.10 0.02 0.03

LOW

0.14 0.01 0.01 0.01 0.01 0.02 0.01 0.08 0.16 0.12 0.01 0.03 0.01 0.05 0.20 1.07 0.14 0.03 0.09 0.02 0.58 1.30 0.01 0.05 0.03 0.04 0.01 0.13 0.02 0.01 0.01 0.01 0.06 0.01 0.03 0.03 0.01 0.03 0.10 0.02 0.03 0.01 0.17 0.05 0.02 0.01 0.20 0.01 0.01 0.06 0.01 0.01 0.01 0.98 0.01 0.09 1.05 0.03 0.25 0.03 0.01 0.03 0.08 0.01 0.01 0.11 0.06 0.04 0.10 0.17 0.02 0.03 0.01 0.01 0.03 0.01 0.06 0.01 0.03 0.01 0.02

STOCK

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12-MONTH

EXC BID ASK LAST HIGH LOW

V V C V V V C V V V C V V V V C V V V V V V V V C V V V V V V V V V V C V V V V V V V V V V V V V V V C C V V V V C T V V C V C V C C V V C C V V V V V V V V V V C C C V V V V

0.04 0.04 0.09 0.11 0.05 0.02 0.02 0.02 0.08 0.01 0.01 ...

0.08 0.10 0.01 ...

0.01 0.01 0.01 0.01 0.06 0.07 0.06 0.08 0.03 0.03 0.04 0.03 0.05 0.02 ...

0.02 0.01 0.04 0.09 0.04 0.04 0.02 0.01 0.02 0.01 0.14 0.01 0.03 0.04 0.03 0.10 0.03 0.04 ...

0.04 0.04 0.01 0.04 0.05 0.05 0.08 0.02 0.03 0.05 0.03 0.08 0.01 0.04 0.12 0.04 0.05 0.01 ...

0.16 0.17 0.17 0.17 ...

0.02 0.01 0.01 0.01 ...

0.01 0.01 0.01 0.01 0.02 0.03 0.02 0.03 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.09 0.14 0.09 0.10 0.05 0.02 0.14 0.10 0.30 0.05 0.05 0.06 0.05 0.08 0.04 0.09 0.13 0.13 0.23 0.08 ...

0.02 0.02 0.02 0.02 0.04 0.08 0.06 0.06 0.03 0.10 0.10 0.09 0.16 0.04 0.02 0.06 0.03 0.03 0.01 0.39 0.74 0.38 0.61 0.30 0.02 0.04 0.03 0.03 0.01 0.01 0.02 0.01 0.02 0.01 0.01 0.03 0.01 0.06 0.01 0.10 0.15 0.12 0.17 0.08 0.01 0.02 0.01 0.02 0.01 0.02 0.02 0.02 0.07 0.01 0.01 0.05 0.01 0.01 0.01 0.09 0.13 0.12 0.15 0.05 0.11 0.16 0.14 0.28 0.07 0.01 0.03 0.01 0.02 0.01 0.15 0.20 0.20 0.20 0.05 0.03 0.10 0.03 0.05 0.02 0.05 0.06 0.06 0.14 0.05 0.11 0.14 0.13 0.13 0.02 0.21 0.27 0.27 0.30 0.05 0.03 ...

0.03 0.03 0.02 ...

0.01 0.01 0.01 0.01 0.03 0.08 0.01 0.17 0.23 0.21 0.23 0.08 0.24 0.32 0.38 0.49 0.17 0.01 0.02 0.01 0.01 0.01 0.06 0.08 0.07 0.11 0.04 0.26 0.28 0.26 0.26 0.05 ...

0.01 0.01 0.01 0.01 0.02 0.03 0.02 0.05 0.02 0.05 0.08 0.08 0.08 0.02 0.03 0.04 0.03 0.04 0.01 0.03 0.06 0.12 0.80 1.10 1.10 1.50 0.30 1.95 2.10 2.00 3.72 1.26 0.01 0.01 0.01 0.01 0.01 0.05 0.13 0.08 0.13 0.07 0.06 0.15 0.06 0.10 0.06 0.07 0.09 0.08 0.16 0.01 0.02 0.04 0.02 0.07 0.01 0.03 0.04 0.03 0.05 0.01 ... ...

0.08 0.12 0.07 0.07 0.10 0.10 0.13 0.09 0.01 0.02 0.02 0.03 0.01 0.03 0.03 0.03 0.04 0.02 ...

0.01 0.01 0.01 0.01 ... ... 0.10 0.30 0.09 0.09 0.33 0.10 0.20 0.05 0.20 0.30 0.21 0.29 0.06 0.01 0.02 0.01 0.03 0.01 0.17 0.23 0.17 0.22 0.02 0.01 0.01 0.01 0.02 0.01 0.32 0.43 0.38 0.43 0.07 0.09 0.14 0.12 0.20 0.05 0.01 0.02 0.01 0.02 0.01 0.04 0.05 0.05 0.08 0.03 0.01 0.01 0.01 0.01 0.01 0.25 0.32 0.25 0.31 0.07 ... ...

0.20 0.20 0.20 0.35 0.98 0.43 0.53 0.10 0.01 0.02 0.01 0.02 0.01 0.06 0.07 0.06 0.11 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.01

STOCK

Organic Potash Orofino Mnrls Oronova Res Oxford Res Pac Bay Mnrls Pac Cascade Pac Link Mng Pantheon Vent Phoenix Gold Phoenix Metals Planet Mng Prize Mng ProAm Expl Q-Gold Res Rare Element* Ravencrest Res Razore Rock Res Red Oak Mg Red Rock Enrgy Red Tiger Mng Redzone Res Remington Res Remo Res Rift Valley River Wild Exp Rodinia Lithm Rotation Mnls Royal Sapphire RTG Mining Rubicon Mnrls* Saville Res Savoy Vent Scavo Res Serabi Gold SG Spirit Gold SGX Res Shamrock Ent Shoshoni Gold Signal Expl Silver Phoenix Sniper Res SouthGobi Res Starr Peak Exp Stellar Africa Stelmine Can Stone Ridge Ex Strata Mnls Strategic Res Sunrise Res Sunset Cove Mg Superior Mng Swift Res Tajiri Res Tanager Energy Tanzania Mnls Taranis Res Tarku Res Tearlach Res Teryl Res Corp Theia Res Thor Expl Thunder Mtn Gd Tiger Intl Toachi Mg Inc Tri-River Vent Trident Gold Trigen Res Troy Enrgy True Grit Res Tsodilo Res UC Res United Coal Universal Vent Uranium Valley Vangold Res Vela Minerals Velocity Mnrls Venerable Vent Victory Vent Wabi Expl War Eagle Mg Weststar Res White Metal Rs Wolfeye Res Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.01 0.19 0.04 0.02 0.06 0.01 0.02 0.11 ...

0.19 0.05 0.01 0.01 0.10 0.11 0.01 ...

0.01 0.01 0.05 0.12 0.05 0.09 0.01 0.01 0.02 0.03 0.04 0.48 ...

0.02 ...

0.36 0.08 0.11 0.02 0.02 0.01 0.03 0.01 0.01 0.25 0.10 0.01 0.01 0.11 0.01 0.02 0.01 0.01 0.01 0.01 0.04 0.09 0.01 0.10 0.05 0.08 0.01 0.10 0.04 0.08 0.13 0.22 0.03 0.01 0.06 0.01 0.01 0.59 0.01 ...

0.40 0.05 0.01 0.03 0.08 0.01 0.03 0.04 0.01 0.04 0.05 0.25 0.08 0.05

0.06 0.75 0.06 0.03 0.07 0.02 0.10 0.11 0.01 0.20 0.07 0.02 0.02 0.13 0.16 ...

0.05 0.03 0.03 0.09 0.25 0.08 0.15 0.05 0.10 0.02 0.25 0.07 0.60 ...

0.04 ...

0.57 0.10 ...

0.02 0.03 0.01 ...

0.24 0.01 0.32 0.19 0.02 0.02 0.15 0.02 0.03 0.02 0.01 0.01 0.03 0.04 0.09 0.01 0.12 0.06 0.15 0.02 0.14 0.08 ...

0.25 0.30 0.09 0.01 0.20 0.04 0.05 0.69 0.02 0.01 ...

0.06 0.02 0.04 0.15 0.04 0.04 0.05 0.02 0.06 0.06 ...

0.09 0.07

0.02 0.09 0.19 0.23 0.04 0.04 0.03 0.06 0.10 0.01 0.02 0.02 0.03 0.10 0.13 0.01 0.02 0.21 0.21 0.05 0.08 0.02 0.05 0.02 0.02 0.13 0.13 0.15 0.89 0.01 0.01 0.05 0.08 0.01 0.03 0.01 0.04 0.07 0.10 0.11 0.30 0.04 0.05 0.09 0.10 0.01 0.04 0.01 0.01 0.01 0.05 0.04 0.15 0.04 0.07 0.68 0.75 0.03 1.35 0.04 0.05 0.16 0.36 0.54 0.08 0.10 0.09 0.20 0.02 0.05 0.03 0.04 0.01 0.01 0.03 0.04 0.10 0.10 0.01 0.07 0.26 1.00 0.10 0.19 0.01 0.04 0.01 0.04 0.11 0.14 0.01 0.05 0.02 0.04 0.01 0.05 0.01 0.03 0.01 0.01 0.01 0.07 0.04 0.06 0.09 0.10 0.01 0.02 0.10 0.15 0.05 0.10 0.08 0.16 0.02 0.02 0.10 0.12 0.06 0.06 0.08 0.12 0.13 0.25 0.25 0.27 0.03 0.17 0.01 0.02 0.07 0.07 0.01 0.03 0.01 0.04 0.65 1.10 0.02 0.03 0.01 0.45 0.45 0.05 0.13 0.02 0.02 0.04 0.08 0.08 0.20 0.02 0.02 0.04 0.04 0.05 0.06 0.02 0.03 0.06 0.06 0.05 0.08 0.25 0.35 0.07 0.10 0.05 0.08

0.01 0.05 0.03 0.03 0.01 0.01 0.09 0.01 0.02 0.02 0.02 0.01 0.01 0.06 0.01 0.01 0.01 0.01 0.02 0.06 0.01 0.04 0.01 0.01 0.01 0.02 0.02 0.33 0.03 0.01 0.26 0.04 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.21 0.05 0.01 0.01 0.10 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.03 0.02 0.02 0.01 0.05 0.02 0.05 0.12 0.03 0.03 0.01 0.03 0.01 0.01 0.54 0.01 0.42 0.04 0.01 0.02 0.05 0.01 0.01 0.03 0.01 0.01 0.02 0.19 0.05 0.01

2016-05-31 3:56 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 6–12, 2016

11

Golden Predator attracts heavy hitters GOLDEN PREDATOR From 1

at FCMI Parent Co. had bought 4 million shares and 4 million warrants as part of a larger $4.3-million private placement of 27 million units priced at 16¢ apiece, with each unit comprised of a share and a warrant entitling the holder to buy another share for 21¢ within two years..a It gives Friedberg 6% of the junior exploration company’s shares, or a fu11y diluted 11.3%.

News of the financing sent Golden Predator’s shares rocketing 47% to 63¢.

“Friedberg typically doesn’t invest in companies with small market caps, so we’re honoured to have gained his attention,” Golden Predator’s chairman William Sheriff says.

Friedberg wasn’t the only big name to come into the financing, however. Mining mogul Rob McEwen’s McEwen Mining (TSX: MUX; NYSE: MUX) also took part, taking slightly over 3 million shares and an equal number of warrants, giving the mining company a 4.7% stake, or 8.95% upon exercise of the warrants.

Pat DiCapo, a founder of Torontobased merchant bank PowerOne Capital Markets Ltd., took part, and now owns 3.5 million shares and 4 million warrants for a 5.3% interest, or a fully diluted 10.6%, while PowerOneCapital acquired ownership and control of 1.27 million broker warrants.

“Friedberg, McEwen and DiCapo will really help us advance our two premier projects in the Yukon,” Sheriff says. (Sheriff himself took the opportunity to increase his personal

“FRIEDBERG, MCEWEN AND DICAPO WILL REALLY HELP US ADVANCE OUR TWO PREMIER PROJECTS IN THE YUKON.” WILLIAM SHERIFF CHAIRMAN, GOLDEN PREDATOR

stake in the junior’s common shares, adding 1.9 million units for 17.5%.)

“We think we’ve got some pretty exciting properties,” says Sheriff, who is no stranger to successful projects, having cofounded Energy Metals Corp., which was acquired

by Uranium One (TSX: UUU) in 2008 for $1.8 billion.

Golden Predator’s flagship asset is 3 Aces, an orogenic gold deposit in the southeastern Yukon, 160 km north of Watson Lake. The highgrade discovery is located along the all-season Nahanni Range Road, which leads to the Cantung tungsten mine, 40 km north.

Since 2010, the junior has drilled 11,400 metres — mainly on the Main and Sleeping Giant zones — and conducted airborne and ground geophysics, stream sediment and soil sampling, as well as prospecting and geological mapping.

Exploration results include highlights such as drill hole 3A10-1, which intersected 30.3 metres grading 4.3 grams gold per tonne from 49 metres deep, and drill hole 3A-10-2, which returned 10.9 metres of 14.8 grams gold from 25

An excavator in action at Golden Predator Mining’s 3 Aces gold project in the Yukon. GOLDEN PREDATOR MINING

metres deep.

High-grade mineralized shoots are seen in outcrops, and the company has grab samples of up to 4,820 grams gold per tonne, with multiple specimens over 1,000 grams per tonne from the deposit’s Main and Sleeping Giant zones. Channel samples include 5.2 metres of 448 grams gold per tonne.

Golden Predator has identified extensive gold anomalies over 9 sq. km, and Sheriff and his team are confident there is potential for more discoveries on the 225 sq. km property.

“An anomaly of that size certainly indicates an opportunity to find a number of quartz veins, and we view this as a district-size potential opportunity,” he says. “Given the large anomaly that we know of in the soils, coupled with an even larger area with these untested streamsediment anomalies, it’s virtually

virgin territory, with these gold quartz veins outcropping.”

“Saying it’s just the tip of the iceberg is not a good analogy,” he continues. “It’s better than that.

We’ve looked at maybe 1% of the property in any sort of detail, so it’s in its infancy, and the results so far have been nothing short of spectacular.”

Golden Predator has just completed a 680-tonne bulk sample of high-grade gold-quartz veining at 3 Aces, and is awaiting results. The sample, taken from the Sleeping Giant vein, was originally intended to be 500 tonnes, but the company’s geologists are expanding the program, after noting vein continuity and visible gold within the quartz vein’s down-dip continuation.

“We had to cut if off somewhere, but there was still visible gold when we left, so the mineralization continues,” Sheriff says of the bulk-

sampling.

“We are early at 3 Aces and the evidence we are finding is encouraging, which makes it an awfully exciting project.”

Golden Predator also owns Brewery Creek, a past-producing, heap leach gold mine that operated from 1996 to 2002, when it closed during low gold prices.

The company completed a preliminary economic assessment on the project in the fourth quarter of 2014, and will advance it through feasibility and permitting.

At a base case of US$1,250 per oz. gold, the 2014 PEA outlined a nine-year mine life.

Since 2009, the company has spent $30 million on drilling 100,000 metres, and increasing indicated and inferred resources 400% and 200%.

Indicated resources stand at 17.6 million tonnes averaging 1.27 gram gold for 719,000 contained oz. gold.

Inferred resources add 21.7 million tonnes grading 1.18 grams gold for 825,000 contained oz. gold.

Sheriff notes that the company has probably only explored 15% of the Brewery Creek property, and the company hit 80% success rates on its exploration holes before the financial crisis and capital constraints threw junior mining companies like his off balance.

“Brewery Creek’s oxide resource is a little over 1 gram gold per tonne, so it may not have the pizzazz of the high-grade visible gold in quartz veins that we have at 3 Aces,” Sheriff says. “But it is an economically important asset, as there are few oxide heap-leach projects remaining in first-world jurisdictions.” TNM

Veteran miner Kerry Knoll bets on moly renaissance “THE DOWNS ARE HARD ON YOU, HARD ON YOUR FRIENDS AND FAMILY WHO ARE LIKELY INVESTED AS WELL, HARD ON THE WORKERS — AND EVEN THE TOWNS THAT THE MINES SUPPORT.”

KERRY KNOLL From 2

a phosphate project in Idaho. The company has lost 99% of its value since going public six years ago and is trading at 1¢ per share.

“Phosphate prices are low, so we can’t do anything with that one,” Knoll says.

Among their worst experiences, however, was Canada Lithium, which Knoll describes as a “spectacular” failure. “It was disappointing and a failure, and we lost a lot of money personally,” he says.

Knoll didn’t create the company, but he was a fairly large shareholder and joined management as interim president in 2009. After bringing in Peter Secker as president, Knoll became chairman of the board, and together they raised $250 million in debt and equity to build the mine, mill and a hydromet plant. Initial capex was set at $209 million, but it ran slightly over that before commissioning began.

The mine and mill were pretty straightforward, though there were some problems with having the crusher outdoors in the winter, Knoll says. It was the hydromet plant, however, that the company had problems with. (Hydromet plants are used to convert concentrate into nearly pure lithium carbonate for batteries.) The plant had to operate continuously in order to function, so every time one of its components went offline, the whole plant would have to shut down and it took several days to restore production, Knoll says.

“There were many operating and maintenance issues, probably poor training, and especially the roaster presented a lot of problems,” he says.

“Initially the CSA wouldn’t certify the roaster, and when they finally did, it broke down frequently — all of this with a full payroll and consultants everywhere.”

The company brought in new

1 2 3 4 5 11 13 14 16_Jun6_Main .indd 11

KERRY KNOLL MINING ENTREPRENEUR

The Canada Lithium plant under construction in Quebec in 2012. CANADA LITHIUM

management, former managers from FMC Lithium in North Carolina, raised more money to keep going, but in the end just couldn’t raise any more. Canada Lithium then merged with a Lundin company to form RB Energy, and their management took over. But it encountered more of the same problems until it ran out of money, too.

“In the end it cost well over $300 million,” Knoll says. “The RB Energy guys [under the leadership of Rick Clark, who was part of the management team at Lundin Group’s Red Back Mining Inc., which sold to Kinross in 2010 for US$7.1 billion] got the plant operating for a few days and produced some remarkably good product — better than expected.

There have only been two such plants of this size ever built in the world, Canada Lithium’s, and one in China,

by Galaxy, an Australian company, which had pretty much the same problems and was eventually sold to a Chinese company.”

McDonald is philosophical about the failures. “They can’t all be winners, and as for the timing — no one has a crystal ball or the bell doesn’t ring when you’re at the top or the

bottom of the market. It isn’t for the faint of heart.”

Still, McDonald has no regrets.

“It’s been fantastic,” he says. “The reason I love this business is that I’m not smart enough to invent a new vaccine or an app that everyone has to buy, but you can create wealth where there wasn’t any before. If a mine gets built, you’ve got governments getting taxes, shareholders making money on successful building and you’ve got all these employees who get jobs, and locals do all the contracting living in the community. It’s a win-win situation.”

Knoll makes the point that every company the pair have founded has built a mine, which is no small feat in an industry where only a small fraction of projects make it into production.

He says the thrill of success outweighs the disappointment over the failures, and he is thankful he found his way into the industry.

“There have been such huge ups and downs — you need to fasten a seatbelt sometimes,” he says. “The downs are hard on you and hard on your friends and family, who are likely invested as well, hard on

the workers — and even the towns that the mines support.

“But there is little in life comparable to having a stock go from a few cents to $5 or $24, as it did in the case of Thompson Creek, and building a mine, or pulling 15 metres of core grading half an ounce of gold,” he continues. “The people you meet and work with are often sheer entertainment and brilliant as well. The travel is phenomenal, whether you are in a mosquitoinfested tent above the treeline or the Ritz in Paris, you go to so many places hardly anybody ever sees. I don’t think I could have picked a better career than this one.”

These days, Knoll divides his time between a home in Florida on the Gulf of Mexico, a cottage in Muskoka, Ont., wine country north of Kelowna, B.C., where he is building a place, and a condo in downtown Toronto. He and his wife bought the condo in Toronto to be close to family. His wife has three children and he has two, and they all live in the heart of the city.

He’s also channelling much of his time and energy into reviving the fortunes of Darnley Bay, a

company in which he first became a shareholder in 2009.

The company’s early claim to fame was a huge gravity anomaly in the Northwest Territories near Paulatuk, a hamlet along the shores of Darnley Bay in the Inuvialuit Settlement Region. The company was founded by Leon LaPrairie, one of Knoll’s early acquaintances.

(It was LaPrairie who encouraged Knoll to consider working for The Northern Miner after he graduated from Ryerson University’s journalism program, and after Knoll completed an internship at the Globe and Mail.)

Darnley Bay’s early exploration program in the Arctic was a failure because none of the holes were drilled deep enough to test key targets. Knoll hopes to revive the company and has hired Toronto financier Jamie Levy as president and CEO to get Darnley Bay back on its feet by doing more work on the anomaly, advancing the Davidson project and looking at new acquisitions. Currently the company is evaluating projects across Canada.

Knoll is confident that commodity prices will turn, and when they do, he says Davidson could become one of the success stories of his career.

“There have been two events over the course of history that have kickstarted the mining business into high gear,” he says. “One thing that can do it is a big discovery — like a Hemlo or a Voisey’s Bay — but that’s pretty hard to predict. The other is an increase in commodity prices, and that happens in cycles … it’s imminent … within the next year or two, I can see that happening.

“People keep buying cars and houses and computers, and at some point things will turn, and we want Darnley Bay ready to turn when they do,” he continues. “You also need some luck on timing — there’s no substitute for that.” TNM

2016-05-31 5:39 PM

12

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12_JUN6_ProDirectory .indd 12

2016-05-31 3:53 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 6–12, 2016

13

Endeavour Silver to buy Canarc's Oro Silver for $10.5M M&A

| Endeavour CEO Bradford Cooke wants to expand resources and consolidate district

BY TRISH SAYWELL

E

tsaywell@northernminer.com

ndeavour Silver’s (TSX: EDR; NYSE: EXK) search for development opportunities to shore up its portfolio of three producing silver mines in Mexico has resulted in an agreement to acquire Oro Silver Resources and its El Compas gold-silver project in Zacatecas, Mexico, in an all-share deal valued at $10.5 million.

Oro Silver is a wholly owned subsidiary of Canarc Resource (TSX: CCM), a company Endeavour Silver founder and CEO Bradford Cooke created in 1998 focused on exploring and developing gold prospects in the Americas. (Cooke set up Endeavour Silver in 2003, to acquire high-grade silver projects in Mexico.)

A preliminary economic assessment of the permitted El Compas project that Canarc completed in February contemplated a sevenyear underground mine using a local contractor to produce 18,000 equivalent oz. gold a year.

Mineralized material would be trucked 20 km from El Compas to the government-owned La Plata processing plant. Canarc has already secured a five-year renewable lease option with the government to use the 500-tonne-per-day plant.

The plant was built in September 2013 by the state government of Zacatecas to process minerals from local small miners. It last operated in October 2014.

Endeavour says it would take less than a year to develop the mine and refurbish the plant at a US$10-million capital cost. (The refurbishment would include adding a 50-tonne-per-day-leach and Merrill-Crowe recovery circuit to the plant to make doré bars.) If all went according to plan, El Compas could be in production in 2017.

“El Compas is a high-quality — albeit small — gold-silver mining project,” Endeavour’s CEO Cooke said in a telephone interview. “Canarc was quite nimble to acquire the property cheaply and add significant value in such a short period of time — not only in terms of acquiring the fully permitted mine and leasing an existing plant, but also in re-estimating the resource, completing a preliminary economic assessment and hiring a general manager. That was work well done.”

According to the PEA, payable production over the mine’s life would add up to 115,000 oz. gold and 886,000 oz. silver for a total 126,000 equivalent oz. gold. Cash costs in the study were estimated at US$523 per equivalent oz. gold, with all-in sustaining costs of US$614 per oz. gold.

At metal prices of US$1,100 per equivalent oz. gold and US$14 per oz. silver, the high-grade operation could deliver a US$32.9-million after-tax net present value and an 84.3% post-tax internal rate of return at a 5% discount rate.

Canarc has estimated a 552,000-tonne indicated resource grading 6.55 grams gold per tonne and 66.2 grams silver for 116,000 oz. gold and 1.18 million oz. silver. Inferred resources add another 421,000 tonnes at 4.18 grams gold and 59.9 grams silver for 57,000 contained oz. gold and 812,000 oz. silver.

“The resource is small, so Endeavour probably wouldn’t have done this deal unless we thought there was good exploration and consolidation potential,” Cooke

1 2 3 4 5 11 13 14 16_Jun6_Main .indd 13

Canarc Resource CEO Catalin Chiloflischi (left) and project manager Louis Garcia at the El Compas gold-silver project in Zacatecas, Mexico. Canarc Resources

“ENDEAVOUR SILVER HAS DEEPER MANAGEMENT AND DEEPER POCKETS THAN CANARC, SO IT IS BETTER POSITIONED TO UNFOLD THE FULL POTENTIAL AT EL COMPAS.” BRADFORD COOKE FOUNDER AND CEO, ENDEAVOUR SILVER

said. “Endeavour Silver has deeper management and deeper pockets than Canarc, so it is better positioned to unfold the full potential at El Compas, and therein lies Endeavour’s rationale for the transaction.”

Cooke points out that Zacatecas is one of Mexico's largest historic silver districts and that a number of companies are active in the region, including Capstone Mining (TSX: CS) and its Mala Noche mine, 20 km from El Compas, Penoles’ Francisco Madero copper-zinc mine, 30 km northwest, and the Fresnillo silver mine, 50 km northwest.

“Satellite imagery shows a northwest-trending major structure that goes from El Compas right through the Francisco Madero mine, and some geologists postulate it may be responsible for the emplacement of the volcanic rocks and two ore deposits,” Cooke says.

The Zacatecas district is full of historic silver mines, he adds, and property ownership in the district is highly fragmented. “There are junior companies holding small resources scattered throughout the district, all of which are within trucking distance of our plant,” he continues. “If we could pick up some of these smaller resources, we may get production from several sources in the district. We’d have to do deals to get them, but we think this is an

opportunity.”

Cooke is confident that the 39.9 sq. km property itself — which hosts multiple gold-silver veins with a history of small scale, underground mining from two old mine workings — offers potential for more discoveries.

So far, exploration efforts have focused on near-surface gold mineralization, but the company believes there may be more mineralization at depth in the El Compas and El Orito veins, and near-surface in several other prospective veins hosted within the Mesozoic volcanic rocks typical of the district.

“There are another dozen or so exploration targets previously identified on the El Compas property — early-stage targets, but with alteration or mineralization that have never been drilled — and around the resource there are parallel veins that appear prospective,” Cooke says. “There are also some areas of the resource that need work to upgrade them for a mine plan.”

Under the transaction with Oro Silver, Endeavour will issue the junior 2.2 million of its shares at $4.89 per share (the 10-day, volumeweighted average price of Endeavour’s shares on the Toronto Stock Exchange).

In addition, Endeavour will assume Canarc’s obligation to pay a total 165 troy oz. gold production to Marlin Gold Mining Ltd. Three payments of 55 troy oz. are due in October 2016, 2017 and 2018.

Of the 28 concessions on the land package, 22 are subject to a 1.5% net smelter return royalty (NSR), and six are subject to a 3% NSR. Endeavour says its short-term goals at El Compas will be investing in exploration to upgrade and expand the resource, consolidate properties in the district to extend the project’s mine life and refurbish the plant, and re-evaluate the economics of developing the mine.

As for Canarc, Cooke says, the junior turned a good profit on El Compas. “In less than a year, Canarc acquired the El Compas project, did a lot of value-added work and received five times as much as it had invested,” he says. “Their $2-million acquisition and development cost netted the company a $10.5-million return. Canarc’s enhanced treasury allows the company to actively seek substantial merger and acquisition opportunities to create even more value for our shareholders.”

Cooke says both companies will continue to look for new acquisi-

tions.

“Endeavour Silver is focused preferably on bigger opportunities, and that’s primarily my job, and at Canarc, their CEO is also working hard to build out Canarc’s portfolio — thankfully with a much larger treasure chest than it had before the deal.”

Last year, Endeavour’s three mines produced a total of 7.2 million oz. silver and 60,000 oz. gold.

Its Guanacevi mine in Durango state, and the Bolanitos and El Cubo mines in Guanajuato state, are all high-grade, underground mines.

Elsewhere in Mexico, Endeavour is advancing its high-grade Terronera project in a historic silver and gold mining district in southwestern Jalisco state, 155 km southwest of Guadalajara and 40 km northeast of the coastal resort town of Puerto Vallarta.

Endeavour acquired an option to buy the property in 2010,

kicked off exploration drilling in 2011, discovered the Terronera mineralized zone in 2012, established an initial resource and bought the property in 2013, and continued infill drilling to delineate a more substantial resource in 2014.

In late 2014, Endeavour received approval from the Mexican government for its environmental impact assessment (EIA) for a 500-tonneper-day project and initiated a prefeasibility study to assess the potential to amend the EIA, and build a 1,000-tonne-per-day, highgrade underground silver gold mine at Terronera.

In May 2015, Endeavour completed a preliminary economic assessment that outlined a 10.3year mine life and $65.4-million, pre-production capex.

The PEA was based on the company’s October 2014 resource estimate that outlined 2.9 million tonnes grading 211 grams silver per tonne and 1.65 grams gold per tonne, for contained metal of 19.9 million oz. silver and 156,000 oz. gold (30.8 million equivalent oz. silver) in the indicated category.

Inferred resources measured 1.2 million tonnes grading 218 grams silver, 1.39 grams gold for 8.5 million oz. silver and 54,000 oz. gold (12.3 million equivalent oz. silver).

Terronera displays a classic lowsulphidation epithermal vein system, and, historically, more than 50 small mines have been been developed within at least 20 veins in the 16 sq. km land package.

While the Terronera silver mines were first discovered in 1542 and have seen several periods of smallscale mining over the last 450 years, little modern exploration was ever carried out in the district, the company says.

The Terronera property also surrounds an underground silver-gold mine called Santa Quiteria, which produces 100 tonnes of ore daily. TNM

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JUNE 6–12, 2016 / THE NORTHERN MINER

Trevali cuts costs at Santander ZINC

| Junior's zinc-lead-silver mine in central Peru surprises on the upside

BY SALMA TARIKH

T

starikh@northernminer.com

revali Mining’s (TSX: TV; US-OTC: TREVF) Santander zinc-lead-silver mine in Peru keeps beating expectations, and the company says it’s one of the lowestcost operating mines in the country’s Central Mineral Belt.

Trevali acquired the past-producer — located 215 km northeast of Lima — in 2007, and put it back into production in January 2014.

The junior uses Glencore’s (LSE: GLEN) 2,000-tonne-per-day mill, which it bought on a lease-to-own basis, to process Santander’s ore.

Glencore also has a life-of-mine offtake agreement on Santander and the firm’s 3,000-tonne-per-day Caribou zinc-lead-copper-silver mine in northern New Brunswick.

Caribou is currently undergoing commissioning.

“Santander continues to improve, with first-quarter record throughput helping to reduce fixed costs — beating our estimate — and down

The m a T eva M n ng s San ande z nc ead s ve m ne n Pe u 200 km no heas o L ma

a substantial 17% quarter-overquarter,” Raymond James analyst Alex Terentiew writes.

Payable production for the first quarter included 13.7 million lb. zinc, 6.4 million lb. lead and 221,324

M N NG

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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

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

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 MEXICdollar overrun at its O Commentary El Tigre Silver flagship development project in Rainforest reclamation Sees a bright future Chile, taken a $3.8-billion charge done right in Brazil in old tailings on a highly criticized acquisition, 4 20 changed its11-15 chief executive officer $3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915 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 But Barrick founder and chairBy Gwen Preston in vancouver man Peter Munk vigorously deand trish saywell in toronto $11.9 million.

In the last year Barrick Gold fended Barrick’s decision at the The group of seven Canadian (ABX-T, ABX-N) has announced a company’s annual general meeting multi-billion dollar overrun at its on April 24. pension funds and one interna“I convinced the board,” he told flagship development project in Chile, taken a $3.8-billion charge the standing-room-only crowd at tional investment fund say the on a highly criticized acquisition, the Metro Toronto Convention signing bonus, which would bring changed its chief executive officer Centre. “If you want to give anyand seen its share price sliced in one hell, give it to me.”

Thornton’s total compensation Munk argued that the new parhalf.

So it was no great surprise that adigm of mounting resource nafor 2012 to $17 million, is a Canaeight funds who are invested in the tionalism requires a brand-new dian record. gold major formally protested the approach to government concompany’s decision to offer co- tacts. And he said that the chal“This compensation is inconchairman John Thornton an “un- lenges of protecting the compasistent with the governance prinprecedented” signing bonus of ny’s assets — “90% of which, to the tune of $40 billion, are in 23 $11.9 million. ciple of pay-for-performance The group of seven Canadian different countries” — meant that the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada. pension funds and one interna- the company needed someone of and is therefore disproportiontional investment fund say the Thornton’s exceptional calibre ate setstheawestern troubling precesigning bonus, which would bring and “unique credentials,” leverSleeper was one of the lowest-cost Sleeperand lies within Site ViSit Thornton’s total compensation age and access to some of the gold mines in the world, and Para- reaches the northern Nevada capital mardentof in Canadian for 2012 to $17 million, is a Cana- world’s most important power mount believes the old mine has a rift, specifically along the SlumBy matthew keevil kets,” the consists group said in a brokers. dian record. bering Hills, which of WINNEMUCCA, NEV. — For Nev- robust future.

“We believe that pay should be ada-based explorer Paramount “This compensation is inconSipping coffee inside Para- Mesozoic meta-sedimentary rocks As a group these funds sistent with the governance prin- tailored to achievements, that pay Gold and Silver (PZG-T, PZG-X), mount’s headquarters in the min- ofstatement. the Auld Lang Syne group and ciple of pay-for-performance should come after performance,” there’s a lot to be said for making ing town of Winnemucca, vice- Cretaceous granitic intrusions. collectively manage over $900 and is therefore disproportion- Munk said. “It was hard to have something old new again. In mid- president of exploration Glen van Mineralization at Sleeper falls into billion in assets. ate and sets a troubling prece- someone paid on performance if he 2010 the company picked up the Treek, who joined Paramount four main categories, including: TSX-V:RRI

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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 SVLC-X) While 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 northwest Elena gold-silver their companies.outperform state into their peer Mexico’s production Sonora This year, in July SilverCrest 2011. churn out SilverCrest Mines expects Analysts: 2.4 million silver (579,000 Christos equivalent to cap Securities; Doulis, oz. silver oz. gold) oz.

StoneNicholas and 33,500 Canaccord per oz. at a cash cost Campbell, Genuity silver, of US$8.50 with production creasing to 4.6 million inSee STOCK equivalent

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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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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

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

4

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,

Canada

Highest

Page 12

La Platosa

Grade

Mine

Silver

Pb; 1.69%

in a Rising

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

By Gwen Preston in vancouver 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

STOCK

Excellon

29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

Street,

PICKS,

in High-Grade

Valued

Suite 900,

Ag; 3.11%

Discovery

Toronto,

Ontario,

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

5, 2013

NEWSTRIKE

CAPITAL

11-15

Page 14

Silver

ExcellonResources.com

Mexico’s

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

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

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

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

Endeavour Bradford Silver’s shares his Cooke recipe

An Evolution

• 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

• Market

TNM April

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

SilverCrest

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

paramount orchestrates a golden revival at Sleeper

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

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 — 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 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

El Tigre Silver Sees a bright future in old tailings

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 overrun at its flag

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

both fell 13%.

The mill, however, processed a record 209,188 tonnes in the first quarter and remains above design recoveries, with recoveries averaging 89% zinc, 88% lead and 76% silver.

Quarterly sales totalled 23.3 million equivalent lb. zinc — up nearly 4% from a year ago — and generated US$20 million in revenue, which is relatively in line with the first quarter of 2015. The higher sales were offset by lower average realized metal prices of US82¢ per lb. zinc, US82¢ per lb. lead and US$15.32 per oz. silver.

Despite the lower year-to-year prices, site cash costs fell 28% to US28¢ per zinc equivalent lb. zinc.

Cash costs per tonne milled dropped 34% year-over-year to US$32.22, due to higher zinc production and the company’s “site-wide business initiatives.”

Cost per tonne milled is down 17% from the previous quarter’s US$38.70, and below 2016’s cost guidance of US$40 to US$43. Trevali has trimmed its annual guidance 12%, or US$5 per tonne to US$35­ to US$38.

“Following the impressive cost reductions, in part aided by a 60% decrease in power costs and improved pricing on bulk fuel, Trevali has reduced its yearly on-site cost guidance,” Terentiew writes.

Meanwhile, Trevali is completing a 3,000-metre underground drill program at Santander to convert its inferred tonnes to a higher resource category and to follow up on the 2015 holes that tested the deeper levels below the defined resources in the Magistral zones.

At the Caribou operation, underground production for the first four months of 2016 averaged 2,062 tonnes per day grading 6% zinc, 2.8% lead and 2.4 oz. silver per tonne (74.6 grams per tonne). The firm intends to ramp up Trevali to commercial production of 2,500 to 2,700 tonnes per day by the end of June.

It also aims to bring up recoveries to design levels of 84% zinc and 65% lead. The average recoveries for April were 74% zinc and 57% lead.

Trevali reported net earnings of $827,000, or nil per share, in the first quarter, which is relatively in line with analysts’ average earnings estimate of a cent per share.

Santander generated a $4.2-million income, helping push up the company’s cash position to nearly $27 million. Trevali also completed a $15-million equity raise in March.

Terentiew has bumped up his 90¢-per-share target to 95¢, “as lower cost assumptions at Santander more than offset our lower steadystate zinc recoveries at Caribou,” he explains. The analyst has an “outperform” rating on Trevali. TNM

2016 05 31 6 17 PM

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Regional Manager Industrial Minerals, Exploration & Development Canada

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A drill site at Focus Ventures’ 70%-owned Bayovar 12 phosphate property in northern Peru’s Sechura district, 70 km south of the city of Piura. FOCUS VENTURES

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| Higher investment speeds up access to pay dirt

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ocus Ventures (TSXV: FCV) has updated a prefeasibility study at its Bayovar 12 phosphate property, 70 km south of the city of Piura, Peru. It envisages a a US$168-million development that could produce 1 million tonnes of fertilizer product annually over a 20-year life, and hopefully tap into South Americas's the growing direct-application fertilizer market.

The Bayovar phosphate deposit is a 40-metre thick, laterally continuous and shallow mineralized zone overlain by 30 metres of overburden.

Since the material in the proposed open pit is all “free-digging,” it would not likely not require drilling or blasting during mining.

Mineralized material would be mined at a rate of 8,000 tonnes per day from 13 sedimentary phosphate beds, interlayered with diatomite waste, or “interburden.” Bayovar hosts “proven and probable reserves” of 59 million tonnes grading 12.9% phosphate (P 2O5), and indicated resources of 210 million tonnes averaging 13% P2O5.

Focus’ beneficiation process would involve drum-washing with seawater and recycled process water, size classification, attrition scrubbing, hydraulic classification, filtering and rotary drying. The process plant is designed to produce, on a batch basis, either a 24% or 28% P2O5 direct-application phosphate rock fertilizer (DAPR).

“The mine plan was simplified so that we would start operations in the south of the deposit, and move progressively northward,” president and CEO David Cass said during a conference call.

“Higher investment in pre-stripping allows us to access all of the phosphate beds sooner and reach production capacity by year two.

In addition, instead of having two smaller processing plants, we’re now looking at a single, larger facility, which equates to more upfront capital, but reduces overall operating costs,” he added.

Geologists sample outcrops at the Bayovar 12 phosphate project in Peru. FOCUS VENTURES

Bayovar’s capital expenses have jumped 32%, compared to previous studies, but the upfront investment has been offset by improved economics. The project now features a 26.4% internal rate of return, and the after-tax net present value has risen 81% to US$458 million at a 7.5% discount rate. Focus estimates that it can now produce DAPR products at cash margins of US$105 per tonne.

The company achieved the economic improvements without altering its underlying phosphate price decks. In 2015, exports of comparable phosphate material yielded prices from US$124 to $163 per tonne.

Since the sedimentary phosphate deposit wouldn't require a starter pit, the compnay says capital payback depends on hitting nameplate process capacity and keeping “low operating costs” early in the mine’s life.

Bayovar’s reactive phosphate rock looks a bit like fine-grained sand, and is made up of brownish particles of natural phosphorus minerals — mainly the calcium phosphate mineral apatite — that can be applied directly to pasture or crops. It can

also be upgraded to a concentrate by washing and flotation for use in making phosphoric acid.

“Although the mine schedule is limited to 20 years, resources exist outside the mine-plan pit, so there is an opportunity for expansion of resources and reserves,” Cass noted.

Focus Ventures shares have traded in a 52-week range of 5¢ to 24¢, and closed up 26% at 9¢ per share upon release of the updated study. The company had 120 million shares outstanding for a $13-million market capitalization at press time, and reported cash resources of $820,000 at the end of February.

Focus said discussions are underway with “several financial institutions” to fund bulk-sampling and a feasibility study.

“We’re located in an established mining region close to a port, and within easy shipping distance of one of the world’s fastest-growing fertilizer markets,” Cass said. “Bayovar rock is arguably the most reactive phosphate rock in the world, which makes it ideal for use as directapplication fertilizer in tropical environments.” TNM

2016-05-31 5:41 PM