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BONUS MAGAZINE INSIDE HECLA MINING Commemorating 125 years of industry history
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RAMBLER METALS & MINING PE fund to take control, fund Ming / 3
LITHIUM IN ALBERTA
Potential source in gas field brines / 11
MAY 9-15, 2016 / VOL. 102 ISSUE 13 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM
Sirios rethinks Cheechoo, wins Goldcorp's interest QUEBEC GOLD
| Sirios shares up 305% this year on Cheechoo assays
PANEL DISCUSSION
BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER
“WE’RE SEEING A CHANGE IN THE PATTERN OF TRADING FOR EXPLORATION COMPANIES. THERE’S BEEN A MOVEMENT AMONG JUNIORS THAT IS VERY POSITIVE.” DOMINIQUE DOUCET PRESIDENT AND CEO, SIRIOS RESOURCES
During initial drilling of a lower-grade gold zone within a large, granitic intrusive, Sirios found hints of higher-grade material related to certain structures. The tonalite that hosts gold mineralization at Cheechoo is silicified and albite-rich, with moderate-to-strong parallel quartz veining. But the story changed late last year when the company studied these potentially high-grade structural trends and their rock types. Doucet says the Sirios team suspected they were probably drilling in the wrong direction, and so in the late-2015 program they changed the orientation and targeted the suspected northeast- and southwesttrending structures. “We had intersected biotite schist previously, but it had been pretty minor. In hole 40 things changed. Our project tends to have low amounts of sulphide, and we saw the lithological results, and were aware that some gold zones at Éléonore were hosted in similar rocks.” Hole 40 intersected an altered and mineralized
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New frontiers in mining finance
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xplorer Sirios Resources (TSXV: SOI; USOTC: SIREF) has been toiling away for years in relative obscurity at its flagship Cheechoo gold project, 320 km north of Matagami, Que., but is gaining new prominence on the release of gold-rich drill intercepts and a subsequent influx of cash from Goldcorp (TSX: G; NSYE: GG). The Cheechoo property covers 145 claims over 75 sq. km and sits next to Goldcorp's Éléonore gold mine, which hit commercial production in mid-2015. Sirios president and CEO Dominique Doucet recounts during an interview that progress at Cheechoo had slowed during the last market downturn, with the company struggling to finish a modest 5,000-metre drill program due to a lack of capital. “The timing has been good on the release of our drill results, which are exciting,” Doucet says. “There has been a change in the mood for investment in the gold sector. Since around early March the feeling has improved, but I wouldn’t say it’s become bullish. Careful investors and funds are definitely looking for under-valued deals.”
The state of mining finance in 2016 BY JOHN CUMMING jcumming@northernminer.com
Sirios Resources president and CEO Dominique Doucet (far left) examines a core sample during a site visit to the Cheechoo gold project, 320 km north of Matagami, Quebec, in 2014. SIRIOS RESOURCES
biotite schist with 1–3% of pyrrhotite and arsenopyrite disseminated over a 36-metre unit, and five specks of visible gold were found within the schist and pegmatite. The results offered a promising structural target, and potential Éléonore analog, but assays in March were particularly strong, with hole 52 cutting 20.3 metres of 12.08 grams gold per tonne from 120 metres deep. “Those are our most promising results to date, and there was a lot of visible gold,” Doucet says, noting that Sirios had been targeting the northeast- and southwest-trending structure starting within the metasediments and hitting gold mineralization at the contact with tonalite. “We rushed the assay and also wanted to photograph the rocks out there, because it demonstrates that we have gold in both lithologies. It gives our geologists a new message, because normally gold deposits in granitic intrusives would be pretty lowgrade and large tonnage. When you get gold in the adjacent metasediments, it indicates a world where you can have a high-grade deposit,” he says. Sirios also drilled 10 wildcat holes 1 km northwest of Cheechoo’s mineralized halo, and cut three more intersects with visible gold around the geological contact between tonalite and metasedimentary rocks. “There were numerous specks of gold, promising alteration and veins, so we’re quite excited, because it’s a new gold-bearing area outside of the main target,” Doucet says. “Even if the gold grades aren’t at that level of hole 52, we have excellent results because
we’re finding targets that warrant follow-up.” Sirios’ latest exploration results have attracted Goldcrop, which partially exercised its right to acquire up to 19.9% in the junior during a private placement, wherein it picked up 6.7 million units for $1.4 million. Overall Sirios has raised $5.5 million by issuing 17.5 million hard units at 20¢ and 6.7 million flow-through shares at 30¢. Each unit has one share and one half-warrant exercisable at 28¢ for 12 months. Sirios plans to have structural geologists out in the field by the end of May to follow up on discoveries and devise a drill program that could total 10,000 metres. Sirios will likely split its attention between the wildcat area and precision follow-up around hole 52, and look at what it calls a “promising” goldin-till anomaly along the western Éléonore project boundary. “We don’t have a technical mixed team with Goldcorp at the moment, and it’s mainly other people that have pointed out similarities to Éléonore after seeing pictures of our core,” Ducet says. “I can’t say today that it’s a similar situation, but we have started to see gold in the metasediments and some similarities with the biotite schist. It’s not that important to me, however, whether the discovery is similar to Éléonore or not. One mining camp can have a variety of deposits.” Sirios shares have traded within a 52-week window of 7¢ to 51¢ per share, and skyrocketed 305% to start the year, en route to a 39.5¢-pershare close at press time. The company has 100 million shares outstanding. TNM
During the Prospectors & Developers Association of Canada convention in Toronto in March, PearTree Securities sponsored a panel discussion moderated by Anthony Vaccaro, publisher of The Northern Miner, to tackle the issue of alternative financing in the mining sector, including royalties, streaming, private equity and flow-through financing. Panel members were David Harquail, president and CEO of Franco Nevada (TSX: FNV; NYSE: FNV); Stephen de Jong, president and CEO of Integra Gold (TSXV: ICG); Trent Mell, president and head of mining at PearTree Securities; and Dan Wilton, director at Pacific Road Capital. The following is an edited transcript. See PANEL / 2 PM40069240
AVNEL GOLD MINING: ADVANCING KALANA IN MALI / 5
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MAY 9–15, 2016 / THE NORTHERN MINER
The state of mining finance in 2016 PANEL From 1
Anthony Vaccaro: We all know from the point of view of issuers and shareholders that there’s been some dissatisfaction with traditional debt and equity markets. So the idea was to take a harder look at alternative financing: royalties, flow-through and donation f low-through, and private equity. These alternative financing methods are structured to encourage a long-term perspective. It doesn’t really make sense to talk about alternative financing methods if it just exacerbates problems with current models. Let’s open it up with Dan. In a previous conversation we noted there seemed to be well-grounded optimism at this year’s Prospectors & Developers Association of Canada convention, especially with regards to gold. Dan, what’s gone on with gold since January? Dan Wilton: We were talking about momentum and the sustainability in the recent move in gold, and what’s causing it. I think some of it has been the fact that many generalist investors have been underweight gold for a long time. You came into the end of last year with a lot of big banks calling gold to go below US$1,000 an ounce. So there was a fair amount of negative or short interest on the golds. And with a bit of geopolitical fear, you had some upward movement, and a combination of things — short-covering, particularly — gave it an initial leg. And then lo and behold, some of the generalist investors who walked away from the sector for the last few years had a look at the end of January and mid-February and realized that some of the best-performing stocks year-to-date on the TSX that would show up on their screens were gold companies. Then you had a bit of a herd mentality kick in, with people trying to chase performance. They don’t want to be the ones underperforming because they haven’t held gold, so that pushes things up again. You’ve seen remarkable moves in gold equities because of that. Is it sustainable? I think it is. You won’t see sentiment turning really negative again any time soon. We hope — I’ve been wrong about that before [laughs]. AV: There’s always a danger of over exuberance in the gold sector, and David, you’ve had some choice words to say on this very topic, as well as on the importance of investment discipline. David Harquail: What Dan is talking about is a bit of a weather vane in the marketplace. The wind blows one way, and the stocks follow in that same direction, but it’s always going to spin around. This is a long-term business. The average time from discovery to developing a mine has moved from 12 to 15 years. So you’re actually building your mine through an entire commodity cycle. What you want to do is not worry about the hot money that’s coming through. They don’t care about a mine — all these equities are just poker chips for them, and they’re going to be in and out of the thing.
At the PearTree Securities-sponsored panel on alternative financing methods at the Prospectors & Developers Association of Canada convention in Toronto in March, from left: Anthony Vaccaro, publisher of The Northern Miner; David Harquail, president and CEO of Franco-Nevada; Stephen de Jong, president and CEO of Integra Gold; Trent Mell, president and head of mining at PearTree Securities; and Dan Wilton, director at Pacific Road Capital. PHOTO BY JOHN CUMMING.
You can’t build a company based on the market weather vane. You have to take your project to completion and hold on to it to protect your margins, so you can make money and reap the benefits of whatever your discovery is over a long period of time. I turn my screen off. I won’t even look at the markets because it only makes sense if I’m going to sell my stock on a particular day. And I’m always long. We buy things and keep them forever because we love land that has great geological potential. And we think the most wealth in the mining business is not from timing the market or from financial engineering, or using your paper that has different valuations than someone else’s. It’s just being exposed to lands that host a discovery you’ve made. And that’s how we built our company — we’ve been buying interests in land when people have been giving them away, and later on we’ve had the money to explore them, and we’ve been very lucky. All this focus you get from the newsletter writers in terms of trying to time the market — in time it is a zero-sum game. AV: Stephen, would you like to weigh in? Integra Gold has been like a bright light in the industry over the past 12 months. And how do you think alternative financing has evolved from a junior’s perspective? Stephen de Jong: I cannot agree more with what David has said. You can try to time the market as much as you want, but it’s not going to work. We have a model at Integra that we treat every day as if it’s the last day of the rally. At some point the market may turn, but if you take an unbiased look at say a five-year gold price chart, you’ll see spikes, and then you’ll see the price go right back down again. I started at Integra in 2012, and it wasn’t the best time to take the helm of a gold company. It was a $10-million company at the time, and now it’s at $200 million. So we’ve raised a lot of money and had a lot of success taking money when it’s there, as long as there’s a value opportunity. With the conservative approach, you win either way. If the market
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“WE USED TO BE DRIVEN IN BULL MARKETS BY OPEN-ENDED RESOURCE FUNDS. THE TROUBLE IS … THEY GOT ALL THEIR MONEY AT THE TOP OF THE MARKET AND GOT ALL THE REDEMPTIONS AT THE BOTTOM. I CAN’T THINK OF A MORE SYSTEMICALLY DOOMED WAY TO INVEST.” DAVID HARQUAIL PRESIDENT AND CEO, FRANCO-NEVADA
goes down you’re going to be an outperformer, and if it goes up, everybody wins. AV: How do you manage shareholders’ expectations, especially those who don’t share your conservative view? SJ: You make decisions and you get faithful shareholders around that. Outperforming in a down market is a great way to gain faithful shareholders, and you get to a point where shareholders trust you. You do have to take a stand sometimes that go against what your shareholders think, and fortunately for us it has worked out, for the most part. We have to do what’s in our shareholders’ best interest, but we can’t listen to every single shareholder every single day … that’s not what we’re paid to do. AV: Trent, a big part of your model at PearTree is attracting the right investors, especially to charity flowthrough financing. Trent Mell: We see charity flowthrough as a natural evolution, with royalties and streaming having come of age. In Canada we have the benefit of 25 years of experience of a flow-through regime that has led to meaningful exploration and development in the country. Look at Éléonore, Voisey’s Bay, the diamond mines up north, and I can go on — there have been a lot of discoveries positively influenced by our regime. Charity flow-through is a littleknown tool, just because of the way it’s implemented, a lot of it goes on behind the scenes. But most flowthrough deals last year were in fact charity deals, and it has come of age, even if there is a lack of education about it and the tax advantages. McGill University, Vancouver General Hospital and SickKids hospital in Toronto are three charities we like to highlight that have outed themselves as having been recipients and benefitted from the generosity of our clients. We have philanthropists that have been very, very active in charitable giving. AV: Turning to private equity, Dan, could you tell us about the true role private equity has to play in the junior market? DW: Part of the challenge of the expectations surrounding private equity is understanding what a private equity investor is, and what it is not. We are an institutional fund manager. Our limited partners are
mostly large U.S. pension funds and university endowments. These are stable, long-term investors who are seeking a specific exposure to commodities or real assets, and minerals are a subcomponent of that. So we are bringing quite a different source of capital to the mining sector, one that traditionally hasn’t been there. These are not investors who will generally go out and buy a share. They would allocate funds to a fund manager, and not do direct investments. It got a little bit of hype as things were coming off in the mining sector and people saw a new source of capital for the market that would raise their share price. And that’s sort of not what we do. What we do is deploy capital into situations where we can help something happen. So most of our capital has been deployed building mines — construction equity. For example, mineral sands in Kenya or a diamond mine in Lesotho. People are leveraging our equity to bring in bank financing, and other equity, and actually get things built. The people who have been good at that in this part of the cycle have been people like David and his peers, who have contributed enormous capital to achieve goals and get things built. We have the benefit of our investors being long-term. They’re 10-year funds with no redemptions and the money is committed. When we say we can deploy it, we can deploy it. We can be long-term, through-thecycle, patient investors. That’s been one of the challenges of the equity markets in recent years: a real short-term focus. DH: By default, the short-term money has blown up. We used to be driven in bull markets by the resource funds that were specific on resource stocks, and the trouble is that most of them were open-ended, so they got all their money at the top of the market and got all the redemptions at the bottom. I can’t think of a more systemically doomed way to invest in the marketplace. The resource market is quite simple: you buy when everyone else is selling, and don’t buy things when everyone else is buying. So those funds are designed absolutely wrong, and they’re always gaming the system, trying to make
money within cycles because they only had a short period of time. The generalist funds and the pension funds that look long-term are telling us that they’re looking at gold and other commodities as an asset class … and just show us that you can outperform gold. And that’s kind of what we’ve built our business model around: with relatively little risk and the right timing, we can do better than gold itself. And that’s what we’ve done for the last eight years, and the institutions absolutely love it. They don’t want to be surprised by sovereign risk, metallurgical aspects or social issues on-site. I think they found management teams would take their money and not tell them about all these challenges at the projects, and they didn’t get the returns they expected. There’s a huge amount of money that wants to come into the business … we’ve invested $2 billion in the last 18 months. We just did a deal with Glencore but we didn’t want debt, so we said to the market “Please help us,” and we asked for US$550 million. We were offered many multiples on top of that. We upsized the deal to US$950 million at the end, and my biggest problem is that I have to pro-rate these people back, with some getting only 20% of what they asked for. My problem is that there is so much demand coming in … what they want is a steady business that can do better than the commodity itself, without taking undue risk. And they don’t want to do it through the equity market anymore. There’s too much financial engineering, too many people are skimming and there are too many machines working against them. They’re looking for direct investments. You see pension funds working through private equity firms putting money directly into businesses. And I see a lot of them looking at royalties and streaming themselves, with long time horizons ... so they don’t have to worry about the casino of the equity markets. AV: Stephen, how do you manage dilution for shareholders? SJ: The last few years have been carnage. There’s no other way of saying it. But there have been a few shining stars. It’s been a great proving ground for our company. For a company at our stage, it’s always a question of: Where does the value creation come from? Do you build it now and dilute yourself, or are there other value-creation opportunities that are equal but less dilutive down the road, assuming it’s all equity. The other thing is, as you progress, you open yourself to opportunities such as debt or other options. At Integra, we tend to have a simplistic approach: get the share price up and stay away from debt as much as possible, until getting right to the end. Like many things in life, if you keep it simple, it can work out really well. TM: I’d add there’s no toggle. There’s no either/or in building a capital structure. It’s going to take a little bit of everything. Since 2008, streaming, royalties and private equity have had the upper hand, but as the market turns, a well-managed company like Stephen’s will outperform the market and there will be opportunities to build an appropriate capital structure. We like to think of our particular product as being appropriate in the early stages. You don’t put a royalty on an asset before you know what’s there. I’ve been in that situation, where a royalty gets put on too early and you end up really paying for it. We don’t provide the kind of heft a Franco-Nevada could provide, but you can layer in your options. We can provide help in increments. TNM
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GLOBAL MINING NEWS
THE NORTHERN MINER / MAY 9–15, 2016
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A pair of 42-tonne underground mine trucks at Rambler Metals and Mining’s Ming copper mine, near Baie Verte in north-central Newfoundland. RAMBLER METALS AND MINING
Rambler's path forward at Ming in Newfoundland FINANCING BY LESLEY STOKES
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lstokes@northernminer.com VANCOUVER
EII Roma, a mining-focused fund based in the Cayman Islands and advised by private equity firm Plinian Capital, is offering to inject a gross £10.5 million ($19.1 million) into Rambler Metals and Mining (TSXV: RAB; LSE-AIM: RMM) to help expand the company’s Ming copper mine, 17 km east of the town of Baie Verte in north-central Newfoundland. The investment, priced at 4 pence (7.4¢) per share, would give CEII Roma 261 million shares in Rambler, for a 63% stake in the company, along with another 200 million warrants exercisable within two years at 5 pence (9.2¢) apiece. If exercised, the entire financing package would gross £20.5 million ($37.7 million) and result in CEII Roma owning 75.1% of Rambler. The initial subscription would be at a 3% discount rate to Rambler's April 20 closing price, and a 13.6% premium above the 60-day, volumeweighted average price. Bradford A. Mills and Mark Sander — both senior executives at gold-silver miner Mandalay Resources (TSX: MND), and cofounders of Plinian — would join Rambler’s board as two of the four new non-executives. “It’s been difficult to find a partner in this market, so a financing of this nature really strengthens our working capital and brings life to our operations,” Rambler president and CEO Norman Williams tells The Northern Miner during a phone interview. “It’s a dilutive financing to our shareholders, but it demonstrates
| $19M placement would give control to private equity firm
that there are groups out there that see the large potential at the Ming mine, and we’re excited to unlock its value.” For the second quarter ended Jan. 31, 2016, of Rambler's fiscal 2016, the company produced 960 tonnes copper metal, 1,889 oz. gold and 12,860 contained oz. silver in 3,621 tonnes of concentrate, down 3% from the first quarter and up 3% from the year-ago quarter. This led to a quarterly loss of $1.5 million on revenue of $8.3 million, comapred to a loss of $4.3 million on revenue of $10.5 million in the yearago quarter. On Jan. 31, Rambler had $1.7 million in cash and equivalents and $16.4 million in interest-bearing loans and borrowings. For the 2016 fiscal year, Rambler forecasts production at Ming of 4,500 and 6,000 tonnes copper metal, plus up to 6,500 oz. gold and 57,000 oz. silver. The firm has been seeking more financing since completing a prefeasibility study on the project last year, which added lower-grade reserves into the underground mine plan. Williams says this new material could extend the mine life from six to 21 years, but it would require $66 million in capital expenses to double production to the 1,250 tonnes per day envisaged in the study. Total proven and probable reserves are 8.7 million tonnes at 1.8% copper and 0.52 gram gold per tonne, for a total 348.1 million lb. copper and 145,300 oz. gold. The expansion could have a $62.1-million after-tax net present value at a 5% discount rate and a 45% internal rate of return, assuming US$2.79 per lb. copper, US$1,100 per oz. gold and a long-
“A FINANCING OF THIS NATURE REALLY STRENGTHENS OUR WORKING CAPITAL AND BRINGS LIFE TO OUR OPERATIONS.” NORMAN WILLIAMS PRESIDENT AND CEO, RAMBLER METALS AND MINING
term exchange rate of US88¢ to one Canadian dollar. “We worked with Plinian on what we thought was a reasonable copper price deck, they have a wealth of experience and connections in the market,” he says. “We’re forecasting a fairly modest US$2.20 per lb. copper in August, then slowly going to US$2.40, then US$2.60 per lb.” Williams adds that “should we see that level of rebound, there won’t be any further capital injections required for the project,” as the company would fund the rest of the expansion through internal cash flows from operations. “We’re at the bottom of the market, so this cash injection is quite timely,” he says. “It will allow us to focus on getting the production up just ahead of the next potential rise in the copper price.” Rambler's board unanimously supports the deal, and Rambler says directors and certain other shareholder representing 52% of the outstanding shares will vote in favour of it. If the deal is approved at Rambler’s
annual general meeting, scheduled for May 27, Williams says the company will begin most construction in the first half of 2017, and he expects production could ramp up over the next few years. The company will also look at ways to lower cash costs at the operation using dense-media separation — a processing technology that would concentrate ore before it reaches its Nugget Pond mill, 40 km east of the mine site. It could also re-establish an existing mine shaft for hoisting. Williams says the idea is to push throughput upward to 2,000 tonnes per day and mill 1,500 tonnes per day through the separation process, which would essentially remove the waste to hopefully drive copper cash costs down to US$1.50 or US$1.70 per lb. “Once we get into that range, we
can manage any dips in the commodity market that may occur over its mine life,” he says As for the potential additions to Rambler’s board, Williams is “looking forward to working with the new team and bringing their ideas into play.” He says that “they have a really sound track record and bring a lot of expertise to the board. They invested in Mandalay, which has a similar story to ours. They started with a main asset, and since then they’ve added to their portfolio. So our aim is to shoot high and go for something similar. Rambler shares have traded within a 52-week range of 5¢ to 25¢, and last closed at 7¢, two weeks after the Plinian deal announcement. The company has 152.9 million shares outstanding for a $10.7-million market capitalization. TNM
CANADIAN MINING HALL OF FAME Call for nominations for January 2017 induction
Nominations for induction into the Hall of Fame may be made by individuals, firms or organizations but must be submitted through one of the Hall of Fame’s Member or Associate Member Organizations listed below. CRITERIA FOR SELECTION Candidates must be individuals who have demonstrated outstanding lifetime achievements to the benefit of the Canadian and/or world mineral industry in one of the following categories. There must have been a flow-back of significant benefit to Canada. • Exploration • Supporting Contribution • Building the Corporation
• Mining in Society • Technical Contribution
June 1, 2016 – is the recommended deadline for contacting a member organization about submitting a nomination. June 30, 2016 – deadline for nominating material to be delivered to the member organization for review. January 12, 2017 – 29th Annual Induction Further information and a nomination form is available at: www.mininghalloffame.ca
MEMBER ORGANIZATIONS: • Canadian Institute of Mining, Metallurgy and Petroleum • Mining Association of Canada • Prospectors and Developers Association of Canada • The Northern Miner
ASSOCIATE MEMBER ORGANIZATIONS: • Association for Mineral Exploration British Columbia • Mining Association of British Columbia • Ontario Mining Association • Quebec Mining Association • Saskatchewan Mining Association
Spinning mills at Rambler Metals and Mining’s Ming copper mine in Newfoundland. RAMBLER METALS AND MINING
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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NB, NF orders 15% H.S.T. to NS orders. 14% H.S.T. to PEI orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118
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| When gov't flexes discretionary power
A
nyone following junior mining in B.C. — and by extension the Mineral Titles Office — may have caught an interesting bit of drama in April courtesy of Carmax Mining and Chief Gold Commissioner Mark Messmer. The episode offers a valuable lesson on mineral title and BY MATTHEW KEEVIL a look at how the Mineral Tenure Act (MTA) mkeevil@northernminer.com handles claim forfeitures. VANCOUVER Carmax’s flagship asset is the Eaglehead copper project, 48 km east of Dease Lake, B.C., which it has been working on since roughly 2002. The company has invested $5.3 million in the project, and it amalgamated the 34 mineral concessions that constitute Eaglehead in March 2015, into claim No. 1034634, which covers 134 sq. km. It appears that someone at Carmax neglected to read the fine print: when you merge claims, the combined land package inherits the earliest expiration date of all the individual tenures. The result was that the rights to the amalgamated land package were default-scheduled to lapse on April 11, 2016. Unfortunately, the company didn’t know this, or they forgot, and on April 12, Eaglehead became openly available on B.C.’s Mineral Titles Online system. The timing was especially bad, since Carmax had just finished a flow-through financing to fund its 2016 exploration work at the project. Naturally, within 24 hours of the land package becoming openly available for staking, 42 new claims totalling 107 sq. km were registered. At this point the outcome would seem pretty straightforward. Under B.C.’s mineral tenure laws Eaglehead was available, and the individuals who filed the new claims were now the rightful holders. Carmax would be left with $1.5 million in orphan exploration dollars for a project it no longer owned. But that scenario doesn’t account for a wrinkle in B.C. legislation that allows the chief gold commissioner to void “intervening claims,” and essentially reset the entire claim block. So Carmax president and CEO Jevin Werbes called Messmer on April 13 to request he exercise that authority under Section 67 of the MTA. In a letter dated April 22, Messmer opted to return Eaglehead to Carmax, with major factors in the decision including: “the longstanding claim history and development, the significant investment to date, the extraordinary prejudice to Carmax compared to the relatively minor impacts to the intervening claim holders, and the inadvertent nature of Carmax’s error.” One apparently important concept that Messmer considered was that the new mineral claim holders would “reap the benefit” from the project for “little apparent effort.” So the situation really didn’t amount to much, but it opens up intriguing questions on mineral title and the discretionary powers of the gold commissioner under the MTA. The Northern Miner’s Vancouver office received numerous emails questioning whether the ruling was actually legal. Technically, the claims were available on the MTO. So shouldn’t the new holders have rights? What is the “investment” threshold that gives company leniency in terms of tenure forfeiture? According to filings, Carmax spent $800,000 in “exploration expenses” at Eaglehead in 2015. First, Messmer does have the authority to exercise discretion on title forfeitures, so it’s perfectly legal to give the claims back to Carmax. The new claim holders who picked up pieces of the project after the lapse will question the integrity of the MTO system, and point out that Carmax had over one year to figure out the expiry date had changed on the amalgamated land package. Carmax’s vice-president Jeff Poloni apparently tried to re-stake the Eaglehead package after the forfeiture. He is one of 11 names on the new claim holder list, but reported that the areas he staked online were “mostly peripheral to the main exploration targets and location of inferred resources.” On April 25, Poloni tendered his resignation and withdrew his consent to stand for re-election to Carmax’s board of directors. It’s pretty clear what Messmer was thinking. Assuming the forfeiture was upheld, the impact on Carmax would have been catastrophic. There would likely have been lawsuits and a legal mess. Eaglehead probably has a better shot of advancing as a mineral project under its amalgamated state. All the Mineral Titles Office had to do for the new claim holders was refund the staking money. The situation isn’t great for the new holders who legally registered Eaglehead claims due to Carmax’s error, but that’s what discretionary government powers are all about. So remember, if you’re combining a land package in B.C., check the earliest expiry date on the claims. But if that fails and you forget, make sure to have the Chief Gold Commissioner’s office on speed dial. Maybe they’ll give them right back. TNM
DEPARTMENTS THE NORTHERN MINER is published weekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.
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COMPANY INDEX Atlas Copco. . . . . . . . . . . . . 5 Avnel Gold Mining. . . . . . 5 Brazil Resources. . . . . . . . 13 Deltion Innovations. . . . . 5 Electrum Group. . . . . . . . 13 Empire Rock Minerals . . 11 Goldcorp. . . . . . . . . . . . . . . 1 Kaminak Gold. . . . . . . . . 13
Kiska Metals. . . . . . . . . . . 13 Lithium X. . . . . . . . . . . . . 11 Mandalay Resources. . . . . 3 Neptec Design Group. . . . 5 North American Palladium. . . . . . . . . . . . 11 Plinian Capital. . . . . . . . . . 3 Primero Mining. . . . . . . . 14
Pure Energy Minerals. . . 11 Rambler Metals and Mining . . . . . . . . . . . . . . . 3 Roxgold. . . . . . . . . . . . . . . 16 Sirios Resources. . . . . . . . . 1 Victoria Gold. . . . . . . . . . 13 Wellgreen Platinum. . . . . 13 Zenyatta Ventures. . . . . . 11
A loaded truck on the move at Glencore’s George Fisher zinc mine, part of the company’s Mt. Isa operations north Queensland, Australia. GLENCORE
Lead and zinc demand to rise in 2016: ILZSG FACTS ‘N’ FIGURES
| Aussie zinc mine production set to fall 46% on mine closures
The following is an edited release by the International Lead and Zinc Study Group (ILZSG), which held its spring meetings in Lisbon, Portugal, on April 27.
F
or lead, the ILZSG anticipates that global demand for refined lead metal will rise 2% to 10.8 million tonnes in 2016. In China, increased usage in the automotive and telecommunications sectors will be partly balanced by less demand in the e-bike market, resulting from slower sales growth and increased competition from lithium-ion batteries. European lead demand could grow 3.5%, due to anticipated rises in the Czech Republic, Italy, Spain and the United Kingdom. After falling 5.2% in 2015, a partial 1% recovery is anticipated in the United States. Growth is also forecast in India, Indonesia, Japan, Thailand and Turkey. As for supply, global lead mine output could increase 0.5% to 4.6 million tonnes, as a consequence of a 9.7% rise in China. An expected 6.1% fall in production outside China will owe primarily to reductions in Australia from MMG’s Century mine closing last August, and cutbacks announced by Glencore, CBH Resources and Perilya. After reaching a record 1 million tonnes in 2015, Chinese imports of lead-in-concentrate could fall to just under 900,000 tonnes in 2016. An anticipated 2.3% rise in global refined lead metal production to 10.9 million tonnes will be influenced principally by increased output in China and South Korea, where Korea Zinc recently commissioned a 130,000-tonne-peryear capacity lead plant in Ulsan. Having taken into account all of the information recently received from our organization’s member countries, we anticipate that increases in refined metal supply — most notably in South Korea — will result in a global refined lead metal surplus of 76,000 tonnes in 2016. Zinc outlook World usage of refined zinc metal is expected to increase 3.5% to 14.3 million tonnes in 2016. This rise will be driven by a 4.5% increase in China, where demand would benefit from continued infrastructure investment. After rising 3.2% in 2015, usage in Europe could stay stable in 2016. Strong growth of 13.1% is anticipated in South Korea. Increases are also forecast in India (4.1%), Japan (4.2%) and the U.S. (3.1%). Regarding supply, a sharp forecast fall in zinc mine production outside China of 9.4% is due to a
combination of mine closures and recently announced production cutbacks. Chinese output, which relies on production from a large number of small mines, is forecast to grow 12.4%. Overall global zinc mine output could fall 1.4% to 13.3 million tonnes. A predicted 46% reduction in Australian production is a consequence of the closure of MMG’s half-a-million-tonne-per-yearcapacity Century mine last August, cutbacks at Glencore’s operations at Mt. Isa and McArthur River, and recently announced reductions at CBH Resources’ Endeavour mine and Perilya’s Broken Hill operation. Production could be lower in Ireland — where the Lisheen mine closed in November — as well as India, Kazakhstan, the Democratic Republic of Korea, Saudi Arabia and the U.S., mainly from suspended operations at Nyrstar’s mid-Tennessee mines. Chinese imports of zinc-inconcentrate are expected to be significantly lower than the 1.4 million tonnes recorded in 2015. Global refined zinc metal production could increase 0.5% to 13.98 million tonnes in 2016, with a forecast 4% increase in China largely balanced by a 2.3% reduction outside China. In the U.S., a 24% reduction in output will mainly owe to continued problems at Horsehead Holdings’ new solvent extraction plant in Moorseboro, N.C. Despite the fact that lower output is also expected in a number of other countries, including Canada, India and Kazakhstan, current forecasts indicate that these reductions will be more than balanced by anticipated rises in China, South Korea, Namibia and Norway. However, taking into account the predicted decrease in zinc mine supply, it is possible that zinc metal production expectations in some countries may be subject to downward revisions later in the year. Information recently collected from ILZSG member countries indicates that global demand for refined zinc metal will exceed supply by 352,000 tonnes in 2016. This deficit is higher than that indicated by the group during its meetings last October, with the difference owing to cutbacks in mine production announced over the past six months. — Formed by the United Nations in 1959, the International Lead and Zinc Study Group is one of the longest established international commodity organizations. Please visit www.ilzsg.org for more information.
2016-05-03 7:53 PM
GLOBAL MINING NEWS
THE NORTHERN MINER / MAY 9–15, 2016
Avnel sees Kalana as open pit mine MALI
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SU P P L I E R S N EWS
| Resource tops 23 Mt at 4.1 grams gold
BY TRISH SAYWELL tsaywell@northernminer.com
H
oward Miller, executive chairman and CEO of Avnel Gold Mining (TSX: AVK), has had his fair share of success over the last 35 years. As a founding director of Nelson Resources, he was part of the team that oversaw the sale of the company and its three onshore oilfields in Kazakhstan to Russian energy and petrochemicals company Lukoil in 2005 for US$2.2 billion. He has raised over $600 million to finance the development or restart of 10 mines in Africa, Central Asia and Canada, and more recently has advanced Avnel Gold’s Kalana gold project — one of the largest and highest-grade undeveloped open-pit gold projects in West Africa. Miller’s family trust (the Fern Trust) co-founded the company as a private concern with Elliott Management, the multibillion-dollar hedge fund founded by Paul Singer. The company went public in June 2005 and Elliott Management owns 61% of its stock, while Fern Trust owns 11%. “I had a good relationship with Jon Pollock — the current co-CEO of Elliott Management,” Miller says by phone from London, noting that the two worked together at Nelson Gold, which acquired a former Soviet gold mine in Tajikistan. It was there that the Russian geologists on staff told them about a former Soviet underground gold mine in Mali, where the geology looked prospective. The Soviets built the mine in 1984 and it started production in 1985. But the small underground roomand-pillar operation only produced 81,000 oz. gold (227,000 tonnes ore at an average head grade of 13 grams gold per tonne) before the Soviet Union broke up in 1991, at which point the operation was put on care and maintenance. Avnel acquired 80% of the pastproducing mine and an accompanying land package of 387 sq. km through a subsidiary in December 2002 (the government of Mali owns the remaining 20%), and in 2003 was awarded an exploitation permit for its first 30 years. As part of the foundation agreement Avnel agreed to resume mining — but its goal was to convert the tiny operation to an open pit. “We put the underground mine
“I’M CONFIDENT IT WILL GET INTO PRODUCTION. THE ECONOMICS ARE ROBUST.” HOWARD MILLER EXECUTIVE CHAIRMAN AND CEO, AVNEL GOLD
CEO Dale Boucher (left) at the press conference in Sudbury to announce Deltion Innovations’ latest contract from the Canadian Space Agency. DELTION INNOVATIONS
back into production and used it as a tool and base to explore the bulkmineable potential,” Miller says. Since then Avnel has defined measured and indicated resources at Kalana of 23.7 million tonnes grading 4.07 grams gold per tonne, at a cut-off grade of 0.9 gram gold per tonne for 3.1 million oz. gold. Inferred resources add 1.7 million tonnes grading 4.51 grams gold for 0.24 million oz. gold. The Mali government has approved the company’s environmental and social impact assessment, and the associated environmental and social management plan. In March, the company completed a feasibility study on an open-pit operation based on a US$1,200 per oz. gold price. The study outlined annual production of 101,000 oz. gold over an 18-year mine life at total cash costs of US$695 per oz., and all-in sustaining costs of US$784 per oz. At an 8% discount rate, the aftertax net present value was US$196 million and the after-tax internal rate of return was 38%. A US$163million pre-production capital cost payback would come within 1.2 years from the start of commercial production. The deposit contains high-grade mineralized zones with 5-metre benches. The waste zones will be bulk-mined on 10-metre benches. The mine area consists of a weathered zone an average 60 metres below surface, which is amenable to free digging. The mine schedule targets the saprolite areas that could make a lot of cash early in the mine life. The processing plant design is based on an annual throughput rate of 1.5 million tonnes per year of saprolite and 1.2 million tonnes per year for spark and fresh rock material. “The project itself isn’t an easy project — it’s selective mining,” Miller says. “But I’m confident that it will get into production. The economics are robust.” TNM
Deltion wins $700,000 contract to develop space mining tool The Canadian Space Agency (CSA) has tapped Deltion Innovations to develop a tool that could be deployed on future exploration and prospecting missions in space. K now n as t he “percussive and rotary multi-purpose tool (Prompt),” the tool will be a combined drill and rotary tool, or “essentially a space-age Swiss army knife,” Deltion said. Prompt will combine elements from some of Deltion’s previous CSA-supported projects, such as: a mini-core drill, power socket wrench and a lunar sampling
drill. Elements from each are to be combined into a small, light unit and attached to a CSA robotic arm. The tool could autonomously drill into rock and other materials to extract samples, and attach and remove screws and bolts as required in robotic construction, maintenance and repairs. “This project continues our unique heritage of space mining technology developments, and we are eager to combine these technologies in an innovative, practical way,” Deltion CEO Dale Boucher said. “Our specialty is
developing unique mining technologies with terrestrial and space applications … and Prompt is a perfect example.” Deltion is subcontracting with two other firms in Ontario on the project: Neptec Design Group in Kanata and the North Bay office of Sweden's Atlas Copco. Deltion is headquartered in Capreol, Ont., in the Greater Sudbury region. The firm has developed drilling and excavation technology for more than 15 years, adapting solutions and approaches from terrestrial mining to space mining.
U.S. mining engineer graduate numbers up 20% In 2015, a total 427 students graduated with mining engineering degrees from U.S. mining schools, according to the SME Guide to Minerals and Materials Schools.
The number includes undergraduate, masters and PhD degrees, and represents a 20% increase from the 356 graduates in 2014.
The SME has recorded a steady increase in graduate numbers in the field since 2004, which was an all-time low year with only 54 graduates.
GLOBAL MINING NEWS · SINCE 1915
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Roxgold eyes the finish line at Yaramoko burkina faso
| junior aims to pour first gold in june
Nevsun trumps Lundin bid for Reservoir serbia | nevsun seeks 75% interest and development rights for Cukaru peki project By Matthew Keevil mkeevil@northernminer.com VANCOUVER
Contact: moliveira@northernminer.com or Workers log core at Avnel Gold Mining’s Kalana gold project in Mali. AVNEL GOLD
CIL processing facilities at Roxgold’s Yaramoko gold mine under construction in Burkina Faso.
By SalMa tariKh starikh@northernminer.com
B
uilding a mine on time a nd w it h i n budget is a tough feat to pull off, but it’s something Africa-focused junior Roxgold (TSXV: ROG; US-OTC: ROGFF) is close to achieving. On April 12, Roxgold reported overall construction at its Yaramoko gold project in Burkina Faso was 84% complete. “Yaramoko is going well. We are 90% built and we’re on track to pour our first gold bars in June,” Roxgold president and CEO John Dorward said in an interview.
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416-510-6768T
Leave no
The junior broke ground at its 90%-held project — sitting 200 km southwest of the capital Ouagadougou in Balé province — last April. This was three years after it published an initial resource estimate on Yaramoko’s 55 Zone deposit. The Burkina Faso government has a 10% carried interest. At the end of March, Roxgold had spent US$78 million of the US$110.8 million preproduction budget. It has more than enough funds to cover the remaining US$32.8 million in expenses. With all going to plan, Raymond James analyst David Sadowski writes that he sees “no major obstruction to the company reaching its goal.” Once in f u ll sw ing, t he
ROxgOld
750-tonne-per-day underground operation at the 55 Zone should deliver 99,500 oz. gold annually for over seven years. An April 2014 feasibility study pegs all-in sustaining costs at US$590 per oz. “That is our life-of-mine feasibility study estimate, and everything we see to date gives us confidence that we will be able to meet that target,” Dorward says. The largest contributor to the low costs is the high resource grade. The mine plan is based on an indicated resource of 15.8 grams gold per tonne. The lifeof-mine head grade drops to 11.6 grams per tonne after accounting for dilution, Dorward notes. Inclusive of reserves, the 55 Zone deposit contains 810,000 oz.
unturned.
in indicated (1.6 million tonnes at 15.8 grams gold) and 278,000 oz. in inferred (840,000 tonnes at 10.26 grams gold), using a 5-gramgold cut-off. Reserves total 759,000 oz. from 1.99 million tonnes at 11.8 grams gold. The reserves start at surface and extend to 430 metres deep. The company’s underground contractor African Underground Mining Ser vices (AUMS) has completed 2,450 metres of decline and lateral development. The ramp has advanced 610 metres from the portal and opened up four levels for ore extraction, with more than 23,000 tonnes placed on the run-of-mine pad.
here had been ample speculation on when Nevsun Resources (TSX: NSU; NYSEMKT: NSU) would mobilize its substantial capital position in the mergers and acquisitions arena, and on April 24, the company finally pulled the trigger on a US$365million deal for prospect-generator Reservoir Minerals (TSXV: RMC) and its high-grade Timok copper discovery in eastern Serbia. With the deal, Nevsun is essentially quashing a US$262-million See NevsuN / 2
PM40069240
See Roxgold / 2
2016-05-03 7:53 PM
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WWW.NORTHERNMINER.COM
MAY 9–15, 2016 / THE NORTHERN MINER
M A R K E T N EWS TORONTO STOCK EXCHANGE / APRIL 25–29 After posting a 0.6% gain in January, Canada’s gross domestic product shrank 0.1% in February, but still beat expectations of a 0.2% contraction, according to Bloomberg data. The U.S. Federal Reserve’s decision to hold interest rates steady was positive for gold, which climbed US$60.20 per oz., or 4.9%, to finish at US$1,292.40 per oz. The S&P/TSX Global Gold Index climbed 12.8% to 228.67. Canada’s benchmark index rose 0.6% to finish at 13,951.45, while the S&P/ TSX Capped Diversified Metals & Mining Index advanced 14.6% to 594.10, and the S&P/TSX Global Mining Index gained 6.6% to 60.76. Royal Gold topped the charts with a $7.16 increase to $78.47 per share. The royalty and streaming company reported that its attributable net gold reserves increased to 5.8 million oz. at the end of 2015, compared with 5.1 million oz. at the end of 2014. Royal Gold said the increase came after acquiring the Wassa and Prestea, Rainy River, Andacolla and Pueblo Viejo streams. In this year’s first quarter, Royal Gold reported a net loss attributable to shareholders of US$67.7 million, or US$1.04 per share, compared to net income of US$25 million, or US38¢ per share, in the year-earlier quarter. The decrease owed to previously disclosed impairments of royalty and stream interests, and royalty
receivables totalling US$99 million, which came out to US$1.33 per share after taxes in the third quarter. Excluding the after-tax effect of the impairments, adjusted net income attributable would have been US$18.9 million, or US29¢ per share. Detour Gold gained $2.71 to finish at $26.91 per share. The gold producer reported results for the first quarter that included net income of US$27.6 million, or 16¢ per share, and adjusted net earnings of US$11.3 million, or 7¢ per share. Detour produced 127,136 oz. gold, which was at the lower end of its production guidance, at total cash costs of US$637 per oz. sold and all-in sustaining costs (AISCs) of US$824 per oz. sold. The company reaffirmed its 2016 guidance of between 540,000 and 5990,000 oz. gold at TSX MOST ACTIVE ISSUES
First Quantum Teck Res Kinross Gold Yamana Gold B2Gold Lundin Mng Barrick Gold Goldcorp Eldorado Gold Suncor Energy
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
FM TCK.B K YRI BTO LUN ABX G ELD SU
49609 11.58 8.16 10.69 + 1.93 44486 15.68 12.89 15.36 + 2.19 44091 7.15 5.74 7.15 + 1.25 33180 6.25 5.23 6.22 + 0.80 28140 2.79 2.41 2.79 + 0.34 23461 4.96 4.17 4.93 + 0.54 23448 24.33 20.28 24.29 + 3.88 18447 25.29 21.24 25.28 + 3.63 18135 5.36 4.67 5.29 + 0.48 15655 37.47 35.61 36.83 + 0.53
total cash costs of US$675 to US$750 per oz. sold, and AISCs of US$840 to US$940 per oz. sold. Detour also announced that it has lowered its debt level by repurchasing US$75-million convertible notes from Paulson & Co. Shares of First Quantum Minerals were the most traded and increased $1.93 to $10.69 apiece on the back of strong quarterly results. The company announced earnings
of US$63 million — or US9¢ per share in the first quarter of 2016 — up from a net loss of US$12 million, or US2¢ per share in the first quarter of 2015. Cash flow from continuing operations reached US$254 million, up from US$134 million in the first three months of 2015. The company posted record copper production of 119,287 tonnes in the first quarter, up from 91,910 tonnes in the year-earlier quarter. TNM
TSX GREATEST PERCENTAGE CHANGE
Coro Mining Mawson West Dynasty Met&Mn Fortune Mnrls Thompson Creek Great Panther TVI Pacific Freegold Vent INV Metals Wallbridge Mng SouthGobi Res Heron Res First Point Sierra Metals Orsu Metals Energizer Res Lithium Amer Dalradian Res Formation Mtls Treasury Metal
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
COP MWE DMM FT TCM GPR TVI FVL INV WM SGQ HER FPX SMT OSU EGZ LAC DNA FCO TML
10329 793 4982 6954 3521 4171 1306 874 322 399 32 458 156 159 903 1812 9803 7638 2326 1318
0.15 0.01 0.27 0.14 0.68 2.82 0.02 0.22 0.80 0.08 0.41 0.14 0.06 1.79 0.03 0.11 0.84 1.14 0.47 0.56
0.04 0.01 0.12 0.08 0.44 1.80 0.01 0.15 0.46 0.06 0.30 0.10 0.05 1.40 0.03 0.09 0.69 0.99 0.30 0.49
0.15 0.01 0.27 0.13 0.66 2.66 0.02 0.21 0.69 0.08 0.31 0.10 0.05 1.44 0.03 0.10 0.72 1.07 0.31 0.50
TSX GREATEST VALUE CHANGE
Royal Gold Agnico Eagle Barrick Gold Goldcorp Franco-Nevada Silver Wheaton Detour Gold TMAC Resources Teck Res Pan Am Silver Dominion Diam Agrium Cameco Corp Potash Corp SK Sierra Metals Karnalyte Res Dalradian Res SouthGobi Res Lithium Amer Orocobre
+ 314.3 + 100.0 + 76.7 + 62.5 + 53.5 + 50.3 + 50.0 + 40.0 + 39.4 + 33.3 - 31.1 - 23.1 - 18.2 - 17.2 - 14.3 - 13.6 - 13.3 - 12.3 - 10.1 - 9.9
VOLUME WEEK (000s) CLOSE CHANGE
RGL AEM ABX G FNV SLW DGC TMR TCK.B PAA DDC AGU CCO POT SMT KRN DNA SGQ LAC ORL
115 78.47 4457 59.31 23448 24.29 18447 25.28 3504 88.10 8345 26.29 7740 26.91 102 11.52 44486 15.36 4877 19.67 922 14.41 1367 108.12 6065 15.70 14973 22.20 159 1.44 277 1.79 7638 1.07 32 0.31 9803 0.72 128 3.21
+ 7.16 + 6.92 + 3.88 + 3.63 + 3.37 + 2.96 + 2.71 + 2.27 + 2.19 + 2.13 - 1.08 - 1.00 - 0.89 - 0.52 - 0.30 - 0.16 - 0.15 - 0.14 - 0.11 - 0.10
TSX VENTURE EXCHANGE / APRIL 25–29 The S&P/TSX Venture Composite Index built on its three-month run during trading, as it gained 2.8%, or 18.69 points, en route to a 674.87-point weekly close. Gains were underpinned by improving commodity markets and a stronger Canadian dollar. However, Statistics Canada reported the Canadian economy contracted 0.1% in February after registering 0.6% growth in January. June contracts for gold capped a fourweek April surge with a 4.9%, or US$60.50 weekly gain, en route to a US$1,289.20 per oz. close. June contracts for West Texas Intermediate crude oil jumped 5%, or US$2.19, before finishing at US$45.92 per barrel. June contracts for copper closed f lat at US$2.28 per lb. Prospect-generator Reservoir Minerals topped the value-added category after receiving a US$365-million takeover bid from producer Nevsun Resources. Reservoir gained $2.24 per share on 5.4 million shares traded before closing at $9.20 per share. Reservoir’s high-grade Timok copper discovery in Serbia has drawn attention from copper producers, with Lundin Mining previously trying to acquire a 75% stake in the project for US$262 million. Nevsun’s bid would win out, however, due to a right of first offer Reservoir holds on the asset.
The latest offer is a 35% premium on Reservoir’s 20-day, volume-weighted average trading price and values the firm at US$365 million, or $9.40 per share. Nevsun shareholders would hold a 67% equity stake in the combined entity. First Mining Finance also had a busy week after it acquired the Pitt gold property from Brionor Resources. The company saw nearly 13 million shares change hands, as it gained 17¢, en route to a 76¢-per-share close. On April 28, First Mining announced a deal where it would pay $1.3 million in cash and shares for the asset. The Pitt property is in Quebec’s Abitibi gold region, and next to First Mining’s wholly owned Duquesne gold project. Pitt hosts 600,000 indicated tonnes gradTSX-V MOST ACTIVE ISSUES
Stroud Res Integra Gold First Mg Fin Noka Res Nexgen Energy Encanto Potash Westkam Gold Metanor Res Sunridge Gold Equitas Res
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
SDR ICG FF NX NXE EPO WKG MTO SGC EQT
13079 12637 12593 11944 11266 10639 10576 9842 9204 9080
0.01 0.72 0.76 0.20 2.32 0.16 0.05 0.10 0.35 0.08
0.01 0.58 0.57 0.12 1.97 0.10 0.03 0.08 0.32 0.06
0.01 unch 0.69 + 0.76 + 0.19 + 2.25 + 0.14 + 0.04 + 0.10 + 0.35 + 0.07 +
0.00 0.12 0.17 0.04 0.05 0.03 0.01 0.01 0.02 0.01
ing 7.83 grams gold per tonne for 151,000 contained oz., and 476,000 inferred tonnes at 6.91 grams gold for 106,000 contained oz. gold. Shares in West African-focused developer Roxgold went on a run after reporting a maiden resource for a satellite discovery at its Yaramoko project in Burkina Faso, where it expects to pour first gold in June. Shares
gained 24¢ on 7.6 million shares traded before closing at $1.33 per share. On April 27 Roxgold released an inaugural resource for its QV1 target at Yaramoko’s Bagassi South zone, which sits 1.8 km south of the scheduled mining area. QV1’s inferred resource totals 474,000 tonnes grading 13.13 grams gold per tonne at a cut-off grade of 5 grams gold. TNM
TSX-V GREATEST PERCENTAGE CHANGE
Minfocus Expl Pac Imperial Goldcliff Res AM Gold Amador Gold Auramex Res Oremex Silver Wildcat Expl Cdn Arrow Discovery Harb Bullion Gld Res Gold Ridge Exp Inform Res Alloycorp Mng Global Hunter North Am Ptash Stratabd Mnr Nrthn Iron Cerro Mng New Destiny Mg
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
MFX PPM GCN AMG AGX AUX OAG WEL CRO DHR BGD GEA.H IRR AVT BOB NPD SB NFE CRX NED
4818 1340 5598 205 3163 278 2277 68 238 195 3422 509 28 270 659 1205 604 295 11 193
0.05 0.05 0.02 0.45 0.02 0.03 0.06 0.16 0.01 0.01 0.02 0.05 0.01 0.10 0.07 0.01 0.01 0.02 0.03 0.01
0.01 0.01 0.01 0.13 0.00 0.02 0.01 0.08 0.01 0.01 0.01 0.02 0.00 0.00 0.03 0.01 0.01 0.01 0.02 0.01
0.05 0.04 0.02 0.44 0.02 0.03 0.05 0.16 0.01 0.01 0.01 0.03 0.01 0.06 0.04 0.01 0.01 0.01 0.02 0.01
TSX-V GREATEST VALUE CHANGE
+ 900.0 + 600.0 + 300.0 + 234.6 + 200.0 + 150.0 + 150.0 + 128.6 + 100.0 + 100.0 - 80.0 - 66.7 - 66.7 - 60.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0
Reservoir Mnls Brazil Res AM Gold Spada Gold Chesapeake Gld American Lith Roxgold Lion One Mtls First Mg Fin Orezone Gold Till Capital Jubilee Gold Pac Booker Min Nrthn Graphite Alloycorp Mng Marlin Gold Pure Energy Gold Reserve Azimut Expl Bear Creek Mng
VOLUME WEEK (000s) CLOSE CHANGE
RMC BRI AMG SPL.P CKG LI ROG LIO FF ORE TIL JUB BKM NGC AVT MLN PE GRZ AZM BCM
5386 5899 205 3 202 2044 7640 666 12593 1399 5 24 16 257 270 43 4253 54 252 1987
9.20 1.58 0.44 0.60 3.85 1.15 1.33 0.72 0.76 0.81 4.28 0.38 0.70 0.45 0.06 0.34 0.84 6.24 0.35 2.35
+ 2.24 + 0.43 + 0.31 + 0.30 + 0.27 + 0.24 + 0.24 + 0.22 + 0.17 + 0.16 - 0.72 - 0.22 - 0.10 - 0.10 - 0.09 - 0.09 - 0.08 - 0.08 - 0.07 - 0.07
U.S. MARKETS / APRIL 25–29 U.S. stocks fell as oil and gold prices rose higher. The Dow Jones Industrial Average and the S&P 500 Index both fell 1.3% to 17,773.64 and 2,065.30. The Nasdaq Composite dropped 2.6% to 4,775.36. Spot gold rose 4.9% to US$1,292.40 per oz., while the June contract for crude oil gained 5% to settle at US$45.92 per barrel. Minas Buenaventura jumped nearly 21% to US$10.15 per share on strong first-quarter earnings of US$51.6 million, or US20¢ per share, up 198% from the US7¢ per share earned a year ago. Earnings before interest, taxes, depreciation and amortization from direct operations increased 34% to US$60.3 million. Total attributable production was 158,000 oz. gold and 6.2 million oz. silver, compared to 187,000 oz. gold and 5.5 million oz. silver. Despite the 16% drop in gold production, all-in sustaining costs fell 35% to US$728 per oz., reflecting Buenaventura’s cost-reduction efforts. Barrick Gold shares rose 20% to US$19.37. On April 26, the world’s largest gold producer reported first-quarter adjusted earnings of US$127 million, or US11¢ per share, which is up from US5¢ per share a year ago. Net
6_MAY9_MarketNews.indd 6
loss for the first quarter was US$83 million, compared to a US$57-million profit a year ago. Barrick made US$181 million in free cash f low for its fourth straight quarter, as it focused on mining low-cost ounces. Production totalled 1.28 million oz. at allin sustaining costs (AISCs) of US$706 per oz., down from 1.39 million oz. produced at AISCs of US$927 per oz. in the earlier year. The miner lowered its total debt in the first quarter by US$842 million and remains on track to hit its 2016 debt-reduction target of US$2 billion. Uranium miner Cameco fell 4.5% to U.S. MOST ACTIVE ISSUES
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
Freeport McMo* FCX 287960 14.06 10.56 14.00 + 2.33 Vale* VALE 215710 6.04 4.87 5.67 + 0.25 Alcoa* AA 161778 11.50 10.10 11.17 + 0.77 Barrick Gold* ABX 101144 19.40 16.01 19.37 + 3.25 Vale* VALE.P 97067 4.70 3.81 4.54 + 0.26 United States S* X 90331 19.97 16.95 19.11 - 0.45 Kinross Gold* KGC 80366 5.70 4.52 5.70 + 1.06 Teck Res* TCK 74362 12.53 10.15 12.25 + 1.85 Yamana Gold* AUY 69973 4.99 4.13 4.95 + 0.69 Potash Corp SK* POT 65883 18.52 16.91 17.72 - 0.22
US$12.15 per share on weak first-quarter results. It reported a $7-million adjusted loss, or 2¢ per share, compared to last year’s $69-million profit at 18¢ per share. The change came from lower gross profits from Cameco’s uranium and Nukem segments, higher
administrative costs and higher foreign exchange losses. However, net earnings for the first quarter were $78 million, compared to a $9-million net loss. Quarterly revenue fell 28% to $408 million and gross profit dropped 8.5% to $129 million. TNM
U.S. GREATEST PERCENTAGE CHANGE
Kinross Gold* Buenaventura* Primero Mng* DRDGOLD* Barrick Gold* Freeport McMo* First Majestic* Harmony Gold* Goldcorp* Alamos Gold* Cloud Peak En* Mechel* Dominion Diam* Cameco Corp* Trecora Res* United States S* Mosaic* Vedanta* Potash Corp SK* Yanzhou Coal*
KGC BVN PPP DRD ABX FCX AG HMY GG AGI CLD MTL DDC CCJ TREC X MOS VEDL POT YZC
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
80366 5.70 4.52 5.70 + 22.8 11860 10.20 8.37 10.15 + 20.8 6843 1.92 1.52 1.88 + 20.5 1918 5.49 4.44 5.41 + 20.5 101144 19.40 16.01 19.37 + 20.2 287960 14.06 10.56 14.00 + 20.0 28918 10.72 8.81 10.64 + 19.6 21843 3.67 3.04 3.66 + 18.1 54577 20.16 16.74 20.15 + 18.0 11430 7.22 5.97 7.20 + 17.8 7456 2.73 2.14 2.21 - 11.2 1372 2.16 1.94 1.99 - 7.4 1488 12.40 11.41 11.48 - 6.1 12156 13.50 12.45 12.51 - 4.5 207 12.03 11.42 11.45 - 3.7 90331 19.97 16.95 19.11 - 2.3 28720 29.26 27.52 27.99 - 2.0 488 6.51 6.03 6.28 - 1.9 65883 18.52 16.91 17.72 - 1.2 73 5.84 5.54 5.62 - 1.1
U.S. GREATEST VALUE CHANGE
Agnico Eagle* AEM Black Hills* BKH Newmont Mng* NEM Franco-Nevada* FNV Barrick Gold* ABX Goldcorp* GG Silver Wheaton* SLW Freeport McMo* FCX Teck Res* TCK Buenaventura* BVN MartinMarietta* MLM Dominion Diam* DDC Cameco Corp* CCJ Mosaic* MOS United States S* X Trecora Res* TREC Cloud Peak En* CLD Potash Corp SK* POT NACCO Ind* NC Mechel* MTL
VOLUME WEEK (000s) CLOSE CHANGE
13496 47.21 3709 60.59 41570 34.97 4435 70.16 101144 19.37 54577 20.15 35808 20.95 287960 14.00 74362 12.25 11860 10.15 2729 169.23 1488 11.48 12156 12.51 28720 27.99 90331 19.11 207 11.45 7456 2.21 65883 17.72 97 59.52 1372 1.99
+ 5.87 + 3.83 + 3.74 + 3.38 + 3.25 + 3.07 + 2.56 + 2.33 + 1.85 + 1.75 - 1.37 - 0.75 - 0.59 - 0.56 - 0.45 - 0.44 - 0.28 - 0.22 - 0.19 - 0.16
2016-05-03 7:52 PM
GLOBAL MINING NEWS · SINCE 1915
THE NORTHERN MINER / MAY 9–15, 2016
7
M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, May 3, 2016 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc
Price (US$/oz.) Change $1296.50 +62.00 $17.49 +0.54 $1060.00 +29.00 $624.00 +17.00 Price (US$/tonne) Change $9485.00 +75.00 $4905.00 -130.00 $1752.00 -38.00 $1894.00 -40.50
LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, April 29, 2016 (change from April 22, 2016 in brackets): Aluminium Alloy 16940 (0) Aluminium 2652475 (-23425) Copper 150725 (+2925) Lead 174950 (-325) Nickel 415752 (-5154) Tin 4855 (+90) Zinc 406800 (-900)
PRODUCER AND DEALER PRICES
TSX WARRANTS
Thermal Coal CAPP: US$43.63 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$40.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.35 Coal: CME Group Futures June 2016: US$43.63 July 2016: US$44.78 Cobalt: US$10.89/lb. Copper: US$2.29/lb. Copper: CME Group Futures June 2016: US$2.21/lb.; July 2016: US$2.22/lb Ferro-Chrome: US$1.77/kg Ferro Titanium: US$3.50/kg FerroTungsten: US$23.12/kg Ferrovanadium: US$14.70/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$65.00/tonne Iron Ore Fines: US$56.46/tonne Iron Ore Pellets: US$72.89/tonne Lead: US$0.81/lb. Magnesium: US$2.03/kg Manganese: US$2.01/kg Molybdenum Oxide: US$6.17/lb. Phosphate Rock: US$115.00/tonne Potash: US$277.00/tonne Rhodium: Mid-mkt US$740.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$17.77 per oz.; Handy & Harman Fabricated: US$22.21 per oz. Tantalite Ore: US$191.35/kg Tin: US$7.90/lb. Uranium: U3O8, Trade Tech spot price: US$27.60; The UX Consulting Company spot price: US$27.50/lb. Zinc: US$0.88/lb. Prices current May 3, 2016
Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov 20/15 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.8 to Dec 10/15 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Newmarket Gold (NMI.WT) - Wt buys 4.07 sh @ $9.17 to Mar 24/16 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 Royal Nickel (RNX.WT) - Wt buys sh @ $0.8 to Jul 11/16 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Vista Gold (VGZ.WT.U) - Wt buys sh @ $5 to Oct 22/15
TSX SHORT POSITIONS
TSX VENTURE SHORT POSITIONS
Short positions outstanding as of Apr 29, 2016 (with changes from Apr 01, 2016) Largest short positions Kinross Gold K 46272576 -1060737 Lundin Mng LUN 44374756 578515 Potash Corp SK POT 33956511 2414115 First Quantum FM 31242733 -248824 B2Gold BTO 22459143 -56968 New Gold NGD 20895530 4361557 Eldorado Gold ELD 18688708 -325021 Teck Res TCK.B 14866885 160247 Barrick Gold ABX 11457914 -2251840 Suncor Energy SU 11352801 -791990 IAMGOLD IMG 11232541 506341 Detour Gold DGC 9492388 186183 Goldcorp G 8591856 343856 Thompson Creek TCM 8418362 -17400 Silver Std Res SSO 8069535 1734142 Largest increase in short position New Gold NGD 20895530 4361557 Semafo SMF 4152055 3425705 Potash Corp SK POT 33956511 2414115 Silver Std Res SSO 8069535 1734142 Lithium Amer LAC 1721200 952000 Largest decrease in short position SLW 4706497 -2479449 Silver Wheaton Barrick Gold ABX 11457914 -2251840 Nautilus Mnrls NUS 770 -2005555 Alacer Gold ASR 5774044 -1903625 NovaGold Res NG 4370247 -1387883
Short positions outstanding as of Apr 29, 2016 (with changes from Apr 01, 2016) Largest short positions IMPACT Silver IPT 140010 55872 Rogue Res RRS 123500 118200 Orca Gold ORG 50000 47000 Cda Carbon CCB 35100 34693 Gowest Gold GWA 9000 9000 Metalex Vent MTX 1000 900 Sandspring Res SSP 607 257 North Am Nickl NAN 100 -3900 Largest increase in short position RRS 123500 118200 Rogue Res IMPACT Silver IPT 140010 55872 Orca Gold ORG 50000 47000 Cda Carbon CCB 35100 34693 Gowest Gold GWA 9000 9000 Largest decrease in short position North Am Nickl NAN 100 -3900 Sandspring Res SSP 607 257 Metalex Vent MTX 1000 900 Gowest Gold GWA 9000 9000 Cda Carbon CCB 35100 34693
DAILY METAL PRICES Daily Metal Prices Date May 2 Apr 29 Apr 28 Apr 27 Apr 26 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy N/A 1540/1580 1540/1580 1540/1580 1540/1580 Aluminum N/A 1672.50/1674 1648.50/1649 1642/1646 1631.50/1642 Copper N/A 5044.50/5032 4911.50/4892 4931/4920 4935/4926 N/A 1795/1796 1734.50/1732.50 1744.50/1749 1733/1737.50 Lead Nickel N/A 9455/9485 9145/9175 9190/9230 9055/9080 Tin N/A 17415/17275 17050/16950 17225/17150 17350/17250 Zinc N/A 1942/1944 1878.50/1882 1880/1887 1870/1879.50 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1274.50 1274.50 1256.60 1244.75 1234.50 Gold PM 1285.65 1285.65 1256.00 1247.40 1241.70 16.30 17.85 17.35 17.34 16.95 Silver Platinum 1065.00 1065.00 1040.0 1019.00 1005.00 Palladium 628.00 628.00 617.00 604.00 597.00
EXCHANGE RATES Date US$ in C$ C$ in S$
May 2 Apr 29 Apr 28 Apr 27 1.2554 1.2554 1.2599 0.7966 0.7966 0.7937
Apr 26 Apr 25 1.2605 1.2677 0.7934 0.7888
Exchange rates (Quote Media, April 29, 2016) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.047 0.6958 84.7070 13.6822 11.3384 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 5.1604 52.9355 0.7635 912.4971 0.5453 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3156 0.8733 106.3100 17.1805 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.6844 6.4741 66.4255 0.9594 1145.0000 Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved
LEGEND A – Australian Stock Exchange C – CNSX Canadian National Stock Exchange J – Johannesburg Stock Exchange L – London Stock Exchange M – Mexico Stock Exchange N – New York Stock Exchange O – U.S. over-the-counter Q – NASDAQ or U.S. OTC T – Toronto Stock Exchange V – TSX Venture Exchange X – NYSE Alternext U.S. * – Denotes price in U.S.$
7_MAY9_MMMM.indd 7
STAFF INVESTMENT POLICY The Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public offerings or to engage in short selling.
CONVERSIONS OF WEIGHTS & MEASURES 1 troy ounce = 31.1 grams 1 kilogram = 32.15 troy ounces 1 kilogram = 2.2046 pounds 1 (metric) tonne = 1,000 kilograms 1 (metric) tonne = 2,204.6 pounds 1 (short) ton = 2,000 pounds 1 (metric) tonne = 1.1023 (short) tons
1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres
TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 20/16 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Monarques Gold (MQR.WT) - Wt buys sh @ $0.2 to Dec 14/15 NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15 Oceanic Iron Ore (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19
NORTH AMERICAN STOCK EXCHANGE INDICES
52-week
Index name Apr 29 Apr 28 Apr 27 Apr 26 Apr 25 S&P/TSX Composite 13951.45 13886.43 13887.66 13809.44 13795.99 S&P/TSXV Composite 674.87 665.14 657.96 657.44 651.91 S&P/TSX 60 815.46 811.78 812.03 808.17 807.82 S&P/TSX Global Gold 228.67 214.13 205.91 203.71 200.82 S&P/TSX Metals & Mining 594.10 541.77 540.62 519.17 509.28
High Low 15527.30 12400.15 1050.26 883.52 896.74 709.99 218.90 149.29 954.68 691.69
NEW 52-WEEK HIGHS AND LOWS APRIL 25–29, 2016 375 New Highs Aben Res Abitibi Royalt Adventure Gold African Gold Agave Silver Agnico Eagle Agnico Eagle* Alacer Gold Alamos Gold Alberta Star* Aldershot Res Aldershot Res* Alexco Res* Algold Res* Alloycorp Mng Altair Gold Altiplano Mnls ALX Uranium* AM Gold AM Gold* Amador Gold Amarillo Gold American Lith American Pot* Americas Silvr Americas Silvr* Amex Expl AngloGold Ash* Argonaut Gold Argonaut Gold* Argus Metals Arianne Phosph Arianne Phosph* Artha Res* Asanko Gold Asanko Gold* AsiaBaseMetals Aston Bay Atlanta Gold* Auramex Res AuRico Metals AuRico Metals * Auryn Res* Azimut Expl B2Gold B2Gold* Banro Barkerville Go* Barrick Gold Barrick Gold* Barsele Min Barsele Min* Batero Gold Bayhorse Silvr Bayhorse Silvr* BCM Res Beaufield Res Beaufield Res* Belo Sun Mng Berkeley Egy* Big Wind Cap Blue Rvr Res Bold Vent Brazil Res Brixton Mtls* Bullfrog Gold* Cadillac Vent* Caledonia Mng Caledonia Mng* Callinex Mines Callinex Mines* Candelaria Mg Candente Gold Candente Gold* Canuc Res*
Cascadero Copp Castle Res* Catalyst Coppr* Cdn Intl Mnrls* Cdn Metals Centamin Centenera Mng Century Global Chesapeake Gld* Chilean Metals Chilean Metals* China Mnls Mng Claude Res Claude Res* Coeur Mng* Colibri Res Colorado Res Colorado Res* Columbus Gold Columbus Gold* Corex Gold Cornerstone Mt Coro Mining Corvus Gold Corvus Gold* Crown Mining* Darnley Bay Detour Gold Discovery Vent* Dolly Vard Sil Dolly Vard Sil* DRDGOLD* East Africa East Africa * Edgewater Expl* Endeavour Mng Endeavour Mng* Endeavr Silver Endeavr Silver* Eurasian Mnls Eurasian Mnls* Evolving Gold Evolving Gold* Evrim Res Excalibur Res Excalibur Res* Excellon Res* Exeter Res Exeter Res* Far Res First Majestic First Majestic* First Mg Fin Flinders Res Formation Mtls Fortuna Silvr Fortuna Silvr* Fortune Mnrls Fortune Mnrls* Forum Uranium Forum Uranium* Fox River Res Fresnillo plc* Geologix Expl Geologix Expl* Global Mnrls GMCI Corp* Gold Bulln Dev* Gold Fields* Gold Std Vents Gold Std Vents* Goldcorp Golden Arrow Golden Goliath Golden Goliath* Golden Harp Golden Secret
Golden Sh Mng Golden Sh Mng* Golden Tag Goldex Res* Goldrea Res* Goldsource Min* Goldstar Mnls Gowest Gold Gowest Gold* GPM Metals* Great Panther Great Panther* Gunpoint Expl Guyana Gldflds Hecla Mining* Hochschild Mg* Homestake Res Homestake Res* IAMGOLD IAMGOLD* Iconic Mnls IDM Mining IDM Mining* IMPACT Silver Indigo Expl Inspiration Mg Integra Gold Integra Gold* Inter-Rock Mnl INV Metals Irving Res* Jasper Mng Jaxon Mnls Kaminak Gold Kaminak Gold* Khalkos Expl Kinross Gold Kinross Gold* Kirkland Lk Gd Kirkland Lk Gd* Kiska Metals* Kitrinor Mtls Klondex Mns Klondike Silv Knick Expl KWG Res* Levon Res Ltd Lexam VG Gold Lexam VG Gold* Lion One Mtls Lion One Mtls* Lonmin plc* Lund Enterpr MacMillan Mnls* MAG Silver MAG Silver* Magellan Gold* Magellan Mnrls* Mandalay Res Manitou Gold Matamec Expl Matamec Expl* McEwen Mng McEwen Mng* Menika Mining* Merrex Gold Midas Gold Mineral Mtn Minfocus Expl Mirasol Res Monarques Res Moneta Porcpn Moneta Porcpn* Monster Mng* Montana Gold Mountain Prov Mountain Prov*
Mundoro Cap* Mustang Mnrls* Napier Vent* New Carolin Gd* New Colombia* New Dimen Res New Gold New Gold* New Pac Metals New World Res* Newmarket Gold Newmarket Gold* Newmont Mng* Newport Gold* Noble Mnl Expl Northn Empire Northn Empire* NovaGold Res NovaGold Res* Nrthn Freegold Nrthn Freegold* Nrthn Shield NuLegacy Gold NuLegacy Gold* NV Gold* OceanaGold OceanaGold* Odin Mng & Exp Odin Mng & Exp* Oremex Silver* Orestone Mng Orezone Gold Orezone Gold* OZ Minerals* Pac Imperial Pac North West* Pac Ridge Expl* Pac Topaz* Pan Am Silver Pan Am Silver* Pangolin Dia Perseus Mng Phoenix Metals Planet Mng Playfair Mng Premier Gold M Premium Expl* Pretium Res Pretium Res* Prism Res Probe Metals Probe Metals* Pure Gold Mg* Q-Gold Res QMX Gold Quinto Real Rainforest Res* Randgold Res* Red Eagle Mng Red Eagle Mng* Reservoir Mnls Reservoir Mnls* Revolver Res Richmont Mines Richmont Mines* Rockland Mnls Rojo Res Rojo Res* Romios Gold Rs* Roxgold Roxgold* Royal Nickel* Rye Patch Gold Rye Patch Gold* Sabina Gd&Slvr Sabina Gd&Slvr* Saint Jean*
Salazar Res San Marco Res San Marco Res* Sandspring Res Sandspring Res* Sandstorm Gold Sandstorm Gold* Sarama Res Secova Mtls Semafo Silver Bear Rs Silver Bull Re Silver Bull Re* Silver Grail Silver Mtn Mns* Silver Std Res Silver Std Res* Silver Wheaton Silvercorp Met Silvercorp Met* Sirios Res Sirios Res* Sonora Gld & S Southern Silvr Southern Silvr* Spada Gold Spanish Mtn Gd Spanish Mtn Gd* Standard Graph Standard Graph* Stonegate Agri Strategic Metl Strikepoint Gd Strikepoint Gd* Sunridge Gold Sunridge Gold* Suparna Gold Tajiri Res Tanager Energy Telson Res Teranga Gold Teuton Res Teuton Res* Themac Res Thompson Creek* TMAC Resources Torex Gold Torex Gold* TriMetals Mng TriMetals Mng* Troy Res* Ultra Lithium* Unigold Unigold* Vanadiumcorp* Victory Nickel Wallbridge Mng West Kirkland West Melville Westhaven Vent* Westminster Rs Wildcat Expl Wildcat Expl* Worldwide Res* Xtierra Yamana Gold Yamana Gold* Zadar Vent Zazu Metals*
7 New Lows
ALX Uranium* Brunswick Res Jubilee Gold Pilot Gold* Stone Ridge Ex Transatlan Mng XLI Tech Inc*
CANADIAN GOLD MUTUAL FUNDS FundName Apr 29 ($) Apr 22 ($) Change ($) Change (%) YTDChange (%) AGF Prec Mtls Fd MF 21.94 0.82 3.67 27.19 BMO Prec Mtls Fd A 19.77 17.84 1.93 10.80 30.56 BMO ZGD 11.42 10.11 1.31 12.94 37.50 BMO ZJG 8.83 7.66 1.17 15.34 34.19 CIBC Prec Metal Fd A 12.80 11.49 1.31 11.42 26.75 Dyn Prec Metls Fd A 6.90 6.25 0.65 10.40 36.12 Horizons HEP 27.54 0.66 2.35 35.77 IGMacGloPrecMetCl A 9.28 8.37 0.91 10.82 40.92 iShares XGD 14.29 12.67 1.62 12.79 40.84 Mac Prec Met Cl A 51.69 46.61 5.08 10.90 41.74 NB Prec Met Fd Inv 13.97 12.40 1.57 12.66 35.27 RBC GblPreMetFd A 33.40 30.00 3.40 11.35 32.85 Sentry Pre Met Fd A 38.45 1.37 3.49 33.58 Sprott Gold&PrMinFdA 35.22 1.13 3.13 29.46 Sprott SilverEquCl A 5.60 0.28 4.81 33.90 TD PreciousMetals-I 41.25 37.07 4.18 11.28 33.67
MER (%) 2.80 2.40 0.63 0.60 2.62 2.66 0.80 2.75 0.61 2.51 2.46 2.13 2.92 3.15 3.21 2.26
TotalAssets (M$) 153.41 58.47 93.73 51.06 53.11 309.62 71.65 591.57 108.57 33.72 333.75 215.18 190.23 39.35 129.10
2016-05-03 7:19 PM
8
WWW.NORTHERNMINER.COM
MAY 9–15, 2016 / THE NORTHERN MINER
S T O C K TA B L E S
MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: APRIL 25–29, 2016 (100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
A Abcourt Mines V 829 0.10 0.09 0.10 + 0.01 0.10 0.03 ABE Res V 14 0.05 0.00 0.03 - 0.02 0.08 0.02 Aben Res* O 46 0.10 0.00 0.09 + 0.02 100.52 0.03 0.11 - 0.02 0.24 0.06 Aben Res V 174 0.13 0.00 Aberdeen Intl* O 106 0.15 0.14 0.14 - 0.00 0.16 0.07 Abitibi Royalt V 49 4.27 4.01 4.27 + 0.08 4.24 1.53 ABT Holdings* O 4 0.75 0.00 0.70 - 0.03 1.38 0.05 Active Growth V 277 0.10 0.05 0.10 + 0.04 0.10 0.02 0.13 - 0.02 0.16 0.08 Adriana Res V 199 0.15 0.13 Adventure Gold V 812 0.35 0.31 0.35 + 0.01 0.34 0.06 African Gold V 4882 0.09 0.06 0.09 + 0.02 0.08 0.03 Africo Res T 113 0.48 0.44 0.48 + 0.04 0.55 0.30 Agave Silver* O 264 0.02 0.02 0.02 + 0.00 0.03 0.01 0.05 + 0.02 0.05 0.01 Agave Silver V 353 0.05 0.03 47.21 + 5.87 43.63 21.00 Agnico Eagle* N 13496 47.33 40.36 Agnico Eagle T 4457 59.37 51.24 59.31 + 6.92 54.75 27.63 Agrium T 1367 110.44 106.55 108.12 - 1.00 139.99 104.70 Agrium* N 4598 87.16 84.70 86.12 + 0.04 110.21 79.94 3 0.05 0.04 0.05 + 0.01 0.06 0.03 Aguila Amer Gd* O Aguila Amer Gd V 730 0.09 0.05 0.09 + 0.04 0.11 0.03 Aida Minerals 10 0.12 0.08 0.08 - 0.02 0.23 0.08 O 12 0.31 0.00 0.30 + 0.05 297.50 0.15 Aim Explor* Alabama Graph V 1632 0.19 0.16 0.17 - 0.02 0.31 0.11 O 104 0.15 0.13 0.15 + 0.01 0.25 0.08 Alabama Graph* Alacer Gold T 5504 3.46 2.85 3.40 + 0.52 3.24 2.08 Alamos Gold T 5878 9.05 7.55 9.05 + 1.32 9.00 3.27 11430 7.22 5.97 7.20 + 1.09 7.54 2.27 Alamos Gold* N Alberta Star* O 13 0.20 0.17 0.19 + 0.03 0.19 0.12 N 161778 11.50 10.10 11.17 + 0.77 14.29 6.14 Alcoa* Alderon Iron* O 24 0.13 0.11 0.12 + 0.01 0.27 0.05 Alderon Iron T 605 0.16 0.14 0.15 - 0.01 0.30 0.07 O 22 0.03 0.01 0.03 + 0.02 0.03 0.00 Aldershot Res* Aldershot Res V 110 0.04 0.02 0.03 + 0.01 0.04 0.01 0.09 - 0.00 0.20 0.08 Aldever Res* O 15 0.10 0.09 0.13 - 0.01 0.32 0.09 Aldever Res V 769 0.14 0.12 Aldrin Res* O 128 0.08 0.07 0.07 + 0.01 0.15 0.06 O 90 0.05 0.03 0.04 + 0.01 0.11 0.03 Alexander Nubi* Alexander Nubi V 280 0.06 0.05 0.06 + 0.02 0.20 0.04 O 218 0.05 0.04 0.04 - 0.00 0.05 0.01 Alexandria Min* Alexandria Min V 3067 0.06 0.05 0.05 - 0.01 0.06 0.02 Alexco Res T 2654 1.62 1.25 1.58 + 0.17 1.63 0.35 1.26 + 0.15 1.28 0.22 Alexco Res* X 4949 1.30 0.99 Algold Res* O 25 0.15 0.00 0.15 + 0.04 0.11 0.07 0.20 - 0.02 0.30 0.07 Algold Res V 250 0.21 0.00 Alianza Min* O 82 0.15 0.12 0.15 + 0.03 0.24 0.07 Alianza Min V 71 0.20 0.16 0.17 + 0.01 0.30 0.10 V 1836 0.09 0.07 0.07 - 0.01 0.10 0.04 Alix Res Alix Res* O 141 0.07 0.07 0.07 - 0.01 0.07 0.03 15.65 + 1.01 34.70 9.95 Alliance Res* D 3208 16.85 13.20 Alloycorp Mng V 270 0.10 0.00 0.06 - 0.09 0.55 0.05 Almaden Mnls T 288 1.54 1.35 1.39 - 0.07 1.80 0.65 X 2118 1.24 1.08 1.14 - 0.01 1.42 0.48 Almaden Mnls* Almadex Min V 449 0.40 0.35 0.38 + 0.01 0.40 0.13 0.09 - 0.02 0.14 0.05 Almo Capital V 157 0.10 0.08 Almonty Ind V 280 0.35 0.31 0.31 - 0.04 0.86 0.21 Alphamin Res V 428 0.20 0.19 0.20 + 0.01 0.25 0.11 0.05 - 0.01 0.07 0.03 ALQ Gold V 66 0.06 0.05 Alta Vista Vnt 599 0.05 0.04 0.05 - 0.01 0.25 0.01 0.08 - 0.01 0.09 0.05 Altai Res V 412 0.09 0.08 Altair Gold V 76 0.54 0.39 0.54 + 0.16 0.60 0.06 Altan Rio Mnls V 260 0.02 0.01 0.02 + 0.01 0.03 0.01 O 18 0.04 0.00 0.04 - 0.00 0.06 0.02 Alternative ER* Altiplano Mnls V 45 0.11 0.00 0.11 + 0.01 0.19 0.04 0.06 - 0.01 0.08 0.02 Alto Vent V 114 0.07 0.06 Alumina Inc* O 91 4.60 4.27 4.47 + 0.18 5.61 2.70 ALX Uranium V 849 0.12 0.10 0.12 + 0.01 0.15 0.06 0.09 + 0.01 0.10 0.03 ALX Uranium* O 38 0.09 0.08 Am Creek Res V 3353 0.08 0.06 0.08 + 0.03 0.08 0.03 185 0.10 0.08 0.10 + 0.02 0.15 0.06 Am CuMo Mng V Am CuMo Mng* O 60 0.08 0.06 0.08 + 0.02 0.12 0.04 AM Gold V 205 0.45 0.13 0.44 + 0.31 0.30 0.07 0.24 + 0.17 0.16 0.07 AM Gold* O 71 0.24 0.00 Amador Gold V 3163 0.02 0.00 0.02 + 0.01 0.01 0.01 0.06 - 0.02 0.16 0.04 Amarc Res V 1034 0.08 0.06 Amarc Res* O 60 0.06 0.06 0.06 - 0.00 0.12 0.02 Amarillo Gold V 808 0.29 0.00 0.24 + 0.08 0.23 0.04 0.01 + 0.01 0.02 0.01 Amato Expl V 38 0.01 0.00 Amazing OG* O 6 0.48 0.42 0.42 - 0.04 1.34 0.29 1.15 + 0.24 1.19 0.05 American Lith V 2044 1.20 0.82 American Pot 50 0.14 0.00 0.10 - 0.02 0.70 0.03 American Pot* O 3 0.11 0.06 0.06 - 0.01 0.47 0.03 V 2136 0.28 0.23 0.26 + 0.03 0.33 0.15 Americas Petro Americas Silvr* O 1801 0.31 0.24 0.31 + 0.06 0.29 0.04 0.38 + 0.08 0.37 0.09 Americas Silvr T 10290 0.39 0.29 0.16 + 0.01 0.45 0.10 Amerigo Res T 1786 0.17 0.14 Amerigo Res* O 63 0.13 0.12 0.13 + 0.02 0.37 0.07 0.06 + 0.01 0.08 0.02 Amex Expl V 327 0.08 0.05 Anaconda Mng* O 32 0.05 0.04 0.04 - 0.00 0.06 0.02 0.06 - 0.01 0.08 0.01 Anconia Res V 475 0.07 0.06 Andes Gold* O 481 0.01 0.01 0.01 - 0.00 1.00 0.00 Anfield Nickel V 400 1.02 0.93 0.94 - 0.02 1.06 0.52 0.07 - 0.01 0.10 0.01 Angel Gold V 222 0.09 0.07 Angel Gold* O 111 0.06 0.00 0.05 - 0.01 0.07 0.01 Angkor Gold V 381 0.48 0.42 0.43 - 0.03 0.64 0.38 Anglo American* O 739 5.66 4.78 5.56 + 0.36 5.76 1.57 Anglo American* O 2 11.32 0.00 11.32 + 0.80 18.00 3.13 AngloGold Ash* N 23677 16.45 14.19 16.45 + 1.74 15.96 5.64 Antofagasta* O 5 7.03 6.87 6.87 - 0.16 12.30 5.24 0.29 - 0.03 0.65 0.11 Apogee Silver V 18 0.33 0.00 Applied Mrnls* O 94 0.20 0.14 0.19 - 0.01 0.73 0.11 AQM Copper V 899 0.10 0.06 0.10 + 0.02 0.15 0.03 Aquila Res* O 209 0.17 0.12 0.15 + 0.03 0.19 0.09 Aquila Res T 266 0.22 0.18 0.20 + 0.04 0.24 0.12 Arak Res V 313 0.06 0.00 0.04 - 0.02 0.09 0.02 Arbitrage Expl 107 0.11 0.00 0.06 - 0.04 0.11 0.01 Arch Coal* O 281 0.38 0.32 0.33 - 0.05 10.35 0.11 Arco Res V 7 0.05 0.00 0.05 + 0.01 0.09 0.03 Arctic Star V 4296 0.06 0.04 0.04 - 0.02 0.10 0.01 Arcus Dev Grp V 403 0.05 0.03 0.03 - 0.02 0.05 0.01 Arena Mnls V 933 0.31 0.28 0.30 + 0.01 0.34 0.15 Argentex Mng* O 461 0.10 0.05 0.07 + 0.01 0.10 0.01 Argentex Mng V 910 0.11 0.07 0.09 + 0.01 0.13 0.02 Argentum Silvr V 214 0.07 0.05 0.07 + 0.02 0.12 0.02 Argex Titanium* O 66 0.03 0.02 0.02 - 0.01 0.37 0.01 Argex Titanium T 2923 0.04 0.03 0.04 + 0.01 0.46 0.02 Argonaut Gold T 7224 3.14 2.34 2.94 + 0.59 2.64 0.78 Argonaut Gold* O 263 2.46 1.85 2.38 + 0.52 2.10 0.53 Arian Res V 3310 0.02 0.01 0.02 + 0.01 0.05 0.01 Arian Silver* O 137 0.02 0.02 0.02 + 0.00 0.51 0.00 V 628 1.25 1.10 1.16 + 0.08 1.25 0.68 Arianne Phosph Arianne Phosph* O 237 0.98 0.87 0.92 + 0.07 0.98 0.52 Artha Res* O 39 0.11 0.00 0.11 + 0.02 0.11 0.02 Asanko Gold T 2754 4.16 3.24 4.06 + 0.71 3.71 1.73 Asanko Gold* X 1452 3.32 2.55 3.25 + 0.61 2.95 1.27 Asante Gold 103 0.09 0.05 0.09 + 0.04 0.15 0.05 Ascot Res V 303 1.19 0.98 1.15 + 0.03 2.00 0.80 AsiaBaseMetals V 285 0.12 0.06 0.12 + 0.06 0.24 0.04 Asiamet Res V 235 0.06 0.05 0.06 + 0.01 0.08 0.01 Aston Bay V 149 0.40 0.29 0.40 + 0.12 0.32 0.08 Astur Gold V 118 0.03 0.02 0.03 + 0.01 0.03 0.01 Athabasca Mnls* O 26 0.19 0.15 0.19 + 0.03 0.67 0.12 Athabasca Mnls V 52 0.23 0.20 0.23 + 0.02 0.85 0.15 Athabasca Nclr V 703 0.10 0.08 0.08 - 0.02 0.14 0.02 Athena Silver* O 106 0.09 0.06 0.09 + 0.03 0.12 0.02 Atico Mng* O 51 0.34 0.29 0.33 + 0.03 0.51 0.12 Atico Mng V 271 0.44 0.38 0.42 + 0.01 0.65 0.16 Atlanta Gold V 181 0.11 0.09 0.10 + 0.02 0.11 0.05 Atlanta Gold* O 6 0.09 0.00 0.08 + 0.01 0.09 0.03 Atlantic Gold V 557 0.69 0.64 0.67 - 0.02 0.73 0.17 Atlatsa Res* O 48 0.05 0.04 0.05 + 0.01 0.15 0.02 Atna Res Ltd* O 41 0.00 0.00 0.00 + 0.00 0.10 0.00 Augustine Vent 631 0.08 0.07 0.08 - 0.01 0.09 0.03 Aura Mnls T 205 0.29 0.21 0.28 + 0.05 0.31 0.06 Auramex Res V 278 0.03 0.02 0.03 + 0.02 0.03 0.01 Aurcana Corp* O 209 0.30 0.25 0.29 + 0.02 0.32 0.07 Aurcana Corp V 869 0.37 0.31 0.37 + 0.02 0.41 0.09 AurCrest Gold V 344 0.04 0.03 0.04 + 0.01 0.05 0.01 Aureus Mng* O 259 0.11 0.08 0.10 - 0.01 0.68 0.05 Aureus Mng T 1851 0.13 0.11 0.13 - 0.01 0.83 0.05 AuRico Metals T 1488 1.02 0.84 0.90 + 0.06 0.98 0.47 AuRico Metals * O 507 0.81 0.66 0.72 + 0.07 0.77 0.34 Aurion Res V 380 0.14 0.12 0.13 + 0.01 0.19 0.03 Aurvista Gold V 809 0.10 0.09 0.10 - 0.01 0.11 0.03 Auryn Res* O 82 1.61 1.40 1.55 + 0.13 1.61 0.70 Avarone Metals* O 100 0.09 0.09 0.09 - 0.00 0.09 0.07 Avino Silver* X 2413 1.53 1.36 1.50 + 0.05 1.61 0.71 Avino Silver V 513 1.93 1.72 1.88 + 0.05 2.02 1.03 Avnel Gold T 4083 0.30 0.27 0.30 + 0.01 0.34 0.18 Avrupa Mnls V 379 0.11 0.09 0.09 - 0.01 0.17 0.07 AXE Expl V 846 0.03 0.02 0.02 - 0.01 0.03 0.01
8-10_MAY9_StockTables-BidAsk.indd 8
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Axmin Inc* O 52 AZ Mining T 1409 Azarga Uranium T 14 Azarga Uranium* O 35 Azimut Expl V 252 O 37 Azincourt Uran* Azincourt Uran V 69 Azteca Gold* O 572
0.02 0.01 0.01 - 0.00 0.06 0.00 1.17 0.97 1.12 + 0.13 1.23 0.22 0.36 0.00 0.33 - 0.03 0.43 0.24 0.26 0.25 0.26 - 0.03 0.29 0.18 0.44 0.33 0.35 - 0.07 0.44 0.10 0.05 0.05 0.05 - 0.00 0.07 0.02 0.07 0.06 0.06 - 0.02 0.13 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00
B2Gold* X 13338 B2Gold T 28140 B4MC Gold* O 0 Bacanora Mnls V 89 Baja Mng* O 75 Balmoral Res T 2024 Balmoral Res* O 480 Bama Gold 55 Banro T 2194 X 11888 Banro* Banyan Gold V 73 O 244 Barkerville Go* Barrick Gold T 23448 Barrick Gold* N 101144 Barsele Min* O 24 Barsele Min V 527 Batero Gold V 843 Battle Mtn Gld* O 66 Battle Mtn Gld V 195 O 83 Bayhorse Silvr* Bayhorse Silvr V 465 O 4 Bayswater Uran* BCM Res V 242 Bear Creek Mng V 1987 Beaufield Res V 583 Beaufield Res* O 78 O 6 Bellhaven Cp&G* V 48 Bellhaven Cp&G Belmont Res V 207 Belo Sun Mng T 4091 Benton Cap* O 206 Benz Cap V 330 Berkeley Egy* O 13 Berkwood Res V 248 Besra Gold* O 1197 BHK Mining V 32 10 Big North Grap V Big Wind Cap 4 Bison Gold Res V 52 Bitterroot Res V 51 Bitterroot Res* O 58 Black Hills* N 3709 Black Iron T 875 Black Isle Res V 46 V 52 Blackheath Res Blue Rvr Res V 1342 Bold Vent V 621 BonTerra Res* O 80 Borneo Res Inv* O 11131 Bowmore Expl V 345 Bravada Gold* O 38 Bravada Gold V 96 Braveheart Res V 80 Brazil Mnrls* O 507925 Brazil Res V 5899 BrightRock Gld* O 25 Brilliant Sand* O 113 Brixton Mtls* O 35 Brixton Mtls V 164 V 251 Brunswick Res Bryn Res* O 225 Buenaventura* N 11860 Buffalo Coal V 279 Bullfrog Gold* O 447 Bullion Gld Res V 3422
2.23 1.89 2.22 + 0.29 2.10 0.60 2.79 2.41 2.79 + 0.34 2.62 0.86 4.03 0.00 4.03 - 1.97 11.75 3.00 1.60 1.42 1.49 + 0.04 2.05 1.16 0.01 0.01 0.01 - 0.00 0.03 0.00 0.73 0.59 0.68 + 0.06 1.01 0.33 0.59 0.48 0.54 + 0.07 0.83 0.23 0.15 0.00 0.15 + 0.04 0.20 0.07 0.48 0.40 0.47 + 0.08 0.47 0.21 0.38 0.31 0.37 + 0.06 0.40 0.15 0.09 0.07 0.07 - 0.03 0.09 0.02 0.51 0.44 0.48 + 0.04 0.51 0.15 24.33 20.28 24.29 + 3.88 22.14 7.89 19.40 16.01 19.37 + 3.25 17.65 5.91 0.25 0.18 0.23 + 0.06 0.18 0.05 0.32 0.22 0.30 + 0.06 0.30 0.08 0.15 0.11 0.15 + 0.03 0.14 0.05 0.40 0.36 0.39 + 0.01 0.42 0.06 0.50 0.45 0.50 + 0.06 0.50 0.09 0.11 0.09 0.11 + 0.01 0.11 0.03 0.14 0.12 0.14 + 0.01 0.14 0.05 0.03 0.02 0.02 - 0.00 0.04 0.00 0.32 0.22 0.27 - 0.03 0.32 0.02 2.49 2.22 2.35 - 0.07 2.68 0.50 0.11 0.09 0.11 + 0.01 0.11 0.03 0.09 0.07 0.08 + 0.01 0.09 0.02 0.26 0.00 0.20 + 0.07 0.33 0.02 0.25 0.00 0.23 + 0.04 0.40 0.03 0.09 0.08 0.09 + 0.01 0.12 0.02 1.04 0.86 0.99 + 0.09 0.97 0.15 0.07 0.00 0.06 - 0.00 0.07 0.01 0.03 0.03 0.03 + 0.01 0.17 0.01 0.47 0.41 0.41 - 0.00 0.47 0.31 0.02 0.00 0.02 + 0.01 0.02 0.01 0.01 0.01 0.01 + 0.00 0.08 0.00 0.04 0.03 0.04 + 0.01 0.10 0.03 0.03 0.03 0.03 - 0.01 0.15 0.02 0.08 0.00 0.08 + 0.03 0.06 0.01 0.22 0.14 0.22 + 0.07 0.63 0.12 0.04 0.03 0.03 - 0.01 0.10 0.03 0.03 0.03 0.03 + 0.00 0.05 0.02 60.93 56.43 60.59 + 3.83 61.13 36.81 0.06 0.05 0.05 - 0.01 0.06 0.03 0.05 0.00 0.05 - 0.01 0.05 0.03 0.14 0.12 0.13 - 0.01 0.30 0.08 0.06 0.05 0.06 + 0.01 0.05 0.03 0.06 0.04 0.06 + 0.02 0.05 0.02 0.31 0.28 0.30 - 0.00 0.37 0.08 0.00 0.00 0.00 - 0.00 0.10 0.00 0.09 0.08 0.09 + 0.01 0.10 0.03 0.13 0.11 0.13 + 0.01 0.13 0.01 0.17 0.13 0.13 - 0.02 0.18 0.02 0.08 0.06 0.07 - 0.02 0.08 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 1.60 1.19 1.58 + 0.43 1.49 0.38 0.00 0.00 0.00 + 0.00 0.00 0.00 0.08 0.05 0.05 - 0.03 0.20 0.02 0.33 0.25 0.26 - 0.02 0.33 0.03 0.42 0.30 0.35 - 0.07 0.45 0.05 0.02 0.02 0.02 - 0.01 0.02 0.01 0.01 0.01 0.01 + 0.00 0.01 0.00 10.20 8.37 10.15 + 1.75 12.51 3.30 0.03 0.02 0.03 + 0.01 0.05 0.02 0.05 0.03 0.04 + 0.02 0.05 0.01 0.02 0.01 0.01 - 0.04 0.25 0.05
B
C Cache Expl V 247 0.12 0.11 0.11 - 0.01 0.16 0.05 0.01 + 0.01 0.02 0.00 Cadillac Vent* O 80 0.01 0.00 Caledonia Mng T 391 1.34 1.14 1.34 + 0.15 1.28 0.66 Caledonia Mng* Q 134 1.05 0.90 1.05 + 0.11 0.98 0.48 0.14 + 0.01 0.17 0.06 Calibre Mng V 1532 0.15 0.14 Calico Res* O 131 0.11 0.09 0.09 + 0.00 0.12 0.05 0.06 - 0.00 0.10 0.02 California Gld* O 1242 0.06 0.05 California Gld V 1005 0.08 0.07 0.08 + 0.01 0.18 0.02 Callinex Mines V 4273 0.54 0.35 0.46 + 0.16 0.54 0.23 O 2946 0.44 0.27 0.37 + 0.13 0.44 0.17 Callinex Mines* Cameco Corp* N 12156 13.50 12.45 12.51 - 0.59 17.72 10.31 15.70 - 0.89 21.44 14.56 Cameco Corp T 6065 17.00 15.60 Cameo Res V 970 0.06 0.05 0.05 - 0.01 0.10 0.02 Camino Mnls V 79 0.17 0.13 0.13 - 0.02 0.25 0.07 0.07 + 0.01 0.07 0.03 Can-Cal Res* O 250 0.07 0.07 Canada Coal V 242 0.02 0.02 0.02 - 0.01 0.03 0.01 Canadian Zeol V 58 0.11 0.09 0.11 + 0.01 0.12 0.05 CanAlaska Uran V 396 0.44 0.37 0.38 - 0.04 0.52 0.09 CanAlaska Uran* O 252 0.34 0.30 0.30 - 0.04 0.40 0.06 Canamex Res* O 212 0.05 0.04 0.05 + 0.01 0.08 0.02 Canarc Res T 1751 0.13 0.11 0.12 - 0.01 0.15 0.04 Canarc Res* Q 1901 0.10 0.09 0.10 - 0.00 0.12 0.03 Cancana Res V 154 0.23 0.19 0.19 - 0.03 0.32 0.13 Candelaria Mg V 222 0.15 0.10 0.15 + 0.05 0.10 0.06 Candente Coppr T 1087 0.11 0.10 0.10 - 0.01 0.11 0.03 Candente Gold* O 153 0.04 0.02 0.03 + 0.01 0.04 0.00 Canex Energy V 266 0.03 0.02 0.02 - 0.01 0.16 0.02 CaNickel Mng V 39 0.10 0.09 0.10 + 0.01 0.14 0.03 Canoe Mng Vent V 303 0.04 0.03 0.04 + 0.01 0.06 0.02 Canstar Res V 64 0.09 0.07 0.09 - 0.01 0.12 0.03 Canterra Mnls V 94 0.04 0.00 0.04 + 0.01 0.09 0.03 Cantex Mn Dev V 73 0.05 0.00 0.05 + 0.01 0.06 0.03 Canuc Res V 60 0.13 0.00 0.13 + 0.01 0.30 0.05 Canuc Res* O 33 0.11 0.10 0.11 + 0.01 0.10 0.05 Cap-Ex Iron V 691 0.06 0.04 0.04 - 0.02 0.06 0.01 Capstone Mng T 10640 0.82 0.70 0.79 + 0.02 1.71 0.27 Cardero Res* O 17 0.12 0.09 0.12 + 0.01 0.15 0.05 Caribou King V 354 0.09 0.08 0.08 - 0.01 0.20 0.06 Carlin Gold V 320 0.03 0.02 0.03 + 0.01 0.03 0.01 Carpathian Gld* O 625 0.02 0.01 0.02 + 0.00 0.03 0.00 Cartier Iron 467 0.04 0.04 0.04 - 0.01 0.11 0.01 Cartier Res V 245 0.10 0.07 0.10 + 0.02 0.14 0.04 Carube Copper V 429 0.10 0.07 0.09 + 0.02 0.21 0.05 Casablanca Mng* O 865 0.00 0.00 0.00 - 0.00 0.01 0.00 Cascadero Copp V 6091 0.08 0.05 0.08 + 0.03 0.08 0.02 Cassius Vents V 524 0.02 0.02 0.02 + 0.01 0.02 0.01 Castle Mtn Mng* O 46 0.47 0.45 0.46 - 0.01 0.47 0.14 Castle Mtn Mng V 1508 0.58 0.49 0.58 + 0.09 0.61 0.18 Castle Peak Mg V 420 0.03 0.03 0.03 + 0.01 0.04 0.01 Castle Res 168 0.04 0.01 0.04 + 0.04 0.15 0.01 Catalyst Coppr V 1190 0.54 0.47 0.53 + 0.04 0.56 0.10 Catalyst Coppr* O 20 0.40 0.00 0.40 + 0.10 0.40 0.07 Caza Gold V 159 0.05 0.00 0.05 + 0.02 0.09 0.02 Cda Carbon V 550 0.30 0.27 0.30 + 0.01 0.42 0.21 Cda Carbon* O 92 0.23 0.22 0.23 - 0.00 0.28 0.17 Cda Rare Earth* O 147 0.03 0.00 0.03 + 0.01 0.03 0.01 Cda Rare Earth V 247 0.03 0.02 0.03 + 0.01 0.04 0.02 Cda Strtgc Met * O 15 0.05 0.05 0.05 + 0.01 0.07 0.01 Cda Strtgc Met V 1364 0.07 0.06 0.07 + 0.01 0.09 0.03 Cda Zinc Mtls V 493 0.19 0.15 0.15 - 0.02 0.33 0.10 Cdn Arrow V 238 0.01 0.01 0.01 + 0.01 0.01 0.01 Cdn Intl Mnrls V 5463 0.06 0.03 0.05 - 0.01 0.08 0.01 Cdn Metals 1017 0.44 0.30 0.31 - 0.05 0.44 0.06 Cdn Platinum V 344 0.02 0.01 0.01 - 0.01 0.02 0.01 Cdn Silvr Hunt V 487 0.04 0.03 0.03 - 0.02 0.06 0.01 Cdn Zinc T 1593 0.26 0.22 0.24 - 0.01 0.29 0.06 Cdn Zinc* Q 867 0.21 0.17 0.19 - 0.01 0.23 0.04 Centamin T 706 2.24 1.85 2.24 + 0.30 2.08 1.07 Centaurus Diam* O 94 0.29 0.26 0.29 + 0.02 0.34 0.01 Centenera Mng V 30 0.16 0.11 0.16 + 0.03 0.16 0.02 Centerra Gold T 3346 7.25 6.42 6.94 - 0.05 8.67 5.51 Centurion Mnls V 121 0.15 0.11 0.12 + 0.02 0.23 0.04 Cerro Grande* O 83 0.03 0.01 0.03 + 0.01 0.04 0.00 Cerro Grande 55 0.03 0.00 0.03 + 0.02 0.04 0.01 Cerro Mng* O 3 0.02 0.01 0.01 - 0.01 0.02 0.01 Cerro Mng V 11 0.03 0.02 0.02 - 0.02 0.03 0.01 Chalice Gold M T 307 0.16 0.15 0.16 - 0.01 0.16 0.09 Champion Bear V 75 0.05 0.05 0.05 + 0.01 0.15 0.03 Champion Iron T 982 0.29 0.24 0.27 - 0.01 0.30 0.07 Chesapeake Gld V 202 3.85 3.30 3.85 + 0.27 3.85 1.39 Chesapeake Gld* O 132 3.08 2.68 3.08 + 0.28 3.05 1.05 Chevron* N 37036 104.26 100.61 102.18 + 0.17 112.20 69.58 Chiboug Ind Mn V 287 0.04 0.03 0.04 + 0.01 0.05 0.02 Chilean Metals* O 233 0.10 0.08 0.09 + 0.01 0.10 0.00 Chilean Metals V 223 0.12 0.09 0.10 + 0.02 0.12 0.02
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
China Gold Int T 2391 China Mnls Mng* O 24 Cibolan Gold* O 40 Claim Post Res V 1518 Claude Res T 6427 Claude Res* O 1710 Clifton Mng* O 89 Cloud Peak En* N 7456 CMC Metals* O 15 CMC Metals V 164 15 CMX Gold & Sil Coeur Mng* N 22168 Colibri Res V 36 Colombian Mins V 276 Colonial Coal V 382 Colorado Res V 3898 Colorado Res* O 272 Colt Res V 185 Columbus Gold* O 434 T 696 Columbus Gold Commander Res V 1284 V 2006 Commerce Res Commerce Res* O 289 Comstock Mng* X 2810 V 1311 Comstock Mtls Comstock Mtls* O 363 Condor Res V 430 V 1043 Confedertn Mls Confedertn Mls* O 50 V 2 Cons Westview Cons Woodjam V 273 N 47275 CONSOL Energy* Contintl Gold* O 151 Contintl Gold T 2528 Contintl Prec* O 0 Contintl Prec T 36 15 Copper Ck Gold V Copper Fox Mtl V 1411 Copper Fox Mtl* O 61 310 Copper Lake Rs V Copper Mtn Mng* O 24 Copper Mtn Mng T 2141 Copperbank Res* O 54 Coral Gold V 227 Cordoba Mnls V 986 Corex Gold V 2148 V 2714 Cornerstone Ca Cornerstone Ca* O 464 Cornerstone Mt V 2044 Coro Mining T 10329 Coronet Mtls V 259 Corvus Gold T 298 Corvus Gold* O 121 Critical Elem V 1872 Critical Elem* O 153 Crown Mining* O 12 271 Crystal Pk Min* O CTGX Mining* O 5 Currie Rose Rs V 566 Cypress Dev V 229 Cypress Dev* O 93 Cyprium Mng V 583
2.54 2.02 2.54 + 0.43 2.58 1.52 0.01 0.01 0.01 + 0.00 0.01 0.00 0.07 0.05 0.07 - 0.01 0.19 0.03 0.03 0.02 0.03 + 0.01 0.03 0.01 2.20 1.88 2.15 + 0.24 2.09 0.51 1.76 1.47 1.72 + 0.20 1.67 0.39 0.14 0.10 0.13 + 0.00 0.22 0.05 2.73 2.14 2.21 - 0.28 7.39 1.08 0.08 0.08 0.08 + 0.01 0.09 0.07 0.12 0.10 0.12 + 0.01 0.53 0.05 0.10 0.10 0.10 + 0.01 0.10 0.09 8.14 6.70 8.10 + 1.21 7.96 1.62 0.16 0.12 0.15 + 0.03 0.16 0.02 0.06 0.05 0.06 + 0.01 0.09 0.02 0.12 0.09 0.12 + 0.05 0.14 0.02 0.40 0.29 0.39 + 0.12 0.36 0.05 0.32 0.24 0.31 + 0.08 0.29 0.02 0.11 0.10 0.10 - 0.01 0.30 0.08 0.48 0.37 0.43 + 0.04 0.44 0.23 0.59 0.47 0.55 + 0.07 0.55 0.31 0.04 0.03 0.04 + 0.01 0.05 0.01 0.09 0.08 0.08 - 0.01 0.13 0.06 0.07 0.06 0.07 + 0.00 0.10 0.04 0.46 0.40 0.45 + 0.02 0.81 0.35 0.04 0.03 0.03 - 0.01 0.04 0.01 0.03 0.03 0.03 - 0.00 0.03 0.01 0.07 0.05 0.07 + 0.01 0.07 0.02 0.07 0.05 0.06 + 0.02 0.09 0.02 0.05 0.04 0.05 + 0.02 0.06 0.01 0.27 0.26 0.27 + 0.01 0.60 0.22 0.05 0.04 0.05 + 0.01 0.09 0.02 16.40 12.29 15.05 + 1.49 34.14 4.54 2.23 1.91 2.20 + 0.30 2.65 0.88 2.80 2.43 2.77 + 0.30 3.28 1.28 0.24 0.00 0.24 + 0.01 0.32 0.18 0.33 0.00 0.31 - 0.02 0.45 0.25 0.07 0.00 0.07 - 0.01 0.10 0.05 0.14 0.13 0.13 - 0.01 0.24 0.11 0.11 0.10 0.10 - 0.01 0.19 0.08 0.05 0.03 0.05 + 0.01 0.09 0.03 0.49 0.42 0.48 + 0.00 1.42 0.23 0.63 0.54 0.60 + 0.02 1.73 0.33 0.03 0.02 0.03 - 0.00 0.05 0.01 0.15 0.12 0.14 + 0.01 0.15 0.05 0.95 0.84 0.87 + 0.05 1.00 0.10 0.14 0.08 0.14 + 0.06 0.13 0.03 0.07 0.04 0.05 + 0.01 0.08 0.02 0.06 0.03 0.05 + 0.01 0.06 0.01 0.04 0.02 0.03 + 0.02 0.04 0.01 0.15 0.04 0.15 + 0.11 0.08 0.02 0.07 0.06 0.06 - 0.01 0.12 0.03 1.12 0.96 1.07 + 0.12 1.12 0.33 0.89 0.75 0.85 + 0.09 0.86 0.25 0.31 0.28 0.29 - 0.01 0.35 0.14 0.26 0.22 0.23 - 0.02 0.28 0.10 0.04 0.00 0.04 - 0.01 0.05 0.02 0.27 0.23 0.26 + 0.03 0.33 0.11 0.06 0.00 0.06 - 0.05 0.18 0.00 0.02 0.01 0.02 + 0.01 0.02 0.01 0.19 0.15 0.17 - 0.01 0.20 0.02 0.15 0.13 0.14 + 0.01 0.16 0.01 0.08 0.06 0.08 + 0.01 0.19 0.06
D-F Dajin Res* O 4286 Dajin Res V 3699 Dakota Ter Res* O 58 Dalradian Res* O 2269 Dalradian Res T 7638 Danakali* O 183 Darnley Bay V 556 Decade Res* O 1150 Decade Res V 2538 Defiance Silvr V 1821 Defiance Silvr* O 503 Del Toro Silvr* O 4060 Denison Mines T 2524 Denison Mines* X 2573 Desert Star V 114 Detour Gold T 7740 O 386 Diamante Min* Diamcor Mng* O 3 Diamond Disc* O 4420 Dios Expl V 981 Discovery Gold* O 52 V 195 Discovery Harb Discovery Mnls* O 2031 Discovery Vent V 1300 O 22 Discovery Vent* DNI Metals* O 72 152 Dolly Vard Sil* O 239 Dolly Vard Sil V Dominion Diam T 922 N 1488 Dominion Diam* Double Crn Res* O 696 Doubleview Cap V 213 DRDGOLD* N 1918 Duncan Park H V 677 Dundee Prec Mt T 1579 Duran Vent V 1860 Durango Res V 1991 Dynacor Gld Mn T 222 Dynasty Gold V 691 Dynasty Met&Mn* O 102 Dynasty Met&Mn T 4982 Eagle Plains V 431 East Africa V 736 East Africa * O 381 East Asia Mnls V 3410 Eastern Platin* O 28 Eastern Platin T 682 Eastfield Res V 211 Eastmain Res T 3124 Eco Oro Mnls T 129 Ecuador Gold V 68 Edgewater Expl V 179 Edgewater Expl* O 48 El Capitan Prc* O 757 El Nino Vent* O 16 El Nino Vent V 55 Elcora Res V 171 Eldorado Gold* N 29339 Eldorado Gold T 18135 Electra Stone V 841 Eloro Mnrls V 46 Ely Gold & Mnl V 354 Elysee Dev V 16 Emerita Res V 552 Emgold Mng V 66 Emgold Mng* O 35 Encanto Potash V 10639 Encanto Potash* O 482 Endeavour Mng* O 63 Endeavour Mng T 2949 Endeavr Silver* N 12604 Endeavr Silver T 1647 Endurance Gold V 50 Energizer Res* O 330 Energizer Res T 1812 Energy Fuels T 297 Energy Fuels* X 808 Ensurge* O 246 Entree Gold T 447 Entree Gold* X 787 Equitas Res* O 205 Equitas Res V 9080 Erdene Res Dev* O 67 Erdene Res Dev T 467 Erin Ventures* O 215 Erin Ventures V 998 Eros Res Corp V 33 Eros Res Corp V 33 Eskay Mng V 160 Ethos Gold* O 53 Eurasian Mnls V 209 Eurasian Mnls* X 476 Eureka Res V 410 EurOmax Res V 301 EurOmax Res* O 57 European Metal* O 3734 Europn Uran Rs* O 30 Everton Res* O 24
0.20 0.16 0.19 - 0.01 0.24 0.04 0.26 0.20 0.24 - 0.01 0.30 0.06 0.07 0.00 0.07 - 0.00 0.17 0.05 0.90 0.69 0.84 - 0.11 1.04 0.45 1.14 0.99 1.07 - 0.15 1.32 0.62 0.25 0.00 0.25 + 0.03 0.40 0.17 0.06 0.00 0.04 + 0.02 0.04 0.01 0.05 0.05 0.05 + 0.00 0.05 0.00 0.06 0.05 0.05 + 0.01 0.07 0.01 0.23 0.18 0.21 + 0.01 0.24 0.06 0.17 0.14 0.17 + 0.01 0.19 0.04 0.01 0.00 0.01 + 0.00 0.04 0.00 0.79 0.71 0.76 - 0.03 1.13 0.48 0.64 0.56 0.60 - 0.02 0.95 0.35 0.05 0.00 0.05 + 0.01 0.19 0.03 27.01 22.75 26.91 + 2.71 25.85 10.62 0.25 0.21 0.25 + 0.01 1.40 0.18 0.85 0.85 0.85 - 0.01 1.15 0.46 0.00 0.00 0.00 + 0.00 0.00 0.00 0.18 0.14 0.15 + 0.01 0.19 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.01 0.01 0.01 + 0.01 0.09 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.13 0.12 0.12 - 0.01 0.25 0.10 0.11 0.10 0.11 + 0.01 0.20 0.07 0.04 0.00 0.03 + 0.00 0.18 0.03 0.29 0.22 0.29 + 0.07 0.28 0.08 0.37 0.29 0.35 + 0.08 0.40 0.11 15.73 14.32 14.41 - 1.08 24.60 9.96 12.40 11.41 11.48 - 0.75 20.30 7.27 0.01 0.01 0.01 - 0.00 0.02 0.01 0.08 0.07 0.07 - 0.01 0.18 0.06 5.49 4.44 5.41 + 0.92 5.00 1.10 0.01 0.01 0.01 - 0.01 0.02 0.01 2.80 2.51 2.79 + 0.17 3.00 0.84 0.02 0.00 0.02 - 0.01 0.03 0.01 0.11 0.08 0.09 - 0.02 0.21 0.03 2.23 2.09 2.23 + 0.08 2.32 1.30 0.02 0.01 0.02 + 0.01 0.03 0.01 0.19 0.10 0.18 + 0.05 0.60 0.08 0.27 0.12 0.27 + 0.12 0.78 0.10 0.10 0.08 0.10 + 0.01 0.10 0.05 0.16 0.12 0.15 + 0.02 0.16 0.03 0.13 0.11 0.13 + 0.02 0.13 0.02 0.02 0.01 0.01 - 0.01 0.03 0.01 0.80 0.70 0.70 - 0.05 1.84 0.47 1.02 0.85 0.88 - 0.06 2.26 0.61 0.05 0.00 0.04 + 0.01 0.05 0.02 0.51 0.46 0.50 + 0.02 0.51 0.28 0.40 0.34 0.38 + 0.05 0.83 0.25 0.30 0.28 0.29 + 0.01 0.40 0.10 0.03 0.02 0.03 + 0.01 0.03 0.01 0.03 0.01 0.03 + 0.01 0.01 0.01 0.04 0.04 0.04 + 0.00 0.16 0.03 0.03 0.02 0.02 - 0.01 0.03 0.00 0.03 0.00 0.03 + 0.01 0.03 0.01 0.51 0.48 0.48 - 0.01 0.75 0.13 4.27 3.68 4.21 + 0.41 5.36 1.87 5.36 4.67 5.29 + 0.48 6.39 2.67 0.06 0.05 0.05 - 0.02 0.14 0.04 0.20 0.00 0.20 + 0.01 0.24 0.09 0.16 0.12 0.13 - 0.01 0.17 0.03 0.24 0.22 0.22 + 0.01 0.24 0.17 0.05 0.04 0.05 + 0.01 0.07 0.02 0.04 0.03 0.04 + 0.01 0.04 0.01 0.02 0.02 0.02 + 0.00 0.03 0.00 0.16 0.10 0.14 + 0.03 0.18 0.05 0.13 0.08 0.12 + 0.03 0.14 0.03 13.52 11.75 13.52 + 1.52 12.82 4.40 17.00 15.02 16.89 + 1.69 16.14 4.35 4.28 3.40 4.15 + 0.37 4.19 1.00 5.36 4.31 5.21 + 0.42 5.30 1.46 0.05 0.05 0.05 + 0.01 0.08 0.02 0.08 0.07 0.08 - 0.02 0.10 0.03 0.11 0.09 0.10 - 0.02 0.13 0.03 3.05 2.91 2.97 - 0.02 6.59 2.47 2.45 2.31 2.35 - 0.02 5.35 1.81 0.04 0.02 0.03 - 0.00 0.09 0.01 0.45 0.36 0.45 + 0.05 0.61 0.25 0.36 0.29 0.36 + 0.05 0.51 0.17 0.06 0.05 0.06 + 0.00 0.17 0.02 0.08 0.06 0.07 + 0.01 0.22 0.05 0.19 0.17 0.18 + 0.00 0.19 0.08 0.24 0.22 0.23 - 0.01 0.25 0.11 0.04 0.03 0.04 + 0.01 0.08 0.03 0.05 0.04 0.05 + 0.01 0.11 0.04 0.19 0.00 0.18 - 0.03 0.20 0.09 0.19 0.00 0.18 - 0.03 0.20 0.09 0.13 0.11 0.13 - 0.01 0.15 0.01 0.20 0.19 0.20 - 0.00 0.20 0.09 1.10 0.93 1.05 + 0.12 1.10 0.48 0.90 0.74 0.86 + 0.09 0.89 0.35 0.13 0.09 0.12 + 0.01 0.13 0.03 0.57 0.36 0.54 + 0.09 0.58 0.21 0.45 0.41 0.41 - 0.04 0.46 0.15 0.00 0.00 0.00 + 0.00 0.01 0.00 0.01 0.00 0.01 + 0.00 0.02 0.00 0.05 0.04 0.05 - 0.01 0.06 0.00
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Everton Res V 728 Evolving Gold 207 O 61 Evolving Gold* Evrim Res V 307 O 432 Excalibur Res* Excalibur Res 1174 Excellon Res T 1483 Excellon Res* O 355 O 321 Excelsior Mng* Excelsior Mng V 1074 Exeter Res* X 1440 Exeter Res T 310 O 6 Expedition Mng* Explor Res* O 53 Explor Res V 2529 Fairmont Res V 2097 Falco Res V 2311 Fancamp Expl V 935 Far Res 6777 Finore Mng 10 7 Fire River Gol* O Firebird Res V 47 Firesteel Res V 78 Firestone Vent V 982 First Bauxite V 196 First Liberty* O 2519 First Majestic T 8893 First Majestic* N 28918 V 12593 First Mg Fin First Point T 156 First Quantum T 49609 735 V Fission 3.0 Fission Uran T 2518 Fission Uran* O 834 Flinders Res* O 368 Flinders Res V 529 O 356 Focus Graphite* V 2870 Focus Graphite Focus Vent V 507 T 2326 Formation Mtls Forsys Metals T 1266 O 26 Fortescue Mtls* Fortuna Silvr T 2176 Fortuna Silvr* N 3731 Fortune Bay T 20 Fortune Mnrls T 6954 O 274 Fortune Mnrls* V 648 Forum Uranium O 43 Forum Uranium* Four River V 25 526 Fox River Res N 4435 Franco-Nevada* Franco-Nevada T 3504 Freegold Vent T 874 287960 N Freeport McMo* Freeport Res V 90 Fresnillo plc* O 10 132 Frontier Rr Er* O Frontline Gold V 1424 3 Full Metal Mnl V Fura Emeralds V 90
0.01 0.05 - 0.02 0.07 0.06 0.00 0.02 0.17 - 0.04 0.24 0.24 0.16 0.02 0.15 + 0.03 0.23 0.23 0.11 0.10 0.30 + 0.05 0.28 0.30 0.25 0.00 0.03 + 0.01 0.03 0.03 0.01 0.01 0.02 0.03 + 0.05 0.05 0.02 0.20 1.33 + 0.10 1.40 1.40 1.12 0.14 1.06 + 0.08 1.10 1.12 0.88 0.12 0.27 + 0.01 0.31 0.29 0.26 0.19 0.34 + 0.01 0.39 0.37 0.33 0.29 1.01 + 0.15 1.04 1.07 0.83 0.39 1.26 + 0.17 1.31 1.34 1.05 0.16 0.16 - 0.06 0.22 0.22 0.16 0.03 0.02 0.18 + 0.14 0.14 0.12 0.04 0.19 + 0.02 0.24 0.19 0.15 0.02 0.07 - 0.03 0.19 0.10 0.07 0.21 0.58 + 0.01 0.61 0.58 0.56 0.02 0.04 - 0.01 0.05 0.05 0.04 0.02 0.08 + 0.03 0.07 0.08 0.05 0.01 0.01 - 0.02 0.04 0.01 0.00 0.04 0.03 0.03 - 0.01 0.10 0.00 0.01 0.01 0.05 + 0.03 0.03 0.01 0.01 0.02 + 0.01 0.08 0.02 0.01 0.01 0.01 - 0.01 0.03 0.02 0.01 0.03 0.05 + 0.01 0.09 0.05 0.04 0.00 0.00 + 0.00 0.00 0.00 0.00 13.36 + 2.07 13.02 3.50 13.44 11.11 10.72 8.81 10.64 + 1.74 10.33 2.40 0.76 0.57 0.76 + 0.17 0.72 0.25 0.04 0.05 - 0.01 0.10 0.06 0.05 11.58 8.16 10.69 + 1.93 19.83 2.15 0.10 0.08 0.09 - 0.01 0.14 0.06 0.53 0.71 - 0.04 1.19 0.74 0.70 0.39 0.57 - 0.02 0.99 0.59 0.56 0.09 0.30 - 0.05 0.47 0.47 0.30 0.12 0.39 - 0.06 0.60 0.60 0.38 0.04 0.11 - 0.04 0.29 0.15 0.11 0.07 0.15 - 0.04 0.35 0.18 0.14 0.05 0.09 + 0.01 0.24 0.10 0.09 0.09 0.31 - 0.04 0.47 0.47 0.30 0.07 0.08 - 0.01 0.24 0.09 0.07 1.00 2.60 + 0.03 2.80 2.60 2.31 2.65 8.03 + 0.78 7.85 8.12 7.05 2.00 6.42 + 0.71 6.26 6.49 5.55 0.25 0.30 - 0.02 0.43 0.31 0.00 0.02 0.13 + 0.05 0.14 0.14 0.08 0.01 0.10 + 0.04 0.11 0.11 0.08 0.04 0.17 + 0.04 0.19 0.20 0.10 0.03 0.13 + 0.03 0.14 0.14 0.09 0.05 0.21 + 0.01 0.23 0.21 0.21 0.06 0.04 0.05 + 0.02 0.06 0.03 38.20 70.16 + 3.38 71.48 70.40 64.78 49.96 88.10 + 3.37 90.25 88.18 82.00 0.05 0.21 + 0.06 0.24 0.22 0.15 14.00 + 2.33 23.97 3.52 14.06 10.56 0.01 0.01 - 0.01 0.02 0.02 0.01 16.35 + 0.93 16.05 8.70 16.56 15.40 0.01 0.01 0.01 + 0.01 0.29 0.00 0.01 0.02 - 0.01 0.03 0.02 0.01 0.05 0.00 0.05 - 0.01 0.07 0.02 0.08 0.15 - 0.03 0.25 0.16 0.00
G4G Res V 38 Gabriel Res T 2651 Gainey Capital V 345 Galantas Gold V 217 O 47 Galantas Gold* 224 Galena Intl Rs V Galway Mtls V 704 Galway Mtls* O 28 GAR Limited 33 Garibaldi Res V 873 GB Minerals V 73 45 V Gem Intl Res General Moly T 13 General Moly* X 481 Genesis Mtls V 132 Genius Props 1093 V 4631 Gensource Pot O 140 Geologix Expl* Geologix Expl V 1900 Geomega Res V 590 412 Gespeg Cop Res V Getty Copper V 10 GFK Res V 185 GGL Res V 57 Gitennes Expl V 579 O 42 Gldn Predator* Gldn Predator V 157 852 Glen Eagle Res V Glencore Plc* O 1021 Global Gold* O 250 Global Hunter V 659 Global Mnrls V 51 Globex Mng* O 29 GMCI Corp* O 2 V 1409 GobiMin GoGold Res T 373 Gold & Silver* O 11328 918 Gold Bulln Dev* O Gold Bulln Dev V 5176 O 318 Gold Dynamics* 28958 Gold Fields* N 296 Gold Jub Cap V 2552 O Gold Mng USA* 215 Gold Mtn Mng V 101 Gold Reach Res V Gold Reserve* O 255 Gold Reserve V 54 X 3313 Gold Resource* 509 Gold Ridge Exp V Gold Std Vents V 1773 1613 X Vents* Std Gold V 135 Goldbank Mng Goldcliff Res V 5598 T 18447 Goldcorp Goldcorp* N 54577 Golden Arrow V 3334 Golden Eagle* O 6 V 1597 Golden Goliath O 26 Golden Goliath* Golden Harp V 42 Golden Hope V 6 Golden Hope* O 5 Golden Mnls T 295 Golden Mnls* X 1697 O 2492 Golden Queen* Golden Queen T 957 Golden Secret V 1395 215 Golden Sh Mng V Golden Star T 1978 18445 Golden Star* X Golden Sun* O 418 Golden Tag V 372 Golden Valley V 1606 Goldex Res V 80 Goldex Res* O 3 Goldeye Expl V 554 T 1376 Goldgroup Mng O 56 Goldgroup Mng* GoldON Res V 236 V 1790 GoldQuest Mng Goldrea Res 53 Goldrea Res* O 3 V 586 Goldrock Mines O 144 Goldsource Min* V 948 Goldsource Min Goldstar Mnls V 1140 V 479 Goldstrike Res Gossan Res V 46 GoviEx Uranium 126 Gowest Gold V 8837 Gowest Gold* O 2204 GPM Metals V 616 GPM Metals* O 73 O 1801 Gran Colombia* T 3223 Gran Colombia 350 Granite Ck Gld V O 718 Graphite Corp* Graphite One* O 786 Graphite One V 7957
0.03 0.06 + 0.01 0.10 0.06 0.05 0.12 0.21 + 0.02 0.48 0.22 0.17 0.10 0.04 0.30 + 0.17 0.20 0.14 0.07 0.13 + 0.04 0.18 0.13 0.10 0.06 0.09 + 0.01 0.11 0.09 0.09 0.04 0.03 0.04 - 0.01 0.05 0.01 0.09 0.15 + 0.02 0.16 0.15 0.13 0.06 0.12 + 0.02 0.13 0.12 0.10 0.01 0.03 - 0.02 0.10 0.04 0.03 0.05 0.09 - 0.02 0.18 0.10 0.08 0.02 0.01 0.12 0.08 - 0.08 0.00 0.05 0.05 0.05 + 0.01 0.11 0.04 0.22 0.46 + 0.03 1.00 0.47 0.43 0.15 0.38 + 0.02 0.83 0.40 0.33 0.05 0.20 + 0.01 0.26 0.21 0.00 0.02 0.04 - 0.01 0.12 0.05 0.04 0.04 0.07 - 0.01 0.12 0.09 0.07 0.01 0.04 + 0.00 0.05 0.05 0.04 0.02 0.02 0.07 + 0.07 0.07 0.05 0.06 0.17 + 0.02 0.29 0.20 0.17 0.05 0.04 0.05 + 0.01 0.05 0.02 0.02 0.02 + 0.01 0.05 0.02 0.00 0.03 0.12 + 0.02 0.12 0.12 0.11 0.01 0.02 - 0.01 0.05 0.04 0.02 0.01 0.01 + 0.01 0.01 0.01 0.01 0.06 0.17 - 0.00 0.19 0.19 0.17 0.07 0.21 - 0.02 0.24 0.23 0.21 0.14 0.11 0.13 + 0.02 0.16 0.03 1.95 4.75 + 0.18 9.64 4.82 4.32 0.00 0.02 + 0.00 0.05 0.02 0.02 0.01 0.04 - 0.04 0.07 0.07 0.03 0.02 0.12 + 0.04 0.30 0.15 0.08 0.13 0.26 - 0.00 0.27 0.26 0.00 0.05 2.25 + 0.50 2.25 2.25 1.80 0.27 0.42 + 0.02 0.47 0.44 0.40 0.94 1.44 - 0.07 1.67 1.52 1.31 0.03 0.01 0.01 - 0.01 5200.00 0.00 0.09 0.07 0.08 + 0.02 0.09 0.01 0.11 0.08 0.11 + 0.02 0.11 0.02 0.00 0.00 - 0.00 0.01 0.00 0.00 2.04 4.70 + 0.64 4.60 4.70 3.89 0.26 0.23 0.24 - 0.01 0.28 0.07 0.07 0.03 0.03 - 0.04 0.44 0.03 0.10 0.06 0.10 + 0.03 0.11 0.02 0.20 0.15 0.19 + 0.04 0.28 0.08 2.19 4.98 - 0.02 5.90 5.05 4.82 3.06 6.24 - 0.08 8.00 6.50 5.93 1.14 3.29 + 0.30 3.54 3.30 2.77 0.05 0.02 0.03 - 0.05 0.08 0.01 1.67 1.43 1.61 + 0.08 1.66 0.40 1.33 1.13 1.27 + 0.03 1.32 0.26 0.03 0.08 + 0.03 0.09 0.09 0.00 0.01 0.02 + 0.02 0.02 0.02 0.01 13.55 25.28 + 3.63 24.05 25.29 21.24 20.15 + 3.07 20.14 9.46 20.16 16.74 0.17 0.44 + 0.13 0.46 0.48 0.32 0.00 0.01 - 0.00 0.02 0.01 0.00 0.01 0.04 + 0.01 0.03 0.04 0.03 0.00 0.03 + 0.01 0.02 0.03 0.02 0.03 0.06 + 0.01 0.08 0.10 0.05 0.12 0.19 + 0.01 0.64 0.19 0.00 0.10 0.14 + 0.01 0.50 0.14 0.14 0.19 1.01 + 0.06 1.22 1.10 0.93 0.13 0.77 - 0.03 0.94 0.87 0.73 0.48 1.34 + 0.01 1.56 1.40 0.94 0.65 1.66 - 0.03 2.00 1.75 1.19 0.02 0.62 + 0.11 0.62 0.62 0.46 0.26 0.00 0.22 + 0.08 0.16 0.03 0.21 0.87 - 0.05 1.05 0.99 0.85 0.14 0.69 - 0.02 0.84 0.76 0.68 0.00 0.00 - 0.00 0.01 0.00 0.00 0.02 0.08 + 0.04 0.07 0.08 0.05 0.07 0.19 + 0.02 0.19 0.19 0.17 0.10 0.26 - 0.05 0.60 0.34 0.25 0.08 0.25 + 0.00 0.25 0.25 0.25 0.02 0.04 - 0.01 0.06 0.04 0.03 0.05 0.13 - 0.01 0.14 0.14 0.12 0.03 0.10 - 0.00 0.11 0.11 0.09 0.03 0.23 + 0.02 0.36 0.29 0.19 0.09 0.34 + 0.01 0.37 0.34 0.30 0.02 0.08 + 0.02 0.11 0.08 0.00 0.02 0.04 + 0.00 0.04 0.04 0.04 0.15 0.53 + 0.05 0.53 0.53 0.48 0.11 0.26 - 0.03 0.30 0.30 0.26 0.13 0.32 - 0.05 0.40 0.38 0.32 0.01 0.06 + 0.01 0.07 0.07 0.05 0.07 0.17 + 0.01 0.21 0.18 0.16 0.02 0.04 + 0.01 0.05 0.04 0.04 0.04 0.09 + 0.01 0.19 0.09 0.08 0.05 0.11 + 0.03 0.10 0.11 0.08 0.04 0.09 + 0.02 0.08 0.09 0.06 0.08 0.20 - 0.03 0.33 0.26 0.20 0.07 0.17 - 0.01 0.21 0.21 0.16 0.04 0.09 + 0.01 0.35 0.09 0.07 0.06 0.10 + 0.01 0.43 0.10 0.09 0.03 0.02 0.02 - 0.01 0.03 0.01 0.00 0.01 + 0.00 0.02 0.01 0.00 0.05 0.11 + 0.00 0.13 0.13 0.10 0.07 0.16 + 0.01 0.16 0.16 0.13
G-H
2016-05-03 7:15 PM
GLOBAL MINING NEWS
THE NORTHERN MINER / MAY 9–15, 2016
9
S T O C K TA B L E S (100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Great Atlantic V 360 Great Bear Res V 422 Great Lakes Gr* O 132 Great Panther* X 16060 Great Panther T 4171 46 Great Rock Dev* O Great Thunder V 169 Great Western* O 1280 Green Arrow V 305 Green Valley M V 213 V 224 Greencastle Rs Grenville Gold V 3 Grizzly Discvr* O 55 Grizzly Discvr V 321 Grizzly Gold* O 74 277 Group Ten Mtls V Guerrero Vents V 766 Gungnir Res V 1668 Gungnir Res* O 398 Gunpoint Expl V 19 Guyana Gldflds T 4188 GWR Res V 659 Happy Ck Mnrls V 180 Hard Creek Ni* O 48 45 Hard Creek Ni V Harmony Gold* N 21843 V 253 Hawkeye Gld&Di Heatherdale Rs V 611 Hecla Mining* N 54064 Helio Res V 1603 Hellix Vent* O 194 O 35 Hemcare Health* Heron Res T 458 HFX Holding V 120 Highbury Proj V 389 Highland Copp V 218 Hinterland Mtl V 639 Hochschild Mg* O 101 Homestake Res* O 90 V 2771 Homestake Res Honey Badger E V 510 Houston Lake V 280 HudBay Mnls* N 2421 HudBay Mnls T 14620 Hudson Res V 158 Hudson Res* O 8 Hunt Mng* O 24 Hunt Mng V 13
0.04 0.03 0.04 + 0.01 0.14 0.03 0.04 0.03 0.04 - 0.01 0.08 0.01 0.07 0.06 0.06 - 0.00 0.12 0.04 2.25 1.42 2.16 + 0.77 1.98 0.30 2.82 1.80 2.66 + 0.89 2.48 0.40 0.01 0.00 0.01 + 0.00 0.02 0.00 0.06 0.05 0.05 - 0.02 0.11 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.04 0.04 0.04 - 0.01 0.10 0.03 0.02 0.01 0.02 - 0.01 0.02 0.01 0.09 0.09 0.09 - 0.01 0.10 0.05 0.08 0.00 0.08 - 0.01 0.15 0.05 0.05 0.05 0.05 + 0.00 0.07 0.02 0.06 0.00 0.06 + 0.01 0.10 0.01 0.04 0.03 0.03 - 0.01 0.06 0.01 0.05 0.04 0.05 + 0.02 0.06 0.01 0.04 0.00 0.03 - 0.01 0.05 0.01 0.03 0.02 0.03 + 0.01 0.04 0.01 0.02 0.00 0.02 + 0.00 0.03 0.00 0.28 0.22 0.28 + 0.06 0.28 0.13 7.49 6.42 7.28 + 0.72 7.36 2.48 0.05 0.04 0.05 + 0.01 0.08 0.02 0.12 0.11 0.12 + 0.01 0.17 0.08 0.03 0.03 0.03 - 0.00 0.05 0.00 0.05 0.04 0.04 - 0.01 0.08 0.01 3.67 3.04 3.66 + 0.56 4.19 0.53 0.10 0.08 0.09 + 0.01 0.10 0.03 0.04 0.03 0.03 - 0.01 0.05 0.01 4.34 3.70 4.31 + 0.59 4.25 1.45 0.06 0.05 0.05 - 0.01 0.06 0.02 0.04 0.02 0.03 + 0.02 0.06 0.00 0.09 0.07 0.07 - 0.00 0.80 0.01 0.14 0.10 0.10 - 0.03 0.14 0.07 0.03 0.03 0.03 + 0.01 0.15 0.01 0.17 0.16 0.16 - 0.02 0.18 0.10 0.09 0.08 0.09 - 0.01 0.25 0.07 0.04 0.00 0.03 + 0.01 0.04 0.01 2.30 2.06 2.30 + 0.23 2.17 0.59 0.04 0.00 0.04 + 0.00 0.04 0.01 0.06 0.04 0.06 + 0.02 0.06 0.01 0.04 0.03 0.04 + 0.01 0.04 0.01 0.32 0.26 0.27 - 0.02 0.40 0.12 5.29 4.11 4.98 + 0.67 10.37 1.56 6.63 5.20 6.26 + 0.83 12.61 2.26 0.49 0.43 0.44 - 0.01 0.55 0.34 0.38 0.35 0.36 - 0.02 0.43 0.26 0.06 0.05 0.05 - 0.01 0.06 0.01 0.06 0.06 0.06 - 0.01 0.20 0.02
I-Minerals V 15 I-Minerals* O 5 IAMGOLD* N 29535 IAMGOLD T 12615 Iberian Mnrls V 6056 IC Potash T 3665 IC Potash* O 74 Iconic Mnls V 413 IDM Mining* O 716 IDM Mining V 4534 IMPACT Silver V 1458 O 152 Impala Platnm* Imperial Metal* O 7 Imperial Metal T 282 501 Inca One Gold V Inca One Gold* O 24 7 Inception Mng * Q Independence G V 312 Indico Res V 904 Inform Res V 28 Inspiration Mg* O 14 Inspiration Mg 11 Intact Gold V 1215 Integra Gold* O 2504 Integra Gold V 12637 Inter-Rock Mnl V 248 213 Intl Bethl Mng V Intl Lithium* O 95 Intl Lithium V 2642 Intl Montoro V 166 Intl Tower Hil* X 1990 T 281 Intl Tower Hil Intrepid Pots* N 7918 INV Metals T 322 Inventus Mg V 498 InZinc Mining V 252 InZinc Mining* O 69 Ireland* O 101 Ironside Res V 85 Irving Res 102 Irving Res* O 46 25 Itoco Mg Corp* O Ivanhoe Mines* O 598 Ivanhoe Mines T 6325 Jaguar Mng* O 172 Jasper Mng V 41 Jaxon Mnls V 788 Jayden Res V 65 Jazz Res V 103 Jet Metal* O 4 Jubilee Gold V 24 Kaizen Discvry* O 13 Kaizen Discvry V 1307 Kaminak Gold* O 893 Kaminak Gold V 1706 Karmin Expl V 78 Karnalyte Res T 277 Karoo Expl V 288 Katanga Mng T 312 Kerr Mines* O 813 Kesselrun Res V 423 Khalkos Expl V 1004 Khan Res 330 Kilo Goldmines V 1543 Kilo Goldmines* O 105 Kings Bay Gold V 32 Kingsmen Res* O 30 Kinross Gold T 44091 Kinross Gold* N 80366 Kirkland Lk Gd* O 182 Kirkland Lk Gd T 4266 Kiska Metals* O 358 Kiska Metals V 1402 Kitrinor Mtls V 1425 Klondex Mns T 1866 Klondike Gold V 220 Klondike Gold* O 71 Klondike Silv* O 29 Klondike Silv V 248 Knick Expl V 180 Kombat Copper V 438 Komet Resource V 84 Kootenay Silvr V 1931 KWG Res* O 38 KWG Res 3621
0.23 0.20 0.23 + 0.03 0.37 0.16 0.17 0.16 0.17 + 0.02 0.28 0.14 3.43 2.86 3.40 + 0.45 3.20 1.15 4.29 3.63 4.27 + 0.54 4.06 1.50 0.05 0.04 0.05 - 0.01 0.11 0.04 0.07 0.06 0.07 + 0.01 0.31 0.04 0.05 0.04 0.05 - 0.00 0.25 0.03 0.27 0.21 0.24 + 0.03 0.27 0.03 0.13 0.10 0.12 + 0.02 0.13 0.04 0.16 0.12 0.14 + 0.02 0.16 0.07 0.80 0.64 0.77 + 0.11 0.75 0.11 4.21 3.65 4.20 + 0.35 5.96 1.45 4.83 3.61 4.83 + 1.02 10.96 2.81 6.08 4.57 5.79 + 0.95 13.25 3.92 0.09 0.08 0.09 - 0.01 0.25 0.07 0.07 0.06 0.06 - 0.01 0.21 0.06 0.28 0.24 0.24 - 0.01 0.38 0.20 0.14 0.00 0.13 + 0.01 0.14 0.06 0.10 0.00 0.09 + 0.03 0.16 0.03 0.01 0.00 0.01 - 0.02 0.03 0.01 0.04 0.01 0.04 + 0.03 0.10 0.01 0.09 0.00 0.09 + 0.04 0.08 0.02 0.16 0.13 0.15 - 0.02 0.18 0.02 0.58 0.45 0.56 + 0.08 0.53 0.18 0.72 0.58 0.69 + 0.12 0.67 0.23 0.14 0.12 0.12 - 0.02 0.14 0.01 0.08 0.00 0.08 + 0.02 0.10 0.02 0.27 0.10 0.23 - 0.01 0.55 0.01 0.32 0.21 0.26 - 0.04 0.38 0.03 0.03 0.03 0.03 + 0.01 0.09 0.02 0.74 0.54 0.74 + 0.19 0.75 0.18 0.93 0.69 0.92 + 0.21 0.95 0.26 1.47 1.15 1.28 + 0.10 13.01 0.65 0.80 0.46 0.69 + 0.20 0.65 0.08 0.12 0.10 0.11 - 0.01 0.13 0.01 0.12 0.09 0.10 - 0.01 0.14 0.04 0.10 0.08 0.08 - 0.01 0.13 0.03 0.32 0.25 0.27 - 0.03 0.51 0.15 0.04 0.04 0.04 + 0.01 0.15 0.02 0.19 0.13 0.14 + 0.01 0.20 0.11 0.15 0.10 0.15 + 0.05 0.15 0.09 0.20 0.20 0.20 + 0.04 1.10 0.13 0.87 0.75 0.83 + 0.01 1.08 0.36 1.08 0.94 1.04 + 0.01 1.36 0.53 0.31 0.28 0.29 - 0.01 0.32 0.07 0.06 0.00 0.06 + 0.01 0.05 0.02 0.09 0.06 0.08 + 0.02 0.08 0.01 0.14 0.00 0.07 - 0.01 0.14 0.03 0.15 0.08 0.12 - 0.03 0.23 0.08 0.07 0.00 0.06 + 0.06 0.13 0.00 0.61 0.35 0.38 - 0.22 0.61 0.30 0.18 0.12 0.18 + 0.06 0.21 0.06 0.28 0.17 0.27 + 0.11 0.30 0.08 1.63 1.46 1.53 + 0.04 1.58 0.47 2.04 1.85 1.95 + 0.05 2.00 0.61 0.31 0.25 0.31 + 0.06 0.40 0.15 1.95 1.65 1.79 - 0.16 4.15 0.52 0.01 0.00 0.01 + 0.01 0.02 0.01 0.16 0.14 0.15 - 0.01 0.30 0.13 0.05 0.04 0.04 - 0.01 0.12 0.01 0.10 0.09 0.09 - 0.01 0.12 0.02 0.26 0.14 0.17 + 0.02 0.18 0.05 0.79 0.76 0.79 + 0.01 0.85 0.34 0.14 0.12 0.13 - 0.02 0.17 0.04 0.10 0.09 0.09 - 0.00 0.13 0.03 0.01 0.01 0.01 + 0.01 0.01 0.01 0.06 0.00 0.05 - 0.00 0.07 0.02 7.15 5.74 7.15 + 1.25 6.49 1.79 5.70 4.52 5.70 + 1.06 5.18 1.31 7.61 6.30 7.61 + 1.10 7.33 3.12 9.58 7.97 9.57 + 1.32 9.53 4.49 0.04 0.03 0.04 + 0.01 0.04 0.01 0.05 0.04 0.05 + 0.01 0.05 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 4.75 4.25 4.75 + 0.37 4.54 2.56 0.21 0.18 0.19 - 0.01 0.26 0.08 0.17 0.15 0.15 - 0.01 0.21 0.06 0.04 0.03 0.04 + 0.00 0.04 0.01 0.05 0.04 0.05 + 0.02 0.05 0.01 0.03 0.03 0.03 + 0.01 0.03 0.01 0.08 0.07 0.07 - 0.02 0.11 0.02 0.35 0.31 0.33 - 0.01 0.44 0.26 0.44 0.30 0.41 + 0.06 0.56 0.17 0.03 0.03 0.03 + 0.01 0.03 0.00 0.04 0.03 0.03 - 0.01 0.04 0.01
Labdr Iron Mns* O 31 Labrador Iron T 1659 Lake Victoria* O 241 Lara Expl V 70 Laramide Res T 813 Largo Res* O 65 Largo Res V 163 Lateral Gold V 63 Latin Am Mnls V 397 Latin Am Mnls* O 63 Laurion Mnl Ex V 673 LeadFX Inc* O 22 Legend Gold* O 525 Legend Gold V 267 Lepanto Con Mg* O 430 Levon Res Ltd T 699 Levon Res Ltd * O 161 Lexam VG Gold* O 1087 Lexam VG Gold T 1552 Li3 Energy* O 934 Liberty Star* Q 12751 Lincoln Mng V 36 Lion One Mtls V 666 Lion One Mtls* O 448
0.01 0.01 0.01 + 0.00 0.02 0.00 14.98 13.19 14.70 - 0.04 17.45 6.85 0.02 0.01 0.02 + 0.01 0.07 0.01 0.49 0.44 0.45 - 0.01 0.52 0.20 0.35 0.29 0.32 + 0.02 0.38 0.15 0.41 0.38 0.41 + 0.01 0.75 0.08 0.55 0.48 0.50 - 0.05 0.90 0.11 0.14 0.10 0.14 + 0.03 0.28 0.07 0.11 0.09 0.11 + 0.01 0.35 0.05 0.11 0.09 0.11 + 0.02 0.11 0.06 0.02 0.01 0.02 + 0.01 0.03 0.01 0.41 0.28 0.33 + 0.05 0.41 0.11 0.05 0.03 0.03 - 0.01 0.06 0.01 0.05 0.00 0.05 + 0.01 0.08 0.02 0.01 0.00 0.00 - 0.00 0.02 0.00 0.32 0.24 0.30 + 0.02 0.34 0.09 0.25 0.19 0.23 + 0.01 0.26 0.07 0.20 0.15 0.20 + 0.04 0.19 0.04 0.25 0.20 0.25 + 0.05 0.24 0.05 0.03 0.02 0.03 + 0.01 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.00 0.09 + 0.02 0.10 0.02 0.74 0.51 0.72 + 0.22 0.74 0.24 0.56 0.41 0.54 + 0.12 0.55 0.18
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8-10_MAY9_StockTables-BidAsk.indd 9
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Lions Gate Mtl 26 Lithium Amer T 9803 Lithium Corp* O 3161 Lithium Expl* O 18660 LKA Gold* O 10 Lomiko Mtls V 1169 Lomiko Mtls* O 113 Loncor Res* O 44 Loncor Res T 351 Lone Star Gold* O 494 O 10 Lonmin plc* Los Andes Copp V 32 Lucara Diam T 2186 Luna Gold* O 149 Luna Gold T 372 Lundin Gold T 720 Lundin Mng T 23461 Lupaka Gold V 431 Lydian Intl T 1720 Lydian Intl* O 103 Lynas Corp* O 500
0.05 0.02 0.05 + 0.02 0.08 0.01 0.84 0.69 0.72 - 0.11 1.00 0.26 0.13 0.08 0.09 - 0.03 0.13 0.02 0.02 0.00 0.00 - 0.01 0.56 0.01 0.38 0.00 0.35 - 0.15 0.53 0.10 0.04 0.04 0.04 + 0.01 0.06 0.03 0.04 0.03 0.04 + 0.00 0.05 0.02 0.11 0.08 0.11 + 0.04 0.13 0.01 0.13 0.11 0.13 + 0.02 0.13 0.02 0.01 0.00 0.00 + 0.00 0.01 0.00 2.90 0.00 2.87 + 0.19 233.10 0.55 0.20 0.14 0.14 - 0.06 0.23 0.05 3.30 3.08 3.20 + 0.05 3.32 1.42 0.16 0.14 0.15 - 0.01 0.16 0.02 0.20 0.18 0.18 - 0.01 0.21 0.03 5.93 5.40 5.84 - 0.01 6.51 3.46 4.96 4.17 4.93 + 0.54 6.46 2.98 0.16 0.12 0.13 - 0.01 0.19 0.04 0.31 0.27 0.29 + 0.01 0.58 0.19 0.25 0.21 0.23 + 0.01 0.48 0.13 0.06 0.05 0.06 + 0.01 0.10 0.02
M Macarthur Mnl V 7092 0.09 0.07 0.07 - 0.01 0.16 0.02 O 648 0.08 0.05 0.06 + 0.01 0.08 0.02 Macarthur Mnl* MacMillan Mnls* O 1 0.30 0.30 0.30 + 0.08 0.30 0.01 MAG Silver T 1561 16.33 14.41 16.28 + 1.20 16.04 8.13 13.00 + 0.99 12.78 6.12 MAG Silver* X 787 13.03 11.39 Magellan Mnrls V 2259 0.10 0.07 0.09 + 0.01 0.10 0.03 O 511 0.08 0.06 0.07 - 0.01 0.08 0.02 Magellan Mnrls* Majestic Gold* O 25 0.06 0.05 0.05 - 0.01 0.08 0.03 Majestic Gold V 203 0.09 0.07 0.09 + 0.01 0.12 0.04 0.02 - 0.01 0.03 0.01 Makena Res* O 507 0.02 0.02 Makena Res V 968 0.03 0.02 0.02 - 0.01 0.04 0.01 0.31 + 0.02 0.55 0.10 Malbex Res V 73 0.33 0.29 Mandalay Res T 2787 1.14 0.99 1.13 + 0.13 1.10 0.59 Mangazeya Mng V 272 0.05 0.04 0.04 - 0.01 0.06 0.01 0.05 + 0.01 0.05 0.02 Manitou Gold V 508 0.05 0.04 Marathon Gold T 813 0.25 0.21 0.25 + 0.03 0.35 0.11 0.19 + 0.03 0.30 0.11 Margaux Res V 259 0.19 0.13 Marifil Mines V 56 0.02 0.01 0.02 + 0.01 0.02 0.01 Maritime Res V 189 0.17 0.15 0.15 - 0.01 0.20 0.08 0.28 - 0.06 0.56 0.10 Marlin Gold* O 12 0.33 0.28 Marlin Gold V 43 0.43 0.34 0.34 - 0.09 0.69 0.15 169.23 - 1.37 178.67 108.31 MartinMarietta* N 2729 173.48 167.37 Mason Graphite* O 44 0.50 0.46 0.50 - 0.00 0.54 0.21 Mason Graphite V 332 0.64 0.58 0.64 + 0.01 0.68 0.30 V 37 0.30 0.26 0.30 - 0.05 0.49 0.17 Matachewan Con Matamec Expl V 1517 0.06 0.05 0.06 + 0.02 0.06 0.02 O 103 0.05 0.03 0.04 + 0.01 0.05 0.01 Matamec Expl* Matica Ent* O 113 0.02 0.01 0.01 - 0.01 0.06 0.01 Maudore Mnrls* O 63 0.01 0.00 0.01 - 0.00 0.01 0.00 0.22 - 0.01 0.27 0.12 Mawson Res* O 99 0.23 0.20 Mawson Res T 126 0.29 0.00 0.27 + 0.03 0.30 0.16 0.01 + 0.01 0.07 0.01 Mawson West T 793 0.01 0.01 Maxwell Res* O 193 0.01 0.00 0.00 + 0.00 0.07 0.00 Maya Gold &Sil V 1159 0.18 0.15 0.17 + 0.01 0.30 0.10 0.55 + 0.02 1.02 0.40 McChip Res V 9 0.55 0.53 McEwen Mng T 2140 3.32 2.94 3.26 + 0.26 3.25 0.84 11714 2.66 2.32 2.60 + 0.26 2.60 0.65 McEwen Mng* N MDN Inc V 1137 0.05 0.04 0.04 - 0.01 0.06 0.01 MDN Inc* O 9 0.03 0.03 0.03 + 0.00 0.05 0.01 857 0.11 0.08 0.10 + 0.03 0.20 0.04 Meadow Bay Gd* O Meadow Bay Gd T 2009 0.14 0.10 0.12 + 0.03 0.27 0.06 N 1372 2.16 1.94 1.99 - 0.16 2.84 1.23 Mechel* Medallion Res* O 176 0.03 0.02 0.03 - 0.00 0.04 0.01 Medgold Res V 3 0.10 0.00 0.10 - 0.02 0.15 0.05 O 7838 0.02 0.01 0.02 + 0.00 0.03 0.01 Medinah Mnrls* Mega Uranium T 4582 0.18 0.16 0.16 - 0.01 0.20 0.05 O 678 0.14 0.12 0.13 + 0.01 0.15 0.04 Mega Uranium* 0.04 - 0.01 0.09 0.01 Melior Res V 47 0.05 0.04 Melkior Res V 1240 0.05 0.04 0.05 + 0.01 0.06 0.01 O 28 0.93 0.00 0.93 + 0.20 0.87 0.19 Menika Mining* Merrex Gold* O 102 0.18 0.17 0.18 + 0.01 0.20 0.10 0.24 + 0.01 0.25 0.10 Merrex Gold V 967 0.25 0.22 Metalex Vent V 248 0.06 0.06 0.06 - 0.01 0.11 0.04 Metalo Manuf 17 0.55 0.50 0.51 - 0.28 0.79 0.30 1.60 + 0.05 3.72 1.26 Metalore Res T 1 1.68 0.00 Metals Creek* O 76 0.14 0.12 0.14 + 0.02 0.14 0.05 0.17 + 0.03 0.19 0.05 Metals Creek V 607 0.18 0.12 Metals X* O 4 0.86 0.80 0.80 - 0.07 1.21 0.68 Metanor Res V 9842 0.10 0.08 0.10 + 0.01 0.13 0.03 0.03 + 0.00 0.04 0.00 Mexus Gold* O 3909 0.04 0.02 MGX Minerals 1016 0.24 0.21 0.23 + 0.02 0.70 0.08 0.03 + 0.01 0.04 0.01 Micrex Dev V 446 0.03 0.02 Midas Gold* O 1172 0.59 0.52 0.54 + 0.01 0.66 0.16 Midas Gold T 2213 0.74 0.65 0.68 + 0.02 0.74 0.25 0.65 - 0.03 0.80 0.45 Midland Expl V 132 0.70 0.65 Midnight Sun V 257 0.13 0.12 0.13 + 0.01 0.24 0.08 0.27 + 0.00 0.32 0.11 Millrock Res* O 238 0.29 0.23 Millrock Res V 347 0.36 0.29 0.31 - 0.02 0.42 0.15 Minco Gold* X 1001 0.33 0.28 0.32 + 0.01 0.40 0.10 1.25 - 0.03 1.43 0.32 Minco Silver T 759 1.28 1.14 Minco Silver* O 174 1.02 0.91 0.99 + 0.01 1.07 0.26 Minecorp Egy V 102 0.15 0.10 0.15 + 0.04 0.16 0.01 Minera Alamos V 52 0.15 0.13 0.15 + 0.01 0.18 0.07 Mineral Mtn V 197 0.25 0.17 0.24 + 0.05 0.25 0.08 Mines Manage* X 616 0.75 0.58 0.70 + 0.08 0.79 0.11 Mines Manage T 79 0.87 0.70 0.84 + 0.05 1.06 0.17 Minfocus Expl V 4818 0.05 0.01 0.05 + 0.05 0.04 0.01 Minnova Corp V 184 0.61 0.54 0.55 - 0.05 0.65 0.18 Miranda Gold V 1362 0.11 0.09 0.10 + 0.01 0.12 0.06 Mirasol Res V 408 1.71 1.29 1.45 + 0.10 1.49 0.72 Mitchell Res V 21 0.04 0.00 0.03 - 0.02 0.05 0.01 Molycorp* O 1837 0.06 0.05 0.05 - 0.01 0.96 0.02 Monarques Res* O 17 0.10 0.09 0.10 - 0.00 0.10 0.04 Monarques Res V 2132 0.16 0.12 0.15 + 0.04 0.16 0.06 Moneta Porcpn* O 206 0.22 0.17 0.22 + 0.03 0.21 0.04 Moneta Porcpn T 1819 0.27 0.21 0.25 + 0.03 0.27 0.06 Monster Mng V 350 0.02 0.01 0.02 + 0.01 0.02 0.01 Monster Mng* O 36 0.02 0.01 0.02 + 0.00 0.02 0.00 Montana Gold 112 0.08 0.05 0.08 + 0.01 0.08 0.02 Montero Mg&Ex V 376 0.03 0.02 0.03 + 0.01 0.06 0.01 Morgan Res V 918 0.02 0.01 0.02 + 0.01 0.05 0.01 Morro Bay V 385 0.02 0.02 0.02 + 0.01 0.07 0.01 Mosaic* N 28720 29.26 27.52 27.99 - 0.56 47.68 22.02 Mountain Boy* O 245 0.03 0.02 0.02 - 0.00 0.03 0.00 Mountain Prov T 350 5.67 5.34 5.34 - 0.08 5.67 3.38 Mountain Prov* D 88 4.51 4.25 4.25 - 0.03 4.51 2.47 Mundoro Cap* O 3 0.12 0.12 0.12 + 0.03 0.12 0.03 Mundoro Cap V 81 0.16 0.13 0.16 + 0.02 0.18 0.04 Murchison Min 840 0.03 0.00 0.03 + 0.01 0.04 0.01 Mustang Mnrls V 1190 0.01 0.01 0.01 + 0.01 0.02 0.01 Myson Group* O 163 0.01 0.01 0.01 - 0.00 0.18 0.00
N-O NACCO Ind* N 97 Namibia Rare E T 75 Namibia Rare E* O 30 Napier Vent V 118 Napier Vent* O 121 Natan Res V 150 Natural Res Pt* N 272 Nautilus Mnrls T 2116 Nautilus Mnrls* O 850 Nemaska Lith* O 332 Nemaska Lith V 7844 Network Expl V 23 Nevada Clean M V 283 Nevada Copper T 192 Nevada Egy Mtl* O 2173 Nevada Egy Mtl V 2588 Nevada Expl * O 323 Nevada Expl V 262 Nevada Sunrise* O 85 Nevada Zinc V 426 Nevsun Res* X 3721 Nevsun Res T 10821 New Carolin Gd V 2364 New Carolin Gd* O 174 New Colombia* O 7160 New Destiny Mg V 193 New Dimen Res V 196 New Gold* O 270 New Gold T 8671 New Gold* X 19396 New Guinea Gld* O 1082 New Jersey Mng* O 420 New Milln Iron* O 25 New Oroperu V 101 New Pac Metals T 38
60.99 58.13 59.52 - 0.19 62.96 40.04 0.11 0.08 0.10 + 0.02 0.20 0.04 0.09 0.07 0.07 - 0.01 0.15 0.03 0.29 0.26 0.26 + 0.01 0.34 0.15 0.23 0.22 0.22 + 0.00 0.26 0.19 0.02 0.02 0.02 - 0.01 0.02 0.01 13.61 12.12 12.89 + 0.23 53.00 5.00 0.17 0.15 0.16 - 0.01 0.49 0.15 0.13 0.12 0.12 - 0.01 0.40 0.11 0.96 0.87 0.91 + 0.08 0.97 0.13 1.20 1.08 1.13 + 0.06 1.23 0.16 0.19 0.17 0.17 - 0.02 0.22 0.02 0.03 0.02 0.02 - 0.01 0.06 0.02 0.98 0.84 0.86 - 0.07 2.03 0.45 0.19 0.15 0.17 - 0.01 0.20 0.06 0.24 0.19 0.21 - 0.02 0.26 0.01 0.34 0.26 0.30 + 0.01 0.61 0.08 0.42 0.33 0.40 + 0.06 0.94 0.05 0.24 0.20 0.23 + 0.00 0.28 0.09 0.40 0.36 0.39 + 0.01 0.43 0.19 3.79 3.26 3.74 + 0.05 4.36 2.27 4.74 4.12 4.69 - 0.01 5.35 3.27 0.10 0.09 0.10 + 0.01 0.10 0.03 0.09 0.07 0.08 + 0.02 0.08 0.03 0.03 0.02 0.03 + 0.01 0.03 0.00 0.01 0.01 0.01 - 0.01 0.02 0.01 0.13 0.10 0.13 + 0.04 0.13 0.04 0.07 0.05 0.06 - 0.00 0.28 0.03 5.98 5.48 5.90 + 0.39 5.94 2.52 4.78 4.33 4.70 + 0.36 4.71 1.76 0.00 0.00 0.00 + 0.00 0.01 0.00 0.10 0.09 0.10 - 0.00 0.12 0.02 0.06 0.06 0.06 + 0.00 0.12 0.03 0.37 0.30 0.37 + 0.07 0.40 0.07 0.35 0.00 0.35 + 0.05 0.33 0.15
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
New World Res V 138 New World Res* O 50 Newlox Gold 80 Newmac Res V 42 T 6483 Newmarket Gold Newmarket Gold* O 521 Newmont Mng* N 41570 Newport Expl V 162 Newport Gold* O 166 Newstrike Res V 59 Nexgen Energy V 11266 Nexgen Energy* O 301 Next Gen Mtls 259 Next Gen Mtls* O 2 NGEx Res T 103 Nickel One Res V 723 V 210 Nighthawk Gold Nikos Expl V 524 Niocan Inc V 13 Niocorp Dev T 456 Niocorp Dev* O 363 Nippon Dragon V 438 Noble Mnl Expl V 1167 Noka Res* O 319 Noka Res V 11944 Noram Vent V 3225 Noranda Alum* O 167 Nord Res* O 451 Noront Res V 521 Nortec Mnls V 78 21 North Am Nickl* O North Am Pall T 23 North Am Pall* O 18 North Am Ptash V 1205 North Arrow Mn* O 89 138 North Arrow Mn V North Springs* O 27 Northcliff Res T 353 O 31 Northn Empire* Northquest V 623 Norvista Cap V 82 Nouveau Monde V 1255 NovaCopper* X 1780 NovaCopper T 406 NovaGold Res* X 14253 NovaGold Res T 1760 Novo Res V 229 Novo Res* O 102 V 905 NovX21 Nrthn Abitibi V 1281 V 873 Nrthn Freegold Nrthn Freegold* O 26 Nrthn Graphite V 257 O 219 Nrthn Graphite* Nrthn Iron V 295 69 Nrthn Mnrls &E* O Nrthn Shield V 2585 Nrthn Vertex V 810 Nthn Dynasty T 2741 Nthn Dynasty* X 3184 Nthrn Sphere* O 30 Nthrn Sphere 46 NuLegacy Gold V 3356 O 1551 NuLegacy Gold* Nunavik Nickel V 82 NV Gold* O 42 NV Gold V 42 O.T. Mining* O 5 OceanaGold T 13651 OceanaGold* O 29 615 Oceanic Iron O V Oceanus Res V 20 Odin Mng & Exp V 183 7 Odin Mng & Exp* O Olivut Res* O 52 Olivut Res V 34 Omineca Mg &Ml V 62 Orbite Tech T 10240 Orbite Tech* O 54 Orca Gold V 408 Orca Gold* O 43 Orefinders Res V 361 Oremex Silver V 2277 O 954 Oremex Silver* Orestone Mng V 527 Orex Expl V 1420 Orezone Gold V 1399 Orezone Gold* O 209 Organic Potash 11 Original Sixtn* O 30 282 Orla Mng Ltd V Oro East Mg* Q 133 Oroco Res* O 15 Orocobre T 128 Orosur Mng T 1180 Orsu Metals* O 24 Orsu Metals T 903 Orvana Mnrls T 709 Orvana Mnrls* O 67 Osisko Gold * O 76 Osisko Gold T 2481 Otis Gold* O 145 Otis Gold V 646 OZ Minerals* O 8
0.09 0.08 0.08 + 0.01 0.12 0.01 0.07 0.07 0.07 + 0.01 0.07 0.02 0.03 0.02 0.03 + 0.01 0.08 0.02 0.12 0.08 0.12 + 0.04 0.20 0.05 3.53 2.93 3.51 + 0.55 3.45 0.80 2.84 2.31 2.78 + 0.43 2.75 0.61 34.99 30.85 34.97 + 3.74 33.60 15.39 0.31 0.00 0.28 + 0.02 0.49 0.19 0.03 0.00 0.03 + 0.01 0.03 0.00 0.06 0.05 0.06 + 0.01 0.08 0.02 2.32 1.97 2.25 + 0.05 2.78 0.50 1.83 1.59 1.77 + 0.05 2.14 0.41 0.12 0.09 0.09 - 0.01 0.18 0.01 0.10 0.08 0.08 - 0.02 0.14 0.08 0.88 0.80 0.85 + 0.04 1.00 0.44 0.13 0.10 0.11 - 0.04 0.18 0.09 0.18 0.13 0.15 - 0.03 0.21 0.04 0.11 0.09 0.10 - 0.01 0.19 0.02 0.09 0.00 0.09 + 0.01 0.18 0.04 0.95 0.88 0.90 - 0.01 1.14 0.51 0.75 0.70 0.73 + 0.01 0.87 0.37 0.08 0.07 0.08 + 0.01 0.15 0.03 0.02 0.02 0.02 + 0.01 0.02 0.01 0.15 0.10 0.14 + 0.02 0.16 0.02 0.20 0.12 0.19 + 0.04 0.21 0.03 0.06 0.04 0.06 - 0.01 0.07 0.01 0.07 0.07 0.07 - 0.01 24.43 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.35 0.33 0.35 - 0.01 0.53 0.28 0.05 0.03 0.03 - 0.02 0.05 0.02 0.08 0.06 0.06 - 0.03 0.21 0.05 5.44 5.11 5.30 - 0.10 30.00 3.85 4.32 4.04 4.26 + 0.01 24.40 2.71 0.01 0.01 0.01 - 0.01 0.02 0.01 0.22 0.19 0.21 + 0.01 1.00 0.12 0.27 0.24 0.25 - 0.01 1.20 0.15 1.00 0.61 0.90 - 0.06 40.00 0.15 0.15 0.09 0.12 + 0.01 0.17 0.06 0.13 0.09 0.13 + 0.04 0.13 0.04 0.24 0.22 0.24 + 0.01 0.32 0.07 0.21 0.19 0.20 + 0.02 0.24 0.08 0.22 0.20 0.21 - 0.01 0.24 0.11 0.64 0.45 0.51 + 0.05 0.65 0.15 0.77 0.57 0.69 + 0.15 0.80 0.20 6.51 5.77 6.49 + 0.59 6.25 2.65 8.16 7.31 8.15 + 0.67 8.07 3.42 0.88 0.80 0.85 - 0.01 0.99 0.40 0.70 0.63 0.68 + 0.00 0.75 0.29 0.03 0.03 0.03 - 0.01 0.08 0.02 0.02 0.01 0.01 - 0.01 0.02 0.01 0.21 0.16 0.20 + 0.05 0.20 0.04 0.16 0.14 0.16 + 0.01 0.15 0.02 0.52 0.45 0.45 - 0.10 0.81 0.16 0.42 0.35 0.37 - 0.04 0.68 0.12 0.02 0.01 0.01 - 0.01 0.04 0.01 0.03 0.02 0.02 - 0.00 0.14 0.02 0.06 0.04 0.06 + 0.02 0.06 0.01 0.30 0.22 0.30 + 0.06 0.40 0.13 0.57 0.49 0.54 - 0.01 0.67 0.28 0.48 0.39 0.43 - 0.00 0.53 0.20 0.23 0.22 0.23 + 0.01 0.39 0.07 0.28 0.00 0.26 + 0.01 0.53 0.10 0.39 0.22 0.36 + 0.11 0.39 0.08 0.32 0.18 0.29 + 0.09 0.32 0.06 0.07 0.07 0.07 + 0.01 0.10 0.03 0.02 0.01 0.02 + 0.01 0.02 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.09 0.00 0.09 + 0.05 0.14 0.03 4.64 3.85 4.49 + 0.39 4.34 1.79 3.57 3.11 3.57 + 0.28 3.40 1.43 0.20 0.13 0.14 + 0.02 0.21 0.08 0.32 0.26 0.28 - 0.04 0.35 0.14 0.50 0.43 0.50 + 0.07 0.49 0.21 0.38 0.34 0.34 - 0.04 0.38 0.17 0.15 0.12 0.14 - 0.00 0.16 0.05 0.19 0.15 0.15 - 0.04 0.21 0.08 0.09 0.07 0.09 + 0.02 0.11 0.01 0.29 0.24 0.28 + 0.04 0.53 0.20 0.23 0.18 0.22 + 0.03 0.40 0.15 0.31 0.25 0.31 + 0.05 0.35 0.12 0.24 0.21 0.22 - 0.02 0.26 0.08 0.05 0.04 0.04 - 0.01 0.08 0.01 0.06 0.01 0.05 + 0.03 0.02 0.01 0.04 0.00 0.03 + 0.02 0.03 0.00 0.03 0.02 0.02 + 0.01 0.02 0.01 0.03 0.02 0.03 + 0.01 0.03 0.01 0.83 0.60 0.81 + 0.16 0.77 0.22 0.66 0.48 0.64 + 0.12 0.61 0.16 0.03 0.02 0.03 + 0.01 0.09 0.01 0.04 0.04 0.04 - 0.02 0.23 0.00 0.18 0.13 0.17 - 0.01 0.32 0.06 0.03 0.02 0.03 + 0.01 0.06 0.01 0.02 0.02 0.02 + 0.01 0.03 0.01 3.33 3.15 3.21 - 0.10 3.55 1.33 0.20 0.17 0.20 + 0.02 0.22 0.10 0.02 0.01 0.02 + 0.01 0.03 0.01 0.03 0.03 0.03 - 0.01 0.06 0.01 0.28 0.24 0.27 + 0.01 0.40 0.11 0.23 0.19 0.22 + 0.01 0.31 0.07 13.46 11.78 13.36 + 1.20 14.97 8.88 16.90 14.86 16.80 + 1.42 18.64 12.39 0.15 0.14 0.14 + 0.01 0.15 0.02 0.19 0.17 0.18 - 0.01 0.19 0.03 4.33 4.13 4.33 + 0.12 4.33 2.29
Pac Bay Mnrls* O 58 Pac Bay Mnrls V 130 Pac Booker Min* O 17 Pac Booker Min V 16 Pac Imperial V 1340 Pac Iron Ore V 39 Pac Link Mng V 325 Pac North West* O 114 Pac North West V 1243 Pac Ridge Expl* O 27 Pac Ridge Expl V 55 Pac Topaz V 248 Paget Mrnls V 175 Paladin Energy T 930 Pan Am Silver T 4877 Pan Am Silver* D 13919 Pan Global Res V 137 Pangolin Dia V 1317 PanTerra Gold* O 4 Paramount Gold* X 233 Parlane Res V 945 Pasinex Res 208 Passprt Potash* O 127 Patriot Gold* O 67 Pelangio Expl* O 49 Pele Mtn Res* O 189 Peregrine Diam T 1205 Perseus Mng T 4967 Pershimco Res V 2659 Pershing Gold* D 615 Pershing Res* O 88 Peruvian Prc M* O 65 Petaquilla Mnl* O 453 Philex Mng* O 14 Phoenix Metals V 222 Pilot Gold T 948 Pilot Gold* O 440 Pine Cliff En* O 5 Pine Cliff En T 1996 Pinecrest Res V 233 Pitchblack Res V 7 PJX Res V 59 Planet Mng V 429 Plata Latina V 73 Plateau Uran* O 47 Plateau Uran V 319 Platinex V 1163 Platinum Gp Mt T 554 Platinum Gp Mt* X 1912 Plato Gold V 445 Playfair Mng V 717 Playfair Mng* O 1 Polaris Mater T 55 PolyMet Mng T 50 PolyMet Mng* X 459 Portage Res* O 2101
0.06 0.05 0.05 + 0.00 0.07 0.03 0.07 0.06 0.07 - 0.01 0.10 0.03 0.70 0.55 0.55 - 0.15 4.56 0.45 0.81 0.70 0.70 - 0.10 5.67 0.63 0.05 0.01 0.04 + 0.03 0.05 0.01 0.18 0.00 0.18 + 0.03 0.39 0.11 0.02 0.02 0.02 - 0.01 0.03 0.01 0.06 0.04 0.05 + 0.01 0.06 0.00 0.07 0.06 0.07 + 0.01 0.07 0.01 0.05 0.04 0.05 + 0.01 0.04 0.01 0.07 0.00 0.06 + 0.01 0.07 0.02 0.23 0.20 0.20 + 0.02 0.29 0.06 0.06 0.04 0.04 - 0.02 0.08 0.01 0.26 0.23 0.25 - 0.01 0.35 0.15 19.75 17.33 19.67 + 2.13 18.99 7.77 15.78 13.67 15.67 + 1.84 15.15 5.38 0.02 0.01 0.02 + 0.01 0.02 0.01 0.09 0.05 0.07 + 0.02 0.09 0.03 0.08 0.07 0.08 + 0.01 0.14 0.04 1.66 1.40 1.54 + 0.09 1.75 0.93 0.14 0.08 0.12 + 0.01 0.21 0.01 0.06 0.05 0.06 + 0.01 0.10 0.03 0.01 0.00 0.00 - 0.00 0.27 0.00 0.12 0.08 0.09 + 0.00 0.15 0.02 0.03 0.02 0.02 - 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.06 0.02 0.22 0.19 0.21 + 0.01 0.38 0.09 0.61 0.49 0.55 + 0.06 0.61 0.27 0.16 0.13 0.15 - 0.01 0.26 0.09 4.22 3.75 4.13 + 0.24 6.30 3.04 0.03 0.02 0.02 + 0.00 0.15 0.02 0.04 0.03 0.03 - 0.01 0.10 0.02 0.01 0.00 0.01 + 0.01 0.03 0.00 0.13 0.09 0.13 + 0.02 0.18 0.05 0.20 0.13 0.17 + 0.02 0.20 0.02 0.72 0.64 0.69 + 0.01 0.82 0.22 0.58 0.06 0.56 - 0.00 0.68 0.06 0.60 0.56 0.60 + 0.02 1.24 0.52 0.82 0.72 0.82 + 0.09 1.62 0.61 0.18 0.13 0.16 + 0.03 0.25 0.03 0.07 0.00 0.06 - 0.01 0.20 0.05 0.19 0.17 0.17 + 0.01 0.29 0.13 0.08 0.05 0.06 + 0.02 0.08 0.02 0.05 0.05 0.05 - 0.01 0.07 0.01 0.27 0.23 0.23 - 0.02 0.57 0.18 0.35 0.28 0.31 - 0.02 0.69 0.24 0.03 0.02 0.03 + 0.01 0.03 0.01 4.32 3.65 4.15 + 0.21 5.90 1.35 3.46 2.87 3.32 + 0.19 4.87 0.96 0.02 0.01 0.02 + 0.01 0.02 0.01 0.08 0.05 0.07 + 0.01 0.08 0.02 0.03 0.00 0.03 - 0.01 0.05 0.01 1.52 1.45 1.51 + 0.07 2.83 1.12 1.20 1.12 1.15 - 0.01 1.71 0.76 0.95 0.88 0.90 - 0.01 1.33 0.55 0.01 0.01 0.01 - 0.00 0.01 0.00
P-Q
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Potash Corp SK T 14973 Potash Corp SK* N 65883 Potash Ridge T 5132 Potash Ridge* O 238 Precipitate Gl V 669 Premier Gold M T 3454 Premium Expl* O 90 Pretium Res* N 6933 Pretium Res T 3252 Prime Meridian V 11 Primero Mng T 8501 Primero Mng* N 6843 Prism Res V 2 Probe Metals* O 72 Probe Metals V 362 O 150 Prophecy Coal* Prosper Gold V 165 Prospero Silvr V 46 Puma Expl V 1057 V 4253 Pure Energy Pure Energy* O 1867 163 Pure Gold Mg* O Pure Gold Mg V 2982 Pure Nickel V 1086 V 2967 Purepoint Uran Q-Gold Res V 142 QMX Gold* O 230 QMX Gold V 1998 Quartz Mtn Res V 143 Quaterra Res V 229 Quest Rare Mnl* O 46 997 Quest Rare Mnl T Quinto Real V 143
23.47 21.29 22.20 - 0.52 40.96 20.03 18.52 16.91 17.72 - 0.22 33.52 14.64 0.33 0.26 0.33 + 0.06 0.34 0.03 0.26 0.21 0.26 + 0.04 0.27 0.02 0.16 0.13 0.16 + 0.02 0.16 0.06 3.80 3.20 3.75 + 0.33 3.65 1.65 0.02 0.01 0.02 + 0.00 0.02 0.00 8.31 7.00 8.23 + 1.02 7.95 4.00 10.41 8.89 10.33 + 1.20 9.96 5.57 0.09 0.08 0.08 - 0.01 0.18 0.05 2.40 1.94 2.36 + 0.40 5.51 1.94 1.92 1.52 1.88 + 0.32 4.49 1.41 0.09 0.00 0.09 - 0.02 0.11 0.04 0.72 0.63 0.72 + 0.04 0.70 0.24 0.94 0.80 0.90 + 0.04 0.90 0.33 0.01 0.01 0.01 - 0.00 0.06 0.01 0.31 0.27 0.29 + 0.03 0.36 0.06 0.10 0.09 0.10 + 0.01 0.15 0.05 0.07 0.06 0.07 + 0.01 0.13 0.03 0.94 0.81 0.84 - 0.08 1.15 0.21 0.75 0.64 0.68 - 0.03 0.91 0.18 0.44 0.34 0.44 + 0.05 0.43 0.01 0.54 0.41 0.53 + 0.05 0.55 0.07 0.03 0.02 0.02 - 0.01 0.03 0.01 0.11 0.09 0.10 - 0.01 0.13 0.02 0.10 0.06 0.08 + 0.01 0.10 0.01 0.04 0.03 0.03 - 0.02 0.04 0.01 0.10 0.04 0.07 + 0.03 0.05 0.01 0.02 0.00 0.02 - 0.01 0.03 0.01 0.08 0.07 0.08 - 0.01 0.15 0.04 0.15 0.13 0.15 + 0.01 0.20 0.03 0.21 0.16 0.20 + 0.02 0.25 0.06 0.07 0.04 0.05 - 0.02 0.07 0.01
R Rackla Mtls V 23 0.08 0.00 0.06 - 0.03 0.13 0.05 Radisson Mng V 206 0.15 0.00 0.15 + 0.01 0.16 0.09 O 7 1.15 0.00 1.00 + 0.03 1.15 0.35 Rainforest Res* V 273 0.13 0.11 0.11 - 0.02 0.34 0.11 Rainmaker Res 32 0.07 0.00 0.05 - 0.02 0.09 0.03 Rainy Mtn Royl V Randgold Res* D 4375 100.52 90.94 100.50 + 7.23 98.66 54.88 Rapier Gold V 31 0.07 0.06 0.06 - 0.01 0.08 0.02 0.12 - 0.01 0.72 0.06 Rare Element* O 314 0.14 0.11 Rathdowney Res V 75 0.18 0.18 0.18 - 0.04 0.30 0.11 0.70 0.55 0.68 + 0.11 0.70 0.25 Red Eagle Mng V 1637 Red Eagle Mng* O 249 0.55 0.44 0.53 + 0.09 0.55 0.18 Red Hut V 207 0.11 0.08 0.09 - 0.01 0.15 0.01 17 0.03 0.00 0.03 - 0.01 0.05 0.02 Red Moon Potsh V Red Pine Expl V 704 0.11 0.09 0.09 - 0.01 0.13 0.03 24 0.06 0.00 0.06 + 0.02 0.07 0.02 Red Tiger Mng V Redstar Gold V 2168 0.06 0.05 0.06 + 0.01 0.07 0.03 Regulus Res V 148 0.50 0.42 0.48 + 0.04 0.54 0.19 0.03 - 0.01 0.04 0.01 Reliant Gold V 598 0.04 0.02 Renaissance Gd* O 22 0.22 0.20 0.20 - 0.01 0.28 0.08 V 168 0.29 0.25 0.25 - 0.03 0.36 0.11 Renaissance Gd Renforth Res 700 0.04 0.02 0.03 + 0.01 0.05 0.01 Reservoir Mnls* O 650 7.46 5.93 7.35 + 1.85 7.17 2.25 V 5386 9.35 8.04 9.20 + 2.24 8.98 3.26 Reservoir Mnls Resolve Vent V 479 0.29 0.25 0.29 - 0.01 0.30 0.04 0.07 + 0.02 0.08 0.02 Resource Cap V 59 0.07 0.05 Reunion Gold V 1268 0.02 0.02 0.02 - 0.01 0.05 0.01 Revelo Res V 3591 0.08 0.06 0.07 - 0.01 0.14 0.04 0.17 - 0.01 0.18 0.09 Rhyolite Res V 183 0.18 0.13 Richmond Mnls V 48 0.09 0.00 0.07 - 0.03 0.14 0.03 O 302 0.08 0.06 0.08 + 0.00 0.11 0.03 Richmond Mnls* Richmont Mines T 1198 9.86 8.50 9.76 + 1.09 9.59 3.14 Richmont Mines* X 1777 7.82 6.71 7.78 + 0.91 7.57 2.27 792 0.14 0.12 0.14 + 0.01 0.16 0.07 Rio Novo Gold T Rio Silver V 136 0.04 0.04 0.04 + 0.01 0.05 0.01 33.66 + 0.10 47.37 21.89 Rio Tinto* N 22720 34.31 32.00 Rio Tinto* O 2 34.22 0.00 34.22 - 1.10 47.23 21.90 Rise Res Inc* O 33 0.13 0.13 0.13 + 0.02 0.40 0.08 0.31 + 0.02 0.34 0.12 Riverside Res V 289 0.33 0.30 Riverside Res* O 81 0.26 0.24 0.25 - 0.01 0.27 0.08 0.02 + 0.01 0.02 0.01 RJK Explor V 4565 0.02 0.01 Robex Res V 495 0.15 0.12 0.14 - 0.02 0.17 0.05 Rochester Res V 30 0.05 0.00 0.05 + 0.01 0.08 0.03 148 0.33 0.28 0.32 + 0.02 0.38 0.03 Rock Tech Lith V Rockhaven Res V 140 0.21 0.17 0.20 + 0.01 0.24 0.10 V 582 0.09 0.05 0.08 + 0.03 0.09 0.01 Rockland Mnls Rockshield Cap* O 5 0.07 0.07 0.07 - 0.01 0.08 0.05 Rockwell Diam T 556 0.13 0.08 0.10 + 0.02 0.25 0.07 O 20 0.09 0.08 0.08 + 0.01 0.20 0.05 Rockwell Diam* Rodinia Lithm* O 8 0.00 0.00 0.00 - 0.01 0.03 0.00 0.08 - 0.04 0.16 0.03 Rogue Res V 2156 0.12 0.07 Rogue Res* O 32 0.09 0.07 0.07 - 0.02 0.11 0.03 Rojo Res V 194 0.14 0.08 0.14 + 0.04 0.14 0.04 V 1129 0.04 0.02 0.03 + 0.01 0.05 0.01 Rokmaster Res 286 0.06 0.04 0.06 + 0.01 0.06 0.01 Romios Gold Rs* O 131 0.04 0.03 0.04 - 0.00 0.06 0.01 Rosita Mg Corp* O Rosita Mg Corp V 548 0.05 0.04 0.04 - 0.01 0.10 0.01 Roughrider Exp V 60 0.13 0.11 0.11 - 0.02 0.17 0.05 1.05 + 0.20 1.02 0.42 Roxgold* O 197 1.07 0.86 Roxgold V 7640 1.38 1.07 1.33 + 0.24 1.29 0.54 Royal Gold T 115 78.76 69.90 78.47 + 7.16 82.49 35.46 Royal Gold* D 4425 62.78 55.17 62.62 + 6.38 67.99 24.68 Royal Nickel* O 84 0.44 0.34 0.44 + 0.10 0.44 0.10 Royal Nickel T 9372 0.57 0.41 0.56 + 0.14 0.59 0.12 Royal Rd Mnrls V 616 0.09 0.06 0.09 + 0.02 0.21 0.04 Royal Std Mnrl* O 266 0.00 0.00 0.00 - 0.00 0.00 0.00 RT Minerals V 3535 0.02 0.01 0.02 + 0.01 0.02 0.01 RTG Mining T 15 0.70 0.00 0.58 - 0.02 0.75 0.33 Rubicon Mnrls* O 2820 0.05 0.04 0.04 - 0.00 1.20 0.01 Rubicon Mnrls T 2305 0.06 0.05 0.05 - 0.01 1.49 0.02 Rugby Mng V 258 0.09 0.07 0.09 + 0.02 0.18 0.03 Running Fox Rs* O 83 0.01 0.01 0.01 - 0.00 0.02 0.00 Rupert Res V 453 0.49 0.44 0.46 - 0.03 0.54 0.02 Rusoro Mng* O 67 0.08 0.08 0.08 - 0.00 0.10 0.02 Rusoro Mng V 96 0.11 0.09 0.11 + 0.01 0.15 0.03 Rye Patch Gold* O 695 0.21 0.16 0.20 + 0.03 0.19 0.08 Rye Patch Gold V 1628 0.27 0.20 0.26 + 0.04 0.24 0.11
S Sabina Gd&Slvr T 8496 Sabina Gd&Slvr* O 1987 Sage Gold V 144 Saint Jean* O 21 Saint Jean V 1210 Salazar Res V 582 Sama Res V 20 Samex Mng* O 363 San Gold Corp* O 171 San Marco Res V 696 San Marco Res* O 67 Sandspring Res V 2591 Sandspring Res* O 487 Sandstorm Gold T 1890 Sandstorm Gold* X 5321 Santa Fe Mtls V 940 Santacruz Silv V 1449 Sarama Res V 584 Sarissa Res* O 297 Satori Res V 181 Savant Expl V 4251 Savary Gold V 495 Scandium Int M* O 220 Scorpio Gold V 1147 Seabridge Gld T 925 Seabridge Gld* N 4872 Searchlight* O 134 Secova Mtls V 2374 Select Sands V 180 Semafo T 12551 Senator Mnrls V 32 Sennen Potash V 100 Serengeti Res V 1589 SGX Res V 641 Sherritt Intl T 3545 Shore Gold T 904 Sibanye Gold* N 6412 Sidney Resrces* O 473 Sienna Res V 2587 Sienna Res* O 36 Sierra Iron Or V 70 Sierra Metals* O 5 Sierra Metals T 159 Sierra Res* O 1069 Signature Res V 234 Silver Bear Rs T 2013 Silver Bull Re* O 2123 Silver Bull Re T 1987 Silver Dragon* O 907
1.82 1.53 1.81 + 0.21 1.70 0.32 1.46 1.20 1.43 + 0.16 1.37 0.24 0.07 0.00 0.06 - 0.02 0.09 0.03 0.05 0.05 0.05 + 0.01 0.05 0.01 0.06 0.05 0.05 - 0.01 0.06 0.01 0.16 0.11 0.15 + 0.03 0.14 0.03 0.08 0.08 0.08 - 0.01 0.22 0.08 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.07 0.06 0.07 + 0.01 0.07 0.02 0.06 0.05 0.06 + 0.01 0.05 0.01 0.63 0.41 0.55 + 0.11 0.54 0.11 0.51 0.32 0.44 + 0.09 0.44 0.08 5.45 4.74 5.41 + 0.37 5.41 2.82 4.36 3.74 4.27 + 0.29 4.27 1.94 0.02 0.01 0.01 - 0.01 0.03 0.01 0.57 0.48 0.54 + 0.02 0.63 0.09 0.15 0.11 0.14 + 0.03 0.14 0.05 0.00 0.00 0.00 + 0.00 0.02 0.00 0.08 0.06 0.08 + 0.01 0.15 0.02 0.02 0.01 0.02 + 0.01 0.02 0.01 0.09 0.08 0.09 + 0.01 0.11 0.02 0.14 0.12 0.13 - 0.00 0.17 0.06 0.10 0.09 0.09 - 0.02 0.14 0.05 18.58 16.53 17.93 + 0.51 19.93 4.34 14.84 13.07 14.33 + 0.56 15.50 3.31 0.10 0.08 0.09 + 0.00 0.42 0.06 0.10 0.06 0.09 + 0.02 0.09 0.03 0.26 0.23 0.24 - 0.02 0.50 0.21 5.68 4.50 5.59 + 1.00 5.23 2.46 0.24 0.14 0.24 + 0.07 0.23 0.03 0.16 0.12 0.14 - 0.01 0.47 0.09 0.08 0.06 0.07 + 0.02 0.08 0.02 0.03 0.02 0.02 + 0.01 0.05 0.01 0.98 0.88 0.94 + 0.02 3.24 0.53 0.23 0.20 0.22 - 0.02 0.27 0.13 15.48 13.60 15.40 + 1.00 16.63 4.07 0.01 0.01 0.01 - 0.00 0.02 0.00 0.16 0.13 0.16 - 0.01 0.18 0.01 0.12 0.10 0.10 - 0.03 0.15 0.01 0.38 0.33 0.37 + 0.02 0.62 0.22 1.36 1.33 1.35 - 0.01 1.40 0.69 1.79 1.40 1.44 - 0.30 1.80 0.84 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 0.04 0.06 + 0.01 0.08 0.01 0.19 0.16 0.19 + 0.03 0.18 0.02 0.15 0.06 0.11 + 0.01 0.14 0.02 0.18 0.11 0.14 + 0.02 0.17 0.04 0.03 0.02 0.03 + 0.00 0.05 0.01
2016-05-03 7:15 PM
10
WWW.NORTHERNMINER.COM
MAY 9–15, 2016 / THE NORTHERN MINER
S T O C K TA B L E S (100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Silver Grail V 93 39 Silver Mtn Mns* O Silver Predatr V 291 Silver Pursuit V 316 Silver Range V 381 Silver Shield 1005 Silver Spruce V 230 Silver Spruce* O 6 Silver Std Res T 3702 Silver Std Res* D 10959 Silver Wheaton T 8345 Silver Wheaton* N 35808 Silvercorp Met T 5348 O 2545 Silvercorp Met* Silvermet V 304 D 82 SinoCoking Cl* Sirios Res V 5172 Sirios Res* O 228 Skeena Res* O 250 Skeena Res V 5415 Sky Ridge V 70 Slam Explor V 178 SnipGold V 1108 Solitario Ex&R T 102 Solitario Ex&R* X 749 Sona Res* O 45 Sonora Gld & S V 675 Sonoro Mtls V 41 Source Expl V 644 Southern Arc V 33 Southern Arc* O 35 Southern Copp* N 8488 Southern Silvr* O 180 Southern Silvr V 1771 SouthGobi Res T 32 Spada Gold V 3 Spanish Mtn Gd* O 335 Spanish Mtn Gd V 2105 Spearmint Res V 2416 Sphinx Res V 313 Spruce Ridge R V 832 Squire Mg Ltd 22 St Augustine T 258 St Elias Mns* O 20 Stakeholdr Gld V 35 Stakeholdr Gld* O 51 Standard Graph* O 13 Standard Graph V 2066 O 215 Standard Metal* Stans Energy* O 119 Starcore Intl T 222 80 Starr Peak Exp V Sterling Grp* O 934 Stillwater Mg* N 10137 Stina Res 83 Stockport Expl V 100 Stone Ridge Ex 65 Stonegate Agri* O 147 Stonegate Agri T 6022 T 1866 Stornoway Diam Stratabd Mnr V 604 Strateco Res* O 560 Strategic Metl V 509 Stratton Res V 51 Stria Lithium V 725 Strikepoint Gd V 833 Strikepoint Gd* O 27 Sulliden Mng T 113 Sultan Mnrls V 4806 Suncor Energy T 15655
0.08 0.06 0.07 - 0.01 0.08 0.02 0.02 0.02 0.02 + 0.00 0.02 0.02 0.04 0.03 0.04 + 0.01 0.04 0.01 0.09 0.00 0.08 + 0.01 0.09 0.02 0.15 0.12 0.14 + 0.01 0.15 0.02 0.15 0.12 0.13 - 0.01 0.16 0.01 0.09 0.07 0.08 + 0.01 0.10 0.03 0.06 0.05 0.06 + 0.01 0.07 0.02 12.03 10.33 11.78 + 1.19 11.46 5.28 9.61 8.14 9.39 + 1.04 9.15 3.66 26.33 23.07 26.29 + 2.96 25.20 14.51 21.00 18.17 20.95 + 2.56 21.12 10.04 3.10 2.58 3.02 + 0.19 3.10 0.60 2.45 2.03 2.39 + 0.16 2.45 0.41 0.06 0.05 0.05 - 0.01 0.10 0.02 0.54 0.42 0.45 - 0.05 2.66 0.26 0.51 0.36 0.43 - 0.05 0.51 0.07 0.39 0.32 0.34 - 0.01 0.39 0.07 0.06 0.06 0.06 + 0.01 0.09 0.04 0.09 0.07 0.09 + 0.01 0.13 0.06 0.26 0.24 0.25 - 0.01 0.27 0.03 0.07 0.00 0.07 + 0.01 0.12 0.01 0.28 0.26 0.28 + 0.01 0.30 0.04 0.66 0.60 0.62 - 0.01 0.96 0.57 0.54 0.48 0.53 + 0.03 0.85 0.40 0.02 0.01 0.01 - 0.01 0.03 0.00 0.07 0.05 0.07 + 0.01 0.07 0.01 0.12 0.10 0.11 + 0.01 0.16 0.04 0.04 0.02 0.04 + 0.02 0.09 0.01 0.52 0.38 0.40 - 0.03 1.00 0.24 0.41 0.30 0.30 - 0.10 0.41 0.17 31.31 28.33 29.67 + 0.48 33.31 21.55 0.12 0.07 0.10 + 0.01 0.12 0.02 0.15 0.11 0.14 + 0.03 0.15 0.03 0.41 0.30 0.31 - 0.14 1.25 0.21 0.60 0.60 0.60 + 0.30 0.60 0.30 0.08 0.06 0.07 + 0.01 0.07 0.01 0.10 0.07 0.09 + 0.02 0.09 0.02 0.04 0.03 0.03 - 0.01 0.05 0.01 0.03 0.02 0.02 - 0.01 0.04 0.01 0.05 0.04 0.05 + 0.01 0.06 0.01 0.12 0.12 0.12 - 0.04 0.15 0.10 0.10 0.09 0.10 - 0.01 0.14 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 0.39 0.28 0.28 - 0.04 1.70 0.04 0.31 0.22 0.22 - 0.03 0.36 0.05 0.05 0.02 0.05 + 0.03 0.04 0.00 0.07 0.04 0.06 + 0.03 0.05 0.01 0.15 0.11 0.13 + 0.01 1.05 0.01 0.02 0.02 0.02 + 0.00 0.07 0.01 0.64 0.56 0.60 - 0.02 0.65 0.25 0.10 0.10 0.10 - 0.01 0.19 0.05 0.03 0.03 0.03 + 0.00 0.04 0.01 12.84 11.04 12.20 + 0.55 15.07 4.99 0.15 0.12 0.12 - 0.03 0.19 0.11 0.03 0.03 0.03 + 0.01 0.05 0.01 0.14 0.10 0.10 - 0.04 0.14 0.14 0.03 0.01 0.02 + 0.00 0.03 0.00 0.04 0.02 0.03 + 0.01 0.04 0.01 1.04 1.02 1.04 + 0.01 1.08 0.64 0.01 0.01 0.01 - 0.01 0.01 0.01 0.02 0.00 0.02 + 0.01 0.30 0.00 0.48 0.40 0.45 + 0.02 0.47 0.24 0.21 0.20 0.21 - 0.02 0.23 0.07 0.16 0.11 0.13 - 0.01 0.18 0.02 0.19 0.12 0.19 + 0.07 0.75 0.05 0.13 0.08 0.13 + 0.05 0.13 0.08 0.45 0.39 0.43 + 0.02 0.45 0.19 0.02 0.01 0.01 + 0.01 0.02 0.01 37.47 35.61 36.83 + 0.53 40.35 27.32
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Suncor Energy* N 20345 O 6739 Sunridge Gold* Sunridge Gold V 9204 Sunrise Res V 38 Suparna Gold V 1629 Superior Coppr V 1171 Sutter Gold V 325 Sutter Gold* O 448 Syrah Res* O 2
29.90 28.10 29.37 + 0.71 33.13 18.71 0.28 0.26 0.28 + 0.03 0.28 0.11 0.35 0.32 0.35 + 0.02 0.35 0.13 0.02 0.01 0.01 - 0.01 0.06 0.01 0.07 0.05 0.07 + 0.01 0.07 0.01 0.06 0.04 0.06 + 0.02 0.06 0.01 0.06 0.04 0.06 + 0.01 0.10 0.04 0.05 0.03 0.05 + 0.01 0.08 0.02 3.55 3.55 3.55 - 0.00 3.55 1.81
Tahoe Res* N 11946 Tahoe Res T 9133 Tajiri Res V 1569 Takara Res V 343 Taku Gold 20 Taku Gold* O 15 Talon Metals T 233 Tamino Mnrls* O 3385 V 1109 Tanager Energy Tantalex Res 752 Tanzania Rlty T 287 Tanzania Rlty* X 1404 Tartisan Res 560 Taseko Mines T 620 Taseko Mines* X 1501 Tasman Metals* O 217 V 225 Tasman Metals Teck Res T 30 Teck Res T 44486 Teck Res* N 74362 TECO Enrgy* N 9594 Telferscot Res 1831 Telson Res V 80 Tembo Gold V 524 Teranga Gold T 11035 Teras Res V 720 Terrax Mnrls V 276 Terrax Mnrls* O 253 Terreno Res V 13 Teslin Rvr Res V 527 Tesoro Mnrls V 88 Teuton Res* O 65 Teuton Res V 824 Theia Res V 70 Themac Res V 175 Thompson Creek* O 3196 Thompson Creek T 3521 Thor Expl V 304 Thunder Mtn Gd* O 93 Till Capital V 5 Till Capital* D 4 O 435 Timberline Res* Timberline Res V 130 Timmins Gold T 5110 Timmins Gold* X 5284 Tinka Res* O 1022 Tinka Res V 1771 Tintina Res* O 122 Tintina Res V 176 Tirex Res* O 115 Titanium Corp V 2872 TMAC Resources T 102 TNR Gold V 701 Tonogold Res* O 223 Torex Gold* O 636 Torex Gold T 14233 Tower Res V 342
14.13 12.23 14.13 + 1.53 15.14 6.48 17.72 15.46 17.72 + 1.73 18.65 9.45 0.06 0.04 0.05 + 0.01 0.06 0.01 0.05 0.00 0.04 - 0.01 0.06 0.02 0.10 0.06 0.07 - 0.01 0.10 0.02 0.06 0.06 0.06 + 0.00 0.06 0.01 0.10 0.08 0.08 - 0.01 0.18 0.08 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.05 0.09 + 0.03 0.09 0.01 0.05 0.02 0.04 + 0.02 0.07 0.01 0.52 0.40 0.50 + 0.09 0.61 0.24 0.41 0.31 0.39 + 0.07 0.47 0.17 0.05 0.04 0.05 + 0.02 0.06 0.01 0.82 0.71 0.81 + 0.03 1.13 0.35 0.66 0.57 0.64 + 0.02 0.93 0.23 0.19 0.12 0.14 - 0.02 0.69 0.06 0.24 0.16 0.16 - 0.05 0.84 0.09 17.50 15.15 17.15 + 1.70 20.50 5.69 15.68 12.89 15.36 + 2.19 19.47 3.65 12.53 10.15 12.25 + 1.85 16.20 2.56 27.77 27.70 27.77 + 0.05 27.83 17.60 0.01 0.01 0.01 - 0.01 0.01 0.01 0.23 0.16 0.23 + 0.07 0.23 0.02 0.03 0.02 0.03 + 0.01 0.04 0.01 1.01 0.87 1.00 + 0.12 0.95 0.38 0.11 0.09 0.11 + 0.02 0.12 0.03 0.36 0.33 0.33 - 0.02 0.43 0.23 0.28 0.28 0.28 + 0.01 0.33 0.17 0.04 0.04 0.04 + 0.01 0.04 0.02 0.37 0.31 0.33 - 0.04 0.43 0.20 0.03 0.00 0.02 - 0.01 0.04 0.01 0.12 0.11 0.11 + 0.02 0.12 0.03 0.15 0.12 0.14 + 0.01 0.15 0.04 0.12 0.12 0.12 + 0.04 0.20 0.05 0.06 0.04 0.06 + 0.01 0.05 0.01 0.55 0.34 0.53 + 0.18 1.39 0.07 0.68 0.44 0.66 + 0.23 1.69 0.16 0.04 0.04 0.04 - 0.01 0.06 0.02 0.10 0.07 0.09 - 0.01 0.15 0.02 4.88 4.28 4.28 - 0.72 7.15 3.28 3.96 0.00 3.96 + 0.01 6.23 2.76 0.24 0.18 0.22 + 0.03 0.78 0.08 0.30 0.21 0.30 + 0.05 0.87 0.16 0.56 0.45 0.53 + 0.07 0.85 0.11 0.45 0.35 0.43 + 0.06 0.68 0.07 0.17 0.14 0.17 + 0.01 0.24 0.07 0.21 0.19 0.21 + 0.03 0.29 0.09 0.07 0.06 0.07 + 0.00 0.09 0.03 0.10 0.07 0.10 + 0.02 0.11 0.04 0.10 0.08 0.09 - 0.02 0.20 0.05 0.39 0.31 0.35 - 0.04 1.55 0.34 12.50 9.10 11.52 + 2.27 12.50 4.85 0.07 0.06 0.06 + 0.01 0.09 0.01 0.05 0.03 0.05 + 0.02 0.08 0.01 1.80 1.40 1.76 + 0.27 1.60 0.67 2.27 1.81 2.23 + 0.36 2.02 0.85 0.04 0.03 0.04 + 0.01 0.04 0.01
T
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Treasury Metal T 1318 Trecora Res* N 207 Tres-Or Res V 381 Trevali Mng* O 187 Trevali Mng T 11461 Trident Gold V 512 Trigen Res V 110 TriMetals Mng T 860 TriMetals Mng* O 105 TriMetals Mng* O 248 Trinity Res* O 1 Trio Resources* O 266 TriStar Gold* O 5 Troy Res* O 3 True North Gem V 1036 Trueclaim Expl V 477 Tsodilo Res V 27 O 3409 Tungsten Corp* Turbo Cap Inc V 179 11311 Turquoise HIl* N Turquoise HIl T 5177 TVI Pacific* O 157 TVI Pacific T 1306 Tyhee Gold* O 1315 Typhoon Expl V 245
0.56 0.49 0.50 - 0.06 0.62 0.28 12.03 11.42 11.45 - 0.44 16.50 8.17 0.04 0.03 0.04 + 0.01 0.04 0.01 0.50 0.40 0.49 + 0.09 1.03 0.18 0.64 0.51 0.62 + 0.11 1.24 0.25 0.01 0.01 0.01 + 0.01 0.02 0.01 0.06 0.05 0.06 + 0.01 0.07 0.03 0.19 0.12 0.17 + 0.04 0.19 0.04 0.12 0.10 0.11 + 0.01 0.13 0.06 0.15 0.09 0.14 + 0.04 0.15 0.03 0.08 0.00 0.08 - 0.00 1.50 0.08 0.00 0.00 0.00 - 0.00 0.01 0.00 0.25 0.00 0.20 - 0.05 0.28 0.09 0.46 0.46 0.46 + 0.00 0.46 0.13 0.17 0.13 0.15 - 0.01 0.20 0.07 0.02 0.02 0.02 + 0.01 0.05 0.01 0.65 0.60 0.61 + 0.01 1.15 0.54 0.00 0.00 0.00 + 0.00 0.00 0.00 0.15 0.10 0.13 + 0.01 0.40 0.07 3.02 2.71 2.98 + 0.19 4.74 1.55 3.78 3.43 3.75 + 0.21 5.80 2.30 0.01 0.01 0.01 + 0.01 0.02 0.00 0.02 0.01 0.02 + 0.01 0.02 0.01 0.01 0.00 0.01 + 0.00 0.03 0.00 0.08 0.05 0.07 + 0.01 0.09 0.03
U3O8 Corp* O 130 Ucore Rare Mtl* O 398 Ucore Rare Mtl V 827 UEX Corp T 1086 Ultra Lithium* O 42 Ultra Lithium V 254 Umbral Enrgy 6442 Unigold* O 39 V 111 Unigold United Res Hdg* O 119 United Silver* O 1470 625 United States A* X United States S* N 90331 Unity Energy V 345 Ur-Energy T 252 Ur-Energy* X 620 Uracan Res V 713 Uracan Res* O 1 Uragold Bay Rs V 1743 Uranium Energy* X 3112 Uranium Hunter* O 5440 280 Uranium Res* D Uravan Mnrls V 161 US Energy* D 616 US Precious M* O 1278 2 US Rare Earths* O Vale* N 215710 Vale* N 97067 Valencia Vent V 144 ValGold Res V 73 O 1175 Vanadiumcorp* Vanadiumcorp V 2372 Vatic Vent V 57 N 488 Vedanta* Vela Minerals V 202 Vendetta Mng V 308 Victory Nickel* O 4 Victory Nickel 129 Victory Res V 237 Victory Vent V 610 Virginia Enrgy* O 378 Virginia Enrgy V 30
0.03 0.02 0.03 + 0.00 0.05 0.01 0.29 0.26 0.27 - 0.01 0.35 0.15 0.37 0.33 0.34 - 0.02 0.44 0.20 0.25 0.22 0.25 - 0.01 0.31 0.11 0.27 0.20 0.20 - 0.02 0.27 0.06 0.34 0.25 0.26 - 0.03 0.35 0.05 0.06 0.03 0.04 - 0.01 0.07 0.02 0.27 0.21 0.26 + 0.05 0.27 0.06 0.36 0.00 0.35 + 0.03 0.36 0.08 0.03 0.02 0.03 + 0.01 0.11 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.28 0.24 0.27 + 0.02 1.30 0.16 19.97 16.95 19.11 - 0.45 27.09 6.15 0.43 0.31 0.35 - 0.07 0.48 0.05 0.68 0.64 0.67 - 0.01 1.28 0.60 0.55 0.51 0.53 - 0.01 1.07 0.44 0.04 0.03 0.04 + 0.01 0.04 0.01 0.03 0.03 0.03 + 0.00 0.03 0.00 0.18 0.15 0.17 - 0.01 0.23 0.02 0.86 0.78 0.81 + 0.01 3.00 0.65 0.00 0.00 0.00 - 0.00 0.00 0.00 2.17 1.92 1.99 - 0.09 17.04 1.82 0.13 0.08 0.10 - 0.04 0.17 0.05 0.42 0.35 0.40 + 0.04 1.33 0.11 0.01 0.01 0.01 + 0.00 0.20 0.00 0.13 0.01 0.01 - 0.12 2.65 0.01 6.04 4.87 5.67 + 0.25 9.14 2.13 4.70 3.81 4.54 + 0.26 6.82 1.55 0.17 0.00 0.11 - 0.07 0.40 0.11 0.04 0.04 0.04 + 0.01 0.07 0.01 0.05 0.03 0.04 + 0.00 0.05 0.01 0.05 0.04 0.05 + 0.01 0.05 0.02 0.09 0.00 0.09 - 0.01 0.24 0.04 6.51 6.03 6.28 - 0.12 14.43 3.52 0.04 0.03 0.04 - 0.01 0.08 0.02 0.10 0.07 0.10 + 0.03 0.17 0.05 0.03 0.03 0.03 + 0.00 0.07 0.01 0.05 0.04 0.05 + 0.02 0.05 0.02 0.06 0.00 0.04 - 0.01 0.09 0.02 0.03 0.03 0.03 - 0.01 0.04 0.01 0.05 0.03 0.05 + 0.01 0.08 0.02 0.05 0.05 0.05 + 0.01 0.10 0.04
U-V
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Viscount Mng V 486 Visible Gold M V 4383 Vista Gold* X 3627 Vista Gold T 278 VMS Vent V 1528 Volcanic Mtls V 214 Voltaic Min V 111
0.16 0.50 + 0.01 0.63 0.53 0.47 0.06 0.05 0.05 - 0.01 0.10 0.02 0.24 0.82 + 0.05 0.89 0.89 0.60 0.31 1.03 + 0.07 1.15 1.10 0.76 0.05 0.14 - 0.01 0.25 0.15 0.13 0.04 0.10 + 0.02 0.10 0.10 0.08 0.03 0.33 - 0.04 0.52 0.37 0.31
675 WAI Cap Invest V Walker River V 1112 T 399 Wallbridge Mng O 1924 Walter Energy* WCB Res V 478 Wealth Mnrls* O 108 Wealth Mnrls V 581 O 103 Wellgreen Plat* Wellgreen Plat T 693 T 2725 Wesdome Gold 106 West High Yld V West Kirkland V 1487 West Melville V 11 2943 West Red Lake 80 West Red Lake* O X 232 Western Copper* T 813 Western Copper 129 Western Pac Rs V T 557 Western Potash 33 Western Troy C V Western Uran 27 Western Uran* O 8 O 4 Westhaven Vent* V 10576 Westkam Gold V 5742 Westminster Rs Westmoreland* D 1452 O 26 WestMountain* Weststar Res 73 45 White Metal R* O 110 White Metal Rs V 448 White Mtn Engy* O Whitemud Res V 16 Wildcat Expl V 68 V 652 Williams Creek O 49 Wincash Apolo* Wolfden Res V 415 V 3059 Wolverine Mnls O 50 Worldwide Res* V 81 Worldwide Res X-Terra Res V 144 Xander Res V 65 Ximen Mng V 1268 Ximen Mng* O 57 XLI Tech Inc* O 3233 V 282 Xtierra Xtra-Gold Res T 44 O 40 Xtra-Gold Res* Yamana Gold T 33180 69973 Yamana Gold* N 73 Yanzhou Coal* N T 69 Yellowhead Mng Yorbeau Res T 1155 Zadar Vent V 3288 Zazu Metals T 131 Zazu Metals* O 61 Zena Mng V 309 Zenyatta Vent V 161 O 29 Zenyatta Vent* Zeox Corp* O 144 Zephyr Mnls V 14 Zonte Mtls V 173
0.03 0.02 0.03 - 0.01 0.05 0.02 0.02 0.06 + 0.01 0.08 0.06 0.05 0.02 0.08 + 0.02 0.08 0.08 0.06 0.01 0.06 + 0.02 0.56 0.07 0.04 0.02 0.04 - 0.01 0.15 0.05 0.03 0.10 0.43 - 0.02 0.57 0.49 0.40 0.14 0.53 - 0.01 0.71 0.64 0.50 0.12 0.24 + 0.01 0.35 0.24 0.22 0.16 0.30 + 0.01 0.43 0.31 0.28 0.89 1.70 + 0.07 1.82 1.77 1.61 0.25 0.21 0.21 - 0.04 0.43 0.17 0.04 0.14 + 0.03 0.14 0.14 0.10 0.08 0.25 + 0.05 0.60 0.25 0.20 0.16 0.12 0.16 + 0.03 0.21 0.01 0.12 0.09 0.12 + 0.01 0.13 0.02 0.20 0.60 - 0.01 0.66 0.63 0.57 0.29 0.75 - 0.03 0.87 0.79 0.71 0.02 0.01 0.01 - 0.01 0.04 0.01 0.17 0.20 - 0.01 0.34 0.21 0.20 0.03 0.03 0.03 - 0.01 0.04 0.01 1.20 1.55 + 0.05 5.00 2.00 1.50 1.22 1.45 + 0.23 1.80 1.45 1.22 0.10 0.12 + 0.02 0.10 0.12 0.10 0.02 0.04 + 0.01 0.05 0.05 0.03 0.01 0.17 + 0.04 0.18 0.18 0.14 7.68 6.44 7.13 + 0.14 29.45 3.44 0.04 0.10 - 0.04 0.20 0.15 0.10 0.01 0.05 - 0.01 0.06 0.06 0.05 0.06 0.06 0.06 - 0.01 0.06 0.01 0.07 0.05 0.06 - 0.02 0.08 0.02 0.10 0.10 0.10 - 0.00 0.46 0.07 0.01 0.02 - 0.01 0.03 0.02 0.02 0.02 0.16 + 0.09 0.10 0.16 0.08 0.01 0.02 - 0.01 0.04 0.03 0.02 0.06 0.09 + 0.03 0.35 0.10 0.06 0.05 0.12 + 0.01 0.15 0.12 0.11 0.02 0.03 + 0.01 0.08 0.04 0.02 0.01 0.03 + 0.02 0.03 0.03 0.01 0.01 0.03 - 0.01 0.08 0.04 0.03 0.06 0.14 - 0.01 0.23 0.15 0.12 0.18 0.41 + 0.02 0.43 0.41 0.39 0.02 0.09 + 0.02 0.10 0.10 0.07 0.01 0.07 + 0.01 0.07 0.07 0.05 0.10 0.08 0.09 - 0.01 1.50 0.08 0.01 0.02 + 0.01 0.02 0.02 0.01 0.18 0.45 + 0.02 0.50 0.45 0.42 0.12 0.34 - 0.01 0.38 0.35 0.33 1.89 6.22 + 0.80 5.83 6.25 5.23 1.38 4.95 + 0.69 4.65 4.99 4.13 5.84 5.54 5.62 - 0.06 10.11 3.66 0.03 0.06 + 0.01 0.18 0.07 0.00 0.05 0.09 + 0.02 0.17 0.10 0.07 0.01 0.24 + 0.02 0.23 0.25 0.20 0.09 0.29 - 0.02 0.33 0.30 0.24 0.08 0.23 + 0.01 0.24 0.24 0.22 0.05 0.06 - 0.02 0.10 0.08 0.06 0.63 0.83 + 0.02 2.61 0.83 0.79 0.47 0.65 + 0.01 2.20 0.66 0.62 0.00 0.00 + 0.00 0.01 0.00 0.00 0.08 0.20 + 0.01 0.20 0.20 0.19 0.02 0.09 + 0.01 0.15 0.11 0.08
W-Z
BID-ASK — APRIL 25–29, 2016
12-MONTH
STOCK
EXC BID ASK LAST HIGH
LOW
STOCK
37 Capital One Acme Res Corp Afrasia Mnls Aftermath Slvr Alberta Star Alchemist Mng Alderon Iron* Alexandra Cap Alpha Nat Res* Altan Nev Mnls Altitude Res Amanta Res Amer Vanadium Anglo Pac Grp Anthem United Antipodes Gold APAC Res Inc Appalaches Res Appia Energy Apple Cap Inc Arch Coal* Arrowhead Gold Arrowstar Res Artha Res Asbestos Corp Asher Res Asia Now Res Astar Mnls Astorius Res Ateba Res Atlatsa Res* Aurgent Gold Austin Res Banks Island Bard Vent Barksdale Cap BCGold BE Res Bearclaw Cap Bearing Res Bethpage Cap Big Bar Res Bird River Res Black Bull Res Bluenose Gold Boss Power Bravura Vent Buccaneer Gold Cairo Res Canyon Copper Carrie Arran Cascade Res Cassidy Gold Celeste Mng Celtic Minrls Century Global Chantrell Vent Chimata Gold Chinapintza Mg Clear Mtn Res Cliffs Nat Res* Clydesdale Res Compliance Egy Cougar Mnls Crestwell Res Cresval Cap Cricket Res CWN M’g Acq Deveron Res DGS Mnls DV Resources E-Energy Vent EastCoal Inc
C V V V V C X C N V V V V T V V C V C V N C V V V V V V V C X V V V V V V V V V V V C V V V C V V V V V V V C T V V V V N V V V C V V V V C V V V
0.14 0.01 0.01 0.01 0.16 0.01 0.12 0.03 0.20 0.01 0.02
Enfield Expl Eurotin Finlay Minrls Fire River Gol First Idaho Gentor Res GFM Res Giyani Gold Global Cobalt God’s Lake Res Goldbelt Emp Golden Band Golden Brg Dev Goldstream Mnl Gonzaga Res Gravis Energy Greatbanks Res Green Swan Cap Greenshield Ex Greywacke Expl Harvest Gold Highvista Gold HiHo Silver Homeland Egy Hornby Bay Mnl Interconnect Intl Samuel Ex Iron South Mng JDF Explor Inc Jet Gold Jet Metal Jiulian Res Kairos Cap Kazax Mnls Kenna Res Kestrel Gold La Imperial Lancaster Cap Lions Bay Cap Logan Res Lowell Copper Lucky Mnls Maccabi Vent MacMillan Mnls Mag Copper Mainstream Mnl Manado Gold Masuparia Gold MaxTech Vent MBAC Fertilizr McLaren Res Metallum Res Mezzotin Mnrls Midnight Star MillenMin Vent Milner Con Slv Minsud Res Moag Copper Montego Res Morumbi Res Mountain Lake Mountainstar Nebu Res New Klondike Norsemont Cap NSGold NSS Res Inc Nubian Res Open Gold Oracle Mng Oronova Res Oroplata Res* Otterburn Res
8-10_MAY9_StockTables-BidAsk.indd 10
0.12 0.40 0.01 0.03 0.01 0.05 ... 0.01 0.20 0.22 0.04 0.07 ... 0.40 0.03 ... 0.23 0.24 0.01 0.02 0.07 0.10 0.01 0.02 0.09 0.09 ... ... 0.21 0.40 0.02 0.02 0.03 0.10 0.01 0.01 0.01 ... 0.02 0.06 ... ... 0.01 ... 0.05 0.06 0.13 0.15 0.20 0.30 0.01 0.02 0.01 0.02 0.09 ... 0.01 0.03 ... 0.01 ... ... 0.05 0.10 ... 0.01 0.01 0.01 0.02 0.02 ... 0.01 0.05 0.07 ... 0.34 0.03 0.04 0.01 0.05 0.05 0.08 0.08 0.50 0.05 0.09 ... 0.01 0.01 0.03 0.17 0.20 0.07 0.13 0.02 0.03 0.21 0.30 0.01 0.02 0.05 ... 0.02 0.04 0.01 0.02 ... 0.01 ... ... 0.23 0.28 0.09 0.20 0.03 0.04 0.01 0.02 0.01 0.02 1.45 3.20 0.01 0.02 0.03 0.03 0.01 0.01 0.04 0.10 0.03 0.05 0.01 0.04 0.12 0.50 0.20 0.22 0.04 0.09 0.04 0.04 ... 0.01 0.01 0.01
0.20 0.21 0.02 0.04 0.01 0.02 0.01 0.03 0.20 0.23 0.04 0.08 0.14 0.52 0.03 0.03 0.24 4.16 0.01 0.03 0.06 0.21 0.01 0.09 0.10 1.48 2.05 0.21 0.46 0.02 0.02 0.03 0.11 0.01 0.01 0.02 0.09 0.12 0.58 15.00 0.03 0.07 0.05 0.14 0.12 0.20 0.18 0.30 0.02 0.05 0.02 0.03 0.09 0.16 0.02 0.04 0.01 0.01 0.06 0.45 0.06 0.06 0.01 0.01 0.01 0.17 0.02 0.03 0.01 0.02 0.05 0.13 0.35 0.03 0.04 0.03 0.03 0.05 0.10 0.10 0.10 0.06 0.07 0.01 0.03 0.03 0.17 0.19 0.06 0.08 0.03 0.04 0.21 0.21 0.02 0.12 0.05 0.07 0.02 0.05 0.02 0.04 0.01 0.01 0.01 0.23 0.40 0.09 0.15 0.04 0.13 0.01 0.02 0.01 0.02 1.43 7.17 0.01 0.08 0.03 0.25 0.05 0.15 0.13 0.15 0.04 0.06 0.01 0.04 0.13 0.44 0.24 0.32 0.04 0.06 0.04 0.06 0.01 0.01 0.01 0.01
0.07 1.07 0.14 0.01 0.03 0.01 0.09 0.58 0.03 0.04 0.01 0.13 0.02 0.01 0.09 0.01 0.01 0.06 0.02 0.01 0.01 0.01 0.01 0.03 0.02 0.03 0.03 0.07 0.02 0.01 0.15 0.02 0.02 0.08 0.01 0.05 0.02 0.01 0.01 0.15 0.06 0.01 0.01 0.01 0.98 0.01 0.03 0.03 0.08 0.01 0.01 0.11 0.17 0.02 0.03 0.01 0.01
12-MONTH
EXC BID ASK LAST HIGH LOW
C V V V V V V V V C V V V V V C V V V C V V C V V V V V C V V V V V V V C V V V V V C V C V V V C T C V V C V V V C C V C C V V C V C V V V V O V
... ... 0.01 0.01 0.03 0.13 0.10 1.00 0.03 0.04 0.03 0.05 0.03 0.07 0.09 0.75 0.07 0.14 0.06 0.15 0.01 0.02 0.02 0.07 0.02 0.10 0.02 0.03 0.04 0.04 0.09 0.11 0.02 0.02 0.02 0.08 0.08 ... 0.08 0.10 0.04 0.07 0.07 0.10 ... 0.01 0.01 0.01 0.03 0.08 0.08 0.13 ... 0.01 0.01 0.01 0.02 0.03 0.02 0.04 ... 0.02 0.01 0.01 0.02 0.01 0.14 0.02 0.03 0.02 0.05 0.05 0.10 0.05 0.05 0.04 ... 0.04 0.04 0.04 0.12 0.04 0.05 ... 0.16 0.17 0.20 ... 0.02 0.01 0.01 ... 0.01 0.01 0.01 0.04 0.05 0.05 0.10 0.09 0.14 0.09 0.10 0.02 0.14 0.10 0.30 0.05 0.06 0.05 0.08 ... 0.02 0.02 0.02 0.04 0.08 0.06 0.07 0.10 0.10 0.09 0.16 0.01 0.04 0.01 0.03 0.02 0.03 0.02 0.03 0.02 0.04 0.04 0.06 0.10 0.15 0.12 0.17 0.02 0.02 0.02 0.07 0.01 0.05 0.01 0.01 0.17 0.30 0.27 0.27 0.01 0.03 0.01 0.02 0.09 0.17 0.08 0.11 0.16 0.26 0.26 0.45 0.05 0.06 0.06 0.14 0.10 0.15 0.12 0.14 0.21 0.27 0.27 0.30 0.02 0.03 0.02 0.10 ... 0.01 0.01 0.01 0.01 0.03 0.08 0.05 0.06 0.05 0.09 0.26 0.28 0.26 0.26 0.03 0.04 0.03 0.13 ... 0.01 0.01 0.01 0.03 0.06 0.12 0.12 0.01 0.01 0.01 0.01 0.06 0.15 0.06 0.10 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.04 0.09 0.12 0.09 0.09 ... ... 0.08 0.14 0.07 0.10 0.10 0.25 0.03 0.03 0.03 0.07 ... 0.01 0.01 0.01 ... ... 0.10 0.30 0.01 0.02 0.01 0.03 0.01 0.01 0.01 0.02 0.26 0.31 0.25 0.31 0.06 0.10 0.08 0.08 ... ... 0.20 0.20 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.04 0.06 0.04 0.04 ... ... 0.50 0.50 ... ... 0.20
0.01 0.05 0.02 0.03 0.06 0.01 0.02 0.05 0.01 0.01 0.02 0.01 0.06 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.16 0.01 0.01 0.03 0.05 0.05 0.04 0.02 0.03 0.04 0.01 0.01 0.01 0.08 0.01 0.01 0.04 0.01 0.04 0.12 0.05 0.08 0.05 0.01 0.01 0.03 0.05 0.02 0.01 0.12 0.01 0.06 0.01 0.02 0.06 0.07 0.09 0.02 0.01 0.09 0.01 0.01 0.07 0.03 0.20 0.01 0.01 0.03 0.35
12-MONTH
STOCK
EXC BID ASK LAST HIGH LOW
Oxford Res Pac Arc Res Pac Cascade Pac Potash Pantheon Vent Parallel Mng Pedro Res Philippine Mtl Phoenix Gold Plate Res PNG Gold Portex Mnrls Portofino Res Prize Mng ProAm Expl PUF Vent Inc QMC Quantum Ml Rare Element* Ravencrest Res Razore Rock Res Red Oak Mg Redzone Res Remington Res Remo Res Reva Res Rheingold Expl Rift Valley Rise Res Inc River Wild Exp Rockridge Cap Rodinia Lithm Romulus Res Ross River Rotation Mnls Royal Sapphire Rubicon Mnrls* Samco Gold Savoy Vent Scavo Res Serabi Gold SG Spirit Gold Signal Expl Silver Fields Silver Phoenix Sniper Res Stellar Africa Strata Mnls Sunset Cove Mg Swift Res Talmora Diamd Tearlach Res Teryl Res Corp Thunder Mtn Gd Thunderstruck Tiller Res Tintina Mines Toachi Mg Inc Tolima Gold Tri-River Vent True Grit Res UC Res United Coal Universal Vent Uranium Valley Valterra Res Velocity Mnrls Venerable Vent Viking Gold Wabi Expl Westridge Res Wolfeye Res Zinco Mng
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0.02 0.03 0.01 0.01 0.01 0.02 0.04 0.05 0.11 0.11 0.03 0.03 0.02 0.05 0.05 0.06 ... 0.01 0.05 0.06 0.02 0.02 0.10 0.15 0.06 0.09 0.01 0.02 0.01 0.02 0.02 0.02 0.02 0.02 0.11 0.16 0.01 ... 0.01 0.05 0.01 0.02 0.11 0.25 0.04 0.08 0.08 0.15 0.04 0.09 0.01 ... 0.01 0.06 0.15 0.19 0.01 0.10 0.05 0.08 0.02 0.02 0.08 0.28 ... 0.01 0.03 0.25 0.03 0.05 ... ... 0.02 0.08 ... ... 0.36 0.57 0.08 0.08 0.11 ... 0.03 ... ... 0.01 0.01 0.24 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.01 0.02 0.04 ... 0.01 0.08 0.15 0.01 0.02 0.08 ... 0.02 0.03 0.03 0.10 0.07 0.12 0.24 0.28 ... 0.01 0.03 0.09 0.01 0.05 0.01 0.02 ... 0.01 0.40 ... 0.06 0.13 0.01 0.02 0.08 0.15 0.02 0.05 0.01 0.01 0.04 0.06 0.01 0.02 0.25 ... 0.05 0.07
0.03 0.01 0.01 0.01 0.02 0.05 0.45 0.10 0.13 0.04 0.02 0.04 0.06 0.06 0.01 0.02 0.06 0.21 0.01 0.01 0.06 0.13 0.02 0.05 0.02 0.02 0.02 0.12 0.01 0.03 0.15 0.89 0.01 0.01 0.01 0.08 0.02 0.06 0.12 0.50 0.04 0.05 0.10 0.10 0.05 0.10 0.01 0.05 0.01 0.04 0.18 0.20 0.01 0.01 0.05 0.08 0.01 0.05 0.09 0.16 0.01 0.01 0.04 0.15 0.05 0.05 0.03 1.35 0.02 0.40 0.16 0.36 0.54 0.08 0.10 0.09 0.20 0.04 0.04 0.01 0.03 0.10 0.10 0.01 0.07 0.01 0.05 0.01 0.05 0.01 0.04 0.02 0.07 0.01 0.04 0.08 0.16 0.02 0.02 0.08 0.12 0.02 0.06 0.04 0.09 0.10 0.12 0.24 0.27 0.01 0.01 0.03 0.17 0.01 0.04 0.02 0.03 0.01 0.45 0.45 0.13 0.13 0.02 0.02 0.08 0.20 0.02 0.02 0.01 0.01 0.04 0.06 0.01 0.03 0.25 0.35 0.05 0.08
0.01 0.01 0.03 0.09 0.01 0.01 0.01 0.03
0.06 0.01 0.01 0.01 0.01 0.06 0.01 0.01 0.01 0.06 0.01 0.04 0.02 0.01 0.01 0.11 0.01 0.05 0.01 0.07 0.01 0.02 0.02 0.03 0.02 0.26 0.04 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.05 0.01 0.02 0.03 0.03 0.01 0.03 0.01 0.01 0.32 0.04 0.01 0.05 0.01 0.01 0.02 0.01 0.07 0.01
2016-05-03 7:15 PM
GLOBAL MINING NEWS
THE NORTHERN MINER / MAY 9–15, 2016
11
Empire Rock investigates lithium in Alberta gas fields ALTERNATIVE LITHIUM SOURCE BY TRISH SAYWELL
L
tsaywell@northernminer.com
isa Chapman hopes lithium production in the oil patch will help diversify Alberta’s economy. The president and CEO of Empire Rock Minerals (TSXV: EPR) is steering the junior explorer into the lithium space and acquiring a 70% stake in the early stage Fox Creek project in Alberta. Fox Creek won’t use conventional evaporation ponds to extract and produce lithium carbonate — it would use lithium-enriched brines made as a by-product of petroleum from oil and gas wells. “There are not a lot of people out there who know about Alberta formation water brines,” says APEX Geoscience president Michael Dufresne, who serves as an independent consultant to Empire Rock. “There are many Paleozoic reef complexes in the province that contain vast amounts of [brine] saline formation waters as aquifers with petroleum products. The brines are four to five times the salinity of ocean water and are super saturated with sodium, calcium, potassium and magnesium, along with many other elements.” Currently the petroleum industry treats the brine or formation waters that it extracts as a by-product of pumping oil and/or gas, and injects it back into the ground, which can be time-consuming and expensive. For example, if a petroleum company has 40 to 50 wells, it could treat and reinject as much as 15,000 cubic metres of brine a day. It can cost anywhere from $1 to $2 per barrel of oil to treat the brines. “A big cost of producing petroleum is treating these brines,” Dufresne says in an interview. “It’s a cost centre to the oil and gas guys, and if we could take their wastewater
and clean up the water while producing lithium and other products, we could help them, and make some money … oil and gas companies will be a lot more receptive than in 2011, because they have a lot of cost constraints right now. Because of the oil and gas industry much of the required infrastructure — such as wells, pipelines, water treatment plants, etc. — are already in place.” Dufresne concedes that the technology is “not there yet” and is at least several years away from being commercialized, but notes that companies such as Pure Energy Minerals (TSXV: PE; US-OTC: HMGLF) and Lithium X (TSXV: LIX) are analyzing potential extractive processes with ion adsorption and other techniques to precipitate the salt from the brines.
| Tapping into briney Paleozoic reef complexes
Clayton Valley South lithium brine project, near Silver Peak in Nevada. It also notes that brine samples from Clayton Valley South have been shipped to Posco’s research facility and pilot plant in Korea for process testing. Empire Rock isn’t the only company interested in Alberta’s saline formation water aquifers. Canadian International Minerals (TSXV: CIN) has submitted seven applications for metallic and industrial mineral permits for its Leduc property, which spans 645.1 sq. km. Both Dufresne and Chapman say the timing couldn’t be better for the Albertan economy, which has been devastated by low oil prices and massive layoffs. “What’s happened in Alberta’s oil and gas industry has been heart-
and Alberta Innovates Technology Futures (formerly the Alberta Research Council) could be an ally. “The Alberta government and Alberta Innovates inject a lot of money into research and development,” Dufresne says. That’s one of the ways the oilsands were developed, and there’s money available.” Indeed, the Alberta Geological Survey (AGS) was among the first to identify anomalous lithium in these fluids more than two decades ago. In a 2013 study, the AGS noted that economic concentrations of lithium are known to form in either lithium pegmatite, or in high-lithium brine and clay. The study reported that a few of the world’s oil-field waters also have medium to high lithium content, and noted that several government reports during the
“IT’S A TECHNOLOGY PLAY, AND IT COULD BE ONE OR TWO YEARS, OR IT COULD BE FIVE TO TEN YEARS — BUT THERE’S A TON OF WORK GOING ON.” MICHAEL DUFRESNE PRESIDENT, APEX GEOSCIENCE
“It’s a technology play, and it could be one or two years, or it could be five to 10 years — but there’s a ton of work going on,” Dufresne says. “The whole technology is changing very, very fast, and it’s a much better time now than five years ago, in terms of advancing Alberta as a brine lithium play.” Pure Energy Minerals is working with global technology providers Tenova Bateman and Posco, which have developed lithium-extraction technologies that outperform conventional processes. It notes that Tenova Bateman bench-tested its LiSX technology in February 2015, and is conducting prefeasibilitylevel design work on Pure Energy’s
wrenching,” says Chapman, who was born in the province. “These lithium brines could be a wonderful opportunity to create an industry in that province that will not only create jobs, but develop new sources of green energy, like lithium.” Dufresne adds that Alberta’s new government led by the New Democratic Party is talking a great deal about diversification and job creation. “They need some good news on the green front, and converting old petroleum reservoirs and formation waters into a potential lithium product could be a win for them.” If Empire Rock can get in front of the right people in government, he notes, it will get some support,
mid-1990s showed that lithium values of up to 140 milligrams per litre of lithium in west-central Alberta saline formation waters of the Beaverhill Lake and Woodbend groups, but minimal data was released publicly. Empire Rock’s Fox Creek ground covers parts of producing oil and gas fields hosted in a carbonate reef complex, with a saline formation water aquifer called the “Beaverhill Lake brine.” The brine contains elevated and potentially economic concentrations of lithium, potassium, boron, bromine, calcium, magnesium and sodium. Tests of the Beaverhill Lake brine by Hazen Research has shown that
up to 98% of the lithium, 88% of the bromine, 100% of the boron and 40% of the potassium can be extracted, Empire Rock says. Under the deal announced on April 12, Empire Rock will acquire a 70% interest in Fox Creek, and receive 100% of two private companies in Alberta: Lithium Power and Dominica Energy Minerals. The vendors will receive $100,000 and 1.2 million of Empire’s common shares. The remaining 30% interest in Fox Creek will be held by Blizzard Finance Corp., together with a 2.2% royalty on gross revenue. Once Empire spends the first $2 million on developing Fox Creek, the partners will share the costs on a 70–30 basis. Fox Creek and related property interests are made up of 42 industrial and metallic mineral permits, and cover 3,550 sq. km. “This is a large property, it’s massive, so we’re excited about it,” Chapman says. “We’re looking forward to rolling up our sleeves and getting to work.” News of its Fox Creek acquisition on April 12 sent the junior’s shares up 69% to 13.5¢. At press time, Empire Rock traded at 26.5¢ per share. In addition to Fox Creek, Empire Rock owns the Buck Lake platinumpalladium-nickel project, 100 km northwest of Thunder Bay and 25 km west of North American Palladium’s (TSX: PDL; US-OTC: PALDF) Lac des Îles palladium mine. It also owns an interest in the Graphite West hydrothermal graphite exploration target, northwest of Hearst, Ont., near Zenyatta Ventures’ (TSXV: ZEN) Albany graphite project, and the Gwyn Lake gold property in the BeardmoreGeraldton gold belt near Thunder Bay. TNM
A satellite image of SemGroup’s Kabob South gas plant in Fox Creek, Alberta, which includes water-handling ponds, where waste brine is treated before reinjection into the subsurface. EMPIRE ROCK MINERALS
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2016-05-03 7:44 PM
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2016-05-03 7:16 PM
GLOBAL MINING NEWS
THE NORTHERN MINER / MAY 9–15, 2016
13
Brazil Resources delivers first resource for Island Mountain Victoria Gold president and CEO John McConnell at the Dublin Gulch gold project in the Yukon. PHOTO BY MATTHEW KEEVIL.
Thomas Kaplan fund invests in Victoria Gold YUKON
| Dublin Gulch project attracts $24M in private equity
BY TRISH SAYWELL
B
tsaywell@northernminer.com
illionaire Thomas Kaplan has a thing for the Yukon. His Electrum Strategic Opportunities Fund L.P. — a mining-focused, private equity fund that is one of the investment arms of his privately held Electrum Group — is investing in Victoria Gold (TSXV: VIT) and its Dublin Gulch gold project, marking the entrepreneur’s third investment in a mining project in the Canadian federal territory. The New York-based global natural resources investment management company already has stakes in Kaminak Gold’s (TSXV: KAM) Coffee gold project and Wellgreen Platinum’s (TSX: WG; US-OTC: WGPLF) Wellgreen platinum group metals and nickel project. Under the latest deal, Electrum is investing $24 million (80,000 units of Victoria Gold at 30¢ per unit) for a 13.6% stake in the junior. It also has the right to nominate one person to the company’s board of directors and participate in any future equity offerings to keep its pro-rata shareholding. In addition, Sun Valley Gold LLC, an existing shareholder, has agreed to subscribe for 20 million units and increase its ownership in the company to 18%. The money from both the Electrum and Sun Valley investments announced on April 20 will be used to continue exploration and development of the project’s Eagle gold deposit. Victoria Gold’s president and CEO John McConnell could not be reached for comment before press time. Victoria Gold says the fully permitted, shovel-ready Eagle deposit will be the Yukon’s next operating gold mine and the largest in the territory’s history. Eagle Gold is part of the Dublin Gulch project, 375 km north of Whitehorse and 85 km from the town of Mayo in central Yukon. The deposit is part of the Tintina gold belt, a tectonically thickened, gold-rich rock package north of the Tintina fault that cuts east–west across the Yukon. The proposed mine will produce doré from a conventional openpit operation with a three-stage crushing plant, in-valley heap leach and carbon-in-leach adsorptiondesorption gold recovery plant. The deposit has indicated resources (including probable reserves) of 222 million tonnes averaging 0.68 gram gold per tonne for 4.9 million contained oz. gold, and another 78 million tonnes averag-
1 2 3 4 5 11 13 14 16_MAY9_Main .indd 13
ing 0.60 gram gold for 1.5 million oz. gold in the inferred category. Victoria Gold has started work on updating a feasibility study completed in 2012 that was based on economic inputs from the fourth quarter of 2011 (which estimated construction and working capital costs of $400 million and production of 212,000 oz. gold a year.) The company says that events over the last 18 months have enhanced the project’s economics, including a weaker Canadian dollar, lower fuel and equipment costs, and a changed labour environment. It also received a water-use licence, which is the final permit that it needs to build and operate the project. The updated feasibility will also incorporate a maiden resource for the Olive satellite zone, adding a second heap-leach pad to accommodate lower-grade, run-of-mine ore, and examine capital cost savings. Victoria Gold has started an 8,000-metre diamond drilling program on its Olive-Shamrock target, within walking distance of the Eagle gold deposit, or 2 km from the mill site. Three drill rigs are turning on the property. The company has also partnered with SGS Minerals to provide a mobile on-site prep lab for more timely assay results. About $3.6 million has been earmarked for its exploration program this year at Olive-Shamrock. In addition to the drill program, Victoria Gold will undertake surface trenching and geophysical surveys, with a focus on previously underlined areas linking Olive and Shamrock mineralization. The program aims at expanding the strike length of confirmed nearsurface, high-grade gold mineralization within the Olive-Shamrock shear zone trend and target the previously untested, 300-metre separation zone between the Olive and Shamrock targets. A 3-D induced polarization geophysical survey in 2014 defined several large changeability anomalies. Metallurgical testing completed last year indicated that the highgrade zone is amenable to Eagle heap-leach recovery at the same crush size as Eagle’s project feed. Victoria Gold acquired the project in 2009 when it took over StrataGold. Since then it has drilled over 57,000 metres of exploration and development drilling on the property, and more than doubled the Eagle gold resource, as well as identified gold and silver targets along a 13 km gold-silver mineralization belt known as the “Potato Hills” trend. The property also hosts the Wolf tungsten deposit. TNM
B
ALASKA
| Two deposits host combined 7.2M equiv. oz. gold
razil Resources (TSXV: BRI; US-OTC: BRIZF) hasn’t wasted any time since acquiring the Whistler gold-copper project last year from prospect generator Kiska Metals (TSXV: KSK; US-OTC: KSTKF) in an all-share deal worth $1.6 million. Within two months of the purchase in July 2015, Brazil Resources had updated the historic resource on the project’s Whistler deposit to a National Instrument 43-101 compliant standard, outlining 2.25 million equivalent oz. gold in the indicated category and 3.35 million equivalent oz. gold in inferred. But the deposit, 150 km northwest of Anchorage, is just one of several deposits and prospective areas on Whistler's 170 sq. km land package, an area in the Yentna mining district that the company believes is underexplored, and offers potential for expansion. The Whistler project hosts several nearby gold-copper porphyry targets similar to the Whistler deposit that could increase the resource base. The company has released a maiden resource on the Island Mountain gold-copper porphyry, 23 km south of the Whistler deposit. Island Mountain hosts multiple porphyry centres, including the Breccia, Cirque, Howell and Super Conductor zones that occur within 9 sq. km. The deposit outcrops on the southwestern slope of Island Mountain and has been drilled over a 300-metre strike length, and to 450 metres deep. The deposit is 400 metres wide and is open to depth and to the north, where surface mapping, geochemistry and geophysics have identified coincident hydrothermal breccia, multi-element geochemical and magnetic anomalies for another 400 metres north. At a 0.30-equivalent-gram-gold cut-off grade, indicated resources measure 25.8 million tonnes grading 0.53 gram gold per tonne, 1.16 grams silver per tonne and 0.1% copper, or 0.54 equivalent gram gold for 440,000 equivalent oz. gold. Inferred resources add 69.2 million tonnes averaging 0.51 gram gold, 1.07 grams silver and 0.1% copper, or 0.51 gram equivalent oz. gold for 1.13 million equivalent oz. gold. Brazil Resources notes that when combined with the resource at the Whistler deposit (79.2 million tonnes grading 0.51 gram gold, 1.97 grams silver, 0.2% copper of indicated and 145.8 million tonnes of inferred grading 0.40 gram gold, 1.75 grams silver and 0.2% copper), the two deposits add up to 2.69 million equivalent oz. gold in the indicated category and 4.48 million equivalent oz. gold in the inferred. Of the 70,000 metres drilled by previous owners, 19,870 metres, or 48 holes, were completed at the Whistler deposit. The company notes that other porphyry centres at the project have mineralized intersections similar to these deposits, such as Raintree West, Raintree North, Raintree South, Rainmaker and Cirque. The Raintree and Rainmaker mineralization is less than 3 km from the Whistler deposit. Other targets at the project are Whistler Orbit, a 25 sq. km area of quartz-sericite-pyrite alteration that is peripheral to several mineralized porphyry deposits
The core shack at Brazil Resources’ Whistler gold-copper project in Alaska. BRAZIL RESOURCES
and targets east of the Whistler deposit, and Muddy Creek, an intrusion-related gold target consisting of quartz-sulphide veins that are hosted within intrusive phases of the Estelle Composite Intrusive Suite. Historic reconnaissance rock-soil geochemistry and geophysics has outlined multiple gold anomalies (Discovery Creek, Phoenix Creek, Arseno Knob and Bonanza) over 5.5 sq. km, 18 km southwest of the Whistler deposit. The company says future drill programs will focus on delineating higher-grade, near-surface zones at the Whistler and Island Gold deposits, expanding the resource and developing a better understanding of the size potential of
nearby targets. The Whistler project has an allseason camp 2.7 km east of the Whistler deposit, with a gravel airstrip, 38-kilowatt diesel generator, water well, septic system and fuel-storage facility. A 6 km access road connects the camp with the Whistler deposit and Whistler Orbit. Brazil Resources says it continues to “evaluate resource-stage projects in the Americas for potential acquisition.” The company also owns the Rea uranium project in the western Athabasca basin of northeastern Alberta, and two gold projects in Brazil’s Para state: Cachoeira and Sao Jorge. TNM
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Primero focuses on improving safety at San Dimas MEXICAN GOLD & SILVER
| Q1 production off 51% at San Dimas as new work plan takes hold a cut-and-fill stope in the mine’s Central Block area. Primero has committed to what it calls “a transformational shift in attitude towards a safety culture committed to a workplace free of accidents.” Metallurgical engineer Ernest Mast was promoted as president and CEO in February, while former CEO Joseph Conway moved to the position of executive-vice chairman. Primero says it is pushing for safety because “no person should advance any face under unsupported ground.” To enforce this rule the company has retrofitted active areas of the mine with standards for ground support, in accordance with Ontario mining regulations. The step led to restricted access to
BY MATTHEW KEEVIL
F
An unde g ound sa e y and coo d na on mee ng n P me o M n ng s San D mas M O M N NG go d s ve m ne 125 km no heas o Maza an Mex co
mkeevil@northernminer.com VANCOUVER
rom the perspective of meta l output, Primero Mining (TSX: P; NYSE: PPP) had a disappointing start to 2016, but the drop in quarterly gold-silver production is for a good reason: workplace safety. The company has had what it calls an “unacceptable” safety record at its San Dimas underground operation, 125 km northeast of Mazatlan, Mexico, with five deaths reported at the site over the past five years. The most recent incident occurred in December, when miner Enrique Ortiz lost his life preparing for ground-support installation in
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Barrick investors revolt against $11.9m bonus
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By Gwen Preston in vancouver and trish saywell in toronto
In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion MEXICdollar overrun at its O flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, 4 20 changed its11-15 chief executive officer and seen its share price sliced in half. So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million. The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record. “This compensation is inconsistent with the governance principle of pay-for-performance the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada. and is therefore disproportionate setstheawestern troubling preceSleeper was one of the lowest-cost Sleeperand lies within Site ViSit gold mines in the world, and Para- reaches the northern Nevada capital mardentof in Canadian mount believes the old mine has a rift, specifically along the SlumBy matthew keevil kets,” the consists group said in a bering Hills, which of WINNEMUCCA, NEV. — For Nev- robust future. Sipping coffee inside Para- Mesozoic meta-sedimentary rocks ada-based explorer Paramount statement. As a group these funds Gold and Silver (PZG-T, PZG-X), mount’s headquarters in the min- of the Auld Lang Syne group and granitic intrusions. there’s a lot to be said for making ing town of Winnemucca, vice- Cretaceous collectively manage over $900 something old new again. In mid- president of exploration Glen van Mineralization at Sleeper falls into billion in assets. main categories, including: 2010 the company picked up the Treek, who joined Paramount four
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By matthew keevil
Knowledge is Golden™ www.rivres.com
11-15
Capital’s
Ana Paula
gold project
in Mexico’s
Four muy silver stockcaliente picks
But Barrick founder and chairman Peter Munk vigorously defended Barrick’s decision at the company’s annual general meeting on April 24. “I convinced the board,” he told the standing-room-only crowd at the Metro Toronto Convention Centre. “If you want to give anyone hell, give it to me.” Munk argued that the new paradigm of mounting resource nationalism requires a brand-new approach to government contacts. And he said that the challenges of protecting the company’s assets — “90% of which, to the tune of $40 billion, are in 23 different countries” — meant that the company needed someone of Thornton’s exceptional calibre and “unique credentials,” leverage and access to some of the world’s most important power brokers. “We believe that pay should be tailored to achievements, that pay should come after performance,” Munk said. “It was hard to have someone paid on performance if he would not have been able to join to perform. So we had a bit of a chicken and an egg situation . . . sometimes you have to do things See Barrick, Page 3
source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter. Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna. The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide. Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees. “We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform See EdGEwatEr, Page 18
Guerrero
gold belt.
How Mexico mantle as a top reclaimed its mining nation April 29-May
BY ALISHA
PICKS,
Edgewater uncovers gold at Corcoesto in Galicia
LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years. Now Edgewater stands poised on the development threshold, having pulled together a gold re-
TSX-V:RRI
Pages
Newstrike
To discern HIYATE the winners crowded Price target: field from holding of companiesa (Campbell) $3.55 (Doulis); mines projects and development $4.25 Rating: Miner in Mexico, The SpeculativeOutperform asked Northern (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent
price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Both analysts Securities, country. best stock picked nior SilverCrest bets in resilient the SVLC-X) While juthe analysts’ Mines have all as one (SVL-V, price Mexico-focused of their because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the picks will they believe open-pit, Santa mine in northwest Elena gold-silver their companies.outperform state into their peer Mexico’s production Sonora This year, in July SilverCrest 2011. churn out SilverCrest Mines expects Analysts: 2.4 million silver (579,000 Christos equivalent to cap Securities; Doulis, oz. silver oz. gold) oz. StoneNicholas and 33,500 Canaccord per oz. at a cash cost Campbell, Genuity silver, of US$8.50 with production creasing to 4.6 million inSee STOCK equivalent
Endeavour Bradford Silver’s shares his Cooke recipe
Barrick investors revolt against $11.9m bonus By Gwen Preston in vancouver
In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar overrun at its flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, changed its chief executive officer and seen its share price sliced in half. So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million. The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record. “This compensation is inconsistent with the governance principle of pay-for-performance and is therefore disproportionate and sets a troubling precedent in Canadian capital markets,” the group said in a statement. As a group these funds collectively manage over $900 billion in assets.
El Tigre Silver Sees a bright future in old tailings
5, 2013
NEWSTRIKE
CAPITAL
Page 14
A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico. BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — any other is excellent, Endeavour spending EndeavourAs founder are incredibly and the and T, EXK-N), president try in 2012,Latin American than is food Silver ton are friendly likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDR- Earlier counbased to come. producers SNL Metals to Halifaxsuperlatives, sulting that At least leads this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern capturing consums up sat down two mines Peter Mexican (FVI-T, total an idea into Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwideabout 6% of the silver of how with Cooke to erations large and profitable a rural ton, working after in just per; and Mining (CS-T),silver; kid from get cades, explorationnon-ferrous op- izingAlta., became eight With the $21.5 billion. despite almost four Hina leader cop(AEM-T, Agnico-Eagle budget purchase years. Mexico’s derelated derachieving in revitalAEM-N), of said violence frequent drugMines Mining silver sector. of a third protests. and companies gold — they are mine, un- ‘I plans to pected Endeavour have Megaw, anti-mining repeat got hooked’ panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand The attraction with its MAG in geology in his final year of a and high-potential ing to Silver growing in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordis partly The marketsat Queen’s of So how land packages. Uniologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chamsuch success? mergers Mexico tions been instrumental Ge- discovery near-term metal such demand geology and acquisitop s achieve ( is the Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several cracked v e r p r o d u in the Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. with silver producing Mining’s of top-10, a n d de- Resources His colleagues takeover See ENDEAVOUR, goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security N) bestingMines (CDM-T,Coeur year, have fallen Although it. Mexico risk First CDEsilver hard (FR-T, attracted US$30 was tradingthis AG-N) Majestic Silver in Silver US$1,657per oz. and at (OK-V). its bid for Orko gold And more per oz. 2012, compared at the end at M&A of to US$17 See MEXICO, and
paramount orchestrates a golden revival at Sleeper An Evolution
in High-Grade
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Photo by MAtthew Keevil
past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time
after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.
B2Gold hits new gold at developing Otjikoto mine By Gwen Preston
VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals. And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation. Otjikoto sits 300 km north of the Namibian capital of Windhoek. The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home
to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014. Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year. Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit. Using historic data and a few drill See B2GoLd, Page 3
But Barrick founder and chairman Peter Munk vigorously defended Barrick’s decision at the company’s annual general meeting on April 24. “I convinced the board,” he told the standing-room-only crowd at the Metro Toronto Convention Centre. “If you want to give anyone hell, give it to me.” Munk argued that the new paradigm of mounting resource nationalism requires a brand-new approach to government contacts. And he said that the challenges of protecting the company’s assets — “90% of which, to the tune of $40 billion, are in 23 different countries” — meant that the company needed someone of Thornton’s exceptional calibre and “unique credentials,” leverage and access to some of the world’s most important power brokers. “We believe that pay should be tailored to achievements, that pay should come after performance,” Munk said. “It was hard to have someone paid on performance if he would not have been able to join to perform. So we had a bit of a chicken and an egg situation . . . sometimes you have to do things See Barrick, Page 3
early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels. During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially
Edgewater uncovers gold at Corcoesto in Galicia
4
Pages Newstrike
Site ViSit
By matthew keevil
LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years. Now Edgewater stands poised on the development threshold, having pulled together a gold re-
source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter. Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna. The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide. Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees. “We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform
MEXICO
11-15
Capital’s
Ana Paula
gold project
in Mexico’s
Four muy silver stockcaliente picks Guerrero
STOCK
PICKS,
TSX-V:RRI
How Mexico mantle as a top reclaimed its mining nation April 29-May
5, 2013
NEWSTRIKE
CAPITAL
11-15
SilverCrest
Mines Analysts: Christos cap Securities; Doulis, StoneNicholas Canaccord Campbell, Genuity
Endeavour Bradford Silver’s shares his Cooke recipe
Knowledge is Golden™ www.rivres.com
gold belt.
BY ALISHA
To discern HIYATE the winners crowded Price target: field from holding of companiesa (Campbell) $3.55 (Doulis); mines projects and $4.25 Rating: in Mexico, development Miner The Northern SpeculativeOutperform asked (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Both analysts Securities, country. best stock picked nior SilverCrest bets in resilient the While SVLC-X) juthe analysts’ Mines have all as one (SVL-V, price Mexico-focused of their because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the picks will they believe open-pit, Santa mine in their northwest Elena gold-silver companies.outperform state into their peer Mexico’s production Sonora This year, in July 2011. churn out SilverCrest expects 2.4 million silver (579,000 equivalent to oz. silver oz. gold) oz. and 33,500 per oz. at a cash cost silver, of US$8.50 with production creasing to 4.6 million inequivalent See
20
Page 14
A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico. BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — any other is excellent, Endeavour spending EndeavourAs founder are incredibly and the and T, EXK-N), president try in 2012,Latin American than is food Silver ton are friendly likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDR- Earlier counbased to come. producers SNL Metals to Halifaxsuperlatives, sulting that At least leads this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern capturing consums up sat down two mines Peter Mexican (FVI-T, total an idea into with Cooke Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwideabout 6% of the silver of how erations large and profitable to a rural ton, working after in just per; and Mining (CS-T),silver; kid from get cades, explorationnon-ferrous op- izingAlta., became eight With the $21.5 billion. Hindespite almost four copa leader (AEM-T, Agnico-Eagle budget Mexico’s purchase years. derelated derachieving in revitalAEM-N), of said violence frequent drugMines Mining silver sector. of a third protests. companies and gold — they are mine, un- ‘I plans to pected Endeavour have Megaw, anti-mining repeat got hooked’ panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand The attraction with its MAG in geology in his final year of a and high-potential ing to Silver growing in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordis partly The marketsat Queen’s of So how land packages. Uniologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chamsuch success? mergers Mexico tions been instrumental Ge- discovery near-term metal such demand geology and acquisitop s achieve ( is the Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several cracked v e r p r o d u in the Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. with silver producing Mining’s of top-10, a n d de- Resources His colleagues takeover See ENDEAVOUR, goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security N) bestingMines (CDM-T,Coeur year, have fallen Although it. Mexico risk First CDEsilver hard (FR-T, attracted US$30 was tradingthis AG-N) Majestic Silver in Silver US$1,657per oz. and at (OK-V). its bid for Orko gold per oz. And more 2012, compared at the end at M&A of to US$17 See MEXICO, and
paramount orchestrates a golden revival at Sleeper An Evolution
in High-Grade
Silver
ExcellonResources.com
• Mexico’s Highest Grade Producer • Low Net Cash Costs 800+ g/t Ag $5-7/oz • Optimizing net of by-products Production • CRD/Source-Style Increase Cash Flow and Grow Discovery Mine Life 55M@130 Opportunity g/t
Mexico’s
• Market Excellon
TNM April
29 2013
Issue.indd
Yet to be
Resources
Inc. 20 Victoria
Street,
Valued
Suite 900,
Ag; 3.11%
Discovery
Toronto,
Ontario,
Page 12
La Platosa
Grade
Mine
Silver
Pb; 1.69%
in a Rising
Canada
Highest
Producer
Maiden Ag Resource Due Q2 Strong Cash Position TSX.V: GRG www.goldenarrowresources.com
Zn; 0.075 g/t Au Silver Market
M5C 2N8
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11
Contact:
Brendan Cahill 416 info@excellonresources.com 364 1130
13-04-24
Commentary
Rainforest reclamation done right in Brazil
and trish saywell in toronto
But Barrick founder and chairman Peter Munk vigorously defended Barrick’s decision at the company’s annual general meeting on April 24. “I convinced the board,” he told the standing-room-only crowd at the Metro Toronto Convention Centre. “If you want to give anyone hell, give it to me.” Munk argued that the new paradigm of mounting resource nationalism requires a brand-new approach to government contacts. And he said that the challenges of protecting the company’s assets — “90% of which, to the tune of $40 billion, are in 23 different countries” — meant that the company needed someone of Thornton’s exceptional calibre and “unique credentials,” leverage and access to some of the world’s most important power brokers. “We believe that pay should be tailored to achievements, that pay should come after performance,” Munk said. “It was hard to have someone paid on performance if he would not have been able to join to perform. So we had a bit of a chicken and an egg situation . . . sometimes you have to do things See Barrick, Page 3
El Tigre Silver 4
Sees a bright future in old tailings
Pages Newstrike
By matthew keevil
WINNEMUCCA, NEV. — For Nevada-based explorer Paramount Gold and Silver (PZG-T, PZG-X), there’s a lot to be said for making something old new again. In mid2010 the company picked up the past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time
B2Gold hits new gold at developing Otjikoto mine By Gwen Preston
VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals. And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation. Otjikoto sits 300 km north of the Namibian capital of Windhoek. The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home
to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014. Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year. Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit. Using historic data and a few drill
Site ViSit
source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter. Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna. The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide. Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees. “We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform
By matthew keevil
See EdGEwatEr, Page 18
in Mexico’s
STOCK
Excellon
29 2013
Issue.indd
Yet to be
Resources
Inc. 20 Victoria
Street,
PICKS,
in High-Grade
Valued
Suite 900,
Ag; 3.11%
Discovery
Toronto,
Ontario,
Guerrero
TSX-V:RRI
Knowledge is Golden™ www.rivres.com
gold belt.
How Mexico mantle as a top reclaimed its mining nation April 29-May
5, 2013
NEWSTRIKE
CAPITAL
11-15
Page 14
Silver
ExcellonResources.com
Mexico’s
Highest
Page 12
La Platosa
Grade
Mine
Silver
Pb; 1.69%
in a Rising
Canada
11
Producer
Zn; 0.075 g/t Au Silver Market
M5C 2N8
TSX:EXN
Contact:
Brendan Cahill 416 info@excellonresources.com 364 1130
13-04-24
the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada.
Site ViSit By matthew keevil
WINNEMUCCA, NEV. — For Nevada-based explorer Paramount Gold and Silver (PZG-T, PZG-X), there’s a lot to be said for making something old new again. In mid2010 the company picked up the past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time
By Gwen Preston
VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals. And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation. Otjikoto sits 300 km north of the Namibian capital of Windhoek. The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home
Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions. Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels. During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years. Now Edgewater stands poised on the development threshold, having pulled together a gold re-
gold project
Endeavour Bradford Silver’s shares his Cooke recipe
An Evolution
• Mexico’s Highest Grade Producer • Low Net Cash Costs 800+ g/t Ag $5-7/oz • Optimizing net of by-products Production • CRD/Source-Style Increase Cash Flow and Grow Discovery Mine Life 55M@130 Opportunity g/t
• Market
TNM April
Sleeper was one of the lowest-cost gold mines in the world, and Paramount believes the old mine has a robust future. Sipping coffee inside Paramount’s headquarters in the mining town of Winnemucca, vicepresident of exploration Glen van Treek, who joined Paramount after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.
B2Gold hits new EdgewaterPhoto uncovers by MAtthew Keevil gold at developing Otjikoto mine in Galicia
Sleeper was one of the lowest-cost gold mines in the world, and Paramount believes the old mine has a robust future. Sipping coffee inside Paramount’s headquarters in the mining town of Winnemucca, vicepresident of exploration Glen van Treek, who joined Paramount after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.
Ana Paula
BY ALISHA
SilverCrest
Mines Analysts: Christos cap Securities; Doulis, StoneNicholas Canaccord Campbell, Genuity
paramount orchestrates a golden revival at Sleeper
gold at Corcoesto the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada.
Site ViSit
MEXICO
11-15
Capital’s
Four muy silver stockcaliente picks
To discern HIYATE the winners crowded Price target: field from holding of companiesa (Campbell) $3.55 (Doulis); mines projects and development $4.25 Rating: Miner in Mexico, The SpeculativeOutperform asked Northern (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Both analysts Securities, country. best stock picked nior SilverCrest bets in resilient the While SVLC-X) juthe analysts’ Mines have all as one price Mexico-focused of their (SVL-V, because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the picks will they believe open-pit, Santa mine in their northwest Elena gold-silver companies.outperform state into their peer Mexico’s production Sonora This year, in July 2011. churn out SilverCrest expects 2.4 million silver (579,000 equivalent to oz. silver oz. gold) oz. and 33,500 per oz. at a cash cost silver, of US$8.50 with production creasing to 4.6 million inequivalent See
20
A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico. BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — is excellent, any other Endeavour spending EndeavourAs founder are incredibly and the and T, EXK-N), president try in 2012,Latin American than is food Silver ton are friendly likely With theseis delicious.” a big part Godfrey Walaccording a company Bradford Cooke(EDR- Earlier counbased to come. producers SNL Metals to Halifaxsuperlatives, sulting that leads At least this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern concapturing sums up sat down two mines Peter Mexican (FVI-T, total an idea into with Cooke Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwideabout 6% of silver of erations large and profitable the per; to get Mining silver; ton, Alta., how a rural kid working after in just explorationnon-ferrous cades, and (CS-T), eight opfrom Hinbecame With the $21.5 billion. despite almost four izing Mexico’s a leader cop(AEM-T, Agnico-Eagle budget purchase years. derelated derachieving in revitalof said AEM-N), violence frequent drugMining of a third silver sector. Mines protests. and companies gold — mine, they are un- ‘I plans to pected Endeavour Megaw, anti-mining have got hooked’ repeat panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand with its The attraction MAG in geology in his final year of a and high-potential ing to Silver growing in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordThe marketsat Queen’s is partly of So how land packages. Uniologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in such success? chammergers Mexico tions been instrumental Ge- discovery near-term metal such demand geology and acquisitop s achieve ( is the Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several in the cracked v e r p r o d u Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. silver with producing Mining’s deof top-10, a n d His colleagues See ENDEAVOUR, Resources takeover goldfirst time countries must agree of Cerro in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security Although have N) bestingMines (CDM-T,Coeur it. Mexico fallen year, risk First CDEsilver hard (FR-T, attracted U S$30 was tradingthis AG-N) Majestic Silver in Silver per oz. US$1,657 (OK-V). its bid for Orko at a And more per oz. nd gold 2012, M&A compared at the end at of to US$17 See MEXICO, and
Barrick investors revolt against $11.9m bonus By Gwen Preston in vancouver
In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar overrun at its flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, changed its chief executive officer and seen its share price sliced in half. So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million. The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record. “This compensation is inconsistent with the governance principle of pay-for-performance and is therefore disproportionate and sets a troubling precedent in Canadian capital markets,” the group said in a statement. As a group these funds collectively manage over $900 billion in assets.
THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com
5:28 PM
$3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915
See ParaMount, Page 2
PM40069240 – PAP Registration #09263
THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com
El Tigre Silver Sees a bright future in old tailings
to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014. Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year. Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit. Using historic data and a few drill See B2GoLd, Page 3
5:28 PM
Photo by MAtthew Keevil
Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions. Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels. During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially
Maiden Ag Resource Due Q2 Strong Cash Position TSX.V: GRG www.goldenarrowresources.com
Commentary
Rainforest reclamation done right in Brazil $3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915
Barrick investors revolt against $11.9m bonus
THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com
El Tigre Silver 4
Sees a bright future in old tailings
Pages Newstrike
MEXICO
11-15
Capital’s
Ana Paula
gold project
in Mexico’s
Four muy silver stockcaliente picks Guerrero
STOCK
PICKS,
TSX-V:RRI
How Mexico mantle as a top reclaimed its mining nation April 29-May
5, 2013
NEWSTRIKE
CAPITAL
11-15
SilverCrest
Mines Analysts: Christos cap Securities; Doulis, StoneNicholas Canaccord Campbell, Genuity
Endeavour Bradford Silver’s shares his Cooke recipe
Knowledge is Golden™ www.rivres.com
gold belt.
BY ALISHA
To discern HIYATE the winners crowded Price target: from field holding of companiesa (Campbell) $3.55 (Doulis); mines projects and $4.25 Rating: in Mexico, development Miner The Northern SpeculativeOutperform asked (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Securities, Both analysts country. best stock picked nior SilverCrest bets in resilient the While SVLC-X) juthe analysts’ Mines have all as one (SVL-V, price Mexico-focused of their because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the they believe picks will open-pit, Santa mine in northwest Elena gold-silver their companies.outperform state into their peer Mexico’s production Sonora This year, in July 2011. churn out SilverCrest expects 2.4 million silver (579,000 equivalent to oz. silver oz. gold) oz. and 33,500 per oz. at a cash cost silver, of US$8.50 with production creasing to 4.6 million inequivalent See
20
Page 14
A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN state, Mexico. is BY GWEN litically, support for VANCOUVER PRESTON more exploration mining the MAG SILVER pothe people geology is CEO of — As founder any other Endeavour spending Endeavour are incrediblyexcellent, and the and T, EXK-N), president try in 2012,Latin American than food Silver ton are friendly is likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDRcounto come. based Earlier producers SNL Metals to Halifaxsuperlatives, that At least leads this year, of the answer. sulting small, Group, geologist Miner sat — Fortuna three defunct has turned Mines Economics capturing contwo mines down withThe Northern sums up why Peter Mexican (FVI-T, total an idea into Megaw Capstone worldwideabout 6% of FSM-N), Silver Cooke he silver of erations large and profitable the metals to get in Mexico after is still working ton, Alta., how a rural kid in just per; and Mining (CS-T),silver; explorationnon-ferrous almost from Hin- cades, despite became opeight With the $21.5 billion. izing Mexico’s four dea leader cop(AEM-T, Agnico-Eagle budget purchase years. in revital- related violence frequent derachieving of silver sector. Mining of a third said they AEM-N), gold Mines drugprotests. companies and unmine, plans to pected — have are considering Endeavour ‘I got Megaw, anti-mining repeat panding to invest were International hooked’ potentially the process president Mexico $7.6 billion exexects in their portfolio in — and In 1976, Cooke Exploration Development of silver majorattract the attention Mexico. what they 2012, more than in of projwas of a B.Sc. and co-founderand The attraction with its MAG of a in geology in his final year and high-potential ing to the spent in 2010, double Silver growing result at Queen’s output versity. The is an expert (MAG-T, Mexican of accordis partly of So how ber. Recent land packages. markets Uniologists mining the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chammergers such success? Mexico tions been instrumental Gemetal geology such demand and acquisitop s achieve near-term grads ( is the discovery Bradford il includedM & A ) a c t world’s that job offers were Cooke of several cracked v e r p r o d u in the posits Primero i v i t y h a s and at Christmas.flooded with cer (P-T, PPP-N) the list there. silver producing Mining’s of top-10, a n d deHis colleagues See ENDEAVOUR, Resources takeover goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security Although have N) bestingMines (CDM-T,Coeur it. Mexico fallen yea r, risk First CDEsilv er hard (FR-T, attracted this US $ 3 0 wa s tra AG-N) Majestic Silver in Silver ding US$1,657p er oz. an (OK-V). its bid for Orko d go ld a t And more per oz. 2012, M&A compared at the end at of to US$17 and See MEXICO,
paramount orchestrates a golden revival at Sleeper An Evolution
in High-Grade
Silver
ExcellonResources.com
• Mexico’s Highest Grade Producer • Low Net Cash Costs 800+ g/t Ag $5-7/oz • Optimizing net of by-products Production • CRD/Source-Style Increase Cash Flow and Grow Discovery Mine Life 55M@130 Opportunity g/t
Mexico’s
• Market Excellon
TNM April
29 2013
Issue.indd
Yet to be
Resources
Inc. 20 Victoria
Street,
Valued
Suite 900,
Ag; 3.11%
Discovery
Toronto,
Ontario,
Highest
Page 12
La Platosa
Grade
Mine
Silver
Pb; 1.69%
in a Rising
Canada
11
Producer
Zn; 0.075 g/t Au Silver Market
M5C 2N8
TSX:EXN
Contact:
Brendan Cahill 416 info@excellonresources.com 364 1130
13-04-24
5:28 PM
By Gwen Preston in vancouver and trish saywell
See ParaMount, Page 2
the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada.
PM40069240 – PAP Registration #09263
Site ViSit By matthew keevil
WINNEMUCCA, NEV. — For Nevada-based explorer Paramount Gold and Silver (PZG-T, PZG-X), there’s a lot to be said for making something old new again. In mid2010 the company picked up the past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time
Edgewater uncovers gold at Corcoesto in Galicia Site ViSit
By matthew keevil
LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years. Now Edgewater stands poised on the development threshold, having pulled together a gold re-
source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter. Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna. The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide. Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees. “We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform See EdGEwatEr, Page 18
Sleeper was one of the lowest-cost gold mines in the world, and Paramount believes the old mine has a robust future. Sipping coffee inside Paramount’s headquarters in the mining town of Winnemucca, vicepresident of exploration Glen van Treek, who joined Paramount after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.
B2Gold hits new gold at developing Otjikoto mine By Gwen Preston
VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals. And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation. Otjikoto sits 300 km north of the Namibian capital of Windhoek. The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home
to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014. Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year. Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit. Using historic data and a few drill
Photo by MAtthew Keevil
Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions. Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels. During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially See ParaMount, Page 2 PM40069240 – PAP Registration #09263
See B2GoLd, Page 3
See ParaMount, Page 2 PM40069240 – PAP Registration #09263
Empower Your Team With Analysis From The Northern Miner See EdGEwatEr, Page 18
See B2GoLd, Page 3
THERE HAVE BEEN FIVE DEATHS REPORTED AT SAN DIMAS IN THE PAST FIVE YEARS. “certain portions of the mine and provisions for new access points to specific areas, impacting the first-quarter mine plan.” Due to the more stringent focus on safety regulations for ground support, mining of certain highgrade stopes was deferred. As a result, Primero’s companywide first-quarter production fell 41% year-on-year to 36,158 equivalent oz. gold. Total output at San Dimas was down 51% to 22,901 equivalent oz. gold, while production at the Black Fox mine in Ontario was relatively f lat at 13,257 oz. gold. Since access to certain areas of San Dimas has been restricted, Primero had to limit throughput at its mill to 1,600 tonnes per day. The company reported that it had re-established throughput levels to 2,500 tonnes per day in April, and intends to return to its original plan of 3,000 tonnes per day by year-end. After the first-quarter shortfall and safety revisions, Primero cut its annual guidance to between 230,000 and 250,000 equivalent oz. gold, with all-in sustaining costs expected between US$975 and US$1,025 per oz. gold. The company had expected to crank out between 260,000 and 280,000 equivalent oz. gold at all-in sustaining costs of US$875 per oz. gold. The greater anchor on Primero’s stock price, however, is likely an outstanding legal claim filed by Mexican tax authorities. In early February the company reported it had received a notice from Mexico’s Servicio de Administracion Tributaria seeking to nullify an advance pricing agreement (APA) issued in 2012, which outlines the basis for paying taxes on realized silver prices for the years 2010 to 2014. BMO Capital Markets analyst Brian Quast wrote at the time of the announcement that “if a new tax regime is imposed where Primero must pay tax based on the spot price of silver, not the realized price, we estimate that the incremental tax liability could be US$20 million to US$40 million per year, depending on the silver price at the time.” Meanwhile, Canaccord Genuity analyst Rahul Paul agreed that the “main overhang” on Primero’s share price was the Mexican government’s move to nullify the 2012 APA ruling. Canaccord has a “hold” rating on the company and a $2.64-pershare target price. “While the guidance revision is unfortunate, we highlight the fact that the production shortfall does not materially impact our longerterm value for San Dimas, as we still consider it a strong and robust operation. However, we believe the market could respond negatively to the [first-quarter] miss and guidance revision,” Paul said in an April 18 research note. Primero has traded within a 52week window of $1.93 to $5.51, and lost nearly 40% since news of the Mexican tax issue en route to a $2.19-per-share close at press time. The company has 165 million shares outstanding for a $376-million market capitalization. TNM
2016 05 03 7 45 PM
GLOBAL MINING NEWS
THE NORTHERN MINER / MAY 9–15, 2016
Mine Planning Engineer / Technician British Columbia, Canada
General Manager, Long Harbour Operations Mount Arlington Heights, Newfoundland & Labrador
15
Sr. Specialist, Environmental Affairs Saskatoon, SK, Canada
In this role, you will use your expertise to provide complex specialist un-
As the General Manager, Long Harbour Operations, you are responsible
The sr. specialist, environmental affairs will be an effective and strong
derground planning services that support quarterly and annual projections.
for providing leadership and direction for a team of over 400 individuals.
problem solver, collaborator and communicator that is able to lead teams
Your responsibilities will encompass all aspects of the mine’s value chain,
Reporting to the Vice-President of Operations, you are responsible for
with multiple departments and personalities to achieve business objectives.
from mining reserves and resources to the production of quality ore for
continuing the safe production ramp-up of the LHPP and ensuring
The sr. specialist will have strong technical expertise, advanced skills in
processing.
that systems and process management procedures are developed, imple-
data compilation and analysis and will have demonstrated strong oral and
mented and standardized to secure the current and long-term success of
written communication skills.
the facility.
Geotechnical Engineer Rainy River, Ontario,
Do you want to be part of the development and start-up of one of Canada’s premier mining operations? We are looking for dynamic individuals to join our team and live in our community as we pursue this exciting project. A competitive salary, performance bonus plan, and benefits, will be provided.
Mine Operations Manager Wells, BC, Canada
Roles and Responsibilities: Leader for the safe and sustainable development of the Bonanza Ledge Mine operations; Responsible of the achievement of the production and profitability objectives; Managing the complete mining operations of the Bonanza Ledge Mine (contract mining and milling operations); Assessing the feasibility and the potential for commercial benefits of new sites; Managing budgets; Training and supervising staff.
British Columbia Securities Commission Vancouver, BC. Canada As the Senior Geologist/Engineer you will conduct in-depth reviews and analysis of technical reports and other scientific or technical disclosure, including disclosure of resources and reserves. You will work with and provide expert advice to Commission staff, as well as interface with public companies and the mining industry on securities related matters.
Recruit smarter with mining jobs The Northern Miner’s new section dedicated to recruiting in mining
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4 industry Job Boards Journeyperson Industrial Mechanic Northern Saskatchewan Sites, Canada You will be responsible for the installation, preventative maintenance and repair of all mechanical equipment on site. This will include repairs to equipment on surface and underground, as well as troubleshooting equipment failures and documenting repairs. You will be responsible for reading and interpreting blueprints, technical manuals and work procedures.
CANADIAN Mining Journal Company Private Chief Engineer Salt Lake City, Utah Company is currently looking for a Chief Engineer to be responsible for the overall mechanical/structural/electrical design and integrity of the Crusher product line, driving the product line to be the world class market leader. Management of the activities related to developing and maintaining equipment designs.
Email sales@mining-jobs.net or call 416-510-6772 and s t a r t r e c r u i t i n g s m a r te r t o d a y
For full job details visit MINING-JOBS.NET and enter the For Online full jobReference details visit No.MINING-JOBS.NET in the search fieldand enter the Job Name in the search field
00-MAY9_NEW-MiningJobs.indd 15
16-05-03 3:33 PM
WWW.NORTHERNMINER.COM
MAY 9–15, 2016 / THE NORTHERN MINER
16
Roxgold tallies maiden resource for Bagassi South’s QV1 target GOLD IN BURKINA FASO BY TRISH SAYWELL
R
tsaywell@northernminer.com
oxgold (TSXV: ROG; US-OTC: ROGFF) expects to become a junior producer in June when it pours the first gold from its Yaramoko project in Burkina Faso. In the meantime, the company is adding 200,000 oz. gold to the project from a satellite target called QV1. QV1 is situated on Yaramoko’s Bagassi South zone, 1.8 km south of where the project’s 55 zone could deliver 99,500 oz. gold annually for seven years once in commercial production later this year. At QV1, the 474,000-tonne inferred resource — grading 13.13 grams gold per tonne at a cut-off grade of 5 grams gold per tonne — extends from surface down to 300 metres deep, and remains open down-plunge. In addition to QV1, Roxgold has
| On time and on budget at Yaramoko for first gold pour in June
identified more resource expansion potential in the footwall zone — four to five metres from QV1 — and in the QV Prime zone in the hanging wall. The footwall zone has an inferred resource of 10,000 oz. gold (with 474,000 tonnes grading 7.49 grams gold per tonne) and QV Prime contains 10,000 oz. gold (with 49,000 tonnes averaging 6.40 grams gold). The resource estimate used a US$1,200 per oz. gold price and adds up to 220,000 contained oz. metal. “We are looking to add further material down-plunge at QV1, because it’s wide open,” John Dorward, Roxgold’s president and CEO, says in an interview. “The last hole we drilled was 23 grams gold over 6.4 metres, so we will continue to see if we can extend it further south, and QV Prime is wide open for us to drill-out and add ounces.” Roxgold has been drilling the QV area for over a year. “We found a
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“FROM A PERMITTING PERSPECTIVE IT SHOULD BE QUITE STRAIGHTFORWARD.” JOHN DORWARD PRESIDENT & CEO, ROXGOLD
zone that got quite a bit wider and had significant grade, so we saw a lot of 10-metre intersections of 20 to 30 grams gold per tonne, and that formed the basis of the resource today,” he says. “Only a small number of holes have been drilled at QV Prime and the footwall zone, so it’s fairly early days, but certainly an encouraging opportunity to find more ounces.” The CEO notes that if the company incorporates QV into the mine plan at the 55 zone, permitting would not be a big issue. “We’d look to permit a modest surface expression — most likely an underground operation — and there would be no tailings, no plant and no water-storage facility,” he says. “From a permitting perspective it should be quite straight-forward, and we’ve got survey data from the environmental and social impact assessment. So while not included in the mine plan, it’s adjacent to it, and we have a lot of backup data.” Tara Hassan of Haywood Securities in Toronto said in a research note that with the company “delineating some of the highest-grade rock in West Africa, a solid team in place to develop the project and attractive exploration upside remaining at the project, Roxgold is a name to focus on, even in a challenging gold price environment.” Yaramoko’s high-grade mineralization is “relatively continuous, with limited variability and good predictability,” she writes, and the grade and geometry of the project “allow for Roxgold to bump up against the desired threshold of 100,000 oz. per year, while developing a small-scale operation.” This would occur at 750 tonnes per day, compared with average throughput for the region of nearly 6,000 tonnes per day. She says this limits preproduction capital requirements, shortens the development timeline and lowers execution risk. Dorward notes that the mine is on time and on budget, with initial capex of $110.8 million. This is slightly higher than the feasibility study estimate of $106.5 million, because Roxgold added a large-cap, semi-autogenous grinding mill; lined the tailings dam; and moved to a full backup power station, so that it can run 100% of its power. (It can also access the national grid.) David Sadowski, a mining analyst at Raymond James, notes that Bagassi South “is showing encouraging initial signs of contributing an incremental 20,000 to 30,000 oz. gold a year within the next two to three years.” He says that the gold defined at Bagassi is “within 300 metres of surface, and should be accessible by a ramp,” and that the deposit “has geological characteristics similar to the 55 Zone … we are optimistic about the ease of blending.” Moreover, the deposit is only “a short haul distance over flat ground” from the 55 zone, and the mill could be expanded 50% to accommodate the additional feed, “with only minor additions and modifications.” He
Drillers at Roxgold’s QV1 gold target in Burkina Faso. ROXGOLD
A core sample from Roxgold’s QV1 gold project.
says this upgrade would cost less than US$15 million. The Vancouver-based analyst adds that Roxgold’s shares are trading at a 22% discount rate to the junior gold producer average on a price-to-net asset value, and a 35% discount rate to the group on estimated cash flow for 2017. “Despite recent share price strength, Roxgold continues to lag the group and should — as so many developers before it — see a market rerating towards producer multiples ahead of mine completion in May, and first gold pour in June.” Not surprisingly, that’s a senti-
ROXGOLD
ment Dorward shares. “We’d like to be sitting at the high end of the valuation range by year-end, and we believe we have the asset quality to do it.” Sadowski, who says Roxgold is his top pick among gold developers, has a $1.50-per-share price target on the company and a “strong buy” rating. News of the QV1 resource estimate prompted BMO to raise its target price on the company from $1 per share to $1.50 per share. At press time Roxgold’s shares traded at $1.17 within a 52-week range of 54¢ to $1.19. TNM
2016-05-03 7:45 PM