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Randgold’s Mark Bristow on mining in Africa BY TRISH SAYWELL

The raw facts of the Randgold Resources (LSE: RRS; NASDAQ: GOLD) story are impressive. It has found five world-class deposits since the company was founded 17 years ago, and all of them are located on big geological anomalies. In every mine that Randgold has started, it has made net profits in the first quarter of operations. The company poured the first gold at its newest mine, Kibali in the Democratic Republic of the Congo (DRC), ahead of time and on budget in the third quarter of 2013. Its flagship Loulo– Gounkoto mine complex in western Mali helped power Randgold to an 80% quarter-on-quarter profit increase for the three months ended Sept. 30, 2013, despite a 3% drop in the gold price. Its other mines are Morila in Mali, and Tongon in the Ivory Coast. For the group, Randgold increased production by 19% to 233,676 oz. gold in the third quarter and cut its cash cost by 17% to US$662 per oz. on the back of higher production. It remained net-cash positive despite capital expenditure on Kibali. The third quarter saw Randgold post a 670,000 oz. increase in reserves, at $1,000 per oz. Mark Bristow has been CEO since the incorporation of Randgold,

Q4 results disappoint market

Rio Alto Mining

BY SALMA TARIKH

A world

of oppo rtunity Gets environmental Northern Miner Earlug 1 15/16” wide x 1 3/16” high approval to expand La Arena 5 Jan. Message from Consulting Peter Legein, Legein Convention Inc., and Chair , Prospectors Planning Comm2014 & Devel ittee, opers Associ ation of Cana da The world developmen’s largest explo ration and t conve Toronto ntion is this comin & Deve March. The Prosp g to ectors Canada’s lopers Assoc FULL PRO iation GRA of Convention (PDAC) Intern REGISTR ationa , Trade ATIO M AND AT WWW N DETAILS Exchange offers Show & Inves l tors a broad .PDA Technical spectrum CONVENT C.CA/ of and netwo Sessions, Short ION New for Cour rking event 30,000 s. With ses attendees 2014: All convention attend must Convention ees, the PDAC over may pre-re register for a pass. promises 2014 world gister You to provi of oppo or registe Onsite picku de rtunities to learn p and registr r onsite. for attend a are locate ation desks ees d on Level technologieabout the latest 600 of the s trends, South Build and MTCC, shaping ing. You perso the miner permitted mining al explo nalities beyond Level will not be sector ration and 600 securi without At the . ty a pass. Investors over 540 Exchange, Register their explo companies will online by promote Febru ration and at www. pdac.ca/con ary 7, 2014 opportunities developmen qualify for to poten vention to raise t to early registr the financi tial investors ation rates. needed al resou to MET mineral discover and develo rces deposits CONVENRO TORONTO of the future p the Hono at the Trade TION CEN urable Mich SOUTH TRE, of servic Show over 400 , while will discu ael BUI es and suppliers ss Advan Gravelle who explorers products LEVEL LDING, cing the the mater provide Fire – What 600 Ring  of duration of the they need ials and has to move convention must-attend discovery to enable the services exam it forward? Th happen to CONVEN that are events. is panel ine the and develo Once the mineral has becom TION REGISTR mines. will are pment of sun goes its comp future of the e the ATION a large future down there Mining Coun first and exclu region, numb In addit barriers to lexities, and HOURS DESK sive try Spon PDAC existing networking event er of social devel Exchange ion to the sor of 2014 and Sponsored On Wedn opment. events are s. Many the Investors and The PDACConvention. by esday morn of these be 19 Techn Trade Show Gold Corp Barrick is alway extremely popu 2014 Conv , there will 5, Technical ing, Marc be defined ical lar and Sessions Shack displa Sessions, oration ention will h ticket s a good idea by the it of include 60 Core Africa and its to s when the thous depth and South and Work ys, 13 Short Mine you pre-re book your Friday, Febru shops held Courses Financing Sourc s, Alternative On behal who come ands of particbreadth gister. and ary f of the Resource before, after the es for ipants 28 would 7:00 am representing from all contin during PDAC – 5:30 pm The Technconvention. Specialty Companies, along Junior spons like to thank Saturday, our Diam , I and organ thousands of comp ents or, Teck ical Sessio Metals with Sunday March 1 Mine ond izatio Resou anies and our aftern ns 7:00 am rals and ns involv the Platinum rces Limit Industrial begin oon, topics: – 5:30 pm sponsors ed in ed; develo exploration, Corp Commodi and cover three Developments. New discoveries Sunday, Barrick discovery pmen Outlook, and and oration, IBK ties and March 2 Gold The PDAC 7:00 am Capit collective t of mineral wealth and Market Goldcorp Profits and Maximizing – 5:30 pm has also know a numb Inc.; and al Corp. of sponsors Com Monday, the comm ledge and exper . The our Patro and Curre Growth by Acqu pany Respo er of Corp organized March 3 unity ience n Ernst & Vale Canada orate Socia nsibility 7:00 am Limited, at PDAC 2014 that will be presen Financial nt Developm isition, Capit Young, (CSR), – 5:30 pm PwC and is by al ents in t Aboriginal,l Group. For attraction Tuesday, Disclosure Markets and the fi TMX of the convefar the biggest March 4 programs Markets and . you to Public 7:00 am Student Country spons rst time, a Minin ntion. I throughout On Mond – invite orship g larges come and take the entire has been Wednesday, 5:30 pm oppo ay morn t annua a variet ing, Marc March 5 l miner part in the is please developed, and rtunity and y of 7:00 am al explo mining d to annou take place, Technical Sessio h 3, PDAC – 12:00 ration event in noon nce ns includ the We look will that Peru Session: ing the forward world. Sharing Keynote all there! Prospectors to seeing as well Mine & you as on Geom ral Wealt Association Developers h, Inves etallurgy tmen of Canad and a Sessions t in BRIC 135 King countries. Toronto, on Wealt St Visit us Rocks, ON Canad E h in at Weathered PDAC, Boo Diamonds a M5C (E): conve Economics th #120 and ntion@pda 1G6 9! (T): 1 416 c.ca afternoon will be held Mineral 362 1969 (F): 1 416 Outlook following the in the 362 0101 Goodman Luncheon whereMineral FREE ACC Ned Rebound: will discuss the How, where Capit TO SPE ESS it come and when al back? PRESEN AKER will Technical TATIONS Post-conven Sessions morning, tion, on Tuesd March 4, holders ay will receiv All Access Pass sessions feature morn on e email to access video from instructions Deposits and Peruvian Copping and Open er the Techn Jackpot Ma West at 2200 Africa speakers’ Sessions synchronize ical progr ams will , while aftern PowerPoin (as releas oon t presen d to Breaks, focus ed ZTEM Geophysics on Abitib inclusion). by the presen tations follow VTEM ing ters for and Zinci Plus luncheon, the Panel Lunc heon. Th e President moderated by PDAC Bob Rae, Glenn Nolan , featur Josh Hjart arson and es the

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Metro ToronMarch 2 – 5 to Conv Toronto, ention Centre, Canada

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Goldcorp offers $2.6B in cash and shares for Osisko PDAC_

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which was founded on his pioneering work in West Africa. Bristow, who holds a PhD in geology from Natal University in South Africa, held a breakfast meeting in Toronto on Nov. 29, 2013, to discuss the company’s third-quarter results, and commented broadly on the state of the gold industry, valuations and political risk in Africa. Below are edited excerpts of his remarks.

On the gold industry

The gold industry is in a terrible state at the moment, and I would point out that I have been warning people about this for some time. When you look at the performance of the gold stocks — literally with a few exceptions — most gold stocks are now trading below the price per share they traded at in July 2002. There are some exceptions, and Randgold Resources is one of them. You can see how closely we have tracked the gold price since it started rising in 2002. So the question has to be asked: “What’s driven that?” Fundamentally there have been two things. We haven’t replaced the ounces we’ve mined as an industry. In fact, for the last 12 years, we haven’t even reached 50% of reSee RANDGOLD, Page 14

Open-pit mining at Osisko Mining’s Canadian Malartic gold mine in Quebec. BY SALMA TARIKH

Goldcorp (TSX: G; NYSE: GG) is launching a hostile $2.6-billion takeover bid for  Osisko Mining (TSX: OSK; US-OTC: OSKFF) to acquire the smaller rival’s Canadian Malartic gold mine in Quebec, with many analysts arguing the offer is too low. Under the proposed bid, Osisko shareholders would receive 0.146 of a Goldcorp share, plus $2.26 in cash

use, and job cuts will follow. The layoffs will impact 25% of the mine’s workforce, Pazuki says. Currently OceanaGold employs 455 permanent employees and another 110 contractors at Macraes. The job losses should begin in “the near future,” and will continue “over the next couple of years,” he adds. The gold operation, located in the Otago region of New Zealand’s South Island, comprises the Macraes open pit and the Frasers underground mine. Production from the pit started in 1990 and commissioning of the underground mine kicked off in 2008. See OCEANAGOLD, Page 3

BY SALMA TARIKH

Carpathian Gold (TSX: CPN; US-OTC: CPNFF) has temporarily halted production at its new Riacho dos Machados (RDM) gold mine in Brazil, a day after pouring its first doré gold bar. The Toronto-based firm says the production freeze follows suspension of its APO provisional permit, which allowed it to start up its processing plant. It says that SUPRAM, the state environmental agency, temporarily withdrew the APO mainly due to the “unusual recent heavy rainfall at the site.” Carpathian adds it is working with the government to assess the remediation work required to re-

MINERAL EXPLORATION

ROUNDUP 2014 RESOURCES FOR LIFE

TNM Jan 20 2014_Front Section.indd 1

Prospecto & Devel rs ope Associati rs on Canada of

2014 INTE CONVEN RNATIONAL SHOW TION, TRADE & INVE EXCHAN STORS GE

for each Osisko share held, for a total value of $5.95 per share. This works out to be a 15% premium to Osisko’s Jan. 10 closing price and a 28% premium over its 20-day, volumeweighted average share price. “We believe that our offer is compelling to Osisko shareholders for many reasons,” Goldcorp’s CEO Chuck Jeannes said on a conference call. “First the premium offer of cash and shares provides

Carpathian suspends OceanaGold sees a strong 2014 at Didipio new RDM gold mine OceanaGold (TSX: OGC; USOTC: OGDCF; ASX: OGC) has reduced the mine life for its Macraes gold mine in New Zealand, but expects a strong production year at its new Didipio copper–gold mine in the Philippines, leaving many investors cheering. “As a result of the prolonged and sustained drop in the gold price, the Macraes mine plan has been reoptimized to focus on lower-cost mining areas to sustain operations,” Sam Pazuki, OceanaGold’s manager of investor relations, said in an email. As result, mining rates at New Zealand’s largest gold mine will slump along with equipment

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instate the permit. This comes as a blow to the company, which has spent the last six years trying to bring the past-producing RDM mine online and transition into a gold producer. It was only on Jan. 7 that Carpathian announced its first doré gold bar weighing 10.1 kg, boosting its shares 21% to 11.5¢. It cautioned that it was experiencing more rain than normal in its Jan. 7 release, but reassured investors that the plant would ramp up to 8,400 tonnes per day in the coming weeks. But now that’s not the case. After news of the suspension, the

OSISKO MINING

immediate and a certain value of liquidity for Osisko shareholders. These are volatile times for the gold price and mining equities generally, and we want to take advantage of Goldcorp’s financial strength by including a material cash component.” The Vancouver-based major plans to fund the $1-billion cash portion of the offer with a US$1.3billion term loan, leaving its cash position at US$620 million. It also has an undrawn US$2-billion credit facility. Jeannes says that with the bid, Osisko shareholders could become Goldcorp shareholders and benefit from the senior’s strong balance sheet, diverse assets, lowcost profile and growth projects, and take part in regional synergies with Goldcorp’s Quebec and See OSISKO, Page 2 PM40069240 – PAP Registration #09263

See CARPATHIAN, Page 3

January 27–30, 2014 The Westin Bayshore, Vancouver, British Columbia

REGISTER TODAY AT www.amebc.ca/roundup

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JANUARY 20-26, 2014

THE NORTHERN MINER

Goldcorp nails 2013 guidance, predicts falling cash costs

Goldcorp’s Penasquito gold mine in Zacatecas, Mexico. VANCOUVER — Prominent Canadian gold miner Goldcorp (TSX: G; NYSE: GG) has proven to be more resilient in the face of falling precious metal prices than many of its peers. And if the company’s production guidance for 2014 is any indication, it will be a positive example of how to handle growth while managing lower operating costs per ounce. On Jan. 8 Goldcorp released its year-end production report, and although the company cut its midterm growth targets, it still predicts a 50% production increase over the next two years at competitive cash costs. Goldcorp reported record gold production during the fourth quarter, with 767,700 oz. gold at all-in sustaining cash costs of between US$885 and US$1,065 per oz. The strong quarter contributed to an 11% year-on-year jump in annual production, with the company cranking out around 2.67 million oz. in 2013. On a byproduct and co-product basis, costs are expected to average US$560 per oz. and US$710 per oz. over the past four quarters. President and CEO Chuck Jeannes noted in the report that

GOLDCORP

“every Goldcorp-operated mine either met or exceeded [2013 guidance], with the exception of Los Filos, where record floods [in mid-2013] temporarily halted production.” The company continues to be anchored by strong production from its Penasquito mine in Mexico and Red Lake operation in Ontario, which jointly accounted for 897,000 oz., or 33% of the Goldcorp’s overall production. The company estimates it will produce between 3 million oz. and 3.15 million oz. in 2014. Higher production will be fuelled by increasing grades in the Penasquito pit, as well as an ongoing ramp-up at the Pueblo Viejo joint venture in the Dominican Republic, where Goldcorp holds a 40% stake alongside operator Barrick Gold (TSX: ABX; NYSE: ABX). Goldcorp’s share of annual gold production at Pueblo Viejo is predicted to jump as much as 77% year-on-year to between 405,000 oz. and 420,000 oz., while high grades at Penasquito will boost production by up to 72% to between 530,000 oz. and 560,000 oz. The company will see two development projects come online during 2014, namely its Cerro

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Request for Expression of Interest The Minister of Energy and Mines, Province of New Brunswick, Canada is seeking Expressions of Interest from parties interested in acquiring rights to explore for potash in New Brunswick. The Province of New Brunswick has a proven record of discovery and development of world-class potash deposits. There also remain underexplored areas that have potential to produce additional economic potash resources. With sufficient interest, the Minister may consider a future Request for Proposals, under which the successful bidder would be awarded a potash exploration right for New Brunswick. Information regarding this Request for Expression of Interest can be found at www.gnb.ca/energy. Expressions of Interest must be submitted before March 31, 2014, 1:30 pm, ADT.

TNM Jan 20 2014_Front Section.indd 2

Negro mine in Argentina and Éléonore mine in Quebec. The timing of the ramp-up at Cerro Negro and Éléonore should result in significantly higher gold production in the second half of 2014. Cerro Negro is expected to contribute between 130,000 and 180,000 oz. next year, while Éléonore is slated to hit a production target in the fourth quarter and chip in between 40,000 and 60,000 oz. Perhaps more importantly, Goldcorp’s cost-reduction strategies appear to be paying dividends. The company expects its all-in sustaining costs to fall to between US$950 to US$1,000 per oz. next year. The superior grades at Penasquito — projected to be the company’s largest-production asset — will definitely help, though Goldcorp notes it has redesigned its mine plan at the site. Penasquito’s projected mine life has dropped from 19 years to 13 years, with the company’s final two phases of pit development eliminated due to too-low grades. The major shift for Goldcorp involves its extended growth forecast. At the beginning of 2013 the company predicted it would achieve a 70% boost in production to 4.2 million oz. gold over the next five years, but that has been notably pared back in its recent releases. Not counting any successful bid for Osisko Mining, Goldcorp expects production to peak in 2016 at between 3.7 million and 4 million oz., before declining back down to the

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Careers ............................ 11 Drillers ............................. 15 Editorial ............................. 4 Events................................ 5 Meetings ........................... 5 Metal Prices ....................... 7 Professional Directory . 12-13 Stock Tables .................. 6-10

Agnico Eagle Mines ......... 11 Alamos Gold .................... 11 Animas Resources ............ 16 Argonaut Gold................. 11 AuRico Gold .................... 11 B2Gold ............................ 11 Barrick Gold .................... 2,5 Carpathian Gold ........... 1,11 Detour Gold .................... 11 GoGold Resources ........... 16 Goldcorp ........................ 1,2 Golden Star Resources ....... 3 Hudbay Minerals ............. 11 Iamgold ........................ 5,11 International Tower Hill Mines ......................... 16

Kinross Gold .................... 16 Kirkland Lake Gold .......... 11 Lucara Diamond .............. 15 Marlin Gold Mining ......... 16 OceanaGold ...................... 1 Osisko Mining .............. 1,11 Pan American Silver ......... 15 Paragon Diamonds .......... 15 Platinum Group Metals .... 11 Pretium Resources ............. 2 Randgold Resources .......... 1 Rio Alto Mining ................. 5 Semafo ............................ 11 Sulliden Gold ..................... 5 Timmins Gold .................. 11

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3.5 million to 3.8 million oz. range for 2017 and 2018. BMO Capital Markets analyst David Haughton — who has an “outperform” ranking on Goldcorp, along with a US$37-per-share price target — noted in a Jan. 8 research note that both the company’s fourth-quarter operating results and 2014 guidance were above research forecasts. BMO Research had predicted fourth-quarter production of 720,000 oz. gold at cash costs of US$674 per oz., and expected Goldcorp’s 2014 guidance to clock in at 2.85 million oz. Haughton says, however, that the company’s US$2.1-billion capital expenditure guidance for the coming year was higher than expected.

Goldcorp reported US$620 million to end 2013, as well as an undrawn US$2-billion credit facility. Major project expenditures in 2014 include US$600 million at Cerro Negro, US$570 million at Éléonore, US$125 million at Red Lake’s Cochenour Extension and US$85 million at the company’s earlier-stage Camino Rojo project in Mexico. Goldcorp shares have traded within a 52-week range of $21.87 and $38.77, and closed up 2% following the 2013 production results, en route to a $24.31-pershare close at press time. Goldcorp has 812 shares outstanding for a $19.8-billion market capitalization. On Jan. 6, the company declared the first monthly dividend payment in 2014 of 5¢ per share.

Goldcorp offers $2.6B OSISKO, From Page 1

Ontario operations. Goldcorp runs the large Red Lake mine in Ontario and is starting up the Éléonore gold mine in northern Quebec later this year. Jeannes says the transaction is accretive to Goldcorp shareholders, and that the Canadian Malartic mine could become one of Goldcorp’s top mines in terms of free cash flow generation, gold production and net asset value. “Canadian Malartic has a large reserve base — around 10 million oz. gold — supporting strong production over a long mine life. Due to the homogeneous orebody and favourable mining characteristics, we consider it to be a low-risk mine from a technical standpoint,” he added. Located in Quebec’s prolific Abitibi gold belt, Canadian Malartic started production in May 2011 and is slated to produce 500,000 oz. gold a year over an initial 16-year mine life. If the deal concludes, Goldcorp would become Quebec’s largest gold producer. Jeannes notes Goldcorp did not contact Osisko’s key shareholders or debt holders prior to the Jan. 13

announcement. The offer became official on Jan. 14, and remains open until Feb. 19, 2014. On Jan. 15 Osisko said the fact that its share price soared above Goldcorp’s offer price shows that the takeover bid is “very low” and “opportunistic.” Osisko urged its shareholders not to take any action until its board makes a recommendation. Many analysts covering the Montreal-based firm agree and argue for a higher price. Raymond James analyst Phil Russo said Goldcorp’s bid “falls short of an appropriate premium based on recent comparable acquisition transactions.” Russo says that Goldcorp’s acquisition cost for Canadian Malartic’s reserves is $1,000 per oz., which represents a 20% discount to the spot gold price, compared to a 15% discount seen in similar transactions. He believes there’s room for Osisko to ask for a higher premium that equates to a 10–15% discount, potentially pushing the offer price to $6.50 to $6.75 per share. Russo has bumped his $6.25 target price to $6.50 and maintains a “market perform” rating on Osisko. He says the chances of a competing bid for Osisko are slim.

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Desjardins analyst Michael Parkin agrees, noting the cost of the acquisition and the scale of Canadian Malartic lowers the potential of a “white knight” emerging. He says Goldcorp may need to sweeten its bid to win over Osisko shareholders, who drove the company’s shares up 20% on the news to close at $6.24, above the $5.95-per-share offer. But he says Goldcorp’s initial offer is a “smart starting point,” and could be raised to gain shareholder support from Osisko without “overpaying from the start by beginning with an overly aggressive bid.” He has a $6.75 price target on Osisko. However, Jeannes hinted on the call that Goldcorp would keep its current offer. “We have shown a history of being disciplined in these sorts of things and we have a view of the value proposition — and we are going to stick to it.” Adam Graf, a New York-based analyst at Cowen & Co., who covers both firms, says while Canadian Malartic would provide Goldcorp near-term free cash flow, Osisko’s other assets — including the Upper Beaver and Hammond Reef projects in Ontario — provide little value. He contends there are “more value-accretive assets for sale in Canada and North America,” such as Pretium Resources’ (TSX: PVG; NYSE: PVG) high-grade Brucejack project in B.C. The Osisko acquisition, Graf says, would reduce his US$19.36 price target on Goldcorp by 40¢ per share pro forma. The deal requires standard regulatory approval and two thirds of Osisko’s shareholders to vote in favour of the acquisition. Goldcorp closed the day at $25.04, down 25¢. It owns no Osisko shares.

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THE NORTHERN MINER

OceanaGold OCEANAGOLD, From Page 1

At current gold prices, the mine life for the Frasers underground mine should conclude in mid-2015 and for the Macraes open pit at the end of 2017. The revised mine plan shortens the mine life at Macraes by three years, with production wrapping up in 2017 instead of 2020, Brian Szeto, an analyst at Stonecap Securities, writes in a note. Last June, the Melbourne-based firm also revised the mine plan for Reefton, its other open-pit gold mine on South Island. The operation is set to transition into care and maintenance in mid-2015. Along with the recent changes at Macraes, the company announced its 2014 production guidance. It forecasts company-wide output of 275,000 to 305,000 oz. gold and 21,000 to 24,000 tonnes copper, at all-in sustaining costs of US$750 to US$850 per oz., net of by-product copper credits. OceanaGold anticipates that its New Zealand operations will contribute 190,000 to 210,000 oz. gold to the company’s total, compared to last year’s target of 235,000 to 255,000 oz. The difference comes mainly from the lower production levels expected at Macraes following the new mine plan. Pazuki said Reefton typically delivers 50,000 oz. gold a year, while production this year from Macraes is pegged at 150,000 to 160,000 oz. But the silver lining in the 2014 output guidance is Didipio. OceanaGold expects the mine to churn out 85,000 to 95,000 oz. gold and 21,000 to 24,000 tonnes copper in 2014, compared to last year’s guidance of 50,000 to 70,000 oz. gold and 18,000 to 20,000 tonnes copper. All-in sustaining costs are estimated at negative US$240 to $210 per oz., net of copper by-product credits. OceanaGold plans on increasing the mill throughput at Didipio to 3.5 million tonnes a year by the end of 2014, Pazuki says. Stonecap’s Szeto says the pro-

duction guidance at the company’s newest mine beat his expectations. “The fact that Didipio, the largest contributor to our [net asset value], is ramping up faster than expected is positive,” he says. But Szeto acknowledges the good news is “slightly offset” by the lower production and reduced mine life for the New Zealand operations. BMO analyst Brian Quast also points to the rapid ramp-up at Didipio as a plus, but says the shorter mine life at Macraes could result in an impairment charge. The company is conducting an impairment review for its operations, which should be released in its 2013 year-end results. To protect its gold sales from lower prices, OceanaGold plans to sell 208,000 oz. produced from Macraes in 2014 and 2015 through a “zero-cost” collar hedging program. The initiative will lock in the gold price at NZ$1,500 to $1,600 per oz. gold (US$1,230 to US$1,312 per oz.). The downfall of this is that if the gold spot price moves above NZ$1,600 per oz. over the next two years, the company will still receive NZ$1,600 per oz. for each ounce sold. Production from its Reefton mine was similarly hedged last June. For capital spending this year, OceanaGold has budgeted US$80 million to US$100 million, of which US$50 million to US$60 million is for its New Zealand operations and the rest for Didipio. It has another US$5 million to US$10 million set aside for exploration in the Philippines and to maintain the newly acquired El Dorado project in El Salvador. OceanaGold closed Jan. 10 up nearly 6% at $1.65, within a 52-week range of $1.04 to $2.97. It has a $495-million market capitalization. Quast has trimmed his $2 target to $1.75 and rates the stock as “market perform.” Szeto maintains an “outperform” rating, but is in the midst of updating his $2.30-pershare valuation.

OCEANAGOLD

The processing plant at OceanaGold’s Didipio copper-gold mine on Luzon Island in the Philippines.

Golden Star disappoints with fourth-quarter results

Golden Star Resources’ Wassa gold mine in southwest Ghana. Golden Star Resources (TSX: GSC; NYSE-MKT: GSS) has stayed within its guidance, but the market still took a harsh view of fourthquarter production results. The company’s two mines in Ghana’s Ashanti gold belt — Bogoso and Wassa — generated 75,429 oz. gold, with 44,337 of those ounces coming from Wassa mine and 31,093 oz. coming from Bogoso. For the year, the two mines produced 330,805 oz. gold.  This year-end number is in line with Golden Star’s revised guidance of 325,000 to 330,000 oz., and cashoperating costs are expected to be at the low end of the US$1,050 to 1,150 per oz. guidance range. And while near BMO Research’s 77,500 oz. estimate for the quarter, the numbers disappointed Scotiabank analyst Trevor Turnbull, who was expecting a strong fourth quarter, but instead saw Golden Star production come in 24% below his estimate.

This year, Golden Star expects production below the 330,805 oz. it produced in 2013, as it pegged production guidance for 2014 in the 295,000 to 320,000 oz. range. The numbers are slightly better than what BMO Capital Markets analyst Andrew Breichmanas expected, estimating 275,531 oz., with the difference attributed to Golden Star anticipating higher production at Bogoso. Overall production is expected to come off slightly due to the lower production at Wassa, which is expected to turn out 130,000 to 140,000 oz. this year, compared to the 185,807 oz. it produced last year. The drop-off is blamed on the higher-grade Father Brown satellite pit at Wassa, which is reaching the end of its mine life. In its place will emerge the Wassa Main pit. At Wassa Main it will take time to get to the deeper, higher-grade mate-

Carpathian Gold CARPATHIAN, From Page 1

stock fell 17% to close a day later at 9.5¢. Shobana Thaya, the company’s director of corporate communications and investor relations, said in an emailed response that Carpathian didn’t expect the APO would be suspended and gave no other reason for the stoppage other than the rainfall. Asked how long the remediation work would take and its extent of damage, she replied that the company would provide more details at a later date. Adding uncertainty to the fate of the RDM mine is the company’s bleak financial state, and how it intends to meet its looming debt payments. At the end of last September Carpathian had a huge working capital deficit of US$102.5 million. On Dec. 20, 2013, Carpathian said that Macquarie Bank Ltd. extended its forbearance agreement to Jan. 3, 2014. In this contract Macquarie agreed to provide Carpathian more funds under a third tranche of project financing. Repayment was originally due last November, and bears a 15% annual interest rate. So far, Carpathian has drawn down US$30 million from the third

tranche, noting the Jan. 3 repayment date “has not been formally extended.” It has another US$90 million outstanding under the first two tranches of the Macquarie project loan. Thaya says the firm plans to begin paying down this debt this year. “At present, additional funding for the project to be able to continue producing and shipping gold remains entirely at the discretion of Macquarie, and there is, therefore, no assurance that [MRDM, the company’s subsidiary that owns the mine] will have sufficient funds to continue its operations,” Carpathian outlined in the Jan. 7 release. The miner added that it was working with Macquarie to assess “all possible ongoing options, including the strategic alternative process that remains underway.” The gold-focused firm revealed its financial strain last October after it delayed production at RDM to fourth-quarter 2013, and later deferring revenue. Carpathian’s board has since been assessing strategic alternatives, including merging with another company, and selling Carpathian or its assets. Along with the RDM mine, Carpathian owns the Rovina Valley gold–copper project in Romania.  

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JANUARY 20-26, 2014

GOLDEN STAR RESOURCES

rial. Golden Star says investors should expect higher grades and production as the year progresses at Wassa Main. Switching pits at Wassa means that the Bogoso complex will play a big part in the company meeting its own guidance, and Breichmanas points out that Bogoso has historically been the least consistent of the two mines. Even the company concedes that production numbers will go up and down throughout the year, as pushbacks need to be completed at Bogoso — which aren’t expected until the end of March. Together, Bogoso and Wassa have proven and probable reserves of 67.1 million tonnes grading 2 grams gold for 4.31 million oz. gold. Golden Star finished up the year with US$66 million in cash, after drawing US$20 million from its medium-term, US$50-million term facility. The company expects to spend US$50 million in capex for the year. Turnbull and Breichmanas rate Golden Star as “sector underperform,” and Breichmanas has a 50¢ price target. In Toronto on Jan. 9 — the day the results were released — the company’s shares were off 5¢, or 10% to 47¢, on 17,266 shares traded.

Peter Winterburn Appointed to AcmeLabs Research Chair MDRU-Mineral Deposit Research Unit at The University of British Columbia (UBC) are  pleased to announce the appointment of Dr. Peter Winterburn as the AcmeLabs  Research Chair in Exploration Geochemistry. Dr. Winterburn will be responsible for implementing the MDRU Exploration Geochemistry Initiative, which will significantly increase the quantity and quality of research, education and professional development opportunities in applied geochemistry.  Dr. Winterburn comes to UBC with a wealth of industry experience, most recently with Vale and Anglo American, as well as a keen perspective on research objectives.  This newly created position was made possible by industry contributions, most generously from Acme Analytical Laboratories Ltd. Find out more at www.mdru.ubc.ca

14-01-15 6:29 PM


4  JANUARY 20-26, 2014  THE NORTHERN MINER

EDITORIAL

EDITOR-IN-CHIEF:

SENIOR STAFF WRITER:

EDITOR OF MINING MARKETS AND DIAMONDS IN CANADA:

SENIOR STAFF WRITER:

JOHN CUMMING, GWEN PRESTON, MSc (Geol) BSc (Chem), MJ jcumming@northernminer.com gpreston@northernminer.com

ALISHA HIYATE, BA ahiyate@northernminer.com

TRISH SAYWELL, BA, MA, MSc (Jour) tsaywell@northernminer.com

SENIOR STAFF WRITER:

ANTHONY VACCARO, BA, BA (Jour), MBA avaccaro@northernminer.com STAFF WRITER:

MATTHEW KEEVIL, BA (Econ and Poli Sci) mkeevil@northernminer.com

STAFF WRITER:

SALMA TARIKH, BSc (Psych), MA (Jour) starikh@northernminer.com PRODUCTION EDITOR:

DAVID PERRI, BA dperri@northernminer.com

COPY EDITOR:

ISA CUNANAN, BSc icunanan@northernminer.com WEB EDITOR:

ADRIAN POCOBELLI, MA (Engl) apocobelli@northernminer.com

EDITORIAL: TOP STORIES OF WEEK 2

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TNM Jan 20 2014_Front Section.indd 4

Takeover bids, real and imagined It’s been a tough couple of years for the gold-mining industry, so some much-needed comic relief came along at just the right time in mid-January in the form of a purported unsolicited, all-cash, $7.50-per-share bid for U.S. gold miner Allied Nevada Gold by Hong Kong-registered China Gold Stone Mining Development. In some ways the deal made sense, in that Allied Nevada has had its share price depressed owing to the industry downturn, operational problems in early 2013 and since-resolved debtcovenant pressures that piled on in late 2013. But a lot of things didn’t make sense: nobody had ever heard of China Gold Stone, and over the past half-dozen years Chinese companies have been far more interested in acquiring base metals and other industrial mineral assets. Luxury goods-focused gold and diamond companies have generally not been acquisition targets. Another red flag was that China Gold Stone said it operated three gold mines in China valued at $15 billion, which sounds preposterous. (With its multitude of high-quality mines worldwide, Barrick Gold’s market cap is only US$21 billion, for comparison.) Allied Nevada responded in midday on Jan. 14 that it had received a letter from Gold Stone the day before notifying it of the “bid,” and that management was suspicious of its validity, starting with basic reasons such non-compliant filings and deadlines. The afternoon of Jan. 14 saw a new press release come across the wire with the headline “KILLKILLKILL.” No, it wasn’t the promotion of a new Russ Meyer-inspired film, but rather an announcement by China Gold Stone that its press release issued earlier in the day regarding a bid for Allied Nevada “was issued in error and without the advice of counsel.” It’s funny: Allied Nevada’s stock closed at $4.69 on Jan. 13 before the “bid” was made public, and has at press time settled into the $5.10 range after a little see-sawing. In other words, the stock never came close to the purported bid price, but apparently the whole silly episode caused enough serious investors to take a second look at Allied Nevada’s valuation and determine that indeed the company had been underappreciated in the market, and decisively push the stock up 8%. And so it ends, with happy faces all around in the Allied Nevada camp. • A genuine and far more consequential unsolicited bid in midJanuary was Goldcorp’s $2.6-billlion cash and shares offer for Osisko Mining and its world-class Canadian Malartic gold mine in Quebec’s Abitibi region. Goldcorp’s offer values Osisko at $5.95 per share, or a 15% premium to the previous week’s trading, but Osisko’s shares quickly plateaued at $6.20, indicating expectations of a sweetener. Still, it’s quite a comedown for Osisko shareholders, who once basked in a $15 share price in late 2010, and $10 as recently as mid2012. During the resource-drilling and mine-construction phases at Canadian Malartic, Osisko shares were widely judged by Bay Street to be too expensive to trigger a takeover bid by a gold major, and so the company had no choice but to proceed with mine construction and commercial operations on its own — which it has done with considerable success and aplomb. Unusually for these cases, Goldcorp’s share price was essentially unchanged after its bid was made public. While a sweetener is anticipated, there are still a lot of mixed signals about whether another company will join the fun and start a bidding war. Many gold analysts have predicted more M&A activity in the gold sector this year, but few majors have an appetite for these kinds of multi-billion dollar purchases, as they are more focused these days on cost-cutting and meeting capex predictions. One potential suitor that was always a non-starter during the exploration and mine-development phase at Canadian Malartic was Barrick, largely because Osisko had built its empire on ground that Barrick had let slip out of its hands for almost nothing, and it would have been humiliating for the same management group to buy back the same property for billions of dollars. But today few people remember that, and there has been such wholesale turnover in Barrick’s executive suites that those egocentric concerns probably aren’t a factor. Send your Letters-to-the-Editor and op-ed submissions to the Editor-in-Chief at: tnm@northernminer.com, fax: (416) 510-5138, or 80 Valleybrook Dr., Toronto, ON M3B 2S9.

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M E TA L S C O M M E N TA R Y

Strong headwinds for gold in 2014 Challenging macroeconomic conditions are likely to drive gold prices lower in 2014, commodity specialists at Bank of America Merrill Lynch and Credit Suisse say, and both banks agree the precious metal could test the US$1,000 per oz. level before the year is out. Bank of America Merrill Lynch forecasts gold will average US$1,150 per oz. this year, while Credit Suisse says the average will be closer to US$1,080 per oz. Rising U.S. 10-year treasury yields and subdued inflation sum up the essence of the economic headwinds facing gold this year, Bank of America Merrill Lynch says in its report published Jan. 9. Researchers at the bank contend that investors, who have been marginal buyers in recent years, are likely to continue reducing their exposure to gold at the same time, as demand for physical gold from buyers in China and India (import restrictions in the latter are in place to ease New Delhi’s current account deficit) will likely “not be strong enough to stop prices from falling further.” The good news, they say, is that gold could bottom out this year as markets rebalance. In terms of supply, “miners are adjusting to the challenging operating environment and capex curtailments will almost certainly reduce the scope for supply increasing going forward,” Bank of America Merrill Lynch contends. At the same time, “continued apprehension over unexpected inflation, on views that the output gap may be much smaller, especially in the U.S., could bring gold buyers back into the market.” As a consequence, the investment bank’s commodity analysts argue, 2014 “may provide interesting entry points for gold investors.” Credit Suisse points to most of the same macroeconomic arguments against higher prices (rising rates, absence of inflation) and add a few new ones (the end of the decline of the U.S. dollar and global growth momentum). But overall the bank’s analyst is less sanguine than his peers at Bank of America Merrill Lynch, stating that:   “in absolute and relative terms, gold still appears overvalued.” London-based research analyst Tom

Kendall argues that the exceptional demand in Asia last year for jewellery and small-investment products would not be repeated this year, and that “with the exception of a handful of smaller emerging market economies with weak currencies, investors buying gold today as insurance against a future macroeconomic event will be paying a high premium at a time when risks are still subsiding.” According to Kendall’s 2014 gold model, the market will be oversupplied by 100 tonnes in 2014. “Mining companies could take much more aggressive action to suspend subeconomic operations than anticipated,” Kendall writes. “However, with all-in cash costs having been cut substantially in 2013 and exploration budgets trimmed sharply, we think lower prices are still a prerequisite for a major restructuring of the gold industry, which in turn would come with a lag of at least three to four quarters.” Indeed, he doesn’t think cost support will come into play until at least the first half of 2015. Kendall forecasts that it is unlikely India will repeal its import restrictions on gold or its limits on the use of credit to buy it, because the government “has staked considerable credibility on reducing the balance of payments deficit,” while the domestic economy struggles. But what about central banks and their appetite for gold? Here, too, Kendall is pessimistic. “Those banks that declared sizable increases in their gold reserves between the global financial crisis and first-quarter 2014 (including Argentina, Brazil, South Korea, Mexico, the Philippines and Thailand) have reported no change in holdings since March last year, despite the [approximately] 25% drop in price,” he says. “The motivation for many of those to diversify their USD-dominated FX reserves remains, but the past five years has been extremely difficult for reserve managers (European crisis, Australian dollar depreciating, Japanese yen depreciating, gold slumping), and given their inherently cautious mandates, we do not expect an early or wholesale return of See COMMENTARY, Page 5

14-01-15 6:29 PM


THE NORTHERN MINER  JANUARY 20-26, 2014  5

OP-ED

MATTERS OF GENERAL INTEREST Jan 19-20 Vancouver Resource Investment Conference 1055 Canada Place, Vancouver, BC Tel: (604) 687-4151 Email: info@cambridgehouse.com Website: http://cambridgehouse.com Jan 27-30 Mineral Exploration Roundup Westin Bayshore, Vancouver, BC Tel: (604) 689-5271 Email: info@amebc.ca Website: www.amebc.ca Feb 7-8 California Resource Investment Conference Hyatt Regency Indian Wells Resort, Indian Wells, CA Tel: (604) 6874151 Email: info@cambridgehouse.com Website: http://cambridgehouse.com Feb 23-26 SME Annual Meeting Salt Palace Convention Centre, Salt Lake City, Utah Tel: (303) 948-4200 Email: meetings@ smenet.org Website: www.smenet.org/ meetings Mar 2-5 PDAC 2014 Metro Toronto Convention Centre, Toronto, ON Tel: (416) 362-1969 Email: info@pdac.ca Website: www.pdac.ca/convention Mar 27-28 Calgary Investment Conference Telus Convention Centre, Calgary, AB Tel: (604) 687-4151 Email: info@ cambridgehouse.com Website: http:// cambridgehouse.com May 11-14 CIM-AGM Vancouver Convention Centre, Vancouver, B.C. Tel: (514) 939-2710 Email: cmurphy@cim.org (convention coordinator) or cim@cim.org Website: http://vancouver2014.cim.org Jun 1-2 World Resource Investment Conference Vancouver Convention Centre West, Vancouver, BC Tel: (604) 687-4151 Email: info@cambridgehouse. com Website: http://cambridgehouse.com

For more event information, please go to: www.northernminer.com/events/

MEETINGS Jan 20 Jan 20 Jan 20 Jan 20 Jan 21 Jan 21 Jan 21 Jan 21 Jan 23 Jan 23 Jan 23 Jan 24 Jan 24 Jan 24 Jan 24 Jan 24 Jan 24 Jan 24 Jan 27 Jan 28 Jan 28 Jan 28 Jan 28 Jan 28 Jan 29 Jan 29 Jan 29 Jan 30 Jan 30 Jan 30 Jan 30 Jan 30 Jan 30 Jan 31 Jan 31 Feb 03 Feb 03 Feb 04 Feb 04 Feb 05 Feb 07 Feb 07 Feb 10 Feb 11 Feb 11 Feb 12 Feb 13 Feb 13 Feb 18 Feb 18 Feb 18 Feb 18 Feb 20 Feb 21 Feb 24 Feb 25 Feb 25 Feb 25 Feb 26 Feb 26 Feb 27 Feb 27 Feb 27

NV Gold AG Reliant Gold AS Gold Ridge Exploration AGS NV Gold AGS Angkor Gold AGS Batero Gold AG Miranda Gold AG Orefinders Resources AG Avalon Rare Metals A Mawson West E Titanium AGS Anglo-Bomarc Mines AG Cantex Mine Development A First Idaho Resources AG Entourage Mining AGS Barkerville Gold Mines AG Revett Minerals S Treegenic Gold S Eagle Mountain Gold S Red Pine Exploration AS Starcore Intl Mines AG Colonial Coal Int’l AGS Newstrike Capital AGS Asanko Gold S Lumina Copper AG Camino Minerals AGS Klondex Mines S NuLegacy Gold AG California Gold Mining AS Carmax Mining AG Morumbi Resources AS Ferrum Americas Mining AGS Tolima Gold AS Emerita Gold AS Odin Mining and Exploration E IGC Resources AG Dundarave Resources AGS Canada Lithium S Sirocco Mining S Alita Resources AGS Creso Exploration S Animas Resources S Canuc Resources AGS Firestone Ventures AS Westridge Resources AGS Olivut Resources AGS Iconic Minerals AG Troon Ventures S Golden Goliath Resources AG Rotation Minerals AG Infinity Minerals AG Klondike Gold AGS Affinor Resources AG North American Tungsten AS Central Fund of Canada A Galahad Metals AS Noble Mineral Exploration AS Arian Resources AG Delta Gold AG Orvana Minerals AG Platinum Group Metals AG Tanzanian Royalty Exploration AG Azimut Exploration A

MEETINGS LEGEND A – Annual E – Extraordinary G – General S – Special

TNM Jan 20 2014_Front Section.indd 5

Rio Alto gets an environmental nod to expand mine at La Arena BY SALMA TARIKH

Rio Alto Mining (TSX: RIO; TSXV: RIO; NYSE: RIOM) is inching closer to producing copper from its La Arena project in northern Peru, with a recent environmental approval for an 18,000-tonne-per-day, open-pit sulphide operation. Rio Alto produces gold from an oxide dump leach mine at La Arena. The gold mine reached commercial production in January 2012, and is slated to churn out 190,000 to 210,000 oz. in 2013, at all-in sustaining costs of US$900 to US$1,000 per oz. Ore at La Arena is extracted from two high-sulphidation epithermal pits — Calaorco and Ethel — and dumped by truck onto leach pads before being treated with cyanideleach solution for 60 days. The pregnant solution is then pumped into a nearby adsorption, desorption and refining plant that has a daily capacity of 36,000 tonnes. This production rate should continue into the first half of 2017, before tapering off and giving way to the second, more robust phase of the project. Phase two consists of mining copper with gold credits from the adjacent copper–gold– molybdenum porphyry pit. On Jan. 6, Rio Alto announced that Peru’s Ministry of Energy and Mines approved the modifications it made to the environmental-impact assessment (EIA) for an expanded La Arena. The amended EIA “allows us to begin preparation of additional permit applications for the sulphide mine [such as modifying facilities], concentrator and

waste dump, and tailings disposal,” Alejandra Gomez, Rio Alto’s manager of investor relations, said in an email. She estimates phase-two construction could start in late 2014 or 2015, depending on when Rio Alto receives the construction permits.

rating on Rio Alto. Meanwhile, the single-asset miner is wrapping up a feasibility study for the sulphide project due in the second quarter. It says building the 18,000-tonne-per-day copper–gold project would cost US$200 million to US$250 million. Start-up

Phase-two construction at La Arena should begin in late 2014 or 2015. Commenting on the EIA approval that took seven months to complete, Gomez says in an interview that “everyone is working hard — especially our Lima environmental team, which was working in record time to obtain approval for the modifications to the EIA. That’s a great milestone for us. Things don’t usually happen that quickly.” Raymond James analyst Adam Low echoed that the milestone helps the company’s aspirations to become a copper producer at La Arena, and that “longer-term, the company is backed by organic growth from an attractive copper– gold project at La Arena that is scalable, and can be internally funded due to its low capital intensity,” he writes in a note. Low has a $3.50 price target and an “outperform 2”

production is slated at 50 million lb. copper and 40,000 oz. gold a year, at an ­average grade of 0.4% copper and 0.3 gram gold per tonne. Rio Alto plans on expanding throughput to 36,000 tonnes per day. Desjardins analyst Adam Melnyk predicts that phase-two production will kick off in 2018 and run for 21 years. He has a “speculative buy” and a $4 target. However BMO analyst Brian Quast appears less bullish on the stock, with a $2.25 price target and a “market perform” rating. “The environmental modifications indicate positive progress in the development of the phase-two project, which has beenmovingforwardslowly,”henotes. In a November 2013 presentation, Rio Alto said that over the next 12 months, it expected to

spend at least US$3 million on feasibility costs, US$16 million building a substation and transmission line, and US$12 million acquiring surface rights for the project’s third phase, which contemplates underground mining. The miner expects to publish an updated oxide reserve-and-resource statement for La Arena in the second quarter. Gomez says the update could add another year or two to the mine’s oxide reserve life, pushing production beyond 2017. Rio Alto plans to release its yearend 2013 results and 2014 production guidance at the end of March. It has US$50 million in cash, Gomez says. The 206 sq. km La Arena project — acquired from Iamgold (TSX: IMG; NYSE: IAG) in early 2011 — is 480 km north from Lima and 18 km from the town of Huamachuco. It is 3,400 metres above sea level in a known gold district that includes Barrick Gold’s (TSX: ABX; NYSE: ABX) Lagunas Norte mine and Sulliden Gold’s (TSX: SUE; US-OTC: SDDDF) Shahuindo gold–silver project. The stock recently closed at $1.78, or 68% below its 52-week high of $5.64 on Jan. 16, 2013. It sank to a yearly low of $1.33 early last December.

Ne 11 thE w& D Im ITIO pro N ved !

Commentary COMMENTARY, From Page 4

those previously large buyers.” As for China, he says, “authorities are motivated to build a sizable gold reserve before [China’s renminbi currency] gets close to convertibility . . . [and] that point is probably still three years away.” In the meantime, Chinese state institutions will continue to accumulate most, if not all, of domestic production in China, which in 2013 worked out to 420 tonnes, he says. The big question becomes: What happens if and when the Chinese stop buying? “Given the size of the imports into Hong Kong last year [1,263 tonnes in the first 10 months], it does not require a huge leap of imagination to think that there may well have been some sovereign buying from non-domestic sources,” he says. “Gold bulls would be inclined to view that positively, but if — as some estimates have it — Chinese state buying exceeded 1,000 tonnes in 2013 and the price still ended the year sub$1,200. We are more inclined to wonder what would happen if they stepped back from the market.” Looking out past 2014, Bank of America Merrill Lynch forecasts average gold prices in 2015 and 2016 of US$1,256 per oz. and US$1,400 per oz., while Credit Suisse predicts average gold prices will fall to US$990 per oz. in 2015, before rising to US$1,000 per oz. in 2016.

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14-01-15 6:29 PM


6  JANUARY 20-26, 2014  THE NORTHERN MINER

MARKET NEWS TORONTO STOCK EXCHANGE Canada’s benchmark index gained during the week, as prices of gold and other commodities rose following poor North American jobs data. The S&P/TSX Composite Index ended up 198.66 points at 13,747.52. The spot price for gold rose US$10.60 to $1,248.60, pushing up the gold miners. The S&P/TSX Global Gold Index added 5.14 points to end at 166.69. The S&P/TSX Capped Diversified Metals & Mining Index stayed relatively flat at 779.75. Statistics Canada reported Canada shed 45,900 jobs in December, well below the expected gain of 14,000. The unemployment rate climbed to 7.2% from 6.9% in November. Meanwhile the Labor Department said the U.S. created 74,000 jobs last month, falling short of the predicted 200,000. But the jobless rate fell from 7% to 6.7%, the lowest level since October 2008, as more Americans simply stopped looking for jobs. Macarthur Minerals led the week’s percentage gainers, jumping 93% to 29¢ after updating investors on its Ularring hematite project in Western Australia’s Yilgarn iron-ore district. Australia-based Macarthur reported that the Esperance Port Authority received two development

JA N U A R Y 6 -10

proposals for a multi-user iron ore facility. Obtaining a developer this year will allow the company to move forward on project financing, partner contracting and off-take agreements. Goldgroup Mining tacked on 33% to end at 18¢, after announcing on Jan. 9 that it started production on its Cerro Prieto heap-leach gold mine in Sonora, Mexico. The mine generated 285 oz. gold in December. However, the Vancouver-based firm warned it was not basing its production decision on a preliminary economic assessment or feasibility study, noting this increases the “multiple technical and economic risks of failure.” On the flip side, United Silver lost 50% to close at 2¢ after trading in its

TSX most active issues

VOLUME (000s) HIGH

B2Gold Colossus Minls Lundin Mng Barrick Gold Goldcorp Yamana Gold Baja Mng Potash Cp Sask Osisko Mng Kinross Gold

BTO CSI LUN ABX G YRI BAJ POT OSK K

32304 22736 15471 14830 14689 13756 13304 12910 12824 12605

WEEK LOW CLOSE CHANGE

2.42 2.20 2.30 - 0.01 0.08 0.03 0.04 - 0.03 4.80 4.57 4.69 + 0.05 20.08 19.17 19.82 + 0.51 25.59 23.51 25.29 + 1.58 10.02 9.39 9.92 + 0.51 0.02 0.01 0.01 + 0.00 36.75 34.67 36.34 + 1.60 5.25 4.85 5.17 + 0.24 4.96 4.80 4.91 + 0.10

shares was halted on Jan. 10 pending a delisting. The delisting review was announced on Jan. 7, but expedited a day after United Silver reported a courtappointed receiver and manager for its assets and company. Similarly Brazil-focused Colossus Minerals dropped 38% to end the week at 4¢, after the TSX reduced its delisting review from 120 days starting Dec. 20, 2013, to 30

days beginning Jan. 8, 2014. On Jan. 14 the cash-strapped company said it would file for protection under the Bankruptcy and Insolvency Act. It wasn’t able to make a Dec. 31 interest payment on its convertible gold-linked notes before the end of Jan. 10. Following the bankruptcy news, the TSX expedited its review process and suspended trading in Colossus’ securities.

TSX greatest percentage change

VOLUME (000s) HIGH

Macarthur Mnl Verde Potash Silver Predatr Contl Precious Nuinsco Res Evolving Gold Goldgroup Mng PC Gold Polaris Minls Dejour Enterp United Silver Colossus Minls CaNickel Mng Chieftain Mtls Geologix Ex Hard Creek Ni South Am Silvr Freegold Vent MagIndustries Aureus Mng

MMS NPK SPD CZQ NWI EVG GGA PKL PLS DEJ USC CSI CML CFB GIX HNC SAC FVL MAA AUE

976 526 1015 107 268 455 855 280 1031 371 579 22736 12 360 1006 68 676 673 463 70

0.35 0.83 0.07 0.15 0.02 0.04 0.21 0.04 2.50 0.21 0.03 0.08 0.16 0.23 0.09 0.06 0.30 0.25 0.21 0.56

TSX greatest value change

WEEK LOW CLOSE CHANGE

VOLUME

WEEK CLOSE CHANGE

0.15 0.45 0.04 0.10 0.02 0.04 0.14 0.03 1.90 0.14 0.02 0.03 0.13 0.16 0.07 0.04 0.23 0.19 0.19 0.51

Agrium Royal Gold Franco-Nevada Potash Cp Sask Goldcorp Agnico-Eagle Silver Wheaton First Majestic Cameco Corp Polaris Minls Walter Energy Horizns G Bear Labdr I-Ore Ro Teck Res B Imperial Metal First Quantum Contintl Gold Kirkland Lk Gd Russell Metals Orbit Garant D

99.80 55.42 45.90 36.34 25.29 29.68 23.26 11.51 22.09 2.50 15.03 19.08 32.54 25.91 15.10 18.55 3.03 2.65 30.70 1.20

0.29 0.82 0.07 0.15 0.02 0.04 0.18 0.04 2.50 0.17 0.02 0.04 0.14 0.17 0.07 0.05 0.25 0.21 0.19 0.51

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

93.3 86.3 75.0 52.6 33.3 33.3 33.3 33.3 32.9 30.7 50.0 38.4 33.3 22.7 22.2 16.6 16.6 16.0 15.5 15.0

TSX VENTURE EXCHANGE The S&P/TSX Venture Composite Index closed in the green for a second straight week to start the year, as it jumped 2.3% — or 21.83 points during trading — en route to a 966.55-point close. Commodity futures were relatively stable, with gold rising late in the week on poor U.S. employment numbers. The loonie hit its lowest level since October 2009, as the currency closed at US91.75¢ to end the trading sessions. Gold futures are sitting reliably above US$1,200 per oz., with February contracts for bullion closing the week up US$14.30 at US$1,247.80 per oz. Crude oil closed in the red for a second straight trading period, as February contracts for West Texas Intermediate dropped US$1.37 en route to a US$92.81-per-barrel weekly close. Copper has hovered above US$3.30 per lb. for the past month, with March contracts trading flat at US$3.35 per lb. Beleaguered junior Selwyn Resources can be added to a growing list of companies that are being reorganized due to struggling small-cap markets. Selwyn announced late in 2013 that it was replacing its entire senior management group, and returned $28 million in capital to its shareholders after the company announced it was indefinitely sus-

TNM Jan 20 2014_Front Section.indd 6

2375087 32962 1983838 12909851 14689390 4916476 5996415 2933219 5013581 1030611 69052 1970393 557993 7900267 303484 9177068 3393520 2193659 608364 33909

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

3.27 3.21 1.78 1.60 1.58 0.87 0.79 0.77 0.70 0.62 1.98 1.28 1.16 0.98 0.67 0.56 0.41 0.35 0.25 0.20

JA N U A R Y 6 -10

pending development at its ScoZinc zinc– lead mine in Nova Scotia. Selwyn’s shareholders also voted to close a 1-to-100 share consolidation on Jan. 2. The company did not recommence trading in earnest until Jan. 6, and led the value-added category with a $1.72 gain on 125,500 shares traded, before closing the week at $1.73 per share. At press time Selwyn had 3.94 million shares outstanding for a $6.7-million market capitalization. Base-metal explorer Reservoir Minerals finished a strong week of trading with an announcement that it had optioned 75% of its Parlozi lead–zinc–silver project in Serbia to junior Midlands Minerals. Reservoir jumped 35¢ on 168,000 shares traded, en

TSX-V most active issues

VOLUME (000s) HIGH

Kincora Copper KCC Xmet XME Brookemnt Cpt BKT Lomiko Mtls LMR Red Pine Expl RPX Habanero Res HAO Pac Potash PP Barisan Gold BG Fission Uran FCU Robex Res RBX

6844 6010 5507 4960 4919 4720 4180 3779 3769 3716

0.03 0.19 0.04 0.12 0.11 0.01 0.07 0.35 1.10 0.16

WEEK LOW CLOSE CHANGE

0.02 0.14 0.03 0.10 0.08 0.01 0.05 0.19 1.03 0.13

0.03 0.15 - 0.03 0.10 - 0.10 - 0.01 0.06 - 0.22 - 1.07 + 0.15 -

0.00 0.01 0.00 0.01 0.01 0.00 0.01 0.08 0.02 0.01

route to a $5.58-per-share weekly close. Under terms of the agreement Midlands may spend $4.5 million in exploration over four years so that it can earn a 51% interest in Parlozi. Midlands can bump it stake to 55% by obtaining a mineral-exploitation permit from the Serbian government, and increase its ownership to 75% by completing a bankable feasibility study over the next two years.

Parlozi is a 91 sq. km exploration permit covering historical lead–zinc–silver mining in the Kosmaj–Babe area of the Sumadija mining district in central Serbia. Exploration was conducted at the site during the 1970s and 1980s by state-controlled Yugoslavian companies, with historic data including 36 drill holes over 15,000 metres.

TSX-V greatest value change

TSX-V greatest percentage change

VOLUME (000s) HIGH

Selwyn Res Amador Gold Falcon Gold La Quinta Res Actus Mnls Central Iron O Mill City Intl Firesteel Res Pinestar Gold Sarama Res Noble Metal Gr Huntington Exp Orefinders Res CMQ Res NQ Expl Canyon Copper Bonterra Res Ditem Explor Zena Mng Carlin Gold

SWN AGX FG LAQ AAC CIO MC FTR PNS SWA NMG HEI ORX NV NQE CNC BTR DIT ZCC CGD

126 362 424 23 284 422 567 21 53 53 10 10 218 80 11 10 525 127 144 35

1.90 0.02 0.10 0.02 0.02 0.02 0.22 0.09 0.10 0.16 0.01 0.01 0.12 0.02 0.01 0.01 0.01 0.01 0.09 0.02

WEEK LOW CLOSE CHANGE

VOLUME

1.51 0.01 0.02 0.02 0.01 0.01 0.09 0.05 0.05 0.08 0.01 0.01 0.06 0.01 0.01 0.01 0.01 0.01 0.08 0.02

Selwyn Res Gold Reserve Reservoir Mnls Energold Drill Mill City Intl Tasman Metals Cayden Res Athabasca Mnls Great Quest Me Titanium Corp Pac Booker Min Zenyatta Vent Lumina Copper Eurasian Minls Orefinders Res Almonty Ind Mason Graphite Barisan Gold Avino Silver Atacama Pac Gd

1.73 0.02 0.08 0.02 0.02 0.02 0.22 0.09 0.10 0.16 0.01 0.01 0.07 0.01 0.01 0.01 0.01 0.01 0.09 0.02

+ 11433.3 + 300.0 + 300.0 + 200.0 + 200.0 + 200.0 + 193.3 + 157.1 + 150.0 + 128.5 - 66.6 - 60.0 - 56.2 - 50.0 - 50.0 - 50.0 - 50.0 - 44.4 - 41.3 - 40.0

U.S. M ARKETS The first trading week of 2014 saw the Dow Jones Industrial Average slide 0.02% to 16,437.05, the S&P 500 inch up 0.60% to 1,842.37 and the Philadelphia Gold & Silver Index rise 0.49% to 87.05. Weaker-than-expected jobs data dampened spirits later in the week, with nonfarm payrolls rising 74,000 in December, the smallest gain since January 2011. Shares of Compass Minerals International posted the week’s largest gain, jumping US$2.15 per share to US$81.43, on the back of severe winter weather and greater demand for highway de-icing. Compass Minerals — a leading producer of minerals, including salt — reported that its highway de-icing business sold 4 million tons in the three months ended December 2013, well above the 2.3 million tons in the year-ago quarter. Eleven cities in the company’s primary North American highway de-icing service area reported 81 snow events during the period, compared with a 10-year average of 44.8 events. The same cities posted only 36 snow events in the fourth quarter of 2012. Shares of Alderon Iron Ore rose 9.6% to US$1.70 apiece after the government of

AGU RGL FNV POT G AEM SLW FR CCO PLS WLT HGD LIF TCKB III FM CNL KGI RUS OGD

SWN GRZ RMC EGD MC TSM CYD ABM GQ TIC BKM ZEN LCC EMX ORX AII LLG BG ASM ATM

125500 105340 167551 141930 567004 434191 172923 314919 567393 144929 29981 1190215 107218 23640 218000 37000 2861333 3779269 77968 11400

WEEK CLOSE CHANGE

1.73 4.29 5.58 1.81 0.22 1.30 1.13 1.62 0.73 0.63 6.60 1.96 6.14 1.07 0.07 0.82 0.71 0.22 1.26 0.93

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

1.72 0.67 0.35 0.21 0.15 0.14 0.13 0.12 0.11 0.11 0.40 0.32 0.16 0.12 0.09 0.09 0.09 0.08 0.07 0.07

JA N U A R Y 6 -10 Newfoundland and Labrador released the company from the provincial-environmental assessment (EA) process for its Kami iron-ore project in western Labrador. The Kami project is still waiting for federal EA approvals, which Alderon expects in February. The project also requires approval from the provincial government to expand transmission capacity from Churchill Falls to Labrador West. Alderon owns 75% of the project and China’s largest steel producer, Hebei Iron & Steel Group Co., owns the remaining 25%. Production from Kami is expected to start in late 2015.

U.S. most active issues

VOLUME (000s) HIGH

WEEK LOW CLOSE CHANGE

Alcoa* AA Alpha Nat Res* ANR Barrick Gold* ABX Freeport McMo* FCX Molycorp* MCP Cliffs Nat Rs* CLF Goldcorp* GG Kinross Gold* KGC Arch Coal* ACI Peabody Enrgy* BTU

190789 72186 60984 50625 49778 45882 43550 43108 43002 42138

9.83 6.12 17.68 35.45 5.25 22.73 21.91 4.41 4.10 17.15

10.90 7.21 18.56 37.23 6.09 25.13 23.45 4.63 4.51 18.80

10.11 6.21 18.18 36.17 5.42 22.83 23.19 4.50 4.13 17.55

- - + - - - + - - -

0.46 0.83 0.03 1.15 0.59 2.22 0.90 0.01 0.28 1.23

Agrium’s shares advanced US84¢ to US$91.56. The company has reviewed its Agrium Advanced Technologies business unit and will transition to wholesale and retail by March 2014. Stronger gold prices, which ended the

week US$10 per oz., or 0.86% higher than when the week started, helped lift gold stocks on no other news, including Royal Gold, up US$1.88 to US$50.93 per share; Central Gold Trust, up US74¢ to US$44.15; and Franco-Nevada, up US57¢ to US$42.08.

U.S. greatest percentage change

Minco Gold* Loncor Res* Dejour Enterp* Golden Mnls* Intl Tower Hi* Alderon Irn O* Banro* Lake Shore Gd* Turquoise HIl* Mag Silver* North Am Pall* Natural Rs Pt* Walter Energy* Alpha Nat Res* Molycorp* Augusta Res* Quest Rare Mn* Cliffs Nat Rs* Rare Elemt Re* Eurasian Mnls*

VOLUME (000s) HIGH

MGH LON DEJ AUMN THM AXX BAA LSG TRQ MVG PAL NRP WLT ANR MCP AZC QRM CLF REE EMXX

515 59 785 2548 217 322 4182 2003 4676 33 30860 779 5248 72186 49778 54 933 45882 2778 425

U.S. greatest value change

WEEK LOW CLOSE CHANGE

0.25 0.19 0.23 0.15 0.09 0.14 0.19 0.13 0.15 0.76 0.56 0.64 0.52 0.40 0.49 1.78 1.51 1.70 0.70 0.60 0.68 0.58 0.49 0.53 3.43 3.01 3.30 5.86 5.25 5.78 0.96 0.61 0.67 20.68 16.60 16.60 16.10 13.76 13.80 7.21 6.12 6.21 6.09 5.25 5.42 1.42 1.21 1.22 0.48 0.43 0.45 25.13 22.73 22.83 1.75 1.40 1.57 1.17 0.96 1.03

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

25.4 24.5 22.2 12.4 10.6 9.6 9.5 7.9 7.8 7.0 16.2 15.9 13.6 11.7 9.8 9.6 9.1 8.8 8.1 7.2

VOLUME

WEEK CLOSE CHANGE

Compass Mnls* CMP Royal Gold* RGLD Potash C Sask* POT Goldcorp* GG Agrium* AGU MDU Res* MDU Central GoldT* GTU Cabot Corp* CBT Franco-Nevada* FNV Soc Quim&M Ch* SQM Rio Tinto* RIO Natural Rs Pt* NRP Cliffs Nat Rs* CLF Walter Energy* WLT Randgold Res* GOLD BHP Billi-BBL* BBL BHP Billi-BHP* BHP Teck Res B* TCK US Silica Hld* SLCA Peabody Enrgy* BTU

81.43 50.93 33.63 23.19 91.56 30.81 44.15 51.69 42.08 25.77 51.94 16.60 22.83 13.80 61.57 59.00 65.80 23.77 31.87 17.55

485126 3609890 39626410 43549991 738868 2754026 503043 1281075 2505297 2436661 2199249 779140 45881722 5247814 4345758 4914673 6984650 12254943 705113 42137967

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

2.15 1.88 0.96 0.90 0.84 0.77 0.74 0.64 0.57 0.54 3.17 3.16 2.22 2.18 1.84 1.84 1.72 1.53 1.30 1.23

14-01-15 6:29 PM


THE NORTHERN MINER  JANUARY 20-26, 2014  7

STOCK TABLES

MINING STOCKS listed on NORTH AMERICAN EXCHANGES Trading: January 6-10, 2014

Stock

(100s)

Exc Volume

Week High

Low

Last Change

12-month

High Low

Stock

A Abacus Mng&Ex V 5123 Abcourt Mines V 2675 Aben Res V 400 Aberdeen Intl T 12132 Abington Res V 116 Abitex Res V 100 Abitibi Royalt V 15 Abzu Gold V 1451 Acme Res V 1885 Acrex Vent V 985 Actus Mnls V 2843 Adamera Mnls V 951 Adanac Moly V 192 Adex Mining V 4607 Adriana Res V 2355 Adroit Res V 1073 Advanced Expl V 2325 Adventure Gold V 4456 Afri-Can Marin V 1231 African Gold G V 8765 African Metals V 2205 African Queen V 2395 Africo Res T 147 Agnico-Eagle* N 106723 Agnico-Eagle T 49164 AgriMinco V 1210 Agrium* N 7388 Agrium T 23750 Aguila Am Res V 439 Alacer Gold T 37448 Alamos Gold* N 17775 Alamos Gold T 21660 Alberta Star V 1047 Alberta Star D V 1541 Alcoa* N 1907887 Alder Res V 2600 Alderon Irn O* X 3224 Alderon Iron O T 10875 Aldershot Res V 150 Aldridge Minls V 476 Aldrin Res V 12720 Alexander Nubi V 300 Alexandria Mnl V 2435 Alexco Res T 1428 Alexco Res* X 14978 Alhambra Res V 737 Alix Res V 3670 Allana Potash T 45528 Alliance Mng V 1250 Alliance Rs P* Q 3160 Allied Nevada T 16493 Allied Nevada* X 22162 Almaden Mnls* X 4274 Almaden Mnls T 643 Almonty Ind V 370 Alpha Gold V 10 Alpha Nat Res* N 721860 Alphamin Res V 657 Alta Vista Vnt V 155 Altai Res V 930 Altan Rio Mnls V 700 Altima Res V 5143 Altiplano Mnls V 640 Altius Mnrls T 10759 Alto Vent V 3937 Alum Cp China* N 1696 Alumina Inc* N 12392 Am Bull Royalt T 8692 Am Cons Minls V 303 Am Creek Res V 9265 AM Gold V 6222 Amador Gold V 3620 Amarc Res V 2890 Amarillo Gold V 2512 Amato Expl V 2600 Amcol Intl* N 1745 American Bonan T 6610 American Manga V 2746 American Vanad V 2400 Amerigo Res T 4017 Amerix Pr Mtls V 500 Amex Expl V 3676 Amseco Expl V 9530 Anaconda Mng T 9042 Anconia Res V 425 AndeanGold V 153 Andover Mng V 8244 Anfield Nickel V 1177 Angel Gold V 1221 Angkor Gold V 869 Anglo Pac Grp T 6 Anglo Swiss V 960 AngloGold Ash* N 130907 Animas Res V 5918 Antioquia Gold V 1075 Apogee Silver V 3815 Appalaches Res V 3056 AQM Copper V 8220 Aquila Res T 1708 Arch Coal* N 430017 Archean Star R V 36 Archon Mineral V 30 Arco Res V 250 Arctic Star Rs V 2336

0.09 0.07 0.01 0.14 0.08 0.04 0.40 0.02 0.15 0.01 0.02 0.05 0.18 0.05 0.21 0.02 0.06 0.13 0.05 0.16 0.03 0.04 0.43 27.78 29.94 0.02 91.87 100.21 0.04 2.41 12.54 13.44 0.15 0.18 10.90 0.02 1.78 1.89 0.01 0.19 0.09 0.07 0.04 1.48 1.38 0.11 0.03 0.47 0.03 77.38 4.71 4.33 1.31 1.41 0.87 0.07 7.21 0.28 0.06 0.08 0.06 0.08 0.03 14.42 0.05 8.66 4.07 0.10 0.06 0.06 0.02 0.02 0.04 0.11 0.03 34.45 0.03 0.03 0.41 0.49 0.01 0.20 0.05 0.07 0.08 0.03 0.09 1.61 0.14 0.30 2.96 0.01 12.45 0.14 0.05 0.02 0.09 0.16 0.14 4.51 0.14 1.35 0.01 0.11

0.08 0.07 0.01 0.12 0.05 0.04 0.40 0.01 0.14 0.01 0.01 0.05 0.16 0.02 0.19 0.01 0.05 0.11 0.04 0.11 0.03 0.03 0.41 25.98 28.21 0.02 88.65 95.53 0.03 2.12 11.86 12.81 0.12 0.17 9.83 0.01 1.51 1.63 0.01 0.18 0.07 0.06 0.03 1.38 1.26 0.10 0.02 0.38 0.03 75.11 4.02 3.70 1.18 1.30 0.79 0.07 6.12 0.20 0.05 0.08 0.03 0.07 0.03 13.30 0.03 8.27 3.92 0.08 0.06 0.05 0.02 0.01 0.04 0.09 0.03 33.48 0.02 0.02 0.39 0.42 0.01 0.17 0.04 0.07 0.07 0.03 0.07 1.32 0.07 0.28 2.87 0.01 11.36 0.13 0.03 0.02 0.09 0.12 0.12 4.10 0.12 1.35 0.01 0.10

0.09 + 0.07 + 0.01 + 0.13 + 0.08 + 0.04 + 0.40 + 0.02 + 0.15 0.01 0.02 + 0.05 + 0.18 + 0.04 + 0.20 + 0.02 + 0.06 0.13 + 0.05 + 0.15 + 0.03 0.04 + 0.43 + 27.26 + 29.68 + 0.02 91.56 + 99.80 + 0.04 2.21 - 12.18 - 13.28 + 0.13 - 0.18 + 10.11 - 0.01 1.70 + 1.84 + 0.01 0.18 0.07 - 0.07 + 0.03 - 1.43 - 1.31 - 0.11 0.03 + 0.40 + 0.03 75.30 - 4.45 + 4.01 + 1.20 - 1.32 - 0.82 - 0.07 + 6.21 - 0.28 + 0.06 + 0.08 0.05 + 0.08 + 0.03 + 13.38 + 0.03 - 8.65 + 4.01 + 0.09 0.06 0.05 0.02 - 0.02 + 0.04 0.09 - 0.03 - 34.02 - 0.03 + 0.03 0.40 - 0.44 + 0.01 0.17 - 0.04 + 0.07 0.08 + 0.03 0.08 + 1.60 + 0.08 + 0.28 - 2.96 + 0.01 11.84 - 0.13 0.05 + 0.02 + 0.09 + 0.13 - 0.14 + 4.13 - 0.14 + 1.35 - 0.01 0.11 +

0.01 0.18 0.07 0.01 0.11 0.06 0.01 0.03 0.01 0.01 0.37 0.11 0.04 0.13 0.04 0.01 0.15 0.03 0.05 1.05 0.30 0.01 0.10 0.01 0.00 0.15 0.05 0.00 0.03 0.01 0.01 0.03 0.01 0.02 0.19 0.03 0.02 0.28 0.13 0.01 0.05 0.02 0.01 0.50 0.16 0.01 0.03 0.01 0.00 0.23 0.04 0.02 0.35 0.10 0.01 0.14 0.02 0.03 0.20 0.06 0.00 0.07 0.02 0.01 0.12 0.02 0.01 0.88 0.32 0.15 51.53 23.77 0.87 50.75 24.66 0.00 0.06 0.02 0.84 115.31 80.40 3.27 116.38 83.46 0.00 0.65 0.03 0.11 4.90 1.95 0.23 17.49 10.10 0.05 17.86 10.40 0.01 0.27 0.04 0.01 0.28 0.13 0.46 10.90 7.63 0.00 0.08 0.01 0.15 2.26 0.83 0.17 2.23 0.88 0.00 0.03 0.01 0.00 0.64 0.17 0.01 0.17 0.03 0.01 0.08 0.01 0.01 0.09 0.03 0.02 4.71 0.94 0.01 4.72 0.90 0.00 0.28 0.05 0.01 0.07 0.02 0.01 0.65 0.27 0.00 0.12 0.02 1.00 78.99 59.38 0.31 28.40 3.20 0.08 28.82 3.01 0.06 3.26 1.01 0.01 3.20 1.08 0.09 1.11 0.62 0.02 0.35 0.04 0.83 10.74 4.78 0.03 0.28 0.10 0.01 0.20 0.05 0.00 0.15 0.06 0.01 0.18 0.02 0.01 0.16 0.04 0.01 0.12 0.02 0.60 14.42 9.09 0.01 0.06 0.02 0.21 13.29 7.25 0.05 5.26 3.35 0.00 0.43 0.07 0.00 0.60 0.06 0.00 0.10 0.05 0.01 0.06 0.01 0.02 0.06 0.01 0.00 0.16 0.04 0.01 0.85 0.09 0.02 0.10 0.02 0.07 37.05 27.65 0.01 0.20 0.02 0.00 0.05 0.02 0.01 1.03 0.38 0.03 0.75 0.31 0.00 0.10 0.01 0.02 0.20 0.06 0.01 0.06 0.01 0.00 0.14 0.06 0.02 0.20 0.06 0.00 0.10 0.02 0.01 0.23 0.04 0.07 4.10 1.20 0.02 1.80 0.05 0.03 0.45 0.27 0.46 4.86 2.50 0.00 0.04 0.01 0.31 30.23 11.14 0.00 0.14 0.03 0.01 0.10 0.03 0.01 0.09 0.02 0.01 0.13 0.05 0.01 0.16 0.03 0.01 0.20 0.08 0.28 7.95 3.47 0.03 0.19 0.08 0.15 1.65 0.60 0.00 0.02 0.01 0.01 0.29 0.08

(100s)

Exc Volume

Arcturus Res V Arcus Dev Grp V Argentex Mng V Argentum Silvr V Argex Titanium T Argonaut Expl V Argonaut Gold T Argus Metals V Arian Silver V Arianne Phosph V Armistice Res T Aroway Mnls V Arrowhead Gold V Arrowstar Res V ASA (Bermuda)* N Asanko Gold T Asanko Gold* X Ascot Res V Ashburton Vent V Asher Res V Asia Now Res V AsiaBaseMetals V Asian Minl Res V Aston Bay V Astorius Res V Astur Gold V Atac Res V Atacama Pac Gd V Athabasca Mnls V Athabasca Uran V Atico Mng V Atlanta Gold V Atlatsa Res V Atlatsa Res* X Atna Res Ltd T Augen Gold V Augusta Res T Augusta Res* X Augyva Mng V Aura Mnls T Aura Silver Rs V Aurcana Corp V AurCrest Gold V Aureus Mng T AuRico Gold* N AuRico Gold T Auriga Gold V Aurion Res V Aurvista Gold V Avala Res V Avalon Rare M* X Avalon Rare Mt T Avanti Mng V Avino Silver V Avino Silver* X Avnel Gold T Avrupa Mnls V Azimut Expl V Azincourt Res V

Week High

Low

500 656 499 2490 4466 130 42644 110 287 2803 18759 5350 3570 3650 4787 8022 605 1019 2160 7535 360 785 600 32 160 793 8009 114 3149 6238 690 3520 1702 6198 7441 3512 3713 543 695 3424 1460 5403 499 704 15596 20408 3724 9286 1406 1295 26785 5572 8774 779 1432 170 380 521 4899

0.03 0.02 0.10 0.03 0.81 0.01 5.44 0.04 0.42 1.45 0.05 0.35 0.01 0.05 12.58 1.85 1.72 0.75 0.04 0.10 0.02 0.05 0.06 0.15 0.11 0.35 0.59 0.95 1.70 0.05 0.61 0.03 0.60 0.57 0.14 0.02 1.55 1.42 0.09 0.12 0.02 0.80 0.02 0.56 3.93 4.28 0.03 0.06 0.06 0.08 0.59 0.63 0.06 1.41 1.29 0.13 0.12 0.30 0.30

0.03 0.02 0.09 0.02 0.73 0.01 5.09 0.04 0.36 1.27 0.04 0.27 0.01 0.03 12.22 1.72 1.60 0.72 0.03 0.08 0.01 0.05 0.06 0.15 0.07 0.25 0.52 0.90 1.46 0.03 0.56 0.03 0.57 0.52 0.13 0.02 1.32 1.21 0.09 0.10 0.01 0.67 0.02 0.51 3.65 3.96 0.03 0.05 0.05 0.08 0.51 0.57 0.05 1.20 1.12 0.13 0.10 0.18 0.27

57590 323036 133040 3504 300 70 2226 1353 12136 41819 224 11 37792 915 3652 609836 148300 2692 6892 849 1865 290 106 2346 2283 3385 2384 3024 6130 13 16572 2830 2677 2477 33574 14811 49146 69846 36160 1578 2220 5280 3547 2502

2.27 2.42 0.02 0.42 0.03 0.02 0.65 0.07 0.74 0.70 0.04 0.01 0.35 0.03 0.58 18.56 20.08 0.13 0.41 0.10 0.03 0.04 0.37 1.64 0.02 0.04 0.06 0.03 0.05 0.16 0.37 0.02 0.07 0.07 0.05 0.07 60.56 67.25 0.09 0.06 0.04 0.04 0.19 0.02

Last Change

12-month

High Low

Stock

Black Panther Blind Crk Res Blue Rvr Res Blue Sky Uran Bluestone Res BMO Jr Gld ETF Bold Vent Bonaparte Res Bonterra Res Boss Power Bowmore Expl Boxxer Gold Braeval Mng Brandenburg En Bravada Gold Brazil Res Brigadier Gold Brigus Gold Brigus Gold* Brilliant Res Brionor Res Brixton Mtls Brookemnt Cpt Buccaneer Gold Bullman Mnls Burnstone Vent

0.03 + 0.02 - 0.10 + 0.03 0.74 - 0.01 - 5.18 - 0.04 + 0.42 + 1.35 - 0.05 + 0.34 + 0.01 0.03 12.53 + 1.84 + 1.67 0.75 + 0.04 - 0.09 - 0.01 0.05 0.06 - 0.15 0.11 - 0.28 + 0.54 - 0.93 - 1.62 + 0.04 + 0.58 - 0.03 + 0.60 - 0.56 - 0.13 - 0.02 1.35 - 1.22 - 0.09 0.11 - 0.02 + 0.80 + 0.02 0.51 - 3.90 + 4.26 + 0.03 - 0.05 + 0.05 + 0.08 + 0.55 - 0.60 - 0.05 + 1.26 - 1.16 - 0.13 - 0.10 + 0.21 + 0.27 -

0.01 0.01 0.01 0.00 0.05 0.01 0.18 0.01 0.02 0.03 0.01 0.04 0.00 0.00 0.11 0.05 0.00 0.05 0.01 0.01 0.00 0.00 0.01 0.00 0.02 0.04 0.03 0.07 0.12 0.01 0.02 0.01 0.01 0.02 0.02 0.00 0.07 0.13 0.00 0.01 0.01 0.10 0.00 0.09 0.17 0.29 0.01 0.01 0.01 0.01 0.03 0.02 0.01 0.07 0.08 0.01 0.01 0.03 0.03

0.05 0.06 0.33 0.15 1.38 0.06 10.10 0.17 2.45 1.69 0.12 0.60 0.03 0.10 22.11 4.13 4.18 1.45 0.10 0.36 0.09 0.07 0.08 0.25 0.15 0.94 1.89 3.09 1.82 0.13 1.13 0.05 0.61 0.59 1.29 0.13 2.90 2.90 0.14 0.40 0.04 7.84 0.07 0.78 8.36 8.24 0.10 0.17 0.25 0.25 1.64 1.61 0.11 1.90 1.95 0.39 0.17 0.48 0.36

0.02 0.01 0.07 0.02 0.56 0.01 5.02 0.02 0.35 0.95 0.03 0.16 0.01 0.02 11.39 1.67 1.58 0.59 0.03 0.07 0.01 0.03 0.02 0.12 0.04 0.21 0.52 0.69 0.68 0.02 0.44 0.01 0.14 0.15 0.09 0.02 0.48 0.45 0.07 0.08 0.01 0.49 0.02 0.31 3.33 3.56 0.01 0.04 0.03 0.04 0.46 0.48 0.04 0.75 0.71 0.11 0.04 0.13 0.08

2.10 - 2.30 - 0.01 + 0.41 + 0.02 - 0.02 + 0.60 + 0.06 + 0.74 + 0.68 + 0.04 + 0.01 0.22 - 0.03 + 0.54 18.18 + 19.82 + 0.13 - 0.40 + 0.10 + 0.03 + 0.03 + 0.33 - 1.63 + 0.02 0.04 + 0.06 - 0.02 + 0.05 + 0.16 - 0.37 + 0.02 + 0.05 - 0.07 0.04 + 0.06 + 59.00 - 65.80 - 0.08 - 0.06 - 0.04 0.04 + 0.18 + 0.02 -

0.04 0.01 0.00 0.02 0.01 0.01 0.08 0.01 0.08 0.06 0.01 0.00 0.08 0.01 0.00 0.03 0.51 0.01 0.05 0.04 0.01 0.01 0.04 0.09 0.00 0.01 0.01 0.01 0.01 0.02 0.02 0.01 0.01 0.00 0.01 0.01 1.84 1.72 0.01 0.01 0.00 0.01 0.01 0.01

4.06 4.02 0.13 1.23 0.06 0.05 0.84 0.13 3.09 3.15 0.09 0.15 0.45 0.07 1.00 35.06 34.71 0.49 0.45 0.14 0.11 0.12 0.45 3.47 0.06 0.17 0.14 0.08 0.17 0.18 1.83 0.14 0.08 0.23 0.08 0.25 70.18 80.54 0.12 0.19 0.07 0.16 0.49 0.03

1.78 1.87 0.01 0.27 0.02 0.01 0.47 0.04 0.43 0.41 0.03 0.01 0.04 0.03 0.39 13.43 14.22 0.09 0.14 0.01 0.02 0.03 0.02 1.17 0.01 0.03 0.05 0.01 0.03 0.05 0.32 0.01 0.03 0.05 0.01 0.03 49.56 55.66 0.03 0.06 0.02 0.03 0.12 0.01

B B2Gold* B2Gold Baja Mng Balmoral Res Bama Gold Bandera Gold Banks Island G Bannerman Res Banro Banro* Banyan Gold Bard Vent Barisan Gold Barker Mnrls Barkerville Go Barrick Gold* Barrick Gold Batero Gold Bayfield Vent Bayswater Uran BCGold BCM Res BE Res Bear Creek Mng Bear Lake Gold Bearing Res Beaufield Res Bell Copper Bellhaven Cp&G Belmont Res Belo Sun Mng Belvedere Res Benton Cap Benton Res Berkwood Res Besra Gold BHP Billi-BBL* BHP Billi-BHP* Big North Grap BioteQ Env Bison Gold Res Bitterroot Res Black Iron Black Isle Res

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

2.02 2.20 0.01 0.39 0.02 0.02 0.56 0.05 0.65 0.60 0.03 0.01 0.19 0.03 0.50 17.68 19.17 0.11 0.35 0.05 0.03 0.03 0.28 1.47 0.02 0.04 0.05 0.01 0.04 0.16 0.34 0.01 0.05 0.06 0.03 0.05 58.20 64.79 0.07 0.06 0.04 0.03 0.16 0.02

(100s)

Exc Volume

V 18 V 3247 V 450 V 608 V 205 T 1925 V 5895 V 210 V 5252 V 550 V 1110 V 726 T 3985 V 60 V 2801 V 8698 V 2060 T 34077 X 2460 V 4080 V 227 V 5825 V 55065 V 1610 V 1150 V 219

Week High

Low

0.04 0.02 0.07 0.07 0.05 6.62 0.08 0.04 0.01 0.14 0.13 0.04 0.08 0.05 0.01 0.52 0.02 0.90 0.85 0.07 0.05 0.07 0.04 0.04 0.39 0.03

0.04 0.02 0.07 0.05 0.03 6.36 0.05 0.04 0.01 0.14 0.11 0.04 0.08 0.05 0.01 0.48 0.02 0.83 0.77 0.07 0.03 0.06 0.03 0.03 0.30 0.02

12-month

Last Change

High Low

Stock

0.04 0.02 - 0.07 + 0.07 + 0.05 + 6.62 + 0.06 + 0.04 - 0.01 - 0.14 0.13 + 0.04 0.08 0.05 0.01 0.50 - 0.02 + 0.87 0.80 - 0.07 0.05 + 0.07 + 0.03 0.04 + 0.39 + 0.03 +

0.00 0.01 0.01 0.02 0.01 0.15 0.01 0.01 0.01 0.00 0.02 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.03 0.00 0.02 0.01 0.00 0.01 0.10 0.01

0.09 0.06 0.15 0.10 0.20 13.96 0.15 0.11 0.08 0.21 0.31 0.07 0.45 0.23 0.06 1.36 0.08 0.98 0.99 0.10 0.07 0.23 0.07 0.14 0.70 0.09

0.02 0.01 0.06 0.04 0.02 5.76 0.03 0.03 0.01 0.10 0.08 0.02 0.05 0.05 0.01 0.43 0.02 0.45 0.41 0.03 0.03 0.06 0.01 0.03 0.20 0.02

51.69 + 0.01 0.04 + 0.03 0.05 + 0.75 - 0.04 - 0.20 1.69 - 0.31 - 20.27 + 22.09 + 0.02 - 0.21 - 0.21 - 0.35 - 0.06 + 0.44 - 0.01 0.02 + 0.02 + 0.04 - 0.02 + 0.45 - 0.07 + 0.06 + 0.07 + 0.05 + 0.08 + 0.30 - 0.25 - 0.10 + 0.05 - 0.14 - 0.15 0.11 + 0.06 + 0.08 + 0.04 0.01 - 0.07 2.96 + 0.03 0.25 + 0.04 - 0.02 - 0.06 0.03 + 0.10 + 0.16 0.01 0.02 0.02 0.03 + 0.02 + 0.05 - 0.06 + 0.04 - 1.13 + 0.13 + 0.11 - 0.01 0.83 + 4.65 - 13.53 - 15.07 + 48.00 + 44.15 + 0.02 + 0.04 + 0.06 0.44 - 0.03 + 0.03 0.05 0.34 + 0.04

0.64 0.00 0.02 0.00 0.01 0.04 0.01 0.00 0.06 0.02 0.16 0.70 0.01 0.01 0.01 0.03 0.02 0.06 0.00 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.07 0.00 0.02 0.01 0.01 0.00 0.01 0.00 0.04 0.00 0.03 0.01 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.02 0.13 0.02 0.01 0.00 0.04 0.14 0.25 0.41 2.57 0.74 0.01 0.01 0.00 0.02 0.01 0.00 0.00 0.04 0.00

51.77 0.07 0.27 0.10 0.09 1.45 0.22 0.26 2.45 0.45 22.87 23.49 0.12 0.37 0.42 0.96 0.17 0.53 0.03 0.06 0.04 0.18 0.07 0.75 0.10 0.17 0.20 0.24 0.16 0.37 0.64 0.18 0.17 0.52 0.31 0.25 0.09 0.60 0.11 0.07 0.50 3.00 0.10 0.48 0.11 0.09 0.17 0.08 0.39 0.22 0.01 0.13 0.03 0.07 0.09 0.24 0.70 0.09 1.80 0.32 0.91 0.05 1.04 10.42 22.29 22.26 64.44 64.77 0.09 0.10 0.13 0.94 0.35 0.15 0.18 0.81 0.10

32.13 0.01 0.02 0.02 0.02 0.67 0.03 0.07 1.40 0.08 17.27 17.89 0.01 0.06 0.15 0.33 0.03 0.17 0.01 0.01 0.01 0.02 0.01 0.36 0.05 0.05 0.04 0.04 0.04 0.13 0.15 0.05 0.03 0.06 0.11 0.06 0.04 0.06 0.01 0.01 0.06 1.68 0.02 0.05 0.03 0.02 0.04 0.02 0.05 0.06 0.01 0.01 0.01 0.02 0.02 0.03 0.05 0.01 0.64 0.07 0.09 0.01 0.47 2.82 12.19 13.57 43.97 40.92 0.01 0.03 0.04 0.30 0.01 0.02 0.03 0.16 0.01

Chesapeake Gld V Chiboug Ind Mn V Chieftain Mtls T Chimata Gold V China Gold Int T China Mnls Mng V Citation Res V Claude Res T Cliffs Nat Rs* N Clifton Star V Cloud Peak En* N CMC Metals V CMQ Res V Coalspur Mines T Cobalt Coal V Coeur Mng* N Coeur Mng T Cogitore Res V Colibri Res V Colombia Crest V Colombian Mins V Colonial Coal V Colorado Res V Colossus Minls T Colt Res V Columbia Yukon V Columbus Expl V Columbus Gold V Commander Res V Commerce Res V Compass Gold V Compass Mnls* N Compliance Eny V Comstock Mng* X Comstock Mtls V Condor Res V Confedertn Mls V Conquest Res V Cons Richland V Cons Woodjam C V Consol Energy* N Constant Mtl R V Contintl Gold T Contl Precious T Copper Ck Gold V Copper Fox Mtl V Copper Mtn Mng T Copper North M V Copper One V Coral Gold V Corex Gold V Cornerstone Ca V Coro Mining T Corona Gold T Coronado Res V Coronet Mtls V Corsa Coal V Cortez Gold V Corvus Gold T Cosigo Res V Cougar Mnls V Crazy Horse Rs V Cresval Cap V Critical Elem V Crocodile Gold T Cuervo Res C CuOro Res V Curis Res T Curlew Lke Res V Currie Rose Rs V CVR Partners* N Cypress Dev V

C Cabot Corp* N Cache Expl V Cadan Res V Cadillac Mng V Cadillac Vent V Caledonia Mng T Calibre Mng V Calico Res V Callinan Royal V Callinex Mines V Cameco Corp* N Cameco Corp T Camino Mnls V Canada Carbon V Canada Fluorsp V Canada Lithium T Canada Rare Ea V Canada Zinc Mt V Canadn Arrow V Canadn Int Mnl V Canadn Mining V Canadn Orebods V Canadn Plat V Canadn Zinc T Canaf Group V CanAm Coal V Canamex Res V Canarc Res T Canasil Res V Cancana Res V Candente Coppr T Candente Gold T Cangold V CaNickel Mng T Cannon Pnt Res V Canstar Res V Canterra Mnls V Cantex Mn Dev V Canuc Res V Canyon Copper V Cap-Ex Vent V Capstone Mng T Caracara Silvr V Cardero Res T Caribou King R V Carlin Gold V Carlisle Goldf T Carmax Mng V Carpathian Gld T Cartier Res V Cascade Res V Cascadero Copp V Cascadia Res V Cassidy Gold V Castle Peak Mg V Castle Res V Catalyst Coppr V Cavan Vent V Cayden Res V Caza Gold V CB Gold V Celeste Copper V Centamin T Centerra Gold T Central Fund* X Central Fund T Central Gold-T T Central GoldT* X Central Iron O V Central Res V Centurion Mnls V Century Iron M T Cerro Grande M T Chalice Diam V Champion Bear V Champion Iron T Channel Res V

12810 180 5876 1180 211 6096 23720 5914 2711 2224 76999 50135 87 13001 500 19855 8924 23499 1500 900 830 53 1570 6975 65 2114 2155 1337 2570 316 3662 2002 850 115 30 587 1514 842 185 103 1277 37756 4461 28736 12006 351 7818 50 73045 58 430 2617 166 1050 610 5505 661 8690 1729 253 3427 13886 3181 22884 39312 2024 74 5030 4220 853 80 609 1573 2391 473 9269 3055

51.77 0.01 0.06 0.03 0.05 0.78 0.05 0.22 1.78 0.37 20.54 22.17 0.02 0.25 0.23 0.38 0.07 0.53 0.01 0.02 0.02 0.04 0.02 0.46 0.07 0.07 0.07 0.05 0.08 0.30 0.26 0.10 0.05 0.16 0.15 0.11 0.06 0.10 0.04 0.01 0.07 3.00 0.03 0.27 0.05 0.02 0.06 0.03 0.13 0.16 0.01 0.02 0.02 0.03 0.02 0.05 0.06 0.05 1.20 0.14 0.12 0.02 0.87 4.80 13.92 15.09 48.00 44.21 0.02 0.04 0.07 0.46 0.04 0.03 0.07 0.35 0.04

50.00 0.01 0.03 0.02 0.04 0.73 0.04 0.20 1.65 0.31 19.75 21.06 0.02 0.20 0.19 0.35 0.05 0.42 0.01 0.02 0.01 0.04 0.02 0.41 0.07 0.06 0.06 0.04 0.08 0.25 0.23 0.08 0.05 0.13 0.13 0.10 0.06 0.08 0.04 0.01 0.06 2.83 0.03 0.22 0.04 0.02 0.05 0.03 0.09 0.16 0.01 0.02 0.02 0.02 0.02 0.05 0.05 0.04 0.97 0.09 0.10 0.01 0.77 4.47 13.42 14.56 46.00 42.90 0.01 0.03 0.05 0.43 0.02 0.02 0.05 0.31 0.04

(100s)

Week

Exc Volume

High

Low

306 561 3601 560 5632 7852 2590 10971 458817 1128 8794 1072 800 28059 3426 65368 449 12120 4450 4869 3525 1302 17313 227357 1736 13 1905 2902 275 15608 3100 4851 1956 5209 3110 634 1676 8838 71 454 107786 2815 33935 1071 20 10675 17293 73 5590 829 2970 3125 5752 532 70 9688 2190 137 1067 450 17 630 430 9076 14271 500 1275 1133 460 104 1674 700

3.07 0.07 0.23 0.07 2.87 0.02 0.03 0.18 25.13 0.21 17.90 0.05 0.02 0.33 0.01 11.47 12.26 0.03 0.01 0.01 0.31 0.31 0.29 0.08 0.30 0.07 0.12 0.37 0.06 0.13 0.01 81.98 0.04 1.87 0.05 0.08 0.20 0.01 0.02 0.07 38.59 0.07 3.59 0.15 0.02 0.37 1.67 0.05 0.05 0.15 0.09 0.08 0.12 0.49 0.16 0.07 0.19 0.26 1.35 0.22 0.10 0.08 0.04 0.22 0.14 0.01 0.20 0.66 0.04 0.03 17.31 0.02

2.95 0.06 0.16 0.04 2.70 0.02 0.03 0.16 22.73 0.19 16.56 0.04 0.01 0.23 0.01 10.36 11.36 0.02 0.01 0.01 0.23 0.27 0.21 0.03 0.27 0.07 0.10 0.33 0.05 0.11 0.01 78.73 0.02 1.70 0.04 0.07 0.17 0.01 0.02 0.06 35.72 0.06 2.80 0.10 0.02 0.33 1.57 0.05 0.05 0.11 0.08 0.07 0.10 0.44 0.16 0.07 0.17 0.25 1.15 0.21 0.10 0.06 0.03 0.19 0.12 0.01 0.13 0.60 0.03 0.03 16.95 0.01

V 485 V 135 T 4095 V 72 V 2246 V 603 V 565 V 120 V 2460 T 3709 X 7854 T 225 V 3980 T 19624 X 8002 V 100 T 83084 V 565 V 683 V 1613 V 300 V 2500 V 5 V 1270 V 5202 V 1320 N 2299 T 3581 V 840 V 52 V 9044

0.15 0.04 0.73 0.33 0.05 0.08 0.07 0.01 0.03 0.21 0.19 0.10 0.04 1.32 1.22 0.18 5.43 0.12 1.68 0.03 0.06 0.15 0.13 0.01 0.04 0.13 14.34 15.20 0.15 0.02 0.10

12-month

Last Change

High Low

3.00 0.06 - 0.17 - 0.07 + 2.80 0.02 0.03 + 0.16 22.83 - 0.21 + 16.88 - 0.05 - 0.01 - 0.30 + 0.01 10.90 - 11.90 - 0.03 0.01 0.01 0.25 - 0.28 - 0.24 + 0.04 - 0.30 - 0.07 + 0.11 + 0.35 + 0.05 + 0.12 0.01 81.43 + 0.04 + 1.80 - 0.04 - 0.07 - 0.18 - 0.01 0.02 - 0.06 - 36.63 - 0.07 3.03 - 0.15 + 0.02 - 0.33 - 1.61 - 0.05 + 0.05 0.15 + 0.08 - 0.07 - 0.12 + 0.49 + 0.16 - 0.07 - 0.19 + 0.25 - 1.34 + 0.21 0.10 + 0.07 + 0.04 + 0.22 + 0.13 0.01 - 0.17 + 0.60 - 0.03 - 0.03 17.25 + 0.02 +

0.00 0.02 0.05 0.02 0.00 0.00 0.01 0.00 2.22 0.02 0.64 0.01 0.01 0.07 0.00 0.36 0.07 0.00 0.00 0.00 0.07 0.03 0.04 0.03 0.02 0.01 0.01 0.02 0.01 0.00 0.00 2.15 0.02 0.04 0.01 0.01 0.02 0.00 0.01 0.01 1.18 0.00 0.41 0.05 0.01 0.03 0.05 0.01 0.00 0.03 0.01 0.02 0.02 0.06 0.01 0.01 0.02 0.05 0.10 0.00 0.08 0.01 0.01 0.03 0.00 0.01 0.05 0.03 0.02 0.00 0.24 0.01

10.09 0.25 3.01 0.12 4.10 0.05 0.14 0.63 38.65 0.95 20.29 0.12 0.09 0.93 0.08 24.94 24.95 0.11 0.06 0.09 0.54 0.79 1.74 5.06 0.48 0.40 0.18 0.45 0.11 0.19 0.05 91.88 0.10 2.27 0.21 0.13 0.36 0.04 0.08 0.19 39.23 0.10 9.33 0.19 0.15 0.98 4.21 0.16 0.16 0.26 0.12 0.12 0.24 0.69 0.56 0.15 0.22 0.70 1.70 0.32 0.88 0.30 0.04 0.25 0.38 0.19 0.39 1.29 0.09 0.06 30.00 0.03

2.77 0.06 0.11 0.03 2.36 0.01 0.02 0.12 15.41 0.16 14.28 0.03 0.01 0.16 0.01 9.93 10.45 0.02 0.01 0.01 0.19 0.25 0.14 0.03 0.17 0.07 0.05 0.16 0.04 0.06 0.01 64.24 0.02 1.56 0.04 0.04 0.10 0.01 0.02 0.05 26.25 0.04 2.39 0.07 0.02 0.31 1.36 0.03 0.03 0.07 0.03 0.02 0.06 0.38 0.14 0.04 0.08 0.10 0.51 0.09 0.06 0.04 0.01 0.10 0.07 0.01 0.11 0.45 0.02 0.02 15.11 0.01

0.14 + 0.04 - 0.63 - 0.32 - 0.04 - 0.07 - 0.05 - 0.01 0.03 0.17 + 0.15 + 0.10 0.04 + 1.29 + 1.19 + 0.18 5.27 + 0.11 - 1.60 - 0.02 0.05 - 0.14 - 0.13 - 0.01 - 0.04 0.13 - 13.90 - 15.12 - 0.15 0.02 - 0.10 +

0.01 0.01 0.06 0.04 0.01 0.01 0.01 0.00 0.00 0.04 0.03 0.00 0.01 0.04 0.02 0.00 0.33 0.02 0.03 0.00 0.01 0.01 0.04 0.00 0.00 0.01 0.37 0.07 0.00 0.01 0.02

0.38 0.08 1.46 0.56 0.07 0.18 0.28 0.05 0.27 0.25 0.25 0.16 0.12 1.60 1.62 0.25 24.69 0.15 1.90 0.08 0.20 0.40 0.19 0.04 0.24 0.25 17.01 17.43 10.80 0.09 0.17

0.10 0.02 0.48 0.28 0.03 0.04 0.03 0.01 0.03 0.10 0.09 0.05 0.02 1.01 0.97 0.07 2.88 0.05 1.06 0.01 0.04 0.09 0.07 0.01 0.03 0.09 11.95 12.31 0.14 0.02 0.04

D-F Dacha Str Mtls Dajin Res Dalradian Res Dalton Res Ltd Darnley Bay Darwin Res Decade Res Deer Horn Mtls Defiance Silvr Dejour Enterp Dejour Enterp* Delrand Res Delta Gold Denison Mines Denison Mines* Desert Star Detour Gold Diagnos Diamcor Mng Diamond Fields Dios Expl Discovery Vent Discovery-Corp Ditem Explor DNI Metals Dolly Vard Sil Dominion Diam* Dominion Diam Donner Metals Dot Res Doubleview Cap

0.13 0.04 0.58 0.32 0.04 0.06 0.05 0.01 0.03 0.14 0.13 0.10 0.03 1.23 1.16 0.18 4.80 0.11 1.36 0.02 0.05 0.14 0.13 0.01 0.03 0.11 13.71 14.81 0.14 0.02 0.07

METALS, MINING AND MONEY MARKETS SPOT PRICES

PRODUCER AND DEALER PRICES

COURTESY OF SCOTIABANK

Tuesday, January 14, 2014 Precious Metals Price (US$/oz.) Gold $1248.75 Silver $20.27 Platinum $1429.00 Palladium $736.00 Base Metals Nickel Lead Copper Zinc

Price (US$/tonne) $14326 $2188.75 $7304.00 $2079.25

Change +11.20 +0.25 +20.00 0.00 Change +119.00 +23.75 -25.00 +16.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, January 13, 2014 (change from January 6, 2014 in brackets): 56340 (-100) Aluminium Alloy Aluminium 5430750 (-24650) Copper 340775 (-15350) Lead 212500 (-2500) Nickel 261648 (+768) Tin 9620 (-35) Zinc 901300 (-21550)

Antimony FOB China: Mid-mkt US$9,700/t Bismuth: Mid-mkt US$9.40/lb. Cadmium 99.9: Mid-mkt US$0.90/lb. Coal: CME Group Central Appalachian Coal Futures Feb. 2014: US$56.95; Mar. 2014: US$56.40 Cobalt 99.8: US$12.75/lb. Copper: Comex Copper Futures Feb. 2014: US$3.38/lb.; Comex Mar. 2014: $3.36/lb. Germanium: US$1850/kg. Indium: NY Dealer Mid-mkt US$690.00/kg. Iridium: Mid-mkt US$403.00/tr. oz. Magnesium FOB China: Mid-mkt US$2,900.00/t. Manganese FOB China: Mid-mkt US$2,450.00/t. Molybdenum Oxide: US$10.00/lb. Rhodium: Mid-mkt US$987.50/tr. oz. Ruthenium: Mid-mkt US$57.00/tr. oz. Selenium: Mid-mkt US$28.00/lb. Silver: Base: US$20.17; Fabricated: US$24.20; Sterling: US$18.70 Tungsten: APT Tungstate FOB China mid-mkt: US$380.00 per mtu Uranium: U3O8, Trade Tech spot price: US$35.00/lb.; Uranium Exchange Co. spot price: US$35.00/lb. Ferrovanadium: US$25.50/kg; Vanadium-Pentoxide: US$6.00/lb. Prices current Jan. 15, 2014

FOR DAILY MINING NEWS, VISIT WWW.NORTHERNMINER.COM

TNM Jan 20 2014_Front Section.indd 7

DAILY METAL PRICES Date Jan 13 Jan 10 Jan 9 Jan 8 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1760/1790 1765/1805 1783/1810 1805/1830 Aluminum 1715.50/1761 1715.50/1760 1712.50/1757 1736/1782 Copper 7305/7275 7283/7257 7281/7263 7367/7355 Lead 2118/2140.50 2096/2121 2092.50/2118 2126.50/2155.50 Nickel 13975/14040 13675/13715 13360/13420 13440/13500 Tin 21900/21895 21835/21810 21800/21795 22050/22040 Zinc 2035/2042 2019.50/2026 2014/2017.50 2045.50/2048

1800/1835 1732.50/1780 7353/7334 2156/2180.50 13475/13540 21715/21720 2050/2040

PRECIOUS METAL PRICES (London fix, US$ per troy oz.) 1246.00 1232.25 Gold AM Gold PM 1248.00 1244.25 Silver 20.09 19.80 Platinum 1436.00 1425.00 Palladium 740.00 737.00

1237.50 1227.50 20.02 1414.00 737.00

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.$

1226.00 1226.00 19.54 1415.00 736.00

1226.50 1221.00 19.52 1405.00 735.00

Jan 7

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

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

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

14-01-15 6:29 PM


8  JANUARY 20-26, 2014  THE NORTHERN MINER

Stock

(100s)

Exc Volume

Week High

Low

0.01 0.78 0.07 0.03 0.11 2.93 0.02 0.11 1.81 0.02 0.85 0.07 0.08 0.07 0.19 0.04 0.01 0.08 0.04 0.28 0.40 0.08 0.01 0.05 0.16 5.72 6.13 0.30 0.16 0.02 0.01 0.10 0.02 0.14 0.03 0.14 0.50 3.86 3.58 0.05 0.13 1.59 6.62 0.03 0.30 0.32 0.18 0.04 0.14 0.06 0.05 0.03 0.16 1.05 0.96 0.04 0.22 0.03 0.03 0.04 0.25 0.14 1.15 0.11 0.54 0.58 0.02 0.09 3.94 0.06 0.37 0.02 0.06 0.09 0.01 0.03 0.01 0.05 0.02 0.14 9.83 10.54 0.03 0.02 0.16 18.03 1.03 0.02 0.43 0.56 0.57 0.17 0.14 0.09 0.40 0.02 3.11 2.91 0.26 0.35 40.67 43.65 0.19 35.45 0.04 0.38 0.01 0.01 0.04

Driven Capital V Duluth Metals T Dunav Res V Duncastle Gold V Dundarave Res V Dundee Prec Mt T Duran Vent V Durango Res V Dynacor Gold M T Dynasty Gold V Dynasty Met&Mn T Eagle Hill Exp V Eagle Mtn Gold V Eagle Plains V Eagle Star Mnl V East Asia Mnls V EastCoal V Eastern Platin T Eastfield Res V Eastmain Res T Eco Oro Mnls T Edgewater Expl V El Condor Mnls V El Nino Vent V El Tigre Silvr V Eldorado Gold* N Eldorado Gold T Elemental Mnls T Elgin Mng T Elissa Res V Eloro Minls V Ely Gold & Mnl V EMC Metals T Emed Mining T Emgold Mng V Encanto Potash V Endeavour Mng T Endeavr Silver T Endeavr Silve* N Endurance Gold V Energizer Res T Energold Drill V Energy Fuels T Entourage Mtls V Entree Gold* X Entree Gold T EPM Mng Vent V Equitas Res V Erdene Res Dev T Erin Ventures V Eskay Mng V Estrella Gold V Ethos Gold V Eurasian Minls V Eurasian Mnls* X Eureka Res V EurOmax Res V Eurotin V Everton Res V Evolving Gold T Evrim Res V Excalibur Res C Excellon Res T Excelsior Mng V Exeter Res* X Exeter Res T Expedition Mng V Explor Res V Faircourt Gold T Fairmont Res V Falco Pac Res V Falcon Gold V Fancamp Expl V Feronia V Fieldex Expl V Finlay Minrls V Firebird Res V Firesteel Res V Firestone Vent V First Bauxite V First Majesti* N First Majestic T First Mexican V First Nickel T First Point T First Quantum T Fission Uran V Fjordland Exp V Flinders Res V Focus Graphite V Foraco Intl T Foran Mng V Forbes & Man C T Formation Mtls T Forsys Metals T Fort St J Nick V Fortuna Silver T Fortuna Silvr* N Fortune Mnrls T Forum Uranium V Franco-Nevada* N Franco-Nevada T Freegold Vent T Freeport McMo* N Freeport Res V Frontier Rr Er T Frontline Gold V Full Metal Mnl V Full Metal Znc V

32 1919 2460 350 50 19194 8811 730 3197 5200 775 5628 750 3607 3200 4035 5185 86647 465 3234 824 1472 830 4006 155 34882 57605 40 10670 375 41 1155 3888 19030 568 13673 36249 9498 9424 460 7475 1419 3418 2285 2029 1762 982 676 2375 1372 13531 1960 3096 236 4252 140 222 965 7169 4545 95 1507 1544 1767 2642 1772 500 1303 257 100 4362 4240 14315 1961 550 145 500 210 2410 2285 64657 29332 1300 6070 915 91770 37694 3470 2798 8680 470 1061 2448 3171 567 576 11188 6630 3259 3506 25052 19838 6726 506253 1326 1276 2914 1033 530

0.01 0.87 0.08 0.03 0.11 3.26 0.02 0.15 1.93 0.02 0.90 0.08 0.08 0.09 0.22 0.05 0.01 0.10 0.04 0.33 0.46 0.10 0.01 0.09 0.17 6.01 6.54 0.35 0.18 0.02 0.01 0.11 0.03 0.16 0.04 0.18 0.57 4.31 3.96 0.05 0.14 1.82 7.39 0.04 0.34 0.38 0.21 0.04 0.16 0.07 0.05 0.04 0.19 1.23 1.17 0.04 0.24 0.04 0.03 0.04 0.25 0.17 1.30 0.13 0.59 0.62 0.02 0.09 4.10 0.06 0.41 0.10 0.06 0.09 0.02 0.03 0.01 0.09 0.02 0.15 10.63 11.60 0.04 0.02 0.20 19.14 1.10 0.02 0.55 0.64 0.61 0.20 0.16 0.11 0.45 0.02 3.32 3.06 0.35 0.39 42.52 46.40 0.25 37.23 0.04 0.42 0.01 0.02 0.04

Gabriel Res T Galane Gold V Galantas Gold V Galaxy Cap V Galore Res V Galway Gold V Galway Mtls V GAMCO Glb Gld* X Garibaldi Res V Gem Intl Res V General Moly* X Gensource Pot V Gentor Res V Geodex Mnrls V Geodrill T Geologix Ex T Geomega Res V Geonovus Mnls V Georox Res V Geovic Mng T GGL Res V Ginguro Expl V Gitennes Expl V Giyani Gold V Glass Earth V Glen Eagle Res V Glenmark Cap V Global Met Cl V Global Minls V Globex Mng T GMV Minerals V Gobimin V GoGold Res T

9279 1037 5820 14213 212 12968 2400 23701 2773 1850 10655 1180 200 438 895 10055 1006 2336 8200 195 750 1640 300 687 2730 250 95 180 3471 2884 180 29 884

0.97 0.10 0.02 0.06 0.02 0.09 0.13 9.35 0.14 0.01 1.47 0.03 0.08 0.04 0.79 0.09 0.14 0.05 0.08 0.05 0.03 0.18 0.01 0.34 0.02 0.18 0.09 0.03 0.08 0.35 0.02 0.34 1.17

Last Change

12-month

High Low

Stock

Golconda Res V Gold Bulln Dev V Gold Canyon V Gold Fields* N Gold Finder Ex V Gold Mtn Mng V Gold Reach Res V Gold Reserve V Gold Resource* X Gold Std Vnt V Gold Std Vnt* X Goldbank Mng V Goldcorp T Goldcorp* N Golden Arrow R V Golden Band V Golden Dawn Ml V Golden Goliath V Golden Hope V Golden Mnls T Golden Mnls* X Golden Queen T Golden Reign R V Golden Share M V Golden Star T Golden Star* X Golden Tag V Golden Val Min V Goldex Res V Goldeye Expl V Goldfield* X Goldgroup Mng T GoldQuest Mng V Goldrea Res V Goldrock Mines V Goldrush Res V Goldsource Min V Goldspike Expl V Goldstar Mnls V Gossan Res V Gowest Gold V Gran Colombia T Grande Portage V Granite Ck Gld V Graphite One R V Gray Rock Res V Great Atlantic V Great Bear Res V Great Panther* X Great Panther T Great Quest Me V Great Western V Green Swan Cap V Greencastle Rs V Greenock Res V Grizzly Discvr V Groundstar Res V GTA Res & Mng V Guyana Frntr M V Guyana Gldflds T Guyana Prec Mt V GWR Res V Habanero Res V Happy Ck Minls V Hard Creek Ni T Harmony Gold* N Harte Gold T Harvest Gold V Hawkeye Gld&Di V Heatherdale Rs V Hecla Mining* N Helio Res V Hellix Vent V Hi-Crush Part* N Highbank Res V Highland Res V Highvista Gold V Highway 50 Gld V Homestake Res V Honey Badger E V Horizns G Bear T Horizns G Bull T Horizonte Mnls T Hornby Bay Mnl V Houston Lake V HudBay Minls T HudBay Mnls* N Hudson Res V Huldra Silver V Hunt Mng V Huntington Exp V

I-Minerals V Iamgold* N Iamgold T IBC Adv Alloys V IC Potash T Iconic Mnls V IGC Res V IMPACT Silver V Imperial Metal T Inca One Res V Independence G V Indico Res V Inform Res V Inspiration Mg T Integra Gold V Intigold Mines V Intl Bethl Mng V Intl Enexco V Intl Lithium V Intl Montoro R V Intl Northair V Intl PBX Vent V Intl Samuel Ex V Intl Tower Hi* X Intl Tower Hil T Intrepid Mns T Intrepid Pots* N INV Metals T Invenio Res V Iron Creek Cap V Iron Tank Res V ISh COMEX G Tr T Ivanhoe Mines T Ivernia T J.A.G. Mines V Jasper Mng V Jaxon Mnls V Jayden Res T Jazz Res V Jet Gold V Jiminex V Josephine Mng V Jourdan Res V Kalimantan Gld V Kaminak Gold V Karmin Expl V Karnalyte Res T Katanga Mng T Kazax Mnls V Kennady Diam V Kermode Res V

0.01 0.86 + 0.07 0.03 0.11 + 3.14 - 0.02 + 0.13 + 1.89 + 0.02 0.88 + 0.07 0.08 + 0.09 + 0.22 + 0.04 0.01 0.10 + 0.04 + 0.33 + 0.41 - 0.08 - 0.01 0.08 + 0.17 + 5.99 + 6.53 + 0.30 - 0.18 + 0.02 0.01 - 0.10 - 0.03 0.15 - 0.04 0.17 + 0.55 + 4.31 + 3.92 + 0.05 + 0.14 - 1.81 + 6.95 + 0.04 + 0.34 + 0.37 + 0.18 - 0.04 - 0.15 + 0.07 0.05 0.03 - 0.19 + 1.07 - 1.03 - 0.04 - 0.24 + 0.04 + 0.03 0.04 + 0.25 + 0.16 - 1.25 + 0.12 + 0.55 - 0.61 + 0.02 - 0.09 4.04 + 0.06 0.37 - 0.08 + 0.06 0.09 0.01 0.03 - 0.01 0.09 + 0.02 + 0.15 - 10.57 + 11.51 + 0.03 0.02 0.20 + 18.55 - 1.07 + 0.02 0.46 + 0.64 + 0.58 0.17 - 0.14 0.10 0.41 - 0.02 - 3.26 + 2.98 + 0.35 + 0.35 - 42.08 + 45.90 + 0.21 - 36.17 - 0.04 + 0.40 + 0.01 0.02 0.04 -

0.00 0.08 0.00 0.00 0.02 0.06 0.01 0.02 0.06 0.00 0.02 0.00 0.01 0.02 0.03 0.00 0.00 0.02 0.01 0.05 0.04 0.01 0.00 0.03 0.02 0.11 0.29 0.05 0.03 0.00 0.01 0.01 0.00 0.01 0.00 0.03 0.01 0.32 0.16 0.01 0.01 0.21 0.37 0.01 0.02 0.04 0.02 0.01 0.01 0.00 0.00 0.02 0.01 0.12 0.08 0.01 0.03 0.01 0.00 0.01 0.01 0.05 0.11 0.01 0.00 0.02 0.01 0.00 0.10 0.00 0.04 0.06 0.00 0.00 0.00 0.02 0.00 0.06 0.01 0.01 0.47 0.77 0.00 0.00 0.02 0.56 0.02 0.00 0.02 0.07 0.00 0.04 0.00 0.00 0.03 0.01 0.14 0.05 0.08 0.04 0.57 1.78 0.04 1.15 0.01 0.02 0.00 0.00 0.02

0.02 2.39 0.40 0.10 0.25 9.18 0.12 0.32 1.96 0.04 1.75 0.15 0.54 0.15 0.42 0.36 2.20 0.29 0.08 0.90 1.67 0.52 0.06 0.30 0.30 13.34 13.17 0.58 0.74 0.09 0.04 0.19 0.09 0.22 0.09 0.37 2.34 8.02 8.15 0.13 0.34 3.00 11.50 0.27 0.62 0.62 0.59 0.04 0.27 0.11 0.11 0.12 0.32 2.15 2.20 0.09 0.69 0.19 0.10 0.20 0.37 0.30 2.65 0.28 1.49 1.49 0.05 0.65 7.40 0.14 0.89 0.13 0.15 0.12 0.03 0.13 0.13 0.18 0.12 0.31 20.57 20.29 0.10 0.07 0.56 21.95 1.48 0.05 1.25 0.80 3.10 0.62 0.66 0.28 0.85 0.05 4.93 4.80 0.64 0.68 57.14 56.39 0.79 38.09 0.10 0.96 0.03 0.11 0.09

0.01 0.73 0.04 0.01 0.09 2.50 0.01 0.06 0.84 0.01 0.53 0.06 0.07 0.07 0.13 0.03 0.01 0.06 0.03 0.19 0.32 0.04 0.01 0.02 0.12 5.35 5.73 0.28 0.09 0.02 0.01 0.06 0.02 0.08 0.02 0.10 0.42 3.03 2.89 0.02 0.11 1.43 4.75 0.02 0.22 0.25 0.16 0.01 0.07 0.05 0.03 0.03 0.14 0.81 0.78 0.01 0.14 0.02 0.02 0.02 0.21 0.12 0.90 0.10 0.49 0.53 0.01 0.07 3.58 0.04 0.17 0.02 0.04 0.06 0.01 0.03 0.01 0.03 0.01 0.07 8.81 9.25 0.02 0.01 0.10 14.22 0.52 0.01 0.32 0.25 0.53 0.14 0.12 0.06 0.32 0.02 2.65 2.56 0.23 0.26 31.54 33.05 0.19 26.37 0.03 0.28 0.01 0.01 0.03

0.96 + 0.10 + 0.02 + 0.05 - 0.02 0.08 - 0.12 - 9.33 + 0.13 - 0.01 1.29 - 0.03 - 0.08 + 0.04 0.78 + 0.07 - 0.13 + 0.05 + 0.07 - 0.05 0.02 0.15 - 0.01 + 0.31 - 0.02 + 0.17 - 0.09 + 0.03 0.07 - 0.33 - 0.02 + 0.34 1.16 +

0.10 0.02 0.01 0.02 0.00 0.01 0.01 0.15 0.01 0.00 0.08 0.01 0.01 0.00 0.03 0.02 0.02 0.01 0.02 0.00 0.00 0.04 0.01 0.03 0.01 0.01 0.01 0.00 0.01 0.02 0.01 0.00 0.10

2.85 0.92 0.06 0.15 0.08 0.49 0.20 13.76 0.17 0.05 4.25 0.08 0.13 0.15 1.35 0.20 0.41 0.09 0.15 0.22 0.04 0.40 0.03 1.26 0.16 0.39 0.11 0.08 0.45 0.84 0.05 0.69 1.37

0.41 0.07 0.01 0.02 0.01 0.06 0.09 8.72 0.04 0.01 1.04 0.03 0.02 0.02 0.60 0.07 0.08 0.03 0.05 0.03 0.01 0.03 0.01 0.29 0.01 0.15 0.03 0.02 0.06 0.30 0.01 0.29 0.89

G-H 0.82 0.09 0.02 0.05 0.02 0.07 0.10 9.15 0.12 0.01 1.28 0.03 0.08 0.04 0.75 0.07 0.12 0.04 0.07 0.05 0.02 0.14 0.01 0.31 0.01 0.17 0.08 0.03 0.07 0.32 0.02 0.34 1.06

(100s)

Exc Volume

Week High

Low

450 7999 8166 216275 88 800 427 1053 17449 1636 2204 40 146893 435499 4239 13257 1518 560 550 1844 25476 1384 1111 485 3712 125685 340 1322 9778 820 6350 8547 4937 2005 946 100 357 600 195 4610 15720 2647 1270 110 36729 190 8722 1070 19252 3055 5673 22304 1700 2326 12 6454 1732 5970 11395 7416 12120 2055 47203 2497 675 85279 6492 227 1200 1792 268895 930 300 668 1605 3395 130 1667 350 220 19703 32588 45 563 420 64067 343 640 3410 6987 100

0.07 0.04 0.29 3.27 0.08 0.15 1.20 4.29 4.93 0.70 0.68 0.03 25.59 23.45 0.24 0.02 0.05 0.05 0.02 0.77 0.76 1.03 0.16 0.10 0.57 0.54 0.06 0.04 0.01 0.09 2.26 0.21 0.28 0.01 0.39 0.01 0.16 0.03 0.10 0.03 0.04 0.85 0.04 0.06 0.17 0.03 0.03 0.15 0.78 0.84 0.76 0.08 0.04 0.08 0.01 0.03 0.18 0.24 0.01 2.05 0.12 0.06 0.01 0.18 0.06 2.64 0.06 0.05 0.03 0.05 3.20 0.05 0.04 36.95 0.11 0.45 0.03 0.44 0.05 0.01 20.74 7.66 0.11 0.08 0.06 9.02 8.34 0.36 0.03 0.03 0.01

0.07 0.04 0.23 3.00 0.07 0.12 1.15 3.60 4.55 0.66 0.60 0.03 23.51 21.91 0.20 0.01 0.01 0.04 0.02 0.60 0.56 0.89 0.14 0.09 0.51 0.47 0.05 0.03 0.01 0.08 2.05 0.14 0.26 0.01 0.30 0.01 0.13 0.02 0.10 0.02 0.03 0.77 0.04 0.04 0.14 0.03 0.03 0.15 0.70 0.75 0.61 0.07 0.02 0.06 0.01 0.03 0.13 0.17 0.01 1.80 0.09 0.04 0.01 0.15 0.04 2.51 0.05 0.03 0.02 0.04 3.03 0.04 0.04 35.13 0.08 0.43 0.03 0.42 0.04 0.01 18.98 7.05 0.11 0.07 0.05 8.25 7.60 0.34 0.03 0.02 0.01

11 37084 56423 21017 6169 10 900 2097 3034 3220 5836 1770 846 1015 7783 2785 880 866 60 1860 1176 5130 240 2171 1905 625 8211 36871 91 130 60 745 16157 7630 2991 160 610 210 5 3540 2880 1621 7666 7339 2690 168 3199 2169 110 327 2470

0.24 3.56 3.88 0.24 0.30 0.02 0.02 0.60 15.95 0.11 0.15 0.16 0.15 0.10 0.17 0.06 0.01 0.36 0.02 0.05 0.13 0.01 0.03 0.52 0.57 0.28 15.93 0.03 0.02 0.04 0.06 13.19 1.93 0.14 0.07 0.03 0.08 0.10 0.16 0.15 0.02 0.04 0.04 0.03 0.64 0.20 1.79 0.50 0.10 5.10 0.04

Last Change

12-month

High Low

Stock

Kesselrun Res Kestrel Gold Kettle River Khalkos Expl Khan Res Killdeer Mnls Kilo Goldmines Kimber Res Kincora Copper Kings Bay Gold Kingsman Res Kinross Gold Kinross Gold* Kirkland Lk Gd Kiska Metals Kivalliq Enrgy Klondex Mns Klondike Gold Klondike Silv Knick Expl Kobex Mnls Kombat Copper Kootenay Gold KWG Res

0.07 + 0.04 - 0.25 - 3.14 - 0.07 0.15 + 1.20 4.29 + 4.66 - 0.69 - 0.65 - 0.03 + 25.29 + 23.19 + 0.24 + 0.02 + 0.04 + 0.05 0.02 + 0.68 + 0.64 + 0.98 + 0.15 - 0.09 - 0.57 + 0.49 - 0.05 + 0.03 - 0.01 0.09 + 2.09 - 0.18 + 0.28 - 0.01 0.32 - 0.01 0.16 + 0.02 - 0.10 0.02 0.03 0.85 + 0.04 + 0.04 + 0.14 - 0.03 + 0.03 + 0.15 0.77 + 0.84 + 0.73 + 0.07 0.03 + 0.08 + 0.01 0.03 + 0.16 + 0.18 - 0.01 2.05 + 0.11 + 0.06 + 0.01 0.15 - 0.05 - 2.62 + 0.06 + 0.05 + 0.02 + 0.05 3.14 - 0.05 + 0.04 35.26 - 0.10 + 0.45 0.03 0.42 - 0.05 + 0.01 - 19.08 - 7.61 + 0.11 0.08 - 0.06 8.84 + 8.23 + 0.34 - 0.03 0.03 + 0.01 -

0.01 0.01 0.01 0.09 0.00 0.05 0.00 0.67 0.16 0.01 0.00 0.01 1.58 0.90 0.03 0.01 0.01 0.00 0.01 0.08 0.07 0.02 0.01 0.01 0.03 0.01 0.01 0.01 0.00 0.01 0.13 0.05 0.01 0.00 0.01 0.00 0.03 0.01 0.00 0.00 0.00 0.08 0.01 0.01 0.02 0.01 0.01 0.00 0.01 0.04 0.11 0.00 0.01 0.02 0.00 0.01 0.01 0.03 0.00 0.23 0.02 0.02 0.00 0.01 0.01 0.01 0.01 0.02 0.01 0.00 0.01 0.01 0.00 0.96 0.01 0.00 0.00 0.01 0.01 0.01 1.28 0.42 0.00 0.01 0.00 0.12 0.13 0.01 0.00 0.01 0.02

0.09 0.10 0.99 10.73 0.12 0.40 1.65 4.29 15.31 1.25 1.27 0.06 38.33 38.61 0.32 0.14 0.23 0.17 0.10 4.79 4.87 2.38 0.59 0.25 1.90 1.92 0.24 0.17 0.02 0.17 5.67 0.41 0.79 0.04 0.91 0.09 0.19 0.16 1.00 0.08 0.12 9.25 0.16 0.16 0.27 0.05 0.08 0.35 1.73 1.73 1.36 0.39 0.12 0.11 0.03 0.09 0.25 0.33 0.04 4.40 0.18 0.09 0.04 0.25 0.08 8.14 0.20 0.15 0.06 0.18 6.03 0.12 0.15 38.71 0.14 0.68 0.24 0.44 0.21 0.05 31.29 29.88 0.24 0.15 0.10 12.10 12.04 0.43 1.36 0.16 0.06

0.03 0.02 0.19 2.92 0.06 0.09 0.75 2.50 4.49 0.47 0.45 0.02 21.87 20.54 0.18 0.01 0.01 0.03 0.01 0.44 0.42 0.62 0.12 0.06 0.39 0.39 0.02 0.03 0.01 0.03 1.45 0.04 0.22 0.01 0.30 0.01 0.12 0.02 0.08 0.02 0.03 0.74 0.02 0.02 0.08 0.02 0.01 0.07 0.65 0.68 0.45 0.07 0.02 0.05 0.01 0.02 0.07 0.08 0.01 1.17 0.05 0.02 0.01 0.12 0.02 2.35 0.05 0.02 0.01 0.03 2.63 0.03 0.03 15.53 0.05 0.12 0.02 0.14 0.02 0.01 10.37 6.17 0.11 0.03 0.04 6.02 5.78 0.20 0.02 0.01 0.01

0.24 3.50 3.83 + 0.22 - 0.30 + 0.02 0.02 + 0.55 + 15.10 - 0.10 - 0.14 + 0.15 0.15 + 0.10 + 0.17 0.05 - 0.01 - 0.35 0.02 + 0.05 + 0.11 0.01 0.03 - 0.49 + 0.53 + 0.28 - 15.51 + 0.03 + 0.02 + 0.03 0.06 + 13.16 + 1.80 - 0.13 0.06 0.03 0.08 - 0.10 + 0.16 + 0.10 + 0.01 0.04 + 0.03 - 0.02 - 0.57 - 0.20 - 1.64 - 0.48 + 0.10 + 4.87 + 0.04 -

0.00 0.00 0.10 0.03 0.05 0.00 0.01 0.01 0.67 0.01 0.02 0.00 0.08 0.02 0.00 0.02 0.01 0.00 0.01 0.01 0.00 0.00 0.01 0.05 0.06 0.01 0.05 0.01 0.01 0.00 0.01 0.40 0.11 0.00 0.00 0.00 0.01 0.01 0.06 0.05 0.00 0.01 0.01 0.01 0.06 0.05 0.14 0.02 0.03 0.05 0.01

0.29 11.20 11.04 0.33 0.87 0.07 0.04 1.22 16.16 0.13 0.22 0.22 0.64 0.14 0.28 0.18 0.05 0.65 0.07 0.05 0.34 0.09 0.10 2.49 2.48 0.35 24.05 0.20 0.05 0.10 0.08 16.43 5.45 0.17 0.11 0.10 0.65 0.60 0.22 1.10 0.05 0.08 0.08 0.09 1.57 0.45 9.65 0.93 0.38 8.74 0.07

0.05 3.15 3.33 0.04 0.24 0.02 0.02 0.44 10.01 0.06 0.10 0.05 0.04 0.04 0.13 0.05 0.01 0.23 0.01 0.02 0.10 0.01 0.02 0.30 0.31 0.20 10.60 0.02 0.01 0.03 0.04 12.14 1.29 0.12 0.04 0.03 0.08 0.06 0.09 0.01 0.01 0.02 0.03 0.02 0.46 0.16 1.17 0.35 0.06 1.00 0.01

I-J-K 0.24 3.37 3.60 0.20 0.25 0.02 0.02 0.53 14.61 0.10 0.12 0.15 0.14 0.09 0.16 0.05 0.01 0.34 0.02 0.05 0.11 0.01 0.03 0.40 0.44 0.27 15.26 0.03 0.02 0.03 0.06 12.67 1.78 0.13 0.06 0.03 0.08 0.10 0.16 0.01 0.01 0.02 0.03 0.02 0.56 0.20 1.58 0.46 0.10 4.86 0.03

CANADIAN GOLD MUTUAL FUNDS Fund name Jan. 6 Dec. 30 Change Change YTD MER* Assets* ($) ($) ($) (%) (%) (%) (M$) AGF Pr Mtl 17.39 16.50 -5.67 -39.4 3.02 2.56 698.9 Altamira Pr & Str Mtl 8.91 8.46 -5.71 -37.7 4.21 2.35 83.5 BMO Junior Gold Index ETF 6.56 6.20 -2.78 -51.5 6.71 0.58 108.4 BMO Pr Mtl 13.58 12.78 -2.75 -39.2 4.48 2.29 133.6 CIBC Pr Mtl 9.52 8.98 -4.62 -41.1 3.86 2.40 141.8 Dynamic Can Pr Mtl 5.66 5.34 -6.43 -52.0 5.01 1.65 811.6 London Life Precious Mtl 18.11 17.14 -8.38 -44.2 4.28 3.37 259.2 Middlefield Precious Metals 6.14 5.76 -12.38 -46.1 5.33 2.48 8.5 RBC Global Pr Mtl 23.03 21.84 -3.19 -39.9 3.28 2.04 1380.4 Sentry Pr Mtl Growth 27.21 25.24 2.76 -46.8 5.22 2.75 731.5 Sprott Gold and Pr Minls 25.41 23.92 -11.45 -47.8 5.12 2.84 854 Sprott Gold and Pr Minls F 27.15 25.54 -10.69 -47.4 5.15 1.78 n/a TD Pr Mtl 29.34 27.57 -7.05 -37.3 3.97 2.15 313.9 TD Pr Mtl-A 6.19 5.82 -7.18 -37.4 3.95 2.31 n/a iShares TSX Global Gold Index 10.21 9.69 -5.17 -42.1 4.62 0.55 802.1 Featured fund: CIBC Precious Metals top holdings as of 09/30/13 (in weighted order): Randgold Resources, B2Gold, New Gold, Silver Wheaton, Primero Mining, Goldcorp, Agnico Eagle Mines, Tahoe Resources, Yamana Gold. Fund manager: Craig Porter.

TNM Jan 20 2014_Front Section.indd 8

(100s)

Exc Volume

Week High

Low

0.05 0.01 0.02 0.04 0.25 0.01 0.03 0.15 0.02 0.01 0.07 4.80 4.41 2.45 0.07 0.20 1.57 0.03 0.04 0.02 0.52 0.13 0.53 0.04

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

600 1370 100 962 268 100 3768 484 68435 6155 465 126051 431076 21936 5944 3078 12459 8865 3550 1180 377 1785 1502 13622

0.05 0.02 0.02 0.05 0.25 0.01 0.03 0.15 0.03 0.02 0.10 4.96 4.63 2.95 0.09 0.20 1.69 0.04 0.08 0.03 0.56 0.15 0.61 0.05

La Quinta Res V La Ronge Gold V Labdr I-Ore Ro T Labdr Iron Mns T Lachlan Star T Lago Dourado M V Lake Shore Gd* X Lake Shore Gld T Lakeland Res V Lara Expl V Laramide Res T Largo Res V Latin Am Mnls V Laurion Mnl Ex V Legend Gold V Levon Res T Lexam VG Gold T Liberty Silver T Lincoln Mng V Lion One Mtls V Lions Gate Mtl V Lithic Res V Lithium Americ T Lomiko Mtls V Loncor Res T Loncor Res* X Lorraine Coppr V Los Andes Copp V Lovitt Res V Lowell Copper V Lucara Diam T Lucky Strike R V Lumina Copper V Luna Gold T Lundin Mng T Lupaka Gold T Lydian Intl T

230 3835 5579 10991 616 110 20030 65752 6505 825 4109 22258 270 732 1521 5676 7996 161 450 421 295 488 1003 49596 596 592 155 900 10 1190 11731 1250 1072 1043 154713 1341 3517

0.02 0.32 33.69 0.28 0.23 0.02 0.58 0.62 0.20 0.95 0.46 0.25 0.09 0.02 0.34 0.31 0.13 0.04 0.02 0.30 0.12 0.11 0.49 0.12 0.13 0.15 0.02 0.22 0.06 0.52 1.77 0.11 6.30 1.41 4.80 0.23 0.86

Macarthur Mnl T MacDonald Mns V MacMillan Mnls V Macusani Yello V Madison Minls V Mag Silver T Mag Silver* X Magellan Minls V MagIndustries T Mahdia Gold C Mainstream Mnl V Majescor Res V Majestic Gold V Major Drilling T Malbex Res V Mammoth Res V Manado Gold V Mandalay Res T Manitou Gold V Manson Creek V Mantis Mnls C Marathon Gold T Marengo Mng T Marifil Mines V Marlin Gold V Mason Graphite V Matamec Expl V Matnic Res V Maudore Minls V Mawson Res T Mawson West T Max Res V Maya Gold & Si V Mazorro Res V MBAC Fertilizr T McEwen Mng* N McEwen Mng T McVicar Res V MDN Inc T MDU Res* N Meadow Bay Gd T Mechel* N Medallion Res V Mediterrn Res T Mega Precs Mtl V Mega Uranium T Megastar Dev V Melior Res V

9759 25626 135 8360 12 2690 326 80 4629 4147 100 267 1821 12993 11166 7490 1000 8371 1460 1026 250 1018 20 524 1994 28613 7995 150 7736 210 932 278 2133 900 4164 84966 6101 36 3962 27540 563 13256 1362 10155 2736 9756 1270 2048

0.35 0.03 0.02 0.11 0.03 6.40 5.86 0.10 0.21 0.10 0.01 0.07 0.11 8.11 0.02 0.04 0.06 0.84 0.06 0.01 0.04 0.24 0.02 0.02 0.08 0.80 0.11 0.04 0.12 0.47 0.60 0.08 0.26 0.02 1.72 2.17 2.35 0.22 0.06 30.93 0.17 2.43 0.23 0.04 0.14 0.10 0.09 0.09

Last Change

12-month

High Low

Stock

0.05 + 0.02 0.02 0.05 - 0.25 + 0.01 0.03 0.15 0.03 0.02 + 0.10 + 4.91 + 4.50 - 2.65 - 0.09 + 0.20 + 1.66 + 0.03 - 0.08 + 0.03 + 0.55 0.14 + 0.55 - 0.05

0.01 0.00 0.00 0.02 0.05 0.00 0.00 0.00 0.00 0.01 0.03 0.10 0.01 0.35 0.01 0.01 0.04 0.01 0.04 0.01 0.00 0.01 0.05 0.00

0.45 0.11 0.05 0.08 0.30 0.05 0.13 0.42 0.11 0.03 0.10 9.83 9.91 6.93 0.14 0.46 1.74 0.10 0.18 0.05 0.64 0.26 1.02 0.07

0.03 0.01 0.02 0.03 0.10 0.01 0.02 0.07 0.01 0.01 0.02 4.50 4.23 2.21 0.04 0.18 0.91 0.02 0.02 0.01 0.45 0.07 0.53 0.04

0.02 + 0.31 + 32.54 - 0.25 - 0.22 - 0.02 - 0.53 + 0.60 + 0.18 + 0.89 - 0.46 + 0.24 + 0.08 - 0.02 0.32 + 0.28 - 0.12 - 0.04 + 0.01 - 0.27 0.12 + 0.09 + 0.49 + 0.10 - 0.12 + 0.14 + 0.02 0.22 0.06 + 0.50 + 1.76 + 0.09 - 6.14 - 1.37 - 4.69 + 0.21 - 0.86 +

0.01 0.06 1.16 0.02 0.02 0.01 0.04 0.07 0.01 0.06 0.06 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.07 0.01 0.01 0.03 0.00 0.00 0.01 0.01 0.12 0.01 0.16 0.07 0.05 0.01 0.05

0.20 0.36 36.35 1.73 1.30 0.23 0.94 0.92 0.26 1.35 1.05 0.28 0.16 0.08 0.39 0.54 0.24 0.73 0.06 0.86 0.36 0.12 1.00 0.19 0.82 0.85 0.05 0.35 0.27 1.00 1.77 0.16 10.65 3.95 5.37 0.50 2.35

0.01 0.08 27.60 0.17 0.11 0.01 0.17 0.16 0.04 0.64 0.32 0.16 0.06 0.01 0.18 0.17 0.07 0.03 0.01 0.25 0.04 0.04 0.19 0.05 0.10 0.08 0.01 0.15 0.05 0.45 0.50 0.03 3.86 1.04 3.68 0.18 0.55

0.29 + 0.03 + 0.02 0.10 - 0.03 + 6.34 + 5.78 + 0.10 - 0.19 - 0.07 + 0.01 0.06 + 0.09 - 7.84 + 0.02 + 0.03 - 0.06 - 0.79 - 0.06 + 0.01 0.04 + 0.24 0.02 0.02 0.08 + 0.71 - 0.11 + 0.03 - 0.09 - 0.47 - 0.59 - 0.08 0.26 + 0.02 1.58 + 2.14 + 2.32 + 0.22 + 0.05 + 30.81 + 0.17 + 2.26 - 0.20 - 0.04 + 0.13 + 0.09 0.08 + 0.09 -

0.14 0.01 0.00 0.01 0.01 0.57 0.38 0.03 0.04 0.01 0.00 0.01 0.02 0.16 0.01 0.01 0.01 0.02 0.01 0.00 0.01 0.00 0.00 0.00 0.01 0.09 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.00 0.07 0.04 0.09 0.01 0.01 0.77 0.01 0.17 0.01 0.01 0.03 0.00 0.01 0.01

0.58 0.09 0.05 0.18 0.08 11.38 11.37 0.23 0.35 0.23 0.04 0.75 0.17 12.20 0.14 0.12 0.10 1.25 0.25 0.04 0.04 0.78 0.19 0.07 0.12 1.08 0.26 0.15 1.66 1.72 0.84 0.19 0.32 0.05 3.94 3.96 3.90 0.38 0.12 30.97 0.59 7.46 0.43 0.10 0.27 0.19 0.13 0.11

0.10 0.01 0.01 0.06 0.03 5.15 4.87 0.06 0.10 0.01 0.01 0.04 0.08 6.41 0.01 0.03 0.03 0.60 0.02 0.01 0.01 0.13 0.01 0.01 0.05 0.26 0.07 0.02 0.08 0.32 0.35 0.04 0.18 0.01 1.20 1.63 1.72 0.16 0.04 21.50 0.14 1.67 0.10 0.01 0.09 0.06 0.05 0.07

L 0.02 0.24 32.28 0.23 0.18 0.02 0.49 0.52 0.16 0.83 0.40 0.24 0.07 0.02 0.25 0.27 0.11 0.04 0.01 0.27 0.12 0.09 0.39 0.10 0.12 0.09 0.02 0.20 0.06 0.47 1.62 0.09 5.78 1.31 4.57 0.20 0.76

M 0.15 0.02 0.02 0.10 0.03 5.63 5.25 0.10 0.19 0.06 0.01 0.05 0.09 7.62 0.01 0.03 0.06 0.79 0.05 0.01 0.02 0.23 0.02 0.02 0.07 0.68 0.09 0.03 0.08 0.44 0.58 0.08 0.24 0.01 1.52 2.06 2.22 0.21 0.04 29.74 0.16 2.25 0.20 0.02 0.10 0.08 0.07 0.08

(100s)

Exc Volume

Week High

Low

0.02 0.09 0.03 0.03 21.00 0.01 0.22 0.03 0.13 0.04 0.71 0.64 0.01 0.16 0.87 0.80 1.00 0.09 0.08 0.01 11.08 0.06 0.19 0.22 0.71 0.02 0.20 0.09 0.04 0.60 0.70 0.02 0.10 0.15 0.89 0.07 0.11 5.25 0.10 0.07 0.01 0.02 0.03 0.26 45.90 0.12 0.01 4.61 5.00 0.01 0.23 0.02 0.03 0.02

Melkior Res V Mercator Mnls T Merrex Gold V Mesa Expl V Mesabi Trust* N Metalcorp V Metalex Vent V Metals Ck Res V Metanor Res V Micrex Devel V Midas Gold T Midland Expl V Midlands Minls V Midnight Sun M V Midway Gold T Midway Gold* X Migao T Mill City Intl V Millrock Res V Millstream Min V Minas Buenavn* N Minaurum Gold V Minco Gold* X Minco Gold T Minco Silver T Mindoro Res V Minera IRL T Mineral Hill V Mineral Mtn Rs V Mines Managem* X Mines Managmnt T Minfocus Expl V Minsud Res V Miranda Gold V Mirasol Res V Mkango Res V Moly Mines T Molycorp* N Monarques Res V Moneta Porcpn T Monster Mng V Monster Uran V Montero Mg&Ex V Monument Mng V Mosaic* N Moss Lake Gld V Mountain Boy M V Mountain Prov* X Mountain Prov T MPH Vent V Mundoro Cap V Murgor Res V Musgrove Mnls V Mustang Minls V

2914 36612 435 197 2071 1265 3176 2324 18972 3336 3550 355 8243 1385 470 1268 982 5670 925 5475 76963 1370 5150 2131 1549 1351 2515 156 835 850 5 2900 70 513 25435 300 2120 497782 127 5351 1250 40 2562 5772 150250 13 269 364 694 1000 585 2070 20 141

0.03 0.10 0.03 0.03 21.99 0.02 0.29 0.03 0.14 0.05 0.76 0.75 0.02 0.18 0.91 0.88 1.08 0.22 0.09 0.01 11.55 0.07 0.25 0.27 0.79 0.02 0.21 0.09 0.04 0.67 0.70 0.02 0.13 0.18 0.99 0.10 0.12 6.09 0.10 0.08 0.01 0.02 0.03 0.32 47.59 0.12 0.01 4.92 5.23 0.01 0.25 0.02 0.04 0.02

Namibia Rare E T Natural Rs Pt* N Nautilus Minls T Nemaska Lith V Netco Silver V Network Expl V Nevada Clean M V Nevada Copper T Nevada Expl V Nevada Sunrise V Nevado Res V Nevsun Res T Nevsun Res* X New Carolin Gd V New Destiny Mg V New Gold T New Gold* X New Hana C Mng V New Milln Iron T New Nadina V New Oroperu Rs V New Pac Metals T New World Res V Newmont Mng* N Newmont Mng T Newport Expl V Newstrike Cap V Newstrike Res V Next Gen Mtls V NGEx Res T Nighthawk Gold V Nikos Expl V Niocan Inc T Niogold Mng V NMC Res V Noble Metal Gr V Noble Mnl Expl V Noka Res V Nomad Ventures V Noram Vent V Nordex V Noront Res V Nortec Mnls V North Am En P* N North Am En Pa T North Am Nickl V North Am Pall* X North Am Pall T North Am Pot D V North Am Tung V North Arrow Mn V North Country V Northcliff Res T Northcore Res V Northern Abiti V Northern Dyn* X Northern Dyn M T Northern Freeg V

2291 7791 2031 1611 1222 30 27662 3267 2723 1474 499 19310 26498 5280 10960 30470 140126 350 7889 490 86 36 810 416470 112 5666 776 705 2449 2574 5360 50 26 14592 200 100 8122 2672 730 50 1761 17344 210 437 203 859 308600 34415 4110 945 41 8110 4504 6205 103 9029 2022 8290

0.13 20.68 0.29 0.12 0.33 0.01 0.13 1.35 0.11 0.15 0.07 3.89 3.58 0.02 0.03 5.81 5.40 0.05 0.67 0.03 0.17 0.35 0.02 24.54 26.15 0.09 0.70 0.08 0.03 1.46 0.11 0.02 0.20 0.23 0.07 0.01 0.06 0.12 0.02 0.09 0.49 0.34 0.04 5.77 6.18 0.30 0.96 1.03 0.04 0.11 0.67 0.07 0.26 0.01 0.01 1.46 1.55 0.04

12-month

Last Change

High Low

0.02 - 0.10 + 0.03 0.03 + 21.82 + 0.02 + 0.24 - 0.03 0.14 - 0.04 - 0.75 + 0.75 + 0.02 + 0.16 - 0.89 - 0.84 - 1.01 - 0.22 + 0.09 0.01 + 11.35 - 0.06 - 0.23 + 0.25 + 0.73 0.02 0.21 + 0.09 + 0.04 0.62 - 0.70 + 0.02 + 0.13 + 0.17 0.93 + 0.10 - 0.12 5.42 - 0.10 - 0.07 0.01 0.02 0.03 + 0.30 + 46.55 - 0.12 + 0.01 4.73 - 5.17 - 0.01 - 0.24 0.02 0.04 + 0.02

0.01 0.01 0.00 0.01 0.06 0.01 0.06 0.00 0.01 0.01 0.02 0.09 0.01 0.02 0.01 0.01 0.06 0.15 0.00 0.01 0.03 0.01 0.05 0.05 0.00 0.00 0.01 0.01 0.00 0.04 0.04 0.01 0.07 0.00 0.05 0.01 0.00 0.59 0.01 0.00 0.00 0.00 0.01 0.05 0.28 0.01 0.00 0.18 0.07 0.01 0.00 0.00 0.01 0.00

0.10 0.64 0.10 0.20 28.00 0.05 0.30 0.08 0.26 0.10 2.10 1.44 0.02 0.25 1.43 1.47 1.77 0.34 0.27 0.04 35.97 0.20 0.52 0.50 2.05 0.05 0.85 0.18 0.39 1.27 1.25 0.05 0.13 0.26 2.65 0.27 0.21 11.81 0.24 0.33 0.05 0.04 0.14 0.45 64.65 0.18 0.07 5.59 5.87 0.03 0.36 0.04 0.15 0.08

0.02 0.04 0.02 0.02 17.07 0.01 0.05 0.02 0.07 0.03 0.63 0.58 0.01 0.15 0.76 0.72 0.91 0.02 0.06 0.01 10.54 0.03 0.12 0.14 0.61 0.02 0.13 0.06 0.03 0.48 0.50 0.01 0.04 0.11 0.79 0.05 0.10 4.51 0.08 0.05 0.01 0.02 0.02 0.21 39.75 0.06 0.01 3.83 3.88 0.01 0.18 0.01 0.02 0.02

0.13 + 16.60 - 0.28 + 0.12 + 0.33 + 0.01 0.12 + 1.30 - 0.10 - 0.15 + 0.06 3.87 + 3.56 + 0.02 - 0.03 + 5.73 + 5.25 - 0.05 0.64 - 0.03 0.17 + 0.30 - 0.02 23.80 - 26.00 + 0.09 + 0.70 + 0.08 + 0.02 1.40 - 0.11 + 0.02 + 0.20 0.23 + 0.07 + 0.01 - 0.05 - 0.12 0.02 + 0.08 - 0.47 + 0.27 0.04 5.64 - 6.15 + 0.30 + 0.67 - 0.73 - 0.02 - 0.10 0.65 - 0.06 + 0.23 - 0.01 0.01 1.34 - 1.45 - 0.04 +

0.01 3.16 0.02 0.01 0.03 0.00 0.02 0.01 0.01 0.02 0.00 0.32 0.22 0.01 0.01 0.11 0.01 0.00 0.03 0.00 0.01 0.05 0.00 0.12 0.50 0.01 0.04 0.02 0.00 0.04 0.01 0.01 0.00 0.05 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.00 0.00 0.10 0.05 0.03 0.13 0.12 0.01 0.00 0.05 0.02 0.02 0.00 0.00 0.09 0.08 0.01

0.24 24.30 0.68 0.50 0.43 0.04 0.14 4.02 0.18 1.15 0.24 4.63 4.68 0.10 0.09 10.98 11.14 0.14 1.63 0.08 0.50 0.68 0.04 46.13 46.30 0.10 2.08 0.20 0.03 3.52 0.17 0.05 0.46 0.37 0.19 0.02 0.09 0.41 0.06 0.25 0.64 0.43 0.09 6.22 6.45 0.47 1.98 1.97 0.07 0.20 0.83 0.22 0.49 0.03 0.02 4.26 4.19 0.16

0.09 16.60 0.20 0.08 0.05 0.01 0.01 1.24 0.06 0.12 0.04 2.77 2.65 0.01 0.01 4.99 4.68 0.04 0.60 0.02 0.10 0.30 0.01 22.34 23.75 0.04 0.53 0.06 0.01 1.26 0.06 0.01 0.13 0.06 0.04 0.01 0.02 0.09 0.01 0.08 0.38 0.15 0.02 3.40 3.32 0.12 0.37 0.40 0.01 0.08 0.20 0.03 0.19 0.01 0.01 1.00 1.07 0.02

N-O 0.12 16.60 0.26 0.11 0.27 0.01 0.10 1.25 0.09 0.13 0.06 3.56 3.34 0.01 0.02 5.48 5.05 0.05 0.63 0.03 0.16 0.30 0.02 23.12 25.15 0.08 0.65 0.06 0.02 1.35 0.10 0.02 0.17 0.19 0.07 0.01 0.05 0.10 0.01 0.08 0.46 0.25 0.04 5.40 5.84 0.27 0.61 0.66 0.02 0.09 0.65 0.04 0.22 0.01 0.01 1.27 1.37 0.03

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Date TSX Composite S&P/TSX-Ven Comp S&P TSX 60 Global Gold TSX Metals & Mining Gold & Silver XAU Amex Gold Bugs

Jan 13 13681.48 964.88 787.47 170.35 782.73 89.07 210.22

Jan 10 13747.52 966.55 791.21 166.69 779.75 87.05 204.02

Jan 9 13629.41 956.70 784.01 160.69 769.71 84.20 198.05

Jan 8 13614.63 956.16 782.09 162.04 784.27 85.77 201.00

Jan 7 13596.93 949.83 780.11 163.71 778.51 86.93 204.25

High 13771.13 1247.01 792.35 301.48 1048.64 164.87 438.22

Low 11759.04 859.31 677.55 149.29 662.20 79.72 188.39

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding at Dec. 31/13 (with changes from Dec. 15/13).

Short positions outstanding at Dec. 31/13 (with changes from Dec. 15/13).

Largest short positions Lundin Mining LUN 60372644 New Gold NGD 46377287 Osisko Mining OSK 43675171 Barrick Gold ABX 32416329 Detour Gold DGC 23987694 Turquoise Hill TRQ 22891418 Tahoe Res. THO 19169922 Kinross Gold K 17998088 B2gold BTO 17770998 Thompson Creek TCM 16178200 Dundee Prec. DPM 13186210 Argonaut Gold AR 11219782 Potash Corp POT 10560180 First Majestic FR 10487766 First Quantum FM 10412115 Largest increase in short position Barrick Gold ABX 32416329 Teck Resources TCK.B 7867322 Turquoise Hill TRQ 22891418 First Quantum FM 10412115 Primero Mining P 2718644 Largest decrease in short position Eldorado Gold ELD 9097158 Kinross Gold K 17998088 Cameco CCO 3746453 Kirkland Lake KGI 3845618 Turquoise Hill TRQ.RT 4960705

Largest short positions Fission 3.0 FUU 1081027 Global Cobalt GCO 1065000 Tasman Metals TSM 698605 Great Western Min GWG 674500 Sirios Resources SOI 634500 Eastcoal ECX 600405 Rusoro Mining RML 589600 Graphite One GPH 561000 Fission Uranium FCU 390091 Arianne Phosphate DAN 331400 Sunridge Gold SGC 248000 Bellhaven Copper BHV 246000 Zenyatta Ventures ZEN 227006 Great Quest Metals GQ 169066 Mukuba Resources MKU 169000 Largest increase in short position Global Cobalt GCO 1065000 Eastcoal ECX 600405 Rusoro Mining RML 589600 Graphite One GPH 561000 Bellhaven Copper BHV 246000 Largest decrease in short position Fission Uranium FCU 390091 Mason Graphite LLG 59000 Big North Graphite NRT 0 New Destiny Mining NED 0 Fission 3.0 FUU 1081027

-2521787 -827821 -45619 8389482 -3424279 6079235 -54622 -16443456 329134 -197808 -451283 104825 -2033748 -946071 4063432 8389482 6412584 6079235 4063432 2199928 -16634070 -16443456 -6251886 -5546920 -3655413

-252690 1065000 -88300 -191000 157000 600000 589600 361000 -1189465 33600 -78000 196000 -90900 165166 0 1065000 600000 589600 361000 196000 -1189465 -363800 -355000 -300000 -252690

14-01-15 6:29 PM


THE NORTHERN MINER  JANUARY 20-26, 2014  9

Stock

(100s)

Exc Volume

Northern Gld M V Northern Graph V Northern Iron V Northern Lion V Northern Shiel V Northern Sup R V Northern Vertx V Northisle C&G V Northquest V NovaCopper T NovaCopper* X NovaGold Res T NovaGold Res* X NQ Expl V NSGold V Nuinsco Res T NuLegacy Gold V NWM Mng V OceanaGold T Oceanic Iron O V Oceanside Cap V Oceanus Res V Olivut Res V Olympic Res V OM Group* N Omineca Mg&Mtl V Opawica Expl V Oracle Mng T Orbit Garant D T Orbite Alumnae T Orca Gold V Orefinders Res V Orestone Mng V Orex Expl V Orex Minls V Orezone Gold T Oroco Res V Orocobre T Orosur Mng T Orvana Mnrls T Osisko Mng T Otis Gold V Otterburn Res V Oxford Res P* N

7420 3270 15414 1564 3633 8410 74 66 3940 167 10877 10130 81034 111 250 2677 2317 10250 25075 941 310 205 1334 120 7854 407 382 417 339 39030 1913 2180 840 4150 163 3216 3415 583 970 7041 128238 1055 745 159

Week High

Low

0.04 0.80 0.02 0.04 0.05 0.04 0.55 0.04 0.11 1.69 1.55 3.09 2.84 0.01 0.03 0.02 0.11 0.01 1.68 0.11 0.05 0.23 0.30 0.09 36.17 0.06 0.06 0.30 1.35 0.37 0.44 0.12 0.03 0.02 0.24 0.54 0.05 2.43 0.19 0.68 5.25 0.06 0.18 1.25

0.03 0.72 0.02 0.04 0.05 0.03 0.50 0.03 0.10 1.51 1.41 2.74 2.54 0.01 0.03 0.02 0.11 0.01 1.55 0.09 0.03 0.18 0.21 0.09 34.79 0.05 0.05 0.28 1.20 0.34 0.41 0.06 0.03 0.02 0.21 0.48 0.04 2.30 0.18 0.53 4.85 0.04 0.15 1.12

Last Change

12-month

High Low

Stock

Pro-Or Mng Res Probe Mines Prominex Res Prophecy Coal Prosperity Gdf Puma Expl Purepoint U PVR Partners* QMX Gold Quaterra Res* Quaterra Res Quest Rare Mnl Quest Rare Mn* Quia Res

Rackla Mtls Radisson Mng Radius Gold Rainbow Res Rainmaker Mng Rainy Mtn Royl Ram Power

0.04 - 0.72 - 0.02 + 0.04 0.05 0.03 - 0.55 + 0.03 - 0.10 - 1.64 + 1.53 + 3.05 + 2.79 + 0.01 - 0.03 - 0.02 + 0.11 0.01 1.65 + 0.09 - 0.04 + 0.21 - 0.26 + 0.09 + 35.47 - 0.05 + 0.06 - 0.28 - 1.20 - 0.36 - 0.43 + 0.07 - 0.03 + 0.02 + 0.23 0.52 + 0.05 2.38 0.19 + 0.62 + 5.17 + 0.06 + 0.15 + 1.18 -

0.01 0.03 0.01 0.00 0.00 0.01 0.05 0.01 0.02 0.01 0.02 0.19 0.09 0.01 0.01 0.01 0.00 0.00 0.03 0.01 0.01 0.02 0.06 0.03 0.53 0.01 0.01 0.02 0.20 0.01 0.01 0.09 0.01 0.01 0.00 0.02 0.00 0.00 0.01 0.08 0.24 0.01 0.03 0.01

0.32 1.43 0.10 0.05 0.35 0.16 1.35 0.17 0.69 2.20 2.28 4.95 5.03 0.04 0.10 0.05 0.15 0.05 2.97 0.20 0.23 0.30 0.73 0.11 36.52 0.20 0.48 1.00 3.05 2.88 1.53 0.75 0.16 0.05 0.62 1.95 0.22 2.50 0.75 1.25 8.07 0.20 0.25 6.10

0.02 0.58 0.01 0.02 0.04 0.03 0.45 0.03 0.09 1.45 1.35 1.99 1.90 0.01 0.02 0.02 0.06 0.01 1.04 0.08 0.02 0.15 0.14 0.02 22.22 0.04 0.01 0.15 0.90 0.32 0.34 0.06 0.02 0.01 0.19 0.32 0.03 1.12 0.10 0.37 2.98 0.04 0.12 1.08

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

203 299 52 3080 14 1600 281 41797 204 155 2125 22036 253 12854 77497 850 700 360 2346 1000 369 33814 498 18 21755 2796 421379 284 2148 9340 1015 3841 31185 1343 3275 12792 20 1400 1853 530 9788 80 30 80 105 501 7381 2500 1062 53759 7407 1146 10306 7805 475 396264 129098 5248 50 26861 1198 25946 16756 15791 1707

0.03 7.00 6.50 0.02 0.33 0.03 0.02 0.07 0.04 0.03 0.03 0.45 1.85 13.17 12.09 0.13 0.06 0.37 0.03 0.02 0.10 0.88 0.95 0.06 0.06 0.04 18.80 0.03 0.06 0.06 0.03 0.63 0.32 0.45 0.04 0.32 0.09 0.04 0.98 0.10 0.35 0.15 0.06 0.14 0.18 1.14 1.24 0.01 0.06 0.37 0.03 0.15 2.50 1.02 1.01 34.00 36.75 0.09 0.11 1.69 0.17 5.33 5.70 5.20 4.88

0.03 6.50 6.20 0.02 0.33 0.03 0.02 0.05 0.03 0.02 0.02 0.43 1.67 12.35 11.45 0.10 0.05 0.36 0.01 0.02 0.09 0.78 0.85 0.06 0.05 0.03 17.15 0.03 0.05 0.05 0.03 0.53 0.26 0.38 0.04 0.29 0.09 0.03 0.94 0.05 0.31 0.15 0.05 0.14 0.17 1.09 1.17 0.01 0.05 0.34 0.02 0.13 1.90 0.88 0.95 32.22 34.67 0.08 0.10 1.53 0.13 4.81 5.20 4.80 4.42

0.03 - 6.60 - 6.32 - 0.02 0.33 - 0.03 + 0.02 0.06 - 0.04 + 0.03 + 0.02 0.45 + 1.80 + 13.13 + 12.04 + 0.13 + 0.06 + 0.37 - 0.02 - 0.02 + 0.10 + 0.88 + 0.93 0.06 - 0.06 0.04 + 17.55 - 0.03 0.06 + 0.06 + 0.03 0.58 + 0.30 + 0.39 - 0.04 0.32 + 0.09 + 0.04 - 0.94 0.10 + 0.33 + 0.15 + 0.05 - 0.14 + 0.17 + 1.12 - 1.24 + 0.01 + 0.05 0.37 + 0.03 + 0.15 2.50 + 0.91 - 1.00 + 33.63 + 36.34 + 0.08 - 0.10 - 1.68 + 0.13 - 5.18 - 5.66 + 5.03 - 4.62 -

0.01 0.40 0.27 0.00 0.10 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.10 0.52 0.20 0.01 0.01 0.02 0.01 0.01 0.05 0.01 0.00 0.01 0.00 0.01 1.23 0.00 0.01 0.01 0.00 0.03 0.01 0.03 0.00 0.03 0.04 0.01 0.00 0.06 0.01 0.03 0.02 0.03 0.03 0.02 0.05 0.01 0.00 0.02 0.01 0.00 0.62 0.00 0.02 0.96 1.60 0.01 0.01 0.12 0.04 0.11 0.06 0.01 0.13

0.28 8.38 8.18 0.05 1.93 0.05 0.07 0.23 0.20 0.12 0.10 1.34 1.85 19.09 19.40 0.38 0.12 0.71 0.11 0.04 0.17 2.37 2.34 0.31 0.26 0.13 27.74 0.05 0.23 0.11 0.08 0.83 2.25 0.67 0.31 0.60 0.20 0.17 2.40 0.25 0.98 0.18 0.18 0.48 0.18 1.51 1.51 0.02 0.20 0.88 0.23 0.22 2.50 1.28 1.34 44.13 45.13 0.14 0.30 4.14 0.90 13.18 13.00 6.89 6.90

0.01 2.45 1.72 0.01 0.20 0.01 0.02 0.05 0.03 0.02 0.01 0.38 0.99 10.18 9.78 0.10 0.02 0.23 0.01 0.01 0.04 0.78 0.85 0.02 0.05 0.02 14.34 0.01 0.04 0.04 0.01 0.28 0.21 0.18 0.04 0.25 0.05 0.02 0.71 0.03 0.25 0.09 0.03 0.10 0.13 0.81 0.79 0.01 0.04 0.24 0.02 0.09 0.88 0.67 0.69 28.55 29.67 0.06 0.07 1.28 0.05 2.70 2.83 4.26 4.07

Week High

Low

V 4951 V 6291 V 2476 T 8685 V 3969 V 11340 V 3902 N 2569 T 1484 X 733 V 845 T 3055 X 9334 V 365

0.17 2.45 0.03 0.09 0.04 0.19 0.07 26.76 0.03 0.11 0.11 0.51 0.48 0.01

0.12 2.31 0.02 0.08 0.04 0.18 0.06 25.83 0.02 0.09 0.09 0.46 0.43 0.01

V 502 V 5441 V 2248 V 3194 V 4241 V 60 T 28999

0.02 0.09 0.11 0.04 0.18 0.02 0.10

Last Change

12-month

High Low

Stock

Rio Alto Mng Rio Alto Mng* Rio Grande Mng Rio Novo Gold Rio Tinto* Riverside Res RJK Explor Robex Res Rochester Res RockBridge Res Rockcliff Res Rockgate Cap Rockhaven Res Rockland Mnls Rockridge Cap Rockwell Diam Rocmec Mining Rodinia Lithm Rogue Iron Ore Rokmaster Res Romarco Mnrls Rome Res Romios Gold Rs Ross River Mnl

0.15 + 2.36 + 0.03 + 0.08 0.04 0.18 - 0.07 25.94 - 0.03 0.10 0.10 + 0.48 - 0.45 - 0.01 +

0.02 0.03 0.01 0.00 0.00 0.02 0.00 0.59 0.00 0.00 0.02 0.04 0.05 0.01

0.35 2.47 0.04 0.19 1.12 0.28 0.13 29.22 0.35 0.38 0.38 1.19 1.22 0.05

0.07 1.10 0.01 0.06 0.04 0.10 0.05 21.88 0.01 0.05 0.06 0.40 0.39 0.01

0.02 0.08 + 0.11 + 0.04 0.15 + 0.02 - 0.08 -

0.00 0.01 0.01 0.00 0.03 0.01 0.01

0.07 0.09 0.23 0.17 0.56 0.08 0.28

0.01 0.05 0.06 0.02 0.04 0.02 0.07

R 0.02 0.06 0.10 0.03 0.12 0.02 0.08

18702 2163 6396 7813 21992 1042 1483 37157 5951 225 20 2939 400 2180 1039 2541 1875 2130 426 170 26988 547 821 500

Low

1.84 1.69 0.06 0.06 54.22 0.36 0.03 0.16 0.04 0.03 0.05 0.26 0.15 0.05 0.09 0.42 0.15 0.05 0.10 0.08 0.49 0.11 0.05 0.01

1.69 1.59 0.03 0.05 51.05 0.34 0.02 0.13 0.03 0.02 0.05 0.23 0.13 0.03 0.06 0.35 0.11 0.04 0.08 0.08 0.40 0.08 0.04 0.01

Last Change

1.84 + 1.69 + 0.06 + 0.05 - 51.94 - 0.35 0.02 - 0.15 - 0.03 - 0.03 0.05 + 0.25 + 0.15 + 0.04 - 0.09 + 0.38 - 0.15 + 0.05 + 0.09 - 0.08 + 0.49 + 0.09 - 0.05 0.01 +

0.09 0.04 0.03 0.01 3.17 0.00 0.01 0.01 0.01 0.00 0.01 0.02 0.02 0.02 0.03 0.01 0.04 0.01 0.03 0.01 0.09 0.05 0.00 0.01

12-month

High Low

Stock

5.64 5.72 0.21 0.26 58.89 0.68 0.10 0.25 0.07 0.16 0.30 0.53 0.25 0.08 1.20 0.56 0.15 0.20 0.55 0.29 1.07 0.21 0.12 0.04

Sparton Res V Sprott Ph Silv T Sprott Res T Spruce Ridge R V Spur Vent V St Andrew Gldf T St Augustine T St Elias Mns V Standard Graph V Stans Energy V Starcore Int V T Stealth Mnls V Stellar Pac Vt V Stikine Energy V Stillwater Mg* N Stockport Expl T Stonegate Agri T Stornoway Diam T Strait Mnls V Strata Mnls V Stratabd Mnr V Strateco Res T Strategic Metl V Strategic Res V Stratton Res V Strike Graph V Strike Minls V StrikePoint Gd V Strongbow Expl V Stroud Res V Sulliden Gold T Sultan Mnrls V SunCoke Engy* N Sunridge Gold V Sunset Cove Mg V Sunward Res T Suparna Gold V Superior Coppr V Superior Mng V Supreme Res V Sutter Gold V

1.33 1.26 0.02 0.03 39.14 0.29 0.02 0.13 0.02 0.02 0.03 0.11 0.08 0.01 0.05 0.11 0.03 0.03 0.08 0.05 0.31 0.04 0.04 0.01

DAILY MINING NEWS

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www.northernminer.com Rambler Mg&Mtl V 1094 Randgold Res* Q 43457 Randsburg Intl V 25 Range Engy Res C 660 Rapier Gold V 155 Rare Elemnt Rs T 1387 Rare Elemt Re* X 27783 Ratel Grp T 5480 Rathdowney Res V 1356 REBgold V 1671 Red Cresc Res T 1200 Red Eagle Mng V 3625 Red Mile Mnls V 90 Red Moon Potsh V 123 Red Pine Expl V 49189 Red Tiger Mng V 340 Redhawk Res T 380 Redhill Res V 16 Redstar Gold V 2554 Redtail Mtls V 66 Redzone Res T 10 Regent Vents V 120 Regulus Res V 687 Remstar Res V 970 Renaissance Gd T 355 Reservoir Capt V 2574 Reservoir Mnls V 1675 Reunion Gold V 2760 Reva Res V 25 Revett Mnls T 534 Revett Mnls* X 3117 Revolution Res T 4891 Revolver Res V 6892 Rhino Res* N 463 Richmond Mnls V 150 Richmont Mines T 5229 Richmont Mine* X 6685

0.52 63.54 0.02 0.03 0.06 1.82 1.75 0.09 0.30 0.13 0.02 0.24 0.01 0.05 0.11 0.15 0.24 0.20 0.07 0.01 0.06 0.01 0.10 0.08 0.25 0.02 5.58 0.16 0.03 0.78 0.73 0.03 0.05 12.57 0.04 1.34 1.25

0.47 59.19 0.02 0.02 0.05 1.52 1.40 0.09 0.28 0.11 0.02 0.20 0.01 0.04 0.08 0.13 0.23 0.17 0.05 0.01 0.06 0.01 0.09 0.04 0.21 0.01 5.27 0.14 0.03 0.72 0.67 0.02 0.04 11.77 0.04 1.27 1.18

0.51 + 61.57 - 0.02 0.02 - 0.06 + 1.72 - 1.57 - 0.09 - 0.30 + 0.13 + 0.02 0.23 + 0.01 0.04 0.10 - 0.14 + 0.24 - 0.17 - 0.07 + 0.01 0.06 - 0.01 + 0.10 - 0.05 + 0.25 + 0.02 5.58 + 0.14 - 0.03 0.73 - 0.67 - 0.02 0.04 12.06 + 0.04 1.33 + 1.22 +

0.05 0.60 0.31 1.84 100.78 59.19 0.00 0.07 0.01 0.01 0.05 0.01 0.01 0.33 0.04 0.10 3.85 1.24 0.14 3.86 1.10 0.01 0.18 0.05 0.05 0.53 0.18 0.05 0.15 0.03 0.00 0.11 0.02 0.01 0.60 0.17 0.00 0.04 0.01 0.00 0.09 0.01 0.01 0.12 0.01 0.01 0.37 0.08 0.01 0.61 0.22 0.02 0.75 0.14 0.01 0.19 0.05 0.00 0.13 0.01 0.01 0.16 0.03 0.01 0.03 0.01 0.01 0.34 0.08 0.01 0.08 0.01 0.02 0.74 0.17 0.00 0.16 0.01 0.35 5.75 2.14 0.02 0.34 0.06 0.00 0.10 0.02 0.03 2.75 0.61 0.04 2.77 0.60 0.00 0.14 0.01 0.00 0.06 0.02 0.10 16.85 9.81 0.00 0.06 0.02 0.07 3.44 1.00 0.02 3.44 0.94

Rio Novo Gold (RN.WT) - Wt buys sh @ $2.25 to Mar 8/15. Sandstorm Gold (SSI.WT) - Wt buys 1/5 sh @US$3 to Apr 23/14. (SSI.WT.A) Wt buys 1/5 sh @ US$5 to Oct 19/15. (SSI.WT.B) Wt buys sh @ US$14 to Sep 7/17. (SSI.WT.C) Wt entitles holder to receive 0.145 of a sh to Oct 7/14. Stonegate Agricom (ST.WT.A) - Wt buys sh @ $0.40 to Jul 24/15. Stornoway Diamond (SWY.WT) - Wt buys sh @ $1.20 to Mar 31/14. U.S. Silver (USA.WT) - Wt buys sh @ $0.155 to Jul 26/14. Veris Gold (VG.WT) – Wt buys sh @ $2.35 to Dec 18/16. Vista Gold (VGZ.WT.U) - Wt buys sh @ US$5 to Oct 22/15. Supplied by TMX Group.

TSX VENTURE EXCHANGE WARRANTS Aurcana (AUN.WT) - Wt buys sh @ $1.00 to Dec 1/13. Delta Gold (DLT.WT) - Wt buys sh @ $0.17 to Sept 14/17. Dunav Resources (DLT.WT) - Wt buys sh @ $0.50 to Mar 6/16. Feronia (FRN.WT.A) - Wt buys sh @ $0.30 to Jul 24/14. Flinders Resources (FDR.WT) – Wt buys sh @ $2.20 to Apr 17/14. Infinity Minerals (IFN.WT) - Wt buys sh @ $0.30 to Apr 11/14. Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 30/16. Monarques Resources (MQR.WT) - Wt buys sh @ $0.20 to Dec 14/15. Noront Resources (NOT.WT) - Wt buys sh @ $4 to Dec 16/14. Northquest (NQ.WT) - Wt buys sh @ $0.50 to Dec 21/14. Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15. (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15. Sarama Resources (SWA.WT) - Wt buys sh @ $1.20 to Nov 2/13. Sendero Mining (SM.WT) - Wt buys sh @ $0.40 to Jul 9/14. Sunridge Gold (SGC.WT) – Wt buys sh @ $0.35 to Oct 18/17. Tembo Gold (TEM.WT) – Wt buys sh @ $1.75 to Dec 29/14. West African Iron Ore (WAI.WT) - Wt buys sh @ $0.57 to Mar 31/16. Supplied by TMX Group Inc.

CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Jan 13 Jan 10 Date 1.0869 1.0917 US$ in C$ C$ in US$ 0.9200 0.9160

Jan 7 1.0851 0.9216

Jan 8 1.0804 0.9256

Jan 7 1.0742 0.9309

EXCHANGE RATES (Bank of Canada, Jan 13, 2014) Aus $ Euro Currency 0.9840 1.4832 In C$ In US$ 0.9053 1.3646

Japan 0.01052 0.00968

Mex P 0.08352 0.07684

SA Rand 0.1008 0.09274

UK £ 1.7801 1.6378

Roxgold Royal Cdn Mint Royal Gold Royal Gold* Royal Nickel RPT Uranium RT Minerals Rubicon Mnls* Rubicon Mnrls Rugby Mng Running Fox Rs Rupert Res Rusoro Mng Russell Metals Ryan Gold Rye Patch Gold

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

4776 762 329 36098 3477 17428 370 32121 18567 195 125 585 910 6083 606 2291

0.51 14.69 55.65 51.12 0.35 0.01 0.08 0.91 0.99 0.16 0.02 0.08 0.03 31.16 0.14 0.17

Sabina Gd&Slvr T Sable Res V Sacre-Coeur Ml V Sage Gold V Salazar Res V Sama Res V San Antonio Vt V San Gold Res T San Marco Res V Sanatana Diam V Sandspring Res V Sandstorm Gld* X Sandstorm Gold T Sandstorm Mt&E V Santa Barb Res V Santa Fe Metls V Santacruz Silv V Sarama Res V Satori Res V Saturn Minls V Savant Expl V Saville Res V Scorpio Gold V Scorpio Mining T Seabridge Gld* N Seabridge Gold T Seafield Res V Secova Mtls V Sedex Mng V Sego Res V Selwyn Res V Semafo T Sendero Mng V Sennen Res V Sentry Sl PrmM T Serabi Gold T Serengeti Res V SG Spirit Gold V SGX Res V Sherritt Intl T Shield Gold V Shore Gold T Sierra Iron Or V Sierra Madre D V Sierra Metals T Signal Expl V Signature Res V Silver Bear Rs T Silver Bull R* X Silver Bull Re T Silver Grail R V Silver Mtn Mns V Silver Predatr T Silver Pursuit V Silver Range R V Silver Spruce V Silver Std Res T Silver Std Re* Q Silver Wheatn* N Silver Wheaton T Silvercorp Mt* N Silvercorp Mtl T SilverCrest M* X SilverCrest Mn V Silvermet V Simba Gold V SinoCoking Cl* Q Sirios Res V Sirocco Mng T Skeena Res V Skyharbour Res V Slam Exploratn V Slater Mng V Sniper Res V SnipGold V Soc Quim&M Ch* N Softrock Mnrl V Solid Res V Solitario Ex&R T Solitario Ex&* X Solomon Res V Soltoro V Solvista Gold V Sona Res V Source Expl V South Am Silvr T Southern Arc V Southern Silvr V SouthGobi Res T Spanish Mtn Gd V

7253 30 2755 2187 330 1410 20 36872 1680 823 7089 20338 9741 1157 170 270 1916 531 2704 14634 320 32 8443 16576 11966 1161 4740 1396 150 4070 1255 74221 938 635 2237 3444 1830 117 3950 63145 3565 11925 1252 6883 414 100 30 615 3896 618 30 2410 10153 100 82 4437 9146 67290 226951 59964 5540 5148 6710 4046 740 1000 3614 8528 5504 40 1853 1637 600 375 144 24366 60 2102 48 713 110 3154 8064 64 5556 6758 8504 3030 785 7333

0.84 0.01 0.09 0.03 0.18 0.25 0.15 0.14 0.05 0.05 0.34 4.59 4.88 1.24 0.03 0.05 1.02 0.16 0.01 0.13 0.04 0.04 0.29 0.30 8.49 9.02 0.03 0.03 0.01 0.08 1.90 3.12 0.01 0.06 3.16 0.11 0.06 0.07 0.08 3.72 0.08 0.21 0.20 0.02 2.30 0.02 0.04 0.09 0.36 0.39 0.03 0.03 0.07 0.07 0.16 0.01 8.28 7.60 21.73 23.30 2.52 2.73 1.83 1.97 0.07 0.01 1.52 0.16 0.39 0.04 0.12 0.07 0.06 0.07 0.07 25.92 0.02 0.14 0.94 0.91 0.02 0.13 0.22 0.11 0.08 0.30 0.08 0.03 0.86 0.06

0.46 14.15 51.60 47.73 0.29 0.01 0.08 0.82 0.90 0.14 0.02 0.07 0.03 30.29 0.13 0.15

0.48 - 14.66 + 55.42 + 50.93 + 0.34 + 0.01 0.08 - 0.89 + 0.99 + 0.16 + 0.02 - 0.08 + 0.03 - 30.70 - 0.13 - 0.17 +

0.06 0.41 3.21 1.88 0.05 0.00 0.02 0.02 0.07 0.02 0.01 0.01 0.01 0.25 0.01 0.01

0.80 18.47 81.48 82.65 0.63 0.02 0.13 2.65 2.69 0.40 0.06 0.15 0.09 31.62 0.22 0.48

0.36 13.38 40.80 38.64 0.25 0.01 0.02 0.65 0.69 0.10 0.01 0.06 0.02 23.23 0.10 0.13

0.82 + 0.01 - 0.08 - 0.02 0.18 - 0.23 - 0.15 + 0.14 0.05 0.04 - 0.29 - 4.32 - 4.70 - 1.11 - 0.03 + 0.05 - 0.96 - 0.16 + 0.01 0.12 + 0.04 + 0.04 0.28 + 0.30 + 7.90 - 8.62 + 0.03 0.02 - 0.01 0.07 - 1.73 + 3.04 + 0.01 0.06 3.16 + 0.10 + 0.05 0.03 + 0.07 3.61 - 0.08 + 0.20 + 0.20 - 0.02 - 2.19 - 0.02 - 0.04 + 0.09 0.35 - 0.38 - 0.03 + 0.03 0.07 + 0.07 + 0.13 - 0.01 8.26 + 7.57 + 21.33 + 23.26 + 2.49 + 2.72 + 1.78 1.95 + 0.07 - 0.01 1.32 - 0.15 + 0.38 - 0.04 + 0.11 + 0.05 - 0.05 0.07 + 0.07 + 25.77 + 0.02 - 0.13 0.92 + 0.91 + 0.02 + 0.13 + 0.17 + 0.11 - 0.07 - 0.25 - 0.08 + 0.03 + 0.83 - 0.06 +

0.02 0.01 0.02 0.00 0.01 0.01 0.05 0.00 0.00 0.01 0.02 0.22 0.09 0.03 0.01 0.02 0.05 0.09 0.00 0.02 0.01 0.00 0.01 0.04 0.14 0.06 0.00 0.01 0.00 0.01 1.72 0.05 0.00 0.00 0.07 0.01 0.00 0.02 0.00 0.09 0.01 0.04 0.03 0.01 0.10 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.03 0.01 0.03 0.00 0.51 0.29 0.21 0.79 0.07 0.14 0.00 0.06 0.01 0.00 0.08 0.01 0.01 0.01 0.01 0.02 0.00 0.01 0.01 0.54 0.01 0.00 0.05 0.04 0.01 0.02 0.06 0.02 0.01 0.05 0.03 0.01 0.04 0.01

2.88 0.09 0.27 0.05 0.30 0.35 0.30 0.79 0.18 0.30 0.53 13.25 13.15 5.20 0.18 0.13 2.16 0.80 0.04 0.19 0.06 0.08 0.68 1.20 18.01 18.11 0.13 0.12 0.03 0.15 2.00 3.48 0.22 0.16 8.24 0.20 0.11 0.07 0.26 6.14 0.16 0.25 0.60 0.06 2.96 0.10 0.14 0.37 0.49 0.48 0.09 0.10 0.17 0.52 0.37 0.03 14.99 15.18 37.46 37.49 4.95 4.89 2.87 2.79 0.11 0.06 1.78 0.29 0.89 0.06 0.13 0.30 0.35 0.07 0.19 59.06 0.04 0.22 1.77 1.80 0.04 0.63 0.75 0.70 0.10 1.38 0.29 0.06 2.71 0.29

0.55 0.01 0.07 0.01 0.10 0.14 0.06 0.09 0.03 0.02 0.15 3.94 4.17 0.95 0.02 0.03 0.85 0.07 0.01 0.07 0.01 0.02 0.13 0.18 6.65 7.09 0.02 0.02 0.01 0.05 0.50 1.23 0.01 0.04 2.74 0.06 0.03 0.02 0.05 3.02 0.03 0.12 0.18 0.01 1.76 0.02 0.02 0.07 0.30 0.30 0.02 0.02 0.03 0.06 0.10 0.01 5.38 5.18 17.75 18.59 2.18 2.31 1.13 1.19 0.04 0.01 1.00 0.06 0.34 0.02 0.04 0.03 0.02 0.01 0.04 22.50 0.01 0.06 0.78 0.76 0.01 0.08 0.07 0.10 0.01 0.16 0.03 0.01 0.75 0.05

S 0.74 0.01 0.08 0.02 0.16 0.23 0.15 0.12 0.04 0.04 0.28 4.18 4.54 1.10 0.03 0.05 0.93 0.08 0.01 0.09 0.03 0.04 0.26 0.28 7.54 8.18 0.02 0.02 0.01 0.06 1.51 2.89 0.01 0.06 3.02 0.10 0.05 0.03 0.07 3.48 0.07 0.16 0.18 0.02 2.10 0.02 0.04 0.08 0.34 0.37 0.03 0.03 0.04 0.07 0.13 0.01 7.61 7.05 20.33 22.08 2.40 2.56 1.70 1.85 0.07 0.01 1.30 0.14 0.35 0.04 0.10 0.04 0.05 0.06 0.07 24.94 0.02 0.12 0.91 0.86 0.01 0.10 0.11 0.11 0.06 0.23 0.05 0.02 0.81 0.05

(100s)

Exc Volume

Week High

Low

2655 787 7989 2640 504 11543 2724 1538 520 5966 7967 190 1620 940 76405 3390 9275 2299 643 20275 580 950 2027 60 400 259 17600 1685 5186 200 19583 3560 4585 5352 7750 878 180 14083 6982 2850 403

0.02 7.97 2.62 0.03 0.36 0.32 0.20 0.04 0.05 0.08 0.22 0.01 0.10 0.01 13.13 0.04 0.19 0.83 0.06 0.01 0.04 0.07 0.40 0.01 0.09 0.07 0.03 0.02 0.02 0.02 0.80 0.02 22.48 0.18 0.03 0.18 0.05 0.11 0.02 0.01 0.16

0.02 7.62 2.41 0.02 0.36 0.29 0.19 0.03 0.05 0.06 0.20 0.01 0.07 0.01 12.36 0.03 0.18 0.79 0.05 0.01 0.03 0.06 0.37 0.01 0.09 0.05 0.01 0.01 0.01 0.02 0.70 0.02 21.31 0.16 0.02 0.16 0.04 0.09 0.01 0.01 0.14

TAD Mnl Expl V Tahoe Res* N Tahoe Res T Taipan Res V Tajiri Res V Takara Res V Taku Gold V Talon Metals T Tamerlane Vent V Tanz Roy Exp T Tanz Roy Exp* X Tanzania Mnls V Taranis Res V Tarsis Res V Taseko Mines* X Taseko Mines T Tasman Metals V Tasman Mtls* X Tawsho Mng V Teck Res A T Teck Res B* N Teck Res B T Tembo Gold V Temex Res V Teranga Gold T Teras Res V Terra Firma Rs V Terraco Gold V Terrax Minls V Teslin Rvr Res V Teuton Res V Thelon Cap V Themac Res V Thompson Creek T Thompson Crk* N Threegold Res V Tigray Res V Tiller Res V Timberline Rs* X Timmins Gold* X Timmins Gold T Tinka Res V Tintina Res V Tirex Res V Titanium Corp V TNR Gold V Tolima Gold V TomaGold V Torex Gold T Tosca Mng V Touchdown Res V Transition Mtl V Treasury Metal T Tres-Or Res V Trevali Mng T Tri Origin Exp V TriAusMin T Trio Gold Corp V Troy Res T Troymet Expl V True Gold Mng V True North Gem V Trueclaim Expl V Tsodilo Res V Tumi Res V Turquoise HIl* N Turquoise Hill T TVI Pacific T Tyhee Gold V Typhoon Expl V

2220 780 7333 11040 10 481 220 735 3065 1007 10905 13725 50 367 20326 9000 4341 7742 61 68 122549 79002 2232 2654 72411 5490 4230 1011 1906 146 2554 20 68 7960 5536 2075 5747 20 2828 10462 8629 2949 645 1982 1449 2876 8162 9827 42712 1610 350 2466 1312 1000 58501 220 794 50 673 2412 16578 8291 1735 213 57 46764 67884 3618 8807 480

0.03 16.80 18.38 0.31 0.04 0.05 0.02 0.24 0.01 2.05 1.91 0.04 0.10 0.09 2.18 2.33 1.40 1.28 0.07 28.98 25.37 27.03 0.15 0.10 0.55 0.43 0.02 0.12 0.60 0.02 0.06 0.01 0.10 2.61 2.43 0.01 0.12 0.14 0.18 1.17 1.26 0.44 0.21 0.22 0.72 0.05 0.06 0.14 1.10 0.06 0.03 0.11 0.38 0.02 1.07 0.02 0.05 0.01 0.86 0.01 0.43 0.11 0.05 0.76 0.11 3.43 3.71 0.03 0.11 0.15

U3O8 Corp UC Res Ucore Rare Mtl UEX Corp Ultra Lithium Unigold Unique Res United Silver Unity Energy Ur-Energy Ur-Energy* Uracan Res Uragold Bay Rs Uranerz Energy Uranerz Energ* Uranium Ener* Uranium Partic Uranium Res* Uravan Minls US Energy* US Silica Hld* US SIlver & Go Vale* ValGold Res Valterra Res Vangold Res Vanstar Mng Rs Vantex Res Vena Res Vendome Res Venerable Vent Verde Potash Veris Gold Victoria Gold Victory Nickel Victory Res Victory Vent Viking Gold Vior Mining Virgin Metals Virginia Engy Virginia Mines Viscount Mng Visible Gold M Vista Gold Vista Gold* VMS Vent Vulcan Mnrls VVC Expl

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

5707 336 7120 9063 2290 4162 50 5785 121 7439 5209 788 1337 2411 20686 5522 33331 12686 2610 14347 7051 5236 222545 661 940 92 4192 1824 226 2877 160 5264 5628 23837 40943 200 797 1740 25347 2057 140 720 227 6150 746 28554 875 140 1800

0.10 0.01 0.24 0.41 0.05 0.07 0.20 0.03 0.16 1.55 1.47 0.10 0.05 1.46 1.36 1.94 5.52 3.54 0.11 4.06 33.41 0.41 14.44 0.03 0.06 0.04 0.15 0.04 0.09 0.07 0.02 0.83 0.33 0.13 0.06 0.09 0.03 0.03 0.03 0.03 0.12 12.49 0.20 0.02 0.55 0.52 0.24 0.06 0.05

Wallbridge Mng Walter Energy* Walter Energy War Eagle Mg Waseco Res Waymar Res WCB Res Wealth Minls Wesdome Gold West Af Iron O West Cirque Rs West High Yld West Kirkland Westcore Energ Western Copper

T 4252 N 52478 T 690 V 100 V 713 V 270 V 1055 V 825 T 1818 V 8010 V 805 V 92 V 19195 V 40 T 1988

0.10 16.10 17.15 0.04 0.05 0.10 0.30 0.05 0.65 0.02 0.40 0.40 0.08 0.05 0.82

12-month

Last Change

High Low

0.02 7.89 + 2.52 + 0.03 + 0.36 - 0.32 + 0.20 - 0.03 0.05 - 0.08 + 0.22 + 0.01 0.09 + 0.01 - 12.81 - 0.04 0.18 0.82 + 0.06 + 0.01 0.03 - 0.07 + 0.40 + 0.01 - 0.09 - 0.05 - 0.02 + 0.01 - 0.02 0.02 + 0.76 0.02 21.56 - 0.18 + 0.02 - 0.17 - 0.04 + 0.10 0.02 + 0.01 + 0.15 -

0.00 0.02 0.09 0.01 0.02 0.02 0.01 0.00 0.02 0.01 0.01 0.00 0.03 0.01 0.03 0.00 0.00 0.01 0.01 0.00 0.02 0.01 0.03 0.01 0.02 0.01 0.01 0.01 0.00 0.01 0.00 0.00 0.82 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.01

0.03 12.95 4.85 0.20 0.40 0.51 0.35 0.17 0.26 0.48 0.28 0.03 0.25 0.06 14.87 0.11 0.88 1.00 0.11 0.13 0.12 0.27 0.75 0.02 0.20 0.55 0.07 0.03 0.08 0.03 1.17 0.04 23.39 0.31 0.07 1.04 0.07 0.12 0.03 0.02 0.38

0.01 7.14 2.23 0.02 0.33 0.22 0.15 0.02 0.04 0.05 0.14 0.01 0.05 0.01 9.78 0.03 0.16 0.49 0.04 0.01 0.03 0.04 0.32 0.01 0.07 0.03 0.01 0.01 0.01 0.01 0.60 0.01 13.58 0.13 0.02 0.13 0.02 0.03 0.01 0.01 0.06

0.03 + 16.41 - 17.87 + 0.27 0.04 0.05 0.02 + 0.23 - 0.01 1.85 - 1.69 - 0.04 + 0.10 + 0.07 - 2.08 - 2.26 - 1.30 + 1.17 + 0.07 + 27.35 - 23.77 - 25.91 - 0.15 + 0.09 - 0.55 + 0.40 0.02 0.12 + 0.50 + 0.02 + 0.05 - 0.01 0.10 - 2.41 - 2.20 - 0.01 0.11 + 0.14 + 0.17 - 1.15 - 1.26 + 0.37 + 0.18 - 0.22 + 0.63 + 0.05 + 0.06 + 0.14 + 1.10 + 0.05 - 0.03 - 0.10 - 0.36 - 0.02 1.01 + 0.02 0.05 + 0.01 - 0.81 - 0.01 0.41 0.11 - 0.05 0.76 - 0.09 + 3.30 + 3.58 + 0.02 0.09 - 0.14 +

0.01 0.25 0.21 0.00 0.00 0.00 0.01 0.02 0.00 0.09 0.13 0.01 0.02 0.01 0.09 0.04 0.14 0.06 0.01 1.32 1.53 0.98 0.02 0.01 0.06 0.00 0.00 0.02 0.02 0.01 0.01 0.00 0.01 0.09 0.16 0.00 0.01 0.03 0.01 0.01 0.03 0.01 0.03 0.03 0.11 0.02 0.01 0.03 0.08 0.01 0.01 0.01 0.02 0.00 0.04 0.00 0.01 0.01 0.03 0.00 0.00 0.01 0.00 0.06 0.01 0.24 0.34 0.00 0.02 0.01

0.05 19.76 20.64 0.41 0.40 0.15 0.05 0.36 0.08 4.40 4.20 0.13 0.15 0.16 3.53 3.48 1.40 1.35 0.15 39.88 38.57 38.13 0.66 0.31 2.42 0.93 0.05 0.19 0.69 0.10 0.20 0.03 0.38 4.49 4.55 0.06 0.21 0.65 0.35 3.14 3.09 1.25 0.30 0.71 0.97 0.10 0.15 0.41 2.19 0.18 0.20 0.32 0.93 0.10 1.19 0.07 0.10 0.03 4.12 0.04 0.59 0.13 0.10 1.30 0.28 7.40 9.48 0.04 0.11 0.21

0.01 11.84 12.44 0.17 0.03 0.04 0.01 0.18 0.01 1.75 1.63 0.02 0.03 0.05 1.78 1.88 0.51 0.50 0.03 22.92 19.98 21.11 0.07 0.08 0.42 0.32 0.01 0.09 0.08 0.01 0.05 0.01 0.04 1.84 1.73 0.01 0.06 0.06 0.13 0.97 1.00 0.31 0.13 0.15 0.38 0.03 0.02 0.09 0.85 0.02 0.02 0.03 0.31 0.01 0.49 0.01 0.02 0.01 0.68 0.01 0.21 0.04 0.04 0.53 0.08 2.94 3.20 0.02 0.04 0.06

0.10 0.01 + 0.21 - 0.39 + 0.05 + 0.06 - 0.20 0.02 - 0.16 + 1.42 - 1.32 - 0.10 + 0.05 + 1.42 + 1.30 1.84 - 5.39 - 3.06 0.10 3.80 - 31.87 - 0.37 - 13.72 - 0.03 + 0.06 0.04 + 0.14 + 0.04 0.07 + 0.07 + 0.02 0.82 + 0.31 - 0.12 + 0.05 + 0.09 + 0.03 + 0.02 - 0.03 + 0.03 0.11 - 12.49 + 0.20 + 0.02 0.53 + 0.49 + 0.24 0.05 - 0.05

0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.02 0.07 0.08 0.09 0.02 0.01 0.04 0.00 0.08 0.10 0.00 0.00 0.03 1.30 0.01 0.61 0.01 0.00 0.01 0.01 0.00 0.01 0.02 0.00 0.38 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.00 0.01 0.50 0.01 0.00 0.05 0.02 0.00 0.01 0.00

0.36 0.05 0.50 0.84 0.11 0.42 0.28 0.19 0.54 1.57 1.48 0.11 0.12 1.67 1.64 2.74 5.77 5.99 0.12 4.06 37.14 2.18 20.96 0.09 0.20 0.29 0.19 0.15 0.21 0.32 0.20 4.00 1.95 0.26 0.06 0.20 0.15 0.09 0.05 0.15 0.95 12.49 0.23 0.04 2.62 2.66 0.28 0.08 0.15

0.08 0.01 0.18 0.31 0.03 0.06 0.20 0.02 0.08 0.73 0.72 0.04 0.04 0.84 0.80 1.40 4.70 1.75 0.03 1.45 17.05 0.25 12.39 0.02 0.02 0.02 0.04 0.04 0.05 0.04 0.02 0.19 0.29 0.08 0.02 0.06 0.02 0.01 0.01 0.02 0.08 7.55 0.11 0.01 0.36 0.33 0.15 0.04 0.04

0.10 + 13.80 - 15.03 - 0.04 + 0.04 + 0.10 0.30 0.04 - 0.62 - 0.02 0.40 + 0.40 0.07 0.05 + 0.81 -

0.02 2.18 1.98 0.01 0.01 0.00 0.00 0.01 0.01 0.00 0.05 0.00 0.00 0.01 0.01

0.15 40.62 41.05 0.15 0.12 0.40 0.60 0.09 1.00 0.09 0.54 0.78 0.31 0.15 1.68

0.05 9.88 10.39 0.03 0.02 0.06 0.16 0.02 0.32 0.02 0.17 0.33 0.05 0.02 0.49

T

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EXCHANGE RATES

TNM Jan 20 2014_Front Section.indd 9

T N V T N V V V V V V T V V V T V V V V T V V V

Week High

of T h e N o r t h e r n M i n e r

TSX WARRANTS Agnico-Eagle Mines (AEM.WT.U) - Wt buys sh @ US$47.25 to Dec 2/13. Alamos Gold (AGI.WT) - Wt buys sh @ US$29.48 to Aug 30/18. Armistice Resources (AZ.WT) - Wt buys sh @ $0.35 to Oct 31/14. Brigus Gold (BRD.WT) - Wt buys 1.3686 sh @ $2.20 to Nov 19/14. (BRD.WT.A) - Wt buys 1 sh @$2.19 to Nov 19/14 Colossus Minerals J (CSI.WT.A) - Wt buys sh @ $8.50 to Nov 8/16. (CSI.WT.B) - Wt buys sh @ $0.90 to Aug 13/15. Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Crocodile Gold (CRK.WT) - Wt buys sh @ $2.25 to Mar 24/16. Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov. 20/15. Elgin Mining (ELG.WT) - Wt buys sh @ $1.30 to May 1/14. Endeavour Mining (EDV.WT.A) - Wt buys sh @ $2.50 to Feb. 4/14. Faircourt Gold Income (FGX.WT.B) - Wt to buy Cl A sh @ $9.05 on Mar 31, Jun 30, Sep 30 and Dec 31 to Jun 30/14. Formation Metals (FCO.WT) - Wt buys sh @ $2 to Mar 10/14. Franco Nevada (FNV.WT.A) - Wt buys sh @ $75 to Jun 16/17. Golden Minerals (AUM.WT) - Wt buys sh @ $19 to Feb 20/14. Gran Colombia Gold (GCM.WT) - Wt buys sh @ $2.60 to Aug 24/15. Kinross Gold (K.WT.D) - Wt buys sh @ US$21.30 to Sept 17/14. Labrador Iron Mines (LIM.WT) - Wt buys sh @ $1.35 to Feb 13/16. Lipari Energy (LIP.WT) - Wt buys sh @ $4.25 to Mar 11/14. Lupaka Gold (LPK.WT) - Wt buys sh @ $2.25 to Jun 28/14. Mega Uranium (MGA.WT.B) - Wt buys 1.11 sh @1.13 to Oct 26/14. New Gold A (NGD.WT.A) - Wt buys sh @ $15 to June 28/17. Pilot Gold (PLG.WT) - Wt buys sh @ $2.20 to Oct 31/14. Premier Royalty (NSR.WT) – Wt buys sh + 0.375 of arrangement Wt at $2 to Oct 7/14. Primero Mining (P.WT) - Wt buys sh @ $8 to July 20/15.

(100s)

Exc Volume

SPECIAL NOTICE FOR SUBSCRIBERS

P-Q Pac Bay Mnrls Pac Booker Min Pac Booker Mn* Pac Casc Minls Pac Coal Res Pac Iron Ore Pac NW Cap Pac Potash Pac Ridge Expl Pac Wildcat Re Paget Mnls Paladin Energy Palladon Vent Pan Am Silver Pan Am Silver* Pan Global Res Pancontl Uran Panoro Minls Pantheon Vent Papuan Prec Mt Parallel Mng Paramount Gld* Paramount Gold Parlane Res Passprt Potash PC Gold Peabody Enrgy* Peat Res Pelangio Expl Pele Mtn Res Penteco Res Peregrine Diam Perseus Mng Pershimco Res Peruvian Prc M Petaquilla Mnl Philippine Mtl Phoenix Copper Pilot Gold Pinestar Gold Pinetree Cap PJX Res Planet Mng Plata Latina M Plate Res Platinum Gp M* Platinum Gp Mt Plato Gold Playfair Mng PMI Gold PNG Gold Polar Star Mng Polaris Minls PolyMet Mng* PolyMet Mng Potash C Sask* Potash Cp Sask Powertech Uran Precipitate Gl Premier Gold M Premium Expl Pretium Res* Pretium Res Primero Mng Primero Mng*

(100s)

Exc Volume

0.03 15.75 16.85 0.27 0.04 0.04 0.02 0.23 0.01 1.78 1.63 0.03 0.10 0.07 2.06 2.25 1.16 1.07 0.07 26.76 23.40 25.38 0.13 0.09 0.50 0.32 0.02 0.10 0.50 0.02 0.05 0.01 0.10 2.31 2.13 0.01 0.10 0.14 0.17 1.09 1.18 0.35 0.17 0.18 0.55 0.04 0.05 0.11 0.99 0.05 0.03 0.03 0.35 0.01 0.91 0.02 0.04 0.01 0.76 0.01 0.39 0.10 0.04 0.65 0.08 3.01 3.21 0.02 0.09 0.14

U-V 0.09 0.01 0.21 0.37 0.04 0.06 0.20 0.02 0.08 1.40 1.28 0.08 0.04 1.33 1.22 1.80 5.34 3.02 0.09 3.72 31.06 0.36 13.41 0.03 0.06 0.04 0.14 0.04 0.06 0.04 0.02 0.45 0.30 0.11 0.04 0.09 0.02 0.02 0.02 0.03 0.11 11.88 0.15 0.02 0.50 0.46 0.23 0.05 0.05

W-Z 0.09 13.76 15.00 0.04 0.04 0.08 0.29 0.04 0.59 0.02 0.35 0.36 0.06 0.05 0.75

14-01-15 6:29 PM


10

JANUARY 20-26, 2014

(100s) Stock

Exc Volume

Western Coppr* Western Lithiu Western Melv M Western Pac Rs Western Potash Westkam Gold Westminster Rs WestStar Res White Pine Res White Tiger Mg

X T V V T V V V V V

2337 5708 2020 822 11210 1925 910 8564 30 152

THE NORTHERN MINER

Week

12-month

High

Low

Last

Change

0.78 0.29 0.07 0.14 0.39 0.04 0.07 0.04 0.09 0.04

0.68 0.24 0.06 0.13 0.29 0.04 0.06 0.03 0.09 0.04

0.74 0.29 0.07 0.14 0.36 0.04 0.06 0.04 0.09 0.04

+ + + + + +

NEW 52-WEEK HIGHS AND LOWS — JANUARY 6-10, 2014 29 New Highs Acme Res Alcoa* Alphamin Res Altius Mnrls Amex Expl AQM Copper Cabot Corp* Canada Zinc Mt Capstone Mng Cresval Cap Gold Reserve Highway 50 Gld Intl Montoro R Kingsman Res Lucara Diam Mantis Mnls Minsud Res Palladon Vent Plate Res Polaris Minls Radisson Mng Remstar Res Rocmec Mining SG Spirit Gold Sniper Res Tasman Metals US Energy* Victory Nickel Virginia Mines

159 New Lows Acrex Vent Adex Mining AgriMinco Alder Res Aldershot Res Am Cons Minls Amarillo Gold Amerix Pr Mtls Anglo Swiss Apogee Silver Arco Res Argentum Silvr Argonaut Expl Arrowhead Gold Ashburton Vent Asia Now Res Atac Res Augen Gold AurCrest Gold Banyan Gold Barker Mnrls Bell Copper BioteQ Env Bonterra Res Brandenburg En Brixton Mtls Buccaneer Gold Burnstone Vent Canyon Copper Carlin Gold Cascade Res Castle Peak Mg Catalyst Coppr Celeste Copper Central Res Chiboug Ind Mn CMQ Res Cobalt Coal Cogitore Res Colibri Res Colombia Crest Colossus Minls Compass Gold Compliance Eny Comstock Mtls Cons Richland Copper Ck Gold Cuervo Res Cypress Dev Deer Horn Mtls Defiance Silvr Ditem Explor Donner Metals Driven Capital EastCoal El Condor Mnls EMC Metals Estrella Gold Falcon Gold Finlay Minrls Freegold Vent Frontline Gold Gensource Pot Geologix Ex

Gitennes Expl Glass Earth Golden Band Golden Dawn Ml Golden Val Min Goldex Res Goldrock Mines Goldrush Res Goldspike Expl Gossan Res Great Western Greenock Res Guyana Frntr M Habanero Res Harte Gold Horizonte Mnls Huntington Exp Iconic Mnls Intigold Mines Intl PBX Vent Jasper Mng Jaxon Mnls Jet Gold Jiminex Jourdan Res Kalimantan Gld Kettle River Killdeer Mnls Kootenay Gold Malbex Res Mammoth Res Manson Creek Maudore Minls Melkior Res Mindoro Res Natural Rs Pt* Network Expl New Carolin Gd New Pac Metals Newstrike Res Noble Metal Gr Noram Vent Northcore Res NQ Expl Nuinsco Res NWM Mng Orefinders Res Pac NW Cap Pac Potash Pan Global Res Pantheon Vent Paramount Gld* Paramount Gold Passprt Potash Plato Gold PNG Gold Prosperity Gdf Rainy Mtn Royl Randgold Res* Red Cresc Res Red Mile Mnls Redtail Mtls Robex Res RockBridge Res RPT Uranium Sable Res Satori Res Secova Mtls Sendero Mng Sierra Iron Or Signal Expl Simba Gold Solomon Res Stealth Mnls Stockport Expl Strategic Res Strongbow Expl Superior Mng Supreme Res Takara Res Tamerlane Vent Tanz Roy Exp* Teras Res Thelon Cap Threegold Res Transition Mtl Tres-Or Res Trio Gold Corp UC Res United Silver Vantex Res Vendome Res West Af Iron O Windfire Cap Zena Mng

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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. Contact: moliveira@ northernminer.com or 416-510-6768

TNM Jan 20 2014_Front Section.indd 10

0.04 0.05 0.03 0.01 0.06 0.01 0.01 0.01 0.04 0.00

High Low

1.72 0.47 0.24 0.35 0.76 0.13 0.17 0.07 0.18 0.13

0.46 0.12 0.04 0.07 0.26 0.03 0.04 0.02 0.04 0.03

(100s) Stock

Exc Volume

Wildcat Silver Williams Creek Windfire Cap Witwatersrand Wolfpack Gold Wolverine Mnls Woulfe Mng WPC Res emplar Energy Xinergy

T V V T V V V V V T

8317 245 913 11 157 1626 8193 200 1048 1993

Week

12-month

High

Low

Last

Change

0.48 0.19 0.03 1.00 0.08 0.10 0.10 0.01 0.05 0.29

0.38 0.14 0.02 0.99 0.07 0.09 0.09 0.01 0.05 0.26

0.45 0.19 0.03 1.00 0.08 0.10 0.09 0.01 0.05 0.28

+ + + + -

0.08 0.02 0.00 0.10 0.01 0.01 0.01 0.01 0.01 0.01

(100s)

High Low

1.02 0.29 0.17 2.34 0.32 0.16 0.31 0.04 0.13 0.96

0.28 0.06 0.02 0.71 0.05 0.04 0.09 0.01 0.05 0.13

Stock

Exc Volume

Xmet Xtierra Yamana Gold* Yamana Gold Yanzhou Coal* Yellowhead Mng Zadar Vent azu Metals Zena Mng Zenyatta Vent

V 60095 V 607 N 80921 T 137560 N 13829 T 937 V 1002 T 905 V 1440 V 11902

Week

12-month

(100s)

High

Low

Last

Change

High Low

Stock

0.19 0.15 9.27 10.02 8.35 0.23 0.30 0.59 0.09 2.33

0.14 0.13 8.77 9.39 7.59 0.20 0.26 0.56 0.08 1.90

0.15 0.13 9.10 9.92 8.09 0.20 0.26 0.57 0.09 1.96

+ + + -

0.19 0.29 18.23 18.10 18.57 0.67 0.35 0.95 0.30 5.00

Zephyr Mnls Zimtu Capital Zinco Mng Zincore Mtls Zonte Mtls

0.01 0.01 0.25 0.51 0.09 0.02 0.04 0.03 0.06 0.32

0.01 0.05 8.31 8.86 6.68 0.15 0.17 0.46 0.08 0.80

Exc Volume

V V V T V

65 364 20 814 214

Week

12-month

High

Low

Last

Change

0.16 0.37 0.10 0.18 0.08

0.16 0.33 0.10 0.16 0.07

0.16 0.36 0.10 0.16 0.07

+

High Low

0.00 0.02 0.02 0.04 0.00

0.25 0.56 0.13 0.78 0.11

0.12 0.27 0.04 0.07 0.02

STOCK MISSING OR INCORRECT? Let us know at 1-416-510-6764 or tnm@northernminer.com. Data supplied by Reuters Canada.

BID-ASK — JANUARY 6-10, 2014 12-MONTH STOCK

Abitibi Mng Advance Gold Afferro Mng Alita Res Allied Gold Alpha Mnls Altair Vent Altan Nev Mnls Altitude Res Alturas Minls Amanta Res Amara Mng AMI Res Andean Am Gold Anglo-Bomarc Anglo-Can Mng Angus Mng Nami Ansell Capital Antofagasta Gd Arctic Hntr Ur Armadillo Res Artha Res Astar Mnls Auracle Res Auramex Res Aurania Res Aurtois Expl Axmin Inc Azumah Res Bacanora Mnls Baroyeca Go&Si Bearclaw Cap Black Widow Rs Blackstone Ven Blue Gold Mng Bralorne Gold Bravura Vent Brazilian Gold Calvista Gold Canada Gold Canadn Silvr H Cancor Mines Cariboo Rose Carrie Arran R Cassius Vent Chalice Gold M Challenger Dee Chilean Gold CIC Energy Claim Post Res Clear Mtn Res Cliffmont Res Cline Mng Cobriza Mtls Comet Inds Contintl Nickl Corazon Gold Cordoba Mnls Creso Expl Cricket Res Crosshair Eny* Crown Gold Dakar Res Dawson Gold Desert Eagle R Desert Gold DGM Mnls Diamonds North Dominion Mnls* Dorex Minls Duncan Park H DV Res E-Energy Vent Eastern Merid Ecometals Electra Gold Esperanza Res Europn Uran Rs Extorre Gold M Ferrum Am Mng Fire River Gol G4G Res Galena Intl Rs Geocom Res* Geomark Expl Getty Copper GFK Res Global Hunter Global Ur Fund Gold Ridge Exp Goldcliff Res Golden Harp Golden Peak Mn GoldMountain* Goldstrike Res Gonzaga Res Green Valley M Grenville Gold Gryphon Gold GTO Res Guerrero Expl Gunpoint Expl Hansa Res Highbury Proj HiHo Silver Hinterland Mtl Huakan Intl Mg Hudson River M Hunter Bay Mnl ICN Res IEMR Res Indigo Expl Infinito Gold Infinity Mnls Inform Expl Inlet Res Inova Res Inter-Citic Mn Inter-Rock Mnl Intl Millm Mng Intl Minls Crp Iron South Mng Jaguar Mng James Bay Res Jiulian Res Kenieba Goldf Kola Mng Laurentian Glf Lions Gate Eng Lipari Energy Lithium One Logan Res Long Harbour E Lornex Cap Lucky Mnls Magma Metals Manicouagan Ml Maritime Res Marklnd AGF PM Martina Mnls

EXC

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

12-MONTH

BID

ASK

LAST

HIGH

LOW

STOCK

0.01 0.01 1.10 0.09 2.25 5.55 0.04 0.04 0.45 0.02 0.01 0.20 0.03 0.16 0.05 0.03 0.04 0.03 0.31 0.06 0.01 0.01 0.16 0.01 0.04 0.30 0.01 0.04 0.02 0.39 0.01 0.04 0.11 0.01 0.46 0.30 0.04 0.10 1.09 0.06 0.03 0.01 0.04 0.07 0.01 0.12 0.03 0.08 1.99 0.04 0.12 0.07 0.01 0.12 2.00 0.40 0.01 0.50 0.08 0.03 0.02 0.01 0.50 0.12 0.01 0.07 0.04 0.02 0.08 0.10 0.01 0.06 0.01 0.02 0.04 0.01 1.01 0.13 4.27 0.02 0.01 0.01 0.04 0.05 0.96 0.02 0.23 0.04 1.64 0.03 0.01 0.02 0.05 0.04 0.10 0.06 0.01 0.04 0.01 0.04 0.01 0.22 0.02 0.35 0.01 0.02 0.11 0.01 0.01 0.06 0.01 0.03 0.01 0.12 0.09 0.13 0.16 2.04 0.02 0.03 2.80 0.04 0.04 0.55 0.05 0.01 0.08 0.08 0.03 0.46 1.15 0.03 0.08 0.12 0.20 0.09 0.02 0.25 5.86 0.01

0.01 0.02 2.50 0.09 2.29 5.68 0.05 0.05 0.47 0.03 0.02 0.29 0.04 0.17 0.11 0.03 0.16 0.04 0.35 0.07 0.05 0.02 0.30 0.01 0.04 0.60 0.01 0.05 0.03 0.47 0.01 0.05 0.13 0.01 0.49 0.34 0.04 0.10 1.10 0.07 0.05 0.02 0.06 0.14 0.01 0.28 0.04 0.09 2.00 0.05 0.15 0.09 0.01 0.13 2.25 0.90 0.01 0.59 0.08 0.04 0.03 0.02 0.50 0.14 0.02 0.15 0.04 0.03 0.18 0.11 0.01 0.10 0.02 0.03 0.05 0.01 1.03 0.13 4.28 0.04 0.01 0.01 0.06 0.09 1.00 0.03 0.30 0.06 1.67 0.04 0.02 0.03 0.09 0.05 0.10 0.20 0.01 0.06 0.01 0.05 0.01 0.30 0.03 0.62 0.01 0.03 0.17 0.01 0.02 0.07 0.01 0.04 0.01 0.14 0.20 0.15 0.20 2.05 0.04 0.05 2.83 0.10 0.04 0.55 0.14 0.02 0.13 0.08 0.04 0.49 1.18 0.04 0.30 0.15 0.35 0.09 0.03 0.28 8.25 0.01

0.01 0.01 1.57 0.10 2.25 5.45 0.04 0.04 0.46 0.02 0.01 0.21 0.03 0.16 0.07 0.02 0.05 0.03 0.35 0.06 0.02 0.02 0.14 0.01 0.04 0.35 0.01 0.05 0.02 0.39 0.01 0.04 0.12 0.01 0.47 0.32 0.04 0.11 1.09 0.07 0.03 0.01 0.04 0.08 0.01 0.11 0.03 0.08 1.99 0.05 0.10 0.08 0.01 0.12 2.00 0.40 0.01 0.50 0.12 0.03 0.02 0.02 0.40 0.15 0.01 0.09 0.04 0.02 0.01 0.09 0.01 0.05 0.01 0.02 0.05 0.01 1.01 0.12 4.27 0.03 0.01 0.01 0.04 0.02 0.98 0.02 0.31 0.04 1.64 0.02 0.01 0.03 0.04 0.05 0.08 0.10 0.01 0.04 0.01 0.04 0.01 0.21 0.02 0.50 0.01 0.02 0.11 0.01 0.01 0.06 0.01 0.03 0.01 0.10 0.09 0.13 0.15 2.04 0.03 0.04 2.83 0.02 0.06 0.54 0.05 0.01 0.09 0.08 0.03 0.47 1.15 0.04 0.08 0.12 0.35 0.09 0.07 0.25 5.82 0.01

0.02 0.06 2.40 0.10 3.70 7.60 0.18 0.13 0.80 0.12 0.08 1.72 0.15 0.43 0.15 0.05 0.20 0.07 0.85 0.12 0.03 0.05 0.30 0.06 0.10 0.60 0.02 0.18 0.11 0.76 0.02 0.05 0.15 0.01 0.95 0.80 0.07 0.25 1.10 0.13 0.09 0.10 0.06 0.25 0.12 0.22 0.26 0.27 2.45 0.07 0.20 0.43 0.84 0.16 3.25 1.12 0.08 0.80 0.13 0.15 0.26 0.04 0.40 0.17 0.07 0.22 0.08 0.08 0.09 0.14 0.03 0.11 0.02 0.04 0.05 0.03 1.70 0.46 11.27 0.17 0.08 0.02 0.10 0.03 1.00 0.07 0.43 0.35 2.05 0.08 0.03 0.07 0.15 0.35 0.33 0.27 0.02 0.12 0.13 0.09 0.13 0.56 0.10 0.67 0.05 0.05 0.23 0.03 0.11 0.30 0.04 0.11 0.04 0.43 0.70 0.35 0.60 2.05 0.06 0.13 4.92 0.09 0.99 0.52 0.12 0.02 0.10 0.36 0.06 0.49 1.46 0.11 0.40 0.18 0.69 0.28 0.08 0.44 10.41 0.04

0.01 0.01 0.00 0.05 0.00 0.00 0.03 0.03 0.17 0.02 0.01 0.00 0.03 0.00 0.05 0.02 0.03 0.02 0.35 0.05 0.01 0.01 0.14 0.01 0.02 0.25 0.01 0.03 0.00 0.13 0.01 0.03 0.08 0.01 0.00 0.21 0.03 0.00 0.00 0.06 0.03 0.01 0.03 0.08 0.01 0.11 0.03 0.05 0.00 0.03 0.07 0.05 0.00 0.00 2.00 0.00 0.01 0.15 0.02 0.03 0.00 0.01 0.35 0.05 0.01 0.07 0.03 0.00 0.00 0.07 0.01 0.04 0.01 0.01 0.01 0.01 0.00 0.08 0.00 0.01 0.01 0.01 0.03 0.00 0.00 0.02 0.12 0.04 0.00 0.02 0.01 0.02 0.03 0.00 0.07 0.09 0.01 0.03 0.00 0.04 0.01 0.21 0.02 0.50 0.01 0.01 0.06 0.01 0.01 0.00 0.01 0.03 0.01 0.08 0.07 0.12 0.00 0.00 0.01 0.02 0.00 0.02 0.05 0.52 0.05 0.01 0.02 0.03 0.02 0.00 0.00 0.03 0.06 0.08 0.35 0.00 0.03 0.20 0.00 0.01

Masuparia Gold McChip Res Mega Copper Menika Mining Meritus Mnls Messina Minls Metalore Res Midasco Cap Milner Con Slv Minemakers Mineral Depost Miocene Mtls Mirabela Nickl Mountain Lake Mukuba Res Navasota Res Nebu Res New Dawn Mng New Dimen Res New Guinea Gld Newcrest Mng Newmac Res Nitinat Mnls Northern Tiger Novadx Vent NSX Silver Nubian Res Nunavik Nickel NV Gold NWT Uranium Oakmont Mnls Odin Mng & Exp Open Gold Opta Minls Oremex Silver Orko Silver Orofino Mnls Oronova Res Orsa Vent Pac Arc Res Pac Comox Res Pac Rim Mining Paragon Minls Pinecrest Res Pitchblack Res Pitchstone Exp Platinex Portage Mnls Portola Res Premier Roy Prescient Mng Prime Merid Rs Proam Expl Prospctr C Res Prospero Silve Providence Res Q-Gold Res QMC Quantum Ml Quadro Res Quartz Mtn Res Rainy River Rs Red Rock Enrgy Regal Res Reliant Gold Remington Res Remo Res Resolve Vent Rhyolite Res Ridgemont Ir O Rio Cristal Rs Rio Silver Roca Mines Rock Tech Lith Rockex Mng Romulus Res Rotation Mnls Royal Coal RX Gold & Silv Samco Gold Samex Mng Search Mnls Senator Minls Senior Gld Prd Silver Fields Silver Shield Silvermex Res Silvore Fox Ml Snowfield Dev Solid Gold Res Sonora Gld & S Sonoro Mtls Southern Hemis Sparrow Vent St-Georges Plt Stakeholdr Gld Stelmine Can Stina Res Stone Res Swift Res Tanqueray Expl Tasca Res Tearlach Res Terreno Res Teryl Res Corp Theia Res Thor Expl Thunder Mtn Gd Tiger Intl Timberline Res Tintina Mines Toro Res Trend Mng* Tri-River Vent Tribute Res Trillium North TTM Res Uranium One Uranium Valley Vaaldiam Mng Valhalla Res Vatic Vent Vendetta Mng Viper Gold Volcanic Mtls Volta Res Wescan Goldfie Western Areas Western Troy C Westhaven Vent Westridge Res WGI Heavy Mnl Whetstone Mnls White Bear Res Wildcat Expl Windarra Minls Windstorm Res Wolf Res Dev X-Terra Res Xtra-Gold Res Z-Gold Expl

EXC

V V V V V V T V V T T V T V V V V T V V T V V V V V V V V V V V V T V V V V V V V T V V V V V C V T V V V V V V V V V V T V C V V V V V V V V V V T V V V V V V V V T V V T V V V V V V V C V V V V V V V V V V V V V V V V V Q V V V V T V T V V V V V T V T V V V T V V V V V V V T V

BID

0.06 1.70 0.07 0.09 0.01 0.06 2.52 0.01 0.04 0.12 5.00 0.01 0.02 0.32 0.01 0.03 0.01 0.10 0.02 0.01 12.10 0.35 0.03 0.02 0.01 0.01 0.05 0.03 0.03 0.02 0.04 0.01 0.02 1.75 0.02 1.94 0.04 0.04 0.10 0.01 0.01 0.07 0.06 0.07 0.03 0.09 0.01 0.01 0.20 0.74 0.03 0.01 0.01 0.07 0.08 0.08 0.02 0.03 0.04 0.07 3.37 0.01 0.02 0.01 0.03 0.20 0.12 0.05 0.02 0.03 0.02 0.03 0.01 0.03 0.13 2.08 0.03 0.23 0.09 0.02 0.06 0.08 4.78 0.03 0.01 0.50 0.04 0.01 0.01 0.01 0.07 0.04 0.02 0.03 0.03 0.02 0.14 0.01 0.06 0.01 0.01 0.07 0.02 0.02 0.14 0.05 0.03 0.19 0.14 0.04 0.02 0.05 0.07 0.05 0.01 0.03 2.85 0.03 0.26 0.01 0.07 0.25 0.01 0.06 0.33 0.02 3.75 0.03 0.08 0.02 0.59 0.01 0.15 0.06 0.05 0.04 0.17 0.11 0.36 0.03

ASK

LAST

HIGH

LOW

0.10 1.75 0.11 0.17 0.01 0.10 2.85 0.01 0.10 0.16 5.09 0.01 0.02 0.35 0.01 0.04 0.01 0.16 0.03 0.01 12.90 0.45 0.04 0.02 0.01 0.02 0.06 0.12 0.06 0.02 0.08 0.02 0.03 2.09 0.03 1.99 0.09 0.05 0.10 0.01 0.01 0.08 0.07 0.10 0.04 0.09 0.02 0.02 0.24 0.76 0.04 0.02 0.01 0.08 0.14 0.09 0.03 0.04 0.05 0.09 3.37 0.02 0.05 0.01 0.04 0.21 0.15 0.12 0.02 0.04 0.04 0.03 0.01 0.04 0.27 2.90 0.01 0.24 0.12 0.03 0.07 0.12 4.88 0.04 0.01 0.55 0.04 0.01 0.01 0.02 0.15 0.06 0.03 0.04 0.03 0.03 0.18 0.01 0.10 0.03 0.02 0.13 0.02 0.03 0.26 0.07 0.13 0.30 0.20 0.09 0.03 0.05 0.15 0.12 0.01 0.04 2.86 0.07 0.27 0.02 0.09 0.35 0.02 0.08 0.34 0.03 8.54 0.06 0.15 0.04 0.60 0.01 0.25 0.06 0.07 0.05 0.23 0.54 0.39 0.06

0.10 1.70 0.12 0.10 0.01 0.06 2.47 0.01 0.05 0.15 4.75 0.01 0.02 0.32 0.01 0.03 0.01 0.13 0.03 0.01 12.11 0.26 0.03 0.02 0.01 0.02 0.05 0.04 0.03 0.05 0.08 0.02 0.02 1.75 0.03 1.99 0.04 0.04 0.10 0.01 0.01 0.07 0.06 0.07 0.03 0.09 0.01 0.02 0.20 0.76 0.03 0.01 0.01 0.07 0.08 0.08 0.02 0.03 0.04 0.07 3.42 0.01 0.05 0.01 0.03 0.20 0.12 0.08 0.02 0.03 0.05 0.03 0.02 0.04 0.13 2.10 0.01 0.24 0.09 0.02 0.06 0.12 4.78 0.03 0.01 0.53 0.04 0.01 0.01 0.01 0.06 0.04 0.03 0.03 0.03 0.03 0.16 0.01 0.08 0.01 0.01 0.09 0.02 0.02 0.20 0.07 0.05 0.20 0.16 0.06 0.02 0.01 0.08 0.10 0.01 0.04 2.85 0.04 0.26 0.01 0.07 0.28 0.01 0.05 0.33 0.03 4.00 0.04 0.07 0.02 0.59 0.01 0.25 0.06 0.06 0.05 0.18 0.20 0.33 0.07

0.17 1.80 0.30 1.00 0.02 0.13 4.15 0.02 0.10 0.17 6.95 0.04 0.62 0.82 0.09 0.75 0.04 1.10 0.06 0.01 31.00 0.40 0.35 0.10 0.02 0.10 0.14 0.20 0.08 0.06 0.08 0.10 0.07 3.35 0.10 2.63 0.13 0.07 0.15 0.04 0.03 0.11 0.12 0.20 0.14 0.21 0.05 0.03 0.29 2.60 0.07 0.02 0.03 0.12 0.29 0.18 0.10 0.22 0.10 0.28 6.10 0.04 0.16 0.03 0.05 0.25 0.24 0.20 0.28 0.55 0.11 0.03 0.05 0.30 0.40 2.10 0.21 0.60 0.45 0.22 0.09 0.60 7.48 0.15 0.01 0.88 0.07 0.02 0.04 0.07 0.25 0.20 0.05 0.19 0.04 0.06 0.30 0.01 0.20 0.05 0.04 0.15 0.12 0.07 0.45 0.16 0.16 0.39 0.38 0.13 0.10 0.11 0.35 0.14 0.03 0.21 2.86 0.12 0.27 0.05 0.72 0.45 0.03 0.25 0.57 0.11 6.11 0.06 0.20 0.10 0.60 0.04 0.65 0.25 0.09 0.19 0.32 0.22 0.84 0.07

0.04 1.10 0.08 0.06 0.01 0.00 2.33 0.01 0.04 0.13 0.00 0.01 0.00 0.00 0.01 0.03 0.01 0.00 0.01 0.01 0.00 0.07 0.03 0.01 0.01 0.01 0.04 0.04 0.01 0.05 0.02 0.01 0.01 1.48 0.02 0.00 0.03 0.04 0.00 0.01 0.01 0.00 0.00 0.06 0.02 0.00 0.01 0.00 0.11 0.00 0.03 0.01 0.01 0.07 0.07 0.05 0.02 0.03 0.03 0.07 0.00 0.01 0.01 0.01 0.03 0.17 0.10 0.04 0.00 0.03 0.02 0.00 0.01 0.00 0.13 1.80 0.00 0.00 0.07 0.01 0.03++++ 0.05 0.00 0.03 0.01 0.00 0.00 0.01 0.01 0.01 0.06 0.00 0.03 0.01 0.01 0.02 0.06 0.01 0.05 0.01 0.01 0.05 0.01 0.02 0.13 0.05 0.05 0.11 0.12 0.03 0.02 0.00 0.06 0.05 0.01 0.02 0.00 0.03 0.00 0.01 0.06 0.28 0.01 0.04 0.00 0.02 0.00 0.02 0.05 0.01 0.00 0.00 0.05 0.04 0.00 0.00 0.06 0.09 0.33 0.02

14-01-15 6:29 PM


THE NORTHERN MINER  JANUARY 20-26, 2014  11

Platinum Group Metals raises $175M Shares of Platinum Group Metals (TSX: PTM; NYSE-MKT: PLG) got a boost on the final trading day of 2013 after the company announced that it had completed a $175-million equity raise at $1.18 per share. The proceeds will help fund the company’s second development phase at its WBJV1 platinum project in South Africa’s Bushveld complex, exploration and engineering work at its Waterberg joint-venture project and exploration at its Waterberg Extension project. BMO Capital Markets and GMP Securities led the team of underwriters for the bought-deal financing that included CIBC World Markets, RBC Dominion Securities, Barclays Capital Canada, PI Financial Corp., Raymond James and Dundee Securities. The financing couldn’t have come at a better time. In mid-October, Platinum Group Metals shares took a hit after Africa Wide Mineral Prospecting and Exploration, a subsidiary of Wesizwe Platinum, announced that it would not fund a US$21.8-million cash call for its 26% share of the WBJV1 platinum project. Platinum Group Metals owns 74% of the low-cost, highgrade project in the Western Limb of the Bushveld complex. Edward Sterck of BMO Capital Markets in London says in a research note that the equity raise “substantially derisks the development of the conventionally mined WBJV1, whilst clearing the way for further evaluation of the mechanized, mining amenable — and somewhat unique — Waterberg project.” He says that “barring unforseen

further delays or cost inflation, the raised gross amount of $175 million should be sufficient to cover the completion cost of the WBJV1 to net-positive cash flow, including any cost overrun requirement on the project-finance facility.” The company reported that assays from drilling on the Waterberg Extension project, adjacent and north of its Waterberg deposit, intersected 53 metres averaging 5.26 grams per tonne of platinum, palladium and gold (1.40 grams per tonne platinum, 3.59 grams per tonne palladium and 0.27 gram gold per tonne) from 556 metres to 609 metres in hole 8. The hole is 340 metres northward along strike from the previously announced hole 2 at the Waterberg Extension project, which returned 15.6 metres grading 3.16 grams platinum, palladium and gold (1.11 grams platinum, 1.92 grams palladium and 0.13 gram gold) and 1,600 metres directly along strike from the Waterberg joint-venture project deposit. The Waterberg Extension project and the Waterberg deposit are distinct from one another. Platinum Group Metals holds an 87% stake in the Waterberg Extension project and a 49.9% stake in the Waterberg project. Its joint-venture partners in Waterberg are Japan Oil, Gas and Metals National Corp., and Mnombo, a private-empowerment partner, holding the balance. Platinum Group Metals’ shares were trading at $1.20 at press time. The company has 453 million shares outstanding. Sterck of BMO Capital Markets has a $1.50-per-share target price.

Detour’s hard work pays off The repair crew for Detour Gold  (TSX: DGC; US-OTC: DRGDF) didn’t let the holidays get in the way of getting the job done. While others were tucking into Christmas turkey, Detour’s team was hard a work repairing the thickener system at the company’s flagship Detour Lake gold mine. After all the hard work, the company welcomed the new year with news that operations at Detour Lake are back in full swing. Investors were notified that things were getting interesting at the mine just two days before Christmas, when Detour announced that it had shut down its mill on Dec. 17 due to structural damage to the torque cage. The repair crew got to work on the pre-leach thickener system and replaced the bottom section of the torque cage over the holidays. The mill was running again on Jan. 2, and Detour says it should be back to operating at 50,000 tonnes per day. Detour made the most of the downtime, using it as an opportunity to wrap up mill-related repairs and improvements, including installing a second shuttle chute to the secondary crushers. After announcing the shutdown, Detour updated the market on the mine’s progress, saying that mining rates improved in December and averaged 238,000 tonnes per day up, and

TNM Jan 20 2014_Front Section.indd 11

that it expected gold production to be 81,000 oz. for the fourth quarter and 231,000 oz. for the year. The company also said it had higher-grade inventory of 847,000 tonnes with an average grade 1.07 grams per tonne, compared to the proven and probable reserves’ average grade of 1.03 grams per tonne. Scotiabank analyst Leily Omoumi believes the shutdown was an isolated incident, and that the severe cold was a contributing factor. “The mechanical issue with the thickener should be viewed as short term and likely not a fatal flaw. We doubt there is anything unique about Detour’s slurry that would lead to anything out of the ordinary,” she wrote in a research note. Omoumi expects that fourthquarter production at the mine will come in at 80,000 oz. gold, and expects $73 million in cash for 2013, against the company’s $80-million guidance. BMO Capital Markets analyst John Hayes agreed that the failure of the thickener system would only be a fourth-quarter issue, but added that the improvements made during the shutdown would bode well for the future. “The installation of the shuttle conveyors should help increase mill throughput to design levels,” he wrote. Hayes rates Detour as “outperform,” with a $9.50 target price.

Hudbay unveils financing, 2014 guidance Hudbay Minerals (TSX: HBM; NYSE: HBM) was among the first off the starting blocks this year with news of a $1-billion capital budget for 2014 — the lion’s share of which is earmarked for growth initiatives — and a $150-million bought-deal financing that the company says will give it the flexibility to grow. The mid-tier base metals producer forecasts metal production this year of 41,000 to 55,000 tonnes copper (90 million to 121 million lb. copper), up 60% year-on-year; 87,000 to 105,000 tonnes zinc (192 million to 231 million lb. zinc), up 11% year-on-year; and 101,000 to 123,000 equivalent oz. gold (with a 50-to-1 silver-to-gold ratio in concentrate), up 23% year-on-year. Commercial production is set to get underway in the first half of the year at its 70%-owned copper–zinc–gold Reed mine in the Flin Flon greenstone belt in Manitoba and commercial production from the main production shaft at its 100%-owned copper–zinc– gold Lalor mine, also in Manitoba, will kick off in the second half of the year. Other upcoming milestones include initial production at its Constancia copper mine in Peru in late 2014, with commercial production to follow in the second half of 2015.

HUDBAY MINERALS

A truck at Hudbay Minerals’ Constancia mine under construction in Peru. A $20.4-million exploration budget will focus on developing an underground exploration drift at Lalor during the second half of the year, and other exploration efforts near existing and planned processing infrastructure in Manitoba and Peru. In Peru, Hudbay will continue exploration on the porphyry and skarn mineralization potential of its property near the Constancia deposit and in Manitoba, and continue underground exploration drilling at the 777 mine, with the

Macquarie’s musings on M&A, gold in 2014 Analysts in the Toronto, Vancouver and London offices of Macquarie Equities Research are forecasting more consolidation in the mining industry this year, especially amongst producers, and calculate that the average premium paid in 15 mergers and acquisitions last year was 35% for producer targets and 53% for explorer and developer targets. They say that in 2014, companies that could become acquirers include Agnico Eagle Mines (TSX: AEM; NYSE: AEM), Argonaut Gold (TSX: AR; US-OTC: ARNGF), Alamos Gold (TSX: AGI; NYSE: AGI), Osisko Mining (TSX: OSK; US-OTC: OSKFF), Iamgold (TSX: IMG; NYSE: IAG) and B2Gold (TSX: BTO; NYSE-MKT: BTG), while acquisition targets could include Semafo (TSX: SMF; USOTC: SEMFF), AuRico Gold (TSX: AUQ; NYSE: AUQ), Detour Gold (TSX: DGC; US-OTC: DRGDF), Kirkland Lake Gold (TSX: KGI; US-OTC: KGILF), Carpathian Gold(TSX:CPN;US-OTC:CPNFF), Timmins Gold (TSX: TMM; NYSE-MKT: TGD) and Iamgold. The mining analysts emphasize that the focus in 2014 will be cost containment, as producers try to trim operating costs and become “extremely judicious with their capital allocation — especially for new projects.” They estimate that these measures will lower the 2013 all-in sustaining costs (AISC) for producers from US$1,100 per oz. to US$917 per oz. in 2014, and US$892 per oz. in 2015. Macquarie cautions investors to “stay defensive” and “avoid highcost, near-term producers with stressed balance sheets.” Analysts say they are focused on producers with low AISC and developers with advanced projects. As for the gold price, they predict that “volatility will again be a key

theme” this year, but that they expect “Chinese buying [investment and/or jewellery] to minimize the downside risk to the gold price,” even while demand from India in the first half of the year “looks set to be a drag.”

goal of extending mine life beyond 2021. The 777 mine has been producing zinc, copper, gold and silver since 2004. In terms of its 2014 capex of $1 billion, $714 million is earmarked for Constancia, $75 million for Lalor and $5 million for Reed. Analyst Stefan Ioannou of Haywood Securities comments in a research note that Hudbay’s current market value “provides a compelling buying opportunity for investors looking to take advantage of the option value that successful growth execution entails [on the back of anticipated medium-term zinc price strength].” At press time Hudbay was trading at $8.46 per share within a 52week range of $6.02 to $12.10. The company has 172 million shares outstanding. Alec Kodatsky, a mining analyst at CIBC, has a 12- to 18-month target price of $12 per share, while BMO’s Aleksandra Bukacheva’s target price is $8 per share.

Career Opportunities CAREERS ADVERTISING RATES $12.65 per agate line. Minimum size 2 columns x 1” $354.20. Closing date is 10 days prior to publication date. All Cdn. orders subject to applicable taxes. For further Careers advertising information contact: Joe Crofts (416) 510-6816 - jcrofts@northernminer.com, Dave Chauvin (416) 510-6824 - dchauvin@northernminer.com Teri Richardson (604) 688-9908 - trichardson@northernminer.com Fax: (416) 510-5138 Canada:1-800-268-7742, ext. 6824, USA:1-800-387-0273, ext. 6824.

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14  JANUARY 20-26, 2014  THE NORTHERN MINER

Randgold’s Mark Bristow on mining in Africa RANDGOLD, From Page 1

placement. And this is a serious situation, and no one identified it. And in fact, it’s interesting that analysts, almost to a person, criticized Randgold at the end of 2012 when we didn’t increase our reserves. But we kept our grade the same, because everyone got on this bandwagon and no one understood the impact of just adding reserves at a higher gold price. And so when you don’t replace quality with quality, this is what happens — the grade comes down materially. And unlike 1999–2000, the industry is bust today. It is completely broke . . . it’s got to deal with some tough decisions . . . for Randgold, we’re not gold bulls, we really do worry about making profits and running a business, and it frustrates me that we are in an industry that is definitely inelastic . . . we’re watching the industry [do what] it did in 1992, 1993, 1996 and 1997 — supply gold into the industry at a loss, a significant loss. The other thing that fascinates me about the last [third] quarter is that . . . our bankers and our analysts turn around and say: “Look at the operating results for the last quarter: an improvement.” But no one looks at the debt. The industry produced more gold last quarter at a higher loss than it ever has in history, and everyone thinks it’s turning around. We calculated our reserves as an industry on a consolidated, weighted basis at US$1,400 an oz. for the beginning of this year. You can’t make money at US$1,250 if you calculated reserves at US$1,400, because reserve calculations don’t use capital. Another way to look at it is that if you take a basket of input costs from 2002, the input costs on average have gone up 150%. That means if the gold price has gone up 400%, there’s a large margin. But it’s not thick because of the grade. And you can cut head office, you can cut capital, you can cut exploration — but it doesn’t change the underlying profitability of a tonne of rock. The only thing that affects base costs in the mining industry is the grade of the rock you mine.

On Randgold’s thirdquarter results

We are in a particularly pleasing third quarter. Everyone, I think . . . was surprised. I would point out that they shouldn’t have been, because we weren’t even above our guidance. We were in line with our guidance and we reguided the market in March, where we took some ounces out of Loulo– Gounkoto and focused on cash flow, because 2013 was a big capital year for us, it was our peak funding year . . . the quarter itself was full of firsts. It was the first time we produced more than 160,000 oz. at Loulo–Gounkoto. It’s the first time for a long time that we showed a drop in costs per ounce both quarter-on-quarter and year-on-year, and of course the key player was the first gold at Kibali ahead of schedule. We still have some challenges in our business, as one always has, and we still have a box to tick on Tongon and the recoveries. And also key for us was that we started seeing exploration results that are meaningful. As you know, we are big on exploration. We’ve never chased our budget up . . . we’ve been spending about US$50 million on exploration a year, but we’ve got some really interesting numbers coming through suddenly, and that’s really the only way, as I’ve

TNM Jan 20 2014_Front Section.indd 14

said many times, that one can create value in the mining industry.

business without having to go out to the market and place equity.

On the DRC and Kibali

On acquisitions

The DRC and that whole Great Lakes area has really changed a lot, and it’s going to keep changing at quite a pace. Just recently Kenya announced with the Chinese that a new railroad will go from the Kenya port all the way up to south Sudan, and into the DRC. So there’s a lot of money going into that part of the world. The M23 defeat is a critical step forward. But another material thing is that we are actually shipping gold directly [by air] from the [Kibali] mine . . . to Kenya. We have a . . . licensed airfield at Kibali with immigration and customs, and the full Monty, and we ship directly out of DRC . . . if we had said to you that we’re going to ship out of DRC without going via Kinshasa two years ago, it wouldn’t have happened. And that’s how much things have moved on, to get people on-site, to get their head around measuring the gold, checking the assays, signing off on the weights, paying the royalties and then shipping directly. There’s a lot happening in these countries, particularly in that region.

Right now when we look at stuff in our backyard there’s nothing that appeals to us on value. And our focus is on exploration and tying up the collapsing juniors in earn-in deals. We’re about to announce another one. We’ve got three already.    

On gold prices

Randgold Resources CEO Mark Bristow. from 2015 for 10 years to 2025. And at Tongon, it’s 260,000 oz. to 280,000 oz. next year, and it will be 300,000 oz. for six years at US$750 per oz. And Tongon has no capital. The last bit of capital is [2014], and it’s really US$1.5 million to $2 million a year. If you look at Loulo–Gounkoto, we’re guiding 570,000 oz. for [2013], so we’ll beat our revised guidance of 560,000 by a little bit.

Right now at these gold prices we are fine. We pull in cash every week at these gold prices, but [who knows] where the gold prices are going to go to in the short-term . . . I guess the frustration for me is that all my colleagues in the gold industry are working very hard to f – – k the gold price up. And how long is it going to take? It’s bizarre. The point is that it’s this liability issue. If you look at Barrick . . . it could be the best gold company on this planet — in fact, it could be one of the best companies on this planet. If you take its top six assets, it’s a very, very, profitable business. It really is. But that means you have got to close 21 operations, or list shit compa-

Right now at these gold prices we are fine. We pull in cash every week at these gold prices, but [who knows] where the gold prices are going to go to in the short-term . . . I guess the frustration for me is that all my colleagues in the gold industry are working very hard to f – – k the gold price up. And how long is it going to take? It’s bizarre. Our big challenge at Kibali is managing the drop-off in employment as we come to the end of the capital project. We’ve got big farming initiatives. We’re quite far down the road now in facilitating an investment by an Asian group into palm oil, which will mop up the [un]employment. We really worried about the local labour — that’s unskilled labour that is coming out of the mine as we close the capital projects. And we’ve got some interesting initiatives for those that are interested. One of the farming initiatives that we initiated as part of the relocation program has just won a contract to supply maize to the World Food Programme. Out of a group of 100 farmers [in the co-operative], they’re clearing $100 per person per month, which is quite significant for that part of the world.

On guidance

We are guiding 550,000 oz. next year for Kibali and we’ll do about plus 600,000 oz. for the next 10 years. And on a real basis, that means on today’s money terms that we produce at under US$600 total cash costs. And I’ll remind you that at Randgold we do not have corporate general and administrative expenses, so our total cash costs are everything except tax, capital and discovery costs. We run our business on a fiveyear rolling plan. We guide on five years, as well as detail on one year . . . we’ve always had as a target, as our next milestone, to exceed 1.2 million oz. on a consolidated basis in 2015. We’re running the risk of getting to that point next year if everything works, and I’ll take you through what makes up that guidance. On Morila, we should do 140,000 oz. At Kibali, plus 600,000 oz. after 2014. So

The costs are well within guidance. Next year Loulo–Gounkoto will do 640,000 oz., and then 700,000, 735,000, 750,000 and 750,000 in 2018 . . . the reason we’re slowly lifting the production is because the grade just steps up gently — 0.2 gram per tonne — and the costs come down to US$600 to US$650. We’ll stay above 650,000 oz. a year until 2021 at Loulo–Gounkoto. We only start getting to the reserve grade at about 2023.

On making money

We make money at US$1,000 an oz., because we plan to make money at US$1,000 an oz. and always have. We use US$1,000 per oz. to allocate capital . . . at US$1,300 per oz. . . . we should have US$1.8 billion in the bank [by the end of 2018]. So we’re very profitable at US$1,300 per oz. At US$1,000 per oz. — after capital, and assuming we continue to pay dividends at the current dividend rate — we should have about US$380 million in the bank [by the end of 2018].

On access to capital

We have a US$200-million facility. We haven’t drawn in it because we got over our peak funding without having to draw on it, but it’s a nice backstop to be able to manage the current situation without having to be held ransom by the market . . . back in 1999–2000, you’ll remember we were the only company that didn’t issue equity under stress. And already we’ve seen the first round of stressed paper issues, and this time, all of our key shareholders are resource-fund managers that don’t have money to invest in equity, and it’s a big focus for us to make sure that we are well-positioned to manage our

nies. There are a lot of shit companies in this industry.

On political risk in West Africa

This is always a topic I have to deal with, but I tell people that if you’re going to invest in a gold stock, the biggest single risk you face is management, not geopolitical risk. Every one that has been running around saying the Organisation for Economic Co-operation and Development, no risk, look at where we are — Alaska, North America — and look at what’s happened to . . . businesses. And we are sitting in undoubtedly high-risk places, but we manage it differently. Looking at the specific risk, everyone is now all friendly towards Mali. Mali now has got an elected government, it’s a completely different risk to last year where it was a nominated government . . . now you’ve got a government in place, and they’re all great guys, fantastic. The president is a great guy, and he was actually the prime minister when I first went to Mali 17 years ago. But it’s a different dynamic now because they are elected politicians and back in power, so the wheelings and dealings are different. There’s a lot of money in Mali, which helps, because of the United Nations. It’s a small economy. The biggest risk in Mali is that the economy really collapsed, and it’s not a robust economy, so a lot of people are out of work. There are a lot of illegal people in the country, because the borders opened up over the last two years through the crisis, and there’s a lot of work being done to try to get things back to normal. Ivory Coast is probably one of our best countries now. It’s gone a long way from the Civil War. The new government is a competent

government, it’s an engaging government. We had this incident where the minister of mines got a bee in his bonnet and announced a windfall tax of 50%, and tried to ram it through parliament. That was a year ago. We’re now at the stage of signing off on a mining code that looks pretty good. It certainly will put Ivory Coast in the best mining-code category in Africa. The engagement has been constructive and really intellectual. The risk in Ivory Coast remains the dissent between the ruling party or the ruling government and the main party, which Laurent Gbagbo represented in the trial at the Hague. So what they haven’t done properly and what needs to be worked on harder is the whole reconciliation initiative from the north and south. So it’s a different risk, you have to manage it carefully. We’re in the north. And even the northerners believe they haven’t gotten enough out of it, and they fought the war.  So there’s a constant nation-building exercise that needs to be put in place. It is happening, but it’s slow. The positive thing is that gross domestic product grew at 9% last year, which is excellent. I mean, it’s off a low base, but it’s significant. We’ve made huge inroads in DRC. We are dealing with a mining-code debate, it’s a big challenge in DRC because it’s so dynamic a country . . . the real issue in the DRC is that 90% of the miners in the country are not part of the mining code. They don’t operate under the law, and they don’t contribute to the treasury. It’s always interested me down in Katanga, in the copper belt. Why people can’t make money at 3.5%? Well, you go down there and you see why. It’s a mess. Every one is stealing from everyone. Everyone extorts everyone, from the government to the local community to the investors. But the shining light there is Freeport. It’s demonstrated what you can do in an industry when you’re a real company running a real business. And it is definitely making a big contribution. So if you look at the Glencore business, you look at the Freeport business, you look at our business — those are three key visible and transparent businesses, and so parliament is saying that there is an empathy to revising the mining code, because there is no money coming into the treasury. And we’re saying: If you revise the mining code you’ll kill the country, and you still won’t get any money in the treasury because you’re not capturing the people. And that debate is raging right now, it’s a real debate . . . what’s interesting is that there’s a new cabinet coming, a new government. There’s been big pressure put on Kabila to change the cabinet from parliament, from his own coalition, and he’s been working on it now for a couple of weeks. So the whole country is paralyzed. Everyone said there were to be no major decisions made until it is sorted out. There are a lot of things in the air, all over the place. But the positive thing is that the government has appointed World Bank finance advisors as independent advisors. They have their own advisors, they’ve retained their own legal counsel and they’ve got external advisors, and the engagement is transparent. It’s really pretty robust. And I’ve met and do continually meet with the senior executives of government, and also the senate president and the parliamentary president, who are responsible for See RANDGOLD, Page 15

14-01-15 6:29 PM


THE NORTHERN MINER  JANUARY 20-26, 2014  15

Pan American Silver commits to US$80M expansion at La Colorada VANCOUVER — Pan American Silver (TSX: PAA; NASDAQ: PAAS) is ready to take its La Colorada polymetallic mine in the Chalchihuites district in Mexico’s Zacatecas State to the next level, after a preliminary economic assessment (PEA) proposed boosting the mine’s silver production by 64% over the next four years. La Colorada’s expansion would involve building mine infrastructure, developing new mining zones to reach deeper, highergrade ore and expanding its sulphide ore-processing plant. Pan American based its PEA on a reserve-and-resource statement at La Colorada from December 2012.

2015, after underground development around the shaft bottom, with commissioning scheduled for late 2016. Daily throughput rates at La Colorada would gradually rise from 1,250 tonnes to 1,800 tonnes by 2018. Pan American ­produces doré bars from its oxide ore using a conventional cyanide-leach circuit, while sulphide ore is processed through a flotation plant that produces silver-rich lead and zinc concentrates. The expansion will focus on the sulphide plant, which will be upgraded with a new crusher and grinding mill. President and CEO Geoff Burns noted in a release that La Colorada is set to become Pan American’s

Daily throughput rates at La Colorada would increase from 1,250 to 1,800 tonnes by 2018. The mine hosts proven and probable reserves totalling 5.1 million tonnes grading 393 grams silver per tonne, 0.41 gram gold per tonne, 2.84% zinc and 1.53% lead. Indicated resources tack on 2 million tonnes averaging 268 grams silver, 0.32 gram gold, 0.76% zinc and 0.49% lead. A 600-metre shaft will be built between the main Candelaria area — which contains La Colorada’s NC2 and HW veins — and the Estrella area that hosts the Amolillo vein. Construction on the shaft expansion is expected to start in early

largest silver producer, and that the expansion plan carries “low risk” and “considerable economic potential at today’s silver prices.” The expanded operation will have 10-year life, and require 100 mining personnel. The mine is slated to produce 7.7 million oz. silver annually by 2018, with estimated cash costs falling by 39% over the period to US$6.10 per oz., net of by-product credits. According to production guidance La Colorada is expected to crank out 4.7 million oz. silver in 2013, at cash costs of US$10 per oz.

Assuming a US$19 per oz. silver price, Pan American’s expansion carries an after-tax net present value (NPV) of US$39 million at a 10% discount rate, with an internal rate of return (IRR) estimated at 22% and a 2.5-year capital payback period. If silver prices are US$25 per oz., the NPV increases to US$72 million, while the IRR jumps to 32% with a twoyear payback period. The base case also assumes US$1,200 per oz. gold, US84¢ per lb. zinc, US95¢ per lb. lead and US$3.17 per lb. copper. BMO Capital Markets analyst Andrew Kaip describes La Colorada as “a bright spot set against bleak metal prices,” and revised his target price on Pan American from $11.50 to $10 per share, due to an 8% drop in silver prices since BMO’s last valuation. On Dec. 19, Kaip wrote that Pan American’s production profile is declining “notwithstanding the La Colorada expansion.” He adds that “a below-average IRR for [the company] reflects sensitivity to low metal prices.” Pan American shares have traded within a 52-week window of $10.18 and $18.99, and closed down 11¢ at $11.70 following its La Colorada release. At press time shares traded at $13.42 apiece. The company has 151 million shares outstanding for a $2-billion market capitalization, and reported a US$208-million cash balance at the end of September, after making US$34 million in operational earnings during the third quarter.

Randgold’s Mark Bristow RANDGOLD, From Page 14

signing in any change in law. Our big focus at the moment is that we have stability agreements in the DRC, and we want them enforced. That’s the first step in our engagement with them. But it’s dynamic.

On reinforcing agreements

You have to keep reinforcing these things, otherwise you end up like some of the big mining companies here in North and South America, where you just get rolled over. You can’t do that. We’re robust in our defense of our agreements. In Ivory Coast we stopped the legislation in mid-stream. We sent it back. And we do that. We’re not shy. We’re big players in these economies and we behave like a corporate citizen, we go and bash the tables with government. Otherwise, you just get rolled over. In Africa particularly, and I’ve watched it in South America. The debate starts and the industry is too scared to get involved, and before you know it, the debate has left you behind and you’ve got a new set of legislation, and you haven’t even been consulted. We make a big noise. We call press conferences. I have a quarterly press conference in Kinshasa, an open afternoon, where now even the ministers come, and we discuss Kibali in an open forum. And I do it every quarter in the Ivory Coast . . . in Mali we do it every six months. Just to keep Randgold’s investment and profile in the headlights, as far as all the local press goes. We do it all the time — keep that visibility, or otherwise people for-

TNM Jan 20 2014_Front Section.indd 15

get about it. And a lot of times you’ll see politicians deal with us sleight of hand because the view of the Joe Blow is that we just come in there, mine the gold, ship it out and take all the money. So there is a constant re-education of people. You’ve got to do it, because the government won’t say it. I remember going to the president of Mali one time and saying to the president: “Look, you know how much money we pay you every quarter, it’s 20% of your budget. Are you going to tell the people in Mali or am I going to do it? Who is going to tell the truth, because your guys are suggesting we don’t make a contribution.” And he said, no, he would do it, and he did. Under Mali’s mining codes, every investment is a convention, which is a law in itself, so you can’t change it. We still operate under the 1991 code. There are two subsequent mining codes since we invested, and most of our permits we have are still under the old 1991 code. We’ve encouraged them to go back to the 1991 code, because they have had no new investments since then.

On doing things differently

We do things counter-cyclical to the industry. The industry has always expanded in the peaks and gone bust in the troughs, and it’s certainly true to form now. And we try to do it the other way around, so this is the time we really step up. Our biggest competitors in a bull market are the juniors, because they get under our feet. Because we need ground to

be successful in our strategy of building our own portfolio. So right now we’re having a field day with the juniors, consolidating our footprints in our chosen areas. And again, we look after all our shareholders, because most of our shareholders are invested in the juniors too. So we give them a double chance.

On exploration

We have four legs to our exploration strategy: the Mako belt in Senegal, Western Mali, the whole of the Ivory Coast, and northeastern DRC . . . Ivory Coast is our priority exploration focus . . . we’ve spent US$50 million a year since the year dot, and we have found five world-class deposits, of which four we’ve built. And we’re the most successful on this planet. But you don’t know you’ve found something until you drill it, and the one thing that’s for sure is that you don’t have to drill a second hole. When you hit these world-class deposits, like Gounkoto, on the first hole you heard us say “We’ve got something.” We drilled two holes, a kilometre apart, hit the same orebody, and you know it’s there. I always say it’s like hunting buffalo. When you see that big buffalo, you don’t pick the binoculars up and have a look at it, you just shoot it. It’s the same thing in exploration. The key is that it’s a numbers game. We have between 100 and 150 targets in our portfolio at all times, and we turn over about 50 to 60 a year.

Lucara reports major increase in Karowe resource valuation VANCOUVER — Lucara Diamond (TSX: LUC; TSXV: LUC; US-OTC: LUCRF) has made headlines over the past year with the size and quality of stones it has unearthed at its Karowe mine in Botswana’s Orapa–Letlhakane kimberlite field, and on Dec. 20 the company finally quantified the impact these sizable diamond tenders are having on its project valuation. According to president and CEO William Lamb, the value of Karowe’s in-situ diamond resources has risen by US$1.2 billion since mining began in April 2012. Lucara’s updated resource is highlighted by recoverable indicated mineral resources — assuming a 1.25 mm bottom cut-off size — of 46.2 million tonnes, at an average grade of 16 carats per hundred tonne, with an average modelled diamond value of US$394 per carat. Inferred resources add 21 million tonnes at an average grade of 14 carats per hundred tonne, with an average modelled diamond value of US$412 per carat.

diamonds larger than 10.8 carats have been recovered. Lucara announced 2013 diamond sales and revenue of 438,000 carats and US$180 million. The company also announced the sale of a bulk-sample plant at its 75%-owned Mothae project to a subsidiary of Paragon Diamonds (LSE: PRG). Lucara owns 75% of the diamond project, which is located in the Maluti Mountains of Lesotho. Paragon would pay US$1.2 million for the equipment, including US$250,000 in cash and US$900,000 in shares. By removing the plant, Lucara could expand Mothae’s pit and make room for larger processing equipment for future development. BMO Capital Markets analyst Edward Sterck — who maintains a “market perform” rating on Lucara, along with a $1.70-per-share price target — notes that the diamond value of US$399 per carat is broadly in line with BMO research’s life-of-mine forecast of

Lucara sold 438,000 carats in 2013 for revenues totalling US$180 million. Lamb noted that the increase is mostly driven by the large, high-quality stones that Lucara recovered from Karowe’s south and centre lobes. In 2013 the company sold 23 diamonds worth over US$1 million, including nine diamonds valued at more than US$3 million each. Since operations began, Lucara has mined over 5.5 million tonnes of kimberlite, with 3.46 million tonnes processed through its plant. The company has recovered and sold just over 690,000 carats, which equates to US$254 million in diamonds. “People start to ask the question: ‘Do we expect these trends to continue?’” Lamb commented during a conference call. “As we mine more material from the centre and south lobes, we’re getting confirmation on a weekly basis of the recovery of these large and exceptional stones. The diamond distribution is significantly coarser.” The company notes that the updated resource estimate is supported by special diamonds, with more than 70 stones larger than 10.8 carats recovered to date in December. Since mining started in the centre and south lobes in March, more than 600

US$390 per carat. “The resource update provides increased confidence in Lucara’s outlook, and suggests that the lifeof-mine could be extended with a deeper open pit, capturing more of the resource,” Sterck writes in a Dec. 20 research update, citing that Karowe’s updated global resource contains 10.5 million carats, which is much larger than its production forecast of 5.8 million carats. “We have a sandstone layer between 240 and 280 metres down — it means there is a significant weakness towards the bottom of the pit,” Lamb commented when asked about pit expansion. “So we would have to have much higher diamond values to proceed. I think in a couple years’ time we may look at the opportunity for underground development, but we don’t foresee an expansion in the current plan.” Lucara shares have traded within a 52-week window of 50¢ to $1.69. The company saw 1.4 million shares traded after its resource update, fuelling a gain of 11%, or 16¢, en route to a $1.58-per-share close at press time. Lucara has 379 million shares outstanding for a $578-million market capitalization.

DRILLERS Directory

Corporate Headquarters

Tel: 250.767.6457

Fax: 250.767.6459

www.fullforcedrilling.com

To advertise in the Drillers columns call: Joe Crofts (416) 510-6816, David Chauvin (416) 510-6824 Teri Richardson (604) 688-9908 Canada Toll Free 1-800-268-7742, (ext. 6816 / 6824) U.S.A. Toll Free 1-800-387-0273, (ext. 6816 / 6824)

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16  JANUARY 20-26, 2014  THE NORTHERN MINER

ITH names new CEO, cuts staff to lower costs Vancouver-based International Tower Hill Mines  (TSX: ITH; NYSE-MKT: THM) is shuffling its senior management while trimming its workforce, to conserve cash while advancing its rather expensive Livengood gold project near Fairbanks, Alaska. As part of the shakeup, Thomas Irwin, the company’s current vicepresident, is replacing president and CEO Don Ewigleben. Ewigleben steps down from the board along with three other directors. Irwin has been contributing to Tower Hill’s corporate development and is in charge of technical matters at Livengood. Before becoming Tower Hill’s vice-president in August 2012, he held various positions, including the Alaska general manager for Livengood, the commissioner of the Alaska Department of Natural Resources, and senior roles at Kinross Gold’s (TSX: K; NYSE: KGC) Fort Knox gold mine, 72 km southeast of Livengood. “With the benefit of my long his-

TNM Jan 20 2014_Front Section.indd 16

tory in Alaska, I am confident the region remains one of the best mining jurisdictions in the world, and I believe in Livengood as a worldclass, multi-million ounce gold project,” Irwin said in a release. The project — estimated to cost nearly US$2.8 billion to build — hosts reserves of 10 million oz. from 454 million tonnes grading 0.68 gram gold per tonne, but the possibility of mining those ounces with the current US$1,200 gold price is far-fetched. A July 2013 feasibility study — envisioning Livengood as a 100,000-ton-perday (91,000-tonne-per-day) openpit operation producing 8 million oz. gold over its 14-year mine life — showed a bleak rate of return for the project, even using a threeyear trailing gold price of US$1,500 per oz. At that price, Livengood had a 1.7% after-tax internal rate of return (IRR) and a negative US$440 million net present value (NPV) at a 5% discount rate. It’s only after applying a US$1,700 per oz. gold price that the NPV and IRR

become positive, at US$336 million and 7.3%. The gold explorer is optimizing the project and hopes to move it forward with a joint-venture partner, adding that discussions with interested companies are progressing. But BMO analyst John Hayes is skeptical that Tower Hill can lower the project’s costs. “The company is evaluating plans for a revised development scenario, but it remains to be seen if a smaller capex project can advance,” he wrote in a year-end note. Hayes has a 41¢ target and an “underperform speculative” rating on the stock. Along with the corporate reorganization, Tower Hill will slash its workforce by 30% on Jan. 1 to rein in costs. It had US$16.6 million in cash and equivalents at the end of September 2013. Tower Hill closed at 40¢ within a 52-week range of 31¢ to $2.48. It has 98 million shares outstanding.

GoGold ups offer, bids for all of Animas

ANIMAS RESOURCES

Core samples on display at Animas Resources’ Santa Gertrudis gold project in Sonora, Mexico. GoGold Resources (TSX: GGD; TSXV: GGD) has upped the ante for A nimas Resources ( TSXV:

ANI) by intending to make a friendly bid to buy the Vancouver-based firm, and not just its Santa Gertrudis gold project in Mexico, beating Marlin Gold Mining’s (TSXV: MLN; USOTC: MLNGF) offer. Halifax-based GoGold plans to provide Animas’ shareholders 7¢ in cash and 0.0851 of its share for each Animas share held. This implies a 15¢ value to each Animas share, or an 87.5% premium, based on both companies’ closing prices on Dec. 24, 2013. GoGold also aims to acquire all of Animas’ warrants by offering one GoGold share for each 94¢ of in-themoney value of the Animas warrants. This proposal replaces GoGold’s earlier offer to buy Animas’ subsidiaries that held the Santa Gertrudis project. Notably, it allows GoGold to own 100% of the property while eliminating the royalties it would have had to pay under the previous projectpurchase agreement, GoGold’s CEO Terry Coughlan explains in a statement. As part of the deal, GoGold would receive Animas’ 270 sq. km Desierto exploration project, also in Mexico’s Sonora state.  For Animas shareholders, the bid provides “significant and immediate value for their shares,” Coughlan adds. Moreover, Animas’ shareholders could participate in developing the Santa Gertrudis project and the upside of GoGold’s Parral silver–gold project, expected to start production in early 2014. GoGold has entered lock-up agreements with Animas shareholders holding 42 million shares, or 58.7% of the company. In a separate release, Animas’ CEO Mark Brown said he’s aware of the lock-up agreements and noted his board unanimously agreed to support the takeover, urging shareholders to dismiss the inferior 10¢-per-share offer that Marlin Gold announced on Dec. 23. GoGold plans to mail the offer and takeover bid circular to Animas shareholders by Jan. 28, 2014, and has deposited $1 million in escrow. This amount will be paid to Animas if the offer isn’t mailed in time and under other circumstances. The deal requires approval from at least two-thirds of Animas’ shareholders.  

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Iron Ore Experts

Trusted Worldwide

wgm.ca

Pages B1-B20

Prospectors & Developers Association of Canada 2014 INTERNATIONAL CONVENTION, TRADE SHOW & INVESTORS EXCHANGE March 2 – 5 Metro Toronto Convention Centre, Toronto, Canada

FULL PROGRAM AND REGISTRATION DETAILS AT WWW.PDAC.CA/ CONVENTION New for 2014: All convention attendees must register for a pass. You may pre-register or register onsite. Onsite pickup and registration desks are located on Level 600 of the MTCC, South Building. You will not be permitted beyond Level 600 security without a pass. Register online by February 7, 2014 at www.pdac.ca/convention to qualify for early registration rates.

METRO TORONTO CONVENTION CENTRE, SOUTH BUILDING, LEVEL 600 CONVENTION REGISTRATION DESK HOURS Sponsored by Barrick Gold Corporation Friday, February 28 7:00 am – 5:30 pm Saturday, March 1 7:00 am – 5:30 pm Sunday, March 2 7:00 am – 5:30 pm Monday, March 3 7:00 am – 5:30 pm Tuesday, March 4 7:00 am – 5:30 pm Wednesday, March 5 7:00 am – 12:00 noon Prospectors & Developers Association of Canada 135 King St E Toronto, ON Canada M5C 1G6 (E): convention@pdac.ca (T): 1 416 362 1969 (F): 1 416 362 0101

FREE ACCESS TO SPEAKER PRESENTATIONS Post-convention, All Access Pass holders will receive email instructions to access video from the Technical and Open Sessions synchronized to speakers’ PowerPoint presentations (as released by the presenters for inclusion).

PDAC_Jan20_2014.indd 1

Jan. 20-26 2014

A world of opportunity Message from Peter Legein, Legein Consulting Inc., and Chair, 2014 Convention Planning Committee, Prospectors & Developers Association of Canada The world’s largest exploration and development convention is coming to Toronto this March. The Prospectors & Developers Association of Canada’s (PDAC) International Convention, Trade Show & Investors Exchange offers a broad spectrum of Technical Sessions, Short Courses and networking events. With over 30,000 attendees, the PDAC 2014 Convention promises to provide a world of opportunities for attendees to learn about the latest trends, technologies and personalities shaping the mineral exploration and mining sector. At the Investors Exchange, over 540 companies will promote their exploration and development opportunities to potential investors to raise the financial resources needed to discover and develop the mineral deposits of the future, while at the Trade Show over 400 suppliers of services and products provide explorers the materials and services they need to enable the mineral discovery and development of future mines. In addition to the Investors Exchange and Trade Show, there will be 19 Technical Sessions, 60 Core Shack displays, 13 Short Courses and Workshops held before, during and after the convention. The Technical Sessions begin Sunday afternoon, and cover three topics: Commodities and Market Outlook, Maximizing Company Profits and Growth by Acquisition, and Current Developments in Financial Markets and Public Disclosure. On Monday morning, March 3, a variety of Technical Sessions will take place, including the Keynote Session: Sharing Mineral Wealth, as well as on Geometallurgy and Investment in BRIC countries. Sessions on Wealth in Weathered Rocks, Diamonds and Mineral Economics will be held in the afternoon following the Mineral Outlook Luncheon where Ned Goodman will discuss the Capital Rebound: How, where and when will it come back? Technical Sessions on Tuesday morning, March 4, feature morning sessions on Peruvian Copper Deposits and Jackpot at 2200 Ma West Africa, while afternoon programs will focus on Abitibi Breaks, Geophysics and Zinc following the Panel Luncheon. The luncheon, moderated by PDAC President Glenn Nolan, features Bob Rae, Josh Hjartarson and the

Honourable Michael Gravelle who will discuss Advancing the Ring  of Fire – What has to happen to move it forward? This panel will examine the future of the region, its complexities, and existing barriers to development. On Wednesday morning, March 5, Technical Sessions include South Africa and its Mines, Alternative Financing Sources for Junior Resource Companies, along with Specialty Metals and Industrial Minerals and New discoveries and Developments. The PDAC has also organized a number of Corporate Social Responsibility (CSR), Aboriginal, Capital Markets and Student programs throughout the entire

duration of the convention that are must-attend events. Once the sun goes down there are a large number of social and networking events. Many of these events are extremely popular and it is always a good idea to book your tickets when you pre-register. On behalf of the PDAC, I would like to thank our Diamond sponsor, Teck Resources Limited; our Platinum sponsors Barrick Gold Corporation, IBK Capital Corp. and Goldcorp Inc.; and our Patron sponsors Vale Canada Limited, Ernst & Young, PwC and TMX Group. For the first time, a Mining Country sponsorship opportunity has been developed, and PDAC is pleased to announce that Peru

has become the first and exclusive Mining Country Sponsor of the PDAC 2014 Convention. The PDAC 2014 Convention will be defined by the depth and breadth of the thousands of participants who come from all continents representing thousands of companies and organizations involved in the exploration, discovery and development of mineral wealth. The collective knowledge and experience of the community that will be present at PDAC 2014 is by far the biggest attraction of the convention. I invite you to come and take part in the largest annual mineral exploration and mining event in the world. We look forward to seeing you all there!

Visit us at PDAC, Booth #1209!

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PDAC 2014 Convention

B2  JANUARY 20-26, 2014  THE NORTHERN MINER

PRESENTATION ROOMS Metro Toronto Convention Centre, North Building PDAC is not responsible for Presentation Room content.

THE FOLLOWING ARE CONFIRMED FOR PDAC 2014 (AS AT JANUARY 10, 2014) Alaska, State of Australia Minerals Brazil, Agency for the Technological Development of the Brazilian Mineral Industry (ADIMB) Canada-Peru Chamber of Commerce Canadian Northern Economic Development Agency (CanNor) Canada Eurasia Russia Business Association (CERBA) Cayman Enterprise City and Walkers Global Chile Trade Commission, ProChile Colombia, Republic of Dassault Systèmes GEOVIA Inc. FTI Consulting Geotech Ltd. Greenland, Bureau of Minerals and Petroleum Greenland Business Association

German Mineral Resources Agency, Deutsche Rohstoffagentur (DERA) India, Ministry of Mines Kazakhstan, Kyrgyzstan and Tajikistan Mineral Resources Mauritania, Ministry of Petroleum, Energy and Mines McCarthy Tétrault Montt Group SpA. Nordic Mining Countries The World Bank, SEGOM Unit

SUNDAY, MARCH 2

looking for investment and suppliers as well as Greenlandic suppliers looking for partners and projects. Networking will take place at the end of the event. To register, please contact Arnskjold@ga.gl All are welcome. Registration is required.

MAXIMIZING RETURNS ON CANADIAN OUTWARD INVESTMENT

GREENLAND BUSINESS EVENT

CAYMAN ENTERPRISE CITY AND WALKERS GLOBAL

GREENLAND BUSINESS ASSOCIATION Room 205DC 3:00 – 6:00 pm Greenland Business Association welcomes all who are interested in an update on business in Greenland. You will meet representatives from Greenlandic exploration projects

Room 206BA 2:00 – 6:00 pm Gain insight into how Canadian corporations, consultants and businesses are able to enhance returns to investors by generating growth through their non-Canadian based operations. With proper planning, Canadians can structure their non-Canadian

businesses to achieve a reduction in costs and other “leakage” so as to return nearly all trading profits to Canada. The Tax Information Exchange Agreement (“TIEA”) between the Government of Canada and the Cayman Islands, and what it means for Canadian businesses, will be discussed. How to structure a venture to maximize the benefits under the TIEA will also be described, as well as opportunities for financing structures and intellectual property licence fees, royalties, etc. Sometimes it may be necessary to locate personnel outside of Canada to oversee non-Canadian operations. Historically, such relocations have been prohibitively expensive and an immigration nightmare. Cayman Enterprise City (CEC), an awardwinning knowledge-based special economic zone based in the Cayman Islands, changes all that. With ten business days’ business licensing, turnkey office and immigration solutions, what once was expensive or not possible can now be easily achieved. The

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decision to go to the Cayman Islands is not always intended but a result of circumstance; the former CFO of a Canadian company explains how the company ended up in the Cayman Islands. The process of establishing a company in the Cayman Islands or redomesticating an existing company to the Cayman Islands will be described. Individual meeting opportunities will be available with Walkers and Cayman Enterprise City. Please email Sondra Lovett at sondra.lovett@ walkersglobal.com to schedule one-onone meetings. 2:00 – 2:10 pm: Welcome, Ramesh Maharaj, Partner, Walkers, Cayman Islands Attorneys 2:10 – 2:30 pm: Why Canadian companies go offshore and how can the Cayman Islands assist them? Michael Colborne, Thorsteinssons, Canadian Tax Counsel 2:30 – 2:50 pm: Why Canadian individuals go offshore and the Canadian income tax implications, including discussion of residency, nonresidency, departure tax, and how to unwind a departure from Canada, Sabina Mexis, Zeifmans LLP, Canadian Tax Counsel 2:50 – 3:05 pm: Cayman Enterprise City: What is it and how you can benefit, Sheridan Robinson, Global Business Development Manager, CEC 3:05 – 3:15 pm: The accidental tourist: How a Canadian corporation ended up in the Cayman Islands, Graham Clow 3:15 – 3:25 pm: Cayman Islands legal landscape, establishing a Cayman Islands company, migrating a company into the Cayman Islands, Ramesh Maharaj, Partner, Walkers All are welcome. Registration is not required.

ALASKA: NORTH TO OPPORTUNITY! ALASKA, STATE OF Room 206DC

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2:00 – 6:00 pm Alaska offers unparalleled prospects for entrepreneurs, business expansion, and global corporations. Abundant natural resources, pro-development climate, and a unique global position combine to create an unprecedented opportunity. Mining is a driving force in Alaska’s growing economy. Alaska has world-class mineral deposits yet to be developed. Alaska’s operating mines include open pit and underground hard rock mines, a coal mine, an underground placer mine, and a number of conventional placer mines. Our robust exploration industry includes advanced exploration projects developing hard rock, placer, and coal projects. Join representatives from the State of Alaska, Alaska Native regional corporations and exploration companies to discover how Alaska’s abundant mineral resources, prodevelopment state agencies and unique global position combine to create a climate rich in investment opportunity. Alaska’s advantages • Centrally located to serve entire Pacific Rim, Canadian, and US west coasts; positioned to serve European markets • Stable political environment and a See PRESENTATION ROOMS, Page B4

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PDAC 2014 Convention

THE NORTHERN MINER  JANUARY 20-26, 2014  B3

LOOKING FOR A REBOUND? MINERAL OUTLOOK LUNCHEON Monday, March 3, MTCC PDAC welcomes Ned Goodman, President and Chief Executive Officer at Dundee Corporation. Mr. Goodman has made transformative and enduring contributions to Canada’s minerals industry and capital markets as a companybuilder, merchant banker and investment advisor during a dynamic career spanning almost half a century. Goodman will discuss “Capital re-bound – how, where and when will it come back?” Thank you to our luncheon sponsors Hitachi Consulting and Grant Thornton LLP. Tickets $70. Purchase online at www.pdac.ca/convention

Ned Goodman

RING OF FIRE – MOVING FORWARD? PANEL LUNCHEON Tuesday, March 4, MTCC Join us for a sit-down lunch and panel discussion on Advancing the Ring of Fire – What has to happen to move it forward? This panel will examine the future of the region, its complexities and existing barriers to development. The panel will cover an array of topics including environmental assessment, infrastructure and Aboriginal partnerships. Moderator: Glenn Nolan, President, PDAC

Glenn Nolan

Panelists: Josh Hjartarson, Vice President, Policy and Government Relations, Ontario Chamber of Commerce Bob Rae, Chief Negotiator, Matawa Tribal Council The Honourable Michael Gravelle, Minister of Northern Development and Mines, Ontario Tickets $70. Purchase online at www.pdac.ca/convention

WELCOME RECEPTION

STUDENT-INDUSTRY NETWORKING LUNCHEON

Sunday, March 2

Tuesday, March 4, MTCC

Fairmont Royal York, Canadian Room PDAC welcomes you to the Convention with a welcome drink and light refreshments at the Fairmont Royal York. This is the largest networking event at the Convention, so be sure to bring your business cards. Shuttle service will be available from the MTCC, South Building to the hotel on Sunday evening. Sponsoring the Welcome Reception are Raymond James Ltd., RBC Capital Markets & Scotiabank. All convention passes are welcome

The flagship event of the student program, this reception-style buffet luncheon gives you the opportunity to make valuable connections with industry professionals and peers. The winner of the Mary-Claire Ward Geoscience Award will be announced as well as the selected 2014 Student-Industry Mineral Exploration Workshop

(S-IMEW) students. Don’t miss this opportunity to put your networking skills to good use. There will be a random draw for seven $500 tuition top-up awards – proof of student membership is required to collect the award. Admission ONLY with a Student All Access Pass or All Access Pass and ticket

Headquartered in Vancouver, BC, Teck is Canada’s largest diversified resource company, committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. With ownership or interest in 13 operating mines in Canada, the USA, Chile and Peru and one large metallurgical complex in Canada, Teck has expertise across a wide range of activities including exploration (primarily focused on three commodities: copper, zinc and gold), development, smelting, refining, safety, environmental protection, product stewardship, recycling and research. Over 14,000 employees work each day to deliver on Teck’s commitment to health and safety, protection of the environment and the sustainability of the communities in which Teck operates. Teck is proud to be the Diamond Sponsor for the PDAC 2014 Convention.

MEDIA RECEPTION Sunday, March 2 Fairmont Royal York, Imperial Room International and local journalists, industry leaders and government representatives network, socialize and celebrate the opening of the Convention at this exclusive PDAC hosted cocktail reception. By invitation only

MINING NIGHT Tuesday, March 4 Fairmont Royal York, Canadian Room Come and network with 3,000 of your closest industry friends! The Dave Murphy Band will perform your favourite cover tunes while you hit the dance floor and enjoy free draft beer until 11:00 pm. All convention passes are welcome

PDAC_Jan20_2014.indd 3

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PDAC 2014 Convention

B4  JANUARY 20-26, 2014  THE NORTHERN MINER

PRESENTATION ROOMS PRESENTATION ROOMS, From Page B2

well-trained and educated workforce • Approximately 190 million acres of federal, state, and Native lands open for minerals development • O  ngoing state-sponsored geological and geophysical mapping program

Incentives • State Exploration Tax Credit • Permitting coordination through the Alaska Department of Natural Resources • Infrastructure financing programs through the Alaska Industrial Development and Export Authority • Engaged statewide university system with expertise in underground and surface mine training, mineral processing research and development, and Arctic engineering Visit the State of Alaska (Booth #1204) at the Tradeshow • Alaskan geology, prospects, and investment opportunities • One-on-one conversation with state officials • Maps, literature, and other services and resources • A copy of the Alaska Navigator showcasing Alaskan opportunities throughout PDAC To register, please contact: Joseph Jacobson, Director State of Alaska Department of Commerce, Community, and Economic Development joseph.jacobson@alaska.gov 1 907 465 2625 All are welcome. Registration is preferred, but not required.

MONDAY, MARCH 3 AUSTRALIA HAS THE MINERALS THE WORLD NEEDS

AUSTRALIA MINERALS Room 201DC 9:00 am – 12 noon Australia has an established track record of highly successful mineral exploration and mining, with mineral commodities forming a large slice of the nation’s exports. The best geoscientific information indicates there is more to discover Down Under. A new national government recently announced plans to increase incentives for mineral exploration, including abolishing the carbon and minerals resource rent taxes and streamlining approvals processes. It has also announced an exploration development incentive to assist junior explorers to carry out exploration in greenfields areas. Supportive governments, a stable political environment, clear legal frameworks, a strong economy and skilled workforce all make Australia an attractive place to do business. This seminar will include a series of 15-minute presentations followed by time for targeted one-on-one discussions. Proposed speakers include: • Leaders of the national and state geological surveys who will describe geoscience programs to reduce exploration risk in Australia

• Leading researchers who will outline transformational technologies and geoscience that are reshaping deep mineral exploration • Senior company representatives who will share their experiences working productively within the Australian context Take advantage of this chance to meet Australia’s Chief Government Geologists, leading researchers and senior company representatives, to discover more about the opportunities Australia offers. All are welcome. Registration is not required.

A MINE OF SOLUTIONS Technical, economic and feasibility studies NI 43-101 technical reports Mine planning, design and simulation Plant design and simulation EPCM projects Commissioning assistance Power generation and T&D Automation and industrial IT Telecommunications Optimization of drilling and blasting applications Process optimization and control

JOIN US AT THE PDAC CONFERENCE: BOOTH NO. 245

PDAC_Jan20_2014.indd 4

COLOMBIA MINING DAY COLOMBIA, REPUBLIC OF Room 201FE 9:00 am – 6:00 pm

Colombia is a country full of geological riches, committed to transforming mining into a pillar of the economy while promoting the fulfillment of the highest environmental standards and the development of its communities. With growth at high rates during the last decade, due to the confidence and business opportunities that investors have found in this emerging market, mining plays a major role in the Colombian economy. With a geological base of coal, nickel, gold, platinum, emeralds, limestone, salt, clay, silica sand, copper and manganese ores and gypsum, among other discoveries, the government is committed to expanding this sector and welcomes foreign investment. Colombia is the number one producer of emeralds worldwide and the number one producer of thermal coal in Latin America. In past years the country has experienced an increase in gold exploration and other base metals. During Colombia Day at PDAC, attendees will hear about the country’s mining potential from key governmental delegates. Government entities including the Ministry of Mines and Energy and the consolidated mining authority, the National Agency of Mining, will discuss the achievements of the past year and their commitment to generating a more efficient investment environment for the sector while promoting mining development focused on social and environmental responsibility. There will also be special presentations on some of the most promising mining projects for 2014. Expected participants will include representatives of leading mining companies, investors, suppliers, government officials and officials from the most significant mineral producing regions of Colombia who will share their experiences and insights in regards to the country´s mining sector. Onsite registration opens at 8:30 am. To register, contact ana.perez@ anm.gov.co All are welcome. Registration is required.

NORDIC MINING DAYS: INVESTMENT OPPORTUNITIES AND TECHNOLOGY SOLUTIONS FOR SUSTAINABLE MINING (DAY 1) NORDIC MINING COUNTRIES Room 205DC 8:30 am – 8:30 pm As the main mining area in Europe, the Nordic countries have a lot to offer the world of mining. The Fennoscandian Shield boasts significant, and largely unexplored, mineral opportunities and the Nordic countries are home to first class mining technologies and innovations. In an effort to showcase mining and mining-related opportunities, the Nordic community has come together to host “Nordic Mining Days” on March 3 and 4.

This seminar will offer an overview of investment opportunities and cutting edge mining technologies and services by Nordic companies. The event is targeted at investors and companies looking for partnerships and technology suppliers. • See why Finland, Sweden and Norway are ranked in the Fraser Institute’s top ten countries with favorable investment climates for mining companies. • Get acquainted with the geological potential, research infrastructure and mineral strategies and regulations of the Nordic countries. • Learn what Nordic mining technology suppliers can offer the industry and what trends are emerging in automation, process optimization and environmental management etc. • Meet key stakeholders, including state officials, Nordic mining experts and companies. The program has two main sessions, Day 1 described below and Day 2 under the March 4 Presentation Rooms program. 8:00 – 8:30 am: Registration 8:30 am – 12:30 pm: Investment in the Nordic countries • Geological overview of mineral potential • Research infrastructure • Investment environment and legislation 12:30 – 2:00 pm: Lunch 2:00 – 6:30 pm: Nordic sustainable mining technology supply • Overview of the mining technology cluster in the Nordic countries • Company presentations on technologies that serve the mining industry 6:30 – 8:30 pm: Reception and networking Refreshment breaks, lunch, reception and matchmaking activities will be held in adjacent room 205BA To register, please contact harry. sandstrom@spinverse.com Registration is preferred, but not required.

CHILE: LONG-TERM OPPORTUNITIES FOR SUSTAINABLE MINING CHILE TRADE COMMISSION, PROCHILE Room 206BA 9:00 am – 12 noon This seminar will recognize Chile’s stability and performance in mining investment, as well as discuss the existing cooperation between the public and private sectors that deal with the mining challenges in Chile. In 2013, the importance of the mining industry in Chile was demonstrated by record high foreign investment, energy challenges given top priority and industry innovation, all encouraging examples of the future for sustainable mining in the country. In addition to its unique geological conditions for mining activity, Chile has a responsible and open economic policy, political stability and a strong legal institutional framework, all essential aspects for the country maintaining its leadership in copper mining and advancing the development and competitiveness of the industry.

All are welcome. Registration is not required.

GREENLAND MINING PROJECTS GREENLAND, BUREAU OF MINERALS AND PETROLEUM Room 206DC 9:00 am – 12 noon Greenland is rich in all varieties of minerals from rubies to precious metals, iron and iron alloys, base metals and critical minerals such as rare earth elements, niobium and tantalum. The goal of the government is to translate the great potential of minerals into good jobs and revenue to develop welfare in the Greenlandic society to benefit the population. This means great opportunities for Greenland – as well as for foreign investors and buyers of minerals. Greenland has experienced a very positive development of mineral licence interests during the last decade. Several of the exploration activities are now in an advanced stage just before the exploitation preparations. At present, one exploitation permit has been granted and more projects are getting closer to becoming mines. The Ministry of Industry and Mineral Resources (MIM), the Geological Survey of Denmark and Greenland (GEUS) and several of the mining projects will be discussed at the Greenland Day session. In addition, new aeromag data from southeast Greenland will be released during the session. To book individual meetings and/or to register, contact: Lærke Louise Thomsen llth@nanoq.gl +299 34 68 14 Henrik Stendal hdal@nanoq.gl +299 34 68 36 All are welcome. Registration is preferred, but not required.

INDIA: OPPORTUNITIES GALORE FOR EXPLORATION AND MINING INDIA, MINISTRY OF MINES Room 201DC 2:00 – 7:00 pm The Government of India has taken a series of new policy initiatives under the overall framework of National Mineral Policy 2008 for growth in the mineral sector, with a view to accelerating investment in the sector. To expedite growth of mineral development, procedures have been further streamlined and simplified. National Mineral Policy 2008 envisages security of tenure and transparency in allotment of concessions. The legislative framework is being finalized. In place now in India are a newly liberalised economic policy and structural reforms with strong incentives for investment, business and exports, and tax concessions for setting up new industries. We have a thriving stock market with a very large investor community and a well-established infrastructure network. The country also has a very large pool of professionals such See PRESENTATION ROOMS, Page 6

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PRESENTATION ROOMS PRESENTATION ROOMS, From Page 4

as geoscientists, mining engineers, managers and skilled workmen. The country has abundant reserves of key minerals such as iron ore, bauxite, dolomite, gypsum, limestone, mica and adequate reserves of chromite, manganese, zinc and graphite. Kerala beach sands are rich in atomic minerals. India produces 87 minerals, which include four fuel, ten metallic, 47 non-metalic, three atomic and 23 minor minerals. There is a consensus in the mining sector that import of technology and equipment is required in various sub sectors such as mineral extraction, processing, mine safety and pollution control monitoring. Joint ventures are commonly ideal for such technology transfers. Greater R&D efforts need to be made to achieve technology adoption, adaptation and assimilation, particularly to suit Indian conditions. Incredible India offers investment opportunities for investment in the booming mining and mineral sector. India has a long heritage of exploration and exploitation of minerals with vast geological potential. Come to the India Pavilion for: • Vital information about geological and investment opportunities • Interaction with policy makers and regulators from federal and provincial governments, and industry representatives including major private players and stateowned enterprises in exploration and mining All are welcome. Registration is not required.

LEGAL CHALLENGES FACING THE MINING INDUSTRY TODAY MCCARTHY TÉTRAULT Room 206BA 2:00 – 6:00 pm This presentation will be made in conjunction with the 2014 release of McCarthy Tétrault LLP’s Mining in the Courts. The program will offer panel discussion on the latest legal developments and issues facing mining companies operating in Canada and abroad. Topics will include: • Private equity and other current alternative sources of capital

PDAC_Jan20_2014.indd 6

• Directors’ and officers’ exposure: preventing, insuring against, and defending securities class actions and a whole lot more • Emerging issues in global disputes: Canadian courts take in your foreign dirty laundry • Aboriginal law: current trends To register, contact Nicole Nassri at nnassri@mccarthy.ca All are welcome. Registration is required.

BRAZILIAN MINING DAY BRAZIL, AGENCY FOR THE TECHNOLOGICAL DEVELOPMENT OF THE BRAZILIAN MINERAL INDUSTRY (ADIMB) Room 206DC 2:00 – 6:00 pm Brazil is widely recognized for its huge territory, diversified geologic environment and mining tradition. These attributes, together with the available infrastructure and economic stability, make the country a safe place for successful investments in prospecting and mining. This seminar will highlight Brazil as one of the most suitable countries for mineral exploration and mine development, ranked among the top countries in terms of mineral production, territorial area and geologic environments for new deposit discoveries. Seminar outline: The new framework for the mining sector Brazilian Federal Government Authorities will introduce the priorities adopted by the Ministry of Mines and Energy. Recent successful cases in mineral exploration and mining development in Brazil Representatives of different global players and mid-cap and junior companies will review the discovery and development of significant deposits as well as present their views on the potential for new discoveries of world-class deposits. All are welcome. Registration is not required.

TUESDAY, MARCH 4 BIGGER IS BETTER: MAPPING DEEPER THAN EVER BEFORE

GEOTECH LTD. Room 201DC 8:00 am – 12 noon

Innovations and technical case studies: Discover the advantage in airborne geophysics Discover the advantage in airborne geophysics in this Geotech presentation about innovations and technical case studies. Geotech has been an innovator in the design and application of airborne electromagnetic and related geophysical surveys for over 30 years. It specializes in advanced digital helicopter-borne electromagnetic (EM) systems as exemplified by its flagship systems: VTEM (Versatile Time-domain ElectroMagnetics) and ZTEM (Z-axis Tipper ElectroMagnetics), the most advanced and powerful systems available today. Geotech has upheld its reputation for ground-breaking EM solutions with the recent introduction of Fixed Wing ZTEM (airborne AFMAG), and VTEM Max (high power helicopter TEM) and Full Waveform VTEM (high near-surface and deep resolution) to the market, and Geotech is excited to present advances and new case studies from around the world using these systems at PDAC 2014. Geotech will also be presenting information on its other new airborne technologies, such as Fixed Wing ZTEM, and its new suite of Fixed Wing aeromagnetic, spectrometric and gravity systems, as well as its software development of Joint Inversion codes for Airborne ZTEM with Ground MT for oil and gas exploration. Geotech’s broad range of geophysical expertise, as well as crews operating from six offices located strategically around the world, position us as the right choice to meet your exploration needs, globally. This session will cover new advances in airborne geophysical technology focusing on how they can be utilized to help our clients with their exploration efforts to discover the next world-class deposit. We will also review techniques in interpretation, advanced processing and modeling that can be used to help define target zones, thus reducing drilling costs and leading to higher success rates. The half day event will include presentations from invited speakers as well as from Geotech.

All are welcome. Registration is not required.

CHILEAN SEMINAR: LEGAL DUE DILIGENCE OF MINING CLAIMS IN CHILE MONTT GROUP SpA. Room 201FE 8:00 am – 12 noon This seminar aims to provide a practical and comprehensive overview of existing procedures in Chile for obtaining mining rights, and operating and exploiting mines, including safety and environmental regulations. Title acquisition: • Exploration licences, procedures and timing • Exploitation licences, procedures and timing • Sales and other acquisitions through private transactions • Existing certifications on validity and sufficiency of mining title • The role of the Chilean courts and governmental agencies (SERNAGEOMIN) in the establishment of mining rights in Chile • Mining public registry offices (“Conservadores de Minas”) and certifications Start up and mine closure in Chile: • Authorization needed for starting up • Volumes of production and their environmental requirements • Mine closure plan • Minerals transactions Easements: • The state as owner of the surface soil • Voluntary easement to be agreed by the owner of the surface soil or among different mining claims • The easement when hostile obtained through the courts Environmental permits: • The letter of “no pertinencia” • Environmental Impact Declaration (EID) and Environmental Impact Study (EIS) in the mining sector • Procedures and appeals Other significant aspects of due diligence: • The existence of underground water rights in the area • The maritime concessions and their regulation in relation to mining • Water rights and their relation to mining • Tax issues of mining due diligence 8:00 – 8:15 am: Registration/ Coffee 8:15 – 8:30 am: Opening speakers 8:30 - 10:30 am: Panel 1: Title acquisition Panel 2: Start up and mine closure in Chile Panel 3: Easements 10:30 – 10:45 am: Coffee break 10:45 am – 12:00 noon: Panel 4: Environmental permits Panel 5: Other significant aspects of due diligence. Speakers: Santiago Montt V., CEO & Executive President, Montt Group SpA; Cristian Solis, Chief Attorney, Mining Division. Montt y Cía S.A., Chilean law firm; Montt Group SpA, Regional LATAM law firm To register, please contact Cecilia Salinas at monttgroup@monttgroup. com or monttcia@monttcia.cl All are welcome. Registration is preferred, but not required.

NORDIC MINING DAYS: INVESTMENT OPPORTUNITIES AND TECHNOLOGY SOLUTIONS FOR SUSTAINABLE MINING (DAY 2) NORDIC MINING COUNTRIES Room 205DC 8:30 am – 12 noon As the main mining area in Europe, the Nordic countries have a lot to offer the world of mining. The Fennoscandian Shield boasts significant, and largely unexplored, mineral opportunities and the Nordic countries are home to first class mining technologies and innovations. In an effort to showcase mining and mining-related opportunities, the Nordic community has come together to host “Nordic Mining Days” on March 3 and 4. This seminar will offer an overview of investment opportunities and cutting edge mining technologies and services provided by Nordic companies. The event is targeted at investors and companies looking for partnerships and technology suppliers. 8:30 - 9:00 am: A recap of geological opportunities and the investment climate in Nordic countries 9:00 am - 12noon: Exploration and mining projects from the Nordics Meet project owners, surveyors, investment agencies, policy makers and others to help you assess the potential for exploration in the Nordics and learn about individual projects. To register, please contact harry. sandstrom@spinverse.com Registration is preferred, but not required.

CANADA’S NORTH: RESOURCE DEVELOPMENT OPPORTUNITIES CANADIAN NORTHERN ECONOMIC DEVELOPMENT AGENCY (CanNor) Room 206BA 8:30 am – 12 noon Canada is rich in natural resources and this is particularly true in our North. With nearly 40 percent of Canada’s landmass and the Arctic Ocean, Canada’s Arctic is a vast and diverse region that is becoming a world-class destination for the resource development sector. Following a networking breakfast, learn about the mineral exploration and mining potential in Canada’s three territories -Yukon, Northwest Territories, and Nunavut -- and why this region is an attractive destination for investment. Presentations and panel discussions will be offered by federal and territorial government officials, Aboriginal leaders and industry representatives. The Northern Edge: Overview of Canada’s Arctic region • Explore Canada’s northern mining history, and current and potential geological findings and opportunities in the Yukon, See PRESENTATION ROOMS, Page 12

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THE NORTHERN MINER  JANUARY 20-26, 2014  B7

SHORT COURSES AND WORKSHOPS Space is limited. Register early to avoid disappointment. You do not need to be a registered convention attendee or a PDAC member to attend these courses. All Short Courses will take place at the MTCC, South Building. The Association of Professional Geoscientists of Ontario (APGO) considers participation by its members in these courses as acceptable Continuing Professional Development activities. Early and regular rates vary. Visit http://www.pdac.ca/convention/program/short-courses for further information including availability for students.

1. EXPLORATION GEOCHEMISTRY: EXTRACTING KNOWLEDGE FROM DATA Friday, February 28 8:00 am- 4:00 pm Organizer: Reflex Geochemistry (ioGlobal) This course provides attendees with techniques to interpret their geochemical data effectively, by extracting knowledge about geochemical and geological processes and their controls on the distribution of elements in rocks, soils and other sample media. Industry and government bodies spend considerable resources to acquire geochemical data that can yield a great deal of information when used to their full potential. However, these datasets often receive only a cursory appraisal focused on recognizing first-order anomalies, due to a lack of time or appropriate skills to effectively interrogate the data. Geochemical processes and controls can cause secondary element enrichments in the surface environment, which are often not recognized as such, leading to fruitless expenditure on “false anomalies” while more subtle anomalies that are actually related to mineralization can be missed. The geochemical data themselves can pose another challenge. Many datasets consist of multiple generations of data and may include data from multiple labs and multiple analytical methods. The complexity of such datasets, combined with inadequate appraisal, can lead to severe interpretation errors or the application of inappropriate techniques for data analysis. Recognition of these issues and the use of proper data-analysis techniques can ensure confidence in the results and maximize the value extracted from your data. This day-long course is designed for anyone who works with geochemical data at any stage from exploration through to planning and production. Key concepts include: 1. Fit-for purpose data and assessing the impact of data quality on interpretation 2. The application and benefits of Exploratory Data Analysis (EDA) to determine geochemical trends and identify clusters and outliers 3. Univariate through multivariate statistical techniques applied to geochemistry 4. Advanced data interpretation including: data levelling, regressions, principal component analysis, canonical variate analysis, decision trees, cluster analysis, etc. 5. Illustration of these techniques using real-world examples and case studies

2. HEALTH AND SAFETY IN MINERAL EXPLORATION Friday, February 28 8:30 am - 4:30 pm Organizer: Bill Mercer, Exploration Avalon Rare Metals Inc.

they can understand the following: • What the typical risks are in mineral exploration • Completion of an elementary risk assessment of a task • Investigation an accident • Collection, compilation and understanding of health and safety statistics • At a high level, how health and safety can and should be administered • What the special risks are around drilling (accidents) and helicopters (fatalities) The participants, if from a small company, will have enough information to start a health and safety (H&S) program, if such does not exist. If from a larger company, they will understand better what the company program is attempting to achieve, and also, some specific technicalities of risks around drilling and helicopters. The course is targeted

at those active in mineral exploration in the field, though management aspects of H&S will also be covered.

3. UNDERSTANDING AND RUNNING AN EFFECTIVE QA/QC PROGRAM Friday, February 28 9:00 am - 4:30 pm Organizer: Todd McCracken, WSP Canada Inc. Your project has a QA/QC program, but is it effective and does it meet the standards of best industry practice? This full-day course examines various components of an effective QA/QC program, and will concentrate on how to setup and run a program in the real world. Topics will include databases management, drill programs (RC and diamond drill core), core logging, and

an in-depth look at analytical QA/QC, including how to select a laboratory and the use of Blanks, Duplicates and Standards in the program. Real examples of effective programs will be presented to the group with an active discussion on what should be considered minimum requirements. Tricks of the trade and cost effective solutions will be presented throughout the course. Participants will be encouraged to engage in discussions throughout the course.

4. EXPLORATION IN DEEPLY WEATHERED TERRAINS: BASIC TO ADVANCED CONCEPTS AND PRAGMATIC TECHNIQUES Friday, February 28 & Saturday, March 1

8:30 am - 5:00 pm Organizer: SEG and Simon Bolster, Gryphon Minerals Limited Effective mineral exploration in regolith dominated terrains, where bedrock can be deeply weathered, masked beneath soil, lateritic weathering profiles or transported overburden requires different techniques and approaches compared to, for example, exploration in mountainous terrain or the tundra. Geologists and exploration managers frequently face considerable challenges when they explore regolith dominated terrains, especially if they were trained in temperate areas of the world. Frequently asked questions are: What should we sample? What depth should we sample? What is the optimum sample density? How do we map the geology and regolith? How do we interpret the geochemistry? What is See SHORT COURSES, Page B16

“Each project – and each location – comes with its own set of regulations.” People who know Mining, know BDO.

The Energy & Natural Resources Practice at BDO The mining sector is uncertain by nature. Your success hinges on volatile commodity markets, globalization, and complex regulatory, reporting, and tax requirements. Whether you’re an exploration company looking for financing or a producing company working to maximize profitability, BDO’s deep industry knowledge and seamless global network can help you respond to the ever-changing issues facing your business. Assurance | Accounting | Tax | Advisory www.bdo.ca/energy-natural-resources

BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.

The objective of the course is to give the participants sufficient training that

Seiter&Miller 000949 Pub. The Northern Miner Size. 8 x 10 Issue 4/1/13 Art Director: sd/lg Copywriter: ms Account Executive: wt Date 03/15/13 PDAC_Jan20_2014.indd 7

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PDAC 2014 Convention

B8  JANUARY 20-26, 2014  THE NORTHERN MINER

INVESTORS EXCHANGE

Sponsored by

MINING INVESTMENT SHOW

FREE REGISTRATION ONLINE AT WWW.PDAC.CA/CONVENTION The Investors & Select Presentations Pass includes access to Investors Exchange exhibit booths, Core Shack, Prospectors Tent, Letter Writer Presentations for Investors, Corporate Presentation Forum for Investors, Innovation Forum, Open Session, the Aboriginal Program, CSR Event Series and select Capital Markets programming.

CORPORATE PRESENTATION FORUM FOR INVESTORS Sponsored by National Post The Corporate Presentation Forum for Investors is a popular series that features up-to-the-minute information on select exploration and development companies’ current activities and investment potential. Over 100 selected companies will present. Visit http://www.pdac.ca/convention/program/corporate-presentationforum-for-investors for a complete schedule. All convention passes are welcome. Presenters as at January 10, 2014 Alamos Gold Inc.

Foran Mining Corporation

Primero Mining Corp.

Alderon Iron Ore Corp.

Fortuna Silver Mines Inc.

Probe Mines Limited

Aldridge Minerals Inc.

GoldQuest Mining Corp.

Randgold Resources Limited

Allana Potash Corp.

Hecla Mining Company

Richmont Mines Inc.

Altius Minerals Corporation

Hochschild Mining plc

Riverside Resources Inc.

Amerigo Resources Ltd.

Ivanhoe Mines Ltd.

Roxgold Inc.

Argonaut Gold Inc.

Kingsgate Consolidated Ltd.

Augusta Resource Corporation

Kivalliq Energy Corp.

Aureus Mining Inc.

Lucara Diamond Corp.

B2Gold Corp.

Luna Gold Corp.

Black Iron

Mawson Resources Ltd.

Brigus Gold Corp.

McEwen Mining Inc.

Canada Lithium Corp.

Mega Precious Metals Inc.

Candente Copper Corp.

Metallica Minerals Ltd.

Capstone Mining Corp.

Midas Gold Corp.

Cartier Resources Inc.

Minera IRL Limited

Cayden Resources Inc.

Mkango Resources Ltd.

Champion Iron Mines Limited

Moneta Porcupine Mines Inc.

Claude Resources Inc.

Mountain Province

Colombian Mines Corporation

Sabina Gold & Silver Corp. Sandstorm Gold Ltd. Santacruz Silver Mining Ltd. Scorpio Mining Corporation SEMAFO Inc. Silver Standard Resources Inc. Silver Wheaton Corp. Silvercorp Metals Inc. SilverCrest Mines Inc. Solitario Exploration & Royalty Corp. SQM St Andrew Goldfields Ltd.

Diamonds Inc.

Colossus Minerals Inc.

Mundoro Capital Inc.

Stonegate Agricom Ltd.

Columbus Gold Corporation

Nevada Copper Corp.

Stornoway Diamond

Condor Gold PLC

Nevsun Resources Ltd.

Continental Gold Limited

New Gold Inc.

Sulliden Gold Corporation Ltd.

Copper Fox Metals Inc.

New Millennium Iron Corp.

Tasman Metals Ltd.

Copper Mountain

NexGen Energy Ltd.

Temex Resources Corp.

Mining Corporation

NGEx Resources Inc.

Corporation

Tinka Resources Limited

Denison Mines Corp.

Nordgold

Detour Gold Corporation

Noront Resources Ltd.

Diamcor Mining Inc

North Arrow Minerals Inc.

Duluth Metals Limited

Northern Graphite Corporation

Dundee Precious Metals Inc.

Northern Minerals Ltd.

Eldorado Gold Resources Ltd.

NovaGold Resources Inc.

Endeavour Mining Corporation

OceanaGold Corporation

Energold Drilling Corp.

Oceanic Iron Ore Corp.

Energy Fuels Inc.

Orezone Gold Corporation

Entrée Gold Inc.

Orvana Minerals Corp.

Virginia Mines Inc.

Excellon Resources Inc.

Osisko Mining Corporation

Wellgreen Platinum Ltd.

Excelsior Mining Corp.

Peregrine Diamonds Ltd.

Western Copper and

Exeter Resource Corporation

Platinum Group Metals Ltd.

First Point Minerals Corp.

PMI Gold Corp.

Western Potash Corp.

Fission Uranium Corp.

Polymetal International Plc

Wildcat Silver Corporation

Torex Gold Resources Inc. Toro Energy Limited Trevali Mining Corporation TriAusMin Limited Troy Resources Limited Uranerz Energy Corporation Uranium Energy Corp. Ur-Energy USA Inc.

Gold Corp.

PROSPECTORS TENT Prospectors Tent booths are reserved exclusively for self-employed or independent prospectors to display their maps, samples and claim results.

Exhibitors as at January 10, 2014 Diego de Arvelos Nicolau 3203

David Mako

3205

Scott Berdahl

3213

Carl Nelson

3219

Donald Brown

3211

Myron Nelson

3233

Salomon Calerdon

3207

John Rapski

3201

Tom Drivas

3209

Chris Rawluk

3229

David Foreshew

3231

Gordon Salo

3215

Edwin Gaucher

3217

Willam S. Wilcox

3221

PDAC_Jan20_2014.indd 8

Company and booth # listing as at January 10, 2014 COMPANY NAME

BOOTH # Session A (Sunday, March 2 – Monday, March 3)

Adventure Gold Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2207A Aldridge Minerals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2620A Alto Ventures Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2622A American Bonanza Gold Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2414A AndeanGold Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2209A AQM Copper Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2425A Asante Gold Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2404A Aurania Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2407A Avannaa Resources Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2217A Brookemont Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2423A Canadian Orebodies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2616A Cayden Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2203A CB Gold Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2614A Colombian Mines Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2215A Copper Mountain Mining Corporation . . . . . . . . . . . . . . . . . . . . . . . 2406A First Nickel Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2417A Foran Mining Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2606A Formation Metals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2416A Geologix Explorations Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2223A Global Cobalt Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2415A Goldeye Explorations Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2405A Goldrush Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2600A Gossan Resources Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2403A Gran Colombia Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2624A Kirkland Lake Gold Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2409A Kombat Copper Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2221A Lupaka Gold Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2618A Mega Precious Metals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2418A Minco plc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2421A Miranda Gold Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2408A Nevada Copper Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2604A Nevsun Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2608A Olivut Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2419A PMI Gold Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2420A Renaissance Gold Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2400A Riverside Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2413A

COMPANY NAME

BOOTH #

49 North Resources Inc. . . . . . . . . . . . . . . . . . Adamera Minerals Corp.. . . . . . . . . . . . . . . . . Adex Mining Inc.. . . . . . . . . . . . . . . . . . . . . . . Adriana Resources Inc. . . . . . . . . . . . . . . . . . . Aegean Metals Group. . . . . . . . . . . . . . . . . . . African Queen Mines Ltd.. . . . . . . . . . . . . . . . Agnico-Eagle Mines Limited. . . . . . . . . . . . . . Alacer Gold Corp.. . . . . . . . . . . . . . . . . . . . . . Alamos Gold Inc.. . . . . . . . . . . . . . . . . . . . . . . Alderon Iron Ore Corp.. . . . . . . . . . . . . . . . . . Aldershot Resources Ltd.. . . . . . . . . . . . . . . . . Alexandria Minerals Corporation. . . . . . . . . . Alexco Resource Corp. . . . . . . . . . . . . . . . . . . Alhambra Resources Ltd.. . . . . . . . . . . . . . . . . ALLANA POTASH Corporation. . . . . . . . . . . Almaden Minerals Ltd. . . . . . . . . . . . . . . . . . . Altan Rio Minerals Limited . . . . . . . . . . . . . . . Altius Minerals Corp.. . . . . . . . . . . . . . . . . . . . American Creek Resources Ltd.. . . . . . . . . . . . Americas Bullion Royalty Corp.. . . . . . . . . . . . Amerigo Resources Ltd.. . . . . . . . . . . . . . . . . Anconia Resources Corp. . . . . . . . . . . . . . . . . Anfield Nickel Corp. . . . . . . . . . . . . . . . . . . . . Anglo American. . . . . . . . . . . . . . . . . . . . . . . . Ansell Capital Corp.. . . . . . . . . . . . . . . . . . . . . Anthill Resources Ltd. . . . . . . . . . . . . . . . . . . . Arctic Star Exploration Corp.. . . . . . . . . . . . . . Argentex Mining Corporation. . . . . . . . . . . . . Argonaut Gold Inc.. . . . . . . . . . . . . . . . . . . . . Aston Bay Holdings Ltd... . . . . . . . . . . . . . . . . Astur Gold Corp.. . . . . . . . . . . . . . . . . . . . . . . Atlantic Gold NL. . . . . . . . . . . . . . . . . . . . . . . Atna Resources Ltd.. . . . . . . . . . . . . . . . . . . . . Aurora Mineral Resource Group. . . . . . . . . . . Australia Minerals Mining Group Ltd.. . . . . . . Australian Securities Exchange . . . . . . . . . . . . Avala Resources Ltd.. . . . . . . . . . . . . . . . . . . . Avalon Rare Metals Inc. . . . . . . . . . . . . . . . . . Avino Silver & Gold Mines Ltd.. . . . . . . . . . . . Azimut Exploration Inc.. . . . . . . . . . . . . . . . . . Azure Minerals Limited. . . . . . . . . . . . . . . . . . B2Gold Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . Balmoral Resources Ltd. . . . . . . . . . . . . . . . . . Banro Corporation. . . . . . . . . . . . . . . . . . . . . . Banyan Gold Corp.. . . . . . . . . . . . . . . . . . . . . Barisan Gold Corporation . . . . . . . . . . . . . . . . Barkerville Gold Mines Ltd.. . . . . . . . . . . . . . . Barrick Gold Corporation. . . . . . . . . . . . . . . . . Batero Gold Corporation. . . . . . . . . . . . . . . . . Bayfield Ventures Corp.. . . . . . . . . . . . . . . . . . Beaufield Resources Inc. . . . . . . . . . . . . . . . . . Belo Sun Mining Corp. . . . . . . . . . . . . . . . . . . Belvedere Resources Ltd.. . . . . . . . . . . . . . . . . Benton Resources Corp. . . . . . . . . . . . . . . . . . Besra Gold Inc.. . . . . . . . . . . . . . . . . . . . . . . . . Black Iron. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Blackcomb Minerals Inc.. . . . . . . . . . . . . . . . . Boliden. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Botnia Exploration Holding AB. . . . . . . . . . . . Boxxer Gold Corp.. . . . . . . . . . . . . . . . . . . . . . Bralorne Gold Mines Ltd.. . . . . . . . . . . . . . . . Brazil Resources Inc. . . . . . . . . . . . . . . . . . . . . Brigus Gold Corp. . . . . . . . . . . . . . . . . . . . . . . Brionor Resources Inc.. . . . . . . . . . . . . . . . . . . Brixton Metals Corporation. . . . . . . . . . . . . . . Cadillac Ventures Inc. . . . . . . . . . . . . . . . . . . . Callinex Mines Inc. . . . . . . . . . . . . . . . . . . . . . Cameco Corporation. . . . . . . . . . . . . . . . . . . . Canada Lithium Corp.. . . . . . . . . . . . . . . . . . . Canada Rare Earth Corp.. . . . . . . . . . . . . . . . . Canada Strategic Metals Inc.. . . . . . . . . . . . . . Canada Zinc Metals Corp.. . . . . . . . . . . . . . . . Canadian Zinc Corporation. . . . . . . . . . . . . . . CanAlaska Uranium Ltd.. . . . . . . . . . . . . . . . . Candente Copper Corp.. . . . . . . . . . . . . . . . . Canstar Resources Inc.. . . . . . . . . . . . . . . . . . Capstone Mining Corp.. . . . . . . . . . . . . . . . . . Caracara Silver Inc. . . . . . . . . . . . . . . . . . . . . . Cardero Group of Companies. . . . . . . . . . . . . Carlisle Goldfields Limited. . . . . . . . . . . . . . . . Carpathian Gold Inc.. . . . . . . . . . . . . . . . . . . . Cartier Resources Inc. . . . . . . . . . . . . . . . . . . . Cassidy Gold Corp.. . . . . . . . . . . . . . . . . . . . .

2932 2322 2337 2138 3237 2705 2125 2339 2722 2102 2830 2716 2447 2502 3118 2829 3144 2435 3131 2607 2123 3145 2704 2325 2349 3002 2103 2740 2844 2106 2120 3306 2333 3045 3322 2726 3216 2303 3044 2326 2940 2733 3127 2323 2312 2813 2429 2434 3230 2725 3302 2441 2845 3236 2449 2552 2308 3114 3329 3206 3043 2529 2505 2904 2136 2953 2909 2634 2815 3107 2929 2833 2727 2140 3031 3105 2710 2515 2927 3304 2341 3323 3312

COMPANY NAME

COMPANY NAME

BOOTH #

San Marco Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2201A Sidex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2213A Solitario Exploration & Royalty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 2422A Strait Minerals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2401A Tamaka Gold Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2205A Temex Resources Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2412A U.S. Silver & Gold Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2219A Victory Mountain Ventures Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2402A Wolfden Resources Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2612A Zenyatta Ventures Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2602A

Session B (Tuesday, March 4 – Wednesday, March 5) ABE Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ascot Resources Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Augusta Resource Corporation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aureus Mining Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Callinan Resource Corporation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chatham Rock Phosphate Limited. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chesapeake Gold Corporation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cold Rock Resources. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Columbus Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fancamp Exploration Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Happy Creek Minerals Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hot Chili Limited. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Houston Lake Mining Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ivanhoe Mines Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Midas Gold Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Montana Gold Mining Company Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . Nemaska Lithium Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Plata Latina Minerals Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Santacruz Silver Mining Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sudbury Platinum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Talmora Diamond Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Toro Energy Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Wildcat Silver Corporation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yorbeau Resources Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

BOOTH #

Castle Resources Inc.. . . . . . . . . . . . . . . . . . . . 2319 Centerra Gold Inc.. . . . . . . . . . . . . . . . . . . . . . 2944 Century Iron Mines Corp.. . . . . . . . . . . . . . . . 3246 CGRG s.r.o . . . . . . . . . . . . . . . . . . . . . . . . . . . 3125 China Gold International Resources Corp. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . 2444 China Metallurgical Exploration Corp.. . . . . . 2342 Claude Resources Inc.. . . . . . . . . . . . . . . . . . . 3130 Cliffs Natural Resources Inc.. . . . . . . . . . . . . . 2430 Clifton Star Resources Inc.. . . . . . . . . . . . . . . . 2801 CNSX Markets Inc. . . . . . . . . . . . . . . . . . . . . . 2542 Coastal Gold Corp.. . . . . . . . . . . . . . . . . . . . . 2514 Colorado Resources Ltd.. . . . . . . . . . . . . . . . . 2605 Colossus Minerals Inc.. . . . . . . . . . . . . . . . . . . 2850 Colt Resources Inc. . . . . . . . . . . . . . . . . . . . . . 3035 Commerce Resources Corp.. . . . . . . . . . . . . . 2817 Commonwealth Silver and Gold Mining Inc.. 3245 Condor Gold PLC . . . . . . . . . . . . . . . . . . . . . . 2946 Confederation Minerals Ltd. . . . . . . . . . . . . . . 3126 Constantine Metal Resources Ltd.. . . . . . . . . . 2911 Continental Precious Minerals Inc. . . . . . . . . . 2448 Copper Fox Metals Inc.. . . . . . . . . . . . . . . . . . 2713 Copper One Inc.. . . . . . . . . . . . . . . . . . . . . . . 3147 Copperzone Resources Limited. . . . . . . . . . . . 2630 Coro Mining Corp. . . . . . . . . . . . . . . . . . . . . . 2928 Corvus Gold Inc.. . . . . . . . . . . . . . . . . . . . . . . 2746 Coventry Resources Inc.. . . . . . . . . . . . . . . . . 2930 Critical Elements Corporation. . . . . . . . . . . . . 2753 Crocodile Gold Corp.. . . . . . . . . . . . . . . . . . . . 2533 Cronimet-Mining AG . . . . . . . . . . . . . . . . . . . 3019 Crown Gold Corporation. . . . . . . . . . . . . . . . . 2752 CuOro Resources Corporation. . . . . . . . . . . . 2947 Cyprium Mining Corporation. . . . . . . . . . . . . 3151 Detour Gold Corporation . . . . . . . . . . . . . . . . 2231 Deutsche Bank. . . . . . . . . . . . . . . . . . . . . . . . . 3102 Deveron Resources Ltd.. . . . . . . . . . . . . . . . . 2948 DGR Global. . . . . . . . . . . . . . . . . . . . . . . . . . . 2745 Diamcor Mining Inc.. . . . . . . . . . . . . . . . . . . . 2524 DNA Precious Metals Inc.. . . . . . . . . . . . . . . . 3014 Dolly Varden Silver Corporation. . . . . . . . . . . 2613 Donner Metals Ltd.. . . . . . . . . . . . . . . . . . . . . 2717 Doray Minerals Ltd.. . . . . . . . . . . . . . . . . . . . . 3232 Duluth Metals Limited. . . . . . . . . . . . . . . . . . . 2111 Dundee Precious Metals Inc.. . . . . . . . . . . . . . 2649 Dynacor Gold Mines Inc.. . . . . . . . . . . . . . . . . 3129 Dynasty Gold Corp.. . . . . . . . . . . . . . . . . . . . . 2832 Dynasty Metals & Mining Inc.. . . . . . . . . . . . . 2146 Eagle Plains Resources Ltd.. . . . . . . . . . . . . . . 3300 Eagle Star Minerals Corp. . . . . . . . . . . . . . . . . 3222 East Asia Minerals Corporation. . . . . . . . . . . . 3036 Eastmain Resources Inc. . . . . . . . . . . . . . . . . . 2338 EDM - Empresa de Desenvolvimento Mineiro, S.A.. . . . . . . . . . . . . . . . . . . . . . . . . 3316 Eldorado Gold Corporation. . . . . . . . . . . . . . . 2732 Elgin Mining Inc.. . . . . . . . . . . . . . . . . . . . . . . 2615 Encanto Potash Corp.. . . . . . . . . . . . . . . . . . . 3110 Endeavour Mining Corporation. . . . . . . . . . . . 2310 Energizer Resources Inc. . . . . . . . . . . . . . . . . . 2350 Energold Corp. . . . . . . . . . . . . . . . . . . . . . . . . 2516 Energy Fuels Inc.. . . . . . . . . . . . . . . . . . . . . . . 2304 Enirgi Group . . . . . . . . . . . . . . . . . . . . . . . . . . 2507 Entrée Gold Inc.. . . . . . . . . . . . . . . . . . . . . . . . 2712 Erdene Resource Development Corp.. . . . . . . 2112 Estrella Gold Corporation . . . . . . . . . . . . . . . . 3143 ETIMINE Works General Management . . . . . 3200 Eurasian Minerals, Inc.. . . . . . . . . . . . . . . . . . . 2651 Everton Resources Inc.. . . . . . . . . . . . . . . . . . 2149 Evrim Resources Corp.. . . . . . . . . . . . . . . . . . . 3040 Excellon Resources Inc.. . . . . . . . . . . . . . . . . . 2107 Excelsior Mining Corp.. . . . . . . . . . . . . . . . . . 2517 Exeter Resource Corporation. . . . . . . . . . . . . . 2545 Explor Resources Inc.. . . . . . . . . . . . . . . . . . . . 2122 First Point Minerals Corp. . . . . . . . . . . . . . . . . 2147 Fission Uranium Corp.. . . . . . . . . . . . . . . . . . . 2621 Flemish Gold Corp.. . . . . . . . . . . . . . . . . . . . . 3212 Focus Graphite Inc.. . . . . . . . . . . . . . . . . . . . . 2142 Fortuna Silver Mines Inc.. . . . . . . . . . . . . . . . . 2443 Fortune Minerals Limited. . . . . . . . . . . . . . . . 2837 Forum Uranium Corp.. . . . . . . . . . . . . . . . . . . 2825 Garibaldi Resources Corp.. . . . . . . . . . . . . . . . 3153 Geodex Minerals Ltd. . . . . . . . . . . . . . . . . . . . 2635 Gilden Group. . . . . . . . . . . . . . . . . . . . . . . . . . 2709 Ginguro Exploration Inc.. . . . . . . . . . . . . . . . . 3000

COMPANY NAME

2415B 2215B 2219B 2404B 2405B 2209B 2422B 2618B 2207B 2417B 2421B 2213B 2608B 2408B 2620B 2413B 2412B 2223B 2612B 2217B 2419B 2205B 2221B 2616B

BOOTH #

Global Geoscience Ltd.. . . . . . . . . . . . . . . . . . Globex Mining Enterprises Inc.. . . . . . . . . . . . Gold Canyon Resources Inc.. . . . . . . . . . . . . . Goldcorp Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . Golden Band Resources Inc.. . . . . . . . . . . . . . Golden Dory Resources Corp.. . . . . . . . . . . . . Golden Goliath Resources Ltd.. . . . . . . . . . . . Golden Minerals Company. . . . . . . . . . . . . . . Golden Star Resources Ltd.. . . . . . . . . . . . . . . Goldgroup Mining Inc.. . . . . . . . . . . . . . . . . . GoldQuest Corporation. . . . . . . . . . . . . . . . . . Goldrock Mines Corp.. . . . . . . . . . . . . . . . . . . Goldstream Minerals Inc.. . . . . . . . . . . . . . . . GOOD Mining Exploration Inc. . . . . . . . . . . . Gowest Gold Ltd. . . . . . . . . . . . . . . . . . . . . . . Graphite One Resources Inc.. . . . . . . . . . . . . . Great Quest Metals Ltd.. . . . . . . . . . . . . . . . . Grizzly Discoveries Inc. . . . . . . . . . . . . . . . . . . Grosso Group Management. . . . . . . . . . . . . . GTA Resources and Mining Inc.. . . . . . . . . . . GV Gold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Harte Gold Corp.. . . . . . . . . . . . . . . . . . . . . . . Hecla Mining Company . . . . . . . . . . . . . . . . . Helio Resource Corp.. . . . . . . . . . . . . . . . . . . . High Desert Gold Corporation . . . . . . . . . . . . Highland Copper Company Inc.. . . . . . . . . . . Hinterland Metals Inc.. . . . . . . . . . . . . . . . . . . Hochschild Mining plc. . . . . . . . . . . . . . . . . . . Huakan International Mining Inc.. . . . . . . . . . HudBay Minerals Inc. . . . . . . . . . . . . . . . . . . . Hudson Resources Inc. . . . . . . . . . . . . . . . . . . Hunt Mining Corp.. . . . . . . . . . . . . . . . . . . . . Hunter Dickinson Inc.. . . . . . . . . . . . . . . . . . . IAMGOLD Corporation . . . . . . . . . . . . . . . . . IBI Corporation . . . . . . . . . . . . . . . . . . . . . . . . IC Potash Corp.. . . . . . . . . . . . . . . . . . . . . . . . Impact Silver Corp. . . . . . . . . . . . . . . . . . . . . . Imperial Metals Corporation. . . . . . . . . . . . . . Independence Gold Corp.. . . . . . . . . . . . . . . . Indo Gold Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . Inspiration Mining Corporation. . . . . . . . . . . . Integra Gold Corp. . . . . . . . . . . . . . . . . . . . . . International Millennium Mining Corp.. . . . . . International Minerals Corporation. . . . . . . . . International PBX Ventures Ltd. . . . . . . . . . . . International Samuel Exploration Corp.. . . . . . International Tower Hill Mines Ltd.. . . . . . . . . Intrepid Mines Limited. . . . . . . . . . . . . . . . . . INV Metals Inc.. . . . . . . . . . . . . . . . . . . . . . . . Ironbark Zinc Limited. . . . . . . . . . . . . . . . . . . . Ironstone Resources Ltd.. . . . . . . . . . . . . . . . . Jaguar Mining Inc.. . . . . . . . . . . . . . . . . . . . . . Jameson Resources Limited. . . . . . . . . . . . . . . Jien Nunavik Mining Exploration Limited. . . . Kermode Resources Ltd.. . . . . . . . . . . . . . . . . Kesselrun Resources Ltd.. . . . . . . . . . . . . . . . . KGHM International Ltd.. . . . . . . . . . . . . . . . . Kilo Goldmines Ltd.. . . . . . . . . . . . . . . . . . . . . Kincora Copper Ltd. . . . . . . . . . . . . . . . . . . . . King’s Bay Gold Corporation. . . . . . . . . . . . . . Kingsgate Consolidated Limited. . . . . . . . . . . Kinross Gold Corporation . . . . . . . . . . . . . . . . Kiska Metals Corporation . . . . . . . . . . . . . . . . Klondex Mines Limited. . . . . . . . . . . . . . . . . . KM Diamond & Exploration Ltd.. . . . . . . . . . . Knight Resources Ltd.. . . . . . . . . . . . . . . . . . . Kopy Goldfields AB (publ). . . . . . . . . . . . . . . . KWG Resources Inc.. . . . . . . . . . . . . . . . . . . . Labrador Iron Mines Limited. . . . . . . . . . . . . . Lake Shore Gold Corp. . . . . . . . . . . . . . . . . . . Lara Exploration Ltd.. . . . . . . . . . . . . . . . . . . . Laramide Resources Ltd.. . . . . . . . . . . . . . . . . Largo Resources Ltd.. . . . . . . . . . . . . . . . . . . . Latin American Minerals Inc.. . . . . . . . . . . . . . Laurion Mineral Exploration Inc.. . . . . . . . . . . Legend Gold Corp.. . . . . . . . . . . . . . . . . . . . . Levon Resources Ltd.. . . . . . . . . . . . . . . . . . . Lexam VG Gold Inc. . . . . . . . . . . . . . . . . . . . . Luna Gold Corp.. . . . . . . . . . . . . . . . . . . . . . . Lundin Group of Companies, The. . . . . . . . . . Lydian International Ltd.. . . . . . . . . . . . . . . . . Macarthur Minerals Limited . . . . . . . . . . . . . . MacDonald Mines Exploration Ltd.. . . . . . . . .

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14-01-13 4:23 PM


PDAC 2014 Convention

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2509 2708

2709 2908

2909 3108

3109 3308

2110

2111 2310

2311 2510

2710

2711 2910

2911 3110

3111 3310

2112

2113 2312

2313 2512

2712

2713 2912

2913 3112

3113 3312

20'

20'

2314

30'

2127 2326

129

128

2128

131

130

2130

243 145

144

149 150

30'

152

253 20'

Investors Exchange Entrance

O/H DOOR

COMPANY NAME

2715

2517 2716

30'

20'

2723 2922

2523 2722 2525 2724

2725 2924

2527 2726

2727

2129 2328

2329 2528

2529 2728

2131 2330

2331 2530

2531 2730

2133 2332

2139 2338

20'

2333 2532

3233

MARCH 2 - 5, 2014

3235 3237

EXHIBIT HALLS F & G - SOUTH BUILDING Metro Toronto Convention Centre Toronto, Canada

3241 3243 3245

Session A & Session B Booths Only

Please note: Floor Plan is subject to change

Compliments of Water Program

3117 3316

3119 3318

3118

20'

3123 3322

3124

3125 3324 3127 3326

3327

2729 2928

2929 3128

3129 3328

3329

2731 2930

2931 3130

3131 3330

3331

2733 2932

2933 3132

2937 3136

3133 3332

2537 2736 2539 2738

2739 2938

2939

2541 2740

2741 2940

2941 3140

3141

2743 2942

2943 3142

3143

2745 2944

2945 3144

3145

2746

2747 2946

2947 3146

3147

20'

2341

2343 2542 2345

20'

2543

20'

2545 2744 20'

3335

3139

2347 2546

2148

2149 2348

2349 2548

2549 2748

2749 2948

2949 3148

3149

2150

2151 2350

2351 2550

2551 2750

2751 2950

2951 3150

3151

2353 2552

2553 2752

2753 2952

2953 3152

3153

2153

3333

3137

20'

2147 2346

20'

3323

2927 3126

20'

2339 2538

2143 2342 2145 2344

2533 2732

2923 3122

2337 2536

2141 2340

20'

3231

3115 3314

3114

2917 3116

2717

2519 2718

2325 2524

2142

2146 20'

2515 2714

2323 2522

2140

2144

146

247

2514

20'

2526

2136

40'

3229

Lounge

UP

2125 2324

2126

40' 40'

30'

2516

2123 2322

2124

136

PDAC 2014 INVESTORS EXCHANGE

8'

3321

126

2132

2508

2319 2518

124

20'

3217

UP

2122

3215

3221

Aisle 3300

122

3213

Trade Show Entrance O/H DOOR

BOOTH #

Silver Bear Resources Inc. . . . . . . . . . . . . . . . Silver Nickel Mining Co. . . . . . . . . . . . . . . . . Silver Standard Resources Inc. . . . . . . . . . . . . Silver Wheaton Corp. . . . . . . . . . . . . . . . . . . Silvercorp Metals Inc.. . . . . . . . . . . . . . . . . . . SilverCrest Mines Inc. . . . . . . . . . . . . . . . . . . Silvore Fox Minerals Corp.. . . . . . . . . . . . . . . Sirios Resources Inc.. . . . . . . . . . . . . . . . . . . . Sirius Minerals Plc . . . . . . . . . . . . . . . . . . . . . SLAM Exploration Ltd. . . . . . . . . . . . . . . . . . Soltoro Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . Solvista Gold Corporation . . . . . . . . . . . . . . . Sona Resources Corp. . . . . . . . . . . . . . . . . . . Sprott Group of Companies . . . . . . . . . . . . . SQM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . St Andrew Goldfields Ltd. . . . . . . . . . . . . . . . St. Augustine Gold & Copper Ltd.. . . . . . . . . Starcore International Mines Ltd. . . . . . . . . . Stina Resources Ltd. . . . . . . . . . . . . . . . . . . . Stornoway Diamond Corporation . . . . . . . . . Strategic Exploration Group . . . . . . . . . . . . . Sulliden Gold Corporation Ltd. . . . . . . . . . . . Taku Gold Corp. . . . . . . . . . . . . . . . . . . . . . . Taranis Resources Inc. . . . . . . . . . . . . . . . . . . Tasman Metals Ltd. . . . . . . . . . . . . . . . . . . . . Tau Capital Corp. . . . . . . . . . . . . . . . . . . . . .

2523 3314 2128 2311 3049 2340 2708 3244 3239 2824 2723 2843 2933 3051 2840 2139 3137 2541 2744 2938 2346 2553 3208 2329 3139 3113

COMPANY NAME

BOOTH #

Tau-Ken Samruk . . . . . . . . . . . . . . . . . . . . . . Teck Resources Limited . . . . . . . . . . . . . . . . . TerraX Minerals Inc.. . . . . . . . . . . . . . . . . . . . Thelon Capital Ltd. . . . . . . . . . . . . . . . . . . . . Timberline Resources Corporation . . . . . . . . Timmins Gold Corp. . . . . . . . . . . . . . . . . . . . Tintina Resources Inc. . . . . . . . . . . . . . . . . . . TMAC Resources Inc. . . . . . . . . . . . . . . . . . . TMX Group . . . . . . . . . . . . . . . . . . . . . . . . . . Transition Metals Corp. . . . . . . . . . . . . . . . . . Tres-Or Resources Ltd. . . . . . . . . . . . . . . . . . Trevali Mining Corporation . . . . . . . . . . . . . . Tri Origin Exploration Ltd. . . . . . . . . . . . . . . . TriAusMin Limited . . . . . . . . . . . . . . . . . . . . . Tri-Star Resources Plc . . . . . . . . . . . . . . . . . . Troy Resources Limited . . . . . . . . . . . . . . . . . True North Gems Inc. . . . . . . . . . . . . . . . . . . Trueclaim Exploration Inc. . . . . . . . . . . . . . . . Tumi Resources Limited. . . . . . . . . . . . . . . . . Ucore Rare Metals Inc. . . . . . . . . . . . . . . . . . UEX Corporation . . . . . . . . . . . . . . . . . . . . . . Unigold Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Uragold Bay Resources . . . . . . . . . . . . . . . . . Uranerz Energy Corporation . . . . . . . . . . . . . Uranium Energy Corp.. . . . . . . . . . . . . . . . . . Ur-Energy USA Inc. . . . . . . . . . . . . . . . . . . . .

3243 2509 3321 2132 2543 3310 2145 2808 2917 2344 2233 3240 2503 3005 3328 2939 3100 3047 2937 2110 2433 2332 2943 2245 2528 3119

COMPANY NAME

UP

2120

3211

3219

UP

2118

120

2138

249

2845 3044

2503 2702

127

137

244

2645 2844

2305 2504

118

239 241

2445 2644

2303 2502

125

20'

236

2245 2444

2117 2316

123

60'

3043 3242

2105 2304

2114

114

119

222

223

3041 3240

2843 3042

Aisle 3100

115

218

2841 3040

2643 2842

2103 2302

20'

216

2641 2840

2443 2642

UP UP

217

2441 2640

2243 2442

Aisle 2900

214

112

20'

2241 2440

Aisle 2700

113

20'

3209

3239

Aisle 2500

111

212

20'

2104

Aisle 2100

215

210

108

Aisle 100

211

109

Aisle 3000

3029 3228

2831 3030

2102

Aisle 2300

208

Aisle 2800

Aisle 2200

TT3

20'

3025 3224

2829 3028

Shoe Shine

2100

40'

3023 3222

2825 3024

3207

UP

UP

Trade Show Entrance

30'

2823 3022

3205

UP

UP

TT1 TT2 UP UP

203

3021 3220

2629 2828

2448

100

2625 2824

3020

2631 2830

20'

8'

Trade Show Entrance

101

20'

20'

2630

2237

Investors Exchange Entrance

2425 2624

2429 2628 8'

Investors Exchange Entrance

251

2613 2812

2231 2430

L L D

245

2413 2612

Aisle 2400

TT5 TT4

Main Escalators from Level 700

20'

3203

30'

2213 2412

Ceiling Height = 13'-8"

TT6

8'

20'

PROSPECTORS TENT BOOTHS

2403 2602

3201

Aisle 3200

2203 2402

2601 2800

Aisle 2600

TT9 TT7 TT8

Investors Exchange Entrance

Aisle 200

3033 2530 3124 2951 2846 2314 2141 2912 2714 3220 2905 3003 2631 2522 2707 2703 2809 2510 3017 3037 3332 3013 3021 2901 2531 2130 3133 2446 3046 3140 2546 2650 2512 2736 2519 2738 3112 2129 2842 2508 2806 2500 2237 2302 3146 3149 2105 3331 2644 2353 3241 2804 3308 2800 2751 2501 2847 3023 2942 2550 2636 2526 3008 3326 2629 2902 2124 2910 2906 3024 3122 2645 3103 3150 2133 3224 2731 2739 2828 2100 2104 3048 3228 2551 2549 2908 2750 2347 2945 2623 3042 2814 2711 2812 2601 2816 2445 2536 2724 2949 3108 2803 3007 2330 3009 2637

Teck Café

2801 3000

2401 2600

UP

3152 2924 2127 2702 2647 3050 3318 2532

8'

8'

2201 2400

UP

PDAC_Jan20_2014.indd 9

2748 2802 3142 2301 2451 2241 2126 3032 3028 2849 3242 3141 2950 2646 2243 2851 2743 3132 3248 3018 2941 2113 3015 3001 2625 2114

UP

Macusani Yellowcake Inc. . . . . . . . . . . . . . . . Magellan Minerals Ltd. . . . . . . . . . . . . . . . . . MANAGEM Group . . . . . . . . . . . . . . . . . . . . Mandalay Resources Corp. . . . . . . . . . . . . . . Manex Resource Group Inc. . . . . . . . . . . . . . Marathon Gold Corporation . . . . . . . . . . . . . Marengo Mining Limited . . . . . . . . . . . . . . . Mariana Resources Ltd. . . . . . . . . . . . . . . . . . Marifil Mines Limited. . . . . . . . . . . . . . . . . . . Marlin Gold Mining Ltd. . . . . . . . . . . . . . . . . Matamec Explorations Inc. . . . . . . . . . . . . . . Mawson Resources Limited. . . . . . . . . . . . . . Mawson West Limited . . . . . . . . . . . . . . . . . Maya Gold & Silver Inc.. . . . . . . . . . . . . . . . . MBAC Fertilizer Corp. . . . . . . . . . . . . . . . . . . McEwen Mining Inc. . . . . . . . . . . . . . . . . . . . McLeod Williams Capital Corp.. . . . . . . . . . . Merrex Gold Inc. . . . . . . . . . . . . . . . . . . . . . . Metals Creek Resources Corp. . . . . . . . . . . . Midland Exploration Inc. . . . . . . . . . . . . . . . . Minaurum Gold Inc. . . . . . . . . . . . . . . . . . . . Minco Mining Group. . . . . . . . . . . . . . . . . . . Minera IRL Limited . . . . . . . . . . . . . . . . . . . . Mineral Mountain Resources Ltd. . . . . . . . . . Mines Management, Inc. . . . . . . . . . . . . . . . Mirasol Resources Ltd.. . . . . . . . . . . . . . . . . . MISSISSAUGA MINING & EXPLORATION Inc. . . . . . . . . . . . . . . . . . . MMG Resources Inc.. . . . . . . . . . . . . . . . . . . Moly Mines Limited. . . . . . . . . . . . . . . . . . . . Moneta Porcupine Mines Inc. . . . . . . . . . . . . Montero Mining & Exploration Ltd. . . . . . . . Monument Mining Limited . . . . . . . . . . . . . . Mountain Province Diamonds Inc. . . . . . . . . Moydow Resources Limited . . . . . . . . . . . . . MTI - Mining Technology Investments Co., Ltd. . . . . . . . . . . . . . . . . . Mundoro Capital Inc. . . . . . . . . . . . . . . . . . . Murgor Resources Inc. . . . . . . . . . . . . . . . . . Namibia Rare Earths Inc. . . . . . . . . . . . . . . . . Nautilus Minerals Inc. . . . . . . . . . . . . . . . . . . New Gold Inc. . . . . . . . . . . . . . . . . . . . . . . . . New Millennium Iron Corp. . . . . . . . . . . . . . Newmont Mining Corporation . . . . . . . . . . . Ngoyo Resources Limited . . . . . . . . . . . . . . . Nickel North Exploration Corp. . . . . . . . . . . . NioGold Mining Corporation . . . . . . . . . . . . Nordgold . . . . . . . . . . . . . . . . . . . . . . . . . . . . Noront Resources Ltd. . . . . . . . . . . . . . . . . . . North American Palladium Ltd. . . . . . . . . . . . North Arrow Minerals Inc.. . . . . . . . . . . . . . . Northair Group, The . . . . . . . . . . . . . . . . . . . Northern Freegold Resources Ltd. . . . . . . . . . Northern Gold Mining Inc. . . . . . . . . . . . . . . Northern Graphite Corporation. . . . . . . . . . . Northern Shield Resources Inc. . . . . . . . . . . . Northern Superior Resources Inc. . . . . . . . . . Northern Vertex Mining Corp. . . . . . . . . . . . NovaCopper Inc. . . . . . . . . . . . . . . . . . . . . . . Novagold Resources Inc. . . . . . . . . . . . . . . . . Nuinsco Resources Limited . . . . . . . . . . . . . . NunaMinerals A/S . . . . . . . . . . . . . . . . . . . . . OceanaGold Corporation . . . . . . . . . . . . . . . Oceanic Iron Ore Corp.. . . . . . . . . . . . . . . . . Orbite Aluminae Inc. . . . . . . . . . . . . . . . . . . . Ord River Resouces Ltd. . . . . . . . . . . . . . . . . Orefinders Resources Inc. . . . . . . . . . . . . . . . Orestone Mining Corp. . . . . . . . . . . . . . . . . . Orex Minerals Inc. . . . . . . . . . . . . . . . . . . . . . Orezone Gold Corporation . . . . . . . . . . . . . . Orsu Metals Corporation . . . . . . . . . . . . . . . Orvana Minerals Corp. . . . . . . . . . . . . . . . . . Osisko Mining Corporation . . . . . . . . . . . . . . Pacific North West Capital Corp.. . . . . . . . . . Pan Asia Mining Corp. . . . . . . . . . . . . . . . . . Panoro Minerals Ltd. . . . . . . . . . . . . . . . . . . . Pasinex Resources Ltd. . . . . . . . . . . . . . . . . . PC Gold Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Pelangio Exploration Inc. . . . . . . . . . . . . . . . . Pele Mountain Resources Inc. . . . . . . . . . . . . Pershing Gold Corporation . . . . . . . . . . . . . . Petaquilla Minerals Ltd. . . . . . . . . . . . . . . . . . Pitchblack Resources Ltd. . . . . . . . . . . . . . . . Platina Resources Limited . . . . . . . . . . . . . . . Plato Gold Corp. . . . . . . . . . . . . . . . . . . . . . . Playfair Mining Ltd. . . . . . . . . . . . . . . . . . . . . PNG Gold Corporation . . . . . . . . . . . . . . . . . PolyMet Mining Corp.. . . . . . . . . . . . . . . . . . Polymetal International Plc . . . . . . . . . . . . . . Potash Ridge Corp. . . . . . . . . . . . . . . . . . . . . Potash West NL. . . . . . . . . . . . . . . . . . . . . . . Primero Mining Corp. . . . . . . . . . . . . . . . . . . Probe Mines Limited . . . . . . . . . . . . . . . . . . . Puma Exploration Inc. . . . . . . . . . . . . . . . . . . Pure Nickel Inc. . . . . . . . . . . . . . . . . . . . . . . . PureFunds . . . . . . . . . . . . . . . . . . . . . . . . . . . Purepoint Uranium Group Inc. . . . . . . . . . . . QMX Gold Corp.. . . . . . . . . . . . . . . . . . . . . . Quest Rare Minerals Ltd.. . . . . . . . . . . . . . . . Radisson Mining Resources Inc. . . . . . . . . . . Rambler Metals and Mining PLC . . . . . . . . . Randgold Resources Limited . . . . . . . . . . . . . Randsburg International Gold Corp. . . . . . . . Rare Element Resources Ltd. . . . . . . . . . . . . . Raven Hill Partners . . . . . . . . . . . . . . . . . . . . Red Metal Resources Ltd. . . . . . . . . . . . . . . . Red Tiger Mining Inc. . . . . . . . . . . . . . . . . . . Redstar Gold Corp. . . . . . . . . . . . . . . . . . . . . Regulus Resources Inc. . . . . . . . . . . . . . . . . . Renforth Resources Inc.. . . . . . . . . . . . . . . . . Ressources Appalaches Inc. . . . . . . . . . . . . . . Reunion Gold Corporation . . . . . . . . . . . . . . Revett Minerals Inc.. . . . . . . . . . . . . . . . . . . . Richardson GMP - The Horwood Team . . . . Richmont Mines Inc. . . . . . . . . . . . . . . . . . . . Rio Tinto . . . . . . . . . . . . . . . . . . . . . . . . . . . . Roche Bay PLC . . . . . . . . . . . . . . . . . . . . . . . Rockex Mining Corporation . . . . . . . . . . . . . Romios Gold Resources Inc. . . . . . . . . . . . . . Roxgold Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Royal Nickel Corporation. . . . . . . . . . . . . . . . Rubicon Minerals Corporation . . . . . . . . . . . Sabina Gold & Silver Corp. . . . . . . . . . . . . . . Sage Gold Inc. . . . . . . . . . . . . . . . . . . . . . . . . Salazar Resources Ltd. . . . . . . . . . . . . . . . . . . Sama Resources Inc. . . . . . . . . . . . . . . . . . . . San Gold Corporation . . . . . . . . . . . . . . . . . . Sandspring Resources Ltd.. . . . . . . . . . . . . . . Sandstorm Gold Ltd. . . . . . . . . . . . . . . . . . . . Sarama Resources Limited . . . . . . . . . . . . . . . Sattva Capital Corp. . . . . . . . . . . . . . . . . . . . Savary Gold Corp . . . . . . . . . . . . . . . . . . . . . Scorpio Mining Corporation . . . . . . . . . . . . . Selwyn Resources Ltd. . . . . . . . . . . . . . . . . . . SEMAFO Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Sendero Mining Corp. . . . . . . . . . . . . . . . . . . Serengeti Resources Inc. . . . . . . . . . . . . . . . . Serra Verde - Mining Ventures Group . . . . . SGX Resources Inc. . . . . . . . . . . . . . . . . . . . . Shore Gold Inc. . . . . . . . . . . . . . . . . . . . . . . . Sierra Metals Inc. . . . . . . . . . . . . . . . . . . . . . . SIKA Resources Inc. . . . . . . . . . . . . . . . . . . . .

UP

BOOTH #

UP

COMPANY NAME

THE NORTHERN MINER  JANUARY 20-26, 2014  B9

BOOTH #

Vale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Veris Gold Corp. . . . . . . . . . . . . . . . . . . . . . . Victory Nickel Inc. . . . . . . . . . . . . . . . . . . . . . Virgin Metals Inc. . . . . . . . . . . . . . . . . . . . . . Virginia Energy Resources Inc.. . . . . . . . . . . . Virginia Mines Inc. . . . . . . . . . . . . . . . . . . . . . Vista Gold Corp. . . . . . . . . . . . . . . . . . . . . . . Wallbridge Mining Company Limited . . . . . . WCB Resources Ltd. . . . . . . . . . . . . . . . . . . . Wellgreen Platinum Ltd. . . . . . . . . . . . . . . . . Wesdome Gold Mines Ltd. . . . . . . . . . . . . . .

2307 2841 3235 2633 2148 2640 2235 2442 3250 2643 2931

COMPANY NAME

BOOTH #

Western Copper and Gold Corporation . . . . Western Mining Management . . . . . . . . . . . Western Potash Corp. . . . . . . . . . . . . . . . . . . Xmet Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Xtierra Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . Yamana Gold Inc. . . . . . . . . . . . . . . . . . . . . . Yellowhead Mining Inc.. . . . . . . . . . . . . . . . . Zephyr Minerals Ltd. . . . . . . . . . . . . . . . . . . . Zimtu Capital Corp. . . . . . . . . . . . . . . . . . . . . Zincore Metals Inc. . . . . . . . . . . . . . . . . . . . .

2144 3115 3136 2736 2751 2537 2440 3104 2819 2548

Free Water at MTCC As a valuable part of PDAC’s continued support of good environmental practices, All Access Pass holders will receive a refillable water bottle at registration. This important initiative, to reduce plastic water bottle waste at the Convention, is sponsored by Osisko Mining Corporation and Royal Gold Inc. and supported by the City of Toronto and Tourism Toronto. Water stations, located in the Trade Show and Investors Exchange, will provide free, excellent Toronto drinking water.

14-01-13 4:23 PM


PDAC 2014 Convention

B10  JANUARY 20-26, 2014  THE NORTHERN MINER

TRADE SHOW Sponsored by

MEET FACE TO FACE WITH EXHIBITING ORGANIZATIONS FROM AROUND THE GLOBE Company and booth # listing as at January 10, 2014 COMPANY NAME

BOOTH #

1984 Enterprises Inc.. . . . . . . . . . . . . . . . . E-Centre 2iC Australia Pty Ltd.. . . . . . . . . . . . . . . . . . . . 1053 Abitibi Geophysics Inc. . . . . . . . . . . . . . . . . . . 1329 Able Translations Ltd. . . . . . . . . . . . . . . . . . . . 1512 Aboriginal Affairs and Northern

COMPANY NAME

Proud Sponsors

Diamond Sponsor

PLATINUM SPONSORS

MINING COUNTRY SPONSOR

Toronto Stock Exchange

TSX Venture Exchange

Toronto Stock Exchange

TSX Venture Exchange

PREMIER SPONSORS Bourse de Toronto

Bourse de Croissance TSX

Bourse de Toronto

Bourse de Croissance TSX

GOLD PLUS SPONSORS

GOLD SPONSORS

BRONZE SPONSORS

Clean Harbors Raymond James Ltd.

GE Capital RBC Capital Markets

Metalor Technologies Scotiabank

Mining Plus Ltd.

CONVENTION SPONSORS Avanti Management & Consulting Limited CHF Investor Relations

Black Diamond Group Limited Mineral Resource Analyst Group (MRAG)

Prospectors & Developers Association of Canada

PDAC_Jan20_2014.indd 10

COMPANY NAME

BOOTH #

Development Canada . . . . . . . . . . . . . . . . . 1009 Accurassay Laboratories Ltd.. . . . . . . . . . . . . . 1036 Acker Drill Co., Inc.. . . . . . . . . . . . . . . . . . . . . 1601 Acme Analytical Laboratories . . . . . . . . . . . . . . 400 acQuire Technology Solutions Pty Ltd.. . . . . . . 823

CONVENTION PROUD SPONSORS

PATRON SPONSORS

BOOTH #

Peter Bojtos Sprott Inc.

Activation Laboratories Ltd. (Actlabs). . . . . . . . 123 Advanced Geophysical Operations and Services Inc. (AGCOS). . . . . . . . . . . . . . . . . 1007 Advanced Geosciences, Inc. . . . . . . . . . . . . . . . 548 Advanced Logic Technology (ALT). . . . . . . . . 1415 Aerogeophysica Inc. . . . . . . . . . . . . . . . . . . . . . 422 Aeroquest Limited. . . . . . . . . . . . . . . . . . . . . . 1123 AGAT Laboratories Ltd.. . . . . . . . . . . . . . . . . . 1052 Aggreko International. . . . . . . . . . . . . . . . . . . . 947 Agilent Technologies. . . . . . . . . . . . . . . . . . . . 1147 AGT Systems. . . . . . . . . . . . . . . . . . . . . . . . . . . 432 AIL Mining. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1702 Air Greenland Charter. . . . . . . . . . . . . . . . . . . . 415 Alaska Structures. . . . . . . . . . . . . . . . . . . . . . . 1315 Alaska, State of. . . . . . . . . . . . . . . . . . . . . . . . 1204 Alberta Department of Energy . . . . . . . . . . . . 1240 ALS Inspection UK Limited. . . . . . . . . . . . . . . . 125 ALS Minerals. . . . . . . . . . . . . . . . . . . . . . . . . . . 602 AMC Mining Consultants (Canada). . . . . . . . . 448 AMC North America Limited . . . . . . . . . . . . . . 323 AME Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . 410 AMEC Americas Limited. . . . . . . . . . . . . . . . . 1100 American Geosciences Institute. . . . . . . . . . . . 1517 Anachemia Science. . . . . . . . . . . . . . . . . . . . . . 816 Approach Navigation Systems Inc.. . . . . . . . . 1624 Argentina, Secretaria de Mineria. . . . . . . . . . . . 923 Argentine Mining Industry Pavilion. . . . . . . . . 1023 Argo. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1136 Arthur J. Gallagher (Canada) Group. . . . . . . . 1521 ASD Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1613 AssayNet Canada Inc.. . . . . . . . . . . . . . . . . . . . 843 Association for Mineral Exploration BC. . . . . . . 631 Association of Professional Geoscientists of Ontario. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 851 ATCO Structures & Logistics Ltd.. . . . . . . . . . . 709 Atlantic Canada - Explore the Potential. . . . . . . 149 Atlas Copco Exploration Products. . . . . . . . . . . 723 Aurora Telenet. . . . . . . . . . . . . . . . . . . . . . . . . . 109 Aurum Exploration Services. . . . . . . . . . . . . . . . 716 Ausenco. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 Avjet Holding Inc.. . . . . . . . . . . . . . . . . . . . . . . 624 Baroid Industrial Drilling Products. . . . . . . . . . . 809 Basler Turbo Conversions, LLC. . . . . . . . . . . . . 122 BAUER Resources Canada Ltd.. . . . . . . . . . . . . 515 BBA Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245 Beak Consultants GmbH. . . . . . . . . . . . . . . . . . 915 Behre Dolbear Group Inc.. . . . . . . . . . . . . . . . . 606 Belevion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1129 Bell Geospace, Inc.. . . . . . . . . . . . . . . . . . . . . . . 210 Bermingham Foundation Solutions. . . . . . . . . 1616 BFL Canada Insurance Services Inc.. . . . . . . . . 1619 Biodisk Corporation. . . . . . . . . . . . . . . . . . . . . . 940 BluMetric Environmental Inc. . . . . . . . . . . . . . 1250 Boart Longyear. . . . . . . . . . . . . . . . . . . . . . . . . 101 Bourevestnik, Inc. . . . . . . . . . . . . . . . . . . . . . . 1511 Brasil Pavilion - ADIMB Agency for Technological Development of the Brazilian Mining Industry. . . . . . . . . . . . . . . . . . . . . . 1303 BRGM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1332 BRITESPAN Building Systems . . . . . . . . . . . . . 1518 British Columbia, Ministry of Energy and Mines. . . . . . . . . . . . . . . . . . . . . . . . 633,730,732 Toronto Stock TSX Bruker VentureElemental. . . . . . . . . . . . . . . . . . . . . . . 1718 Exchange Exchange Business Consultants Mexico . . . . . . . . . . . . . 1229 C.J. Stafford & Associates. . . . . . . . . . . . . . . . . 818 Cabo Drilling Corp.. . . . . . . . . . . . . . . . . . . . . . 428 CAE Mining Canada. . . . . . . . . . . . . . . . . . . . . 146 CAMESE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 919 Canada-Nunavut Geoscience Office. . . . . . . . 1014 Bourse de Bourse deCanada-Pakistan Chamber of Commerce. . . . 1620 Toronto Croissance TSX Canadian Cancer Society, Ontario Division. . . 1149 Canadian Exploration Services Limited. . . . . . 1143 Canadian Helicopters Limited. . . . . . . . . . . . . . 917 Canadian Mining Journal . . . . . . . . . . . . . . . . 1040 Canadian North. . . . . . . . . . . . . . . . . . . . . . . . 1107 Canadian Northern Economic Development Agency (CanNor). . . . . . . . . . 1019 Canadian Resources Insurance Solutions Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1700 Cansel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346 Caracle Creek International Consulting Inc. . . . 150 Centre for Exploration Targeting, The. . . . . . . . 309 CGG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 CH2M HILL Canada Limited. . . . . . . . . . . . . . 1520 Chile, Trade Commission of . . . . . . . . . . . . . . 1349 China Drilling Geological Equipment Ltd.. . . . . 251 China, Ministry of Land and Resources. . . . . . . 829 CIM - Canadian Institute of Mining, Metallurgy & Petroleum. . . . . . . . . . . . . . . . . 215 Claim Group Inc., The. . . . . . . . . . . . . . . . . . . 1111 ClearView Geophysics Inc. . . . . . . . . . . . . . . . . 902 Commissionaires. . . . . . . . . . . . . . . . . . . . . . . 1336 Condor Consulting, Inc. . . . . . . . . . . . . . . . . . . 453 Control System CA. . . . . . . . . . . . . . . . . . . . . 1505 Coreboss Manufacturing Ltd.. . . . . . . . . . . . . . 950 Corescan Pty Ltd. . . . . . . . . . . . . . . . . . . . . . . . 406 Crone Geophysics & Exploration Ltd.. . . . . . . . 800 CSA Global Pty Ltd. . . . . . . . . . . . . . . . . . . . . . 249 CSIRO Minerals Down Under Flagship. . . . . . 1017 ctms Travel . . . . . . . . . . . . . . . . . . . . . . . . . . . 1230 Custom Helicopters Ltd.. . . . . . . . . . . . . . . . . . 152 Dassault Systemes GEOVIA Inc.. . . . . . . . . . . 1000 Davidson & Company LLP . . . . . . . . . . . . . . . 1142 Deakin Industries. . . . . . . . . . . . . . . . . . . . . . . 1212 Deep Exploration Technologies CRC. . . . . . . . . 311 Denison Environmental Services. . . . . . . . . . . 1451 Design Shelter Inc.. . . . . . . . . . . . . . . . . . . . . . 1013 Devico Directional Drilling. . . . . . . . . . . . . . . . . 517 DGI Geoscience Inc. . . . . . . . . . . . . . . . . . . . . . 543 Diamantina Christensen Trading Inc. . . . . . . . 1328 Di-Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 426 Digital Borehole Surveying . . . . . . . . . . . . . . . 1515 Dimatec Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 724 Discovery Drill Manufacturer (DDM) Ltd.. . . . 1251 Discovery International Geophysics Inc.. . . . . 1042 DMC Mining Services. . . . . . . . . . . . . . . . . . . . 604 DMT GmbH & Co. KG. . . . . . . . . . . . . . . . . . . 622 DRA Americas Inc.. . . . . . . . . . . . . . . . . . . . . . . 540 Drafting Clinic Canada Ltd, The. . . . . . . . . . . 1617 DST Consulting Engineers Inc. . . . . . . . . . . . . . 648 Dumas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 507 Duralite Diamond Drills. . . . . . . . . . . . . . . . . . . 447 Dynamic Aviation Group Inc.. . . . . . . . . . . . . . 626 Earthmetrix Inc.. . . . . . . . . . . . . . . . . . . . . . . . 1238 ElectroMagnetic Imaging Technology Pty Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 847 EON Geosciences Inc.. . . . . . . . . . . . . . . . . . . . 114 ERM Rescan . . . . . . . . . . . . . . . . . . . . . . . . . . 1133 Esri Canada. . . . . . . . . . . . . . . . . . . . . . . . . . . . 701 exp Services Inc. . . . . . . . . . . . . . . . . . . . . . . . 1706 Expedition Helicopters Inc. . . . . . . . . . . . . . . . 1223 Fasken Martineau DuMoulin LLP. . . . . . . . . . . 301

14-01-13 4:23 PM


PDAC 2014 Convention

THE NORTHERN MINER  JANUARY 20-26, 2014  B11

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UP UP

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MARCH 2 - 5, 2014 EXHIBIT HALLS D & E - SOUTH BUILDING Metro Toronto Convention Centre Toronto, Canada

338

239

341

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243 20'

20'

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245

BOOTH #

Laurentian University, Department of Earth Sciences . . . . . . . . . . . . . . . . . . . . . . . . . 638 Leapfrog Software . . . . . . . . . . . . . . . . . . . . . . . 350 LiDAR Services International Inc.. . . . . . . . . . . . 241 LIM Logging . . . . . . . . . . . . . . . . . . . . . . . . . . . 442 LNS Greenland A/S . . . . . . . . . . . . . . . . . . . . . . 413 MacLean Engineering . . . . . . . . . . . . . . . . . . . . 546 Major Drilling. . . . . . . . . . . . . . . . . . . . . . . . . . . 330 Manitoba Pavilion . . . . . . . . . . . . . . . . . . . . . . . 731 Maptek . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1039 Matawa First Nations . . . . . . . . . . . . . . . . . . . . 750 Matrix GeoTechnologies Ltd. . . . . . . . . . . . . . 1106 Matrix Helicopter Solutions Inc. . . . . . . . . . . . 1112 Maxidrill Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1006 Maxwell GeoServices . . . . . . . . . . . . . . . . . . . . 424 MBI Drilling Products. . . . . . . . . . . . . . . . . . . . 1322 McDowell B. Equipment . . . . . . . . . . . . . . . . . . 503 McElhanney Consulting Services Ltd. . . . . . . . . 550 Medusa Systems BV . . . . . . . . . . . . . . . . . . . . 1710 Megadome Buildings. . . . . . . . . . . . . . . . . . . . 1510 Memorial University of Newfoundland, Department of Earth Sciences . . . . . . . . . . . . 253 Merit Consultants International Inc. . . . . . . . . . 943 Met-Chem Canada Inc.. . . . . . . . . . . . . . . . . . . 120 Met-Solve . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1516 Mexican Geological Survey . . . . . . . . . . . . . . . 1215 MICROMINE. . . . . . . . . . . . . . . . . . . . . . . . . . . 603 Midland Valley Exploration Ltd. . . . . . . . . . . . 1607 Mine Source Inc. . . . . . . . . . . . . . . . . . . . . . . . 1704 MineAfrica Inc. . . . . . . . . . . . . . . . . . . . . . 436-441 Mining Association of Canada, The . . . . . . . . . 450 Mining Industry NL . . . . . . . . . . . . . . . . . . . . . . 236 Minnesota Department of Natural Resources. . . . . . . . . . . . . . . . . . . . . 1139 Mintec, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 904 Mira Geoscience Ltd.. . . . . . . . . . . . . . . . . . . . . 814 MNP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1522 Mount Sopris Instrument . . . . . . . . . . . . . . . . 1417 MPX Geophysics Ltd. . . . . . . . . . . . . . . . . . . . . 805 MT Hojgaard A/S . . . . . . . . . . . . . . . . . . . . . . . 446 Multi Options Nursing Inc. . . . . . . . . . . . . . . . 1227 Multi-Power Products Ltd. . . . . . . . . . . . . . . . 1151 Namibia Geological Survey . . . . . . . . . . . . . . . . 712 National Compressed Air Canada Ltd. . . . . . . . 518 National Post . . . . . . . . . . . . . . . . . . . . . . . . . . . 512 Natural Environment Research Council . . . . . . 1514 Natural History Museum Consulting. . . . . . . . . 338 Natural Resources Canada . . . . . . . . . . . . . . . . 423 NCS Technology Inc. . . . . . . . . . . . . . . . . . . . . 1203 Neftex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1615 Network Innovations . . . . . . . . . . . . . . . . . . . . . 623 Nevada Geological Society . . . . . . . . . . . . . . . 1611 New Brunswick Department of Energy and Mines. . . . . . . . . . . . . . . . . . . . . . . . . . . . 145 New Brunswick Prospectors & Developers Association . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 New Resolution Geophysics . . . . . . . . . . . . . . 1441 New South Wales Mineral Resources . . . . . . . . 317 New Zealand Government . . . . . . . . . . . . . . . 1228 Newfoundland & Labrador Department of Natural Resources . . . . . . . . . . . . . . . . . . . 244 New-Sense Geophysics Limited . . . . . . . . . . . . 214 newterra ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1443 Nicaragua, Government of . . . . . . . . . . . . . . . 1604 Nolinor Aviation . . . . . . . . . . . . . . . . . . . . . . . . 329 Northern Ireland, Department of Enterprise, Trade & Investment . . . . . . . . . . . . . . . . . . . . 907 Northern Miner, The . . . . . . . . . . . . . . . . . . . . . 810 Northern Survey Supply . . . . . . . . . . . . . . . . . . 513 Northern Territory Geological Survey . . . . . . . . 414 Northwest Territories & Nunavut Chamber of Mines . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1008 Northwest Territories, Government of . . . . . . 1109 Norway, Geological Survey of . . . . . . . . . . . . . . 542 Nova Scotia Department of Natural Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 Nova Scotia Prospectors Association . . . . . . . . . 136 NOVATEM Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 312 Nuna Logistics Limited. . . . . . . . . . . . . . . . . . . 1115 Nunavut Tunngavik Incorporated . . . . . . . . . . 1114 Nunavut, Government of . . . . . . . . . . . . . . . . 1016 Nurmeksen Tyosto ja Tarvike Oy . . . . . . . . . . 1525

137

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136

40' 40'

244

E-Centre, booth 815 Sponsored by

40'

145

144 146 20'

149 150

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253

152 20'

Investors Exchange Entrance

O/H DOOR

UP UP

Finland Green Mining . . . . . . . . . . . . . . . . . . . 1453 Finland, Geological Survey of . . . . . . . . . . . . . . 409 Firefly Airborne Surveys. . . . . . . . . . . . . . . . . . . 111 First Air . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1113 Fladgate Exploration Consulting Corporation . . 703 FLSmidth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 443 Foraco International SA . . . . . . . . . . . . . . . . . . 1141 Forage Orbit Garant . . . . . . . . . . . . . . . . . . . . 1252 Fordia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322 Foremost Industries LP . . . . . . . . . . . . . . . . . . . 553 Foth Infrastructure & Environment, LLC . . . . . 1508 Galaxy Broadband Communications Inc. . . . . 1612 Gekko Systems . . . . . . . . . . . . . . . . . . . . . . . . . 404 GEM Advanced Magnetometers . . . . . . . . . . . 802 GENIVAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1216 Geologica Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 333 Geological Association of Canada (GAC) . . . . . 314 Geometrics . . . . . . . . . . . . . . . . . . . . . . . . . . . 1242 Geonics Limited . . . . . . . . . . . . . . . . . . . . . . . . . 811 Geophysics GPR International Inc. . . . . . . . . . 1004 Georeference Online Ltd. . . . . . . . . . . . . . . . . . 601 Geoscience Australia . . . . . . . . . . . . . . . . . . . . . 313 GeoScience Victoria . . . . . . . . . . . . . . . . . . . . . . 412 Geosense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 942 Geosoft Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 931 Geotech Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1209 Geotechnologies . . . . . . . . . . . . . . . . . . . . . . . . 444 Geotemps International. . . . . . . . . . . . . . . . . . . 946 Géotic Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 Geovariances . . . . . . . . . . . . . . . . . . . . . . . . . . 1330 Geovista Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1439 Ghana, Minerals Commission of . . . . . . . . . . . . 127 Globalaw Limited . . . . . . . . . . . . . . . . . . . . . . 1140 Globalstar Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 247 Goldak Airborne Surveys . . . . . . . . . . . . . . . . . . 938 Golder Associates Ltd. . . . . . . . . . . . . . . . . . . . . 342 Gra Ham Energy Limited . . . . . . . . . . . . . . . . . 1503 Grant Thornton LLP. . . . . . . . . . . . . . . . . . . . . . 539 Greenland Bureau of Minerals and Petroleum . . . . . . . . . . . . . . . . . . . . . . . . 417 Greenland, Employers’ Association of . . . . . . . . 939 Greenstone, Municipality of . . . . . . . . . . . . . . 1152 Grenville Minerals . . . . . . . . . . . . . . . . . . . . . . . 331 Groundradar Inc. . . . . . . . . . . . . . . . . . . . . . . . . 702 GroundTech Solutions Ltd. . . . . . . . . . . . . . . . . 705 Halltech Exploration Outfitters . . . . . . . . . . . . . 108 Heli Explore Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 527 Helmholtz Institute Freiberg for Resource Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . 853 Horizon North Logistics Inc. . . . . . . . . . . . . . . . 951 HyVista Corporation . . . . . . . . . . . . . . . . . . . . . 305 Icefield Tools Corporation . . . . . . . . . . . . . . . . . 937 IFG Corporation. . . . . . . . . . . . . . . . . . . . . . . . . 310 Image Air Charter . . . . . . . . . . . . . . . . . . . . . . 1716 IMP Automation Canada . . . . . . . . . . . . . . . . . 525 Independent Mining Consultants, Inc. . . . . . . . 719 India, Government of, Ministry of Mines . . . . 1241 InfoMine Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1010 Infosat Communications LP . . . . . . . . . . . . . . . 130 Ingetrol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 713 InnovExplo Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 239 Innu Development Limited Partnership. . . . . . . 944 Instrumentation GDD Inc. . . . . . . . . . . . . . . . . . 706 International Council on Mining and Metals (ICMM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 452 International Directional Services. . . . . . . . . . . . 337 IntierraRMG Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 616 Ireland, Department of Communications, Energy and Natural Resources . . . . . . . . . . . . 903 IRL Supplies Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 608 Japan Oil, Gas and Metals National Corporation . . . . . . . . . . . . . . . . . . . . . . . . . 1047 Jexplore Equipment Inc. . . . . . . . . . . . . . . . . . 1146 Kappes, Cassiday & Associates . . . . . . . . . . . . 1131 Kitikmeot Cementation Mining & Development Ltd.. . . . . . . . . . . . . . . . . . . . . 1117 Klen International . . . . . . . . . . . . . . . . . . . . . . . 347 Kroum VS Instruments Limited . . . . . . . . . . . . . 514 Labtium Oy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340 Lamontagne Geophysics Ltd. . . . . . . . . . . . . . 1103 Laprise Modular inc. . . . . . . . . . . . . . . . . . . . . . 118

527

223

20'

20'

BOOTH #

626

637

1036

1240 1141

1248 1149

525

322

Aisle 100

1133

30'

624

423

20'

829 931

627

523

Aisle 200

20'

1031

20'

20'

622

Aisle 300

1230 1131

20'

20'

724

30'

20'

623

COMPANY NAME

UP UP

20'

823

Aisle 400

1332

PDAC 2014 TRADE SHOW

40'

30'

512

20'

100

30'

513

Aisle 500

1330 1231

20'

20'

PDAC_Jan20_2014.indd 11

20'

704 706

Aisle 600

1228 1129

1241

1453

COMPANY NAME

705 20' 20'

500 503

602

UP UP

1328 1229

1339

20'

1451

804

807

Aisle 700

1226 1127

1343

1449

805

906

30'

Aisle 1000

1227

1441

Water Program

904

20'

Aisle 1100

20'

1436 1337

Compliments of

603

20'

20' 20'

Aisle 1200

Aisle 1300

Aisle 1400

30'

1443

702

923

30'

20'

1329

20'

601

703

919

1023

1222 1123

20'

1324 20'

1439

700

802

Investors Exchange Entrance

120

1322 1223

20'

60'

701

803

ROLL-UP DOOR

20'

1323

1423

20'

1010

1019 20'

907

1114 1015

1216 1117

30'

20'

800 902

Aisle 800

1417

20'

903

1006

1009

1109

1210 1111

20'

20'

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1415

UP

20' 20'

1206 1107

901

1000

1100 1001 1202 1103

1302 1203

ROLL-UP DOOR

UP

1605 1704

UP

1607 1706

1505 1604

UP

1507 1606

Trade Show Entrance

Trade Show Entrance

UP

1611 1710

Investors Exchange Entrance

UP

1511 1610

1613 1712

UP

1513 1612

Trade Show Entrance

UP

1615 1714

UP

1617 1716

1515 1614

L L D

UP

1517 1616

UP

UP UP

UP

UP

UP

1508

1619 1718

UP

1510

1621 1720

1519

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1521 1620

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1625 1724 ROLL-UP DOOR 8'W x 7'H

1518

1624

Aisle 1600

1520

Aisle 1700

1525

1522

UP

UP

UP

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UP

Please note: Floor Plan is subject to change

BOOTH #

Olympus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650 Ontario Aboriginal Communities . . . . . . . . . . . 651 Ontario Ministry of Northern Development and Mines. . . . . . . . . . . . . . . . . . . . . . . . . . . . 637 Ore Research and Exploration P/L . . . . . . . . . . 408 Oreninc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348 Outland Camps . . . . . . . . . . . . . . . . . . . . . . . . . 502 Outotec (Canada) Ltd. . . . . . . . . . . . . . . . . . . . 803 Overburden Drilling Management Limited . . . . 910 Pacific Geomatics Ltd. . . . . . . . . . . . . . . . . . . . . 612 Pajari Instruments Ltd. . . . . . . . . . . . . . . . . . . . . 516 Papua New Guinea Chamber of Mines and Petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . 1222 Parts HeadQuarters Inc. . . . . . . . . . . . . . . . . . 1231 Paul C. Rizzo Associates, Inc.. . . . . . . . . . . . . . 1145 pbEncom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1043 Per Aarsleff A/S . . . . . . . . . . . . . . . . . . . . . . . . 1449 Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1423 PeterLeeds.com . . . . . . . . . . . . . . . . . . . . . . . . 1720 Petros Eikon Inc. . . . . . . . . . . . . . . . . . . . . . . . 1206 Petrovalue . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1202 Phoenix Geophysics Limited . . . . . . . . . . . . . . . 211 Photonic Knowledge Inc. . . . . . . . . . . . . . . . . . 545 PhotoSat Information Ltd. . . . . . . . . . . . . . . . . . 510 Pico Envirotec . . . . . . . . . . . . . . . . . . . . . . . . . 1037 Piteau Associates Engineering Ltd. . . . . . . . . . . 523 PowerTraxx Vehicles Inc.. . . . . . . . . . . . . . . . . 1127 Poyry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216 Prinoth LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 1343 Purves Redmond Limited . . . . . . . . . . . . . . . . 1015 Quantec Geoscience . . . . . . . . . . . . . . . . . . . . 1323 Québec, Ministère des Ressources naturelles . . . . . . . . . . . . . . . . . . . . . . . . 222,223 Queen’s University, Department of Geology . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1046 Queensland Mines and Energy . . . . . . . . . . . . . 319 R.T. Boyd Limited . . . . . . . . . . . . . . . . . . . . . . . 617 Radiation Solutions Inc. . . . . . . . . . . . . . . . . . . . 808 Raymac Environmental Services Inc. . . . . . . . . . 845 RCM Modular . . . . . . . . . . . . . . . . . . . . . . . . . 1248 RDH Mining Equipment . . . . . . . . . . . . . . . . . . 128 Red Lake, Municipality of . . . . . . . . . . . . . . . . . 752 Reflex Instruments N.A. . . . . . . . . . . . . . . . . . . 327 rePlan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 RMS Instruments . . . . . . . . . . . . . . . . . . . . . . . . 208 Roadpost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343 Robertson Geologging USA, Inc. . . . . . . . . . . 1210 Roche Ltd., Consulting Group . . . . . . . . . . . . . 1614 Romquest Technologies . . . . . . . . . . . . . . . . . 1012 RPA Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316 RPC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 549 RungePincockMinarco . . . . . . . . . . . . . . . . . . . 708 Russian Stone, The . . . . . . . . . . . . . . . . . . . . . . 509 RWDI AIR Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1724 Sander Geophysics . . . . . . . . . . . . . . . . . . . . . . 119 Sandvik Mining and Construction . . . . . . . . . . 1031 Saskatchewan, Government of . . . . . . . . . . . . . 531 Schlumberger . . . . . . . . . . . . . . . . . . . . . . . . . 1302 Schramm, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1324 Scintrex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1001 Scott Hogg & Associates Ltd. . . . . . . . . . . . . . . 722 SDV Logistics International . . . . . . . . . . . . . . . 1712 SEI Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . 807 Sepro Mineral Systems Corp. . . . . . . . . . . . . . . 710 SFS Teksomak . . . . . . . . . . . . . . . . . . . . . . . . . . 607 SGS Minerals Services . . . . . . . . . . . . . . . . . . . . 100 Sherritt International Corporation . . . . . . . . . . . 948 Signature Group of Companies . . . . . . . . . . . . . 217 Sirius Wilderness Medicine Inc. . . . . . . . . . . . . . 547 Skyline Assayers & Laboratories . . . . . . . . . . . . 640 SkyTEM Canada Inc. . . . . . . . . . . . . . . . . . . . . . 911 SLR Consulting (Canada) Ltd . . . . . . . . . . . . . 1246 SNC-Lavalin Inc. . . . . . . . . . . . . . . . . . . . . . . . . 401 SNL Metals Economics Group . . . . . . . . . . . . . . 115 Snowden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 704 Society for Mining, Metallurgy & Exploration (SME) Inc. . . . . . . . . . . . . . . . . . . 218 Society of Economic Geologists . . . . . . . . . . . . . 718 Sogescom LRV Inc. . . . . . . . . . . . . . . . . . . . . . 1610 South Australia, Government of . . . . . . . . . . . . 416 Southern Mapping Company . . . . . . . . . . . . . . 341 Spatial Dimension . . . . . . . . . . . . . . . . . . . . . . . 243

O/H DOOR

COMPANY NAME

BOOTH #

SpecTIR, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 953 Spectral International Inc. . . . . . . . . . . . . . . . . . 500 Spektra Jeotek As . . . . . . . . . . . . . . . . . . . . . . 1714 Sprung Instant Structures . . . . . . . . . . . . . . . . 1600 SRK Consulting (Canada) Inc. . . . . . . . . . . . . . . 113 St. Petersburg State Mining Institute. . . . . . . . . 717 Stantec Consulting Ltd. . . . . . . . . . . . . . . . . . . . 609 Star Alliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 906 Starport Managed Services . . . . . . . . . . . . . . . 1513 Story Environmental Inc. . . . . . . . . . . . . . . . . . 1621 Sudbury, City of Greater . . . . . . . . . . . . . . . . . . 653 Sweden, Geological Survey of . . . . . . . . . . . . . . 405 Swick Drilling North America. . . . . . . . . . . . . . 1048 Synterra Security Solutions . . . . . . . . . . . . . . . 1605 Tanzania, Geological Survey of . . . . . . . . . . . . . 126 Tasmania, Mineral Resources . . . . . . . . . . . . . . 315 Technidrill . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1436 Technip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1337 Terrain Drilling Solutions . . . . . . . . . . . . . . . . . 1244 TerraLogic Exploration Inc. . . . . . . . . . . . . . . . . 349 Terraplus Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 804 Terraquest Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 112 Tetra Tech . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 908 Thermo Scientific Niton Handheld XRF Analyzers. . . . . . . . . . . . . . . . . . . . . . . . . 504 Thomas O’Neill & Associates Inc. . . . . . . . . . . 1606 ThreeDify Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 551 Toromont Cat . . . . . . . . . . . . . . . . . . . . . . . . . . 611 TransPerfect Translations. . . . . . . . . . . . . . . . . . 552 TSL Laboratories . . . . . . . . . . . . . . . . . . . . . . . . 536 Tundra Airborne Surveys Ltd. . . . . . . . . . . . . . 1237 Universal Field Supplies Inc.. . . . . . . . . . . . . . . 1507 Universal Helicopters . . . . . . . . . . . . . . . . . . . . 1044 University of British Columbia, Mineral

COMPANY NAME

BOOTH #

Deposit Research Unit . . . . . . . . . . . . . . . . . . 627 University of Fredericton . . . . . . . . . . . . . . . . . 1625 University of Lorraine . . . . . . . . . . . . . . . . . . . 1339 University of Toronto, Department of Earth Sciences . . . . . . . . . . . . . . . . . . . . . . . . . 538 University of Waterloo, Department of Earth and Environmental Sciences . . . . . . . . . 945 Veolia Water Solutions & Technologies . . . . . . 351 VersaDrill Canada . . . . . . . . . . . . . . . . . . . . . . . 751 VICTAULIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 941 Vista Clara Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 1226 Wardell Armstrong International Ltd. . . . . . . . . 613 Watts, Griffis and McOuat Limited . . . . . . . . . . 901 Weatherhaven. . . . . . . . . . . . . . . . . . . . . . . . . . 700 Welsh Miner Lamps . . . . . . . . . . . . . . . . . . . . . 212 West Coast Fishing Club . . . . . . . . . . . . . . . . . . 345 West Coast Resorts . . . . . . . . . . . . . . . . . . . . . 1519 Western Australia, Department of Mines and Petroleum . . . . . . . . . . . . . . . . . . . . . . . . 418 Western University, Department of Earth Sciences . . . . . . . . . . . . . . . . . . . . . . . . . 849 Wink Vibracore Drill Company Ltd. . . . . . . . . 1501 Wireline Services Group . . . . . . . . . . . . . . . . . . 307 Women in Mining Canada . . . . . . . . . . . . . . . . 913 Wood Mackenzie Ltd. . . . . . . . . . . . . . . . . . . . . 841 WorleyParsons Canada . . . . . . . . . . . . . . . . . . . 839 Xcalibur Airborne Geophysics . . . . . . . . . . . . . 1603 Xstrata Process Support . . . . . . . . . . . . . . . . . . . 615 Yukon Geological Survey . . . . . . . . . . . . . . . . . 642 Zonge International Inc. . . . . . . . . . . . . . . . . . 1038

CONVENTION BAG – FOR ALL ACCESS PASS HOLDERS Sponsored by Teck Resources Limited, Barrick Gold Corporation, KPMG and Anglo American Exploration (Canada) Ltd. The 2014 bag has a spacious zippered main compartment with an exposed organizer for quick access to items. Features include a large open pocket in front, a back pocket with a Velcro closure, two side pockets, one mesh that can hold a water bottle, a zippered front pocket and adjustable shoulder strap. Pass holders may recycle their bags at the end of the Convention. Donated bags are given to Second Harvest.

14-01-13 4:24 PM


PDAC 2014 Convention

B12  JANUARY 20-26, 2014  THE NORTHERN MINER

PRESENTATION ROOMS PRESENTATION ROOMS, From Page B6

Northwest Territories, and Nunavut. • Learn about the regulatory system for mineral exploration and development, including navigating the environmental assessment process. Accessing capital: The Canadian advantage • Discover why Canada’s North is the most attractive place to invest, including incentives and benefits of investing in the North, rules on foreign ownership and the tax regime. Building relationships: Working with Aboriginal peoples and communities • Learn about the role of Aboriginal people in resource development, in the context of land claims. • A panel will discuss examples of successful collaboration with Aboriginal communities, the role of community-based planning for resource development projects, and negotiating impact benefit agreements. Moving projects forward in Canada’s North: Success stories • Hear directly from mining company executives who are operating successful mines in the Arctic and will discuss the advantages of working in Canada’s North. • Ask questions about their experience with environmental and regulatory processes, engaging with government and non-governmental organizations, and working with Aboriginal organizations. For more information or to request an individual meeting, please contact: Manik Duggar Manik.duggar@cannor.gc.ca 867 766 8470 www.cannor.gc.ca All are welcome. Registration is not required.

PERU: A MINING COUNTRY AND MUCH MORE … INVEST NOW! CANADA-PERU CHAMBER OF COMMERCE Room 206DC 9:00 am – 6:00 pm As the first and exclusive PDAC 2014 Mining Country Sponsor, Peru has prepared a full-day event divided into two extraordinary informative and discussion sessions. In the morning (9:00 am – 12 noon), government, industry, civil society, analysts and investors will get together to show jointly why Peru is the preferred mining investment destination. The program includes a progress update of the Peruvian mining industry and enlightening speeches and commentaries on the extraordinary achievements of Peru’s economy and the current efforts of the country to increase its international business competitiveness while positioning social inclusion as a top priority in the agenda. During the afternoon session (2:00 – 6:00 pm), the Peruvian Geological Survey (INGEMMET) and junior miners currently

PDAC_Jan20_2014.indd 12

investing in the country will present Peru’s geological potential and opportunities. High-level speakers and panellists include the Minister of Energy and Mines of Peru, the Minister of Economy and Finance of Peru, the Ambassador of Peru to Canada, the Ambassador of Canada to Peru, the President of the Peruvian Geological Survey, the President of the Peruvian National Society of Mining, Petroleum and Energy, and CEOs of major and junior companies, among others. A cocktail reception will be offered in the evening (venue to be confirmed), creating the opportunity to participate in a social event with Peruvian authorities and industry friends, while enjoying selected dishes and drinks of the prestigious Peruvian cuisine. Further information will be available at the Peruvian Pavilion, Booth # 1423 at the Trade Show. To register, please contact fabienne@canadaperu.org All are welcome. Registration is preferred, but not required.

WHAT MINING CAN LEARN FROM TECHNOLOGIES PROVEN IN OTHER INDUSTRIES BY DASSAULT SYSTÈMES DASSAULT SYSTÈMES GEOVIA INC. Room 201DC 2:00 – 6:00 pm Speaker: Iain McLean, Vice President Americas, GEOVIA With underperforming mining assets impacting share prices, mining leaders are looking to improve financial returns driving growth through better management across the mining lifecycle. By making better and faster decisions from the rock face to the port, processes can be made more efficient, mineral resources used more effectively and wasteful practices eliminated. Reflecting an important emerging conversation in mining, this presentation reviews how mining companies can benefit from implementing technological tools used in other industries to make real and sustainable improvements to their business today. To register, please contact GEOVIA.NAM.Events@3ds.com Registration deadline: Feb 25, 2014. All are welcome. Registration is required.

MINING DISPUTES: LESSONS AND BEST PRACTICES FTI CONSULTING Room 201FE 2:00 – 6:00 pm Disputes involving mining assets are typically complex, high stakes endeavours. Learn from four panels of experts in the legal, valuation and mineral engineering fields. These sessions are tailored to in-house counsel and mining executives. Presenters: Wade Coriell, Partner, King & Spalding Harry Burnett, Partner, King &

Spalding Craig Miles, Partner, King & Spalding Deborah McCombe, President & CEO, Roscoe Postle Associates Inc. Chris Milburn, Managing Director, FTI Consulting Howard Rosen, Senior Managing Director, FTI Consulting 2:00 – 3:00 pm: 2013 in review: Governmental actions which have affected mining projects This panel will discuss governmental measures in 2013 that impacted mining interests negatively, where they took place, the impact to date and/or likely future impact, and what potential solutions or remedies are available. It will conclude with a forecast of potential issues that may arise over the coming years. Presenters: King & Spalding 3:00 – 4:00 pm: Assessing risks in new mining ventures. This panel will discuss the types of risks that new projects face and potential ways of quantifying or assessing these risks, including: country risk, host state legal framework, resource availability and financial risk. Presenters: King & Spalding, FTI Consulting 4:00 – 5:00 pm: Evidentiary issues in presenting a mining claim This panel discussion will include: a description of the types of international arbitration available and the pros and cons of each; arbitrator selection; standards of proof required; how to protect and preserve evidence when governmental measures are imminent; the effective presentation of factual evidence, witness testimony and evidence with respect to economic damages; and strategies to structure investments that may allow an investor to secure the benefits of international arbitration for dispute resolution, even absent a contractual right to do so. Presenters: King & Spalding, Roscoe Postle Associates Inc., FTI Consulting 5:00 – 6:00 pm: Use of technical reports to assess value This panel will discuss: the standards for preparing technical mining reports; some of the common pitfalls seen in public disclosures; the sensitivity of valuation models to the various parameters used to construct them; forecasting risk and the effect on overall economic conclusions; the necessity to update earlier studies for factors that could materially affect a project’s economics; and the extent to which measured, indicated and inferred resources are properly included in an economic analysis. Presenters: Roscoe Postle Associates Inc., FTI Consulting To register, contact debrah. laracy@fticonsulting.com All are welcome. Registration is required.

MINING IN CENTRAL ASIA KAZAKHSTAN, KYRGYZSTAN AND TAJIKISTAN MINERAL RESOURCES Room 205DC 2:00 – 6:00 pm The Central Asian Countries derive

most of their export earnings and government revenue from their natural resources, and the mining industry plays an important role even at a world scale. Mineral products account for ⅓ - ½ of national GDPs from exports of gold (especially in Kyrgyzstan), ferrochrome (Kazakhstan), copper, lead, zinc, molybdenum, tungsten, niobium, tantalum, uranium, mercury and antimony. Kazakhstan, Kyrgyzstan and Tajikistan intend to redefine their role both in the CIS and Asian markets by developing their mineral and energy resource potential as part of their national economies. This seminar will give information about mineral resources, mining and mining legislation in Kazakhstan, Kyrgyzstan and Tajikistan. As a result of a joint project between the Geological Survey of Finland (GTK) and the geological surveys in Kazakhstan, Kyrgyzstan and Tajikistan, a geoportal (www.cacgeoportal.org) has been established which gives more information about mineral resources in the three CA countries. 2:00 – 2:15 pm: The GTK Central Asia cooperation project, Jukka Multala 2:15 – 2:45 pm: Geological survey operations in the Republic of Kazakhstan, local service companies, Said Sultanov 2:45 – 3:15 pm: Overview of the law of the Kyrgyz Republic on “Subsoil” and law of the Kyrgyz Republic on “Investment”, Kubanychbek Sagaliev 3:15 – 3:45 pm: Mineral resources: the potential for further development of the economy of Tajikistan, Azim Ibrohim 3:45 – 4:15 pm: Mineral resources and prospects of development in the Kyrgyz Republic, Kubanychbek Sagaliev 4:15 – 4:45 pm: Legal framework - basis of economic development in Tajikistan, Rakhmonbek Bakhtdavlatov 4:45 – 5:15 pm: The Republic of Kazakhstan’s legal framework in subsoil use, Said Sultanov 5:15 – 6:00 pm: General discussion, poster presentations, refreshments All are welcome. Registration is not required.

THE MINERAL RESOURCES VALUEADDED CHAIN: MORE EFFICIENCY WITH GERMAN TECHNOLOGY GERMAN MINERAL RESOURCES AGENCY, DEUTSCHE ROHSTOFFAGENTUR (DERA) Room 206BA 2:00 – 9:00 pm Germany is one of the main producing and exporting countries of the world. It is a net importer of mineral resources and its industry relies on the availability of commodities at reasonable prices. The Canadian mineral resources market offers mutual opportunities for Germany’s security of longterm resource supply and Canada’s need for technical mining solutions and special services for the mining industry. These topics are reflected

in the presentations of the German companies and organization. Please join us for a series of presentations and key notes on Germany’s global expertise in mining technologies. Networking opportunities will be provided, especially at the reception directly after the presentations. 2:00 – 2:20 pm: Welcome & introduction 2:20 – 3:20 pm: Germany’s mineral resources strategy In 2010 the German Federal Ministry of Economics and Technology launched a resource strategy, including a program to support German companies participating in mining projects. 3:35 – 4:35 pm: Mining expertise made in Germany Germany’s mining equipment manufacturers and engineering companies are known worldwide for their quality products and services as well as their innovations in mining technology. Most (92%) of Germany’s mining supply production is exported to markets around the world with an average annual growth of about 13%. The key success factors of the branch are its focus on research and development (R&D) and Germany’s very long tradition in mining. 4:50 – 6:00 pm: Efficiency in mineral processing The mining and resource industry is facing decreasing discovery rates and ore grades as well as more complex ores. This challenge requires a fundamental understanding of the composition of orebodies and reasonable processing strategies. A substantial approach is the concept of “adaptive mineral processing”, a key feature of German industry and research organizations. 6:30 – 9:00 pm: German Reception Room All are welcome. Registration is not required.

WEDNESDAY, MARCH 5 CERBA RUSSIA AND EURASIA MINING CONFERENCE CANADA EURASIA RUSSIA BUSINESS ASSOCIATION (CERBA) Room 205DC 9:00 am – 5:00 pm The Russian Federation is the world’s largest and most mineral-rich nation, and has quickly reshaped its mining industry in response to the global financial crisis. Recent legislative and policy changes have been made to address the demands of foreign mining companies in order to attract new investment. CERBA’s annual Russia and CIS mining conference will offer a full day program dedicated to developments in the Russian and Eurasian mining sectors and mining opportunities for Canadian companies. Individual meeting opportunities available. Please register for one-onone meetings at Katherine@cerbanet. org or 416 822 4052. 8:15 – 9:00 am: Registration/coffee 9:00 – 9:30 am: Welcome Ed Fast, Minister of International Trade and Minister for the AsiaPacific Gateway, invited 9:30 am – 12 noon: SESSION 1 Russian and Central Asia See PRESENTATION ROOMS, Page B13

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PDAC 2014 Convention

PRESENTATION ROOMS PRESENTATION ROOMS, From Page B12

Panel 1: Russia: Regulatory and market overview • Moderator: Lou Naumovski, VP and General Director, Moscow Office, Kinross Gold Corporation • Valeriy Pak, Head of Rosnedra, Russian Federation • Alexei Orel, Co-Chair, Mining Working Group, Director, Department of State Policy in the Field of Subsoil Usage and Nature Management, Ministry of Natural Resources, Russian Federation 12 noon – 12:15 pm: Coffee break 12:15 – 1:15 pm Panel 2: Central Asia: Kazakhstan and Kyrgyzstan Moderator: Steven Basadur, Trade Commissioner, Canadian Embassy in Kazakhstan • Bazarbai Nurabayev , Chairman, State Committee for Geology and Resource Exploration, Ministry of Industry & New Technologies • Abdurassul Zharmenov, General Director, National Center on Complex Processing of Mineral Raw Materials • Yulia Koryazova, Director of Geology, National Mining Company, Tau-Ken Samruk • Ishimbai Chunuev, Director, State Geological and Mineral Resources Agency of Kyrgyzstan • Bakhyt Ospanov, President, Syrymbet Mining, Kazakhstan 1:15 – 2:00 pm: Lunch 2:00 – 4:00 pm: SESSION 2. Experience, Challenges and Solutions of Mining Investment in Russia and Central Asia Moderator: Philip Worman, Partner, GPW Political Risk Consulting • Lou Naumovski, VP and General Director, Moscow Office, Kinross Gold Corporation • Robert MacKay, President and CEO, StansEnergy Corp • Mark Trevisiol, CEO, Silver Bear Resources • Andrey Varychev, CEO, Baikal Mining Company • Roman Schetinskiy, Perspective Development Director, GV Gold (OS Vysochaishy) • Werner P. Klemens, Head of Exploration, Russdragmet LLC, Highland Gold Mining Ltd. 4.00 – 5.00 pm: SESSION 3. Procurement Facilitation (Technology, Machinery and Equipment) Leonid Eliseev, Senior Regional Manager, Russia & CIS, EDC “Facilitating Trade and Investment in Russia and CIS” One-on-One Meetings (please download the meeting request at www.cerbamining.com) 5:00 – 7.00 pm: Networking reception (Ballroom B, Intercontinental Hotel) Please register, by visiting www. cerbamining.com All are welcome. Registration is required.

sector in a country that welcomes foreign investment. With a resource base that includes iron ore, copper, gypsum, phosphate, quartz and gold, and the potential for uranium and diamonds, Mauritania has a huge mineral potential. The mining industry is an important player in Mauritania’s economic future. The mining industry has experienced significant growth in recent years with the number of exploration permits rising from 127 in 2008 to 293 in 2012. In that same period mining revenues in Mauritania more than doubled. The country has so far attracted significant investments by major multinationals such as First Quantum, Kinross Gold and Xstrata, and is positioned for continued expansion in the years ahead. The country has a modern and competitive mining law, and a supportive tax policy and regulatory environment, which offer investment protection, access to international arbitration, and the potential to establish special economic zones. Moreover, Mauritania is building the infrastructure - port facilities, power generation and transmission capacity, and transportation network - that is essential for the industrial growth. Take advantage of this chance to meet senior officials from Mauritania’s Ministry of Petroleum, Energy and Mines as they discuss the future of the industry, the country’s mineral potential and the opportunities it offers. All are welcome. Registration is not required.

RECENT DEVELOPMENTS IN MINING AND SUSTAINABLE DEVELOPMENT IN LATIN AMERICA THE WORLD BANK, SEGOM UNIT Room 206DC 8:00 am – 12 noon

The World Bank is working with several countries throughout Latin America to enhance their potential in the mining sector and promote policies and programs that help secure shared, sustainable development outcomes through good governance and transparency. In Latin America, notable progress has been made in Colombia, Peru, Guatemala and Honduras to expand sustainably their mining sectors, with the support of the World Bank Group. The discussion will focus on: • Best practices such as Peru’s “Mesas de Desarollo” that contribute to successful conflict resolution and mitigation between mining companies and host communities • Colombian government efforts to restructure the mining sector in order to promote transparency, good governance and an attractive investment climate • Projects and exploration opportunities in underexploited Guatemala, the Dominican Republic and Honduras 8:00 am: Welcome, Paulo de Sa, Manager, World Bank Extractive Industries Department 8:20 am: “Mesas de Desarollo”: A promising new approach to corporate-community conflict resolution, to be led by high-level representative from the Peruvian Ministry of Energy and Mines in panel discussion with representatives from the private sector and academia 9:30 am: Colombia: A mining sector in transition, to be led by high-level representative from the Colombian Ministry of Energy and Mines in panel discussion with private sector and the National Mining Agency 10:30 am: Untapped mining potential in Central America and in the Caribbean, to be led by the high-level representatives from energy and mining sectors from Guatemala, the Dominican Republic and Honduras All are welcome. Registration is not required.

THE NORTHERN MINER  JANUARY 20-26, 2014  B13

ABORIGINAL PROGRAM The Aboriginal Program is open to all convention attendees and is free to attend.

RIGHTS, ROLES AND RESPONSIBILITIES: PERSPECTIVES ON BUILDING RELATIONSHIPS BETWEEN COMPANIES AND ABORIGINAL/ INDIGENOUS COMMUNITIES Monday, March 3 9:00 – 11:00 am

EXAMINING ABORIGINAL ISSUES IN THE MINERAL SECTOR: THE CURRENT LANDSCAPE IN CANADA Tuesday, March 4 9:00 am – 12 noon

ABORIGINAL FORUM: BUILDING PARTNERSHIPS, SHARING SUCCESS

ABORIGINAL PARTICIPATION IN THE MINERAL INDUSTRY: CONSIDERATIONS AND COMPLEXITIES

Monday, March 3 2:00 – 4:30 pm

Tuesday, March 4 2:00 – 5:00 pm

STUDENT PROGRAM Students have a unique opportunity to network with industry professionals from around the world at the Convention, and especially during the Student-Industry Networking Luncheon, held annually on the Tuesday. This event attracted 1,000 attendees at the new location in the North Building. Last year over 1,600 students from across Canada, the USA and internationally attended the Convention. Student events such as the Convention Kickstart, the

Student-Industry Forum sponsored by Vale Canada Limited, and the PDAC-CMIC-SEG Canada Student Minerals Colloquium are all geared toward students and recent graduates. ‘Student friendly’ exhibitors in the Trade Show and Investors Exchange can participate in the PDAC-CIM Guided Tours of the exhibit halls. Tours run from Sunday afternoon to Tuesday afternoon. Contact Krishana Michaud at kmichaud@pdac.ca for more information.

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PDAC 2014 Convention

B14  JANUARY 20-26, 2014  THE NORTHERN MINER

TECHNICAL PROGRAM TECHNICAL PROGRAM, From Page B5

Sampling a deposit for designing a grinding circuit: Who’s responsible? Ken Major, KWM Consulting Inc., Maple Ridge, Canada Geometallurgical modelling of the Dumont deposit, Johnna Muinonen, Royal Nickel Corporation, Toronto, Canada Geometallurgical characterization of iron ore to predict metallurgical performance, Hugh de Souza, SGS Canada Inc., Lakefield, Canada Geometallurgical study of the hypogene ore at Minera Carmen de Andacollo, Chile, Nichola McKay, Teck Metals Ltd., Trail, Canada Geomet: An integrative mineral platform that adds to project value, Karin Olson Hoal, JKTech Pty Ltd., Golden, USA

9:00 – 11:30 AM HUMAN RESOURCE OPPORTUNITIES AND CHALLENGES IN PROSPECTING AND MINING Chairs: Jim Madder, Confederation College, Thunder Bay & Patricia Stirbys, OneWorld Workforce Solutions, Toronto, Canada Human resource opportunities and challenges in prospecting and mining, Jim Madder, Confederation College, Thunder Bay, Canada Teamwork in drilling: Working together with communities, Barbara Courte Elinesky, NorthStar Drilling Ltd., Thunder Bay, Canada Increasing workforce diversity through collaboration and partnership, Ryan Montpellier, Mining Industry Human Resources Council, Ottawa, Canada Yukon College’s Centre for Northern Innovation in Mining: Building a sustainable workforce, Karen Barnes, Yukon College, Whitehorse, Canada Diversity works in the Ring of Fire, Leanne Hall, Noront Resources Ltd., Toronto, Canada

9:00 AM – 12:00 NOON WORKING WITH BRIC COUNTRIES: EXPLORATION, OPERATION AND INVESTMENT Chairs: James Siddorn, SRK Consulting Canada Inc. & Joe Hinzer, Watts, Griffis & McOuat Limited, Toronto, Canada Role of the BRIC countries (especially China) in the global mining industry, Patricia Mohr, Scotiabank, Toronto, Canada The development of mineral projects in the Brazilian Amazon: Challenges and opportunities,

PDAC_Jan20_2014.indd 14

Marcio Godoy, Vale, Belo Horizonte, Brazil Gold mining in Russia: Kinross Gold’s investments and operations in a challenging policy environment, Lou Naumovski, Kinross Gold Corporation, Moscow, Russia Mineral exploration and development in India: Past, present and future, Desh Sikka, Cabinet Conseil en Géologie Minière Enr, Montreal, Canada Chinese national reporting standards for exploration and mineral resources: A Western (CRIRSCO) perspective, Matt Greentree, SRK Consulting, Perth, Australia Brazil: On the way to resource nationalism, Jones Belther, Votorantim Metais, São Paulo, Brazil

2:00 – 5:00 PM WEALTH IN WEATHERED ROCKS Chairs: Charles Butt, CSIRO Earth Science and Resource Engineering, Perth, Australia & Stephen Enders, Eurasian Minerals Inc., Denver, USA Weathering, regolith development and the formation of secondary ore deposits, Charles Butt, CSIRO Earth Science and Resource Engineering, Perth, Australia The need to go under cover for future high-grade Mn-Fe resources, Jens Gutzmer, Helmholtz Institute Freiberg for Resource Technology, Freiberg, Germany Copper in the weathering environment: Enrichment or depletion? Stephen Enders, Eurasian Minerals Inc., Denver, USA Supergene non-sulfide zinc ores: State of the art, Maria Boni, Università di Napoli Federico II, Napoli, Italy Nickel laterite exploration, Paul Golightly, Golightly Geoscience, Sudbury, Canada Formation of secondary gold deposits in the regolith, Ravi Anand, CSIRO Earth Science and Resource Engineering, Perth, Australia Exploring deeply weathered terrains: Tips, tricks and treasury preserving techniques, Simon Bolster, Gyphon Minerals Ltd., Perth, Australia

2:00 – 4:30 PM DIAMONDS: WHERE DO WE GO NEXT? Chairs: Patricia Sheahan, Consultant, Toronto & Jennifer Pell, Peregrine Diamonds Ltd., Vancouver, Canada World-class deposits: Can we find them or are there no more? Mike de Wit, Delrand Resources (Pty)

Ltd., Pretoria, South Africa Diamond exploration in the USA, Howard Coopersmith, Coopersmith & Associates, Fort Collins, USA Diamonds in Brazil: Finally showing their potential, Ken Johnson, Lipari Mineração Ltda., Salvador, Brazil Arabian diamonds: From North Africa to the Arabian Peninsula, Felix Kaminsky, KM Diamond Exploration Ltd., Vancouver, Canada New advances in kimberlite exploration geophysics, Anre Vorster, De Beers Exploration, Johannesburg, South Africa Indicator minerals in diamond exploration: An update on contemporary best practices, Herman Grütter, MPR Geoconsulting, Vancouver, Canada

2:00 – 5:00 PM MINERAL ECONOMICS: APPROACHES TO UNDERSTANDING AND MANAGING UNCERTAINTY AND RISK Chairs: Heather Douglas, Consultant, Calgary, Canada & Graham Davis, Colorado School of Mines, Golden, USA In search of the elusive value curve, Jamie Holman, OppenheimerFunds, New York, USA The proper use of forecasts in the metals and mining industries, Jeffrey Christian, CPM Group LLC, New York, USA Gold mining in emerging Africa: Challenges and opportunities, Mark Bristow, Randgold Resources Limited, Jersey, Channel Islands Key issues affecting the time delay between discovery and development, Richard Schodde, MinEx Consulting Pty Ltd, Melbourne, Australia The Hope Bay project: Exploring and developing an emerging gold camp, Catharine Farrow, TMAC Resources Inc., Toronto, Canada Completion risk: Why building a mine on budget is so rare, Christopher Haubrich, Resource Capital Funds, Denver, USA Risks in NI 43-101 compliance: The 2012 technical report review, James Whyte, Ontario Securities Commission, Toronto, Canada

TUESDAY, MARCH 4 9:00 – 12:00 NOON PERUVIAN PORPHYRY COPPER BELTS AND DEPOSITS Chairs: Neil Gow, Consultant, Toronto, Canada & Miguel Cardozo, Alturas Minerals Corp., Lima, Peru Peru: A premier copper region – Overview of its main porphyry copper belts, Miguel Cardozo, Alturas Minerals Corp., Lima, Peru The Cerro Verde porphyry CuMo deposit, Peru: Hypogene and supergene mineralization, Ralph Stegen, Freeport-McMoRan Copper & Gold, Tucson, USA Evolution of magmatic arcs in the formation of economic porphyry copper systems in southern Peru, Adolfo Manrique, Southern Peru Copper Corporation, Lima, Peru. Antapaccay: From project to operation – projects under

construction, trust in the future, Luis Rivera, Glencore, Lima, Peru Geology, one reason Hudbay is in Peru: Constancia porphyry highlights, Cashel Meagher, Hudbay Minerals Inc., Lima, Peru Geology of the Antamina skarn deposit, Steve Windle, Cía Minera Antamina, Lima, Peru.

9:00 AM – 12:00 NOON JACKPOT AT 2200 MA WEST AFRICA Chairs: Greg Hall, Golden Phoenix International, Perth, Australia & Ian Blakley, RPA UK, London, England Birimian gold systems across the West African craton, John Miller, Centre for Exploration Targeting, University of Western Australia, Perth, Australia The Wassa gold mine: An Eoeburnean deposit within the Ashanti belt, Yan Bourassa, Golden Star Resources Ltd., Toronto, Canada The Tarkwa paleoplacer deposit, Ghana, Rael Lipson, RDLGEO Consulting, Englewood, USA Geology and structural setting of the Essakane gold deposit, Burkina Faso, West Africa, Benjamin Allou, IAMGOLD Corporation, Ouagadougou, Burkina Faso Geology-based modelling of the Damang gold deposit, Ghana, Matt Briggs, Gold Fields Exploration, Perth, Australia Chemical contrast and high-grade gold mineralization, Chirano mine, Ghana, Graeme Davis, Kinross Gold Corporation, Reno, USA

2:00 – 5:00 PM ABITIBI BREAKS Chairs: Catherine Gignac, Catherine Gignac and Associates & John Sullivan, Excellon Resources Inc., Toronto, Canada Southward Younging Abitibi regional faults, supracrustal assemblages and controls on gold, John Ayer, Mineral Exploration Research Centre, Laurentian University, Sudbury, Canada The Abitibi breaks: Syn-orogenic extensional faults inverted as thick-skinned thrusts, Wouter Bleeker, Geological Survey of Canada, Ottawa, Canada Re-evaluation and development of an exploration strategy within a mature gold-producing district, Douglas Cater, St. Andrew Goldfields Ltd., Toronto, Canada Controls on syenite-hosted gold mineralization in the Western Timmins camp, Timmins, Ontario, Randy Campbell, University of Western Ontario, London, Canada Contrasting styles of gold mineralization of common tectonic origin, Abitibi-Wawa subprovince, Shoufa Lin, University of Waterloo, Waterloo, Canada Geology, structure and mineralogy of the Young-Davidson gold deposit, Matachewan, Ontario, Chris Rockingham, AuRico Gold Inc., Toronto, Canada Re-examining the geology and mineral potential of the Malartic area, Abitibi greenstone belt, Pierre Pilote, Ministère des Ressources naturelles du Québec, Montreal, Canada

2:00 – 5:00 PM GEOPHYSICS

Chairs: Jean Legault, Geotech Ltd., Aurora & Greg Hodges, CGG Airborne Surveys, Toronto, Canada Geophysical exploration for porphyry Cu deposits: Southwest United States and Northern Mexico, Mark Thoman, FreeportMcMoRan Exploration Corp., Tucson, USA The application of geophysics for exploration in the cordillera of North America, Richard Smith, Laurentian University, Sudbury, Canada 3D seismic imaging of VMS deposits: Halfmile Lake and Lalor Lake, Canada, Gilles Bellefleur, Natural Resources Canada, Ottawa, Canada 3D VTEM inversion for delineating sub-vertical shear zones in the West African gold belt, Magdel Combrinck, Tau Geophysical Consultants, Calgary, Canada Airborne IP is coming, James Macnae, RMIT University, Melbourne, Australia Caveat emptor: A geophysicist’s perspective on successful interpretation, Joel Jansen, Teck Resources Limited, Vancouver, Canada Regional airborne geophysical assessment of the Selwyn Basin area, Yukon-NWT, Ken Witherly, Condor Consulting, Inc., Lakewood, USA

2:00 – 5:00 PM ZINC Chairs: Robert Valliant, Tri Origin Exploration Ltd., Aurora & Alan Galley, Canadian Mining Innovation Council, Ottawa, Canada Zinc production and geologic settings as exploration guides for major deposits, Donald Singer, Consultant, Cupertino, USA The Garpenberg zinc deposit, Pierre Heeroma, Boliden, Stockholm, Sweden Peru: A zinc-producing country with a large potential to explore, Jones Belther, Votorantim Metais, São Paulo, Brazil Neves-Corvo and the Iberian Pyrite Belt: Facts, questions and future, Jorge Relvas, University of Lisbon, Lisbon, Portugal Zinc-rich volcanogenic massive sulfide (VMS) deposits, Stephen Piercey, Memorial University, St. John’s, Canada From leading plate margin to continent interior: Genesis of Zn-Pb deposits in the Canadian Cordillera, Suzanne Paradis, Natural Resources Canada, Sidney, Canada Northeast Australia zinc: Resource growth in the world’s richest zinc province, Nicholas Hayward, Teck Australia Pty Ltd, Perth, Australia

WEDNESDAY, MARCH 5 9:00 – 11:30 AM SOUTH AFRICA: AN ANNIVERSARY, NEW CHALLENGES AND OPPORTUNITIES Chairs: Neil Gow, Consultant, Toronto, Canada & Peter Leon, Webber Wentzel, Johannesburg, South Africa See TECHNICAL PROGRAM, Page B15

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PDAC 2014 Convention

LOUNGES

OPEN SESSION

MINERAL EXPLORATION IN CANADA – COLD WEATHER, FAMILY AND A HOLIDAY Selected from a call for papers, these presentations offer insight into the most current and topical subjects (as at January 10, 2014)

Chairs: Ian Blakley, RPA UK, London, England & Susan Ma, Jacobs, Toronto, Canada Energy conservation at Avalon’s Nechalacho project, NWT, Canada, William Mercer, Avalon Rare Metals Inc., Toronto, Canada The Nanortalik gold belt: A previously unrecognized IRGS province in South Greenland, Joshua Hughes, NunaMinerals A/S, Nuuk, Greenland How to support mining families and appeal to the next generation, Alicia Ranford, Mining Family Matters, Adelaide, Australia

Greenfields

exploration

at

Russian Far East: Experience of porphyry target generation, Alexey Kirmasov, N-Mining Inc., Moscow, Russia A review of the large (> 1 M oz) gold deposits of Mexico, Chris Lloyd, Consulting Geologist, Guadalajara, Mexico Igloo/Pistol Bay: Mining personal history, Roddy MacInnes, University of Denver, Denver, USA The discovery of Media Luna goldcopper-silver deposit, Guerrero state, Mexico, Alejandro Kakarieka, Torex Gold Resources Inc., Nuevo Balsas, Mexico

TECHNICAL PROGRAM TECHNICAL PROGRAM, From Page B14

Ini indaba, South Africa? Cursed with resources? Paul Burton, Piran Mining Research Ltd., London, England Mineral exploration in South Africa: A new day dawning, Michael Jones, Platinum Group Metals Ltd., Rustenburg, South Africa Geology of Ivanhoe Mines’ Platreef discovery, northern limb of South Africa’s Bushveld Complex, Tim Dunnett, Ivanhoe Mines Ltd., Mokopane, South Africa Innovating to ensure financial and technical sustainability, Shaun Newberry, AngloGold Ashanti Limited, Johannesburg, South Africa Time for change: Five systemic challenges facing mining in South Africa, Sue Posnik, ERM Group, Inc., Johannesburg, South Africa

9:00 AM – 12:00 NOON ALTERNATIVE FINANCING SOURCES FOR JUNIOR RESOURCE COMPANIES Chairs: Jean-Pierre Colin, Capital Markets Strategies, Collingwood & Stephen Stewart, Minerx Inc., Toronto, Canada Investment criteria for royalty financing of mineral development assets, Abraham Drost, Mega Precious Metals Inc., Toronto, Canada Financing exploration and development in turbulent markets, Sean Cleary, Blackrock Metals Inc., Toronto, Canada Developing roads and power projects under a public-private partnership with communities, Suzanne Leclair, Connect Counsel, Timmins, Canada International financing options for Canadian juniors, Erin Chutter, Global Cobalt Corporation, Vancouver, Canada Private equity in the mining sector, Caroline Donally, Denham Capital Management LP, Houston, USA The role of private equity in mine financings, Ross Bhappu, Resource Capital Funds, Denver, USA

9:00 AM – 12:00 NOON SPECIALTY METALS AND INDUSTRIAL MINERALS Chairs: Don Bubar, Avalon Rare Metals Inc. & Don Hains, Hains

PDAC_Jan20_2014.indd 15

Engineering Co. Ltd., Toronto, Canada Seymourville frac sand project, Charles Gryba, Claim Post Resources Inc., Seymourville & Vice Chief Wayne Moneyas, Hollow Water First Nation, Winnipeg, Canada Greenland: A new source of anorthosite for e-glass, alumina and fillers, Jamie Tuer, Hudson Resources Inc., Vancouver, Canada Overview of the Woodstock manganese deposits, New Brunswick, Canada, Warren MacLeod, Minco PLC, Windsor, Canada Carnallite: The new age of potash, Robin Phinney, Karnalyte Resources Inc., Okotoks, Canada Ti-Zr mineral sands in Brazil and Uruguay, Luiz Bizzi, Rio Grande Mineração S.A., Brasilia, Brazil The Separation Rapids lithium minerals project, Ontario: Targeting new markets in glass and ceramics, Pierre Neatby, Avalon Rare Metals Inc., Toronto, Canada

THE NORTHERN MINER  JANUARY 20-26, 2014  B15

Relax, network and get reacquainted with old friends and colleagues. Several of the lounges also offer food and beverage options.

VIP LOUNGE (FORMERLY BUSINESS CLASS) Sponsored by Deloitte Upgrading from an All Access Pass to a VIP All Access Pass provides access to a private lounge with continental breakfast and light refreshments daily. Administrative support, small areas for private meetings and business services, including a charging station for your hand-held device, are also available. Space is limited. Visit the convention website or review the printed registration form for pricing.

WI-FI LOUNGE AND WI-FI INTERNET SERVICE

CHARGING CENTRE LOUNGE

Sponsored by Metalor Technologies Need a place to charge your smartphone and forgot your charger? Check out the handy charging stations and lounge area where you will find two quickcharge kiosks to charge up your hand-held device. Each kiosk is equipped with built-in chargers for your iPhone, Blackberry and Android, so have a seat and relax while you wait for your charge to complete.

DELEGATE LOUNGE CHARGING CENTRES Sponsored by Clean Harbors and GE Capital Attendees may relax or network in one of the two lounges located on Level 700 in the north-south

Sponsored by Stantec Located on the newly renovated mezzanine level directly above the south entrance, the Wi-Fi Lounge is a bright respite area filled with loads of natural light, comfortable furniture and plenty of lounge seating. If you don’t have time to relax in the lounge, enjoy the free PDAC Wi-Fi internet service in the MTCC, South Building (excluding the exhibit halls).

corridor. New for 2014, each lounge will have a charging station so you can charge your hand-held device as you spend your time in the lounge.

TERRACE MEETING PLACE Meeting space is always in high demand. Semi-private meetings rooms, set for groups of ten, or smaller groups of four, are available for one-hour bookings in this newly renovated space in the mezzanine level directly above the south entrance. An attendant will be onsite to accept reservations on a first-come, firstserved basis.

E-CENTRE Sponsored by 1984 Enterprises Inc. The E-Centre will provide Trade Show exhibitors and attendees with internet access for the four days of the Convention.

SME BOOKSTORE Back by popular demand, the Society for Mining, Metallurgy, and Exploration (SME) will once again host a bookstore at the Convention. Take advantage of show pricing from the most prestigious book publisher in the industry. Several new books will be showcased. Come early in the week as supplies are limited.

9:00 AM – 12:00 NOON NEW DISCOVERIES AND DEVELOPMENTS Chairs: Charles Beaudry, Xmet Inc. & Bill Mercer, Avalon Rare Metals Inc., Toronto, Canada Albany ‘ultra-high purity’ graphite (hydrothermal) deposit, Aubrey Eveleigh, Zenyatta Ventures Ltd., Thunder Bay, Canada The Balboa discovery: A 600 Mt porphyry copper deposit in the Cobre Panama cluster, Colin Burge, First Quantum Minerals Ltd., Vancouver, Canada Kennady North kimberlite discoveries, Patrick Evans, Kennady Diamonds Inc., Toronto, Canada Advancing Canada’s newest gold district: The Borden gold project, David Palmer, Probe Mines Limited, Toronto, Canada Patterson Lake South: High tech, unconventional and contrarian, Ross McElroy, Fission Uranium Corp., Vancouver, Canada The Brucejack high-grade gold project, Northwest British Columbia, Warwick Board, Pretium Resources Inc., Vancouver, Canada Buriticá: Multi-million ounces at high grades – Colombia’s first modern gold mine? Vic Wall, Continental Gold Limited, Toronto, Canada

For more information, please contact us at: metalor.canada@metalor.com Tel: 415-875-9992 - www.metalor.com

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PDAC 2014 Convention

B16  JANUARY 20-26, 2014  THE NORTHERN MINER

SHORT COURSES AND WORKSHOPS SHORT COURSES, From Page B7

anomalous? What remote sensing or drilling techniques should we use? Over the last 30 years a considerable amount of research has been completed by CSIRO / CRC LEME in Australia to document, study and understand commonly encountered regolith exploration issues. Contemporaneously there have been advances within the exploration industry to tackle the regolith factor resulting in pragmatic techniques and systems being developed. The short course is intended for exploration geologists, geochemists and managers. It will involve a combination of lectures and practical sessions by highly renowned and respected industry practitioners and researchers with combined experience in excess of 90 years. The course is intended to introduce and advance ideas rarely taught elsewhere so that attendees can leave with fresh ideas and skills that will assist in tackling problems often encountered when exploring regolith dominated terrains. The workshop will draw upon examples and data from Australia, Africa and South America backed up by a wealth of field experience and knowledge.

5. SIGNIFICANT DEPOSITS OF METALS WITH EMPHASIS ON NEW TYPES AND FUTURE OUTLOOK Friday, February 28 & Saturday, March 1 9:00 am - 5:00 pm Organizer: Peter Laznicka, Consultant & Adelaide University Most significant mineral discoveries have been made using the time-tested technique of looking for analogues of known major deposits (the look-alikes of Sig Muessig), in permissible setting. This technique will be with us at least throughout this century and many new developments will be at, near, or below earlier mines, prospects or showings although a significant number of new

discoveries will be in the greenfield setting and increasingly under cover. Despite the ever more sophisticated exploration instrumentation and models, success will still rest on “geologist’s ability to recognize new opportunity” (Sillitoe, 2010). It thus makes sense to review, from time to time, the factual knowledge about the significant (especially giant and worldclass) metallic deposits, especially how they look, what the visual indicators of ore presence in the field and in drill core are, where they are, how they have been found, and where to look for possible equivalents and also for hitherto unrecognized ore types. This course will, in six 90-120 minute sessions, review the significant deposits of Fe-Mn, Au, Cu, Ni (Cr, PGE), PbZn-Ag, U-Th and IOCG, and the “new technology” group of Li, REE and Ta-Nb. Their geotectonic setting will be summarized, each day, in two 30-minute lectures: devoted, in the first day, to the oceanic-continental margin setting, and in the second day to intracratonic settings. Each day will end up with 60 minutes of questions and answers and a discussion session, or, if the participants so prefer, by one hour of “Silver in depth” and “Fringe and lesser metals: Sb,As,Hg,Te” lectures. This course targets geologists, exploration and mining practitioners, managers and investors and follows the “eyewitness” approach supported by on-site experience at ~3,500 deposits in ~85 countries.

6. NOVEL APPLICATIONS OF BOREHOLE IMAGING TECHNOLOGY: TECHNIQUES FOR ACQUISITION AND INTERPRETATION

This one-day short course will provide geologists, engineers and project managers with the confidence to implement in-situ methods for data acquisition, interpretation and application along with successful workflow integration for structural, resource, geotechnical, construction and environmental mining projects. It will also provide insight for all participants including consulting and engineering firms into the latest techniques, technology and applications for borehole imaging. Calipers, borehole cameras, acoustic and optical televiewers and the latest technologies for measuring and imaging mining boreholes will be examined as these provide a unique opportunity to visualize, orient and measure borehole features in situ while under naturally occurring pressure, temperature, hydrogeological constraints and stress conditions, independent of core recovery. The course will expose participants to the expanding uses of the technology including field data acquisition, data interpretation and cost saving applications through case studies and exercises by leading mining companies, service providers and engineering firms. Participants will learn how to acquire and how to interpret the borehole imaging data, by learning the methods, applications and value provided at all phases from exploration through to mine development. They will experience the latest real-world applications with technical relevance; as well as the potential for quicker project advancement and cost savings. Please note that borehole techniques examining formational response are not included in this short course.

Saturday, March 1 8:00 am - 4:30 pm Organizer: DGI Geoscience Inc. Chair: Vince Gerrie, DGI Geoscience Inc.

7. PRIMARY DIAMOND DEPOSITS: INFORMATION REQUIRED TO SUPPORT ROBUST BUSINESS

DECISIONS RELATED TO PROJECT ACQUISITION AND INVESTMENT Saturday, March 1 8:00 am - 5:00 pm Organizer: SRK Consulting and Friends Many opportunities currently exist for the acquisition of diamond properties globally. These include projects ranging from early stage exploration plays with limited data to projects with classified resources waiting to be developed. In addition there are many active and inactive mines that are changing hands. Both the quality and quantity of data associated with these projects are highly variable and, in many cases, incomplete. Evaluating primary diamond deposits for the purpose of acquisition or investment is challenging; however, the next mines are waiting to be discovered, and in some cases rediscovered. This course is structured to be of interest to senior management teams and those individuals involved in assessing the potential of primary diamond projects. Rather than presenting detailed technical information related to kimberlites, this session will focus more on summarizing key criteria that must be taken into consideration when reviewing project data. It is assumed that participants will have some background in kimberlite exploration and evaluation. Topics to be covered will include recent advances in the description, classification and interpretation of primary deposits, as well as the development of the geology models used to guide and direct evaluation and mining of kimberlites. Many of the tools used to discover and evaluate these deposits will be covered, as well as mining methods. The tools covered will include diamond data, geochemistry, sampling, volcanology, structural geology, mantle geology and

Wednesday, March 5

60’s Flashback! Dust off your bell bottoms, throw on your love beads and turn up the music! Take a trip back to the 1960s when the hits of The Beatles went #1 around the world. Don’t miss this pop culture party: psychedelic silent auction, flower power reception, go-go for dinner, feelin’ groovy photo booth and casino crazy for cool cash. Dress to impress: wear your best 60s cocktail attire and accessories! Host bar reception and silent auction preview Dinner (3 courses including wine) Entertainment (live band and dancing)

6:00 – 7:00 pm 7:00 – 8:30 pm 8:30 – 12:30 am

Tickets: $110 each (includes reception, dinner, wine, entertainment, casino, prizes, all taxes and gratuities) Reception and themed evening sponsored by

Fairmont Royal York, Canadian Room

geostatistics. The course will include a practical component that will be designed to challenge participants’ grasp on the criteria being presented. This practical session will also facilitate the development of individual evaluation criteria by participants investigating projects within a particular region of interest.

8. INVESTMENT FUNDAMENTALS: UNDERSTANDING MINERAL EXPLORATION AND RESOURCE DEVELOPMENT AND THE RELATIONSHIP TO COMPANY STOCK PRICES Saturday, March 1 8:30 am - 5:00 pm Organizer: Michael Fowler, Loewen, Ondaatje, McCutcheon Limited First offered in 2006 as an introductory course for junior and mid-capitalization mining investors, the investment fundamentals course is PDAC’s longest running workshop. It now includes a section on the various types of discounted cash flow (DCF) calculations and real option pricing. The course will appeal to both beginner and experienced investors who want to familiarize themselves with the basics of mineral exploration, resource development and mining techniques, as well as the various quantitative evaluation techniques that can be used to determine the value of a project and its relationship to a company’s stock price. Improve your investment skills by taking this course which includes presenters from mining companies, consulting firms and the brokerage community.

9. DEVELOPING A CASH FLOW: BEST PRACTICES FOR CONVERTING A MINERAL RESOURCE INTO A MINERAL RESERVE Saturday, March 1 9:00 am - 5:00 pm Sunday, March 2 9:00 am - 12:00 pm Organizer: RPA Inc. and Prospectors & Developers Association of Canada Chair: Jason Cox, RPA Inc. Money doesn’t make the world go around, profit does. Cash flow analysis estimates profit and ultimately underpins all development decisions. Without a positive cash flow analysis, mineral reserves do not exist. It is what distinguishes a mineral reserve from a mineral resource and therefore provides a natural footing to discuss the process of converting one to the other. This course is targeted to management, geologists, engineers, and informed investors.It will be of particular interest for anyone planning an engineering study. The interactive course covers components of a mining project cash flow, working with the inputs and discussing best practices along the way. The following will be discussed: • Different levels of engineering studies (scoping, pre-feasibility, feasibility) • Life of mine plan production schedules See SHORT COURSES, Page B17

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SHORT COURSES SHORT COURSES, From Page B16

• Mine design, mining methods and factors to consider (dilution, extraction) • Geotechnical inputs • Metallurgical testwork and mineral processing • Metal sales terms • Operating costs • Capital costs • Trade-offs ... “making it work” • Environmental permitting • Taxation • Cash flow results • Reporting of mineral reserve estimates

10. ACCESSING NEW DATA ANALYSIS TECHNIQUES TO MAXIMIZE PROJECT VALUE Sunday, March 2 8:30 am - 5:00 pm Organizer: MICROMINE This course, taught by one of the world’s preeminent authorities on resource estimation and geostatistics, will provide insights into analytical approaches that offer the promise of maximizing value from geological, exploration and mining data. Even though these methods are increasingly being mentioned, they are usually understood only at the level of buzzwords; the practical details are generally not well explained. This one-day workshop will demystify the following methods, providing a clear and practical introduction to how they work, and to their strengths and weaknesses: 1. Recursive partitioning: a method that can be used for identifying geological controls on mineralization; the complex interactions between commonly logged information such as alteration, lithology, structure, mineralogy and texture. 2. Conditional simulation: a method that has value not only for risk analysis, but also for evaluating issues that relate to short-scale variability, such as grade control and blending. 3. Data mining: a group of emerging methods discovering patterns in large data sets using tools from artificial intelligence, machine learning, statistics, and database systems. 4. Neural networks: a method that mimics our understanding of neuron connections in the brain to build predictive models (e.g. of the likelihood of exploration success, or of the

amount of ore-waste misclassification in a producing mine) that continuously adapt the prediction as new input becomes available, and new interconnections between variables are identified. Participants will explore each idea through case studies and group discussion relating to real-world examples and current practices. This course will benefit all geologists and engineers involved with advanced exploration and resource estimation studies, giving them a good introduction to new methods for learning the right lessons from data acquired during exploration and production. In addition to showcasing the strengths of each method, the course will also explain their weaknesses and discuss why they are sometimes not well suited for certain types of studies.

11. MINERAL DISCLOSURE STANDARDS UNDER NI 43-101 Wednesday, March 5 8:00 - 11:30 am Organizer: Craig Waldie, Ontario Securities Commission and James Whyte, Ontario Securities Commission This informative session will provide participants with an opportunity to learn the fundamentals of technical disclosure for mineral projects under NI 43-101 directly from the regulator. The session is designed to assist mining industry participants such as company officers and directors, investor relations personnel, and qualified persons with improving the technical disclosure reported to investors. Topics covered will include an overview of disclosure concepts under securities law, NI 43-101 compliance issues and pitfalls, and some of the common areas of non-compliance with technical reports. Recent changes to CIM Definition Standards, which are incorporated into NI 43-101, will be covered along with reviews by the regulator and the frequently observed red flags. An interactive question and answer session will also be included.

12. ALTERNATIVE FINANCING STRATEGIES FOR CHALLENGING TIMES

PLACES TO EAT Teck Café, Level 800 Sponsored by Teck Resources Limited Coffee & beverages, pastries, omelettes (AM only), crepes, schwarma, sushi to go, sandwiches, salads and snacks Food to Go, Level 800 Coffee & beverages, smoothies, pastries, hot dogs, sandwiches, salads and snacks Core Shack Café, Level 700 Sponsored by HudBay Minerals Inc. Specialty coffee & pastries, salads, sandwiches & snacks, coffee & beverages 701 Bistro & Bar, Level 700, Room 701 Sponsored by DRA Luncheon room with seating. Hank Daddy’s BBQ & Grill, Montreal smoked meat, burritos & empanadas, pizza & hot subs, seated sushi counter, sandwiches, salads, pastries & snacks, coffee & beverages Wi-Fi Café, Level 600 Sponsored by Freeport-McMoRan Copper and Gold Inc. Pizza, salads, pastries & snacks, coffee & beverages Food Trucks, Level 500 (Ceremonial Entrance) Gourmet Gringos, Pinky’s Hot Dog Steamies

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Wednesday, March 5 2:00 - 5:00 pm Organizer: Borden Ladner Gervais LLP and GMP Securities L.P. Chairs: Mark Wheeler, Borden Ladner Gervais LLP and Kevin Reed, GMP Securities L.P. Mining issuers have been dealing with capital-anemic conditions for the past two years, and the pain may not be over yet. The TMX Group has reported that the total number of financings raised on the TSX Venture Exchange in January 2013 was down approximately 70% from December 2012 and down approximately 50% from January 2012. Without access to capital, mining companies are forced to slow or halt their exploration and development operations. Without exploration and development progress to report, share prices continue to drop, along with market capitalization. With no relief in sight, the challenge for mining issuers will be ways of maintaining and/or advancing their projects until market conditions improve. To this end, mining issuers are increasingly turning to alternative and creative financing structures. This course will include the following topics: • Market overview

THE NORTHERN MINER  JANUARY 20-26, 2014  B17

• Current and future sector challenges • Financing trends for mining issuers • Strategic investments: equity financings tied to participation rights in exploration and development properties • Foreign investments: equity investments coupled with offtake agreements • High yield and convertible debt financings • Metal streams and royalties Topics will be addressed from both a financial and a legal perspective. Emphasis will be placed on practical financing strategies for exploration and development stage companies.

13. DMEC WORKSHOP SERIES: RISK IN EXPLORATION: MEASURING IT AND HOW TO AVOID RUIN Wednesday, March 5 2:00 - 6:00 pm Organizer: Charles Beaudry, Consultant and Ken Witherly, Condor Consulting, Inc. Decennial Mineral Exploration Conferences (DMEC) is an outgrowth of the very successful Exploration 07 symposium held in Toronto (September 2007) that

drew together over 1,300 delegates to review the state of the art in minerals exploration technology. This year’s workshop will be the fourth DMECsponsored event under the theme “tools and techniques to explore undercover”. In the three previous workshops we looked at district-scale issues in Quebec, B.C. and Chile and how a multidisciplinary approach can help to improve exploration success. This year we turn our focus to the management of risk in mineral exploration from early grassroots exploration to advanced-stage projects. The formal management of risk has been developed to a high degree in the oil and gas exploration industry compared to the mineral industry. In spite of some early work by Brian McKenzie at Queen’s University in Canada, the science is at a much earlier stage of development. This workshop will present some more recent developments in this field and will look at the following subjects: • The human factor in mineral exploration risk • Management of risk in the exploration process • Discovery probability mapping using regional geochemical data • Probability mapping using GIS • Real options modeling to value and manage exploration

CORPORATE SOCIAL RESPONSIBILITY (CSR) EVENT SERIES The CSR Event Series is open to all convention attendees and is free to attend.

THE BEYOND ZERO HARM FRAMEWORK Sunday, March 2 8:30 – 10:00 am Organizer: IAMGOLD

GETTING IT RIGHT: COMMUNITY ENGAGEMENT FOR JUNIOR COMPANIES Sunday, March 2 10:30 am – 12 noon

WHAT YOU NEED TO KNOW AND DO: LESSONS LEARNED FROM MESOAMERICA Sunday, March 2 3:00 – 4:30 pm Organizer: On Common Ground

LOCAL PROCUREMENT: STRATEGIES, TOOLS AND THE BENEFITS FOR COMPANIES AND COMMUNITIES

Organizer: Triple R Alliance and PDAC

Monday, March 3 10:30 am – 12 noon

BALANCING PERFORMANCE IN UNCERTAIN TIMES: THE RELATIONSHIP BETWEEN CAPITAL MARKETS AND ENVIRONMENTAL AND SOCIAL RISKS

Organizer: Engineers Without Borders Canada

WATER, MINING AND STAKEHOLDERS: COMMUNICATING WITH COMMUNITIES, GOVERNMENT AND INVESTORS

Sunday, March 2 1:00 – 2:30 pm Organizer: Environmental Resources Management (ERM)

Monday, March 3 1:30 – 3:00 pm Organizer: International Finance Corporation (IFC)

THE ROLE OF GOVERNMENT IN COMPANY-COMMUNITY RELATIONSHIPS: LESSONS FROM PERU Monday, March 3 3:30 – 5:00 pm Organizer: Peruvian-Canadian Chamber of Commerce

RESOURCE NATIONALISM: MOVING BEYOND A NARRATIVE OF THREAT Tuesday, March 4 4:00 – 5:30 pm Organizer: International Council on Mining and Metals (ICMM) and PDAC

CSR EVENT SERIES CLOSING RECEPTION Tuesday, March 4 5:30 – 7:00 pm

CAPITAL MARKETS PROGRAM INVESTMENT FUNDAMENTALS: UNDERSTANDING MINERAL EXPLORATION AND RESOURCE DEVELOPMENT AND THE RELATIONSHIP TO COMPANY STOCK PRICES Saturday, March 1 8:30 am – 5:00 pm

CURRENT DEVELOPMENTS IN FINANCIAL MARKETS AND PUBLIC DISCLOSURE Sunday, March 2 1:00 – 3:30 pm

THE ROLE OF PRIVATE EQUITY IN MINERAL EXPLORATION FINANCING Tuesday, March 4 8:30 – 10:00 am

THE ROLE OF REGULATORS IN FACILITATING CAPITAL RAISING Tuesday, March 4 10:30 am – 12 noon

ABORIGINAL EQUITY PARTICIPATION IN MINERAL EXPLORATION Tuesday, March 4 3:30 – 5:00 pm

ALTERNATIVE FINANCING SOURCES FOR JUNIOR RESOURCE COMPANIES Wednesday, March 5 9:00 am – 12 noon

THE ROLE OF STOCK EXCHANGES DURING THE CAPITAL CRISIS

ALTERNATIVE FINANCING STRATEGIES FOR CHALLENGING TIMES

Tuesday, March 4 2:00 – 3:00 pm

Wednesday, March 5 2:00 – 5:00 pm

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B18  JANUARY 20-26, 2014  THE NORTHERN MINER

CORE SHACK EXHIBITS Sponsored by

For a ‘hands-on’ approach to learning about the latest discoveries, visit the Core Shack located on Level 700. Selections of deposits from around the world are highlighted along with maps, charts and technical information.

SESSION A Sunday, March 2 10:00 AM – 5:00 PM Monday, March 3 9:00 AM – 5:00 PM Alexandria Minerals Corporation, Akasaba copper-gold deposit, Val d’Or, Quebec, Canada

Edgewater Exploration Ltd., Corcoesto gold project, Corcoesto, Galicia, Spain

Brigus Gold Corp., Black Fox and Grey Fox gold complex, Timmins, Ontario, Canada

Ferrobamba Iron S.A., Aymaraes iron deposit, Aymaraes, Apurimac, Peru

Cayden Resources Inc., El Barqueno gold project, Guachinango, Jalisco, Mexico

Freegold Ventures Limited, Golden Summit gold project, Fairbanks, Alaska, USA

Corvus Gold Inc., North Bullfrog gold project, Beatty, Nevada, USA

Golden Arrow Resources Corp., Chinchillas silver deposit, Jujuy, Argentina

Eagle Hill Exploration Corporation, Windfall Lake gold deposit, Lebelsur-Quévillon, Quebec, Canada Eastmain Resources Inc., Eau Claire gold deposits, James Bay, Quebec, Canada

Golden Hope Mines Limited, Bellechasse-Timmins gold deposit, Bellechasse, Quebec, Canada GoldQuest Mining Corp., Romero gold-copper project, San Juan,

Dominican Republic Kaminak Gold Corporation, Coffee gold project, Dawson City, Yukon, Canada Klondex Mines Ltd., Fire Creek gold project, Elko, Nevada, USA Lake Shore Gold Inc., Timmins area gold deposits, Timmins, Ontario, Canada

gold property, Val-d’Or, Quebec, Canada NunaMinerals A/S, Vagar gold project, Qaqortoq, Greenland Orefinders Resources Inc., Mirado gold project, Kirkland Lake, Ontario, Canada Red Eagle Mining, Santa Rosa gold project, Antioquia, Columbia

Midas Gold Corp., Golden Meadows Au, Ag, Sb, W project, Valley County, Idaho, USA

Sabina Gold & Silver Corp., Back River gold project, Kitikmeot Region, Nunavut, Canada

Mineral Exploration Network Ltd., Karelian gold project, Kuhmo, Karelia, Finland

Sirios Resources Inc., Cheechoo gold project, James Bay, Quebec, Canada

Monarques Resources Inc., Simkar

Starcore International Mines Ltd., San Martin gold-silver deposit,

Queretaro, Mexico Strait Minerals Inc., Alicia copperporphyry deposit, Cusco, Peru Tasman Metals Ltd., Norra Karr REE-Zr deposit, Norra Karr, Sweden Tinka Resources Ltd., Ayawilca zinc project, San Pedro, Peru Torex Gold Resources Inc., Morelos gold property, Nuevo Balsas, Guerrero, Mexico Veris Gold Corp., Jerritt Canyon gold deposits, Elko, Nevada, USA Zenyatta Ventures Ltd., Albany graphite deposit, Constance Lake, Ontario, Canada

SESSION B Tuesday, March 4 9:00 am – 5:00 pm Wednesday, March 5 9:00 am – 12:00 noon Avalon Rare Metals Inc., Separation Rapids lithium-petalite property, Kenora, Ontario, Canada Balmoral Resources Ltd., Martiniere gold property, Matagami , Quebec, Canada Banks Island Gold Ltd., Yellow Giant gold property, Banks Island, British Columbia, Canada Brixton Metals Corporation, Thorn silver-gold polymetallic project, Atlin, British Columbia, Canada Colombian Mines Corporation, El Dovio Au, Ag, Cu, Zn deposit, El Dovio, Colombia Comstock Metals Ltd., QV Discovery gold project, Dawson City, Yukon, Canada Constantine Metal Resources Ltd.,

Palmer Cu, Zn, Ag, Au project, Haines, Alaska, USA Discovery Harbour Resources Corp. & Northern Shield Resources Inc. joint venture, Wabassi Cu, Zn, Ag, Au property, Hearst, Ontario, Canada

Homestake Resource Corporation, Kinskuch Au, Ag, Cu, Pb, Zn property, Stewart, British Columbia, Canada Largo Resources Ltd., Campo Alegre de Lourdes Fe, Ti, V property, Campo Alegre, Bahia, Brazil

Dolly Varden Silver Corporation, Dolly Varden silver property, Kitsault, British Columbia, Canada

MAG Silver Corp., Juanicipio Ag, Au, Pb, Zn deposit, Fresnillo District, Zacatecas, Mexico

Eurasian Minerals, Inc., Malmyzh copper-gold porphyry discovery, Khabarovsk Krai, Russia

Mandalay Resources Corp., Cerro Bayo silver-gold deposit, Chile Chico, Aysen, Chile

Ex-In, Resurrecting Opemiska copper-gold mine property, Chapais, Quebec, Canada

NGEx Resources Inc., Los Helados & Josemaria copper-gold deposits, Copiapó, Chile

Ginguro Exploration Inc., Pardo Paleo-Placer gold deposit, Sudbury, Ontario, Canada

Platinum Group Metals Ltd., Waterberg platinum-layered magmatic sulphide deposit, Waterberg, Limpopo, South Africa

New! Mobile Convention Website Sponsored by PwC Our new Mobile Convention Website replaces the mobile convention guide (MOBI) and is ready to use. Planning your time and navigating through the Convention has never been easier. Build a schedule and add it to your smartphone calendar. Search, find and save the exhibitors you’d like to visit. View floor plans, presentation times and consult with our PDAC Mobile Masters near the Registration Desks and on level 800. Access the new Mobile Convention Website using the FREE Wi-Fi service throughout the MTCC, South Building (excluding the exhibit halls).

CONVENTION VIDEO – A GUIDED TOUR Check out the 2014 convention video that highlights what’s new and what you will need to know to enhance your convention experience. Special thanks to FTI Consulting – the exclusive video sponsor and a first-time sponsor of the Convention.

PDAC_Jan20_2014.indd 18

Polymetal International plc, Semcha platinum project, Girvas, Karelia, Russia Premium Exploration Inc., Idaho gold project, Elk City, Idaho, USA Probe Mines Limited, Borden gold deposit, Chapleau, Ontario, Canada Redcorp Empreendimentos Mineiros Unipessoal, Lda, Lagoa Salgada Zn, Pb, Cu, Au, Ag deposit, Grândola, Portugal Romarco Minerals Inc., Haile gold mine deposits, Lancaster, South Carolina, USA Seabridge Gold, Inc., KSM Cu, Au, Ag, Mo deposit, Stewart, British Columbia, Canada SGX Resources Inc., Tully &

Edleston gold deposits, Timmins, Ontario, Canada Silver Spruce Resources Inc., The Big Easy low sulphidation epithermal gold-silver zone, Thorburn Lake, Newfoundland, Canada St Andrew Goldfields Ltd., Hislop, Taylor and Garrison gold projects, Matheson, Ontario, Canada Teck Resources Limited, Teena zinc-lead prospect, McArthur River, Australia Temex Resources Corp., Whitney gold project, Timmins, Ontario, Canada Transition Metals Corp., Sunday Lake PGM discovery, Thunder Bay, Ontario, Canada

SHUTTLE SERVICE Sponsored by AECOM

PDAC will provide free shuttle bus service from key downtown hotels to the Metro Toronto Convention Centre, South Building. Daily service from 7:30 am to 7:00 pm (Sunday through Tuesday) and from 8:00 am to 2:00 pm (Wednesday) will operate from the following hotels: • • • • • • • • • •

Fairmont Royal York Westin Harbour Castle Eaton Chelsea (Gerrard St entrance) Courtyard by Marriott DoubleTree by Hilton (formerly Metropolitan) One King West Hotel and Residence The Omni King Edward Hotel (King Edward guests walk to One King West Hotel for shuttle) Hyatt Regency Toronto (Widmer St entrance) Sheraton Centre Hilton Toronto (Hilton guests walk to the Sheraton Centre)

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PDAC 2014 Convention

RECEPTION ROOMS Metro Toronto Convention Centre, North Building PDAC is not responsible for Reception Room content.

THE FOLLOWING ARE CONFIRMED FOR PDAC 2014 (AS AT JANUARY 10, 2014). Beak Consultants GmbH Business Sweden, The Swedish Trade and Invest Council Canada-Peru Chamber of Commerce Eti Maden GMW GE Capital Greenland Business Association Whittle Consulting Pty Ltd.

SUNDAY, MARCH 2 ADVANGEO® PREDICTION SOFTWARE: EXPLORATION TARGETING USING ARTIFICIAL INTELLIGENCE AND GIS BEAK CONSULTANTS GMBH 3:00 – 5:00 pm The advangeo® prediction software offers artificial neural network technologies for mineral exploration targeting in the standard GIS environment of ESRI ArcGIS. The software guides the user through the different steps of data preparation and pre-processing, set-up of model scenario, neural network training and compilation of prospectivity maps. Participants will be introduced to the software and selected case studies will be presented. To register, please contact andreas.knobloch@beak.de or antje.reissmann@beak.de Registration is preferred, but not required.

GREENLAND BUSINESS RECEPTION GREENLAND BUSINESS ASSOCIATION Room 205BA 6:30 – 8:30 pm Welcome to the Arctic Cluster of Raw Materials reception which will take place after the Greenland Business Association event. To register, contact arnskjold@ ga.gl All are welcome. Registration is required.

NORDIC MINING DAYS: INVESTMENT

NORDIC MINING COUNTRIES Room 205BA 8:30 am – 8:00 pm The Nordic countries have a lot to offer the world of mining. In an effort to showcase technology companies and investment opportunities, the Nordic community is coming together to host “Nordic Mining Days” at the 2014 PDAC Conference. Nordic Mining Days will promote technology and mineral investment opportunities and provide an overview of the Nordic investment climate. To register, contact harry. sandstrom@spinverse.com Registration is preferred, but not required.

TUESDAY, MARCH 4

Room 205BA

MONDAY, MARCH 3

OPPORTUNITIES AND TECHNOLOGY SOLUTIONS FOR SUSTAINABLE MINING

EFFECTIVE COST CONTROL AND GROWTH STRATEGIES FOR MINING IN THE GLOBAL ECONOMY GE CAPITAL Room 205BA 8:00 – 10:00 am The mining industry is currently challenged by lower pricing, cost escalation, a recent legacy of billions of dollars in write-downs and more limited access to capital. Consequently, strategies for cost control/reduction and creative access to capital to drive longer term global growth plays are of paramount importance. GE Capital will host a breakfast presentation with both GE and GE Capital executives and strategic partners aimed at addressing these critical issues. To register, contact jennifer. green@ge.com All are welcome. Registration is required by February 28.

PERU: INVESTMENT CENTRE CANADA-PERU CHAMBER OF COMMERCE Room 205BA 11:30 am – 8:30 pm As the first and exclusive PDAC 2014 Mining Country Sponsor, Peru has prepared this showroom to display its diversified and

competitive economy. PDAC attendees and investors will have the opportunity to meet with companies and suppliers, and find business opportunities in Peru in mining, metalworking and other sectors. To register, contact fabienne@ canadaperu.org All are welcome. Registration is preferred, but not required.

WEDNESDAY, MARCH 5 MONEY MINING WHITTLE CONSULTING PTY LTD. Room 205BA 8:00 – 10:00 am Whittle Consulting has a unique approach to enterprise optimisation enabling mining companies to transform their economic performance, increasing the NPV of assets by 5% to 35%, or considerably more. They develop life-of-mine plans that accelerate cash through the bottlenecks in the system enhancing cash flow profiles, by bringing forward cash flows into years 1-5, usually measured in hundreds of millions of dollars. With stronger cash flows, mining company boards have the power and independence to pursue their ambitions, grow their businesses, and exploit a wider range of options. Online registration: http://www. cvent.com/d/14q9qs On the day registration is accepted, please bring a business card for express onsite registration. Event inquiries: Stephanie Jones stephanie@whittleconsulting. com.au Registration preferred, but not required.

MINING BUSINESS OPPORTUNITIES IN TURKEY ETI MADEN GMW Room 205BA 11:30 am – 1:30 pm Hosted by Eti Maden General Works (boron mineral ores and borates) and government representatives from the Ministry of Energy. Investment opportunities for metals and minerals including rare earth opportunities. Please join us for information and hospitality. Register with Donna Schake at dschake@etimineua.com or 412 809 8215 by the following date preferred: February 21, 2014. All are welcome. Registration is preferred, but not required.

FREE ACCESS TO LETTER WRITER PRESENTATIONS FOR INVESTORS SUNDAY, MARCH 2 Sponsored by Peter Bojtos and Sprott Inc. Come and listen to your favourite newsletter writers and industry commentators including: Mike Berry, Discovery Investing Al Korelin, The Korelin Economics Report Brent Cook, Exploration Insights Ian McAvity, Deliberations on World Markets Adrian Day, Adrian Day Asset Management Greg McCoach, The Mining Speculator Mickey Fulp, The Mercenary Geologist Lawrence Roulston, Resource Opportunities Garrett Goggin, John Doody’s Gold Stock Analyst Rick Rule, Sprott Global Resource Investment, Ltd. Jeb Handwerger, Gold Stock Trades Jay Taylor, Gold, Energy & Tech Stocks John Kaiser, Kaiser Research Online And others... Visit www.pdac.ca/convention/program/letter-writers for a complete schedule.

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THE NORTHERN MINER  JANUARY 20-26, 2014  B19

INNOVATION FORUM Sponsored by National Post SUNDAY, MARCH 2 10:00 am – 5:00 pm Once again PDAC is partnering with the Canadian Association of Mining Equipment and Services for Export (CAMESE) to promote information exchange between companies and attendees. Presentations by selected companies allow attendees to learn about new product, service and exploration developments, as well as about mining jurisdictions around the globe. Chairs: Spencer Ramshaw, CAMESE, Markham and Pascal Muzard, Independent Consultant, Toronto, Canada

LABORATORIES/ LABORATORY SUPPLIERS/ANALYTICAL SERVICES Corescan: Automated hyperspectral corelogging, Brigette Martini, Corescan Pty. Ltd., Oregon, USA

DRILLING EQUIPMENT & SERVICES SiteSaver (TM): Taking drill pad site lining and containment systems to the next level, Mark Maederer, PendaForm , Wisconsin, USA

RENEWABLE ENERGY Mining and renewable energy: Cross-sector synergies and the emergence of end-to-end energy solutions combining hybrid power & novel fuel supply chains, Resja Campfens, Sea Breeze Power Corp., Vancouver, Canada

EXPLORATION/ MINING EQUIPMENT & SUPPLIES EarthZyme: Paving a new way for haul road construction, Shawn James, Cypher Environmental Ltd., Manitoba, Canada oreXpress Field Spectrometer with EZ-ID software for mineral identification in real time, Dayton Jones, Spectral Evolution, Denver, USA

New multi frequency time domain EM system, Francisco Lopez, AirTem Canada Limited, Oshawa, Canada The Geode EM3D: A new geophysical tool for high resolution EM prospecting, Douglas Groom, Geometrics, Inc., San Jose, USA

Development of an X-ray fluorescence borehole logging probe for depth up to 500 meters, Claus Bachmann, J&C Bachmann GmbH, Copenhagen, Denmark Real-Time aeromagnetic dynamic compensation of on-board electronics, Andre Marszalkowski, RMS Instruments Limited, Mississauga, Canada Distributed array DCIP resistivity system with real-time wireless communications, Dennis Woods, Discovery International Geophysics, Surrey, Canada

GOVERNMENTS Results from the first Global Mineral Resource Assessment, Jane Hammarstrom, U.S. Geological Survey, Reston, USA,

SOFTWARE COMPANIES New approaches for safe Information handling for Mining and Exploration - MyMAPS, Tania Poehlman, Caracle Creek International Consulting Inc., Sudbury, Canada 4D-GIS for exploration and mining, John McGaughey, Mira Geoscience, Westmount, Canada

FOR THE FULL SCHEDULE OF INNOVATION FORUM PRESENTATIONS, VISIT WWW.PDAC.CA/ CONVENTION/PROGRAM/ INNOVATION-FORUM

GEOPHYSICAL SERVICES & EQUIPMENT New highly sensitive, all-season, ground electroprospecting technique for mining exploration, Igor Ingerov, Advanced Geophysical Operations and Services Inc. (AGCOS), Toronto, Canada

Mobile Equipment for safety and productivity

Authorized Toyota Landcruiser Dealer

Phone: (705) 476-4500 Email: mtsales@millertechnology.com

Webpage: www.millertechnology.com

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PDAC 2014 Convention

B20  JANUARY 20-26, 2014  THE NORTHERN MINER

2014 PDAC AWARDS

Sponsored by

Monday, March 3, 6:00 pm, Fairmont Royal York, Canadian Room. Tickets: C$110. Dress: Business Attire, Black Tie Optional Outstanding achievements are honoured at the prestigious annual PDAC Awards Evening, where individuals and organizations are acknowledged for their significant contributions to the Canadian mineral industry. This hallmark event, sponsored by Franco-Nevada Corporation, begins with a hosted reception, sponsored by Gowling Lafleur Henderson LLP, followed by a delectable three-course dinner, fine wine sponsored by CIBC World Markets Inc. and live jazz music. A specialty Coffee-and-Liqueur Networking Reception, sponsored by Votorantim Metals Canada Inc., rounds out this memorable evening. Award recipients are selected by the PDAC’s Board of Directors, based on the recommendations of the association’s Awards Committee. Selection criteria are listed with each award.

BILL DENNIS AWARD This award honours (a) person(s) who has(ve) accomplished one or more of the following: made a significant mineral discovery; made an important contribution to the prospecting and/or exploration industry. The award may also be used to recognize an important mineral discovery in Canada. Ross McElroy, President & COO, Fission Uranium Corp., is the recipient of this year’s Bill Dennis Award for a Canadian mineral discovery or prospecting success. Ross McElroy is receiving the

Ross McElroy

THAYER LINDSLEY AWARD

award for leading Fission’s team of geologists in one of the most significant discoveries in the Athabasca Basin in recent years. The Patterson Lake South property is a high-grade, shallow-depth uranium discovery located on the southwestern margin of the Athabasca Basin in northern Saskatchewan. Ross McElroy has over 30 years experience as a professional geologist. Under the leadership of Ross McElroy, Fission’s uranium discovery has rejuvenated the entire exploration industry in the Athabasca Basin.

VIOLA R. MACMILLAN AWARD

This award, which is named in honour of the PDAC’s longest serving president, is given to (a) person(s) who has/have demonstrated leadership in management and financing for the exploration and development of mineral resources. Capstone Mining Corp. is the recipient of this year’s Viola R. MacMillan Award for company or mine development. Capstone Mining Corp. is receiving the award for demonstrating leadership and management

in the successful development of the Minto and Cozamin copper mines and in its acquisition of Pinto Valley Copper Mine, as well as transforming it into an intermediate copper producer. Located in the GlobeMiami mining district in Arizona, the Pinto Valley site is expected to produce 130 to 150 million pounds of copper in concentrate annually, projecting the annual copper production to increase by more than 160%, from 85 M lbs Cu to 235 M lbs Cu.

This award recognizes an individual or a team of explorationists credited with a recent significant mineral discovery anywhere in the world. Goldrush Discovery Team, Barrick Gold Corporation is the recipient of this year’s Thayer Lindsley Award for international mineral discoveries. The team is receiving the award for discovery of the 14.1 million ounce Goldrush deposit in Cortez District, Nevada, USA. The deposit, located in the eastern portion of the Cortez mining district, 6 km southeast of Cortez Hills, potentially represents the largest Carlin-style discovery in Nevada

DISTINGUISHED SERVICE AWARD

Roger Wallis

Canada’s Award-Winning Exploration Team

since Cortez Hills was discovered over 10 years ago. The Goldrush deposit has the third highest grade and is one of the few or the only plus 10 million ounce gold discoveries since 2001. The 25-person Goldrush Discovery Team was led by Rob Krcmarov, Senior Vice President, Global Exploration (Toronto), François Robert, Vice President and Chief Geologist (Toronto), Ed Cope, Vice President, Exploration North America (Elko, Nevada), Kevin Creel (Chief Exploration Geologist), Mark Bradley (District Geologist) and Alejandro Ly (Project Geologist).

This award recognizes an individual who has achieved one or more of the following: made a substantial contribution to mineral exploration and mining development over a number of years; given considerable time and effort to the PDAC; made outstanding contributions to the mineral industry in the field of finance, geology, geophysics, geochemistry research, or a related activity.

Award. Roger is receiving the award for his outstanding contribution and dedication to the PDAC over the past 47 years. He joined the PDAC in 1967, and has been an active PDAC committee member since 1993. Roger has been a proponent of the PDAC taking a leadership role in becoming more proactive about industry issues, particularly around environmental and corporate responsibility issues. He has been an integral member of the Convention Planning Committee. A natural leader, Roger has worked hard with the committee raising the convention standard year after year.

SKOOKUM JIM AWARD

Dr. Roger Wallis is the recipient of this year’s Distinguished Service

ENVIRONMENTAL & SOCIAL RESPONSIBILITY AWARD

BILL DENNIS 2014 AWARD • ROSS McELROY “This project has become a focal point of the uranium sector.” David Talbot, Dundee Securities

“Fission Uranium announced the best results in its history, and one of the best holes from the Athabasca Basin this morning from PLS13-075 at Patterson Lake South.”

This award honours an individual or organization who/which has demonstrated outstanding initiative, leadership and/ or accomplishment in protecting and preserving the natural environment and/or in establishing good community relations during an exploration program or operation of a mine.

Rob Chang, Cantor Fitzgerald

“The assay result from hole PLS13-038 is one of the best we have ever seen and continues to suggest this may be the world’s next world-class deposit.” Rob Chang, Cantor Fitzgerald

“Mineralization is shallow, high grade, and Fission’s technical team seems to have honed into a discovery method that seems to allow reconnaissance drilling with almost 100% accuracy even on large step-outs.“ David Talbot, Dundee Securities

Fission Uranium Corp OTCQX:FCUUF • TSX.V:FCU

700–1620 Dickson Ave, Kelowna BC ir@ fissionuranium.com www.fissionuranium.com

@FissionUranium fissionuraniumcorp fissionuraniumcorp

Teck Resources Limited is the recipient of this year’s Environmental & Social Responsibility Award. Teck Resources Limited is receiving the award for its outstanding accomplishments and commitment to sustainability, and environmental and social initiatives. In 2011, Teck developed a comprehensive sustainability strategy, focusing on long -and short-term goals set to achieve the company’s vision for sustainability. The sustainability strategy supports six key areas that represent the biggest challenges and opportunities for the mining sector: community, people, water, biodiversity, energy, and materials stewardship. Dedicated to building value through partnerships, Teck aims to address local and global sustainability issues.

Jim MacLeod

Recipients of this award will have demonstrated exceptional achievement and/or service in a Canadian Aboriginal-run service business for the Canadian mining industry or a Canadian Aboriginal exploration or mining company, or have made a significant individual contribution to the mining industry. Jim MacLeod, President, J.A. MacLead Exploration and EvirCree Ltd., is the winner of this year’s Skookum Jim Award for Aboriginal achievement in the mineral industry. Jim is receiving the award for his strong leadership on the environmental impact of the mining sector and his work advocating for more education and training programs for Aboriginal youth within the industry. He is a pioneer in mineral exploration and environmental impact and from the beginning recognized the link between mining and environment, and the importance of managing the relationship. Founder of the Mistissini Geological Resources Centre, Jim has worked closely with Aboriginal communities as a consultant on projects and training in mining exploration. He also serves on the Board of Directors of Cree Mineral Exploration Board, and Canadian Aboriginal Minerals Association.

Fission Uranium PDAC ad / 6 x 8.5” / The Northern Miner CMYK / 12 January 2014 / rare design inc > Keith: tel 604 505 4100 PDAC_Jan20_2014.indd 20

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