The Northern Miner May 16, 2016 Issue

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ANGLO AMERICAN

COMMENTARY

Sells Brazilian assets to China Moly for US$1.5B / 3

The new rules for takeover bids / 4

MCEWEN MINING

Adds to land position in Mexico / 11

MAY 16-22, 2016 / VOL. 102 ISSUE 14 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Freeport to sell Tenke stake for US$2.7B

Argonaut boosts San Agustin’s economics

COPPER

| China Moly to pick up 56% of world-class mine in the DRC

GOLD-SILVER

| Foresees US$90M NPV, 50% IRR

BY SALMA TARIKH starikh@northernminer.com

A

rgonaut Gold (TSX: AR) shares gained 11% after an updated preliminary economic assessment (PEA) on the San Agustin gold-silver project in Mexico cut initial cost estimates 36% and improved returns.

The study envisions an open-pit heap-leach operation at San Agustin producing more than 80,000 equivalent oz. gold annually over 6.5 years. Expected start-up costs are US$42.6 million, down from the US$67-million estimate in the January 2015 PEA. Argonaut’s president and CEO Peter Dougherty notes the cost reduction came from synergies with Argonaut’s producing El Castillo gold mine 10 km away, and higher throughputs over a shorter mine life.

“ALL WE ARE DOING IS BUILDING A LEACH PAD AND MOVING SOME EQUIPMENT DOWN THE ROAD.” DANIEL SYMONS VICE-PRESIDENT OF INVESTOR RELATIONS, ARGONAUT GOLD

The original study at San Agustin had outlined a 10.5-year operation, producing 50,400 equivalent oz. gold annually at cash costs of US$670 per oz. gold. Cash costs are now pegged at US$648 per oz. gold.

Daniel Symons, the company’s new vice-president of investor relations, says the operational synergies include using El Castillo’s excess equipment, while the original PEA examined building San Agustin as a stand-alone project.

“The previous PEA looked at it as if we sourced all brand-new equipment for the project,” Symons says.

See ARGONAUT / 2

The processing plant at Freeport-McMoRan’s 56%-owned, high-grade Tenke Fungurume copper-cobalt mine in the Democratic Republic of the Congo. FREEPORT MCMORAN

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

F

reeport-McMoRan (NYSE: FCX) has been working to reduce its sky-high debt loads, and on May 9 it made the deepest cut to date. The company has agreed to sell its 56% stake in the US$3-billion Tenke Fungurume copper-cobalt mine in the Democratic Republic of the Congo (DRC) to China Molybdenum for US$2.65 billion in cash.

The mine cost US$3 billion to build and has annual nameplate capacity of 195,000 tonnes copper cathode and 15,000 cobalt hydroxide.

The move may surprise those who considered Tenke a core asset of Freeport. But the Tenke deal will bring Freeport's asset-sale proceeds to US$4 billion this year, which addresses the company's US$20 billion in debt.

Freeport simlarly sold a 13% stake in its Morenci copper mine in Arizona to Sumitomo Metal Mining for US$1 billion in February.

The company has also agreed to negotiate exclusively with China Moly to sell its interests in the Freeport Cobalt unit — including the Kokkola cobalt refinery in Finland — for US$100 million, and the Kisanfu exploration project in the DRC for US$50 million.

“Our company is over-leveraged,” president and CEO Richard Adkerson declared during a late April conference call. “In the nature of the business that we are in where you have such high operating leverage from commodity prices, you just should not be in this position. When commodity conditions unfold as they do from time-to-time, your revenues will drop, and having this kind of debt is a killer.”

Freeport has suffered alongside its base metal peers with copper prices dropping precipitously over the past few years. But the more pressing financial issues are due to an ill-fated foray into the energy space during a period of peak oil prices. The company spent almost US$20 billion to acquire McMoRan Exploration and Plains Exploration & Production in December 2012,

WITH THIS DEAL, FREEPORT WILL HAVE RAISED US$4 BILLION VIA ASSET SALES THIS YEAR. THE FIRM HAS US$20 BILLION IN DEBT.

PM40069240

and has felt the brunt of the collapse in oil and gas prices as well.

Freeport reported a headline net loss of US$4.2 billion, or $3.34 per share, during the first quarter, which includes net one-time charges of US$4 billion, related to writedowns in its energy division.

The company has since written off almost the entire value of its 2012 oil and gas acquisition.

“We are looking for opportunities to sell or monetize assets in the oil and gas business, but we are now working with — and this is admittedly a tough market to try to do that — our operating team on See FREEPORT / 2

SKEENA RESOURCES: FIRST RESOURCE AT SPECTRUM / 16

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MAY 16–22, 2016 / THE NORTHERN MINER

Freeport nets US$2.7B for stake in Tenke FREEPORT From 1

new plans to preserve and enhance the value of our assets,” Adkerson said. “We have a new organizational structure in the [division], so it’s now being run as an operating division … we reduced employment 25%, and we are looking for ways to cut costs.”

The company is also negotiating with the Indonesian government over an incremental divestiture of its world-class Grasberg copper-gold mining complex in that country.

Roughly two years ago, Freeport cut a deal wherein it would sell the government a larger stake in Grabserg — and invest in domestic processing — to try to extend its contract of work, which expires in 2021. Another 10% is scheduled for divestment by the end of 2019.

In January the company had proposed to sell a 10.6% stake for US$1.7 billion.

Freeport estimates Grasberg’s value at US$16 billion, and has agreed to sell up to a 30% stake at “fair market” value.

RBC Capital Markets analyst Fraser Phillips says the cash value Freeport received for its Tenke stake implies a flat, long-term US$2.57 per lb. copper price. RBC research notes that joint-venture partner Lundin Mining (TSX: LUN; US-OTC: LUNMF) holds a 90-day right of first offer (ROFO) on both the Tenke and Freeport Cobalt interests.

The proposed transaction creates an interesting conundrum for Lundin, which owns a 24% stake in the assets. The company could exercise its right to buy Freeport’s interest, but had been moving to diversify its base metal exposure

A worker sprays copper cathodes at the Tenke Fungurume copper mine in the Democratic Republic of the Congo. FREEPORT MCMORAN

away from the DRC. Scotiabank analyst Orest Wowkodaw said that Lundin’s balance sheet “could support the ROFO,” but an 80% ownership stake in Tenke would

“create a significant geopolitical risk overhang on the shares.” A second option for Lundin is finding a strategic partner to acquire the controlling stake, which could help restructure

the ownership. The company could sell its interest in the DRC as well.

Freeport has traded within a 52week range of US$3.52 to US$23.60 per share, and closed down 6.4%

after the Tenke news at US$10.52 per share at press time. The company has 1.3 billion shares outstanding for a US$11.8-billion market capitalization. TNM

Argonaut boosts San Agustin’s economics

Argonaut Gold’s San Agustin gold project in Mexico’s Durango state. ARGONAUT GOLD ARGONAUT From 1

Since the original study, Argonaut has completed additional exploration drilling, which has increased its confidence that it could expand the project’s existing resource. “We feel more comfortable with taking up the throughput,” Symons says.

Previously, the throughput was 7 million tonnes per year, including 6 million tonnes that would be processed through two-stage crushing and 1 million tonnes via

one-stage crushing, using cyanide heap-leaching and carbon adsorption recovery.

“In the revised PEA we look to start at 6 million tonnes per annum, but partway through year two we bring in another crusher, and by the time we get to year three, we are running at 11 million tonnes per annum,” Symons says.

San Agustin’s second crusher would come from El Castillo, when mining there wraps up. The mine has a 3.5-year life.

Projected sustaining costs are

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Argonaut Gold’s El Castillo gold mine, 10 km from the San Agustin property. ARGONAUT GOLD

now US$42.2 million, up from the previous US$23.4 million.

Despite the increase, total life-ofmine capital has decreased 6% to US$84.4 million.

The changes have led to improved economics. Based on metal prices of US$1,200 per oz. gold and US$15 per oz. silver, San Agustin has an after-tax net present value (NPV) of US$89.9 million at a 5% discount rate, and a 50% after-tax internal rate of return (IRR). This compares to a US$70.2-million NPV and 22% IRR in the previous study, which used a slightly higher silver price.

While the junior could likely cover San Agustin’s development with its current cash position ($46 million at the end of 2015) and projected 2016 cash flow, it has lined up a new US$30-million revolving credit facility.

Given the facility’s low hold-

ing costs, Symons describes it as a “safety net” for San Agustin, in case the gold price declines later in the year and the company does not hit its projected cash flows.

Argonaut has already received an approval for San Agustin’s environmental impact study. It intends to make a construction decision in the second half of 2016, after acquiring more land to build a leach pad and receiving the change-in-use soil permit.

“It’s less than a year from dropping a flag on construction to pouring gold, because all we are doing is building a leach pad and moving some equipment down the road,” Symons says, adding that he doesn’t expect the company will complete another economic study.

“It is very cookie cutter to what we are already doing, so that is what gives us a lot of confidence with

the project, and why we wanted to acquire it in the first place.”

Argonaut picked up San Agustin from Silver Standard Resources (TSX: SSO; NASDAQ: SSRI) for $75 million in December 2013.

Based on a 2014 resource estimate, San Agustin has 82.2 million indicated tonnes grading 0.32 gram gold and 10.7 grams silver per tonne for 845,000 oz. gold and 28.3 million oz. silver. It has another 7 million inferred tonnes grading 0.29 gram gold and 11 grams silver for 65,000 oz. gold and 2.5 million oz. silver.

Both PEAs excluded the inferred resource. The revised study contemplates producing a total of 488,000 oz. gold and 3.8 million oz. silver from the indicated resource. The life-of-mine strip ratio is 0.4-to-1.

Argonaut closed April 29 up 30¢ at $2.94 per share. TNM

2016-05-10 8:17 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 16–22, 2016

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Anglo American’s Cubatao phosphate processing plant in Brazil’s Sao Paulo state. ANGLO AMERICAN

Anglo American sells assets to China Moly for US$1.5B RAISING CASH

BY TRISH SAYWELL tsaywell@northernminer.com

O

ne of China’s largest molybdenum and tungsten concentrates producers is buying Anglo American’s (US-OTC: AAUKF; LSE: AAL) phosphate and niobium businesses in Brazil for US$1.5 billion in cash.

The sale to China Molybdenum is part of Anglo American’s wider effort to dispose of billions of dollars of debt on its balance sheet and marks the biggest divestment since the South Africa-based miner announced its restructuring plans in February.

The company looks to dispose of US$3 billion to US$4 billion in assets this year after posting a US$5.5billion net loss in 2015, and CEO Mark Cutifani said in February that management expects to lower net debt to less than US$10 billion by year-end.

In a press release, the CEO described the latest sale of the phosphate and niobium businesses as “another positive step in the strategic reshaping of Anglo American.”

James Wyatt-Tilby, Anglo American’s group head of corporate communications, told The Northern Miner in an email that the sale price exceeded the analyst consensus of US$1 billion and was “a function of the quality of the two businesses:

| Major to unload Brazilian phosphate and niobium division

“ATTRACTIVE ASSETS ARE IN DEMAND — THEY SIMPLY DON’T FIT OUR STRATEGY.” JAMES WYATT-TILBY GROUP HEAD OF CORPORATE COMMUNICATIONS, ANGLO AMERICAN

being both the second-largest phosphate producer in Brazil and the second-largest supplier of niobium globally.”

He said that “attractive assets are in demand — they simply don’t fit our strategy.”

John Tumazos of Very Independent Research, LLC, says the US$1.5 billion will help Anglo American “pay down the debts associated with large capex into iron ore and other expansions, such as overruns at the Minas Rio iron ore mine in Brazil, where the final capex was nearly thrice initial estimates.”

Tumazos wrote in an email that “Niobium and phosphate markets are not as deeply depressed as coal, iron ore, copper, platinum or other assets that Anglo American may have sold. It helps Anglo American obtain ‘fair proceeds,’ rather than selling other assets into more depressed markets.”

The sale was also hailed by David Gagliano, a mining analyst at BMO Capital Markets, who raised his target price on the stock after news of the deal from £5 to £7.50 per share, and said the divestment

is “a step in the right direction,” and “makes a significant inroad into Anglo American’s debt-reduction program.”

In a brief research comment he noted that by including the niobium and phosphate asset sales into his forecasts, the company’s net debt by year-end would drop 12% to US$11.8 billion. Gagliano also said the sale “potentially puts the company in a stronger negotiating position, with regards to the rest of its assetdisposal program.”

Industry observer Christopher Ecclestone sees it differently, however. The co-founder of Hallgarten & Co., a London-based boutique investment bank in the mining space, doesn’t think the sale makes sense.

“This shows Anglo-American’s management is so dumb it does not know the turn has come,” Ecclestone wrote in an email. “Glencore put a whole lot of stuff up for sale in their darkest hour and have now quietly taken down the ‘for sale’ signs ...

Anglo American is still trying to please … these sales will be bitterly regretted — and criticized — two

years from now.”

Anglo American’s Wyatt-Tilby dismisses that view.

“Our decision to sell is not based on a particular position in the cycle, but the clearly defined strategy we set out in February to focus on those product groups where we have scale and the greatest competitive advantage — as the market leader in both diamonds and platinum, and a world-class position in copper … niobium and phosphate provide great businesses, but they are not of sufficient scale for us, nor do they

have market leading positions.”

Niobium is used to strengthen steel and phosphate is used in fertilizer.

The transaction is subject to regulatory approval from China and could close in the second half.

China Molybdenum is listed on the Hong Kong and Shanghai stock exchanges and owns the Sandaozhuang mine, which it describes as having one of the largest defined reserves of molybdenum and the second-largest defined tungsten reserves in the world. TNM

CANADIAN MINING HALL OF FAME Call for nominations for January 2017 induction

Nominations for induction into the Hall of Fame may be made by individuals, firms or organizations but must be submitted through one of the Hall of Fame’s Member or Associate Member Organizations listed below.

CRITERIA FOR SELECTION Candidates must be individuals who have demonstrated outstanding lifetime achievements to the benefit of the Canadian and/or world mineral industry in one of the following categories. There must have been a flow-back of significant benefit to Canada.

• Exploration • Supporting Contribution • Building the Corporation

• Mining in Society • Technical Contribution

June 1, 2016 – is the recommended deadline for contacting a member organization about submitting a nomination.

June 30, 2016 – deadline for nominating material to be delivered to the member organization for review.

January 12, 2017 – 29th Annual Induction Further information and a nomination form is available at: www.mininghalloffame.ca

MEMBER ORGANIZATIONS: • Canadian Institute of Mining, Metallurgy and Petroleum • Mining Association of Canada • Prospectors and Developers Association of Canada • The Northern Miner

ASSOCIATE MEMBER ORGANIZATIONS: • Association for Mineral Exploration British Columbia • Mining Association of British Columbia • Ontario Mining Association • Quebec Mining Association • Saskatchewan Mining Association

Anglo American’s Ouvidor phosphate mine in Brazil. ANGLO AMERICAN

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MAY 16–22, 2016 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L

Wildfires ravage Fort McMurray, city evacuated OILSANDS

| Half of Canada’s oil production now offline

W

hile there are no metals, minerals or coal in the nearby ground, the city of Fort McMurray, Alberta — as ground zero of Canada’s massive oilsands industry and all the large-scale, earth-moving activity associated with it — can nonetheless be considered one of the mining centres of Canada.

And as most Canadians and many around

BY JOHN CUMMING jcumming@northernminer.com the world are well aware, the city has also been ground zero this past week of what is being called a “beast” of a forest fire that has forced the evacuation of the entire 88,000 population, and the scaling back or closure of many oilsands-related facilities in the region.

The wildfires — stoked by low humidity, high temperatures and strong winds — completely surrounded Fort McMurray, and extended some 80 km southeast in a swath often reaching 30 km wide. It’s now about 25 km from the Saskatchewan border.

The fire has been so large, currently engulfing 2,290 sq. km, that its smoke can be seen in NASA images taken from space, and it will likely keep burning at a smaller scale for months to come.

The Internet and TV have been full of harrowing images taken by people driving through tree-high infernos lapping the road on both sides, and scenes that seem right out of The Walking Dead showing strings of abandoned vehicles that had run out of fuel while stuck in the highway lines to get out of town. Despite the extensive fire damage, there have been no deaths attributed directly to the wildfires.

On May 10, a week into the crisis, the Alberta government said there were 1,547 firefighters, 121 helicopters and 28 air tankers battling 25 wildfires across Alberta. Most of these 25 fires are classified as “under control,” with the Fort McMurray wildfire the only one that remains “out of control.”

Within Fort McMurray’s city limits, 2,400 structures have burned down or suffered heavy damage, while almost 25,000 were saved or spared.

Still, the provincial government will not allow the bulk of evacuees back into the city — many now are housed at temporary accommodations in the provincial capital of Edmonton, 380 km south — for possibly several more weeks.

While the city was worst hit, only a handful of the two dozen or so oilsands operations in the Fort McMurray region were in the path of the flames: CNOOC’s Long Lake and Nexen’s Kinosis, and they are both low-footprint, in-situ operations.

But many operations were suspended or scaled back due to a lack of personnel, smoke and other issues, such as limited access to water and electricity, and other industrial necessities.

The oilsands mining operation closest to the fire zone has been Suncor’s Base Plant, 20 km north of the city, while most of the oilsands mines are 30–70 km north of the city and northernmost reaches of the wildfires: Syncrude’s Aurora North, Suncor and Teck’s Fort Hills project; Canadian Natural’s Horizon; Shell’s Muskeg River; Syncrude’s Mildred Lake; Shell’s Jackpine; and Imperial Oil’s Kearl.

At press time, a million barrels per day of oil production had been taken offline for a week, or about half of Canada’s total oil production.

As the wildfires eased on May 10, some oil production in the region was trickling back, and Alberta Premier Rachel Notley met with executives from companies including Suncor Energy Inc., ConocoPhillips Canada and the Canadian Association of Petroleum Producers. She told reporters that “while thousands of lives will never be the same, we can take small steps to getting back the rhythm of northeast Alberta.”

The wildfires have even affected Canada’s gross domestic product forecasts, with the Bank of Canada having once forecast that GDP would rise 1% in the second quarter, with banks such as the Bank of Montreal and others forecasting flat or negative second-quarter GDP growth.

Third-quarter GDP growth, however, may get a boost from a return to full oil production and a housing and construction boom in Fort McMurray, as residents return and rebuild. TNM

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Lucara’s 813-carat stone fetches US$63M

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

Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory . . . . . . . . . . . . . . . 12 Stock Tables. . . . . . . . . . . . . . . . . . . . . . 8-10

COMPANY INDEX Almadex Minerals. . . . . . 11 Anglo American. . . . . . .1,3 AngloGold Ashanti. . . . . 13 Argonaut Gold. . . . . . . . . . 1 Barrick Gold. . . . . . . . . . . 16 China Molybdenum .. . 1,3 Freeport-McMoRan . . . . . 1 Hochschild Mining. . . . . 11 Imperial Metals . . . . . . . . 16

Lucara Diamond . . . . . . . . 4 Lundin Mining. . . . . . . . . . 2 McEwen Mining . . . . . . . 11 Newmont Mining . . . . . . 13 NGEx Resources . . . . . . . 16 Pretium Resources. . . . . . 16 PureGold Mining. . . . . . . 14 Rubicon Minerals . . . . . . 14 Seabridge Gold. . . . . . . . . 16

Silver Standard Resources. . . . . . . . . . . . . 2 Skeena Resources. . . . . . . 16 SnipGold. . . . . . . . . . . . . . 16 Sumitomo. . . . . . . . . . . . . 13 Teck Resources. . . . . . 13,16 Victoria Gold. . . . . . . . . . 16

Lucara Diamond sold the 812.77-carat diamond it recovered in 2015 at its Karowe mine in Botswana. The exceptional type IIa diamond, dubbed “The Constellation,” sold for US$63.1 million, or US$78,000 per carat, and represents the highest price ever paid for a rough diamond, Lucara says. The buyer is Dubai-based diamond trader Nemesis International DMCC. As part of the sale, Lucara will retain a 10% interest in the net profit generated from selling polished stones derived from the diamond. On June 29 Lucara will auction off its 1,109carat “Lesedi la Rona” diamond at Sotheby’s London. LUCARA DIAMOND

O P- E D

New takeover bid rules take effect in Canada COMMENTARY

| Hostile bids now harder to pull off

BY GESTA ABOLS AND GRANT MCGLAUGHLIN Special to The Northern Miner

A

s of May 9, new takeover bid rules took effect across Canada. These new rules will undoubtedly impact the Canadian mining sector, which accounts for 40% of the number of listed companies on the Toronto Stock Exchange and TSX Venture Exchange.

The new rules are intended to enhance the quality and integrity of the takeover bid regime and rebalance the dynamic between bidders, target boards and target shareholders by facilitating target shareholders’ ability to make voluntary, informed and coordinated tender decisions; and provide target boards with more time and discretion when responding to a takeover bid.

The key aspects of the new rules are: • Bids must now be open for at least 105 days (up from 35 days), unless the target board states in a news release that a shorter deposit period (not less than 35 days) is acceptable; or has agreed to enter into, or determined to effect, an alternative transaction, in which case all contemporaneous takeover bids must remain open for a deposit period of at least 35 days.

• A new minimum tender condition that acts as a de facto minority vote on any deal, since a bid must receive tenders of more than 50% of the outstanding securities of the class that are subject to the bid, excluding securities owned by the bidder and a related requirement to extend a bid for another 10 days if the 50% condition is satisfied, and all other

terms and conditions of the bid have been met or waived.

As intended, the new rules significantly shift leverage from hostile bidders to target directors and shareholders. Some of the likely impacts of the new rules include: • Hostile bids are harder — The longer bid period enhances the ability of target boards to locate potential white knight bidders or recommend to shareholders that they reject the hostile bid.

The longer bid period should also make it more difficult or expensive for bidders to obtain financing.

THE NEW RULES SHIFT LEVERAGE FROM HOSTILE BIDDERS TO TARGET DIRECTORS AND SHAREHOLDERS. • Potential coercion minimized — The 50% condition and 10Day extension requirement take away what has traditionally been one of the most effective tactics available to a hostile bidder: the ability to waive its minimum tender condition and acquire “any and all” tendered shares.

Under the old rules, shareholders would not know before the tender deadline what the outcome of the bid would be, leading to persistent concerns that shareholders had to tender to avoid being “left behind” with an illiquid investment.

• Hostile bid tactics will evolve — Since a bid’s success or failure will turn on collective decision-making by the target shareholders, we expect that bidders will devote more resources to aggressive public relations and solicitation campaigns (e.g., social media, white papers, websites, etc.) to See TAKEOVERS / 5

2016-05-10 8:18 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 16–22, 2016

5

Lundin accepts Mining Person of the Year award

Presenting Lukas Lundin (centre), principal of the Lundin Group of Companies, with The Northern Miner’s “Mining Person of the Year” award for 2015, at the Kasa Moto restaurant in Toronto in May: Anthony Vaccaro (left), publisher of The Northern Miner, and John Cumming, editor-in-chief of The Northern Miner. PHOTO BY GEORGEMATTHEW.COM

Celebrating Lukas Lundin receiving The Northern Miner’s “Mining Person of the Year” award for 2015, at the Kasa Moto restaurant in Toronto in May, from left: Stan Bharti, founder of Forbes & Manhattan; Peter Gibson, senior vice-president, Cushman & Wakefield; David Cates, president & CEO, Denison Mines; Mac MacDonald, vice-president of finance and CFO, Denison Mines; Lukas Lundin, principal of the Lundin Group of Companies; Ron Hochstein, president & CEO, Lundin Gold; Peter Rockandel, managing director of institutional equity sales, GMP Securities; Harry Lundin, analyst, Sprott Resource; Anthony Vaccaro, publisher, The Northern Miner; and John Cumming, editor-in-chief, The Northern Miner. PHOTO BY GEORGEMATTHEW.COM

Commentary

GET ON BOARD

TAKEOVERS From 4

WITH A LEADING SOURCE OF MINING

convince shareholders to tender.

Proxy solicitors, public relations consultants and social media experts will become key members of the deal team on both sides of the transaction.

• Rights plans will remain in place — Although the need for targets to adopt “tactical” rights plans in the face of a hostile bid will decrease, issuers are likely to keep rights plans to prevent “creeping” takeover bids that are still possible through the takeover bid exemptions (for instance, the new rules do not impact the ability to acquire shares under a private agreement or through limited market purchases).

In today’s environment of low commodity prices and with many mining companies trading at or near historic lows, the new rules should provide welcome relief to target companies fearing opportunistic bids.

While the new rules rebalance the playing field, they do not abandon the Canadian principle that a target board cannot indefinitely “just say no.” If there is an offer on the table, shareholders will have the final say.

— Gesta Abols (gabols@goodmans. ca and tel. [416] 597-4186) and Grant McGlaughlin (gmcglaughlin@goodmans.ca and [416] 597-4199) are partners at law firm Goodmans LLP and members of its Mining and Natural Resource Group, with expertise in mergers and acquisitions (M&A).

Based in Toronto, Goodmans has market-leading expertise in M&A, corporate and transaction finance, private equity, real estate, tax, restructuring, litigation and other business-related specialties. Please see www.goodmans.ca for more information.

COMPANY & PROPERTY DATA

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Featuring comprehensive profiles on over 2,000 active publicly-traded mining companies as well as over 1,400 mines and advanced projects related to those companies, your business decisions will always be backed up by the most up-to-date industry data.

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www.mineshandbook.com Canadian & American Mines Handbook - 38 Lesmill Rd., Unit 2, Toronto ON, M3B 2T5

1 2 3 4 5 11 13 14 16_MAY 16_Main .indd 5

2016-05-10 8:18 PM

6

WWW.NORTHERNMINER.COM

MAY 16–22, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / MAY 2–6 The Toronto stock market declined during the first week of May on the back of lower commodity prices and weak economic data.

Statistics Canada reported the economy lost 2,100 jobs overall in April, while the unemployment rate remained at 7.1%. The report showed the manufacturing sector lost 17,000 jobs last month.

In another release, Statistics Canada noted the country’s trade deficit grew to a record $3.4 billion in March, up from $2.5 billion in February, as exports decreased.

Canada’s benchmark index fell 1.8% to 13,701.47, while the S&P/TSX Capped Diversified Metals & Mining Index erased most of the gains from the earlier week, plunging 10.8% to 530.02. The S&P/TSX Global Mining Index dropped nearly 4% to 58.37 and the S&P/TSX Global Gold Index stayed relatively flat at 228.61.

In commodities, oil futures sank despite the wildfire in Alberta’s oilsands region, which has affected Canada’s daily oil production. The June contract for crude oil retreated 2.7% to US$44.66 per barrel, while the Brent crude oil futures sank 5.7% to settle at US$45.37 per barrel. Spot gold declined 0.4% to US$1,287.70 per oz. The loonie closed slightly lower at US77.41¢.

Franco Nevada reported headline earnings of US$30 million, or US18¢ per share

in the first quarter. Adjusted earnings were US17¢ per share, beating analysts’ estimates of US15¢ per share. Gold equivalent production came in at 106,621 oz., up 25% from the same period in 2015. Revenue grew 21% to US$132 million. The company announced it is debt free again and has increased its quarterly dividend 4.8% to US22¢ per share.

At the end of March, it had US$186 million in cash and short-term investments, and US$1 billion in available credit facilities.

Franco-Nevada advanced $2.48 per share to finish at $90.50.

Endeavour Mining reported first-quarter earnings of US$1 million, down from US$9 million a year ago. Adjusted earnings sank 81% to US5¢ per share. Analysts had estimated an adjusted profit of US21¢ per share. Despite TSX MOST ACTIVE ISSUES

Kinross Gold First Quantum Yamana Gold B2Gold Teck Res Suncor Energy Torex Gold Barrick Gold TVI Pacific Eldorado Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

K FM YRI BTO TCK.B SU TXG ABX TVI ELD

49007 7.46 6.48 7.21 + 0.06 42735 11.36 8.96 9.31 - 1.38 39419 6.44 5.38 6.07 - 0.15 39161 2.88 2.47 2.71 - 0.08 39140 15.67 13.01 13.53 - 1.83 24273 36.70 32.69 33.84 - 2.99 23924 2.32 2.02 2.28 + 0.05 23713 24.43 22.29 23.83 - 0.46 20604 0.04 0.01 0.03 + 0.02 18156 5.42 4.77 5.31 + 0.02

the miss, production grew 6% year-over-year to 131,567 oz. gold. All-in sustaining costs fell to US$900 per oz., compared to US$946 per oz. the year before. Excluding the divested Youga mine, all-in sustaining costs averaged US$889 per oz. gold. The stock gained $1.11 to close at $18.

Alberta-based Suncor Energy was the biggest value loser. The firm noted that while its assets and operations in the Fort McMurray

region were unaffected by the raging wildfire, it shut down operations at its base plant, MacKay River and Firebag as a precaution.

In its latest May 8 update, the company said it moved over 10,000 people — including employees and residents — out of the region.

The Syncrude joint venture, which is partly owned by Suncor, also shut down facilities in the region. Suncor fell $2.99 per share to $33.84, on 24.2 million shares traded. TNM

TSX GREATEST PERCENTAGE CHANGE

TVI Pacific TriMetals Mng First Point Erdene Res Dev NovaCopper Bannerman Res Yellowhead Mng Tanzania Rlty Karnalyte Res Loncor Res Mawson West Golden Mnls Orvana Mnrls Thompson Creek Cardero Res Coro Mining Dynasty Met&Mn Canarc Res HudBay Mnls Copper Mtn Mng

TVI TMI FPX ERD NCQ BAN YMI TNX KRN LN MWE AUM ORV TCM CDU COP DMM CCM HBM CUM

20604 2438 2705 1502 520 1136 242 579 251 172 772 953 4231 4554 109 11996 1242 3686 10961 2469

0.04 0.35 0.08 0.33 1.08 0.05 0.10 0.76 2.40 0.18 0.01 1.00 0.30 0.68 0.14 0.21 0.27 0.13 6.42 0.65

0.01 0.17 0.04 0.24 0.65 0.03 0.05 0.50 1.74 0.14 0.01 0.63 0.17 0.43 0.11 0.11 0.21 0.09 5.02 0.50

0.03 0.34 0.08 0.33 0.98 0.04 0.08 0.65 2.21 0.15 0.01 0.64 0.18 0.50 0.11 0.12 0.22 0.10 5.29 0.51

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada Detour Gold Kirkland Lk Gd Endeavour Mng Agrium TMAC Resources MAG Silver Lucara Diam Centerra Gold IAMGOLD Suncor Energy Teck Res Teck Res Potash Corp SK First Quantum Labrador Iron Royal Gold Silver Wheaton HudBay Mnls Altius Mnrls

+ 100.0 + 100.0 + 66.7 + 43.5 + 42.0 + 33.3 + 33.3 + 31.3 + 23.5 + 20.0 - 50.0 - 36.6 - 34.0 - 24.2 - 21.4 - 20.7 - 17.0 - 16.7 - 15.5 - 15.0

VOLUME WEEK (000s) CLOSE CHANGE

FNV DGC KGI EDV AGU TMR MAG LUC CG IMG SU TCK.B TCK.A POT FM LIF RGL SLW HBM ALS

3080 90.59 6230 29.37 5900 11.26 2699 18.00 1867 108.93 83 12.29 1785 17.05 3966 3.78 3254 7.50 18123 4.74 24273 33.84 39140 13.53 9 15.38 12148 20.53 42735 9.31 708 13.35 91 77.33 7423 25.18 10961 5.29 343 10.44

+ 2.49 + 2.46 + 1.69 + 1.11 + 0.81 + 0.77 + 0.77 + 0.58 + 0.56 + 0.47 - 2.99 - 1.83 - 1.77 - 1.67 - 1.38 - 1.35 - 1.14 - 1.11 - 0.97 - 0.78

TSX VENTURE EXCHANGE / MAY 2–6 The S&P/TSX Venture Composite Index edged down 0.2%, or 5.93 points, en route to a 668.94-point close, weakened by falling commodity prices.

Spot gold dropped 0.4%, or US$4.54, to US$1,288.99 per oz. gold compared to the previous trading period, but lifted Friday on expectations that the U.S. Federal Reserve would leave rates on hold in the near-term.

Three-month London Metal Exchange copper contracts dipped US$240 per tonne, or 0.5%, to US$4,792 per tonne, after steel and iron ore prices plunged on worries over China’s economy.

Nevada-focused Gold Standard Ventures was a frontrunner in the value-added category, rising 25¢ to a $1.86-per-share close after staking 19.9% in junior explorer Battle Mountain Gold via a private placement.

Gold Standard bought 10.5 million shares of Battle Mountain at 35¢ per share for a total of $3.7 million, along with another 5.2 million warrants exercisable within two years at 37¢ apiece, pending shareholder approval.

Part of the proceeds will help advance Battle Mountain’s Lewis gold project in the prolific Battle Mountain-Eureka gold trend in Nevada.

The acquisition exposes Gold Standard to

potential Carlin-style gold deposits outside its flagship Railroad-Pinion project in northcentral Nevada.

First Mining Finance saw 11.3 million shares traded before closing up 3¢ at 79¢-pershare on news of a share-purchase agreement to acquire a subsidiary of Chalice Gold Mines, which owns the Cameron gold project in northwestern Ontario.

If approved by shareholders, First Mining will issue Chalice 32.3 million shares valued at $13 million, which gives the explorer an 8.1% stake in the company.

Chalice tabled a resource for the greenstonehosted gold deposit last December, outlining 7.8 million measured and indicated tonnes of 2.26 grams gold per tonne for 569,000 oz. gold, and 14.5 million inferred tonnes of 1.92 TSX-V MOST ACTIVE ISSUES

Macarthur Mnl MMS First Mg Fin FF Graphite One GPH IDM Mining IDM Nrthn Shield NRN Visible Gold M VGD Cascadero Copp CCD Suparna Gold SUG Sunridge Gold SGC Ashburton Vent ABR

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

16686 11286 11100 10269 10225 10025 9787 9592 9218 9128

0.13 0.84 0.18 0.18 0.14 0.07 0.12 0.11 0.37 0.06

0.07 0.70 0.15 0.13 0.07 0.05 0.09 0.06 0.35 0.05

0.12 0.79 0.15 0.17 0.10 0.05 0.10 0.10 0.37 0.06

+ + - + + + + + + +

0.05 0.03 0.01 0.03 0.04 0.01 0.02 0.04 0.03 0.01

grams gold for 894,000 oz. gold, assuming a cut-off of 0.5 gram gold.

NexGen Energy shares gained 23¢ to a $2.48-per-share close after the company reported drill results from the higher-grade A2 sub-zone at its Arrow deposit in Saskatchewan’s Athabasca basin.

Drilling cut mineralization at -65 degrees, returning a non-true thickness of 67.5 me-

tres of 11.3% uranium oxide (U3O8) at 441 metres deep.

Another drill intercept returned 15 metres of 8.3% U3O8 at 466 metres deep, and 119 metres of 2.3% U3O8 from 488 metres deep.

The company plans to update Arrow’s maiden estimate released in March, which outlined 201.9 million lb. U3O8 within 3.5 million inferred tonnes of 2.6% U3O8. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Bullion Gld Res Opawica Expl Arcturus Vents Firestone Vent Crown Mining Tesoro Mnrls Adex Mining Bluestone Res Sutter Gold Rugby Mng Madeira Mrnls Valterra Res Bluenose Gold Uranium Valley Gitennes Expl Morro Bay Mustang Mnrls Shoshoni Gold Zincore Mtls ExGen Res Inc

BGD OPW AZN FV CWM TES ADE BSR SGM RUG MDE.H VQA BN.H VZZ.H GIT MRB MUM SHJ ZNC.H EXG

682 362 6 5144 731 576 1920 62 284 579 505 699 55 84 662 346 2282 470 38 569

0.08 0.15 0.02 0.04 0.20 0.06 0.02 0.15 0.16 0.20 0.02 0.02 0.03 0.13 0.01 0.02 0.01 0.01 0.01 0.01

0.00 0.05 0.00 0.01 0.06 0.03 0.01 0.00 0.06 0.00 0.00 0.01 0.01 0.06 0.01 0.01 0.01 0.01 0.01 0.01

0.08 0.09 0.02 0.04 0.18 0.06 0.02 0.15 0.13 0.19 0.02 0.01 0.01 0.06 0.01 0.01 0.01 0.01 0.01 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 700.0 + 350.0 + 300.0 + 250.0 + 227.3 + 200.0 + 200.0 + 172.7 + 127.3 + 123.5 - 91.3 - 66.7 - 60.0 - 57.7 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

VOLUME WEEK (000s) CLOSE CHANGE

Pac Booker Min BKM Gold Std Vents GSV Nexgen Energy NXE Novo Res NVO Nevada Expl NGE Gldn Predator GPY Amarillo Gold AGC Barsele Min BME Bellhaven Cp&G BHV Crown Mining CWM Reservoir Mnls RMC Chesapeake Gld CKG Madeira Mrnls MDE.H AM Gold AMG Avino Silver ASM Abitibi Royalt RZZ Bear Creek Mng BCM Cordoba Mnls CDB Lowell Copper JDL Atacama Pac Gd ATM

84 0.96 + 0.26 2625 1.86 + 0.25 5770 2.48 + 0.23 367 1.05 + 0.20 2087 0.58 + 0.18 1293 0.38 + 0.17 997 0.40 + 0.16 633 0.46 + 0.16 185 0.38 + 0.15 731 0.18 + 0.13 978 8.50 - 0.70 163 3.41 - 0.44 505 0.02 - 0.21 76 0.27 - 0.17 619 1.72 - 0.16 29 4.13 - 0.14 1302 2.22 - 0.13 482 0.75 - 0.12 19 0.15 - 0.11 150 0.29 - 0.11

U.S. MARKETS / MAY 2–6 U.S. indexes continued in negative territory amid lower oil prices and a weak jobs report.

The Dow Jones Industrial Average slipped nearly 0.2% to 17,740.63, while the S&P 500 Index dipped 0.4% to 2,057.14, both marking their second straight week of losses. The Nasdaq Composite retreated 0.8% to 4,736.16 — its third weekly loss in a row. Spot gold fell US$4.70 per oz. to US$1,287.70. The June contract for crude oil settled at US$45.37 per barrel, down 2.7%. The U.S. economy created 160,000 jobs in April, below the 200,000 economists had expected. The jobless rate remained unchanged at 5%.

Iamgold rose 7.6% to US$3.66 per share on better-than-expected first-quarter results.

Net earnings from continuing operations were US$53.1 million, or US13¢ per share, compared to a US4¢-per-share loss in the same period last year. The increase followed a gain on selling gold bullion, as well as lower derivative losses and lower cost of sales.

After removing one-time items, Iamgold’s adjusted loss was US2¢ per share, compared to a US8¢-per-share adjusted loss a year ago.

While quarterly production fell 8% to 191,000 oz., all-in sustaining costs improved 3% to

6_MAY16_MarketNews.indd 6

US$1,084 per oz., due to lower cash costs.

Net cash from operating activities rose 90% year-over-year to US$51.4 million. Iamgold exited March with US$658.1 in cash, equivalents and restricted cash, up US$110.1 million from Dec. 31, 2015.

Intrepid Potash plunged 20.3% to US$1.02 per share before releasing its first-quarter results on May 9. Its adjusted net loss was US22¢, down from an adjusted profit of US9¢, in the first quarter of 2015. Given the decline in potash prices and oversupply in the U.S. market, the company aims to lower its overall production and costs. It will place U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 254976 14.04 11.08 11.79 Vale* VALE 211531 5.75 4.57 4.78 Alcoa* AA 119461 11.26 9.94 10.04 Barrick Gold* ABX 111874 19.50 17.32 18.47 Kinross Gold* KGC 103770 5.82 5.03 5.59 Yamana Gold* AUY 92048 5.13 4.08 4.70 United States S* X 87785 20.43 18.22 18.89 Vale* VALE.P 75451 4.51 3.63 3.83 Teck Res* TCK 65605 12.51 10.10 10.46 Hecla Mining* HL 65216 4.36 3.84 4.29

- 2.21 - 0.89 - 1.13 - 0.90 - 0.11 - 0.25 - 0.22 - 0.71 - 1.79 - 0.02

the West facility in New Mexico on care and maintenance in July, putting the jobs of 300 employees at risk. The West facility churned out 42% of the company’s potash in 2015. Intrepid has reached an agreement with lenders to extend its credit facility to the end of July.

Potash majors Mosaic and Potash Corp. of Saskatchewan lost value. Mosaic fell US$2 to US$25.99 per share, after posting US14¢ in adjusted earnings per share, down from US70¢ per share a year ago. PotashCorp shares lost US$1.83 to close at US$15.89. TNM

U.S. GREATEST PERCENTAGE CHANGE

IAMGOLD* MartinMarietta* Black Hills* Natural Res Pt* Fortuna Silvr* Harmony Gold* Franco-Nevada* TECO Enrgy* Chevron* Hecla Mining* Intrepid Pots* HudBay Mnls* Stillwater Mg* Freeport McMo* Vale* Vale* Teck Res* Suncor Energy* Potash Corp SK* Alcoa*

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

IAG 42122 3.71 3.10 3.66 + 7.6 MLM 6564 178.42 165.27 177.91 + 5.1 BKH 2564 62.26 59.56 61.27 + 1.1 NRP 252 13.65 11.10 13.02 + 1.0 FSM 4409 6.54 5.70 6.47 + 0.8 HMY 22706 3.74 3.12 3.68 + 0.5 FNV 4524 71.24 64.00 70.24 + 0.1 TE 14910 27.79 27.71 27.74 - 0.1 CVX 33755 103.85 100.39 101.86 - 0.3 HL 65216 4.36 3.84 4.29 - 0.5 IPI 5557 1.31 0.98 1.02 - 20.3 HBM 1507 5.13 3.90 4.09 - 18.0 SWC 9246 12.46 10.00 10.23 - 16.1 FCX 254976 14.04 11.08 11.79 - 15.8 VALE 211531 5.75 4.57 4.78 - 15.7 VALE.P 75451 4.51 3.63 3.83 - 15.6 TCK 65605 12.51 10.10 10.46 - 14.6 SU 34808 29.34 25.40 26.25 - 10.6 POT 43327 17.81 15.82 15.89 - 10.3 AA 119461 11.26 9.94 10.04 - 10.1

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Black Hills* BKH IAMGOLD* IAG Natural Res Pt* NRP Franco-Nevada* FNV Fortuna Silvr* FSM Harmony Gold* HMY Hecla Mining* HL TECO Enrgy* TE Pretium Res* PVG Suncor Energy* SU Rio Tinto* RIO Freeport McMo* FCX Mosaic* MOS Stillwater Mg* SWC NACCO Ind* NC Potash Corp SK* POT Teck Res* TCK Agrium* AGU Silver Wheaton* SLW

VOLUME WEEK (000s) CLOSE CHANGE

6564 177.91 2564 61.27 42122 3.66 252 13.02 4524 70.24 4409 6.47 22706 3.68 65216 4.29 14910 27.74 8346 8.17 34808 26.25 24162 30.90 254976 11.79 27089 25.99 9246 10.23 96 57.63 43327 15.89 65605 10.46 6618 84.40 37634 19.50

+ 8.68 + 0.68 + 0.26 + 0.13 + 0.08 + 0.05 + 0.02 - 0.02 - 0.03 - 0.06 - 3.12 - 2.76 - 2.21 - 2.00 - 1.97 - 1.89 - 1.83 - 1.79 - 1.72 - 1.45

2016-05-10 7:43 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / MAY 16–22, 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 10, 2016 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.)

Change $1264.85 -31.65 $17.04 -0.45 $1070.00 +10.00 $598.00 -26.00

Price (US$/tonne) Change $8695.00 +95.00 $4685.50 -0.50 $1749.00 +18.50 $1845.00 +10.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, May 9, 2016 (change from May 3, 2016 in brackets): Aluminium Alloy 16380 (-460) Aluminium 2612625 (-26450) Copper 159600 (+4925) Lead 173775 (-550) Nickel 414690 (-2814) Tin 5875 (+185) Zinc 394300 (-7500)

TSX SHORT POSITIONS

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$43.50 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 Futures June 2016: US$43.63 July 2016: US$44.78 Cobalt: US$10.89/lb.

Copper: US$2.15/lb.

Copper: CME Group Futures June 2016: US$2.01/lb.; July 2016: US$2.10/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$55.60/tonne Iron Ore Fines: US$56.46/tonne Iron Ore Pellets: US$72.89/tonne Lead: US$0.79/lb.

Magnesium: US$2.03/kg Manganese: US$2.01/kg Molybdenum Oxide: US$6.69/lb.

Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$715.00/tr. oz.

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

Silver: Handy & Harman Base: US$17.03 per oz.; Handy & Harman Fabricated: US$21.29 per oz.

Tantalite Ore: US$191.35/kg Tin: US$7.90/lb.

Uranium: U3O8, Trade Tech spot price: US$27.60; The UX Consulting Company spot price: US$27.50/lb.

Zinc: US$0.84/lb.

Prices current May 10, 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

NORTH AMERICAN STOCK EXCHANGE INDICES 52-week

Index May 6 May 5 May 4 May 3 May 2 High Low S&P/TSX Composite 13701.47 13632.01 13632.00 13707.68 13865.63 15527.30 12400.15 S&P/TSXV Composite 668.94 657.13 653.37 662.37 671.23 1050.26 883.52 S&P/TSX 60 799.03 795.84 796.95 801.69 810.21 896.74 709.99 S&P/TSX Global Gold 228.61 219.12 213.07 221.22 224.58 218.90 149.29 S&P/TSX Metals & Mining 530.02 515.73 523.76 551.69 582.67 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS MAY 2–6, 2016 359 NEW HIGHS

Short positions outstanding as of May 06, 2016 (with changes from Apr 01, 2016) Largest short positions First Mg Fin FF 1214900 -500319 Nexgen Energy NXE 1140200 823700 Gold Reserve GRZ 875300 -216900 Santacruz Silv SCZ 361500 337900 Roxgold ROG 263781 239100 ATAC Res ATC 224085 185066 Golden Dawn Ml GOM 221500 -43500 IMPACT Silver IPT 140010 55872 Critical Elem CRE 130400 129900 Tango Mining TGV 127100 127000 Rogue Res RRS 123500 118200 Intact Gold ITG 75500 15500 Intact Gold ITG 75500 45500 Orca Gold ORG 50000 47000 Reservoir Mnls RMC 39200 -1200 Largest increase in short position NXE 1140200 823700 Nexgen Energy Santacruz Silv SCZ 361500 337900 Roxgold ROG 263781 239100 ATAC Res ATC 224085 185066 Critical Elem CRE 130400 129900 Largest decrease in short position FF 1214900 -500319 First Mg Fin Gold Reserve GRZ 875300 -216900 Kaminak Gold KAM 3765 -66935 Golden Dawn Ml GOM 221500 -43500 Aurcana Corp AUN 1200 -23700

DAILY METAL PRICES Daily Metal Prices Date May 9 May 6 May 5 May 4 May 3 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1540/1570 1540/1570 1540/1570 1535/1570 1535/1570 Aluminum 1556/1574 1598/1614 1601/1616 1610/1629.50 1628.50/1648 Copper 4739/4725 4809.50/4792 4825/4796 4890/4880 4955/4952 1736/1736 1741/1735 1744/1738 1765/1761 1776/1778 Lead Nickel 8720/8760 8950/9010 9280/9300 9385/9460 9550/9565 Tin 17415/17325 17375/17300 17415/17325 17340/17275 17305/17275 1859/1863 1864.50/1870 1860/1865 1874.50/1880 1892/1899 Zinc

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

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of May 06, 2016 (with changes from Apr 01, 2016) Largest short positions Kinross Gold K 46272576 -1060737 Lundin Mng LUN 44374756 578515 Potash Corp SK POT 33956511 2414115 First Quantum FM 31242733 -248824 B2Gold BTO 22459143 -56968 New Gold NGD 20895530 4361557 Eldorado Gold ELD 18688708 -325021 Teck Res TCK.B 14866885 160247 Barrick Gold ABX 11457914 -2251840 Suncor Energy SU 11352801 -791990 IAMGOLD IMG 11232541 506341 Detour Gold DGC 9492388 186183 Goldcorp G 8591856 343856 Thompson Creek TCM 8418362 -17400 Silver Std Res SSO 8069535 1734142 Largest increase in short position New Gold NGD 20895530 4361557 Semafo SMF 4152055 3425705 Potash Corp SK POT 33956511 2414115 Silver Std Res SSO 8069535 1734142 Lithium Amer LAC 1721200 952000 Largest decrease in short position SLW 4706497 -2479449 Silver Wheaton Barrick Gold ABX 11457914 -2251840 Nautilus Mnrls NUS 770 -2005555 Alacer Gold ASR 5774044 -1903625 NovaGold Res NG 4370247 -1387883

TSX VENTURE WARRANTS

Abcourt Mines Abcourt Mines* Aben Res Aben Res* Aberdeen Intl Aberdeen Intl* Afrasia Mnls African Gold Agave Silver Agave Silver* Agnico Eagle Agnico Eagle* Aguila Amer Gd Alacer Gold Alamos Gold Alexandria Min Alexco Res* Altair Gold Altiplano Mnls ALX Uranium* Am Creek Res AM Gold* Amarillo Gold American Lith* Americas Silvr Americas Silvr* AngloGold Ash* Arcturus Vents* Asanko Gold Asanko Gold* Asante Gold AsiaBaseMetals Aston Bay Aurvista Gold Azteca Gold* B2Gold B2Gold* Barrick Gold Barrick Gold* Barsele Min Barsele Min* Battle Mtn Gld Bayhorse Silvr Bayhorse Silvr* Bell Copper Belo Sun Mng Black Hills* Blue Rvr Res Bluestone Res Brazil Res Brixton Mtls* Brunswick Res Bullfrog Gold* Bullion Gld Res Caledonia Mng Caledonia Mng* Canada Coal Cantex Mn Dev Carpathian Gld Cascadero Copp Centamin Centenera Mng Cerro Grande Cerro Grande*

Chalice Gold M Chesapeake Gld Chesapeake Gld* Chilean Metals* China Gold Int CMC Metals* Coeur Mng* Colibri Res Colibri Res* Colombia Crest Colonial Coal Colorado Res* Columbus Gold Columbus Gold* Commander Res Condor Res Contact Mnrls* Coral Gold Corex Gold Coro Mining Crown Mining Crystal Pk Min Darnley Bay Decade Res Defiance Silvr Defiance Silvr* Detour Gold Dolly Vard Sil Dolly Vard Sil* DRDGOLD* Dundee Prec Mt Eagle Plains EastCoal Inc Eastmain Res Ecuador Gold* Edgewater Expl Eloro Mnrls* Emerita Res Emgold Mng* Endeavour Mng Endeavour Mng* Erdene Res Dev Erdene Res Dev* Ethos Gold Ethos Gold* Eurasian Mnls Eurasian Mnls* Evolving Gold Evrim Res Excalibur Res Excalibur Res* Excellon Res* Explorex Res Far Res Firebird Res Firestone Vent First Majestic First Majestic* First Mg Fin First Mg Fin * Fortuna Silvr Fortuna Silvr* Fortune Mnrls Franco-Nevada Freegold Vent

Galway Mtls Genesis Mtls* Geologix Expl* GFK Res Gldn Predator Gldn Predator* Gold Bulln Dev* Gold Fields* Gold Mtn Mng Gold Std Vents Gold Std Vents* Goldbank Mng* Goldcliff Res Goldcorp Goldcorp* Golden Arrow Golden Goliath Golden Goliath* Golden Secret Golden Tag Goldex Res Gowest Gold Gowest Gold* Grande Portage Graphite One Graphite One* Gunpoint Expl Guyana Gldflds Hard Creek Ni* Hecla Mining* Helio Res Homestake Res* IAMGOLD IAMGOLD* Iconic Mnls IDM Mining IDM Mining* Independence G* Inspiration Mg Integra Gold* Intl Bethl Mng INV Metals* Inventus Mg Irving Res* Jasper Mng Jasper Mng* Jayden Res* Kesselrun Res Kings Bay Gold Kinross Gold Kinross Gold* Kirkland Lk Gd Kirkland Lk Gd* Kiska Metals* Klondex Mns Klondike Silv Klondike Silv* Lexam VG Gold Lexam VG Gold* Lion One Mtls* Logan Res* Loncor Res Lucara Diam Lund Enterpr Macarthur Mnl*

MAG Silver MAG Silver* Maritime Res Matamec Expl Matamec Expl* Maxwell Res* McEwen Mng Melkior Res Merrex Gold Merrex Gold* Metallis Res Metalo Manuf Minco Silver Minco Silver* Minecorp Egy Minecorp Egy * Mineral Mtn Monarques Res Monarques Res* Mountain Boy Mountain Boy* New Carolin Gd New Carolin Gd* New Colombia* New Dimen Res New Dimen Res* New Gold New Gold* New Nadina New Nadina* New Pac Metals* Newmarket Gold Newmarket Gold* Newmont Mng* Noble Mnl Expl Nord Res* NovaCopper NovaCopper* NovaGold Res NovaGold Res* Novo Res Novo Res* Nrthn Freegold Nrthn Freegold* Nrthn Shield Nrthn Vertex* NSGold OceanaGold* Oceanic Iron O* Odin Mng & Exp Odin Mng & Exp* Olivut Res Olivut Res* Opawica Expl Orca Gold* Oremex Silver* Orestone Mng Orex Expl Orocobre Orosur Mng Pan Am Silver Pan Am Silver* Pangolin Dia Perseus Mng Potash Ridge

Potash Ridge* Precipitate Gl Premium Expl* Pretium Res Pretium Res* Prism Res Probe Metals* Prospero Silvr Pure Gold Mg Pure Gold Mg* QMX Gold QMX Gold* Randgold Res* Red Eagle Mng Red Eagle Mng* Red Tiger Mng Resource Cap Resource Cap* Richmont Mines Richmont Mines* Rockex Mng Rockland Mnls Romios Gold Rs* Roxgold* Royal Nickel Royal Nickel* Royal Sapphire RT Minerals Rugby Mng Rupert Res Rye Patch Gold Rye Patch Gold* Sabina Gd&Slvr Sabina Gd&Slvr* San Marco Res San Marco Res* Sandstorm Gold Sandstorm Gold* Sarama Res Secova Mtls Semafo Serengeti Res Silver Bear Rs Silver Pursuit Silver Pursuit* Silver Range Silver Spruce* Silver Wheaton Silver Wheaton* Silverore Mns* Sky Ridge Sky Ridge* Sonora Gld & S Southern Silvr Southern Silvr* Spanish Mtn Gd Spanish Mtn Gd* Starcore Intl Sterling Grp* Strategic Metl Strikepoint Gd Sunridge Gold Sunridge Gold* Suparna Gold Sutter Gold

Sutter Gold* Syrah Res* Tanager Energy Tanzania Rlty Tanzania Rlty* Tartisan Res Teranga Gold Teras Res Teras Res* Tesoro Mnrls Thompson Creek* Torex Gold Torex Gold* Tres-Or Res Tri Origin Exp TriMetals Mng TriMetals Mng* TVI Pacific TVI Pacific* Unigold Unigold* Uracan Res Uracan Res* Verde Potash Victory Vent Wallbridge Mng West Red Lake* Western Troy C Worldwide Res* Ximen Mng Ximen Mng* Yamana Gold Yamana Gold* Zadar Vent Zadar Vent *

25 NEW LOWS Asante Gold* Barisan Gold* BHK Mining Discovery Vent* First Colombia* Galena Intl Rs Goldbelt Emp Golden Band* Interconnect Intigold Mines* Komet Resource Lithium Amer* Minsud Res Napier Vent New Jersey Mng* Nomad Ventures Rainmaker Res* Rhyolite Res Rise Res Inc Santa Fe Gold* Savary Gold* Sego Res Sunvest Mnrls Tungsten Corp* Zadar Vent *

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

Gold AM 1277.75 1280.25 1275.75 1280.30 1296.50 1265.25 1289.00 1280.25 1283.00 1294.00 Gold PM Silver 17.33 17.31 17.38 17.18 17.49 Platinum 1053.00 1072.00 1064.00 1061.00 1081.00 591.00 604.00 607.00 601.00 617.00 Palladium

EXCHANGE RATES Date May 6 May 5 US$ in C$ 1.2909 1.2854 C$ in S$ 0.7746 0.7780

May 4 May 3 1.2871 1.2725 0.7769 0.7859

May 2 1.2529 0.7981

Exchange rates (Quote Media, May 6, 2016) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0516 0.6794 82.9710 13.8478 11.5010 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5369 5.0359 51.5920 0.7533 904.9416 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3572 0.8767 107.1050 17.8767 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.6930 6.5002 66.6015 0.9726 1169.3400 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.$

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

Fund May 6 ($) Apr 29 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 24.36 24.38 -0.02 -0.08 27.19 2.80 153.41 BMO Prec Mtls Fd A 19.82 19.77 0.05 0.26 30.56 2.40 58.47 11.59 11.42 0.17 1.49 37.50 0.63 93.73 BMO ZGD BMO ZJG 9.04 8.83 0.20 2.29 34.19 0.60 51.06 12.69 12.80 -0.11 -0.85 26.75 2.62 53.11 CIBC Prec Metal Fd A Dyn Prec Metls Fd A 7.05 6.90 0.15 2.17 36.12 2.66 309.62 Horizons HEP 29.79 0.27 0.94 35.77 0.80 IGMacGloPrecMetCl A 9.33 9.28 0.06 0.64 40.92 2.75 71.65 iShares XGD 14.29 14.29 0.00 -0.02 40.84 0.61 591.57 Mac Prec Met Cl A 52.03 51.69 0.34 0.66 41.74 2.51 108.57 13.91 13.97 -0.06 -0.43 35.27 2.46 33.72 NB Prec Met Fd Inv RBC GblPreMetFd A 33.57 33.40 0.17 0.50 32.85 2.13 333.75 Sentry Pre Met Fd A 43.93 42.91 1.02 2.37 33.58 2.92 215.18 Sprott Gold&PrMinFdA 39.50 1.03 2.76 29.46 3.15 190.23 6.30 -0.09 -1.46 33.90 3.21 39.35 Sprott SilverEquCl A TD PreciousMetals-I 41.76 41.25 0.51 1.24 33.67 2.26 129.10

GLOBAL MINING NEWS · SINCE 1915

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

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Sirios rethinks Cheechoo, wins Goldcorp's interest QUEBEC GOLD

| Sirios shares up 305% this year on Cheechoo assays

|

New frontiers in mining finance

E

xplorer Sirios Resources (TSXV: SOI; USOTC: SIREF) has been toiling away for years in relative obscurity at its flagship Cheechoo gold project, 320 km north of Matagami, Que., but is gaining new prominence on the release of gold-rich drill intercepts and a subsequent influx of cash from Goldcorp (TSX: G; NSYE: GG).

The Cheechoo property covers 145 claims over 75 sq. km and sits next to Goldcorp's Éléonore gold mine, which hit commercial production in mid-2015.

Sirios president and CEO Dominique Doucet recounts during an interview that progress at Cheechoo had slowed during the last market downturn, with the company struggling to finish a modest 5,000-metre drill program due to a lack of capital.

“The timing has been good on the release of our drill results, which are exciting,” Doucet says. “There has been a change in the mood for investment in the gold sector. Since around early March the feeling has improved, but I wouldn’t say it’s become bullish.

Careful investors and funds are definitely looking for under-valued deals.”

The state of mining finance in 2016 PANEL DISCUSSION

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

BY JOHN CUMMING jcumming@northernminer.com

During the Prospectors & Developers Association of Canada convention in Toronto in March, PearTree Securities sponsored a panel discussion moderated by Anthony Vaccaro, publisher of The Northern Miner, to tackle the issue of alternative financing in the mining sector, including royalties, streaming, private equity and flow-through financing. Panel members were David Harquail, president and CEO of Franco Nevada (TSX: FNV; NYSE: FNV); Stephen de Jong, president and CEO of Integra Gold (TSXV: ICG); Trent Mell, president and head of mining at PearTree Securities; and Dan Wilton, director at Pacific Road Capital. The following is an edited transcript.

Contact: moliveira@northernminer.com or 416-510-6768 “WE’RE SEEING A CHANGE IN THE PATTERN OF TRADING FOR EXPLORATION COMPANIES. THERE’S BEEN A MOVEMENT AMONG JUNIORS THAT IS VERY POSITIVE.” DOMINIQUE DOUCET PRESIDENT AND CEO, SIRIOS RESOURCES

7_MAY16_MMMM.indd 7

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

During initial drilling of a lower-grade gold zone within a large, granitic intrusive, Sirios found hints of higher-grade material related to certain structures. The tonalite that hosts gold mineralization at Cheechoo is silicified and albite-rich, with moderate-to-strong parallel quartz veining.

But the story changed late last year when the company studied these potentially high-grade structural trends and their rock types.

Doucet says the Sirios team suspected they were probably drilling in the wrong direction, and so in the late-2015 program they changed the orientation and targeted the suspected northeast- and southwest-

Sirios Resources president and CEO Dominique Doucet (far left) examines a core sample during a site visit to the Cheechoo gold project, 320 km north of Matagami, Quebec, in 2014. SIRIOS RESOURCES

biotite schist with 1–3% of pyrrhotite and arsenopyrite disseminated over a 36-metre unit, and five specks of visible gold were found within the schist and pegmatite.

The results offered a promising structural target, and potential Éléonore analog, but assays in March were particularly strong, with hole 52 cutting 20.3 metres of 12.08 grams gold per tonne from 120 metres deep.

“Those are our most promising results to date, and there was a lot of visible gold,” Doucet says, noting that Sirios had been targeting the northeast- and southwest-trending structure starting within the metasediments and hitting gold mineralization at the contact with tonalite.

“We rushed the assay and also wanted to photograph the rocks out there, because it demonstrates that we have gold in both lithologies. It gives our geologists a new message, because normally gold deposits in granitic intrusives would be pretty lowgrade and large tonnage. When you get gold in the adjacent metasediments, it indicates a world where you can have a high-grade deposit,” he says.

Sirios also drilled 10 wildcat holes 1 km northwest of Cheechoo’s mineralized halo, and cut three more intersects with

we’re finding targets that warrant follow-up.”

Sirios’ latest exploration results have attracted Goldcrop, which partially exercised its right to acquire up to 19.9% in the junior during a private placement, wherein it picked up 6.7 million units for $1.4 million. Overall Sirios has raised $5.5 million by issuing 17.5 million hard units at 20¢ and 6.7 million flow-through shares at 30¢. Each unit has one share and one half-warrant exercisable at 28¢ for 12 months.

Sirios plans to have structural geologists out in the field by the end of May to follow up on discoveries and devise a drill program that could total 10,000 metres. Sirios will likely split its attention between the wildcat area and precision follow-up around hole 52, and look at what it calls a “promising” goldin-till anomaly along the western Éléonore project boundary.

“We don’t have a technical mixed team with Goldcorp at the moment, and it’s mainly other people that have pointed out similarities to Éléonore after seeing pictures of our core,” Ducet says.

“I can’t say today that it’s a similar situation, but we have started to see gold in the metasediments and some similarities with the biotite schist. It’s not that important to me,

See PANEL / 2 PM40069240

2016-05-10 7:34 PM

8

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MAY 16–22, 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 2–6, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1644 0.09 0.07 0.08 - 0.01 0.13 0.03 Abcourt Mines V 418 0.11 0.10 0.10 - 0.01 0.11 0.03 O 79 0.09 0.08 0.08 + 0.01 0.09 0.02 Abcourt Mines* Aben Res* O 62 0.11 0.07 0.09 - 0.00 100.52 0.03 0.10 - 0.02 0.24 0.06 Aben Res V 351 0.14 0.09 Aberdeen Intl* O 1176 0.16 0.13 0.14 + 0.00 0.16 0.07 0.17 - 0.01 0.24 0.10 Aberdeen Intl T 15392 0.24 0.17 Abitibi Royalt V 29 4.25 3.85 4.13 - 0.14 4.27 1.53 0.72 + 0.02 1.38 0.05 ABT Holdings* O 5 0.75 0.68 Active Growth V 302 0.10 0.05 0.08 - 0.02 0.10 0.02 Adamera Mnls V 174 0.03 0.03 0.03 + 0.01 0.04 0.01 Adex Mining V 1920 0.02 0.01 0.02 + 0.01 0.02 0.01 0.13 - 0.01 0.16 0.08 Adriana Res V 261 0.14 0.12 Adventure Gold V 691 0.35 0.31 0.33 - 0.02 0.35 0.06 0.09 + 0.01 0.10 0.03 African Gold V 5147 0.10 0.08 African Queen V 295 0.03 0.03 0.03 + 0.01 0.03 0.01 Agave Silver* O 189 0.05 0.00 0.04 + 0.02 0.05 0.01 Agave Silver V 318 0.07 0.05 0.07 + 0.02 0.06 0.01 46.04 - 1.17 47.74 21.00 Agnico Eagle* N 17235 47.74 43.55 Agnico Eagle T 4824 60.59 56.01 59.49 + 0.18 59.85 27.63 AgriMinco* O 5 0.04 0.00 0.01 - 0.03 0.05 0.00 Agrium* N 6618 87.12 83.15 84.40 - 1.72 110.21 79.94 T 1867 111.76 107.01 108.93 + 0.81 139.99 Agrium 104.70 Aguila Amer Gd V 569 0.12 0.09 0.10 + 0.01 0.12 0.03 Aida Minerals 5 0.15 0.08 0.15 + 0.07 0.23 0.08 O 132 0.15 0.12 0.12 - 0.02 0.25 0.08 Alabama Graph* Alabama Graph V 2139 0.18 0.14 0.17 - 0.01 0.31 0.11 Alacer Gold T 6173 3.57 3.05 3.44 + 0.04 3.49 2.08 Alamos Gold T 5237 9.24 8.06 9.01 - 0.04 9.24 3.27 13437 7.36 6.27 6.98 - 0.22 7.54 2.27 Alamos Gold* N Alaska Pac Egy* O 5 0.12 0.00 0.05 - 0.08 0.20 0.00 Alberta Star* O 38 0.18 0.17 0.18 - 0.01 0.20 0.12 Alchemist Mng 170 0.07 0.07 0.07 + 0.03 0.08 0.01 N 119461 11.26 9.94 10.04 - 1.13 13.89 6.14 Alcoa* Alderon Iron* O 35 0.12 0.10 0.10 - 0.02 0.27 0.05 0.14 - 0.01 0.30 0.07 Alderon Iron T 313 0.15 0.13 Aldershot Res V 359 0.04 0.03 0.03 + 0.01 0.04 0.01 Aldever Res* O 76 0.10 0.08 0.08 - 0.01 0.20 0.08 0.12 - 0.01 0.32 0.09 Aldever Res V 888 0.14 0.12 Aldrin Res V 294 0.11 0.10 0.11 + 0.01 0.19 0.08 V 673 0.08 0.05 0.05 - 0.01 0.20 0.04 Alexander Nubi Alexander Nubi* O 65 0.04 0.04 0.04 - 0.00 0.11 0.03 V 5097 0.07 0.05 0.06 + 0.01 0.06 0.02 Alexandria Min Alexandria Min* O 1321 0.05 0.04 0.04 - 0.00 0.05 0.01 Alexco Res* X 2757 1.31 1.10 1.23 - 0.03 1.31 0.22 0.21 + 0.02 0.30 0.07 Algold Res V 418 0.23 0.20 Alianza Min* O 28 0.15 0.13 0.15 - 0.00 0.24 0.07 Alianza Min V 17 0.19 0.17 0.19 + 0.02 0.30 0.10 V 990 0.09 0.08 0.08 + 0.01 0.10 0.04 Alix Res Alix Res* O 40 0.07 0.07 0.07 - 0.00 0.07 0.03 0.03 + 0.01 0.03 0.01 Alliance Mng V 1674 0.03 0.01 Alliance Res* D 1662 16.09 14.45 15.49 - 0.16 32.76 9.95 Alloycorp Mng V 257 0.07 0.06 0.07 + 0.01 0.55 0.05 1.46 + 0.07 1.80 0.65 Almaden Mnls T 256 1.52 1.30 Almaden Mnls* X 2355 1.17 1.00 1.13 - 0.01 1.42 0.48 Almadex Min V 337 0.40 0.34 0.40 + 0.02 0.40 0.13 0.29 - 0.03 0.86 0.21 Almonty Ind V 875 0.32 0.25 Alpha Nat Res* O 3021 0.02 0.02 0.02 - 0.00 0.82 0.01 0.24 + 0.04 0.24 0.11 Alphamin Res V 298 0.24 0.20 Alta Vista Vnt 128 0.05 0.05 0.05 + 0.01 0.25 0.01 Altai Res V 364 0.08 0.08 0.08 + 0.01 0.09 0.05 0.57 + 0.03 0.60 0.06 Altair Gold V 104 0.58 0.44 Alternative ER* O 22 0.05 0.03 0.05 + 0.01 0.06 0.02 0.13 + 0.02 0.19 0.04 Altiplano Mnls V 93 0.13 0.08 Altius Mnrls T 343 11.24 9.95 10.44 - 0.78 15.47 7.39 0.06 - 0.01 0.08 0.02 Alto Vent V 57 0.07 0.06 Alumina Inc* O 56 4.73 4.00 4.07 - 0.40 5.61 2.70 ALX Uranium* O 65 0.10 0.09 0.09 + 0.00 0.10 0.03 ALX Uranium V 1349 0.11 0.10 0.11 - 0.01 0.15 0.06 96 0.08 0.07 0.07 - 0.01 0.12 0.04 Am CuMo Mng* O AM Gold V 76 0.41 0.25 0.27 - 0.17 0.45 0.07 AM Gold* O 1 0.29 0.29 0.29 + 0.06 0.29 0.07 Am Manganese V 200 0.02 0.02 0.02 - 0.01 0.05 0.01 O 100 0.01 0.01 0.01 - 0.00 0.04 0.01 Am Manganese* Amador Gold V 1752 0.02 0.01 0.01 - 0.01 0.02 0.01 0.06 - 0.00 0.12 0.02 Amarc Res* O 250 0.06 0.05 Amarc Res V 1091 0.07 0.06 0.07 + 0.01 0.15 0.04 0.40 + 0.16 0.31 0.04 Amarillo Gold V 997 0.41 0.21 Amazing OG* O 46 0.43 0.38 0.38 - 0.04 1.30 0.29 American Lith* O 77 0.95 0.00 0.89 - 0.04 0.95 0.19 1.13 - 0.02 1.20 0.05 American Lith V 665 1.20 1.04 American Pot 17 0.08 0.00 0.08 - 0.02 0.70 0.03 0.06 + 0.00 0.47 0.03 American Pot* O 1 0.06 0.06 Americas Petro V 954 0.26 0.24 0.25 - 0.01 0.33 0.15 Americas Silvr T 7841 0.40 0.34 0.37 - 0.01 0.40 0.09 O 1438 0.32 0.26 0.29 - 0.02 0.32 0.04 Americas Silvr* Amerigo Res T 1254 0.19 0.14 0.15 - 0.01 0.45 0.10 Amerigo Res* O 63 0.14 0.12 0.12 - 0.01 0.36 0.07 0.07 + 0.01 0.08 0.02 Amex Expl V 392 0.08 0.00 Anaconda Mng* O 100 0.05 0.04 0.04 - 0.00 0.06 0.02 Anconia Res V 158 0.07 0.07 0.07 + 0.01 0.08 0.01 Andes Gold* O 93 0.01 0.01 0.01 - 0.00 1.00 0.00 Anfield Nickel V 263 0.99 0.89 0.89 - 0.05 1.06 0.52 Angel Gold V 152 0.09 0.07 0.09 + 0.02 0.09 0.01 Angel Gold* O 31 0.06 0.00 0.06 + 0.01 0.07 0.01 Angkor Gold V 20 0.47 0.44 0.45 + 0.02 0.64 0.38 Anglo American* O 4 11.04 9.56 9.67 - 1.65 17.80 3.13 Anglo American* O 837 5.62 4.47 4.65 - 0.91 5.76 1.57 AngloGold Ash* O 1 15.67 15.21 15.67 + 0.46 15.67 6.45 AngloGold Ash* N 20931 16.63 14.85 16.37 - 0.08 16.63 5.64 Anthem United V 45 0.21 0.16 0.20 - 0.01 0.46 0.14 Antioquia Gold V 92 0.10 0.09 0.10 - 0.01 0.11 0.02 O 15 0.26 0.26 0.26 + 0.00 0.45 0.08 Apogee Silver* AQM Copper V 65 0.09 0.00 0.08 - 0.02 0.15 0.03 Aquila Res* O 235 0.17 0.14 0.14 - 0.01 0.19 0.09 Aquila Res T 280 0.22 0.18 0.19 - 0.01 0.24 0.12 Arak Res V 44 0.05 0.00 0.05 + 0.01 0.09 0.02 O 1315 0.49 0.31 0.40 + 0.07 10.35 0.11 Arch Coal* Arcturus Vents V 6 0.02 0.00 0.02 + 0.02 0.02 0.01 Arcus Dev Grp V 229 0.04 0.03 0.04 + 0.01 0.05 0.01 Arena Mnls V 379 0.31 0.28 0.31 + 0.01 0.34 0.15 Argentex Mng* O 208 0.08 0.05 0.06 - 0.01 0.10 0.01 Argentex Mng V 247 0.10 0.08 0.09 - 0.01 0.13 0.02 Argentum Silvr V 282 0.07 0.06 0.07 - 0.01 0.12 0.02 Argex Titanium T 756 0.04 0.03 0.04 + 0.01 0.43 0.02 2.78 - 0.16 3.14 0.78 Argonaut Gold T 9385 3.03 2.45 Argonaut Gold* O 446 2.44 1.88 2.18 - 0.20 2.46 0.53 Argus Metals V 71 0.09 0.07 0.08 + 0.01 0.11 0.02 Arian Res* O 60 0.00 0.00 0.00 - 0.01 0.03 0.00 Arian Silver* O 200 0.03 0.02 0.03 + 0.01 0.51 0.00 Arianne Phosph V 292 1.17 1.11 1.17 + 0.01 1.25 0.68 Arianne Phosph* O 220 0.95 0.88 0.90 - 0.02 0.98 0.52 Asanko Gold* X 2968 3.49 3.04 3.37 + 0.12 3.49 1.27 4.34 + 0.28 4.37 1.77 Asanko Gold T 4657 4.49 3.90 Asante Gold 50 0.17 0.07 0.17 + 0.08 0.15 0.05 Asbestos Corp V 3 0.20 0.00 0.20 + 0.02 0.30 0.13 Ascot Res V 347 1.15 0.99 1.08 - 0.07 2.00 0.80 Ashburton Vent* O 146 0.05 0.03 0.04 - 0.00 0.06 0.00 Ashburton Vent V 9128 0.06 0.05 0.06 + 0.01 0.07 0.01 AsiaBaseMetals V 41 0.15 0.00 0.15 + 0.03 0.24 0.04 Asian Minl Res V 634 0.03 0.02 0.03 + 0.01 0.08 0.02 Aston Bay V 252 0.42 0.36 0.39 - 0.01 0.42 0.08 Astur Gold V 95 0.03 0.02 0.02 - 0.01 0.03 0.01 ATAC Res V 1152 0.78 0.70 0.77 + 0.05 0.79 0.26 Atacama Pac Gd* O 52 0.26 0.21 0.21 - 0.06 0.27 0.09 Atacama Pac Gd V 150 0.39 0.28 0.29 - 0.11 0.49 0.14 Athabasca Mnls V 1018 0.25 0.19 0.25 + 0.02 0.76 0.15 Athabasca Mnls* O 18 0.19 0.16 0.19 + 0.00 0.61 0.12 Athabasca Nclr V 431 0.09 0.07 0.09 + 0.01 0.14 0.02 0.09 - 0.00 0.12 0.02 Athena Silver* O 113 0.09 0.08 Atico Mng* O 54 0.34 0.00 0.32 - 0.01 0.51 0.12 Atico Mng V 224 0.45 0.39 0.43 + 0.02 0.65 0.16 Atlanta Gold V 177 0.10 0.08 0.10 - 0.01 0.11 0.05 Atlanta Gold* O 34 0.08 0.08 0.08 + 0.00 0.09 0.03 Atlantic Gold V 1206 0.68 0.61 0.65 - 0.02 0.73 0.17 Atlatsa Res T 14 0.07 0.05 0.07 + 0.01 0.16 0.03 Atlatsa Res* O 48 0.05 0.05 0.05 + 0.00 0.14 0.02 0.07 - 0.01 0.09 0.03 Augustine Vent 182 0.08 0.06 Augyva Mng V 157 0.10 0.10 0.10 + 0.01 0.14 0.09 Aura Mnls T 264 0.28 0.25 0.25 - 0.03 0.31 0.06 Aurcana Corp* O 132 0.30 0.24 0.24 - 0.05 0.32 0.07 Aurcana Corp V 828 0.38 0.31 0.33 - 0.04 0.41 0.09 AurCrest Gold V 290 0.04 0.03 0.03 - 0.01 0.05 0.01 Aureus Mng* O 417 0.11 0.08 0.10 + 0.00 0.68 0.05 Aureus Mng T 8277 0.13 0.11 0.13 + 0.01 0.83 0.05

8-10_MAY16_StockTables.indd 8

(100s) Stock

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12-month

Exc Volume High Low Last Change High Low

AuRico Metals T 980 AuRico Metals * O 541 Aurion Res V 570 Aurora Gold* O 131 Aurvista Gold* O 50 Aurvista Gold V 4669 Auryn Res* O 103 Avalon Adv Mat* O 437 Avalon Rare Mt T 1972 Avarone Metals 1930 Avino Silver* X 3555 Avino Silver V 619 Avrupa Mnls V 426 AXE Expl V 1782 AZ Mining T 1848 Azarga Uranium* O 10 Azimut Expl V 177 Azincourt Uran V 96 Azteca Gold* O 173

0.98 0.85 0.96 + 0.06 1.02 0.47 0.76 0.65 0.73 + 0.01 0.81 0.34 0.13 0.11 0.12 - 0.01 0.19 0.03 0.01 0.01 0.01 - 0.00 0.02 0.01 0.07 0.07 0.07 - 0.01 0.08 0.02 0.15 0.09 0.14 + 0.05 0.15 0.03 1.58 1.26 1.32 - 0.23 1.61 0.70 0.21 0.18 0.19 - 0.03 0.28 0.07 0.27 0.24 0.25 - 0.02 0.33 0.10 0.11 0.09 0.09 - 0.02 0.14 0.02 1.54 1.19 1.34 - 0.16 1.61 0.71 1.93 1.53 1.72 - 0.16 2.02 1.03 0.10 0.09 0.10 + 0.01 0.17 0.07 0.03 0.02 0.03 + 0.01 0.03 0.01 1.22 1.08 1.20 + 0.08 1.23 0.22 0.25 0.25 0.25 - 0.01 0.29 0.18 0.40 0.33 0.33 - 0.03 0.44 0.10 0.07 0.05 0.05 - 0.01 0.13 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00

B2Gold* X 18444 B2Gold T 39161 O 1 B4MC Gold* Bacanora Mnls V 75 Baja Mng* O 520 Balmoral Res T 940 Balmoral Res* O 357 Bannerman Res T 1136 Banro T 2210 X 10940 Banro* Banyan Gold V 52 Bard Vent V 186 Barisan Gold* O 289 Barker Mnrls V 235 Barkerville Go* O 416 Barkerville Go V 1837 Barrick Gold T 23713 Barrick Gold* N 111874 Barsele Min* O 49 Barsele Min V 633 Batero Gold V 318 Battle Mtn Gld* O 33 245 Battle Mtn Gld V Bayhorse Silvr* O 113 Bayhorse Silvr V 624 O 1 Bayswater Uran* BCM Res V 38 Bear Creek Mng V 1302 Beaufield Res V 415 O 175 Beaufield Res* Beeston Ent* O 56 V 290 Bell Copper Bell Copper* O 12 Bellhaven Cp&G V 185 O 15 Bellhaven Cp&G* Belmont Res V 143 Belo Sun Mng T 3107 Benton Cap* O 213 Benton Cap V 801 Benz Cap V 268 Berkeley Egy* O 50 Berkwood Res V 207 Besra Gold* O 588 Bethpage Cap V 36 Big North Grap V 86 16 Big Wind Cap Bison Gold Res V 17 Black Hills* N 2564 Black Iron T 1647 Black Widow Rs V 678 V 148 Blackheath Res Blind Crk Res V 394 Blue Rvr Res V 2188 Blue Sky Uran V 134 V 55 Bluenose Gold Bluestone Res V 62 BonTerra Res* O 40 BonTerra Res V 1542 Borneo Res Inv* O 4750 Bravada Gold V 50 Bravada Gold* O 9 V 71 Braveheart Res Brazil Mnrls* O 626987 Brazil Res V 4575 BrightRock Gld* O 58 Brilliant Sand* O 130 Britannia Mng* O 525 Brixton Mtls* O 70 Brixton Mtls V 111 Brunswick Res V 18 Buenaventura* N 9516 Buffalo Coal V 1407 Bullfrog Gold* O 320 Bullion Gld Res V 682

2.31 1.91 2.09 - 0.13 2.31 0.60 2.88 2.47 2.71 - 0.08 2.88 0.86 4.50 2.50 4.25 + 0.22 11.75 2.50 1.55 1.41 1.51 + 0.02 2.05 1.16 0.02 0.00 0.01 + 0.00 0.03 0.00 0.72 0.60 0.65 - 0.03 1.01 0.33 0.58 0.47 0.51 - 0.03 0.81 0.23 0.05 0.03 0.04 + 0.01 0.06 0.03 0.48 0.39 0.45 - 0.02 0.48 0.21 0.39 0.30 0.35 - 0.03 0.40 0.15 0.09 0.06 0.07 + 0.01 0.09 0.02 0.02 0.02 0.02 - 0.01 0.03 0.01 0.02 0.01 0.01 - 0.01 0.03 0.01 0.01 0.01 0.01 + 0.01 0.01 0.01 0.49 0.40 0.41 - 0.07 0.51 0.15 0.61 0.51 0.54 - 0.03 0.63 0.20 24.43 22.29 23.83 - 0.46 24.43 7.89 19.50 17.32 18.47 - 0.90 19.50 5.91 0.35 0.25 0.35 + 0.12 0.28 0.05 0.50 0.32 0.46 + 0.16 0.50 0.08 0.14 0.12 0.13 - 0.02 0.15 0.05 0.41 0.40 0.40 + 0.01 0.42 0.06 0.52 0.44 0.51 + 0.01 0.52 0.09 0.13 0.10 0.12 + 0.01 0.13 0.03 0.20 0.13 0.16 + 0.02 0.20 0.05 0.02 0.02 0.02 - 0.00 0.04 0.00 0.32 0.28 0.31 + 0.04 0.32 0.02 2.46 2.05 2.22 - 0.13 2.68 0.50 0.11 0.09 0.10 - 0.01 0.11 0.03 0.09 0.07 0.08 + 0.00 0.09 0.02 0.00 0.00 0.00 - 0.00 0.02 0.00 0.04 0.02 0.03 - 0.01 0.05 0.01 0.01 0.01 0.01 - 0.01 0.04 0.00 0.40 0.22 0.38 + 0.15 0.40 0.03 0.27 0.00 0.21 + 0.00 0.33 0.02 0.10 0.08 0.08 - 0.02 0.12 0.02 1.05 0.91 0.93 - 0.06 1.05 0.15 0.04 0.00 0.04 - 0.01 0.07 0.01 0.07 0.06 0.07 + 0.01 0.10 0.02 0.04 0.03 0.04 + 0.01 0.13 0.01 0.45 0.45 0.45 + 0.04 0.47 0.31 0.02 0.02 0.02 - 0.01 0.02 0.01 0.01 0.01 0.01 - 0.00 0.08 0.00 0.07 0.05 0.07 + 0.02 0.10 0.03 0.03 0.02 0.02 - 0.01 0.09 0.02 0.08 0.05 0.05 - 0.04 0.08 0.01 0.22 0.00 0.16 - 0.07 0.63 0.12 62.26 59.56 61.27 + 0.68 62.26 36.81 0.06 0.05 0.05 - 0.01 0.06 0.03 0.03 0.03 0.03 + 0.01 0.08 0.01 0.15 0.13 0.14 + 0.01 0.30 0.08 0.05 0.00 0.05 + 0.01 0.06 0.03 0.07 0.05 0.07 + 0.02 0.07 0.03 0.08 0.06 0.08 + 0.02 0.19 0.04 0.03 0.01 0.01 - 0.02 0.03 0.01 0.15 0.00 0.15 + 0.10 0.12 0.05 0.31 0.28 0.31 + 0.01 0.37 0.08 0.41 0.35 0.41 + 0.03 0.51 0.09 0.00 0.00 0.00 + 0.00 0.08 0.00 0.17 0.14 0.17 + 0.04 0.18 0.02 0.11 0.00 0.10 - 0.03 0.13 0.01 0.08 0.06 0.06 - 0.01 0.08 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 1.76 1.39 1.55 - 0.03 1.76 0.38 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.05 0.06 + 0.01 0.20 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.35 0.29 0.34 + 0.08 0.35 0.03 0.44 0.36 0.44 + 0.09 0.45 0.05 0.03 0.02 0.03 + 0.01 0.03 0.01 10.41 9.31 10.04 - 0.11 12.51 3.30 0.02 0.02 0.02 - 0.01 0.05 0.02 0.05 0.04 0.04 - 0.00 0.05 0.01 0.08 0.00 0.08 + 0.07 0.25 0.05

Cache Expl V 211 Cadan Res V 648 Cadillac Vent* O 11 Cadillac Vent V 2302 Caledonia Mng* Q 161 Calico Res* O 131 Calico Res V 468 California Gld* O 1343 California Gld V 1434 Callinex Mines V 1181 Callinex Mines* O 961 Cameco Corp* N 8919 Cameco Corp T 5705 Cameo Res V 84 Camino Mnls V 19 Can-Cal Res* O 144 Canada Coal V 998 Canadian Zeol V 107 CanAlaska Uran V 200 CanAlaska Uran* O 127 Canamex Res* O 36 Canarc Res T 3686 Canarc Res* Q 3176 Cancana Res V 82 Candelaria Mg V 110 Candente Gold V 484 CaNickel Mng V 28 Canoe Mng Vent V 495 Canstar Res V 50 218 Cantex Mn Dev V Canuc Res* O 69 Canyon Gold* O 101 Cap-Ex Iron V 577 Capstone Mng T 4032 Cardero Res T 109 Cardero Res* O 8 Carpathian Gld 41429 Carpathian Gld* O 845 Cartier Res V 144 V 10 Carube Copper Cascadero Copp V 9787 Cassius Vents V 45 Castle Mtn Mng V 1243 Castle Peak Mg V 213 Castle Res 81 Catalyst Coppr V 491 Catalyst Coppr* O 22 Cava Res V 9 Caza Gold* O 0 Caza Gold V 5 CB Gold V 114 Cda Carbon* O 19 Cda Carbon V 305 Cda Rare Earth* O 5 Cda Strtgc Met * O 27 Cda Zinc Mtls V 331 Cdn Arrow V 212 Cdn Intl Mnrls V 1129 Cdn Metals 577 Cdn Silvr Hunt V 443

0.11 0.08 0.11 + 0.01 0.16 0.05 0.08 0.05 0.07 + 0.03 0.08 0.03 0.01 0.01 0.01 - 0.00 0.02 0.00 0.02 0.01 0.02 + 0.01 0.05 0.01 1.12 0.89 1.02 - 0.03 1.12 0.48 0.11 0.09 0.11 + 0.01 0.12 0.05 0.13 0.11 0.12 + 0.01 0.16 0.06 0.06 0.05 0.05 - 0.01 0.10 0.02 0.08 0.07 0.07 - 0.01 0.18 0.02 0.54 0.43 0.49 + 0.03 0.54 0.23 0.43 0.33 0.37 - 0.00 0.44 0.17 12.56 11.51 11.62 - 0.89 17.46 10.31 15.73 14.82 15.02 - 0.68 20.91 14.56 0.05 0.05 0.05 - 0.01 0.10 0.02 0.17 0.14 0.17 + 0.04 0.25 0.07 0.07 0.06 0.06 - 0.01 0.07 0.03 0.03 0.02 0.02 + 0.01 0.03 0.01 0.11 0.09 0.10 - 0.01 0.12 0.06 0.43 0.38 0.42 + 0.04 0.52 0.09 0.33 0.30 0.32 + 0.02 0.40 0.06 0.05 0.04 0.05 + 0.00 0.08 0.02 0.13 0.09 0.10 - 0.02 0.15 0.04 0.10 0.07 0.08 - 0.02 0.12 0.03 0.19 0.18 0.18 - 0.01 0.32 0.13 0.12 0.06 0.12 - 0.03 0.15 0.06 0.05 0.04 0.04 - 0.01 0.05 0.01 0.10 0.00 0.09 - 0.02 0.14 0.03 0.06 0.04 0.06 + 0.02 0.06 0.02 0.09 0.07 0.08 - 0.01 0.12 0.03 0.06 0.00 0.06 + 0.01 0.06 0.03 0.11 0.10 0.11 - 0.00 0.11 0.05 0.42 0.21 0.40 + 0.10 0.54 0.02 0.05 0.05 0.05 + 0.01 0.06 0.01 0.82 0.73 0.77 - 0.02 1.60 0.27 0.14 0.11 0.11 - 0.03 0.30 0.08 0.12 0.00 0.08 - 0.04 0.15 0.05 0.04 0.02 0.03 + 0.01 0.04 0.01 0.03 0.02 0.03 + 0.01 0.03 0.00 0.11 0.10 0.11 + 0.01 0.14 0.04 0.09 0.00 0.08 - 0.01 0.21 0.05 0.12 0.09 0.10 + 0.02 0.12 0.02 0.02 0.01 0.01 - 0.01 0.02 0.01 0.58 0.49 0.51 - 0.07 0.61 0.18 0.04 0.03 0.03 - 0.01 0.04 0.01 0.02 0.00 0.02 - 0.02 0.15 0.01 0.54 0.46 0.50 - 0.04 0.56 0.10 0.40 0.38 0.38 - 0.02 0.40 0.07 0.06 0.00 0.06 + 0.01 0.25 0.04 0.02 0.02 0.02 - 0.00 0.04 0.01 0.04 0.04 0.04 - 0.01 0.09 0.02 0.14 0.12 0.14 + 0.03 0.15 0.03 0.23 0.23 0.23 - 0.00 0.28 0.18 0.30 0.28 0.29 - 0.01 0.42 0.23 0.03 0.03 0.03 + 0.00 0.03 0.01 0.06 0.04 0.04 - 0.01 0.06 0.01 0.19 0.15 0.17 + 0.02 0.33 0.10 0.01 0.01 0.01 - 0.01 0.01 0.01 0.06 0.04 0.05 + 0.01 0.08 0.01 0.38 0.32 0.38 + 0.07 0.44 0.06 0.04 0.03 0.03 - 0.01 0.06 0.01

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cdn Zinc T 1359 0.26 0.21 0.23 - 0.01 0.29 0.06 Cdn Zinc* Q 924 0.21 0.16 0.17 - 0.01 0.23 0.04 Centamin T 505 2.30 2.04 2.30 + 0.06 2.27 1.07 Centaurus Diam* O 87 0.29 0.26 0.28 - 0.01 0.34 0.01 Centenera Mng V 40 0.16 0.15 0.15 - 0.01 0.16 0.02 7.50 + 0.56 8.67 5.51 Centerra Gold T 3254 7.68 6.90 0.01 - 0.01 0.02 0.01 Central Iron V 8040 0.02 0.01 Centurion Mnls V 129 0.10 0.09 0.09 - 0.03 0.23 0.04 Cerro Grande* O 190 0.05 0.03 0.04 + 0.02 0.05 0.00 Cerro Grande 816 0.05 0.02 0.05 + 0.02 0.05 0.01 0.21 0.16 0.17 + 0.01 0.21 0.09 Chalice Gold M T 1316 T 479 0.27 0.24 0.25 - 0.03 0.30 0.07 Champion Iron Chesapeake Gld V 163 4.00 3.31 3.41 - 0.44 4.00 1.39 Chesapeake Gld* O 123 3.20 2.52 2.66 - 0.42 3.20 1.05 Chevron* N 33755 103.85 100.39 101.86 - 0.32 109.30 69.58 0.06 - 0.01 0.15 0.03 Chieftain Mtls V 40 0.06 0.00 Chilean Metals V 38 0.12 0.10 0.12 + 0.02 0.12 0.02 Chilean Metals* O 36 0.11 0.07 0.07 - 0.02 0.11 0.00 Chimata Gold V 433 0.04 0.00 0.03 - 0.01 0.13 0.01 China Gold Int T 2416 2.72 2.30 2.51 - 0.03 2.72 1.52 China Mnls Mng* O 5 0.01 0.01 0.01 + 0.00 0.01 0.00 Cibolan Gold* O 209 0.08 0.07 0.08 + 0.01 0.17 0.03 CKR Carbon V 466 0.09 0.08 0.09 + 0.01 0.20 0.06 Claude Res* O 1754 1.75 1.49 1.67 - 0.05 1.76 0.39 0.12 - 0.01 0.22 0.05 Clifton Mng* O 47 0.13 0.11 Cloud Peak En* N 6624 2.26 2.01 2.13 - 0.08 6.93 1.08 CMC Metals* O 44 0.10 0.08 0.10 + 0.02 0.10 0.07 CMX Gold & Sil 20 0.10 0.10 0.10 - 0.01 0.10 0.09 Coeur Mng* N 22293 8.29 7.24 7.90 - 0.20 8.29 1.62 0.12 + 0.02 0.10 0.02 Colibri Res* O 24 0.12 0.09 Colombian Mins V 162 0.08 0.05 0.08 + 0.02 0.09 0.02 Colorado Res V 2713 0.40 0.30 0.40 + 0.01 0.40 0.05 Colorado Res* O 254 0.32 0.26 0.30 - 0.02 0.32 0.02 Columbus Gold* O 548 0.50 0.42 0.49 + 0.06 0.50 0.23 T 952 0.65 0.54 0.60 + 0.05 0.60 0.31 Columbus Gold Commander Res V 2264 0.05 0.04 0.05 + 0.01 0.05 0.01 O 39 0.07 0.06 0.06 - 0.00 0.10 0.04 Commerce Res* Comstock Mng* X 3317 0.50 0.43 0.43 - 0.02 0.80 0.35 Comstock Mtls V 197 0.03 0.03 0.03 + 0.01 0.04 0.01 O 205 0.03 0.02 0.02 - 0.00 0.03 0.01 Comstock Mtls* Condor Res V 1006 0.09 0.06 0.09 + 0.02 0.09 0.02 V 1124 0.08 0.06 0.08 + 0.02 0.09 0.02 Confedertn Mls Confedertn Mls* O 33 0.06 0.05 0.05 + 0.00 0.06 0.01 Cons Woodjam V 285 0.06 0.05 0.06 + 0.01 0.09 0.02 CONSOL Energy* N 30010 15.61 14.01 14.89 - 0.16 33.39 4.54 Constant Mtl V 589 0.09 0.06 0.08 + 0.02 0.17 0.05 O 148 0.09 0.07 0.08 + 0.03 0.09 0.04 Contact Mnrls* Contintl Gold* O 297 2.42 1.82 1.88 - 0.33 2.65 0.88 Contintl Gold T 4200 3.12 2.31 2.39 - 0.38 3.28 1.28 Contintl Prec* O 4 0.27 0.25 0.27 + 0.03 0.32 0.18 Contintl Prec T 10 0.35 0.00 0.35 + 0.04 0.45 0.25 0.14 0.13 0.14 + 0.01 0.24 0.11 Copper Fox Mtl V 1804 Copper Fox Mtl* O 15 0.11 0.10 0.11 + 0.01 0.19 0.08 Copper Mtn Mng* O 45 0.49 0.39 0.40 - 0.08 1.31 0.23 Copper Mtn Mng T 2469 0.65 0.50 0.51 - 0.09 1.61 0.33 Copper North M V 1158 0.03 0.00 0.02 - 0.01 0.07 0.02 Copper One V 65 0.04 0.00 0.04 + 0.01 0.15 0.03 Copperbank Res* O 49 0.04 0.03 0.04 + 0.01 0.05 0.01 Copperbank Res 31 0.04 0.00 0.04 + 0.01 0.06 0.03 Coral Gold V 344 0.19 0.14 0.19 + 0.05 0.18 0.05 Corazon Gold V 9 0.20 0.00 0.20 - 0.01 0.32 0.18 Cordoba Mnls V 482 0.84 0.68 0.75 - 0.12 1.00 0.10 Corex Gold V 2846 0.19 0.12 0.19 + 0.05 0.16 0.03 Cornerstone Ca* O 378 0.05 0.05 0.05 - 0.00 0.06 0.01 Coro Mining T 11996 0.21 0.11 0.12 - 0.03 0.21 0.02 Coronet Mtls V 186 0.07 0.06 0.07 + 0.01 0.12 0.03 Corsa Coal V 366 0.07 0.05 0.05 - 0.02 0.13 0.02 Corvus Gold T 338 1.11 0.83 0.95 - 0.12 1.12 0.33 Corvus Gold* O 136 0.89 0.64 0.72 - 0.13 0.89 0.25 Crazy Horse Res* O 3 0.01 0.01 0.01 - 0.00 0.02 0.00 Cresval Cap V 65 0.05 0.04 0.05 + 0.02 0.06 0.01 Critical Elem* O 99 0.27 0.25 0.26 + 0.03 0.28 0.10 Critical Elem V 1725 0.35 0.30 0.32 + 0.03 0.35 0.14 Crown Mining V 731 0.20 0.06 0.18 + 0.13 0.10 0.03 Crystal Pk Min* O 357 0.31 0.24 0.31 + 0.04 0.33 0.11 Crystal Pk Min V 216 0.40 0.31 0.38 + 0.08 0.40 0.13 Cyclone Uran* O 550 0.00 0.00 0.00 - 0.00 0.01 0.00 Cypress Dev* O 31 0.12 0.12 0.12 - 0.02 0.16 0.01 Cypress Dev V 537 0.17 0.14 0.17 - 0.01 0.20 0.02 0.08 - 0.01 0.19 0.06 Cyprium Mng V 419 0.09 0.08

D-F Dajin Res* O 3123 Dajin Res V 2052 152 Dakota Ter Res* O Dalradian Res* O 1526 Dalradian Res T 7190 Danakali* O 242 Darnley Bay* O 21 Decade Res* O 1325 Decade Res V 2994 Defiance Silvr V 1907 Defiance Silvr* O 159 Del Toro Silvr* O 1153 X 2757 Denison Mines* Denison Mines T 2160 Detour Gold T 6230 Diamante Min* O 36 Diamcor Mng V 41 Diamond Disc* O 1960 Discovery Mnls* O 18381 O 237 Discovery Vent* Discovery Vent V 1182 DNI Metals 443 DNI Metals* O 82 187 Dolly Vard Sil* O Dolly Vard Sil V 179 Dominion Diam T 1099 Dominion Diam* N 1707 Double Crn Res* O 189 DRDGOLD* N 3234 Dundee Prec Mt T 1900 Durango Res* O 76 Durango Res V 5865 Dynacor Gld Mn T 433 O 5 DynaResource* Dynasty Gold V 788 Dynasty Met&Mn* O 101 Dynasty Met&Mn T 1242 Eagle Graphite V 810 O 269 Eagle Graphite* Eagle Plains V 642 East Africa V 441 EastCoal Inc V 226 O 3 Eastern Platin* Eastern Platin T 158 Eastfield Res V 70 Eastmain Res T 9687 Eco Oro Mnls T 32 Ecuador Gold V 156 Edgewater Expl V 117 El Capitan Prc* O 1132 El Nino Vent* O 25 El Nino Vent V 27 Elcora Res V 165 Eldorado Gold* N 34045 Eldorado Gold T 18156 Eloro Mnrls V 78 Ely Gold & Mnl V 209 Ely Gold & Mnl* O 155 Elysee Dev V 17 Emerita Res V 4949 Emgold Mng V 461 Emgold Mng* O 36 Encanto Potash V 3833 Encanto Potash* O 64 Endeavour Mng* O 123 Endeavour Mng T 2699 Endeavr Silver* N 13546 Endeavr Silver T 2115 Endurance Gold V 82 Energizer Res* O 319 Energizer Res T 1270 Energy Fuels T 463 Energy Fuels* X 1089 Ensurge* O 79 Entree Gold T 528 Entree Gold* X 927

0.21 0.17 0.20 + 0.01 0.24 0.04 0.27 0.21 0.25 + 0.02 0.30 0.06 0.07 0.06 0.07 + 0.01 0.17 0.05 0.94 0.78 0.92 + 0.08 1.04 0.45 1.22 1.01 1.22 + 0.15 1.32 0.62 0.26 0.23 0.23 - 0.02 0.40 0.17 0.02 0.01 0.02 + 0.01 0.03 0.00 0.05 0.04 0.05 + 0.00 0.05 0.00 0.07 0.05 0.06 + 0.01 0.07 0.01 0.26 0.20 0.25 + 0.04 0.24 0.06 0.20 0.15 0.19 + 0.02 0.19 0.04 0.01 0.00 0.00 - 0.00 0.04 0.00 0.61 0.51 0.53 - 0.07 0.95 0.35 0.76 0.66 0.70 - 0.06 1.13 0.48 29.87 26.38 29.37 + 2.46 27.94 10.62 0.27 0.22 0.23 - 0.02 1.08 0.18 1.11 1.06 1.11 + 0.01 1.45 0.65 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.09 0.09 - 0.01 0.20 0.07 0.13 0.12 0.13 + 0.01 0.25 0.10 0.06 0.05 0.05 + 0.01 0.10 0.04 0.04 0.03 0.04 + 0.01 0.17 0.03 0.30 0.21 0.21 - 0.07 0.30 0.08 0.45 0.27 0.27 - 0.08 0.45 0.11 14.70 13.73 14.23 - 0.18 24.39 9.96 11.58 10.68 11.03 - 0.45 20.20 7.27 0.01 0.01 0.01 + 0.00 0.02 0.01 5.54 4.56 5.19 - 0.22 5.54 1.10 3.14 2.70 3.02 + 0.23 2.98 0.84 0.10 0.08 0.08 - 0.00 0.15 0.02 0.14 0.09 0.13 + 0.04 0.21 0.03 2.18 2.06 2.10 - 0.13 2.32 1.30 1.42 0.00 1.40 - 0.05 2.00 0.80 0.02 0.01 0.02 - 0.01 0.03 0.01 0.22 0.19 0.20 + 0.02 0.60 0.08 0.27 0.21 0.22 - 0.05 0.78 0.10 0.03 0.03 0.03 - 0.01 0.08 0.02 0.02 0.02 0.02 - 0.00 0.07 0.01 0.11 0.09 0.11 + 0.01 0.11 0.05 0.14 0.11 0.12 - 0.03 0.16 0.03 0.01 0.01 0.01 - 0.01 0.01 0.01 0.70 0.68 0.68 - 0.02 1.84 0.47 0.96 0.85 0.96 + 0.08 2.26 0.61 0.04 0.04 0.04 - 0.01 0.05 0.02 0.54 0.45 0.53 + 0.03 0.51 0.28 0.50 0.39 0.42 + 0.04 0.83 0.25 0.36 0.30 0.36 + 0.07 0.40 0.10 0.04 0.03 0.04 + 0.02 0.03 0.01 0.05 0.04 0.05 + 0.01 0.16 0.03 0.02 0.02 0.02 + 0.00 0.03 0.00 0.02 0.02 0.02 - 0.01 0.03 0.01 0.50 0.44 0.47 - 0.01 0.75 0.13 4.29 3.70 4.11 - 0.10 5.36 1.87 5.42 4.77 5.31 + 0.02 6.39 2.67 0.22 0.00 0.22 + 0.02 0.24 0.09 0.14 0.12 0.13 - 0.01 0.17 0.03 0.11 0.09 0.10 - 0.00 0.12 0.02 0.24 0.00 0.23 + 0.01 0.24 0.17 0.08 0.05 0.07 + 0.02 0.08 0.02 0.04 0.03 0.03 - 0.01 0.04 0.01 0.03 0.02 0.02 - 0.00 0.03 0.00 0.15 0.13 0.13 - 0.01 0.18 0.05 0.12 0.09 0.09 - 0.02 0.14 0.03 14.11 12.30 14.01 + 0.49 13.70 4.40 18.26 15.83 18.00 + 1.11 17.15 4.35 4.23 3.46 3.90 - 0.25 4.28 1.00 5.27 4.47 5.07 - 0.14 5.36 1.46 0.05 0.00 0.05 - 0.01 0.08 0.02 0.08 0.07 0.08 + 0.00 0.10 0.03 0.10 0.09 0.10 + 0.01 0.13 0.03 2.99 2.70 2.82 - 0.15 6.59 2.47 2.39 2.09 2.17 - 0.18 5.35 1.81 0.03 0.02 0.02 - 0.01 0.09 0.01 0.47 0.42 0.44 - 0.02 0.61 0.25 0.38 0.32 0.34 - 0.03 0.51 0.17

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Equitas Res* O 29 Equitas Res V 4311 26 Erdene Res Dev* O Erdene Res Dev T 1502 Erin Ventures* O 172 398 Eros Res Corp V 398 Eros Res Corp V Eskay Mng V 154 Ethos Gold* O 44 Ethos Gold V 250 X 430 Eurasian Mnls* Eureka Res V 216 EurOmax Res V 115 O 45 EurOmax Res* 93 Europn Uran Rs* O Everton Res* O 97 Everton Res V 599 Evolving Gold 380 O 266 Evolving Gold* Excalibur Res 242 O 703 Excalibur Res* Excellon Res T 1100 Excellon Res* O 234 O 412 Excelsior Mng* Exeter Res* X 1693 Exeter Res T 184 569 ExGen Res Inc V O 5 Expedition Mng* Explor Res* O 107 Explor Res V 1745 Fairmont Res V 1947 Falco Res V 1645 Falcon Gold V 267 Fancamp Expl V 2893 Far Res 7164 Fieldex Expl V 814 Finore Mng 27 3 Fire River Gol* O Firebird Res V 3242 Firestone Vent V 5144 O 134 Firma Holdings* First Bauxite V 905 First Liberty* O 3104 First Majestic T 7494 First Majestic* N 26524 V 11286 First Mg Fin First Mg Fin * O 9434 First Point T 2705 First Quantum T 42735 913 V Fission 3.0 Fission Uran T 4109 Fission Uran* O 1139 Flinders Res* O 273 Flinders Res V 228 O 230 Focus Graphite* V 1393 Focus Graphite Focus Vent V 781 Foran Mng V 502 T 866 Formation Mtls Forsys Metals T 274 O 25 Fortescue Mtls* Fortuna Silvr T 3178 Fortuna Silvr* N 4409 Fortune Bay T 61 O 44 Forum Uranium* V 655 Forum Uranium Four River V 46 N 4524 Franco-Nevada* Franco-Nevada T 3080 Franklin Mng* O 1 Freegold Vent T 1334 254976 N Freeport McMo* Fresnillo plc* O 9 Frontline Gold V 2754 Fura Emeralds V 12

0.02 0.06 + 0.00 0.17 0.07 0.06 0.05 0.07 + 0.01 0.22 0.08 0.07 0.25 0.19 0.25 + 0.07 0.23 0.08 0.33 0.24 0.33 + 0.10 0.30 0.11 0.03 0.03 - 0.01 0.08 0.04 0.03 0.18 0.00 0.17 - 0.01 0.20 0.09 0.18 0.00 0.17 - 0.01 0.20 0.09 0.01 0.12 - 0.01 0.15 0.14 0.12 0.09 0.20 + 0.01 0.21 0.21 0.20 0.11 0.29 + 0.04 0.29 0.29 0.24 0.35 0.84 - 0.02 0.95 0.95 0.77 0.03 0.13 + 0.01 0.13 0.13 0.11 0.21 0.55 + 0.01 0.58 0.56 0.53 0.15 0.43 + 0.02 0.46 0.43 0.41 0.01 0.01 0.01 - 0.00 0.02 0.00 0.00 0.04 - 0.00 0.06 0.05 0.04 0.01 0.05 + 0.01 0.07 0.06 0.00 0.02 0.20 + 0.03 0.25 0.25 0.18 0.02 0.17 + 0.02 0.23 0.18 0.12 0.01 0.04 - 0.01 0.06 0.06 0.04 0.00 0.03 - 0.00 0.04 0.04 0.03 0.20 1.36 + 0.03 1.40 1.40 1.17 0.14 1.03 - 0.03 1.13 1.13 0.90 0.12 0.28 + 0.01 0.31 0.30 0.26 0.29 0.90 - 0.11 1.07 1.06 0.87 0.39 1.16 - 0.10 1.34 1.33 1.12 0.01 0.01 0.01 - 0.01 0.03 0.01 0.16 0.17 + 0.01 0.22 0.17 0.16 0.03 0.17 + 0.04 0.18 0.17 0.15 0.04 0.20 + 0.01 0.24 0.23 0.19 0.02 0.06 - 0.01 0.19 0.07 0.06 0.21 0.57 - 0.01 0.61 0.60 0.50 0.01 0.02 + 0.01 0.08 0.02 0.02 0.02 0.05 + 0.02 0.05 0.05 0.04 0.02 0.11 + 0.03 0.12 0.13 0.07 0.01 0.03 - 0.01 0.05 0.03 0.03 0.01 0.03 + 0.02 0.04 0.03 0.00 0.03 0.00 0.00 - 0.03 0.10 0.00 0.01 0.03 + 0.01 0.05 0.05 0.03 0.01 0.04 + 0.03 0.03 0.04 0.01 0.02 0.04 - 0.01 0.25 0.05 0.04 0.03 0.04 - 0.01 0.09 0.04 0.04 0.00 0.00 - 0.00 0.00 0.00 0.00 13.38 + 0.02 13.53 3.50 13.58 12.07 2.40 10.82 0.28 - 10.36 9.39 10.82 0.84 0.70 0.79 + 0.03 0.84 0.25 0.67 0.55 0.63 + 0.03 0.67 0.19 0.04 0.08 + 0.03 0.10 0.08 0.04 11.36 8.96 9.31 - 1.38 18.69 2.15 0.10 0.08 0.08 - 0.01 0.14 0.06 0.53 0.67 - 0.04 1.17 0.70 0.63 0.39 0.51 - 0.06 0.99 0.56 0.50 0.09 0.32 + 0.02 0.47 0.35 0.28 0.12 0.37 - 0.03 0.60 0.44 0.36 0.04 0.13 + 0.02 0.27 0.16 0.12 0.07 0.17 + 0.03 0.34 0.21 0.15 0.05 0.08 - 0.01 0.24 0.09 0.00 0.05 0.17 - 0.01 0.30 0.19 0.17 0.09 0.32 + 0.01 0.47 0.37 0.31 0.07 0.07 - 0.01 0.24 0.08 0.07 1.00 2.33 - 0.27 2.80 2.61 2.27 2.65 8.38 + 0.35 8.13 8.45 7.33 2.00 6.47 + 0.05 6.49 6.54 5.70 0.25 0.04 0.43 + 0.33 0.33 0.30 0.03 0.11 - 0.03 0.14 0.13 0.10 0.04 0.12 - 0.06 0.20 0.16 0.12 0.05 0.22 + 0.02 0.23 0.22 0.21 38.20 70.24 + 0.08 71.48 71.24 64.00 49.96 90.59 + 2.49 90.25 91.61 82.45 0.00 0.00 - 0.00 0.00 0.00 0.00 0.05 0.22 + 0.01 0.27 0.27 0.20 11.79 - 2.21 23.61 3.52 14.04 11.08 15.78 - 0.57 16.56 8.70 16.56 14.88 0.01 0.03 + 0.01 0.03 0.03 0.02 0.08 0.14 - 0.01 0.25 0.15 0.14

Gabriel Res T 918 Gainey Capital V 139 Galane Gold V 2067 Galantas Gold V 10 60 Galena Intl Rs V Galway Gold V 213 Galway Mtls V 1111 Garibaldi Res V 336 V 3997 Gem Intl Res General Moly T 16 General Moly* X 553 Genesis Mtls V 176 Genius Props 1533 V 1160 Gensource Pot Geodex Mnrls V 49 O 1090 Geologix Expl* 129 Gespeg Cop Res V Getty Copper V 43 GFK Res V 125 GGL Res V 158 Gitennes Expl V 662 O 313 Gldn Predator* Gldn Predator V 1293 672 Glen Eagle Res V Glencore Plc* O 928 234 Global Cop Grp V Global Gold* O 119 Global Hunter V 50 Global Mnrls V 44 Globex Mng* O 7 Globex Mng T 220 GMCI Corp* O 1 GoGold Res T 260 Gold & Silver* O 7310 221 Gold Bulln Dev* O O 345 Gold Dynamics* 28447 Gold Fields* N 162 Gold Jub Cap V Gold Lakes* O 58 Gold Mng USA* O 2724 240 Gold Mtn Mng V 98 Gold Reach Res V Gold Reserve* O 364 Gold Reserve V 96 X 5514 Gold Resource* 383 Gold Ridge Exp V Gold Std Vents V 2625 Gold Std Vents* X 3759 Goldbelt Emp V 80 T 16815 Goldcorp Goldcorp* N 47259 Golden Arrow V 1134 V 267 Golden Cariboo Golden Dawn Ml V 2254 167 O Golden Goliath* Golden Harp V 15 Golden Hope V 9 Golden Hope* O 1 338 Golden Matrix* O Golden Mnls* X 6406 Golden Mnls T 953 Golden Queen T 518 O 1266 Golden Queen* Golden Secret V 1262 386 Golden Sh Mng V 14441 Golden Star* X Golden Valley V 632 Goldex Res V 40 Goldeye Expl V 273 T 245 Goldgroup Mng O 150 Goldgroup Mng* GoldON Res V 186 V 2729 GoldQuest Mng V 365 Goldrock Mines O 289 Goldsource Min* V 867 Goldsource Min Goldstar Mnls V 233 Gossan Res V 249 GoviEx Uranium 152 Gowest Gold V 4541

0.12 0.20 - 0.02 0.48 0.23 0.19 0.10 0.15 - 0.02 0.30 0.20 0.15 0.03 0.05 - 0.02 0.14 0.07 0.05 0.07 0.12 - 0.02 0.18 0.12 0.00 0.05 0.00 0.05 + 0.02 0.05 0.01 0.04 0.06 - 0.01 0.12 0.06 0.06 0.09 0.16 + 0.02 0.18 0.18 0.14 0.05 0.09 + 0.01 0.18 0.09 0.08 0.07 0.05 0.07 + 0.02 0.11 0.04 0.22 0.50 + 0.04 1.00 0.54 0.47 0.15 0.41 + 0.03 0.82 0.44 0.38 0.05 0.20 - 0.01 0.22 0.20 0.18 0.02 0.04 - 0.01 0.12 0.04 0.03 0.04 0.08 + 0.01 0.12 0.09 0.07 0.05 0.08 + 0.01 0.35 0.08 0.08 0.01 0.05 + 0.01 0.05 0.05 0.05 0.05 0.04 0.04 - 0.01 0.05 0.02 0.02 0.03 + 0.01 0.05 0.03 0.02 0.03 0.10 - 0.02 0.14 0.14 0.09 0.01 0.04 + 0.02 0.05 0.04 0.03 0.01 0.01 - 0.01 0.01 0.01 0.01 0.06 0.28 + 0.11 0.26 0.28 0.16 0.07 0.38 + 0.17 0.35 0.42 0.20 0.13 0.11 0.11 - 0.03 0.16 0.03 1.95 4.17 - 0.58 9.53 4.74 3.98 0.05 0.05 0.05 + 0.01 0.07 0.04 0.00 0.02 - 0.01 0.05 0.02 0.02 0.01 0.04 + 0.01 0.07 0.04 0.04 0.02 0.08 - 0.04 0.30 0.15 0.00 0.13 0.24 - 0.01 0.27 0.26 0.24 0.17 0.30 - 0.04 0.37 0.33 0.30 0.05 2.00 - 0.25 2.25 2.25 0.00 0.94 1.36 - 0.08 1.67 1.45 1.35 0.01 0.01 0.01 - 0.01 5200.00 0.00 0.09 0.07 0.09 + 0.01 0.09 0.01 0.00 0.00 - 0.00 0.01 0.00 0.00 2.04 4.62 - 0.08 4.76 4.76 4.19 0.23 0.21 0.22 - 0.02 0.28 0.07 0.03 0.75 - 0.02 1.25 0.77 0.00 0.05 0.01 0.01 - 0.01 0.21 0.02 0.18 0.10 0.16 + 0.06 0.18 0.02 0.20 0.16 0.20 + 0.01 0.26 0.08 2.19 4.93 - 0.05 5.90 5.05 4.59 3.06 6.35 + 0.11 8.00 6.42 5.84 1.14 3.38 + 0.09 3.50 3.54 2.90 0.06 0.03 0.06 + 0.03 0.08 0.01 1.93 1.48 1.86 + 0.25 1.72 0.40 1.65 1.15 1.65 + 0.38 1.35 0.26 0.02 0.05 - 0.02 0.10 0.05 0.00 13.55 24.78 - 0.50 25.35 25.35 23.53 19.19 - 0.96 20.24 9.46 20.24 18.29 0.17 0.51 + 0.07 0.50 0.51 0.45 0.03 0.08 + 0.02 0.08 0.08 0.06 0.10 0.09 0.10 + 0.02 0.21 0.07 0.00 0.04 + 0.01 0.04 0.04 0.03 0.03 0.06 - 0.01 0.10 0.06 0.06 0.13 0.20 + 0.01 0.64 0.20 0.00 0.10 0.15 + 0.01 0.50 0.15 0.15 0.05 0.01 0.01 - 0.04 3000.00 0.01 0.13 0.48 - 0.29 0.94 0.78 0.48 0.19 0.64 - 0.37 1.22 1.00 0.63 0.65 1.76 + 0.10 2.00 1.90 1.69 0.48 1.37 + 0.03 1.56 1.49 1.32 0.02 0.57 - 0.05 0.67 0.67 0.53 0.24 0.22 0.22 - 0.01 0.26 0.03 0.14 0.67 - 0.03 0.84 0.73 0.61 0.07 0.17 - 0.02 0.19 0.18 0.16 0.10 0.34 + 0.09 0.60 0.40 0.27 0.02 0.03 - 0.01 0.06 0.04 0.03 0.05 0.13 - 0.01 0.14 0.13 0.11 0.03 0.10 - 0.01 0.11 0.10 0.09 0.03 0.25 + 0.03 0.36 0.34 0.19 0.09 0.31 - 0.03 0.37 0.35 0.31 0.15 0.50 - 0.03 0.53 0.53 0.48 0.11 0.24 - 0.02 0.30 0.27 0.23 0.13 0.32 + 0.01 0.40 0.34 0.31 0.01 0.07 + 0.01 0.07 0.07 0.06 0.02 0.03 - 0.01 0.05 0.04 0.00 0.04 0.08 - 0.01 0.19 0.09 0.08 0.05 0.10 - 0.02 0.12 0.12 0.09

G-H

2016-05-10 7:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 16–22, 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

Gowest Gold* O 920 GPM Metals* O 320 O 265 Gran Colombia* Gran Colombia T 1387 Grande Portage V 46 Graniz Mondal V 23 Graphite Corp* O 496 Graphite One V 11100 Graphite One* O 362 Great Bear Res V 263 765 Great Lakes Gr V Great Lakes Gr* O 78 Great Panther T 5982 Great Panther* X 25324 200 Great Rock Dev* O Great Thunder V 204 Green Swan Cap V 867 Green Valley M V 1091 Greenflag Vent* O 2 Greenland M&En* O 183 Grizzly Discvr V 174 Grizzly Gold* O 44 Group Ten Mtls V 607 GTA Res & Mng V 192 Guerrero Vents V 222 Gungnir Res* O 592 Gunpoint Expl V 43 Guyana Gldflds T 4333 Handa Copper V 44 Hard Creek Ni V 73 Hard Creek Ni* O 113 Harmony Gold* N 22706 Harte Gold T 3927 Heatherdale Rs V 367 Hecla Mining* N 65216 Helio Res V 629 Hellix Vent* O 93 Heron Res T 163 HFX Holding V 213 Highbank Res V 731 Highway 50 Gld V 6 Hinterland Mtl V 268 Hochschild Mg* O 125 Homestake Res* O 227 523 Honey Badger E V Hornby Bay Mnl V 75 Houston Lake V 421 HudBay Mnls* N 1507 HudBay Mnls T 10961 Hudson Res V 79 Hudson Res* O 22

0.10 0.07 0.08 - 0.00 0.10 0.04 0.16 0.14 0.14 - 0.03 0.21 0.07 0.08 0.07 0.08 - 0.01 0.35 0.04 0.10 0.09 0.10 - 0.01 0.43 0.06 0.14 0.06 0.10 + 0.04 0.14 0.04 0.03 0.00 0.02 - 0.01 0.04 0.01 0.01 0.00 0.01 - 0.00 0.02 0.00 0.18 0.15 0.15 - 0.01 0.18 0.07 0.14 0.11 0.12 + 0.01 0.14 0.05 0.04 0.00 0.03 - 0.01 0.08 0.01 0.08 0.07 0.07 - 0.01 0.15 0.06 0.06 0.05 0.06 - 0.00 0.12 0.04 2.80 1.79 2.36 - 0.30 2.82 0.40 2.25 1.38 1.84 - 0.32 2.25 0.30 0.00 0.00 0.00 - 0.00 0.02 0.00 0.06 0.05 0.05 + 0.01 0.11 0.01 0.04 0.02 0.04 + 0.02 0.05 0.01 0.02 0.02 0.02 + 0.01 0.02 0.01 0.00 0.00 0.00 - 2.00 150.00 0.10 0.04 0.02 0.03 - 0.00 0.17 0.01 0.06 0.05 0.05 - 0.01 0.10 0.01 0.03 0.03 0.03 + 0.00 0.06 0.01 0.05 0.03 0.04 - 0.02 0.06 0.01 0.07 0.05 0.05 + 0.01 0.08 0.02 0.03 0.00 0.03 - 0.01 0.05 0.01 0.03 0.02 0.02 - 0.00 0.03 0.00 0.30 0.28 0.30 + 0.03 0.30 0.13 7.80 7.13 7.71 + 0.43 7.64 2.48 0.05 0.00 0.04 - 0.01 0.10 0.03 0.05 0.00 0.03 - 0.01 0.08 0.01 0.04 0.02 0.02 - 0.01 0.05 0.00 3.74 3.12 3.68 + 0.02 4.19 0.53 0.24 0.21 0.22 - 0.02 0.35 0.05 0.04 0.00 0.04 + 0.01 0.05 0.01 4.36 3.84 4.29 - 0.02 4.36 1.45 0.07 0.05 0.07 + 0.02 0.06 0.02 0.03 0.01 0.01 - 0.02 0.06 0.00 0.12 0.10 0.12 + 0.02 0.14 0.07 0.04 0.03 0.04 + 0.01 0.15 0.01 0.05 0.04 0.05 - 0.01 0.21 0.05 0.24 0.15 0.24 + 0.01 0.24 0.05 0.03 0.02 0.02 - 0.01 0.04 0.01 2.30 1.74 1.87 - 0.43 2.30 0.59 0.05 0.04 0.05 + 0.01 0.04 0.01 0.03 0.00 0.03 - 0.01 0.04 0.01 0.06 0.00 0.04 - 0.01 0.10 0.03 0.32 0.26 0.29 + 0.02 0.40 0.12 5.13 3.90 4.09 - 0.90 10.29 1.56 6.42 5.02 5.29 - 0.97 12.44 2.26 0.48 0.44 0.48 + 0.04 0.55 0.34 0.37 0.34 0.34 - 0.01 0.43 0.26

I-Minerals* O 5 I-Minerals V 33 IAMGOLD T 18123 IAMGOLD* N 42122 Iberian Mnrls V 3164 IC Potash* O 189 Iconic Mnls V 312 Idaho North* O 46 IDM Mining V 10269 IDM Mining* O 1697 IMPACT Silver V 1561 Impala Platnm* O 352 Imperial Metal T 226 Imperial Metal* O 7 Inca One Gold V 1957 Inca One Gold* O 167 Inception Mng * O 24 Independence G* O 6 Independence G V 223 Indico Res V 691 Indigo Expl V 236 Inspiration Mg* O 121 Inspiration Mg 36 Intact Gold V 3522 Integra Gold* O 2082 Integra Gold V 6546 Intgr Egy Sol* O 26210 Intigold Mines V 393 Intl Bethl Mng V 68 Intl Lithium* O 216 Intl Lithium V 767 Intl Tower Hil* X 1597 Intl Tower Hil T 428 Intrepid Pots* N 5557 INV Metals* O 45 INV Metals T 301 Inventus Mg V 673 InZinc Mining V 317 InZinc Mining* O 256 O 24 Ireland* Ironside Res V 35 Irving Res* O 22 Irving Res 284 Itoco Mg Corp* O 34 O 1608 Ivanhoe Mines* Ivanhoe Mines T 7012 J.A.G. Mines V 240 Jaguar Mng* O 184 Jaguar Mng V 354 Jasper Mng V 82 Jaxon Mnls V 498 Jayden Res V 36 Jayden Res* O 38 Jazz Res V 76 Joshua Gold* O 36 Kaizen Discvry* O 71 Kaizen Discvry V 366 Kaminak Gold V 2092 O 779 Kaminak Gold* Kapuskasing Gd V 578 Karnalyte Res T 251 KAT Expl* O 55385 Kennady Diam V 327 Kerr Mines* O 66 Kerr Mines T 406 Kesselrun Res V 1675 Khalkos Expl V 763 Khan Res 233 V 246 Kilo Goldmines Kincora Copper V 180 Kings Bay Gold V 2385 O 2 Kingsmen Res* Kingsrose Mng* O 5 Kinross Gold T 49007 Kinross Gold* N 103770 Kirkland Lk Gd* O 517 Kirkland Lk Gd T 5900 Kiska Metals* O 59 Kiska Metals V 847 Klondex Mns T 1512 Klondike Gold* O 115 Klondike Silv* O 60 Klondike Silv V 673 Knick Expl V 391 Kombat Copper V 7525 Kootenay Silvr V 1427 KWG Res* O 40 KWG Res 1078

0.20 0.17 0.20 + 0.03 0.28 0.14 0.26 0.00 0.26 + 0.03 0.37 0.16 4.79 3.98 4.74 + 0.47 4.42 1.50 3.71 3.10 3.66 + 0.26 3.50 1.15 0.05 0.04 0.05 + 0.01 0.11 0.04 0.07 0.05 0.05 + 0.00 0.25 0.03 0.28 0.22 0.23 - 0.01 0.28 0.03 0.10 0.07 0.10 + 0.03 0.10 0.06 0.18 0.13 0.17 + 0.03 0.18 0.07 0.14 0.10 0.13 + 0.02 0.13 0.04 0.80 0.62 0.76 - 0.01 0.80 0.11 4.24 3.59 3.66 - 0.54 5.67 1.45 5.80 5.14 5.21 - 0.58 13.11 3.92 4.57 4.04 4.04 - 0.79 10.77 2.81 0.09 0.06 0.07 - 0.02 0.25 0.07 0.07 0.05 0.05 - 0.01 0.21 0.05 0.30 0.18 0.29 - 0.01 0.30 0.18 0.11 0.09 0.11 + 0.02 0.10 0.04 0.14 0.12 0.13 - 0.01 0.14 0.06 0.10 0.00 0.08 - 0.01 0.16 0.03 0.03 0.03 0.03 + 0.01 0.03 0.01 0.01 0.01 0.01 - 0.02 0.10 0.01 0.10 0.02 0.05 - 0.04 0.09 0.02 0.17 0.13 0.17 + 0.03 0.18 0.02 0.58 0.47 0.52 - 0.04 0.58 0.18 0.71 0.60 0.68 - 0.01 0.72 0.23 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.07 0.07 - 0.01 0.32 0.07 0.08 0.07 0.07 - 0.01 0.10 0.02 0.23 0.19 0.19 - 0.04 0.55 0.01 0.30 0.23 0.24 - 0.03 0.38 0.03 0.75 0.60 0.66 - 0.08 0.75 0.18 0.94 0.77 0.90 - 0.02 0.95 0.26 1.31 0.98 1.02 - 0.26 13.01 0.65 0.56 0.56 0.56 + 0.15 0.56 0.08 0.74 0.57 0.70 + 0.01 0.80 0.08 0.15 0.11 0.12 + 0.02 0.15 0.01 0.12 0.09 0.10 - 0.01 0.14 0.04 0.09 0.08 0.08 - 0.00 0.13 0.03 0.30 0.25 0.29 + 0.02 0.51 0.15 0.04 0.03 0.03 - 0.01 0.15 0.02 0.15 0.10 0.13 - 0.02 0.15 0.09 0.19 0.13 0.18 + 0.04 0.20 0.11 0.17 0.00 0.17 - 0.03 1.10 0.11 0.88 0.75 0.79 - 0.04 1.08 0.36 1.10 0.96 1.02 - 0.02 1.36 0.53 0.02 0.02 0.02 - 0.01 0.04 0.01 0.31 0.28 0.30 + 0.01 0.32 0.07 0.38 0.36 0.38 - 0.01 0.40 0.12 0.07 0.00 0.04 - 0.02 0.07 0.02 0.08 0.07 0.07 - 0.01 0.09 0.01 0.09 0.00 0.08 + 0.01 0.14 0.03 0.07 0.06 0.07 + 0.02 0.07 0.01 0.13 0.08 0.13 + 0.01 0.23 0.08 0.15 0.09 0.15 + 0.06 0.30 0.04 0.18 0.18 0.18 + 0.00 0.21 0.06 0.25 0.22 0.24 - 0.04 0.30 0.08 2.03 1.66 1.90 - 0.05 2.04 0.61 1.62 1.28 1.48 - 0.05 1.63 0.47 0.07 0.06 0.07 + 0.02 0.09 0.02 2.40 1.74 2.21 + 0.42 4.15 0.52 0.00 0.00 0.00 + 0.00 0.00 0.00 3.75 3.41 3.60 - 0.05 5.95 2.35 0.06 0.00 0.06 + 0.01 0.12 0.01 0.07 0.06 0.07 + 0.01 0.15 0.02 0.17 0.09 0.16 + 0.07 0.17 0.02 0.17 0.14 0.15 - 0.02 0.26 0.05 0.80 0.75 0.78 - 0.01 0.85 0.34 0.14 0.13 0.13 + 0.01 0.17 0.04 0.03 0.02 0.03 + 0.01 0.03 0.02 0.02 0.01 0.02 + 0.01 0.01 0.01 0.06 0.06 0.06 + 0.00 0.07 0.02 0.73 0.70 0.70 - 0.03 1.29 0.58 7.46 6.48 7.21 + 0.06 7.29 1.79 5.82 5.03 5.59 - 0.11 5.82 1.31 8.79 7.55 8.70 + 1.09 8.19 3.12 11.38 9.45 11.26 + 1.69 10.53 4.49 0.04 0.03 0.04 + 0.00 0.04 0.01 0.05 0.04 0.05 - 0.01 0.05 0.01 4.90 4.46 4.77 + 0.02 4.90 2.56 0.16 0.14 0.15 - 0.00 0.21 0.06 0.05 0.03 0.04 - 0.00 0.05 0.01 0.06 0.04 0.04 - 0.01 0.06 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 0.09 0.07 0.08 + 0.01 0.11 0.02 0.43 0.39 0.40 - 0.02 0.51 0.17 0.03 0.00 0.03 - 0.00 0.03 0.00 0.04 0.03 0.03 + 0.01 0.04 0.01

Labdr Iron Mns* O 193 Labrador Iron T 708 Lake Victoria* O 1 Lara Expl V 115 Laramide Res T 319 Largo Res* O 19 Largo Res V 165 Latin Am Mnls V 647 Latin Am Mnls* O 8 Laurion Mnl Ex V 1376 Laurion Mnl Ex* O 2 LeadFX Inc* O 4 Legend Gold* O 68 Legend Gold V 90

0.01 0.00 0.01 - 0.00 0.02 0.00 14.90 12.95 13.35 - 1.35 17.45 6.85 0.02 0.01 0.02 - 0.00 0.07 0.01 0.47 0.40 0.44 - 0.01 0.52 0.20 0.33 0.28 0.28 - 0.05 0.38 0.15 0.41 0.38 0.40 - 0.01 0.75 0.08 0.54 0.46 0.54 + 0.04 0.90 0.11 0.11 0.09 0.11 - 0.01 0.35 0.05 0.08 0.08 0.08 - 0.03 0.11 0.06 0.02 0.01 0.01 - 0.01 0.03 0.01 0.01 0.01 0.01 - 0.00 0.04 0.00 0.33 0.27 0.27 - 0.06 0.41 0.11 0.04 0.03 0.03 + 0.00 0.06 0.01 0.05 0.04 0.04 - 0.02 0.08 0.02

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(100s) Stock

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12-month

Exc Volume High Low Last Change High Low

Levon Res Ltd * O 123 Levon Res Ltd T 600 Lexam VG Gold* O 1063 Lexam VG Gold T 1229 Li3 Energy* O 246 Liberty Star* Q 8864 Lincoln Mng V 163 Lion One Mtls* O 144 Lion One Mtls V 359 Lithium Amer T 11573 Lithium Amer* O 3163 Lithium Expl* O 59347 LKA Gold* O 46 Lode-Star Mg* O 250 Logan Res V 385 Lomiko Mtls* O 180 Loncor Res* O 116 Loncor Res T 172 Lone Star Gold* O 49 Lonmin plc* O 33 V 291 Lorraine Coppr Los Andes Copp V 340 Lowell Copper V 19 Lucara Diam T 3966 Luna Gold* O 359 Luna Gold T 203 Lund Enterpr V 141 Lundin Gold T 417 Lundin Mng T 15670 Lupaka Gold V 323 Lydian Intl T 1642 Lydian Intl* O 238 Lynas Corp* O 770

0.23 0.00 0.21 - 0.02 0.26 0.07 0.31 0.25 0.29 - 0.01 0.34 0.09 0.23 0.18 0.20 + 0.00 0.23 0.04 0.29 0.24 0.27 + 0.02 0.29 0.05 0.03 0.02 0.03 - 0.00 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.07 0.07 - 0.03 0.10 0.02 0.59 0.51 0.51 - 0.03 0.59 0.18 0.73 0.64 0.66 - 0.06 0.74 0.24 0.78 0.66 0.70 - 0.02 1.00 0.26 0.63 0.52 0.54 - 0.02 0.80 0.34 0.01 0.00 0.00 - 0.00 0.45 0.00 0.45 0.30 0.40 + 0.05 0.53 0.10 0.04 0.03 0.03 + 0.00 0.05 0.01 0.10 0.10 0.10 + 0.02 0.11 0.04 0.04 0.03 0.03 - 0.00 0.05 0.02 0.13 0.11 0.12 + 0.01 0.13 0.01 0.18 0.14 0.15 + 0.03 0.18 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 2.83 2.22 2.34 - 0.53 233.10 0.55 0.05 0.04 0.05 + 0.01 0.13 0.04 0.20 0.00 0.20 + 0.06 0.21 0.05 0.26 0.00 0.15 - 0.11 0.45 0.12 3.96 3.12 3.78 + 0.58 3.96 1.42 0.16 0.14 0.15 + 0.00 0.16 0.02 0.20 0.18 0.20 + 0.02 0.21 0.03 0.11 0.09 0.11 + 0.02 0.11 0.02 6.05 5.42 5.83 - 0.01 6.51 3.46 4.85 4.05 4.22 - 0.71 6.37 2.98 0.15 0.11 0.15 + 0.02 0.19 0.04 0.31 0.28 0.30 + 0.01 0.58 0.19 0.24 0.21 0.22 - 0.01 0.48 0.13 0.06 0.04 0.05 - 0.01 0.10 0.02

M Macarthur Mnl V 16686 0.13 0.07 0.12 + 0.05 0.16 0.02 O 338 0.10 0.06 0.09 + 0.03 0.10 0.02 Macarthur Mnl* Madeira Mrnls V 505 0.02 0.00 0.02 - 0.21 0.02 0.02 17.05 + 0.77 16.49 8.13 MAG Silver T 1785 17.11 15.37 MAG Silver* X 770 13.25 11.94 13.21 + 0.21 13.18 6.12 O 93 0.09 0.08 0.08 - 0.01 0.10 0.03 Magellan Gold* Magellan Mnrls V 2158 0.09 0.08 0.08 - 0.01 0.10 0.03 Magellan Mnrls* O 565 0.08 0.05 0.07 - 0.00 0.08 0.02 0.06 - 0.01 0.09 0.02 Majescor Res V 351 0.09 0.05 Majescor Res* O 7 0.04 0.04 0.04 - 0.01 0.04 0.01 0.08 - 0.01 0.12 0.04 Majestic Gold V 255 0.09 0.07 Makena Res* O 5 0.02 0.02 0.02 + 0.01 0.03 0.01 0.35 + 0.04 0.55 0.10 Malbex Res V 33 0.35 0.31 Mandalay Res T 3451 1.13 1.03 1.10 - 0.03 1.14 0.59 Manitou Gold V 389 0.05 0.04 0.04 - 0.01 0.05 0.02 T 390 0.26 0.23 0.26 + 0.01 0.35 0.11 Marathon Gold Marifil Mines V 549 0.02 0.02 0.02 - 0.01 0.02 0.01 0.20 + 0.05 0.20 0.08 Maritime Res V 3062 0.20 0.14 0.27 - 0.01 0.56 0.10 Marlin Gold* O 51 0.27 0.23 0.32 - 0.03 0.69 0.15 Marlin Gold V 117 0.34 0.31 MartinMarietta* N 6564 178.42 165.27 177.91 + 8.68 178.67 108.31 Mason Graphite* O 16 0.52 0.46 0.49 - 0.01 0.54 0.21 V 704 0.66 0.60 0.65 + 0.01 0.68 0.30 Mason Graphite V 28 0.06 0.05 0.06 + 0.02 0.09 0.03 Masuparia Gold V 66 0.37 0.28 0.28 - 0.02 0.49 0.17 Matachewan Con Matamec Expl V 1562 0.07 0.06 0.07 + 0.01 0.07 0.02 O 210 0.06 0.04 0.04 + 0.00 0.06 0.01 Matamec Expl* Matmown* O 230 0.07 0.04 0.07 + 0.04 0.19 0.01 0.30 + 0.03 0.30 0.16 Mawson Res T 162 0.30 0.25 0.21 - 0.01 0.27 0.12 Mawson Res* O 252 0.23 0.19 Mawson West T 772 0.01 0.01 0.01 - 0.01 0.05 0.01 0.01 + 0.01 0.07 0.00 Maxwell Res* O 170 0.01 0.00 Maya Gold &Sil V 751 0.18 0.16 0.17 - 0.01 0.30 0.10 O 39 0.01 0.00 0.00 - 0.01 0.09 0.01 MBAC Fertilizr* MBMI Res* O 317 0.00 0.00 0.00 + 0.00 0.00 0.00 McEwen Mng T 1742 3.37 2.95 3.29 + 0.03 3.32 0.84 12410 2.64 2.28 2.54 - 0.06 2.66 0.65 McEwen Mng* N MDN Inc V 338 0.04 0.04 0.04 + 0.01 0.06 0.01 0.14 0.12 0.13 + 0.01 0.27 0.06 Meadow Bay Gd T 1106 Meadow Bay Gd* O 179 0.11 0.09 0.09 - 0.01 0.20 0.04 N 1090 2.02 1.77 1.86 - 0.13 2.72 1.23 Mechel* Medallion Res* O 24 0.03 0.02 0.02 - 0.01 0.04 0.01 Medgold Res V 137 0.12 0.10 0.11 + 0.01 0.15 0.05 O 4876 0.02 0.02 0.02 - 0.00 0.03 0.01 Medinah Mnrls* Mega Uranium T 3444 0.17 0.15 0.17 + 0.01 0.20 0.05 O 448 0.13 0.11 0.12 - 0.01 0.15 0.04 Mega Uranium* Melior Res V 39 0.05 0.04 0.05 + 0.01 0.09 0.01 0.06 + 0.01 0.06 0.01 Melkior Res V 682 0.06 0.05 Merrex Gold V 992 0.31 0.24 0.28 + 0.04 0.29 0.10 Merrex Gold* O 61 0.24 0.18 0.21 + 0.03 0.20 0.10 0.06 + 0.01 0.11 0.04 Metalex Vent V 358 0.06 0.05 Metallis Res V 62 0.16 0.08 0.16 + 0.03 0.16 0.01 1.00 + 0.49 0.79 0.30 Metalo Manuf 12 1.00 0.48 1.80 + 0.20 3.72 1.26 Metalore Res T 12 2.15 1.70 0.13 - 0.01 0.14 0.05 Metals Creek* O 76 0.14 0.12 Metals Creek V 353 0.17 0.00 0.16 - 0.01 0.19 0.05 Metals X* O 13 0.83 0.79 0.79 - 0.01 1.21 0.68 0.04 + 0.01 0.04 0.00 Mexus Gold* O 2090 0.04 0.03 MGX Minerals 1842 0.42 0.22 0.34 + 0.11 0.70 0.08 Micrex Dev V 656 0.03 0.03 0.03 + 0.01 0.04 0.01 Midas Gold* O 1286 0.56 0.45 0.50 - 0.05 0.66 0.16 Midas Gold T 1892 0.70 0.59 0.64 - 0.04 0.74 0.25 Midland Expl V 123 0.71 0.64 0.67 + 0.02 0.80 0.45 Midnight Sun V 219 0.14 0.12 0.14 + 0.01 0.24 0.08 Millrock Res* O 468 0.29 0.23 0.29 + 0.03 0.32 0.11 Millrock Res V 972 0.37 0.30 0.36 + 0.05 0.42 0.15 Minco Gold* X 800 0.34 0.29 0.32 - 0.00 0.40 0.10 Minco Gold T 95 0.42 0.38 0.41 + 0.01 0.55 0.12 Minco Silver T 1276 1.48 1.20 1.32 + 0.07 1.48 0.32 1.00 + 0.01 1.16 0.26 Minco Silver* O 332 1.16 0.93 Mindoro Res V 5487 0.01 0.01 0.01 + 0.01 0.02 0.01 Minecorp Egy V 254 0.18 0.13 0.18 + 0.03 0.16 0.01 Minera Alamos V 160 0.15 0.12 0.15 - 0.01 0.18 0.07 Mineral Mtn V 385 0.37 0.19 0.35 + 0.11 0.37 0.08 Mines Manage* X 602 0.73 0.60 0.68 - 0.02 0.79 0.11 Minfocus Expl V 234 0.05 0.04 0.04 - 0.01 0.05 0.01 Minnova Corp V 39 0.60 0.60 0.60 + 0.05 0.65 0.18 0.11 + 0.01 0.12 0.06 Miranda Gold V 1143 0.12 0.10 Mirasol Res V 329 1.60 1.36 1.44 - 0.01 1.71 0.72 Mistango River 83 0.02 0.02 0.02 + 0.01 0.07 0.01 Mitchell Res V 10 0.04 0.00 0.04 + 0.02 0.05 0.01 Mkango Res V 430 0.02 0.02 0.02 - 0.01 0.05 0.01 Molycorp* O 1433 0.05 0.04 0.05 + 0.00 0.70 0.02 Monarques Res* O 1503 0.13 0.11 0.13 + 0.03 0.13 0.04 V 2057 0.20 0.15 0.18 + 0.03 0.20 0.06 Monarques Res Moneta Porcpn* O 143 0.21 0.00 0.18 - 0.04 0.22 0.04 Moneta Porcpn T 2023 0.26 0.21 0.24 - 0.02 0.27 0.06 0.04 - 0.01 0.26 0.02 Montan Mg V 319 0.06 0.04 Montan Mg* O 11 0.03 0.03 0.03 - 0.00 0.11 0.01 Montana Gold 23 0.07 0.07 0.07 - 0.01 0.08 0.02 Montero Mg&Ex V 135 0.03 0.02 0.02 - 0.01 0.06 0.01 Monument Mng V 467 0.15 0.12 0.13 - 0.01 0.16 0.08 0.01 - 0.01 0.05 0.01 Morgan Res V 254 0.02 0.01 Morro Bay V 346 0.02 0.01 0.01 - 0.01 0.07 0.01 Mosaic* N 27089 28.59 25.84 25.99 - 2.00 47.68 22.02 Mountain Boy* O 1425 0.03 0.02 0.03 + 0.01 0.03 0.00 Mountain Prov T 258 5.34 5.15 5.17 - 0.17 5.67 3.38 Mountain Prov* D 135 4.28 4.00 4.01 - 0.24 4.51 2.47 Mukuba Res V 100 0.01 0.00 0.01 - 0.01 0.02 0.01 Mundoro Cap V 51 0.16 0.00 0.14 - 0.02 0.18 0.04 Mustang Mnrls* O 20 0.00 0.00 0.00 - 0.01 0.01 0.00 Mustang Mnrls V 2282 0.01 0.01 0.01 - 0.01 0.02 0.01 Myson Group* O 103 0.01 0.01 0.01 - 0.00 0.18 0.00

N-O NACCO Ind* N 96 Namibia Rare E* O 21 Napier Vent* O 50 Napier Vent V 30 Natan Res V 83 Natural Res Pt* N 252 Nautilus Mnrls* O 679 Navis Res Corp 49 Nemaska Lith V 4777 Nemaska Lith* O 400 Nevada Copper T 54 Nevada Egy Mtl* O 1823 Nevada Egy Mtl V 2210 Nevada Expl * O 1616 Nevada Expl V 2087 Nevada Sunrise* O 87 Nevada Sunrise V 778

60.51 55.28 57.63 - 1.89 62.96 40.04 0.06 0.06 0.06 - 0.01 0.15 0.03 0.23 0.22 0.22 + 0.00 0.26 0.19 0.28 0.00 0.28 + 0.03 0.34 0.15 0.02 0.01 0.01 - 0.01 0.02 0.01 13.65 11.10 13.02 + 0.13 51.60 5.00 0.13 0.12 0.13 + 0.01 0.40 0.11 0.02 0.00 0.02 - 0.01 0.03 0.00 1.19 1.06 1.15 + 0.02 1.23 0.16 0.95 0.83 0.88 - 0.03 0.97 0.13 0.94 0.85 0.87 + 0.01 2.00 0.45 0.17 0.15 0.15 - 0.02 0.20 0.06 0.22 0.19 0.20 - 0.02 0.26 0.01 0.48 0.37 0.44 + 0.14 0.61 0.08 0.60 0.46 0.58 + 0.18 0.94 0.05 0.22 0.19 0.19 - 0.05 0.28 0.09 0.29 0.25 0.27 - 0.02 0.33 0.13

(100s) Stock

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12-month

Exc Volume High Low Last Change High Low

Nevada Zinc V 97 Nevado Res V 388 Nevsun Res* X 2456 Nevsun Res T 3177 New Carolin Gd V 2892 New Carolin Gd* O 324 New Colombia* O 22918 New Destiny Mg V 239 New Dimen Res V 94 New Dimen Res* O 229 New Gold* O 801 New Gold T 12846 New Gold* X 23419 New Guinea Gld* O 4162 135 New Jersey Mng* O New Milln Iron* O 21 140 New Milln Iron T New Nadina* O 0 New Nadina V 19 New Pac Metals* O 15 Newlox Gold 70 Newmarket Gold* O 436 Newmarket Gold T 5135 Newmont Mng* N 36786 Newport Expl V 162 O 515 Nexgen Energy* Nexgen Energy V 5770 90 Next Gen Mtls Nexus Gold V 4685 NGEx Res T 242 NGEx Res* O 5 V 79 Nickel North Nickel One Res V 286 Nicola Mg Inc* O 65 Nicola Mg Inc V 788 Nighthawk Gold V 34 Nikos Expl V 211 Niocan Inc V 26 Niocorp Dev T 389 Niocorp Dev* O 350 Nippon Dragon V 326 354 Noble Metal Gr V Noka Res V 8361 Noka Res* O 121 Noram Vent V 1287 373 Noranda Alum* O Nord Res* O 3540 Noront Res V 501 North Am Nickl* O 63 North Am Nickl V 826 North Am Pall T 29 12 North Am Pall* O North Arrow Mn V 249 156 North Arrow Mn* O North Springs* O 70 Northcliff Res T 2494 Northern Uran V 51 Northisle C&G V 1415 Northquest V 422 Norvista Cap V 189 V 710 Nouveau Monde NovaCopper* X 2556 NovaCopper T 520 NovaGold Res* X 11567 NovaGold Res T 2369 Novo Res V 367 Novo Res* O 87 NovX21* O 14 Nrthn Abitibi V 131 Nrthn Freegold* O 70 V 188 Nrthn Graphite Nrthn Graphite* O 117 Nrthn Iron V 127 Nrthn Shield V 10225 Nrthn Vertex V 915 Nrthn Vertex* O 54 Nthn Dynasty T 2876 Nthn Dynasty* X 887 Nthrn Sphere* O 75 Nthrn Sphere 80 NuLegacy Gold V 2940 O 1398 NuLegacy Gold* Nunavik Nickel V 58 O.T. Mining* O 20 OceanaGold T 13582 OceanaGold* O 23 137 Oceanic Iron O V Odin Mng & Exp V 96 Odin Mng & Exp* O 3 Olivut Res* O 154 Olivut Res V 112 283 Omineca Mg &Ml V Opawica Expl V 362 Orbite Tech T 2178 Orbite Tech* O 36 Orca Gold V 631 Orca Gold* O 87 Oremex Silver V 1571 Oremex Silver* O 98 Orestone Mng V 484 Orezone Gold* O 167 Orezone Gold V 894 Organic Potash 225 Orocobre T 461 Orofino Mnrls V 28 Orsu Metals* O 13 Orvana Mnrls T 4231 Orvana Mnrls* O 1180 Osisko Gold * O 104 Osisko Gold T 2406 Otis Gold* O 92 Otis Gold V 617 OZ Minerals* O 1

0.40 0.36 0.40 + 0.01 0.43 0.19 0.04 0.03 0.04 + 0.01 0.05 0.01 3.76 3.24 3.37 - 0.37 4.36 2.27 4.72 4.18 4.34 - 0.35 5.35 3.27 0.12 0.09 0.12 + 0.03 0.10 0.03 0.09 0.07 0.09 + 0.01 0.09 0.03 0.05 0.02 0.02 - 0.01 0.05 0.00 0.01 0.01 0.01 + 0.01 0.02 0.01 0.15 0.00 0.14 + 0.02 0.15 0.04 0.08 0.00 0.08 + 0.04 0.08 0.03 0.08 0.05 0.07 + 0.01 0.28 0.03 6.09 5.40 5.92 + 0.02 6.03 2.52 4.80 4.20 4.60 - 0.10 4.80 1.76 0.00 0.00 0.00 + 0.00 0.01 0.00 0.10 0.00 0.09 - 0.00 0.12 0.02 0.06 0.06 0.06 - 0.00 0.12 0.03 0.10 0.09 0.09 - 0.01 0.17 0.05 0.11 0.00 0.11 + 0.03 0.11 0.08 0.16 0.11 0.16 + 0.02 0.30 0.05 0.27 0.00 0.27 + 0.04 0.27 0.11 0.02 0.02 0.02 - 0.01 0.07 0.02 2.94 2.63 2.88 + 0.10 2.84 0.61 3.77 3.37 3.74 + 0.23 3.63 0.80 35.20 32.04 34.13 - 0.84 35.20 15.39 0.32 0.28 0.29 + 0.01 0.49 0.19 1.95 1.68 1.92 + 0.15 2.14 0.41 2.54 2.15 2.48 + 0.23 2.78 0.50 0.13 0.10 0.10 + 0.01 0.18 0.01 0.06 0.05 0.05 + 0.01 0.14 0.04 0.87 0.83 0.84 - 0.01 1.00 0.44 0.67 0.64 0.64 - 0.03 0.80 0.37 0.02 0.01 0.01 - 0.01 0.02 0.01 0.12 0.11 0.11 + 0.01 0.18 0.09 0.09 0.08 0.08 - 0.01 0.11 0.03 0.13 0.10 0.11 - 0.01 0.15 0.04 0.17 0.15 0.16 + 0.01 0.21 0.04 0.10 0.09 0.09 - 0.01 0.19 0.02 0.09 0.09 0.09 - 0.01 0.18 0.04 0.93 0.86 0.86 - 0.04 1.14 0.51 0.73 0.67 0.69 - 0.04 0.87 0.37 0.08 0.07 0.07 - 0.01 0.15 0.03 0.01 0.01 0.01 + 0.01 0.01 0.01 0.21 0.17 0.17 - 0.02 0.21 0.03 0.15 0.13 0.13 - 0.01 0.15 0.02 0.06 0.04 0.04 - 0.02 0.07 0.01 0.07 0.05 0.06 - 0.01 21.70 0.02 0.01 0.00 0.00 + 0.00 0.01 0.00 0.35 0.32 0.34 - 0.01 0.51 0.28 0.06 0.05 0.05 - 0.01 0.21 0.05 0.09 0.07 0.07 - 0.03 0.25 0.07 5.50 5.21 5.35 + 0.05 30.00 3.85 4.46 4.09 4.14 - 0.12 23.60 2.71 0.25 0.20 0.22 - 0.03 1.20 0.15 0.21 0.15 0.17 - 0.03 0.94 0.12 0.94 0.00 0.92 + 0.02 40.00 0.15 0.13 0.11 0.11 - 0.02 0.16 0.06 0.03 0.02 0.02 - 0.01 0.06 0.01 0.04 0.02 0.04 + 0.01 0.04 0.02 0.24 0.23 0.24 + 0.01 0.32 0.07 0.21 0.17 0.21 + 0.01 0.24 0.08 0.22 0.19 0.20 - 0.01 0.24 0.12 0.86 0.52 0.76 + 0.25 0.86 0.15 1.08 0.65 0.98 + 0.29 1.08 0.20 6.57 5.92 6.39 - 0.10 6.57 2.65 8.43 7.62 8.26 + 0.11 8.25 3.42 1.10 0.85 1.05 + 0.20 1.10 0.40 0.83 0.66 0.82 + 0.13 0.83 0.29 0.02 0.01 0.01 - 0.00 0.06 0.00 0.02 0.02 0.02 + 0.01 0.02 0.01 0.16 0.14 0.15 - 0.01 0.16 0.02 0.50 0.43 0.47 + 0.02 0.81 0.16 0.40 0.34 0.36 - 0.01 0.68 0.12 0.02 0.02 0.02 + 0.01 0.04 0.01 0.14 0.07 0.10 + 0.04 0.14 0.01 0.40 0.30 0.34 + 0.04 0.40 0.13 0.29 0.17 0.26 + 0.09 0.29 0.15 0.55 0.48 0.48 - 0.06 0.67 0.28 0.45 0.37 0.38 - 0.05 0.53 0.20 0.23 0.23 0.23 + 0.01 0.39 0.07 0.29 0.26 0.29 + 0.04 0.53 0.10 0.38 0.28 0.33 - 0.03 0.39 0.08 0.31 0.20 0.26 - 0.03 0.32 0.06 0.10 0.00 0.10 + 0.03 0.10 0.03 0.09 0.05 0.05 - 0.04 0.14 0.03 4.64 3.96 4.45 - 0.04 4.64 1.79 3.65 3.19 3.34 - 0.23 3.65 1.43 0.14 0.12 0.13 - 0.02 0.20 0.08 0.53 0.45 0.53 + 0.03 0.53 0.21 0.42 0.34 0.42 + 0.09 0.42 0.17 0.17 0.12 0.15 + 0.01 0.17 0.05 0.22 0.15 0.18 + 0.03 0.22 0.08 0.10 0.07 0.07 - 0.02 0.11 0.01 0.15 0.05 0.09 + 0.07 0.15 0.02 0.28 0.27 0.27 - 0.01 0.53 0.20 0.23 0.22 0.22 - 0.01 0.40 0.15 0.33 0.27 0.31 - 0.01 0.33 0.12 0.27 0.21 0.27 + 0.05 0.27 0.08 0.06 0.03 0.05 - 0.01 0.06 0.01 0.05 0.03 0.04 + 0.01 0.05 0.00 0.03 0.02 0.02 - 0.01 0.03 0.01 0.65 0.56 0.64 + 0.00 0.66 0.16 0.83 0.70 0.83 + 0.02 0.83 0.22 0.02 0.02 0.02 - 0.01 0.09 0.01 3.56 3.11 3.43 + 0.22 3.56 1.33 0.19 0.19 0.19 + 0.02 0.23 0.05 0.02 0.02 0.02 - 0.00 0.03 0.01 0.30 0.17 0.18 - 0.09 0.40 0.11 0.24 0.13 0.14 - 0.08 0.31 0.07 13.49 12.25 13.04 - 0.32 14.97 8.88 17.22 15.71 16.93 + 0.13 18.64 12.39 0.14 0.12 0.12 - 0.02 0.15 0.02 0.18 0.15 0.15 - 0.03 0.19 0.03 4.24 0.00 4.24 - 0.09 4.33 2.29

Pac Bay Mnrls V 73 Pac Booker Min* O 32 Pac Booker Min V 84 Pac North West* O 105 Pac North West V 1307 Pac Potash* O 2 Pac Ridge Expl* O 49 Pac Topaz V 67 Paget Mrnls V 199 Paladin Energy T 1471 Palisades Vent V 249 Pan Am Silver* D 15786 Pan Am Silver T 5450 Pan Global Res V 205 Pancontinental* O 44 Pangolin Dia V 1184 Panoro Mnrls V 839 Paramount Gold* X 233 Parlane Res V 105 Pasinex Res 1860 Passprt Potash* O 59 Patriot Gold* O 27 Peat Res V 1057 Pedro Res V 5 Pelangio Expl V 552 77 Pele Mtn Res* O Pele Mtn Res V 1126 Peregrine Diam T 3001 Perseus Mng T 5217 Pershimco Res V 1120 Pershing Gold* D 1373 Pershing Res* O 265 Peruvian Prc M* O 154 Petaquilla Mnl* O 147 Philex Mng* O 11 Phoenix Metals V 80 Pilot Gold T 999 Pilot Gold* O 401 Pine Cliff En T 1377 Pinecrest Res V 101 Pistol Bay Mng V 121 PJX Res V 116

0.07 0.07 0.07 + 0.01 0.10 0.03 0.75 0.63 0.75 + 0.20 4.52 0.45 1.10 0.00 0.96 + 0.26 5.67 0.63 0.06 0.05 0.05 - 0.01 0.06 0.00 0.07 0.06 0.06 - 0.01 0.07 0.01 0.00 0.00 0.00 + 0.00 0.03 0.00 0.05 0.04 0.04 - 0.01 0.05 0.01 0.20 0.18 0.18 - 0.02 0.29 0.06 0.04 0.00 0.04 + 0.01 0.08 0.01 0.25 0.22 0.23 - 0.02 0.35 0.15 0.07 0.06 0.07 + 0.01 0.08 0.03 15.85 13.97 15.10 - 0.57 15.85 5.38 19.85 17.99 19.51 - 0.16 19.85 7.77 0.02 0.01 0.01 - 0.01 0.02 0.01 0.01 0.00 0.00 - 0.00 0.01 0.00 0.10 0.07 0.09 + 0.02 0.10 0.03 0.18 0.16 0.18 + 0.02 0.19 0.09 1.66 1.47 1.61 + 0.07 1.69 0.93 0.20 0.12 0.18 + 0.06 0.21 0.01 0.07 0.05 0.07 + 0.01 0.10 0.03 0.01 0.00 0.00 - 0.00 0.27 0.00 0.10 0.08 0.09 - 0.01 0.15 0.02 0.06 0.00 0.06 + 0.01 0.06 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01 0.05 0.04 0.04 - 0.01 0.05 0.01 0.03 0.02 0.03 + 0.00 0.05 0.02 0.04 0.03 0.04 - 0.01 0.07 0.03 0.23 0.17 0.18 - 0.03 0.35 0.09 0.62 0.52 0.57 + 0.02 0.62 0.27 0.17 0.14 0.17 + 0.02 0.26 0.09 4.22 3.62 3.95 - 0.18 6.30 3.04 0.03 0.02 0.03 + 0.01 0.15 0.02 0.05 0.03 0.04 + 0.01 0.10 0.02 0.01 0.01 0.01 - 0.00 0.03 0.00 0.13 0.10 0.13 - 0.01 0.15 0.05 0.16 0.15 0.16 - 0.01 0.20 0.02 0.73 0.65 0.71 + 0.02 0.79 0.22 0.58 0.50 0.54 - 0.02 0.67 0.06 0.83 0.73 0.75 - 0.07 1.62 0.61 0.20 0.16 0.20 + 0.05 0.25 0.03 0.06 0.05 0.05 - 0.02 0.07 0.01 0.20 0.00 0.20 + 0.03 0.29 0.13

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Planet Mng V 32 Plata Latina V 13 Plate Res V 85 Plateau Uran* O 11 Plateau Uran V 315 Platinum Gp Mt* X 2962 Platinum Gp Mt T 697 Plato Gold V 2192 Playfair Mng V 364 Polaris Mater T 44 PolyMet Mng T 78 PolyMet Mng* X 601 Portage Res* O 11356 Potash Corp SK T 12148 Potash Corp SK* N 43327 Potash Ridge T 5618 Potash Ridge* O 286 Premier Gold M T 3994 Pretium Res* N 8346 Pretium Res T 3236 Primero Mng T 5667 Primero Mng* N 6258 Prism Res V 5 Probe Metals* O 91 Probe Metals V 349 Prophecy Coal* O 332 Prosper Gold V 93 657 PUF Vent Inc Puma Expl V 626 V 2837 Pure Energy Pure Energy* O 1701 104 Pure Gold Mg* O Pure Gold Mg V 4792 Pure Nickel V 500 Pure Nickel* O 61 Purepoint Uran V 538 Q-Gold Res V 74 QMC Quantum Ml V 100 QMX Gold V 2367 QMX Gold* O 103 Quartz Mtn Res V 147 Quaterra Res V 74 Quaterra Res* O 149 92 Quest Rare Mnl* O Quest Rare Mnl T 710

0.07 0.05 0.05 - 0.02 0.08 0.02 0.06 0.00 0.06 + 0.01 0.07 0.01 0.06 0.06 0.06 - 0.01 0.21 0.03 0.24 0.24 0.24 + 0.01 0.51 0.18 0.32 0.28 0.30 - 0.01 0.65 0.24 3.71 2.92 3.00 - 0.32 4.87 0.96 4.74 3.80 3.86 - 0.29 5.90 1.35 0.02 0.01 0.01 - 0.01 0.02 0.01 0.07 0.05 0.06 - 0.01 0.08 0.02 1.53 1.45 1.46 - 0.05 2.83 1.12 1.16 1.07 1.11 - 0.04 1.71 0.76 0.90 0.85 0.85 - 0.05 1.33 0.55 0.01 0.00 0.00 - 0.00 0.01 0.00 22.30 20.47 20.53 - 1.67 40.96 20.03 17.81 15.82 15.89 - 1.83 33.52 14.64 0.39 0.32 0.39 + 0.06 0.39 0.03 0.29 0.26 0.29 + 0.03 0.29 0.02 3.76 3.28 3.55 - 0.20 3.80 1.65 8.38 7.33 8.17 - 0.06 8.38 4.00 10.80 9.44 10.54 + 0.21 10.48 5.57 2.47 2.12 2.34 - 0.02 5.51 1.94 1.98 1.64 1.81 - 0.07 4.49 1.41 0.12 0.00 0.12 + 0.03 0.12 0.04 0.72 0.63 0.67 - 0.05 0.72 0.24 0.90 0.80 0.86 - 0.04 0.94 0.33 0.02 0.01 0.02 + 0.01 0.06 0.01 0.30 0.00 0.27 - 0.03 0.36 0.06 0.02 0.01 0.01 - 0.01 0.10 0.01 0.08 0.07 0.08 + 0.02 0.13 0.03 0.91 0.80 0.87 + 0.03 1.15 0.21 0.73 0.62 0.67 - 0.01 0.91 0.18 0.49 0.43 0.45 + 0.02 0.49 0.01 0.62 0.55 0.58 + 0.05 0.62 0.07 0.02 0.02 0.02 + 0.01 0.03 0.01 0.01 0.01 0.01 - 0.00 0.01 0.00 0.10 0.09 0.09 - 0.01 0.13 0.02 0.08 0.00 0.07 - 0.01 0.10 0.01 0.02 0.02 0.02 + 0.01 0.03 0.01 0.11 0.05 0.10 + 0.03 0.11 0.01 0.08 0.06 0.08 + 0.05 0.08 0.01 0.02 0.02 0.02 + 0.01 0.03 0.01 0.08 0.07 0.07 - 0.01 0.15 0.05 0.06 0.05 0.06 + 0.00 0.11 0.04 0.17 0.14 0.15 - 0.00 0.20 0.03 0.22 0.18 0.19 - 0.02 0.25 0.06

R Rackla Mtls V 104 0.07 0.00 0.07 + 0.01 0.13 0.05 Rainmaker Res V 64 0.12 0.00 0.08 - 0.03 0.34 0.08 Rainmaker Res* O 8 0.09 0.06 0.06 - 0.03 0.15 0.06 102 0.06 0.04 0.06 + 0.01 0.09 0.03 Rainy Mtn Royl V Randgold Res* D 7570 101.60 83.55 89.45 - 11.05 101.60 54.88 0 87.47 0.00 87.47 - 6.58 95.43 57.00 Randgold Res* O Randsburg Intl V 117 0.01 0.01 0.01 - 0.01 0.02 0.01 0.07 + 0.01 0.08 0.02 Rapier Gold V 84 0.07 0.00 Rare Element* O 563 0.13 0.11 0.12 - 0.00 0.65 0.06 Red Eagle Mng V 6492 0.89 0.67 0.76 + 0.08 0.89 0.25 815 0.91 0.52 0.61 + 0.07 0.91 0.18 Red Eagle Mng* O Red Hut V 446 0.09 0.07 0.08 - 0.01 0.15 0.01 Red Oak Mg V 15 0.02 0.01 0.01 - 0.01 0.06 0.01 Red Pine Expl V 898 0.10 0.09 0.10 + 0.01 0.13 0.03 77 0.10 0.00 0.07 + 0.01 0.10 0.02 Red Tiger Mng V 0.05 - 0.01 0.07 0.03 Redstar Gold V 544 0.07 0.05 Regulus Res V 92 0.49 0.45 0.45 - 0.03 0.54 0.19 O 51 0.22 0.18 0.19 - 0.01 0.28 0.08 Renaissance Gd* Renaissance Gd V 283 0.28 0.24 0.24 - 0.01 0.36 0.11 Reservoir Mnls* O 106 7.40 6.39 6.56 - 0.79 7.46 2.25 V 978 9.25 8.20 8.50 - 0.70 9.35 3.26 Reservoir Mnls 0.23 - 0.06 0.30 0.04 Resolve Vent V 147 0.28 0.23 Resource Cap V 189 0.08 0.05 0.05 - 0.02 0.08 0.02 Resource Cap* O 20 0.05 0.05 0.05 + 0.02 0.05 0.02 0.18 + 0.02 0.23 0.07 Revolver Res V 14 0.18 0.00 0.14 - 0.03 0.18 0.09 Rhyolite Res V 30 0.14 0.00 Richmond Mnls V 297 0.09 0.00 0.09 + 0.03 0.14 0.03 Richmont Mines* X 2683 7.99 6.87 7.81 + 0.03 7.99 2.27 10.13 8.85 10.06 + 0.30 10.00 3.14 Richmont Mines T 1979 Rio Novo Gold T 3559 0.16 0.12 0.14 + 0.01 0.16 0.07 165 0.12 0.11 0.11 + 0.01 0.12 0.06 Rio Novo Gold* O 0.04 - 0.01 0.05 0.01 Rio Silver V 28 0.04 0.00 Rio Tinto* N 24162 33.99 30.09 30.90 - 2.76 47.37 21.89 O 6 33.35 0.00 30.76 - 3.46 47.23 21.90 Rio Tinto* Rio Tinto* O 1 38.08 0.00 37.33 - 0.12 47.28 25.47 72 0.19 0.00 0.19 + 0.01 0.20 0.11 Rise Res Inc Riverside Res V 255 0.32 0.29 0.32 + 0.01 0.34 0.12 Riverside Res* O 27 0.25 0.22 0.24 - 0.01 0.27 0.08 0.01 - 0.01 0.02 0.01 RJK Explor V 788 0.02 0.01 Robex Res V 488 0.15 0.12 0.15 + 0.02 0.17 0.05 V 43 0.07 0.00 0.05 - 0.01 0.08 0.03 Rochester Res Rock Tech Lith V 32 0.38 0.30 0.35 + 0.03 0.38 0.03 0.35 + 0.15 0.75 0.01 Rockex Mng 184 0.75 0.22 Rockhaven Res V 156 0.21 0.18 0.20 + 0.01 0.24 0.10 Rockland Mnls V 1181 0.11 0.07 0.10 + 0.02 0.11 0.01 Rockridge Cap V 17 0.06 0.05 0.06 + 0.01 0.08 0.05 Rockshield Cap* O 4 0.07 0.05 0.05 - 0.02 0.08 0.05 Rockshield Cap 21 0.11 0.00 0.08 - 0.03 0.14 0.06 Rockwell Diam T 78 0.12 0.10 0.11 + 0.01 0.25 0.07 Rogue Res V 1536 0.08 0.07 0.08 + 0.01 0.16 0.03 Rojo Res V 131 0.14 0.11 0.11 - 0.04 0.14 0.04 V 1160 0.02 0.02 0.02 - 0.01 0.05 0.01 Rokmaster Res Romios Gold Rs* O 144 0.06 0.04 0.05 - 0.01 0.06 0.01 Rouge Res V 86 0.05 0.04 0.05 + 0.01 0.08 0.03 V 39 0.12 0.09 0.12 + 0.01 0.17 0.05 Roughrider Exp Roxgold* O 69 1.10 0.95 1.00 - 0.05 1.10 0.42 Roxgold V 2479 1.38 1.20 1.25 - 0.08 1.38 0.54 Royal Gold T 91 79.49 74.78 77.33 - 1.14 81.52 35.46 Royal Gold* D 4493 63.31 57.86 59.81 - 2.81 67.99 24.68 0.40 - 0.04 0.50 0.10 Royal Nickel* O 48 0.50 0.39 Royal Nickel T 10086 0.63 0.49 0.53 - 0.03 0.63 0.12 Royal Rd Mnrls V 428 0.09 0.00 0.08 - 0.01 0.18 0.04 Royal Std Mnrl* O 374 0.00 0.00 0.00 + 0.00 0.00 0.00 RT Minerals V 448 0.11 0.01 0.11 - 0.04 0.20 0.05 RTG Mining T 8 0.60 0.00 0.60 + 0.02 0.75 0.33 Rubicon Mnrls* O 2149 0.05 0.04 0.04 - 0.00 1.20 0.01 0.19 + 0.11 0.20 0.03 Rugby Mng V 579 0.20 0.00 Running Fox Rs V 32 0.03 0.02 0.02 - 0.01 0.03 0.01 Rupert Res V 450 0.59 0.42 0.51 + 0.05 0.55 0.02 Rusoro Mng* O 44 0.08 0.07 0.08 + 0.00 0.10 0.02 Rusoro Mng V 339 0.15 0.10 0.15 + 0.04 0.15 0.03 Rye Patch Gold* O 714 0.23 0.17 0.20 - 0.01 0.23 0.08 Rye Patch Gold V 1179 0.28 0.23 0.26 - 0.01 0.28 0.11

S Sabina Gd&Slvr T 7526 Sabina Gd&Slvr* O 2453 Sage Gold V 160 Sage Gold* O 45 Saint Jean V 878 Saint Jean* O 34 Salazar Res V 179 Sama Res* O 415 Sama Res V 799 Samex Mng* O 566 San Gold Corp* O 156 San Marco Res V 856 San Marco Res* O 27 Sandspring Res V 1386 Sandspring Res* O 434 Sandstorm Gold* X 6180 Santa Fe Gold* O 473 Santa Fe Mtls V 1744 Santacruz Silv V 1528 Sarama Res V 781 Saturn Mnrls V 373 Savant Expl V 258 Savary Gold* O 37 Savary Gold V 670 Scandium Int M* O 171 Scorpio Gold V 764 ScoZinc Mg V 32 Seabridge Gld T 1390 Seabridge Gld* N 6708 Search Mnls V 187 Searchlight* O 351 Secova Mtls V 900 Sego Res V 109 Select Sands V 1077 Semafo T 9682

1.87 1.49 1.61 - 0.20 1.87 0.32 1.55 1.17 1.25 - 0.18 1.55 0.24 0.08 0.00 0.06 + 0.01 0.09 0.03 0.06 0.00 0.06 - 0.01 0.07 0.03 0.05 0.04 0.05 - 0.01 0.06 0.01 0.05 0.03 0.04 - 0.01 0.05 0.01 0.15 0.14 0.14 - 0.01 0.16 0.03 0.07 0.07 0.07 + 0.00 0.13 0.07 0.09 0.07 0.09 + 0.01 0.22 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.08 0.07 0.07 + 0.01 0.08 0.02 0.06 0.06 0.06 + 0.00 0.06 0.01 0.57 0.48 0.54 - 0.01 0.63 0.11 0.46 0.36 0.40 - 0.04 0.51 0.08 4.37 3.76 4.17 - 0.10 4.37 1.94 0.00 0.00 0.00 + 0.00 0.15 0.00 0.02 0.01 0.02 + 0.01 0.03 0.01 0.57 0.45 0.51 - 0.03 0.63 0.09 0.19 0.14 0.16 + 0.02 0.19 0.05 0.12 0.11 0.12 + 0.01 0.24 0.09 0.02 0.01 0.01 - 0.01 0.02 0.01 0.06 0.06 0.06 - 0.01 0.07 0.06 0.09 0.08 0.08 - 0.01 0.10 0.02 0.14 0.12 0.13 - 0.00 0.17 0.06 0.10 0.09 0.10 + 0.01 0.14 0.05 0.89 0.00 0.61 - 0.09 1.25 0.40 18.23 16.09 17.38 - 0.55 19.93 4.34 14.52 12.51 13.45 - 0.88 15.50 3.31 0.10 0.08 0.10 + 0.02 0.13 0.04 0.09 0.08 0.08 - 0.01 0.42 0.06 0.10 0.08 0.08 - 0.02 0.10 0.03 0.05 0.03 0.04 - 0.01 0.05 0.01 0.26 0.20 0.26 + 0.02 0.50 0.20 5.69 5.00 5.49 - 0.10 5.69 2.46

2016-05-10 7:36 PM

10

WWW.NORTHERNMINER.COM

MAY 16–22, 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

Senator Mnrls V 24 V 65 Sennen Potash Serabi Gold T 53 Serengeti Res V 1027 SGX Res V 628 Shamrock Ent 174 Sherritt Intl T 2704 Shore Gold T 1370 Shoshoni Gold V 470 Sibanye Gold* N 5793 Sidney Resrces* O 169 Sienna Res* O 19 Sienna Res V 2874 Sierra Iron Or V 42 3 Sierra Iron Or* O Sierra Metals* O 9 Sierra Metals T 185 Signal Expl V 96 Signature Res V 138 Silver Bear Rs T 2027 Silver Bull Re* O 2169 Silver Bull Re T 4476 Silver Dragon* O 478 Silver Grail V 69 32 Silver Mtn Mns* O Silver Predatr V 228 Silver Pursuit* O 8 Silver Pursuit V 369 Silver Range V 493 Silver Scott* O 4 Silver Shield 310 Silver Spruce* O 5 Silver Std Res* D 13010 Silver Std Res T 3736 Silver Wheaton T 7423 Silver Wheaton* N 37634 Silvercorp Met T 5053 O 2336 Silvercorp Met* Silvermet V 347 Silverore Mns* O 142 SinoCoking Cl* D 42 Sirios Res V 3583 Sirios Res* O 402 Skeena Res* O 154 Skeena Res V 1402 Sky Ridge V 45 Skyharbour Res V 1255 SnipGold V 562 Solitario Ex&R T 118 X 689 Solitario Ex&R* Sona Res V 124 Sona Res* O 10 664 Sonora Gld & S V Sonoro Mtls* O 5 Sonoro Mtls V 130 Source Expl V 906 Southern Arc V 35 Southern Arc* O 29 Southern Copp* N 6043 Southern Silvr* O 327 Southern Silvr V 1763 SouthGobi Res T 9 125 Spanish Mtn Gd* O Spearmint Res V 6111 Spruce Ridge R V 869 St Augustine T 1049 Stakeholdr Gld* O 59 V 66 Stakeholdr Gld Standard Graph V 798 Standard Metal* O 171 Stans Energy* O 78 Starcore Intl T 447 Sterling Grp* O 194

0.24 0.15 0.22 - 0.02 0.24 0.03 0.18 0.13 0.18 + 0.04 0.47 0.09 0.08 0.07 0.07 - 0.01 0.10 0.04 0.09 0.07 0.09 + 0.02 0.08 0.02 0.03 0.02 0.02 - 0.01 0.05 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01 0.98 0.85 0.88 - 0.06 3.24 0.53 0.21 0.19 0.20 - 0.02 0.25 0.13 0.01 0.01 0.01 - 0.01 0.01 0.01 15.75 13.74 15.12 - 0.28 16.63 4.07 0.01 0.01 0.01 - 0.00 0.02 0.00 0.13 0.12 0.12 + 0.02 0.15 0.01 0.18 0.15 0.17 + 0.01 0.18 0.01 0.39 0.32 0.34 - 0.03 0.62 0.22 0.29 0.28 0.28 - 0.01 0.42 0.15 1.22 0.93 1.06 - 0.29 1.40 0.69 1.50 1.15 1.38 - 0.06 1.80 0.84 0.04 0.03 0.03 - 0.01 0.04 0.01 0.08 0.00 0.08 + 0.02 0.08 0.01 0.20 0.18 0.20 + 0.02 0.20 0.02 0.12 0.10 0.12 + 0.00 0.15 0.02 0.18 0.13 0.15 + 0.01 0.18 0.04 0.03 0.02 0.02 - 0.00 0.05 0.01 0.07 0.00 0.06 - 0.01 0.08 0.02 0.02 0.02 0.02 - 0.00 0.02 0.02 0.04 0.00 0.03 - 0.01 0.04 0.01 0.08 0.00 0.08 + 0.06 0.08 0.02 0.10 0.08 0.10 + 0.02 0.10 0.02 0.17 0.14 0.15 + 0.01 0.17 0.02 0.01 0.01 0.01 - 0.01 0.01 0.00 0.14 0.11 0.13 - 0.01 0.16 0.01 0.08 0.00 0.06 + 0.00 0.08 0.02 9.61 8.27 9.08 - 0.31 9.61 3.66 12.03 10.64 11.75 - 0.03 12.03 5.28 26.46 23.91 25.18 - 1.11 26.46 14.51 21.14 18.57 19.50 - 1.45 21.14 10.04 3.04 2.33 2.76 - 0.26 3.10 0.60 2.41 1.80 2.13 - 0.27 2.45 0.41 0.06 0.05 0.06 + 0.01 0.10 0.02 0.20 0.02 0.02 - 0.13 0.20 0.01 0.47 0.40 0.44 - 0.01 2.63 0.26 0.45 0.36 0.40 - 0.03 0.51 0.07 0.36 0.29 0.31 - 0.03 0.39 0.07 0.07 0.06 0.07 + 0.01 0.09 0.04 0.09 0.08 0.08 - 0.01 0.13 0.06 0.30 0.00 0.28 + 0.03 0.30 0.03 0.05 0.04 0.05 - 0.01 0.06 0.02 0.28 0.26 0.26 - 0.02 0.30 0.04 0.69 0.00 0.69 + 0.07 0.96 0.57 0.55 0.50 0.53 - 0.00 0.85 0.40 0.02 0.02 0.02 - 0.01 0.05 0.01 0.01 0.01 0.01 + 0.00 0.03 0.00 0.08 0.06 0.07 + 0.01 0.08 0.01 0.10 0.09 0.10 + 0.02 0.12 0.03 0.13 0.10 0.10 - 0.01 0.16 0.04 0.04 0.03 0.04 + 0.01 0.09 0.01 0.50 0.40 0.49 + 0.09 1.00 0.24 0.38 0.30 0.36 + 0.06 0.41 0.17 29.88 27.99 28.53 - 1.14 33.04 21.55 0.12 0.10 0.12 + 0.02 0.12 0.02 0.16 0.13 0.15 + 0.01 0.15 0.03 0.32 0.28 0.28 - 0.04 1.25 0.21 0.08 0.06 0.07 - 0.00 0.08 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.05 0.03 0.04 - 0.01 0.06 0.01 0.12 0.10 0.11 + 0.01 0.14 0.07 0.28 0.24 0.27 + 0.05 0.36 0.05 0.35 0.29 0.35 + 0.07 1.10 0.04 0.06 0.05 0.06 - 0.01 0.07 0.01 0.13 0.13 0.13 - 0.00 1.00 0.01 0.03 0.02 0.02 - 0.00 0.07 0.01 0.69 0.61 0.65 + 0.05 0.69 0.25 0.04 0.03 0.04 + 0.01 0.04 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Stillwater Mg* N 9246 Stina Res 118 Stone Ridge Ex 100 Stonegate Agri* O 44 Stornoway Diam T 2307 Strategic Metl V 300 Stria Lithium V 242 Strikepoint Gd V 491 Strongbow Expl V 282 Sulliden Mng T 1083 Suncor Energy T 24273 Suncor Energy* N 34808 Sunridge Gold* O 822 Sunridge Gold V 9218 Suparna Gold V 9592 Superior Coppr V 516 Sutter Gold V 284 Sutter Gold* O 509 Swift Res V 21 Syrah Res* O 107

12.46 10.00 10.23 - 1.97 15.07 4.99 0.15 0.12 0.15 + 0.04 0.19 0.11 0.12 0.10 0.11 + 0.01 0.14 0.10 0.02 0.02 0.02 - 0.00 0.03 0.00 1.04 1.00 1.02 - 0.02 1.08 0.65 0.49 0.41 0.45 - 0.01 0.49 0.24 0.13 0.12 0.13 - 0.01 0.18 0.02 0.22 0.17 0.20 + 0.01 0.75 0.05 0.16 0.13 0.16 + 0.04 0.23 0.05 0.45 0.00 0.40 - 0.03 0.45 0.19 36.70 32.69 33.84 - 2.99 40.35 27.32 29.34 25.40 26.25 - 3.12 30.82 18.71 0.29 0.28 0.29 + 0.01 0.29 0.11 0.37 0.35 0.37 + 0.03 0.37 0.13 0.11 0.06 0.10 + 0.04 0.09 0.01 0.06 0.05 0.05 - 0.01 0.06 0.01 0.16 0.06 0.13 + 0.07 0.16 0.04 0.13 0.05 0.10 + 0.05 0.13 0.02 0.01 0.01 0.01 - 0.01 0.07 0.01 3.82 0.00 3.77 + 0.22 3.82 1.81

Tahoe Res* N 12194 Tahoe Res T 9108 Tajiri Res V 1641 Takara Res V 175 Talon Metals T 222 Tamino Mnrls* O 3599 V 716 Tanager Energy Tanzania Rlty T 579 Tanzania Rlty* X 3404 Tarku Res V 250 Tartisan Res 674 Taseko Mines T 404 Taseko Mines* X 1502 Tasman Metals* O 41 V 232 Tasman Metals Teck Res T 9 T 39140 Teck Res Teck Res* N 65605 TECO Enrgy* N 14910 Telson Res V 17 Tembo Gold* O 634 Teranga Gold T 12524 Teras Res V 200 Terraco Gold V 816 Terrax Mnrls* O 48 Terrax Mnrls V 481 Terreno Res V 27 Teslin Rvr Res V 499 Tesoro Mnrls V 576 Teuton Res* O 115 Teuton Res V 553 Theia Res V 16 O 3255 Thompson Creek* Thompson Creek T 4554 Thor Expl V 7 Tiger Intl V 7 Till Capital V 1 Till Capital* D 6 O 300 Timberline Res* Timberline Res V 80 Timmins Gold T 4666 Timmins Gold* X 4231 Tinka Res* O 574 Tinka Res V 1386 Tintina Mines V 4 Tintina Res V 118 Tintina Res* O 9 Tirex Res* O 237 Tirex Res V 434 Titanium Corp V 574

14.29 12.74 13.34 - 0.79 15.14 6.48 17.88 16.40 17.19 - 0.53 18.65 9.45 0.05 0.04 0.05 - 0.01 0.06 0.01 0.04 0.03 0.03 - 0.01 0.06 0.02 0.10 0.08 0.09 + 0.01 0.18 0.08 0.00 0.00 0.00 + 0.00 0.01 0.00 0.10 0.08 0.09 + 0.01 0.10 0.01 0.76 0.50 0.65 + 0.16 0.76 0.24 0.57 0.40 0.51 + 0.12 0.57 0.17 0.06 0.05 0.05 - 0.01 0.10 0.02 0.07 0.04 0.04 - 0.01 0.07 0.01 0.80 0.66 0.72 - 0.09 1.06 0.35 0.64 0.52 0.55 - 0.09 0.88 0.23 0.17 0.14 0.17 + 0.03 0.69 0.06 0.21 0.19 0.19 + 0.03 0.84 0.09 17.20 14.86 15.38 - 1.77 19.47 5.69 15.67 13.01 13.53 - 1.83 18.41 3.65 12.51 10.10 10.46 - 1.79 15.25 2.56 27.79 27.71 27.74 - 0.03 27.83 17.60 0.19 0.00 0.19 - 0.04 0.23 0.02 0.03 0.02 0.02 - 0.00 0.03 0.01 1.09 0.96 1.07 + 0.07 1.05 0.38 0.16 0.00 0.13 + 0.03 0.16 0.03 0.13 0.12 0.12 + 0.02 0.15 0.07 0.30 0.25 0.27 - 0.01 0.33 0.17 0.38 0.33 0.35 + 0.02 0.43 0.23 0.05 0.04 0.05 + 0.01 0.04 0.02 0.35 0.32 0.34 + 0.01 0.43 0.20 0.06 0.03 0.06 + 0.04 0.06 0.01 0.11 0.08 0.08 - 0.03 0.12 0.03 0.14 0.10 0.11 - 0.03 0.15 0.04 0.12 0.10 0.10 - 0.02 0.18 0.05 0.55 0.32 0.38 - 0.15 1.29 0.07 0.68 0.43 0.50 - 0.16 1.56 0.16 0.05 0.00 0.05 + 0.02 0.06 0.02 0.15 0.15 0.15 + 0.01 0.25 0.12 5.00 0.00 4.31 + 0.03 7.15 3.28 3.90 0.00 3.70 - 0.26 6.23 2.76 0.22 0.13 0.21 - 0.01 0.78 0.08 0.33 0.00 0.24 - 0.06 0.84 0.16 0.55 0.46 0.50 - 0.03 0.85 0.11 0.45 0.35 0.40 - 0.03 0.68 0.07 0.20 0.17 0.18 + 0.01 0.24 0.07 0.26 0.21 0.24 + 0.03 0.29 0.09 0.10 0.00 0.10 - 0.01 0.12 0.03 0.10 0.08 0.09 - 0.02 0.11 0.04 0.07 0.07 0.07 + 0.00 0.09 0.03 0.11 0.08 0.11 + 0.03 0.20 0.05 0.14 0.10 0.14 + 0.03 0.24 0.07 0.42 0.34 0.37 + 0.02 1.55 0.31

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

TMAC Resource* O 2 TMAC Resources T 83 TNR Gold V 1115 Toachi Mg Inc V 376 TomaGold V 1611 Tonogold Res* O 116 Torex Gold* O 1416 Torex Gold T 23924 Tower Res V 310 Transatlan Mng V 736 Transition Mtl V 156 Treasury Metal T 1257 Trecora Res* N 122 Trevali Mng* O 246 Trevali Mng T 7731 Tri Origin Exp V 4679 Trident Gold V 594 TriMetals Mng T 2438 O 982 TriMetals Mng* TriMetals Mng* O 243 22 Trio Gold Corp V TriStar Gold V 67 TriStar Gold* O 50 True North Gem V 2090 Tsodilo Res V 38 Turbo Cap Inc V 36 15944 Turquoise HIl* N Turquoise HIl T 7154 TVI Pacific T 20604 TVI Pacific* O 470

9.67 9.26 9.67 + 0.40 9.26 9.26 12.50 11.41 12.29 + 0.77 12.50 4.85 0.07 0.05 0.07 + 0.01 0.09 0.01 0.25 0.24 0.25 + 0.01 0.27 0.03 0.09 0.08 0.08 - 0.01 0.10 0.04 0.07 0.03 0.03 - 0.02 0.08 0.01 1.89 1.56 1.78 + 0.02 1.89 0.67 2.32 2.02 2.28 + 0.05 2.32 0.85 0.04 0.00 0.04 + 0.01 0.04 0.01 0.09 0.05 0.07 - 0.05 0.15 0.07 0.14 0.13 0.13 - 0.02 0.18 0.06 0.55 0.49 0.55 + 0.05 0.62 0.31 11.55 10.50 10.90 - 0.55 16.50 8.17 0.49 0.41 0.42 - 0.08 1.00 0.18 0.64 0.52 0.53 - 0.09 1.20 0.25 0.07 0.04 0.05 + 0.01 0.07 0.02 0.02 0.01 0.02 + 0.01 0.02 0.01 0.35 0.17 0.34 + 0.17 0.25 0.04 0.27 0.14 0.27 + 0.13 0.20 0.03 0.32 0.10 0.27 + 0.16 0.19 0.06 0.01 0.01 0.01 + 0.01 0.01 0.01 0.33 0.28 0.33 + 0.01 0.38 0.10 0.26 0.25 0.26 + 0.06 0.28 0.09 0.17 0.12 0.15 + 0.01 0.20 0.07 0.65 0.56 0.60 - 0.01 1.15 0.54 0.12 0.11 0.12 - 0.02 0.40 0.07 3.04 2.64 2.89 - 0.09 4.74 1.55 3.89 3.40 3.71 - 0.04 5.80 2.30 0.04 0.01 0.03 + 0.02 0.04 0.01 0.03 0.01 0.03 + 0.01 0.03 0.00

U3O8 Corp* O 666 Ucore Rare Mtl* O 735 527 Ucore Rare Mtl V UEX Corp T 1137 Ultra Lithium* O 16 Ultra Lithium V 274 Umbral Enrgy* O 45 Unigold V 708 Unigold* O 99 United Res Hdg* O 172 800 United States A* X United States S* N 87785 Unity Energy V 211 Ur-Energy T 268 Ur-Energy* X 415 Uracan Res V 634 Uracan Res* O 96 Uragold Bay Rs V 1493 X 2032 Uranium Energy* Uranium Hunter* O 19659 448 Uranium Res* D Uranium Valley V 84 Uravan Mnrls V 462 US Energy* D 312 US Precious M* O 2149 US Rare Earths* O 5 US Tungsten* O 18 Vale* N 75451 N 211531 Vale* Valencia Vent V 156 Valterra Res V 699 Vanadiumcorp* O 89 Vanadiumcorp V 1260 Vangold Res V 82 309 Vanstar Mng Rs V Vatic Vent V 17 N 1020 Vedanta* Vela Minerals V 446 Vendetta Mng V 694 Verde Potash T 264

0.03 0.02 0.02 - 0.00 0.05 0.01 0.30 0.25 0.28 + 0.01 0.35 0.15 0.39 0.33 0.39 + 0.05 0.44 0.20 0.25 0.21 0.23 - 0.02 0.30 0.11 0.19 0.18 0.18 - 0.02 0.27 0.06 0.25 0.21 0.22 - 0.04 0.35 0.05 0.03 0.03 0.03 + 0.00 0.04 0.02 0.42 0.29 0.31 - 0.04 0.42 0.08 0.31 0.22 0.22 - 0.04 0.31 0.06 0.05 0.02 0.05 + 0.02 0.11 0.01 0.32 0.26 0.27 + 0.00 1.30 0.16 20.43 18.22 18.89 - 0.22 27.09 6.15 0.40 0.32 0.32 - 0.03 0.48 0.05 0.69 0.65 0.66 - 0.01 1.28 0.60 0.55 0.51 0.52 - 0.01 1.07 0.44 0.05 0.04 0.05 + 0.01 0.05 0.01 0.04 0.02 0.04 + 0.01 0.04 0.00 0.17 0.13 0.14 - 0.03 0.23 0.02 0.84 0.76 0.78 - 0.03 3.00 0.65 0.00 0.00 0.00 + 0.00 0.00 0.00 2.03 1.55 1.63 - 0.36 16.56 1.55 0.13 0.06 0.06 - 0.08 0.13 0.04 0.15 0.09 0.15 + 0.05 0.17 0.05 0.42 0.35 0.37 - 0.03 1.26 0.11 0.01 0.01 0.01 - 0.00 0.20 0.00 0.02 0.02 0.02 + 0.00 2.40 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 4.51 3.63 3.83 - 0.71 6.58 1.55 5.75 4.57 4.78 - 0.89 8.19 2.13 0.12 0.08 0.08 - 0.03 0.40 0.08 0.02 0.01 0.01 - 0.01 0.02 0.01 0.04 0.03 0.03 - 0.00 0.05 0.01 0.05 0.04 0.05 + 0.01 0.05 0.02 0.02 0.00 0.02 - 0.01 0.02 0.01 0.08 0.06 0.08 + 0.01 0.08 0.03 0.11 0.00 0.11 + 0.02 0.24 0.04 6.87 6.04 6.20 - 0.08 14.43 3.52 0.05 0.03 0.04 - 0.01 0.08 0.02 0.12 0.09 0.10 + 0.01 0.17 0.05 0.48 0.31 0.37 + 0.05 0.48 0.13

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Victoria Gold V 6407 Victory Nickel 67 Victory Nickel* O 3 Victory Res V 67 Victory Vent V 674 O 16 Virginia Enrgy* Viscount Mng V 443 Visible Gold M V 10025 Vista Gold* X 3721 Vista Gold T 283 Volcanic Mtls V 42 Voltaic Min V 76

0.11 0.37 + 0.01 0.39 0.38 0.32 0.02 0.04 - 0.02 0.05 0.04 0.00 0.01 0.03 - 0.00 0.06 0.03 0.00 0.02 0.05 + 0.01 0.09 0.05 0.04 0.01 0.04 + 0.01 0.04 0.04 0.00 0.02 0.03 - 0.01 0.08 0.05 0.03 0.16 0.50 - 0.01 0.63 0.50 0.47 0.07 0.05 0.05 + 0.01 0.10 0.02 0.24 0.73 - 0.09 0.89 0.84 0.64 0.31 0.96 - 0.07 1.15 1.04 0.84 0.04 0.07 - 0.03 0.10 0.08 0.00 0.03 0.27 - 0.06 0.52 0.33 0.27

379 WAI Cap Invest V Walker River V 1388 O 871 Walter Energy* Waseco Res V 70 Wealth Mnrls* O 202 Wealth Mnrls V 693 O 396 Wellgreen Plat* Wellgreen Plat T 593 T 2271 Wesdome Gold 65 West High Yld V West Kirkland V 633 1265 West Red Lake 143 West Red Lake* O X 336 Western Copper* 32977 O Western Graphi* 208 Western Pac Rs* O T 771 Western Potash 299 Western Troy C V Western Uran 32 Western Uran* O 1 O 42 Westhaven Vent* V 6656 Westkam Gold V 2088 Westminster Rs Westmoreland* D 1067 Weststar Res 320 White Energy* O 0 10 White Mtn Engy* O Wildcat Expl V 30 V 2367 Williams Creek Winston Res 3 Wolfden Res V 938 V 99 Worldwide Res O 65 Worldwide Res* WPC Res V 937 X-Terra Res V 297 Xander Res V 70 Ximen Mng V 898 Ximen Mng* O 266 XLI Tech Inc* O 1371 Xtra-Gold Res T 380 O 88 Xtra-Gold Res* Yamana Gold T 39419 92048 Yamana Gold* N Yanzhou Coal* N 48 T 242 Yellowhead Mng 355 O Zadar Vent * Zadar Vent V 1191 Zazu Metals T 54 Zazu Metals* O 42 Zenyatta Vent V 578 O 284 Zenyatta Vent* Zephyr Mnls V 12 Zimtu Capital V 51 Zincore Mtls V 38 Zonte Mtls V 96

0.03 0.03 0.03 + 0.01 0.05 0.02 0.02 0.05 - 0.01 0.08 0.06 0.05 0.01 0.07 + 0.01 0.56 0.08 0.05 0.02 0.04 + 0.01 0.04 0.04 0.03 0.10 0.35 - 0.08 0.57 0.44 0.34 0.14 0.47 - 0.07 0.71 0.55 0.44 0.12 0.25 + 0.02 0.35 0.28 0.24 0.16 0.33 + 0.03 0.43 0.36 0.30 0.89 1.74 + 0.04 1.82 1.75 1.50 0.27 0.20 0.26 + 0.05 0.43 0.17 0.04 0.12 - 0.02 0.14 0.14 0.11 0.20 0.15 0.19 + 0.03 0.21 0.01 0.14 0.13 0.14 + 0.03 0.14 0.02 0.20 0.58 - 0.02 0.66 0.62 0.54 0.00 0.00 + 0.00 0.00 0.00 0.00 0.01 0.01 0.01 - 0.00 0.03 0.00 0.17 0.19 - 0.01 0.34 0.20 0.19 0.04 0.03 0.04 + 0.02 0.04 0.01 1.20 1.60 + 0.05 5.00 1.65 1.50 1.22 1.25 - 0.20 1.80 1.45 1.25 0.10 0.11 - 0.01 0.12 0.12 0.10 0.02 0.05 + 0.01 0.05 0.05 0.04 0.01 0.16 - 0.02 0.18 0.18 0.13 7.21 6.42 6.83 - 0.30 28.56 3.44 0.01 0.06 + 0.01 0.06 0.06 0.04 0.27 0.45 - 0.12 1.50 0.45 0.00 0.10 0.10 0.10 + 0.00 0.46 0.07 0.02 0.16 - 0.01 0.16 0.16 0.16 0.01 0.04 + 0.02 0.04 0.04 0.03 0.01 0.01 - 0.01 0.08 0.01 0.00 0.05 0.10 - 0.02 0.15 0.13 0.10 0.01 0.04 + 0.01 0.08 0.05 0.04 0.01 0.04 + 0.00 0.04 0.04 0.04 0.03 0.09 - 0.01 0.12 0.11 0.09 0.06 0.15 + 0.02 0.23 0.18 0.13 0.18 0.40 - 0.01 0.43 0.43 0.38 0.02 0.03 0.15 + 0.12 0.15 0.10 0.01 0.09 + 0.02 0.11 0.11 0.08 0.10 0.08 0.08 - 0.01 1.50 0.08 0.18 0.47 + 0.02 0.50 0.48 0.39 0.12 0.37 + 0.03 0.38 0.37 0.32 1.89 6.07 - 0.15 6.44 6.44 5.38 1.38 4.70 - 0.25 5.13 5.13 4.08 3.66 5.51 - 0.11 9.77 5.65 5.44 0.03 0.08 + 0.02 0.18 0.10 0.05 0.20 0.00 0.19 + 0.01 0.20 0.06 0.01 0.25 + 0.01 0.26 0.26 0.23 0.09 0.25 - 0.04 0.33 0.30 0.25 0.08 0.23 + 0.00 0.24 0.23 0.23 0.63 0.79 - 0.04 2.61 0.82 0.68 0.47 0.62 - 0.03 2.20 0.65 0.52 0.08 0.20 + 0.01 0.20 0.20 0.20 0.12 0.18 - 0.03 0.34 0.22 0.18 0.01 0.01 - 0.01 0.03 0.01 0.01 0.02 0.09 + 0.01 0.15 0.10 0.08

W-Z

BID-ASK — MAY 2–6, 2016

STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One Acme Res Corp Acme Res Inc Aftermath Slvr Alberta Star Alderon Iron* Alexandra Cap Allante Potash Alpha Nat Res* Altitude Res Alturas Mnrls Amanta Res Amato Expl Amer Vanadium AMI Res Anglo Pac Grp Anglo-Bomarc Antipodes Gold APAC Res Inc Appalaches Res Appia Energy Apple Cap Inc Arch Coal* Archon Mineral Arco Res Ardonblue Vent Arrowhead Gold Arrowstar Res Artha Res Asher Res Asia Now Res Astar Mnls Astorius Res Ateba Res Atlatsa Res* Auramex Res Aurgent Gold Balto Res Bama Gold Banks Island Barksdale Cap BC Moly BCGold BE Res Bearclaw Cap Bearing Res Big Bar Res Black Bull Res Boss Power Buccaneer Gold Cairo Res Canyon Copper Carrie Arran Cascade Res Cassidy Gold Celeste Mng Celtic Minrls Century Global Chinapintza Mg Cicada Vents Cliffs Nat Res* Clydesdale Res Compliance Egy Cougar Mnls Crestwell Res Cricket Res Currie Rose Rs CWN M’g Acq Damara Gold Declan Res Deveron Res DGS Mnls DV Resources

8-10_MAY16_StockTables.indd 10

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

0.12 0.40 0.01 0.03 0.03 0.05 ...

0.01 0.20 0.22 ...

0.40 0.03 ...

0.02 0.10 0.23 0.24 0.07 0.10 0.01 0.01 0.01 0.02 0.01 0.02 0.09 0.09 0.04 0.05 ... ...

0.12 0.15 0.02 0.02 0.03 0.10 0.01 0.01 0.01 ...

0.02 0.06 ... ...

1.71 1.90 0.05 0.08 0.05 0.09 0.01 ...

0.05 0.06 0.13 0.15 0.01 0.02 0.01 0.02 0.09 ...

0.01 0.03 ...

0.01 ... ...

0.02 0.03 0.05 0.10 0.01 0.02 0.09 0.14 0.01 0.01 ...

0.01 0.05 0.08 0.05 0.07 ...

0.34 0.03 0.04 0.01 0.05 0.08 0.50 ...

0.01 0.17 0.20 0.02 0.03 0.21 0.30 0.01 0.02 0.05 ...

0.02 0.04 0.01 0.02 ...

0.01 ... ...

0.23 0.28 0.01 0.02 0.01 0.01 1.45 3.20 0.01 0.02 0.03 0.03 0.01 0.01 0.04 0.10 0.01 0.04 0.01 0.02 0.12 0.50 0.05 0.06 ...

0.01 0.20 0.22 0.04 0.09 0.04 0.04

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2016-05-10 7:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 16–22, 2016

11

McEwen buys claims near El Gallo GOLD-SILVER

| Miner focused on Mexican mine, while advancing other projects in Argentina and Nevada

BY TRISH SAYWELL tsaywell@northernminer.com

M

cEwen Mining (TSX: MUX; NYSE: MUX) is acquiring claims in Mexico — 10 km from the company’s El Gallo mine in Sinaloa state — that it believes could extend the life of the gold-silver mining operation, and chairman and chief owner Rob McEwen isn’t ruling out more purchases in the months ahead.

In an interview with The Northern Miner, McEwen said management is looking for opportunities to build the company’s resources — which could include an acquisition — and also said he would consider a merger of equals if given the opportunity.

The claims McEwen Mining is buying in Mexico from Almadex Minerals (TSXV: AMZ; US-OTC: AXDDF) make up the El Encuentro project, and cover an area of hydrothermal alteration and gold-silver mineralization where significant surface sample results came from trenching in 1996.

At that time, the project was owned by Almaden Minerals, before it was spun out into Almadex in 2015. In a press release announcing the sale, Almadex said that “given McEwen’s presence in the area, they are best placed to develop these assets in the near-term.”

The properties lie on a mineral trend over 7 km long, and McEwen’s team says the acquisition consolidates the district around its El Gallo mine and El Gallo silver deposit.

McEwen Mining has explored extensively along the trend, and already discovered two satellite mineral resources: Twin Domes and Las Milpas.

Twin Domes is 17 km northwest of the El Gallo heap-leach mine and initial test results have shown that the gold mineralization is potentially amenable to heap leaching, which would allow it to be processed at El Gallo 1. The gold mineralization at Twin Domes has been identified from surface to 45 metres deep.

McEwen Mining will pay Almadex US$250,000 in cash plus a 2% net smelter return royalty for the El Encuentro property, which has six claims.

Two of the claims (4.21 sq. km) are wholly owned by Almadex, and the other four (totalling 3.76 sq. km) are held by Almadex under an option agreement that is the subject of a legal dispute. McEwen Mining says it will settle the litigation and obtain title to the disputed claims.

As far as the company’s El Gallo silver deposit is concerned, it is fully permitted and ready to build, but the company has always said it would wait for a minimum US$18 to US$20 per oz. silver price to meet a 20% internal rate of return threshold before building.

McEwen noted that given the recent strength in the silver price, “we are getting close to a price where it will make economic sense to start construction of our El Gallo silver mine in Mexico.”

“Silver has two things going for it,” he adds. “One is that when the gold price goes up, the price of silver goes up; and two, the exchange rate between silver and gold is shrinking.

We’ve gone from [a ratio of 80 oz. silver to 1 oz. gold] to just over 72 to 71, and we can get back to the 50 to 60 range if we can continue the run in gold.”

He is also sticking to his bullish view on the gold price.

“There’s no question that gold is going higher — gold will have a run into the high teens, if not US$2,000 per oz. this year,” he says. “After that the gold price is heading up to US$5,000 per oz., three or four

1 2 3 4 5 11 13 14 16_MAY 16_Main .indd 11

Trucks at McEwen Mining’s El Gallo gold-silver mine in Sonora, Mexico. MCEWEN MINING

years out.”

In terms of the prolonged downturn in the mining industry, McEwen says that “we’ve come off the bottom.”

As for Argentina, where the company hasn’t spent any money in the last couple of years, McEwen says the plan is to invest US$1 million on exploration at its Los Azules copper project in San Juan province.

And at its 49%-owned San Juan silver-gold mine, also in San Juan province, McEwen Mining and 51% partner Hochschild Mining (LSE: HOC) will spend US$4.5 million on exploration.

“The swing in the exchange rate, the removal of mining taxes and higher metal prices [in Argentina] are all going to contribute to much better numbers for us this year,” he says.

McEwen notes that last year’s election of a new business-oriented president Mauricio Macri — and the reforms he has instituted so far in office — are making Argentina a much better destination for investment.

Macri has removed almost all restrictions imposed by the previous administration of Cristina Kirchner on the purchase of foreign currency, expatriation and repatriation of funds and compulsory deposit of foreign investments.

The former mayor of Buenos Aires has unified the exchange market and floated the peso, so that foreign companies could send money to Argentina at the unified exchange rate, and abrogate restrictions on repaying foreign debt (principal or interest) in a bid to reach a deal with international creditors, and regain access to international credit markets. In February the national leadership and a group of holdout creditors agreed in principle to end their 15-year legal dispute over defaulted debt.

Macri has also removed export taxes on all metals as well as industrial and agricultural products, and taken steps to eliminate restrictions on imports, slashing the list of items requiring import approval permits from 19,000 down to 1,000.

“I’ve been impressed by what the government has achieved in quite short order,” McEwen says.

“They’ve addressed the export taxes, the exchange rate and are now able to access the international credit markets after being denied access for the past 15 years. They have made real progress.”

McEwen notes that at the Prospectors & Developers Association of Canada mining convention this year, he had the opportunity to speak with Argentina’s new Secretary of Mines Daniel Meilan and the governors of San Juan and La Rioja provinces.

“They were all talking about large infrastructure investments in the

“THERE’S NO QUESTION THAT GOLD IS GOING HIGHER — GOLD WILL HAVE A RUN INTO THE HIGH TEENS, IF NOT US$2,000 PER OZ. THIS YEAR.” ROB MCEWEN CHAIRMAN, MCEWEN MINING

north of Argentina to facilitate and encourage industrial and mining investments,” he says. “They spoke of extending transportation and energy grids, and a transborder tunnel as part of their economic development plans for northern Argentina.” The proposed 14 km Agua Negra tunnel would link Argentina and Chile through the Andes.

While McEwen acknowledges the company has looked at more opportunities in Argentina, the company has its hands full with its Gold Bar project in Nevada and its El Gallo silver deposit, where the company is considering a production decision.

“We’ve looked at several situations, as the economic climate there has definitely improved,” McEwen says.

“But we have a good development pipeline and expect to build our gold mine in Nevada next year.”

The Gold Bar project is situated within the Battle Mountain-EurekaCortez gold trend of Eureka County in the centre of the state.

Last year the company spent $1.3 million at Gold Bar, primarily to advance and complete the environmental impact statement, as well as a 4,000-metre infill drill program. A feasibility study on Gold Bar has outlined a conventional open pit with an oxide gold heap-leach recovery circuit, with key estimates including $60 million in initial capital; a 20% after-tax internal rate of return at US$1,150 per oz. gold; an average 65,000 oz. annual production; and an estimated US$728 per oz. cash cost.

At the end of the first quarter, McEwen Mining had liquid assets of US$43.5 million and no debt, according to production and financial results for the three months ended

March 31. The company generated US$14.7 million in free cash flow during the quarter, up from US$5.6 million in the same quarter last year.

Consolidated quarterly production reached 37,958 equivalent oz. gold (up 14% year on year) and earnings from mining operations of US$19.5 million, or 7¢ per share, (compared to earnings of US$17.2 million, or 6¢ per share, in the first quarter of 2015).

The El Gallo mine reported total cash costs of US$432 per equivalent oz. gold and all-in sustaining costs (AISCs) of US$532 per equivalent oz. gold, while the San Jose mine’s total cash costs and AISCs were US$762 and US$936 per equivalent oz. gold.

Consolidated net income reached US$13 million, or 4¢ per share, up from US$6 million, or 2¢ per share, in the first quarter of last year.

In mid-April, the company acquired the existing tiered net smelter return royalty on its El Gallo mine, which was paying 3.5% of gross revenue, less allowable deductions.

The purchase price consisted of a US$5.3-million payment on closing and a conditional deferred payment of US$1 million to be made on June 20, 2018. In 2015, the royalty added US$44 per equivalent oz. gold sold to the company’s cash cost, and the company says eliminating the royalty “removes a royalty burden on existing and potentially new deposits inside the royalty’s area of influence, including the El Gallo silver deposit.

This year, McEwen Mining forecasts production at the El Gallo mine will be 55,000 equivalent oz. gold, and the company has budgeted US$3.3 million for AISCs and capital expenses, and US$2.6 million for exploration. At the San Jose mine, the US$4.5-million exploration budget aims at defining economic deposits on the San Jose property.

At Gold Bar, the company expects a record of decision on the project’s environmental impact statement in January 2017, and says all other state and local permits should be acquired within that time frame.

“We hope to get Gold Bar approved next year and see it in production in 2018,” McEwen said on a conference call about the first-quarter results.

He noted that capital costs are an estimated US$60 million, and said management had contemplated financing. “We were looking at a combination of debt and equity to fund it, but we wouldn’t need the full US$60 million,” he said. “We won’t need the money until halfway through next year, or three quarters of the way through next year because of our cash balances.”

At the El Gallo silver deposit, he said the company will have a study out in the next two months looking at the economics. “We’re quite keen

to progress this,” he told analysts and investors on the call. “We’d like to see some stability in the silver price, but looking at the metal markets right now, that’s going to be the case this year.”

When asked about what the company plans to do with its remaining cash-on-hand (US$46 million as of May 2) after its exploration and development costs, McEwen said the company “is also looking at opportunities, and might be able to deploy some of that cash in our pursuit of mergers and acquisitions (M&A) activity.

“In terms of M&A, we’re constantly reviewing projects, looking for an opportunity to build,” he noted, adding that inclusion in the S&P 500 might also call for M&A to get bigger. But he cautioned that size is not the determinant factor when he looks at M&A, rather, it’s “how do we build value behind every share of McEwen Mining?

“We are out there to build value behind every share, not just size.

Size is a by-product of building that value. So we are looking at M&A activity. So far we’ve paid small amounts of money for ounces in the ground, below the replacement value … some troubled situations are worth looking at.”

When asked if the company had signed any confidentiality agreements in Nevada, McEwen said he couldn’t say. “If we did, we wouldn’t mention them. I’m sorry, we can’t divulge that.”

When asked if McEwen Mining remains committed to staying out of debt, McEwen commented that “the use of debt has been a dangerous device for strategies for a lot of the mining industry.

“The industry has been seduced by low interest rates, and they went and filled their balance sheets with debt and didn’t expect metal prices to drop, and they lost the ability in some cases to even service the debt. At some point in time, when we have good, dependable cash flow — and possibly the debt may be non-recourse — a certain amount of leverage on the balance sheet would be wise, but not a lot of debt … I’m not a huge fan of debt and don’t use it in my personal life, either.”

In response to a question about whether he would be interested in selling the company’s wholly owned Los Azules copper project in Argentina, McEwen said that when management had looked at whether to sell it in 2012–13, “the timing wasn’t good,” and “there were no takers — big capital projects were not attractive, the CEOs of mining companies were getting fired, so there was no appetite … to take on new projects.”

But with copper “showing a bit of life lately,” he would be willing to entertain bids if the price was right.

He pointed to two sales of copper projects in the South American country as context. In 2014, one project 300 miles north of Los Azules — which was a bigger deposit, but slightly lower grade than Los Azules — sold for US1.5¢ per lb. copper.

Another that was 30 km from Los Azules sold in 2011 for US4¢ per lb. copper.

“If we were shown bids somewhere in that range for our 20 billion lb. copper, we’d look at it closely because it could be used to expand our production.”

McEwen also pointed to the “richness of the company’s asset base” and its strong balance sheet.

“We don’t have any debt. We haven’t sold any streams and we won’t. We haven’t sold any royalties and we won’t. We’re not hedging — we’re leaving all the upside for our shareholders.” TNM

2016-05-10 7:04 PM

12

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12_MAY16_ProDirectory .indd 12

2016-05-10 6:51 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 16–22, 2016

13

Teck’s Q1 profit beats expectations MET COAL & COPPER

T

| Cost cutting pays off

eck Resources (TSX: TCK.B; NYSE: TCK) tallied a higher-than-expected quarterly profit, as it mitigated lower commodity prices with deep cost cuts.

Adjusted first-quarter profit came in at $18 million, or 3¢ per share, beating analyst expectations of negative 3¢ per share. In the same period last year, Teck earned an adjusted $64 million, or 11¢ per share, largely due to higher commodity prices.

The average realized prices for steelmaking coal dropped 29% to US$75 per tonne in the first quarter of 2016, while copper and zinc prices fell 20% compared to the same quarter last year.

Despite the lower price environment, all of Teck’s operations remained cash positive in the first quarter after sustaining capital expenses, except for the Pend Oreille zinc-lead mine in Washington.

“Our operations continued to perform well. The key story is cost management,” Don Lindsay, Teck’s president and CEO, said on a conference call.

Teck cut its total cash unit costs for steelmaking coal by US$12 per tonne to US$68 per tonne.

Coal sales were higher than Teck had expected at 6.5 million tonnes, while production fell 3% year-overyear to 6.6 million tonnes. Despite the slightly lower output, unit cost of sales in Canadian dollars fell 8% to $78 per tonne.

“Our cost-reduction efforts continued to produce significant results in coal, helped by lower diesel prices,” Lindsay said.

The outlook for steelmaking coal has slightly improved, with the second-quarter 2016 benchmark price settling at US$84 per tonne for the highest-quality product, up US$3 per tonne from the previous quarter. Teck expects to sell more than 6.5 million tonnes in the second quarter.

“The market continues to get closer to being balanced,” Lindsay said, adding there have been signs that demand in March improved.

Supply dropped after mine closures, with U.S. coal companies filing for bankruptcy protection; recent weather issues in Australia affecting output; and announcements from China that support steelmaking coal, Lindsay says. One such announcement includes the Chinese government asking miners

to lower their annual operating days, as part of a “supply-side reform.”

Meanwhile, Teck’s copper cash unit costs after by-product credits declined 16% to US$1.29 per lb. in the first quarter. Compared to a year ago, copper production increased 1,000 tonnes to 82,000 tonnes, while sales rose 10,000 tonnes to 81,000 tonnes.

Lindsay says the consensus estimate is that the copper market will remain slightly oversupplied in 2016, before moving into a deficit in 2017.

Teck’s quarterly zinc output came in at 175,000 tonnes in concentrate and 79,000 refined tonnes, both above the levels produced a year ago.

“The zinc market is poised for change due to rapidly depleting inventories,” Lindsay said. Mine closures have tightened concentrate supply, while “demand growth remains positive and is expected to outpace supply curtailment.”

Commenting on the quarterly results, Raymond James analyst Alex Terentiew writes that “all divisions performed well, with production generally in line or better than our estimates … with cost reductions continuing to underpin better-thanexpected cash flow.”

While gross profit before depreciation and amortization fell 32% year-over-year to $464 million, cash flow from operations came in at $373 million, in line with $374 million a year ago. Revenue was $1.7 billion, down from $2 billion a year ago, due to lower commodity prices.

Teck reports that construction at its 20%-held Fort Hills oilsands project in Alberta is 55% complete, with $1 billion remaining in its share of capital expenses. The project should come online in late 2017.

The miner has more than $5.1 billion of liquidity, including $1.3 billion in cash at April 25, and an unused US$3-billion credit facility.

Lindsay mentioned that the company’s near-term priorities include keeping operations cashflow positive, funding its 2016 share of costs at Fort Hills from internal sources and maintaining a strong balance sheet.

Teck aims to exit the year with more than $500 million in cash, while keeping its credit facility undrawn.

Its shares gained nearly 5% on the quarterly results to close April 26 at $13.69. TNM

Teck Resources’ Highland Valley copper-molybdenum mine, 50 km southwest of Kamloops, British Columbia. TECK RESOURCES

1 2 3 4 5 11 13 14 16_MAY 16_Main .indd 13

The processing plant under construction at Newmont Mining’s Merian gold project in Suriname. NEWMONT MINING

Newmont has profitable Q1, updates Batu Hijau's status

N

FINANCIALS

| Gold miner sees progress in project pipeline

ewmont Mining (NYSE: NEM) has tabled a first quarter highlighted by adjusted ea r n i ngs of US34¢ per share and free cash f low of US$227 million.

First-quarter earnings came in at US$182 million on US$2 billion in revenue, compared to a US$229-million profit on US$2 billion in the year-ago quarter.

Newmont reported first-quarter production of 1.23 million oz. gold and 38,000 tonnes copper, at all-in sustaining costs of US$828 per oz. gold and US$1.33 per lb. copper.

The company kept its annual gold guidance of between 4.3 million and 4.8 million oz., while dropping all-in sustaining costs estimates 2% to between US$880 and US$940 per oz. gold.

In the broader market, gold mining equities have surged in the new year as bullion prices have risen to a US$1,270 per oz. gold in late April.

“We improved our per formance and our prospects by lowering costs at our operations, bringing proceeds from non-core asset sales to nearly $2 billion, and strengthening our balance sheet and earnings. We have the best credit rating in the gold sector,” president and CEO Gary Goldberg said during a conference call.

“In the near-term, we anticipate that a relatively strong U.S. dollar and subdued global economic growth will continue to constrain metal prices. That said, we’ve seen improvements in the first quarter, and the strongest upward trend since 1980. Electronically traded fund holdings reversed signif icant declines we’ve seen since 2011, and we expect prices to rise on improved fundamentals over the mediumterm,” he added.

Newmont reported it is on budget and schedule at new gold mining projects.

The company reached commercia l production a head of schedule on a new valley-leach faci lit y at t he Cripple Creek & Vic tor m i ne i n C olorado, which it acquired from AngloGold Ashanti (NYSE: AU) for US$820 million in mid-2015.

Development at the Merian project in Suriname is nearing the finish line, while the Long Canyon mine in Nevada is 65% complete. Both operations could hit commercial production within a year, and add up to 750,000 oz. in annual gold production.

Goldberg briefed listeners on negotiations to sell Newmont's Batu Hijau copper mine on the island of Sumbawa in Indonesia. The company is working with Japan’s Sumitomo to sell a jointly held 56% stake in the asset. Reports have indicated a

private Indonesian group is in the running as a buyer.

“Our discussions with certain parties interested in acquiring our stake continue, but financing and deal terms have not yet been finalized,” Goldberg said.

“Nothing has really changed.

We’ll continue to work the terms, and that’s really the only catalyst I can point to, aside from the financing coming together.”

Newmont also disclosed that it would review its compliance with U.S. corruption and bribery laws. The company is working w it h t he U.S. Securities a nd Exchange Commission and U.S. Department of Justice to conduct an investigation.

Newmont did not reveal where in the world the incident may have taken place, and company

representatives were not available for comment at press time.

BMO Capital Markets analyst Andrew Kaip noted that Newmont beat consensus earnings estimates of US19¢ per share.

BMO Research expects the company will produce 5 million oz. gold this year at all-in sustaining costs of U$901 per oz. gold.

Kaip also added that Newmont returned to positive free cash f low after being in the red in late 2015.

Newmont has traded within a 52-week range of US$15.39 to US$32.58 per share, and to start the year surged 74%, or US$13.24, en route to a US$31.23-per-share close at press time. The company has 530.5 million shares outstanding for a $17.5-billion market capitalization. TNM

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2016-05-10 8:29 PM

14

WWW.NORTHERNMINER.COM

MAY 16–22, 2016 / THE NORTHERN MINER

Pure Gold sees low costs at Madsen RED LAKE GOLD

P

BY SALMA TARIKH

ure Gold Mining (TSXV: PGM; US-OTC: LRTNF) has outlined a low-cost development scenario at its Madsen gold project in Ontario’s Red Lake camp, with analysts raising their price targets.

A recent preliminary economic assessment (PEA) envisions a 550-tonne-per-day underground operation at Madsen, with startup costs of $20.1 million. Madsen benefits from existing infrastructure, including a 500-tonne-perday mill — permitted to expand to 1,089 tonnes per day — as well as a 1,275-metre deep shaft, portal and decline.

“Twenty million bucks seems low, but it is definitely within the range of reasonableness,” Cormark Securities analyst Tyron Breytenbach says.

“It is a PEA, so we might see those

| New PEA forecasts $76M post-tax NPV and 62% IRR

numbers creep up a little bit. But I don’t think they are out to lunch on those numbers at all.”

Breytenbach first pegged costs at $50 million, which assumed Pure Gold would expand the mill to 900 tonnes per day. Considering the study proposes using the existing mill capacity, the analyst forecasts a capital range of $20 million to $27 million to get the past producer back into action.

The study assumes Madsen — historically the second-largest producer in the Red Lake — could deliver 259,551 oz. gold over a 6.5-year mine life, at an average diluted head grade of 8.3 grams gold per tonne.

Annual production should average 47,191 oz. at life-of-mine cash costs of US$571 per oz., and all-in sustaining costs of US$692 per oz.

Macquarie Research analyst Michael Gray forecasts Madsen could enter production in 2018, and points

out that even with his more conservative cost parameters — including start-up costs of $30 million and all-in sustaining costs of US$746 per oz. — the project has robust returns.

Incorporating a 5% discount rate and US$1,175 per oz. gold price, Madsen has a $76-million after-tax net present value (NPV) and a 62% internal rate of return (IRR). Payback should occur within 1.5 years.

Gray models a $94-million after-tax NPV and 71% IRR, using a US$1,332 per oz. gold price and his costs parameters.

The study considers extracting 25% of Madsen’s existing resource tonnes. The project’s resource sits within four zones: Austin, South Austin, McVeigh and Zone 8. The zones contain 3.2 million indicated tonnes grading 8.93 grams gold per tonne for 928,000 oz., plus 788,000 inferred tonnes at 11.74 grams gold for 297,000 oz.

Pu e Go d M n ng s Madsen go d p o ec n no he n On a o

Most of the estimated start-up cost would help refurbish the mill, as well as develop the ramp and surface. Anticipated sustaining costs are $39.2 million, with most of the

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In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion MEXICdollar overrun at its O flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, 4 20 changed its11-15 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 the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada. and is therefore disproportionate setstheawestern troubling preceSleeper was one of the lowest-cost Sleeperand lies within Site ViSit gold mines in the world, and Para- reaches the northern Nevada capital mardentof in Canadian mount believes the old mine has a rift, specifically along the SlumBy matthew keevil kets,” the consists group said in a bering Hills, which of WINNEMUCCA, NEV. — For Nev- robust future.

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

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11-15

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in Mexico’s

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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

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

Guerrero

gold belt.

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

BY ALISHA

PICKS,

Edgewater uncovers gold at Corcoesto in Galicia

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-

TSX-V:RRI

Pages

Newstrike

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

Endeavour Bradford Silver’s shares his Cooke recipe

Barrick investors revolt against $11.9m bonus

By Gwen Preston in vancouver

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

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

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

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

El Tigre Silver Sees a bright future in old tailings

5, 2013

NEWSTRIKE

CAPITAL

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 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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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,

Page 12

La Platosa

Grade

Mine

Silver

Pb; 1.69%

in a Rising

Canada

Highest

Producer

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

Zn; 0.075 g/t Au Silver Market

M5C 2N8

TSX:EXN

11

Contact:

Brendan Cahill 416 info@excellonresources.com 364 1130

13-04-24

Commentary

Rainforest reclamation done right in Brazil

and trish saywell in toronto

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

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

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

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

El Tigre Silver 4

Sees a bright future in old tailings

Pages Newstrike

By matthew keevil

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

B2Gold hits new gold at developing Otjikoto mine

By Gwen Preston

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

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

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

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

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

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

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

Using historic data and a few drill

Site ViSit

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

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

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

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

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

By matthew keevil

See EdGEwatEr, Page 18

in Mexico’s

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

By Gwen Preston in vancouver

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

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

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

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

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

5:28 PM

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

See ParaMount, Page 2

PM40069240 – PAP Registration #09263

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

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

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

TSX-V:RRI

Knowledge is Golden™ www.rivres.com

gold belt.

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

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. oz.

20

5, 2013

NEWSTRIKE

CAPITAL

SilverCrest

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

Endeavour Bradford Silver’s shares his Cooke recipe

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

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

Producer

Zn; 0.075 g/t Au Silver Market

M5C 2N8

TSX:EXN

Contact:

Brendan Cahill 416 info@excellonresources.com 364 1130

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

U

GO D M N NG

costs associated with extending the ramp from 150 metres to 600 metres below surface.

The PEA “is more or less a platform to value the company and paint the picture of resource growth,” Gray reckons. He says the junior is on the brink of “documenting a significant zone at the McVeigh tuff target — potentially providing a material boost to the already strong Madsen economics through increased production scale, lower unit costs and a longer mine life.”

In April, drill results from the 16,000-metre program confirmed that the “McVeigh tuff is a fold repetition of the Austin tuff,” Gray notes. The Austin zone historically produced more than 2 million oz. down from 1,200 metres deep, while historical underground workings at McVeigh go down to 230 metres.

The analyst describes McVeigh as “potentially low-hanging fruit” to grow the high-grade resource downdip — potentially to 1,200 metres. They got a great piece of real estate. The PEA gives them the base they need to go forward and be more aggressive with the drill bit,” Breytenbach says.

He adds that Pure Gold will continue to drill until they make a bigger discovery.

“Pure Gold has always been about exploration,” Breytenbach says, adding that the company has “some of the best geological brains in the business.”

Director Mark O’Dea placed second in the 2000 Goldcorp Challenge, and the junior’s former chief geoscientist Christopher Lee was a semi-finalist. The competition revitalized the old mining camping, as it boosted understanding of ultramafic contacts and structural controls at Red Lake.

Pure Gold has put together a “fantastic package” and “are exploring it for the first time using the knowledge that was gained from the High Grade Zone discovery and the Phoenix discovery,” Breytenbach says.

Although Madsen is in the same camp as the Phoenix deposit, where Rubicon Minerals (TSX: RMX) ran into serious problems with mining and dilution control, both analysts believe Madsen boasts a “fairly simple geometry and good continuity,” as shown through its 38-year mining history.

“The existing resource is no different in character to what was mined before, so we have a massive, massive bulk sample,” Breytenbach says. “I don’t believe this is going to be a repeat of the Rubicon scenario.”

Pure Gold closed April 21 at 51¢, within a 52-week range of 7¢ to 55¢. It has a $64.1-million market capitalization.

After the PEA results, Breytenbach raised its 50¢ target to 80¢ per share and kept a “speculative buy.” Gray has bumped his target price from 80¢ to $1, and has an “outperform” rating. TNM

2016 05 10 8 29 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 16–22, 2016

Mine Planning Engineer / Technician British Columbia, Canada

General Manager, Long Harbour Operations Mount Arlington Heights, Newfoundland & Labrador

15

Sr. Specialist, Environmental Affairs Saskatoon, SK, Canada

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

As the General Manager, Long Harbour Operations, you are responsible

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derground planning services that support quarterly and annual projections.

for providing leadership and direction for a team of over 400 individuals.

problem solver, collaborator and communicator that is able to lead teams

Your responsibilities will encompass all aspects of the mine’s value chain,

Reporting to the Vice-President of Operations, you are responsible for

with multiple departments and personalities to achieve business objectives.

from mining reserves and resources to the production of quality ore for

continuing the safe production ramp-up of the LHPP and ensuring

The sr. specialist will have strong technical expertise, advanced skills in

processing.

that systems and process management procedures are developed, imple-

data compilation and analysis and will have demonstrated strong oral and

mented and standardized to secure the current and long-term success of

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the facility.

Geotechnical Engineer Rainy River, Ontario,

Do you want to be part of the development and start-up of one of Canada’s premier mining operations? We are looking for dynamic individuals to join our team and live in our community as we pursue this exciting project. A competitive salary, performance bonus plan, and benefits, will be provided.

Mine Operations Manager Wells, BC, Canada

Roles and Responsibilities: Leader for the safe and sustainable development of the Bonanza Ledge Mine operations; Responsible of the achievement of the production and profitability objectives; Managing the complete mining operations of the Bonanza Ledge Mine (contract mining and milling operations); Assessing the feasibility and the potential for commercial benefits of new sites; Managing budgets; Training and supervising staff.

British Columbia Securities Commission Vancouver, BC. Canada As the Senior Geologist/Engineer you will conduct in-depth reviews and analysis of technical reports and other scientific or technical disclosure, including disclosure of resources and reserves. You will work with and provide expert advice to Commission staff, as well as interface with public companies and the mining industry on securities related matters.

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

One listing is all you need Print Edition.

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4 INDUSTRY JOB BOARDS Journeyperson Industrial Mechanic Northern Saskatchewan Sites, Canada You will be responsible for the installation, preventative maintenance and repair of all mechanical equipment on site. This will include repairs to equipment on surface and underground, as well as troubleshooting equipment failures and documenting repairs. You will be responsible for reading and interpreting blueprints, technical manuals and work procedures.

Company Private Chief Engineer Salt Lake City, Utah Company is currently looking for a Chief Engineer to be responsible for the overall mechanical/structural/electrical design and integrity of the Crusher product line, driving the product line to be the world class market leader.

Management of the activities related to developing and maintaining equipment designs.

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2016-05-10 6:04 PM

16

WWW.NORTHERNMINER.COM

MAY 16–22, 2016 / THE NORTHERN MINER

Netolitzky's Skeena raises expectations for Spectrum BC GOLD

BY LESLEY STOKES

S

lstokes@northernminer.com VANCOUVER

keena Resources’ (TSXV: SKE; US-OTC: SKREF) first resource for its Spectrum gold project, 37 km west of Imperial Metals’ (TSX: III; US-OTC: IPMLF) Red Chris mine in northwest B.C., has transformed the high-grade gold target into a potential lowgrade gold-copper, bulk-tonnage opportunity.

Skeena carried out a 17,600-metre drill program last year to upgrade and expand the Central zone’s historic resource of 614,000 tonnes grading 12.3 grams gold per tonne for 243,600 contained oz. gold, using a 5-gram gold cut-off.

But as drilling stepped out along the deposit, the gold-bearing structures narrowed into a broader halo of porphyry-style mineralization and became less consistent, Ronald Netolitzky, chairman of Skeena, tells The Northern Miner during a phone interview.

“THE MINERALIZED INTERVALS DON’T APPEAR TO TIE TOGETHER AT OUR DRILL-SPACING, AND I’M NOT GOING TO JOIN NUMBERS UNLESS WE FEEL CONFIDENT.” RONALD NETOLITZKY CHAIRMAN, SKEENA RESOURCES

“We looked at it hard, but the mineralized intervals don’t appear to tie together at our drill spacing, and I’m not going to join numbers unless we feel confident that’s the orientation of the deposit,” he says.

“It looks like the mineralization bled off a porphyry … it is more of an alteration package than it is a vein system.”

The new resource estimate stands at 8.95 million indicated tonnes grading 1.04 grams gold, 6.58 grams silver per tonne and 0.1% copper, for 290,000 oz. gold, 1.82 million oz. silver and 20.8 million lb. copper.

Another 22.6 million tonnes sits in the inferred category, with grades of 1.03 grams gold, 3.85 grams silver and 0.1% copper, for 750,000 oz. gold, 2.8 million oz. silver and 54.9 million lb. copper.

The calculations assume a conceptual open-pit design and a cut-off of 0.5 equivalent gram gold, with the resource drilled at 25- to 75-metre centres.

“If I went back and duplicated the historic resource at the property I’d probably still get those ounces, or probably even increase them, but we don’t have the drilling confidence to do that and it wouldn’t stand up to a modern modelling approach.”

Netolitzky says. “It’s a big target and has the potential to become bigger. I feel the resource is a bit premature, but we promised last year that we’d deliver a resource, so we did.”

The stockwork-hosted deposit extends from surface to 600 metres deep, 1,100 metres north–south and 380 metres east–west, and is open to the west along its 1.1 km length, as well as north, south and at depth.

Netolitzky adds that Skeena is exploring possible synergies between Spectrum and the copper-gold porphyry deposits at its adjacent

1 2 3 4 5 11 13 14 16_MAY 16_Main .indd 16

| First resource estimate outlines low-grade, gold-copper deposit

GJ propert y, 10 k m east.

“The most ideal location for operations is halfway between the two properties,” he says. “Now the question is whether the two deposits’ metallurgy are compatible enough to be processed in the same plant, and that’s the work we’re pursuing right now.”

Skeena upgraded the resource on the Donnelly and North Donnelly deposits at GJ soon after acquiring the 383 sq. km property from jointventure partners Teck Resources (TSX: TCK.B; NYSE: TCK) and NGEx Resources (TSX: NGQ; USOTC: NGQRF) last October.

The GJ resource stands at 33.7 million measured and indicated tonnes at 0.3% copper and 0.36 gram gold for 940.2 million lb. copper and 1.56 million oz. gold, using a 0.2% copper cut-off.

Walter Coles Jr., president and CEO, says during a phone interview that although the company is still focused on high-grade gold, the rising tide in commodity prices has lifted the demand for lower-grade material.

“Victoria Gold just closed a $24-million financing, and their grades average 0.68 gram gold, so my point is that there’s an appetite out there now for the lower grade,” he says.

(Victoria Gold’s [TSXV: VIT] flagship asset is the heap-leachable Eagle Gold deposit, 85 km from Mayo, Yukon, where there are 222 million indicated and probable tonnes at 0.68 gram gold for 4.9 million oz. gold, and another 78 million inferred tonnes of 0.6 gram gold for 1.5 million oz. gold, assuming a 0.2 gram gold cut-off.)

“The potential for high grade at Spectrum does exist, and now that we have a better understanding on the controls of mineralization, we’ll be far more efficient with our drill dollars going forward, and we’ll continue to add ounces,” Coles says.

The company is planning an induced-polarization geophysical survey across the deposit this year to help zero in on the extent of mineralization, along with an 8,000- to 10,000-metre drill program to test the periphery of the deposit and several outboard high-grade gold targets.

The estimated $4-million work program at Spectrum this year combines with another $500,000 in work commitments at its high-

Skeena Resources’ Spectrum gold-copper project in northwest British Columbia. SKEENA RESOURCES

grade gold Snip property, which the company acquired in March from Barrick Gold (TSX: ABX; NYSE: ABX).

The 19.3 sq. km Snip property sits 200 km southwest of Spectrum, near Seabridge Gold’s (TSX: SEA; NYSE: SA) KSM property and Pretium Resources’ (TSX: PVG; NYSE: PVG) Brucejack project, and borders on SnipGold’s (TSXV: SGG) 286 sq. km Iskut property.

Seabridge is in the midst of acquiring SnipGold and all of its outstanding shares to gain exposure to the geological potential at the property, along with potential synergies in both infrastructure and personnel between the companies.

Seabridge's offer works out to 29.1¢ per share of SnipGold, or a 124% premium, based on the closing price for both companies on April 18, or a 115% premium, based on the trailing 30-day, volume-weighted average trading price.

“Any time your neighbour gets bought out for six times what they were trading six weeks ago, it’s positive news for everybody next to them,” Coles says.

Coles notes that Skeena’s treasury stands at $2.5 million. The company has traded within a 52-week range between 5¢ and 12¢ per share, and closed at 8¢ at press time. It has 327.4 million shares outstanding for a $26.2-million market capitalization. TNM

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