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Batero Gold Makes $9M offer for CB Gold $3.99 • AUGUST 3-9, 2015 • VOL. 101, NO. 25 • SINCE 1915
Gold price fall may trigger another round of writedowns “If prices fall that low, Data recently published a lot producers will have by Wood Mackenzie ilto redo their pricing aslustrates that at US$1,100 sessments for their reper oz. gold, about 10% of serves,” he says, which current gold mine proresulted in multi-billion duction is uneconomic dollar writedowns on a total cash cost plus just two years ago. sustaining capex basis. Gold miners have their If the gold price slips to US$1,000 per oz. that BY TRISH SAYWELL reserves set at between US$1,100 and US$1,300 percentage climbs to 18%, and at US$900 per oz. it rises per oz., he explains, so if the gold to 31%, Ryan Cochrane, a senior price falls below US$1,000 per oz., research analyst at the metals and these companies will have to remining consultancy with a PhD in move marginal ore from their geology, says in an interview mines and raise the cut-off grade, with The Northern Miner from his essentially cherry-picking the best parts of their deposits that office in London. Cochrane also notes that at cur- will generate the highest return. “The next couple of years are rent gold prices, 40% of project production capability is uneco- going to be difficult for gold minnomic, and that percentage in- ers, and at some point you’d need creases to between 45% and 50% at a higher gold price to justify new US$1,000 per oz. gold, and to growth of supply,” Cochrane says, nearly 60% at US$900 per oz. gold. adding that a lot of gold majors are “If prices get to the US$900 per struggling to replace reserves and oz. level, there is going to be a keep the business sustainable. bloodbath,” the analyst says, not- “The free cash flow is not quite ing that even if gold falls to there to develop new greenfield US$1,000 per oz., it will likely trig- projects or expand existing projger another round of impairments ects, and return cash per share to — a repeat of what happened shareholders,” he says. across the gold industry in 2013. See WOOD MACKENZIE, Page 3
Guyana Goldfields nears production at Aurora BY SALMA TARIKH
Guyana Goldfields (TSX: GUY) is gearing up for production at its Aurora gold mine in Guyana this August, which will make it the newest gold producer in the South American nation. Aurora sits in a forested region, 170 km west of the capital Georgetown. It should produce a total of 3.29 million oz. gold — averaging 194,000 oz. per year — over an initial 17-year mine life. Estimated operating cash costs are US$527 per oz., with all-in sustaining costs of US$698 per oz. (Both amounts include royalties.) “We are actually commissioning the mill right now,” Scott Caldwell, the company’s CEO, said in a July 24 interview. “We’re on track to hit our completion milestones. By the end of the month, the entire plant — except for the primary crusher — will be in the commissioning phase or operation-ready.” The junior is running the saprolite circuit, which has a gravity circuit and carbon-in-leach (CIL)
TNM August 03 2015 Issue.indd 1
tanks. The initial ore doesn’t require crushing and goes directly to the semi-autogenous grinding (SAG) mill, Caldwell explains. The junior expects to find hard rock in November, coinciding with when it will turn on the primary crusher. “We will hit commercial production of 5,000 tonnes per day some time in September,” Caldwell reckons. Once the mill reaches design capacity, it should produce 10,000 oz. gold a month. Guyana Goldfields estimates delivering 30,000 to 50,000 gold oz. this year, followed by 120,000 to 140,000 oz. in 2016, the first fullyear of production. The Aurora project picked up momentum in 2013, Caldwell notes. After a “false start” with a modest feasibility study in 2012, the company published a revised feasibility study in January 2013, showing a combined open-pit and underground mine with start-up costs of US$205 million and healthy returns. See GUYANA, Page 11
Calibre Mining 3
Keeps drill results coming from Nicaragua
13
First Majestic Silver Bids $154M for SilverCrest
16
‘Smart money’ still in gold, Red Eagle CEO says
Geologist Tim Neall (front right) leads a tour of Red Eagle Mining’s Santa Rosa gold project in Colombia. BY MATTHEW KEEVIL
VANCOUVER — Red Eagle Mining (TSXV: RD; US-OTC: RDEMF) looks poised to pour its first gold in 2016 following a $19-million private placement that CEO Ian Slater calls one of the “toughest” he’s ever done. The company is breaking ground on an underground mine at its San Ramon deposit, 70 km
north of Medellin, Colombia. Red Eagle is a pioneer of sorts, since it’s one of the only North American companies to advance an asset to development after Colombian President Juan Manuel Santos triggered a flurry of foreign investment in 2011 by declaring mining one of his “four locomotives” for economic growth. The company received its mine
Teck chugs along, amid plunging coal prices BY SALMA TARIKH
Teck Resources (TSX: TCK.B and NYSE: TCK) has posted decent second quarter results. But analysts remain cautious about the diversified miner’s path forward, amid weakening coal markets. The senior producer of metallurgical coal, copper and zinc reported a $63-million profit on revenue of $2 billion. While revenue was flat year-over-year, earnings dropped 21%. However, adjusted earnings were $79 million, or 14¢ per share, up from last year’s $72 million, or 13¢ per share. Analysts on averaged had expected adjusted earnings of 11¢ per share. The beat came on the back of higher production and declining costs, mainly in its coal and copper divisions, coupled with lower energy prices and a weaker Canadian dollar. “Production was up for all of our major products,” Teck CEO Donald Lindsay said on a conference call. “We also reduced unit
cost in both copper and coal by 9% and 10%.” Quarterly coal production was 6.6 million tonnes, rising 3% from a year ago, while sales dipped nearly 5% to 6.5 million tonnes. Unit costs were $83 per tonne, down from $92 per tonne. This helped offset the 5% drop in the average realized price of $116 per tonne. (In U.S. dollars, the realized coal price fell 14% to US$95 per tonne.) The company’s total gross profit, before depreciation and amortization, was $676 million, climbing 6% from the second quarter last year. The coal division delivered $215 million in gross profit, while copper and zinc added $317 million and $143 million. While applauding the decent quarterly results, Raymond James’ analyst Alex Terentiew notes that “commodity headwinds, the lack of company-specific catalysts and growing questions over potential future impairments have taken
RED EAGLE MINING
permits for San Ramon in March 2015, but the financial overhang remained an issue, since Red Eagle needed US$15 million to unlock a US$60-million secured credit facility under an agreement with private-equity outfit Orion Mine Finance. “The conditions are pretty terrible. I mean, the day we closed our financing the TSX Venture hit a low we haven’t seen in something like twenty years. It was the toughest financing we’ve ever done, and some of the bankers in town said they hadn’t seen a company with our level or market capitalization raise this kind of See RED EAGLE, Page 2 PM40069240 – PAP Registration #09263
See TECK, Page 14
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2 AUGUST 3-9, 2015 THE NORTHERN MINER
‘Smart money’ still in gold: CEO
REGULAR DEPARTMENTS
COMPANY INDEX
Careers............................. 11 Editorial.............................. 4 Mining Jobs...................... 15 Metal Prices........................ 7 Professional Directory.. 12-13 Stock Tables................... 6-11
Alder Resources................ 13 Batero Gold..................... 2,3 Calibre Mining.................. 13 CB Gold........................... 2,3 Eco Oro Minerals................ 3 First Majestic Silver........... 16 Guyana Goldfields.............. 1 Iamgold............................ 13
Imperial Metals................... 5 Liberty Metals & Mining..... 2 Orion Mine Finance............ 1 Red Eagle Mining............ 1,3 SilverCrest Mines.............. 16 Stratcon GyM..................... 2 Tahoe Resources................. 2 Teck Resources................... 1
STORIES WE’RE WORKING ON. . .
Since 1915
Our August 10 issue will include a feature section covering mining and exploration activity on Canada’s East Coast.
Batero, Red Eagle and CB Gold’s flagship projects in Colombia
A drill site at Red Eagle Mining’s Santa Rosa gold project, 70 km north of Medellin, Colombia. RED EAGLE, From Page 1
money for a few years now,” Slater commented during a phone interview with The Northern Miner. The financing will be completed in two tranches with US$13.7 million locked up at press time, and $5.6 million scheduled for completion near the end of August. One major hurdle for Red Eagle was that it needed to find an investor to jump into the deal. The company has a loyal shareholder in Liberty Metals & Mining, but the subsidiary of Boston-based Liberty Mutual Insurance did not want to exceed a 19.9% equity stake. The answer to the problem came during Red Eagle’s search for a mining contractor. The company settled on Stratcon GyM, which is part of the Peru-based Grana y Montero Group. During contract discussions it became apparent that Stratcon was also interested in a Red Eagle equity placement. “The financing was led by Liberty and Ross Beaty, but we needed to find a new investor, and that was really the hard part. We’d been selecting all our mine contractors over the past eighteen months, and we ended up going with Stratcon,” Slater elaborated. “It’s pretty funny because during my conversations over financings and contracts, it became apparent we were following a similar path to what Alex Black and his team at Rio Alto had done in Peru a number of years ago, and now they’re obviously part of Tahoe Resources (TSX: THO; NYSE: TAHO). The project financing for La Arena was done through Orion and Stratcon built and operated the mine. If you look back, Rio had around the same market cap as us when that deal went through.” Under the financing Red Eagle will issue 72 million shares priced at 27¢ per share. Liberty would pick up 19 million shares, with
Stratcon accounting for another 34 million shares. The company also issued Orion 4.1 million shares pursuant to a previous adjustment under a subscription agreement and 5 million nontransferable bonus warrants. Each warrant is exercisable for one share at 27.5¢, for five years.
down to 200 metres. Once we have the decline at year-end it will be easier to drill underground, and we have open mineralization at depth.” San Ramon sits on Red Eagle’s 100 sq. km Santa Rosa property within the Antioquia Batholith near the town of Santa Rosa de
‘I really think we will end up being a takeover target. We’re set to be the first modern gold mine in Colombia.’ — Ian Slater, CEO, Red Eagle Mining The financing gives Red Eagle access to US$80 million in development capital, which will cover the US$74-million capital expenditure estimated under a 2014 feasibility study at San Ramon. The project would be a traditional underground operation with concentrate regrinding and conventional carbon-in-leach on combined float tails and reground concentrate, making gold doré with 96% recoveries. Red Eagle says San Ramon could crank out 50,000 oz. gold annually over an eight-year mine life at cash costs of US$560 per oz. At US$1,100 per oz. gold the mine would feature a US$52-million post-tax net present value at a 5% discount rate and a 32% internal rate of return. The company anticipates net cash flow of US$70 million and payback on initial capital in 1.7 years. The mine plan is based on 2.4 million proven and probable tonnes grading 5.2 grams gold per tonne for 405,000 contained oz. “We’d love to resume propertywide exploration this year, but I don’t think it’s really something the market would like, though that can always change,” Slater continued. “We’re not worried about feeding the mill since our reserves are only on half the shear zone
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TNM August 03 2015 Issue.indd 2
RED EAGLE MINING
Osos. High potassic alteration, anomalous geochemistry and drill results reportedly confirm — and coincide with — historic mine workings at the site that pre-date the 17th century. Outside of San Ramon the company has identified more drill targets across property. Red Eagle has also turned an eye towards a Colombian acquisition. The company is in the midst of an offer for junior CB Gold (TSXV: CBJ; US-OTC: CBHDF) and its Vetas gold asset. The project lies 400 km northeast of Bogota, and hosts 1.2 million indicated tonnes grading 3.25 grams gold and 3.2 grams silver for 123,000 contained oz. gold and 121,000 contained oz. silver. Inferred resources total 2.6 million tonnes averaging 3.42 grams gold and 11.49 grams silver for 289,000 contained oz. gold and 969,000 contained oz. silver. “We spoke with CB Gold around a year ago and proposed a merger, but they didn’t agree on valuation. We really like the asset and think it has real potential to be a mine,” Slater explained. “It obviously wasn’t an ideal time for us since we were in the midst of construction financing, but it would have been gone. They had an offer in place, but we thought it was worth more than that. A lot of our shareholders are also investors in CB, and they were asking us to make an offer — and CB’s largest shareholders also approached us.” Red Eagle was inclined to take a shot at an acquisition in midJune when CB proposed a transaction under which it would be acquired by another company for US$2 million in cash and a 3% net smelter return royalty capped at US$15 million. The offer is from OM.L Trading, which is a private
Santa Rosa
Vetas
(Red Eagle Mining)
(CB Gold)
Medellin
Batero-Quinchia (Batero Gold)
company controlled by CB shareholder Michelle Navarro Grau, who holds an 11% equity stake. Red Eagle rival bid offers CB shareholders 0.162 of a share for each share held. That values CB at 5¢ per share, or US$8.4 million, representing a 46% premium on the junior’s 20-day, volumeweighted average trading price at the time of the offer. On July 14 CB’s board of directors recommended that shareholders reject Red Eagle’s offer — open until Aug. 5 — after concluding that it “fails to provide adequate value and is an attempt to acquire without offering adequate consideration to shareholders.” CB Gold closed at 3.5¢ per share at press time, with 167.5 million shares outstanding and a $5.9-million market capitalization. A third bid for CB Gold emerged on July 27, in the form of a friendly offer from Batero
Bogota
Gold (TSXV: BAT) (see p. 3). Red Eagle has traded within a 52-week window of 17¢ to 36¢, and closed at 28.5¢ per share at press time. The company has 92.4 million shares outstanding for a $26.3-million market capitalization. “Our shareholders are all convinced that the medium- to longterm gold price will be there. If you look at the smart money in Vancouver, and where people like Lukas Lundin and Ross Beaty are investing, it tends to be goldfocused,” Slater commented. “I really think we will end up being a takeover target. We’re set to be the first modern gold mine in Colombia. Now it’s a question of us putting San Ramon into production. We’ve been approached by mid-tier gold companies looking for value growth in these markets, but we haven’t seen a valuation that makes sense. I think once we build up production we’ll get there.”
RED EAGLE MINING
The Hilo Azul mine shaft, one of over 2,000 historic adits mapped on Red Eagle Mining’s Santa Rosa gold property.
15-07-29 5:49 PM
THE NORTHERN MINER AUGUST 3-9, 2015 3
Batero Gold targets CB Gold in friendly deal Less than a month after rejecting a hostile takeover offer from Red Eagle Mining (TSXV: RD; USO T C : R D E M F ) , CB Gold’ s (TSXV: CBJ; US-OTC: CBHDF) board of directors is recommending to shareholders that they accept a takeover offer from Batero Gold (TSXV: BAT; US-OTC: BELDF). CB Gold says Batero’s offer represents a 44% premium to its closing share price of 5¢ on July 23, and a 9% premium over the current implied value of Red Eagle’s bid for the company in June, based on closing share prices on July 23. All three companies have gold projects in Colombia. Batero is advancing its wholly owned flagship Batero-Quinchia project and finished a preliminary economic assessment in November 2013. Red Eagle is developing its wholly owned and fully permitted Santa Rosa project, with construction scheduled this year and production next year. Both companies are interested in CB Gold’s early stage Vetas gold project, where at least 11 small underground mines were in production before the company acquired the property in 2009. The 10 sq. km project near the village of Vetas in northeastern Colombia is 400 km northeast of Bogota and less than 100 km from Bucaramanga, the capital city of the department of Santader. The project is also 10 km south of the California-Vetas mining district, which contains Eco Oro Minerals’ (TSX: EOM) Angostura silver-gold deposit.
Looking northeast at the town of Vetas beside CB Gold’s Vetas gold project, 400 km northeast of Bogota. ny’s balance sheet “and allows us to move towards the creation of a well-financed and technically solid player in the junior mining space.” He also said the terms of Batero’s takeover offer are “supe-
Batero’s offer values CB Gold at $9 million and represents a 9% premium over the current implied value of Red Eagle’s bid. Since September 2009, CB Gold has collected over 2,000 samples at Vetas from surface and from 6 km of underground workings. Under Batero Gold’s takeover offer, Batero would acquire all of CB Gold’s outstanding shares in exchange for 0.3056 of a Batero share and $0.0275 in cash for each share of CB Gold. The offer represents a 5¢ value per share of CB Gold, or a $9-million equity value. Batero has also agreed to buy 11.5 million CB Gold shares in a private placement at 5¢ per share. CB Gold says it would use the money to fund working capital, including pending liabilities and general corporate purposes. So far directors, officers and other significant CB Gold shareholders, who together hold 19.5% of the company’s outstanding shares, have agreed to enter into lock-up agreements with Batero. Fabio Capponi, CB Gold’s CEO, was unavailable for an interview before press time. But in prepared remarks laid out in a press release, the mining executive said the financing strengthens the compa-
Correction In the story “Taranis hopes to take Thor to the max” (T.N.M., July 20–26/15), FortyTwo Metals — a subsidary of Roca Mines — had its debt incorrectly stated as $200 million, when in fact it is estimated at $3 million, according to Roca Mines president and CEO Scott Broughton.
TNM August 03 2015 Issue.indd 3
rior” to the “inadequate” hostile offer from Red Eagle. Under Red Eagle’s offer unveiled on June 30, each CB Gold common share would be exchanged for 0.162 of a Red Eagle Mining common share, valuing CB
Gold at $8.4 million based on Red Eagle’s 20-day, volume-weighted, 31¢ average share price. Red Eagle said its takeover proposal represented a 46% premium to CB Gold’s 20-day, volume-weighted average share price of 3.5¢ per share. Roger Moss, Batero’s president and CEO, could not be reached for comment before press time. But in prepared remarks, Moss described the Vetas project as a “significant opportunity” for Batero, with “strong grades and excellent exploration upside.” Moss — a geologist who helped find the multi-million ounce Navachab gold deposit in Namibia — noted that Batero has been evaluating accretive acqui-
sitions for several quarters, and that he believes Vetas has “nearterm and high-grade production potential.” The Vetas project is characterized by low to medium sulphidation and epithermal mineralization with high-grade quartz vein structures and lower-grade, disseminated stockwork zones, possibly owing to emplaced multiple porphyry systems, CB Gold says. Porphyry-related mineralization covers an area of 700 by 700 metres. If Batero acquires the company, CB Gold’s shareholders will gain exposure to Batero’s BateroQuinchia project, 190 km northwest of Bogota. The La Cumbre oxide deposit is one of the proj-
CB GOLD
ect’s three porphyry deposits, and is its largest. La Cumbre has measured and indicated resources of 108.1 million tonnes grading 0.59 gram gold per tonne and 1.7 grams per tonne silver. Inferred resources add 11.1 million tonnes averaging 0.48 gram gold and 1.3 grams silver. According to the 2013 preliminary economic assessment, at a base case of US$1,400 per oz. gold, Batero-Quinchia would have a seven-year mine life, with annual average production of 56,000 oz. gold and 117,000 oz. silver. Initial capital costs were estimated at US$97.3 million, including a US$16.2 million contingency, and a post-tax payback of 30 months.
Gold price fall may trigger more writedowns WOOD MACKENZIE, From Page 1
When it comes to comparing what is taking place today in the gold versus copper sectors, Cochrane, a specialist on copper mine costs, points out that copper-mining companies in general are a little bit more comfortable on a cost-curve basis. “We look at C1 costs and at the moment, the global C1 ninetieth cost percentile for copper is about 200¢ per lb.,” he says. “With prices up at the 240¢ to 245¢ per lb. level, there’s still a bit of head room, so copper miners are a lot more comfortable than gold miners in the current pricing scenario.” That said, there is still a drive among copper producers to focus on core assets, divest non-core assets and advance only the projects with the highest return on investment, he says. There also have been a couple of moves by copper miners to adjust their mine plans, although it has not happened to the same degree as it has in the gold sector, he maintains. “That’s probably due to the fact that copper miners have generally been a little bit more conservative on how they have priced their reserves, so have yet to incur any
2015 spot gold prices $1,350
$1,200
$1,050 Jan 2015
Feb 2015
Mar 2015
Apr 2015
major impairments, compared to what has been seen in the gold sector,” he argues. Cochrane and his colleagues released an analysis of value creation in the mining sector that revealed a long-term divergence between copper and gold producers. Their research showed that in 2000, gold miners enjoyed a 50% market premium over copper miners. But in June 2015, the market priced the gold mining sector “just a fraction above its net tangible worth.” The analyst says that “in con-
May 2015
Jun 2015
Jul 2015
trast, at the same juncture, copper miners commanded a 25% premium over gold miners on a price to net worth basis — somewhat surprising, given the broad selloff in base metal equities from their peak in 2011,” the analysis states. Cochrane explains that copper miners have had higher operational and residual cash flow margins than gold miners, even though copper prices over the last 14 years have underperformed gold prices. His numbers illustrate that the average dividend
yield for a selected copper-mining population was 4% over the 14-year period, while it was 1% for selected gold miners. The divergence, he says, can be attributed to several factors, including better capital allocation in the copper sector. And unlike in the gold sector, where companies have relied more heavily on equity or debt financing, copper miners have more often financed project development through internal cash flow. “Gold miners aggressively pursued production growth and hedged significant portions of their production at relatively low gold prices, effectively missing large portions of the gold market bull run,” the analysis states. In addition, the Wood Mackenzie team notes that the quest for production growth, particularly in the last years of the bull market, led many gold miners to develop increasingly marginal projects “and paid excessive premiums for acquisition-driven production growth.” This was exacerbated, the report states, “by gold-mining companies maintaining large dividend payments despite recording cumulative net losses over the period, with payouts funded partly through external financing.”
15-07-29 5:49 PM
4
AUGUST 3-9, 2015
THE NORTHERN MINER
EDITORIAL
EDITOR-IN-CHIEF:
JOHN CUMMING, MSc (Geol) jcumming@northernminer.com
EDITORIAL: TOP STORIES OF WEEK 30
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avaccaro@ northernminer.com ADVERTISING: JOE CROFTS (416) 510-6816 jcrofts@ northernminer.com DAVE CHAUVIN (416) 510-6824 dchauvin@ northernminer.com MICHAEL WINTER (416) 510-6772 mwinter@ northernminer.com EDITORIAL: Toronto: 38 Lesmill Road, Unit 2, Toronto, ON, M3B 2T5 (416) 510-6768 tnm@ northernminer.com Reprints: (416) 510-6768 moliveira@ northernminer.com Western Bureau: 580 Hornby Street Suite 900 Vancouver, BC, V6C 3B6 (604) 688-9908 CIRCULATION: (416) 510-6789 (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 SUBSCRIPTION RATES: Canada: C$114.00 one year; Please add $6.00 S/H 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$114.00 one year +$6.00 S/H Foreign: US$151.00 one year +$6.00 S/H GST Registration # 809744071RT001 ART DIRECTOR: SHARON MALBON PRODUCTION MANAGER: JESSICA JUBB (416) 510-5213 jjubb@ glacierbizinfo.com (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 PAP Registration #09263 We acknowledge the financial support of the Government of Canada, through the Canadian Periodical Fund (CPF), for our publishing activities.
The Northern Miner USPS #001-462 is published weekly by BIG Mining L.P, a division of Glacier BIG Holdings Company Ltd. 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
Commodities rout tests miners’ pain threshold
ALISHA HIYATE, BA ahiyate@northernminer.com
SENIOR STAFF WRITER:
TRISH SAYWELL, BA, MA, MSc (Jour) tsaywell@northernminer.com
STAFF WRITER:
MATTHEW KEEVIL, BA (Econ and Poli Sci) mkeevil@northernminer.com STAFF WRITER:
LESLEY STOKES, BSc (Geol) lstokes@northernminer.com
STAFF WRITER:
PRODUCTION EDITOR:
SALMA TARIKH, BSc (Psych), MA (Jour) starikh@northernminer.com
DAVID PERRI, BA dperri@northernminer.com
COPY EDITOR:
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ISA CUNANAN, BSc ADRIAN POCOBELLI, (Health Sci and Prof Writing) MA (Engl) icunanan@northernminer.com apocobelli@northernminer.com
Vale, partners to study mental health in mining
BY JOHN CUMMING
July has been such a brutal month for commodities producers that even last year’s prices are looking pretty good now. The rout in commodities prices in recent weeks has been unrelenting, wideranging and driven by macroeconomic factors far beyond the ability of miners to control. The Bloomberg Commodity Index has returned to levels not seen since 2002 — implying that the much talked-about “Commodities Supercycle,” sparked and sustained by unprecedented demand growth stoked by China’s booming economy, is effectively over. The state of the Chinese economy is foremost in the minds of commodity price forecasters, and all signs point towards slowing growth rates and further sharp corrections in the Chinese stock markets in the months and years ahead. On July 27, the Shanghai Composite Index suffered its worst one-day drop (8.5%) in eight years, and it would have been worse without the 10% daily maximum-loss limits on blue-chip stocks and the strong-arm tactics of the Chinese government to buy shares and pressure companies into buying shares. The other two dominant negatives at the macro level are the ongoing Greek debt crisis, and broad consensus that the U.S. Federal Reserve will raise interest rates later this year, further driving up the U.S. dollar and sinking commodities priced in U.S. dollars. Oil prices are showing the strains of reduced global economic growth, with West Texas Intermediate prices dipping below US$48 per bbl at press time and Brent not far behind at US$53.30 per bbl., both down 16% from a month earlier. The loonie’s dramatic fall to just US78¢ from US92¢ only a year ago reflects Canada’s status as a “petro state” with high-cost production. Oil prices are also under pressure on the supply side from two sources: U.S. frackers, who have cut costs dramatically at their operations and kept their unexpectedly strong production numbers; and from the prospect of Iranian oil hitting global markets in full force, as sanctions are lifted in the aftermath of the Iranian uranium deal with the international community. Gold prices have had added downward pressure in recent weeks with the surprise announcement by the Chinese central bank that its gold holdings had grown 57% to 53.3 million oz. gold since it last announced its holdings six years ago. Despite such growth, which places China as the world’s fifth-largest holder of gold, many gold-bull analysts over the years had speculated that the country’s holdings had grown much more than that, and so the revelation was seen as gold-negative. Copper prices have been more tied to the health of the global economy. That nice, simple US$3 per lb. enjoyed by copper miners as recently as November is long gone, with spot prices for the red metal touching a six-year low at just US$2.35 per lb. in late July, before recovering to US$2.40 per lb. on threats of supply disruption from Zambia due to electrical power issues in that country. One of the bright spots during the current four-year bear market in mining has been the diamond sector, with its chronic difficulty in bringing on new supply as diamond deposit become harder and harder to find. But even the diamond market is pulling in its horns in mid-2015, with industry leader De Beers reacting to languishing jewellery sales worldwide by lowering its production guidance for the second time this year to 29 million to 31 million carats from an earlier target of 30 million to 32 million carats. Six months ago the Anglo American subsidiary had anticipated mining up to 34 million carats this year. “It’s been a tough couple of months,” Anglo American CEO Mark Cutifani said with respect to the diamond market during a conference call. “The market is currently tightening up. We’ve seen a flattening of demand ... clearly the second half is going to be a tougher period.” Meanwhile there has been a historic moment for the world’s other dominant diamond miner, Russia’s Alrosa, as it has officially shifted operations at its flagship Udachnaya mine in Yakutia from open-pit to underground mining. Udachnaya’s open pit had been in operation since 1967, yielding 350 million tonnes of ore producing diamonds worth perhaps US$80 billion. Underground mining at Udachnaya is expected to yield 5 million carats annually by 2019 to Alrosa’s account — part of its plan to boost annual output to 41 million carats in the years ahead. Send your Letters-to-the-Editor and op-ed submissions to the Editor-in-Chief at: tnm@northernminer.com or 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.
www.northernminer.com
TNM August 03 2015 Issue.indd 4
EDITOR, SPECIAL PROJECTS:
LAURENTIAN UNIVERSITY
At the announcement event for the mental health in mining research project in Sudbury, from left: France Gélinas, MPP for Nickel Belt; Jody Kuzenko, director of Vale’s Ontario production services; Leo Gerard, international president of the United Steelworkers; Michel Larivière, clinical psychologist and associate director at CROSH; Kevin Daniel Flynn, Ontario Minister of Labour; and Tammy Eger, research chair in occupational health and safety. Mining giant Vale has partnered with Laurentian University and the United Steelworkers (USW) to conduct a $400,000, three-year research project focused on the mental health of miners. The partners’ goal with the study is to develop strategies to promote mental health for workers at Vale’s Ontario operations. The study will add to the body of mental health research applicable to mining and similar industries. A quarter of disability claims by Vale’s Ontario workers relate to mental health, the company states. The study will survey workers from all
work divisions at Vale’s Ontario operations. A multidisciplinary research team from Laurentian University’s Centre for Research in Occupational Safety and Health will work on the project with the Vale/USW Joint Occupational Health Committee. “To date there has been little research on the mental health and well-being of workers in the mining industry,” clinical psychologist Michel Larivière said, who will lead the research team. “Our findings may help to shape policies and procedures that are most conducive to worker well-being in mining and in other industries.”
FA C T S ‘ N ’ F I G U R E S
Silver Institute: Demand perks up in first half 2015
The following is an edited version of a report by The Silver Institute. For more information please visit www.silverinstitute.org. Through the first half of this year, silver experienced increased demand for jewellery and important industrial applications — two signals of demand growth for the metal. Silver jewellery, a mainstay of silver demand, was strong in the first half of 2015. In the U.S., silver jewellery imports jumped 11% through the end of May, as consumer desire for silver jewellery increased this year. The U.S. is the largest silver jewellery importer in dollar terms, and this demand impacts silver trade across Asia. U.S. imports from Thailand are up 18.5% through the end of May, while China showed a 14% increase in the same period. Precious metals consultancy GFMS Thomson Reuters (GFMS) estimates that globally silver jewellery demand will grow 5% this year. With almost 60% of silver demand tied to industrial use, silver’s role in industrial applications looks brighter in several areas. GFMS forecasts a 2% growth in demand for industrial silver applications this year. In the renewable energy sector, the demand for silver by solar panel producers could increase 8% to 65 million oz. this year. The rise reflects increased solar cell production and more installations. The increase is due to the U.S., which had a 76% increase in solar installations in the
first quarter of 2015, compared to last year. China and India both have aggressive solar installation plans and could help drive projected growth as well. Silver demand from ethylene oxide producers could rise to 8.6 million oz. in 2015, in a 61% increase over 2014. Most of this increase will be driven by Chinese demand. Ethylene oxide is a vital building-block chemical — critical in making plastics, solvents and detergents, and a broad range of organic chemicals — and represents another example of silver’s industrial significance. Electronics demand is forecast to increase modestly this year, by 0.4%. A decline in silver demand by computer and tablet producers — an expected 4.5% drop in shipments this year — should be partly offset by a 3% increase in mobile phone shipments in 2015. The silver market could reach a 57.7 million oz. deficit in 2015, as supply contracts and physical demand grows. This would mark the third year that the market is in a physical deficit. When the market experiences an annual shortfall from mine supply, users must draw down on above-ground stocks, which tightens available supply. On the investment side, retail investor demand for the white metal has been sturdy in the first half of 2015, amidst a challenging precious metals investment market. Through July 24, global silver ETF holdings increased by over 4.7 million oz. in 2015, indicating that these investors likely have a more positive See FACTS ‘N’ FIGURES, Page 5
15-07-29 5:49 PM
THE NORTHERN MINER AUGUST 3-9, 2015 5
OP-ED
MATTERS OF GENERAL INTEREST
NWT’s Ramsay stays upbeat as Canada’s energy and mine ministers meet BY MATTHEW KEEVIL
VANCOUVER — On July 20 Canadian federal, provincial and territorial energy and mines ministers gathered in Halifax, N.S., for the 72nd annual Energy and Mines Ministers’ Conference. The event comes at a time that the mining industry is looking to government for help in weathering what has become a prolonged recession marked by falling exploration expenditures, project investment and share prices. If the pitfalls of a struggling global economy and ailing commodity prices were not enough for the ministers to mull over, however, there are also a bevy of sociopolitical issues across the country that include waste management safety, sustainable development and aboriginal relations. In fact, the Canadian Mineral Industry Federation (CMIF) r eleased a brief — in partnership with the Mining Association of Canada and the Prospectors & Developers Association o f Canada (PDAC) — aptly named Weathering the Storm, which focuses on three priorities as articulated by members of the mineral industry across Canada. “We really have to get as creative as we can if we’re going to attract natural resource investment,” Northwest Territories Minister of Industry, Tourism and Investment David Ramsay commented during an interview. “In a time of downturn we have to be especially aggressive and go after it, or else things will get pretty scary. For us the key areas include ongoing investment in our workforce and more infrastructure projects.” According to a PDAC report released in early March, global exploration budgets dropped by 26% in 2014. Canada and Australia were the top destinations for exploration, attracting $1.5 billion (13.9%) and $1.3 billion (11.7%). Grassroots exploration in Canada fell by 37% between 2013 and 2014, while spending on existing mine sites increased 13.5%, and spending on late-stage and feasibility work fell by 25.5%. “It’s really important we establish a concrete strategy to help out the junior industry and fuel exploration,” Ramsay continued. “The reality is that money is scarce in both mining and energy right now. It’s a scary environment and we have to find a way to get money to junior mining companies so they
NATURAL RESOURCES CANADA
Canada’s Minister of Natural Resources Greg Rickford (centre) at the 2015 Energy and Mines Ministers’ Conference in Halifax on July 20. can come in and find that needle in the haystack. “That discussion, in terms of stock markets and regulatory bodies, really needs to come to the forefront. There’s been some talk about getting regulators across the country on the same page, and any effort to do that is always in everyone’s best interest,” he added. The CMIF is also pushing government to improve its regulatory processes and further clarify a miner’s duty to consult with aboriginal communities and stakeholders. Ramsay and his colleagues in the Northwest Territories have taken a partnership approach through the devolution agreements announced in mid-2014, which include a commitment to sharing 25% of resource revenues with First Nation partners. The situation in other parts of the country, however, remains less well defined. It’s especially true with pipeline developments and recent clashes in B.C. over Imperial Metals’ (TSX: III; USOTC: IPMLF) proposed restart of its Mount Polley copper mine, after a well-publicized tailings failure. Over 50 environmental, First Nations and community organizations sent a letter addressed to all Canadian mine ministers urging them to take “immediate action to assess and prevent the threat posed by hundreds of mine waste dams and impoundments in Canada.” The groups specifically cited “the lessons learned from
Silver demand FACTS ‘N’ FIGURES, From Page 4
longer-term view of the silver price. In the first half of the year, global bullion coin sales totalled 43.6 million oz., 6% below levels seen in the same period a year ago. But in the first half global sales were the fifth highest on record. The U.S. Mint, faced with a spike in investor interest, temporarily suspended sales of its silver bullion coins on July 7, after exhausting its inventory when investor demand in June surged 80% above the previous
TNM August 03 2015 Issue.indd 5
year’s June coin sales. The mint resumed bullion coin sales on July 27 on an allocated basis. Similarly, Australia’s Perth Mint saw its silver coins sales spike in June due to a more attractive silver price, though sales overall are down 18% from the same period in 2014. The gold-to-silver ratio has averaged 58 since 2000. The ratio averaged 73 in the first half of 2015, indicating that silver is underpriced relative to gold. This gives way to more potential buying in the silver market.
the August 2014 Mount Polley mine disaster’s investigation and findings in B.C.” Ramsay counters that “we have a really great story to tell in terms of building relationships with aboriginal governments. We’re making some big strides in that regard and we’re proud of that work, because as we move forward we have to assure strong relationships” to develop a resource-based economy.
“I felt a genuine relief during our discussions around the table where we all agree that First Nations must be involved in development moving forward,” he added when asked about comments from other ministers in closed-door meetings. The conference marked another first: the attendance of the newly elected, left-leaning New Democratic Party government in Alberta, where the resource-
industry friendly Progressive Conservatives had held court for 40 years. New Alberta Premier Rachel Notley has been vocal about creating a more responsible oil and gas industry in the province, and hasn’t offered much strategy in terms of getting more Albertan product to market via additional pipeline infrastructure. Notley said during a press conference following a meeting of premiers and territorial leaders in St. John’s, N.L., that the new national energy strategy proposed at the provincial level will not force premiers of other provinces to automatically accept pipelines across their jurisdictions. “We had the opportunity to meet the new energy minster from Alberta, Margaret McCuaig-Boyd, and it was a good meeting. We’d been working together on energyrelated programs and we’ll continue to work with the Alberta government,” Ramsay commented. “They’re very much in a similar position as us with ‘stranded’ resources, and Alberta needs to find a way to get oil to market. We’ve looked at the corridor concept in the Mackenzie Valley, which would include transportation, energy and communications. We’re also watching closely what happens with the liquid natural gas in B.C.”
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15-07-29 5:49 PM
6 AUGUST 3-9, 2015 THE NORTHERN MINER
MARKET NEWS TORONTO STOCK EXCHANGE Canada’s resource-heavy benchmark index took a beating as prices for gold, copper and oil touched significant lows. Weaker-thanexpected economic data from China and the Chinese equities rout added fuel to the slide in commodity stocks, while rising expectations that the U.S. Federal Reserve would raise interest rates punished the gold sector. The S&P/TSX Composite Index slid 3.1% to 14,186.24, while the S&P/TSX Capped Diversified Metals & Mining Index plunged 11.2% to 545.67, and the S&P/TSX Global Gold Index lost 8.8% to 124.63. Gold fell to a low of US$1,077 per oz. on July 24 — a level not seen in the last five and a half years — before finishing at US$1,099.50 per oz., marking a 2.98% decline. Falling bullion prices hit gold miners across the industry, but Barrick Gold shares came under particular pressure after Ned Goodman resigned from the company’s board of directors. Goodman, who founded asset management company Dundee Capital, was appointed to Barrick’s board in December 2013. In a brief July 23 press release, Barrick said Goodman resigned “in order to focus on a new business venture in resources and other hard assets.” Barrick shares fell 16.9%, or $1.93 to $11.40 per share, and were the third most
J U LY 2 0 -24
traded of the week. News that Chilean authorities have approved Lundin Mining’s environmental impact assessment for extending operations and mine life at the company’s Candelaria mine failed to compensate for falling base metal prices. Lundin Mining produces copper, nickel, zinc and lead, all of which saw prices plummet. Copper fell 4.1% to US$2.38 per lb., while nickel dropped 1.9% to US$5.10 per lb.; zinc, 5.7% to 88¢ per lb.; and lead, 7.3% to 77¢ per lb. Lundin’s shares fell 42¢, or 8.5%, to $4.53 apiece. Canarc Resource’s shares surged 30% to 6.5¢ on news of positive results from metallurgical gold-recovery testing from a high-grade gold concentrate sample produced from its New Polaris gold mine proj-
TSX most active issues
B2Gold Yamana Gold Barrick Gold Torex Gold Lundin Mng Romarco Mnrls Goldcorp First Quantum Lake Shore Gld Teck Res B
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
BTO YRI ABX TXG LUN R G FM LSG TCKB
28201 1.57 1.34 1.50 23644 2.97 2.50 2.67 21061 10.98 8.87 9.47 20134 1.06 0.85 1.05 19744 4.96 4.37 4.53 17949 0.38 0.30 0.37 17435 18.18 16.16 17.35 17267 14.52 11.53 12.01 14615 1.22 1.06 1.15 14157 11.17 9.19 9.26
- 0.17 - 0.43 - 1.93 - 0.01 - 0.42 - 0.01 - 1.75 - 2.20 - 0.03 - 2.03
ect. Oxidation test work on the finely ground New Polaris concentrate indicated 85% gold recoveries could be achieved using the Albion process, which is a “combination of ultrafine grinding and oxidative leaching at atmospheric pressure.” Canarc said Albion testing will enter a second and final phase to optimize the test conditions for improving recoveries and determining economic parameters. The feed to the Al-
bion process are base or precious metal sulphide concentrates that “are oxidized, allowing the desired metals to be recovered by conventional means,” Canarc says, noting that Glencore developed the process in 1994, and that it is patented worldwide. Canarc says there are three operating Albion process plants, two of which are in Spain and Germany, and a third in the Dominican Republic.
TSX greatest percentage change
Inspiration Mg Ivernia Oracle Mng Canarc Res Stockport Expl Pinetree Cap Horizns G Bear Eco Oro Mnls Polaris Minls China Gold Int North Am Pall TVI Pacific Horizonte Mnls Golden Mnls Seabridge Gold U3O8 Corp St Augustine Stonegate Agri Cardero Res Ivanhoe Mines
TSX greatest value change
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
ISM IVW OMN CCM SPT PNP HGD EOM PLS CGG PDL TVI HZM AUM SEA UWE SAU ST CDU IVN
221 0.06 5260 0.02 138 0.02 297 0.07 131 0.04 5125 0.12 4995 19.91 36 0.57 36 2.20 2105 1.97 2530 0.04 343 0.02 476 0.05 86 0.42 836 6.31 618 0.03 143 0.11 123 0.03 1407 0.02 4404 0.86
0.04 0.01 0.02 0.05 0.03 0.08 16.50 0.52 1.91 1.52 0.03 0.01 0.04 0.31 4.34 0.03 0.09 0.02 0.01 0.62
0.06 0.02 0.02 0.07 0.03 0.10 17.62 0.55 2.20 1.93 0.03 0.01 0.04 0.33 4.61 0.03 0.09 0.02 0.02 0.63
+ 57.1 + 50.0 + 33.3 + 30.0 + 20.0 + 17.6 + 15.6 + 14.5 + 13.9 + 9.6 - 37.5 - 33.3 - 30.0 - 29.7 - 29.1 - 28.5 - 28.0 - 25.0 - 25.0 - 25.0
WEEK VOLUME CLOSE CHANGE
Horizns G Bear Cameco Corp Altius Mnrls Polaris Minls NovaGold Res China Gold Int Eco Oro Mnls Rare Elemnt Rs Karnalyte Res Inspiration Mg Royal Gold Agrium Franco-Nevada First Quantum Teck Res B Central Gold-T Barrick Gold Seabridge Gold Tahoe Res Potash Cp Sask
HGD CCO ALS PLS NG CGG EOM RES KRN ISM RGL AGU FNV FM TCKB GTU_U ABX SEA THO POT
TSX VENTURE EXCHANGE The S&P/TSX Venture Composite Index declined for a fifth week, closing down 5.8% — or 36.3 points to 592.48 points — while markets weathered declining commodity prices. Goldstrike Resources saw heavy trading trading after reporting visible gold in half of the holes drilled at its greenfield Plateau South project, 300 km east of Dawson City, Yukon. The shares peaked at 20¢ before falling back to 16¢ at close on Friday. The drill program was intended to step out on mineralized stockwork zones and breccia, which returned intercepts of 10 metres at 10.9 grams gold per tonne, and 7.6 grams gold over 9 metres in previous programs. Canadian underground gold miner Banks Island Gold provided an update on July 24 regarding a 240-cubic-metre discharge of water and sediments into the environment after a mining stope failed at its Yellow Giant gold mine on Banks Island, B.C. The news drove shares down to 52week lows at 8¢, before closing at 11¢. At press time, shares had dropped to 8¢. Due to a pollution abatement order issued by the B.C. Ministry of Environment, the company has switched to backfilling
TNM August 03 2015 Issue.indd 6
+ 2.38 + 0.65 + 0.39 + 0.27 + 0.25 + 0.17 + 0.07 + 0.04 + 0.03 + 0.02 - 7.21 - 5.79 - 2.49 - 2.20 - 2.03 - 1.95 - 1.93 - 1.90 - 1.83 - 1.81
J U LY 2 0 -24
the underground Tel mine, which has a void space available for six months of production. Ore processing is delayed because of a stop order on the mines’ processing plant made by the B.C. Ministry ofEnergy & Mines on July 16. The company expects this delay will impact production and gold sales for July. Brazil Resources rose 11% before closing at 57¢ a share after announcing it will pick up 100% of the Whistler gold project, and associated assets in central Alaska, 150 km northwest of Anchorage, from greenfield explorer Kiska Metals. Under the proposed deal, Brazil will issue 3.5 million shares valued at $1.6 million.
TSX-V most active issues
Temex Res Midlands Minls Metanor Res Skyharbour Res Goldstrike Res Phoenix Gold Lakeland Res CMC Metals Victoria Gold West Kirkland
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
TME 13225 MEX 6663 MTO 4711 SYH 4441 GSR 4283 PXA 3787 LK 3646 CMB 3539 VIT 2966 WKM 2835
0.12 0.01 0.06 0.04 0.20 0.02 0.04 0.04 0.13 0.06
0.10 0.01 0.05 0.02 0.15 0.01 0.03 0.03 0.11 0.06
0.11 0.01 0.05 - 0.03 - 0.16 + 0.01 - 0.04 0.03 - 0.12 - 0.06 -
0.00 0.00 0.01 0.02 0.03 0.01 0.00 0.01 0.01 0.01
The copper-gold porphyry has a pitconstrained, indicated resource of 79.2 million tonnes grading 0.51 gram gold per tonne, 1.97 grams silver per tonne and 0.2% copper, and an inferred resource of 145.8 million tonnes grading 0.40 gram gold, 1.75 grams silver and 0.2% copper. GWR Resources shares rose 67% from 3¢ to 5¢, after it closed a $300,000 private
placement and mobilized exploration teams into its copper-gold Lac La Hache property, 10 km northwest of Imperial Metals’ Mount Polley mine in B.C. The company plans to drill five holes to test the near-vertical AZS structure in 25metre stepouts below an 8-metre intercept of 3.6% copper, 3.4 grams gold and 19 grams silver.
TSX-V greatest percentage change
Buccaneer Gold BGG Pac Potash PP Fieldex Expl FLX Fort St J Nick FTJ QMC Quantum Ml QMC Golden Share M GSH Sage Gold SGX Cougar Mnls COU Guyana Prec Mt GPM Dorex Minls DOX Noram Vent NRM SGX Res SXR Adex Mining ADE Sniper Res SIP Strata Mnls SMP Reliance Res RI AndeanGold AAU Tajiri Res TAJ Honey Badger E TUF MacDonald Mns BMK
TSX-V greatest value change
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
20 37 223 50 29 1109 14 33 248 180 37 200 261 57 34 20 75 60 110 205
0.04 0.01 0.01 0.01 0.02 0.03 0.09 0.08 0.28 0.03 0.01 0.01 0.02 0.05 0.04 0.01 0.02 0.01 0.01 0.01
0.03 0.01 0.01 0.01 0.02 0.01 0.06 0.04 0.16 0.02 0.01 0.01 0.01 0.03 0.02 0.01 0.01 0.01 0.01 0.01
0.03 0.01 0.01 0.01 0.02 0.02 0.09 0.08 0.16 0.03 0.01 0.01 0.01 0.03 0.02 0.01 0.01 0.01 0.01 0.01
+ 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 88.8 + 87.5 + 68.4 + 66.6 - 66.6 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0
U.S. M ARKETS Weak corporate earnings and lower prices for commodities pushed down all three major U.S. indexes. The S&P 500 Index fell 2.2% to close at 2,079.65. The Dow Jones Industrial Average lost 2.9% to finish at 17,568.53, while the Nasdaq dropped 2.3% to 5,088.63. The spot gold price tumbled 3% to US$1,099.50 per oz. McEwen Mining was one of the week’s percentage winners, climbing 5% to US79¢ per share. On July 16, the company said its insurance reimbursed 80% of the fair value of the loss from a robbery at its El Gallo 1 mine in Sinaloa, Mexico. On April 7, armed robbers stole gold-rich concentrate containing 7,000 oz. gold, which at US$1,200 per oz. gold is worth over US$8 million. The financial impact of the robbery stands at US$1.6 million. El Gallo produced a record 17,325 equivalent oz. gold in the second quarter. Cameco shares rose 3% to US$13.40. The uranium producer will release its secondquarter earnings on July 30. Raymond James analyst David Sadowski estimates the company will report adjusted earnings per share of 22¢, in line with the average consensus.
4994663 17.62 4032713 17.51 721717 13.59 36380 2.20 1266703 4.13 2104539 1.93 35973 0.55 360452 0.59 103932 0.73 221004 0.06 23831 66.62 1108832 131.99 5405724 53.26 17266680 12.01 14157163 9.26 12560 49.12 21060614 9.47 835646 4.61 5687572 10.95 5248192 36.14
WEEK VOLUME CLOSE CHANGE
Pac Booker Min Bacanora Mnls Senator Minls Timberline Res Guyana Prec Mt Brazil Res Midland Expl Sierra Iron Or Sage Gold Lara Expl Gold Reserve Kennady Diam Abitibi Royalt Chesapeake Gld Avino Silver Reservoir Mnls Energold Drill Ascot Res Largo Res Athabasca Mnls
BKM BCN SNR TBR GPM BRI MD NAA SGX LRA GRZ KDI RZZ CKG ASM RMC EGD AOT LGO ABM
26019 21979 20000 13512 247800 766078 36057 18100 14000 58200 33536 77321 35580 29773 77310 174065 169536 331743 116415 271645
2.00 1.35 0.22 0.70 0.16 0.57 0.68 0.50 0.09 0.25 4.62 3.91 2.20 1.83 1.27 4.03 0.51 1.29 0.65 0.36
+ + + + + + + + + + - - - - - - - - - -
0.45 0.10 0.08 0.07 0.07 0.06 0.05 0.05 0.04 0.04 0.39 0.34 0.33 0.16 0.15 0.15 0.14 0.14 0.13 0.12
J U LY 2 0 -24 “We strongly encourage investors to bolster positions at current beaten-up levels on an improving macro uranium picture and ahead of the quarter, which should provide a reminder of Cameco’s robust cash flows,” Sadowski wrote on July 27. He says the upcoming nuclear reactor restarts in Japan should boost uranium prices. Diversified miner Teck Resources plunged 18% to US$7.09 per share. On July 23, the metallurgical coal, copper and zinc producer reported $63 million in earnings — a 21% drop from a year ago. Removing one-time items, adjusted earnings were $72
U.S. most active issues
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
Freeport McMo* FCX 206259 16.25 12.17 12.29 - 3.59 Barrick Gold* ABX 183611 8.46 6.79 7.25 - 1.54 Alcoa* AA 136478 10.47 9.65 9.81 - 0.68 Goldcorp* GG 85371 14.02 12.35 13.28 - 1.41 Newmont Mng* NEM 74900 20.00 17.36 17.80 - 2.89 Kinross Gold* KGC 73060 1.84 1.60 1.69 - 0.21 Peabody Enrgy* BTU 60948 1.40 1.12 1.24 - 0.05 Consol Energy* CNX 49760 18.23 15.47 17.64 + 0.43 Cliffs Nat Rs* CLF 46174 3.15 2.28 2.46 - 0.58 Hecla Mining* HL 43599 2.29 1.98 2.17 - 0.14
million, or 14¢ per share, beating the 11¢ per share that analysts on average had expected. However, given the weak coal markets, analysts are cautious of the company’s nearterm profitability. Intrepid Potash fell nearly 18% to US$9
per share, before releasing its second-quarter results on July 28. The fertilizer producer reported a US$4.9-million net loss compared to a US$5.6-million net income a year ago. The drop resulted from lower potash sale volumes and production levels.
U.S. greatest percentage change
U.S. greatest value change
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
WEEK VOLUME CLOSE CHANGE
Rare Elemt Re* REE NovaGold Res* NG McEwen Mng* MUX Cameco Corp* CCJ Consol Energy* CNX Golden Star* GSS SunCoke Engy* SXC Gold Resource* GORO Rhino Res* RNO Seabridge Gld* SA Comstock Mng* LODE Arch Coal* ACI Freeport McMo* FCX Golden Mnls* AUMN US Energy* USEG Hi-Crush Part* HCLP Banro* BAA Alamos Gold* AGI
742 0.48 0.36 0.47 + 16.1 10719 3.20 2.65 3.18 + 6.3 1852 0.79 0.65 0.79 + 5.2 10945 13.43 12.89 13.40 + 3.1 49760 18.23 15.47 17.64 + 2.5 3601 0.34 0.22 0.25 + 1.2 1724 12.86 11.35 12.02 + 1.1 4352 2.25 1.99 2.25 + 0.9 0 0.00 0.00 0.00 0.0 0 0.00 0.00 0.00 0.0 57 1.27 0.75 0.78 - 38.5 4664 4.96 3.31 3.55 - 29.2 1268 0.52 0.37 0.38 - 27.3 24466 0.28 0.20 0.20 - 25.5 206259 16.25 12.17 12.29 - 22.6 1015 0.34 0.23 0.27 - 22.0 417 0.48 0.37 0.37 - 21.4 620 21.60 17.06 17.34 - 19.8 18468 0.26 0.19 0.23 - 19.4 7782 3.95 3.02 3.32 - 19.2
Consol Energy* CNX 49760224 17.64 + 0.43 Cameco Corp* CCJ 10945408 13.40 + 0.41 NovaGold Res* NG 10719137 3.18 + 0.19 SunCoke Engy* SXC 1724250 12.02 + 0.14 Rare Elemt Re* REE 742326 0.47 + 0.07 McEwen Mng* MUX 1852067 0.79 + 0.04 Gold Resource* GORO 4351858 2.25 + 0.02 Golden Star* GSS 3600940 0.25 + 0.00 0 0.00 0.00 0 0.00 0.00 Royal Gold* RGLD 5437496 51.16 - 5.69 Agrium* AGU 683700 101.18 - 4.99 Hi-Crush Part* HCLP 620077 17.34 - 4.28 BHP Billi-BBL* BBL 5259407 35.07 - 3.72 Freeport McMo* FCX 206259443 12.29 - 3.59 BHP Billi-BHP* BHP 15703732 36.30 - 3.26 Rio Tinto* RIO 4218151 37.39 - 2.96 Newmont Mng* NEM 74899718 17.80 - 2.89 Mosaic* MOS 20828322 42.89 - 2.37 Mesabi Trust* MSB 709787 9.90 - 2.28
15-07-29 5:49 PM
THE NORTHERN MINER
STOCK TABLES
MINING STOCKS listed on NORTH AMERICAN EXCHANGES Trading: July 20-24, 2015
(100s) Stock
Week
Exc Volume
High
Low
Last
12-month Change
High Low
A Abacus Mng&Ex Abcourt Mines ABE Res Aben Res Aberdeen Intl Abitibi Royalt Acme Res Actus Mnls Adamera Mnls Adex Mining Adriana Res Adroit Res Advance Gold Adventure Gold African Gold G African Metals African Queen Africo Res Aftermath Silv Agnico-Eagle* Agnico-Eagle Agrium* Agrium Aguila Am Res Alabama Graph Alacer Gold Alamos Gold* Alamos Gold Alberta Star Alcoa* Alder Res Alderon Irn O* Alderon Iron O Aldridge Minls Aldrin Res Alexander Nubi Alexandria Mnl Alexco Res Alexco Res* Alix Res Alliance Mng Alliance Rs P* Alloycorp Almaden Mnls* Almaden Mnls Almonty Ind Alpha Gold Alphamin Res Altai Res Altan Nev Mnls Altan Rio Mnls Altima Res Altiplano Mnls Altitude Res Altius Mnrls Alto Vent Alum Cp China* Am Creek Res AM Gold Amarc Res Amarillo Gold Amato Expl American Manga American Vanad Amerigo Res Amex Expl AMI Res Anaconda Mng AndeanGold Anfield Nickel Anfield Res Angel Gold Angkor Gold Anglo-Bomarc Anglo-Can Mng AngloGold Ash* Antioquia Gold Antofagasta Gd Apogee Silver AQM Copper Aquila Res Arch Coal* Archon Mineral Arctic Hntr Ur Arctic Star Rs Arcus Dev Grp
V 4373 V 8390 V 1760 V 320 T 2711 V 355 V 48 V 1340 V 1641 V 2611 V 663 V 300 V 10 V 1334 V 8302 V 25 V 1960 T 865 V 166 N 191781 T 60818 N 6837 T 11088 V 66 V 8918 T 57087 N 77822 T 37100 V 2998 N 1364783 V 50 X 695 T 2829 V 1385 V 1635 V 280 V 20726 T 3407 X 13675 V 670 V 1410 Q 13509 V 1655 X 6478 T 804 V 129 V 109 V 70 V 1300 V 350 V 140 V 14760 V 1100 V 80 T 7217 V 2000 N 1372 V 1664 V 20 V 210 V 525 V 1220 V 2810 V 1335 T 3838 V 80 V 10 T 8774 V 745 V 245 V 1444 V 166 V 1050 V 1005 V 2450 N 235740 V 6150 V 5430 V 514 V 60 T 2958 N 244662 V 19 V 25 V 5250 V 460
0.06 0.05 0.05 0.03 0.03 0.03 0.04 0.03 0.03 0.02 0.02 0.02 0.13 0.12 0.12 2.75 2.10 2.20 0.03 0.03 0.03 0.04 0.03 0.03 0.04 0.03 0.03 0.02 0.01 0.01 0.11 0.10 0.10 0.01 0.01 0.01 0.02 0.02 0.02 0.08 0.07 0.07 0.05 0.04 0.04 0.06 0.06 0.06 0.02 0.01 0.01 0.39 0.34 0.39 0.01 0.01 0.01 24.40 21.87 23.88 31.60 28.58 31.26 106.16 100.27 101.18 138.43 130.98 131.99 0.07 0.07 0.07 0.20 0.17 0.17 2.69 2.22 2.62 3.95 3.02 3.32 5.15 3.95 4.30 0.03 0.03 0.03 10.47 9.65 9.81 0.01 0.01 0.01 0.18 0.15 0.15 0.24 0.18 0.19 0.17 0.16 0.16 0.15 0.13 0.14 0.09 0.09 0.09 0.04 0.03 0.04 0.43 0.38 0.42 0.34 0.29 0.31 0.08 0.07 0.07 0.02 0.02 0.02 24.27 22.76 23.22 0.03 0.03 0.03 0.73 0.61 0.64 0.95 0.80 0.80 0.82 0.80 0.80 0.05 0.05 0.05 0.19 0.18 0.18 0.07 0.06 0.06 0.01 0.01 0.01 0.03 0.03 0.03 0.02 0.01 0.02 0.06 0.06 0.06 0.21 0.16 0.21 14.45 11.99 13.59 0.04 0.04 0.04 9.89 9.38 9.45 0.05 0.04 0.04 0.05 0.05 0.05 0.08 0.08 0.08 0.07 0.06 0.07 0.02 0.02 0.02 0.02 0.01 0.02 0.09 0.07 0.08 0.34 0.25 0.27 0.04 0.03 0.04 0.05 0.05 0.05 0.05 0.04 0.04 0.02 0.01 0.01 0.76 0.70 0.75 0.11 0.07 0.08 0.06 0.05 0.05 0.57 0.52 0.56 0.15 0.15 0.15 0.01 0.01 0.01 7.08 6.12 6.78 0.05 0.05 0.05 0.20 0.18 0.18 0.31 0.21 0.30 0.06 0.05 0.06 0.15 0.14 0.14 0.28 0.20 0.20 1.95 1.80 1.95 0.03 0.03 0.03 0.03 0.03 0.03 0.02 0.01 0.02
+ + + -
+ + + +
+ + +
0.01 0.09 0.03 0.00 0.08 0.03 0.01 0.10 0.03 0.00 0.06 0.02 0.00 0.20 0.11 0.33 5.10 1.94 0.00 0.06 0.03 0.01 0.12 0.01 0.00 0.10 0.03 0.01 0.02 0.01 0.02 0.19 0.10 0.00 0.01 0.01 0.00 0.08 0.02 0.01 0.21 0.07 0.01 0.15 0.04 0.00 0.29 0.03 0.01 0.03 0.01 0.00 0.45 0.31 0.00 0.06 0.01 1.28 42.41 21.65 1.46 45.92 25.05 4.99 116.77 82.04 5.79 146.51 92.81 0.01 0.16 0.03 0.03 0.35 0.14 0.02 3.11 1.77 0.79 10.14 3.02 1.03 11.07 3.95 0.01 0.08 0.02 0.68 17.75 9.65 0.00 0.05 0.01 0.03 1.49 0.15 0.04 1.61 0.18 0.00 0.37 0.16 0.01 0.33 0.12 0.00 0.28 0.06 0.01 0.07 0.03 0.00 1.42 0.34 0.03 1.30 0.26 0.01 0.30 0.03 0.01 0.06 0.01 1.18 53.84 22.76 0.01 0.10 0.03 0.09 1.64 0.61 0.15 1.80 0.80 0.00 0.83 0.52 0.01 0.06 0.03 0.01 0.32 0.11 0.01 0.12 0.06 0.00 0.07 0.01 0.00 0.07 0.02 0.00 0.07 0.01 0.00 0.06 0.02 0.05 0.30 0.09 0.39 15.47 9.86 0.01 0.10 0.04 0.53 17.44 8.66 0.01 0.10 0.03 0.00 0.13 0.02 0.01 0.18 0.06 0.01 0.13 0.04 0.00 0.04 0.01 0.00 0.04 0.01 0.00 0.62 0.05 0.06 0.48 0.23 0.00 0.12 0.03 0.01 0.06 0.01 0.01 0.09 0.04 0.01 0.04 0.01 0.01 1.10 0.70 0.02 0.76 0.07 0.01 0.10 0.02 0.01 0.64 0.29 0.05 0.30 0.02 0.00 0.02 0.01 0.71 18.44 6.12 0.00 0.07 0.01 0.04 0.25 0.09 0.04 0.98 0.18 0.01 0.15 0.05 0.01 0.19 0.09 0.07 3.35 0.20 0.15 2.05 0.77 0.00 0.05 0.02 0.00 0.20 0.03 0.00 0.05 0.01
(100s) Stock
7
AUGUST 3-9, 2015
Exc Volume
Week
12-month
(100s)
High
Low
Last
Change
High Low
Stock
0.02 0.12 1.21 0.02 0.44 0.82 0.30 0.01 7.58 1.81 1.40 1.01 0.03 0.02 0.05 0.14 0.02 0.02 0.31 0.15 0.31 0.42 0.06 0.08 0.01 0.10 0.07 0.01 0.01 0.17 0.39 0.04 0.05 0.03 0.16 0.21 1.18 0.90 0.22 0.09 0.01 0.16 0.04
0.02 0.12 1.24 0.02 0.50 0.85 0.32 0.02 7.98 1.95 1.52 1.29 0.03 0.02 0.05 0.14 0.02 0.02 0.36 0.16 0.36 0.46 0.06 0.08 0.01 0.11 0.07 0.02 0.01 0.23 0.40 0.04 0.05 0.03 0.17 0.22 1.27 0.97 0.24 0.09 0.01 0.16 0.04
+ -
0.01 0.02 0.37 0.01 0.01 0.05 0.02 0.01 0.51 0.25 0.17 0.14 0.00 0.02 0.00 0.00 0.00 0.00 0.05 0.03 0.12 0.04 0.03 0.02 0.01 0.01 0.02 0.00 0.00 0.04 0.10 0.01 0.01 0.01 0.00 0.00 0.15 0.11 0.02 0.01 0.01 0.03 0.00
0.09 0.73 5.28 0.11 0.78 1.02 0.54 0.26 14.91 2.91 2.71 2.40 0.09 0.10 0.08 0.23 0.05 0.36 1.23 0.90 2.97 0.82 0.40 0.17 0.13 0.15 0.16 0.04 0.03 0.63 0.83 0.08 0.11 0.40 0.48 0.51 2.51 2.34 0.31 0.40 0.03 0.36 0.36
0.02 0.12 1.21 0.02 0.37 0.51 0.22 0.01 7.58 1.50 1.26 0.84 0.03 0.02 0.03 0.08 0.02 0.02 0.31 0.14 0.31 0.42 0.05 0.06 0.01 0.07 0.06 0.01 0.01 0.17 0.27 0.03 0.03 0.03 0.16 0.20 1.18 0.90 0.12 0.09 0.01 0.14 0.04
Boss Power Bowmore Expl Bravada Gold Brazil Res Brionor Res Brixton Mtls Buccaneer Gold Burnstone Vent
V V V V V V V V
0.12 0.17 0.10 0.01 0.06 0.00 0.00 0.00 0.05 0.06 0.01 0.00 0.01 0.03 1.54 1.93 0.00 0.00 0.00 0.05 0.00 0.00 0.01 0.08 0.01 0.04 0.00 0.00 0.01 3.72 3.26 0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.49 0.01 0.03
2.86 3.12 2.05 0.07 1.98 0.05 0.52 0.09 0.47 0.40 0.10 0.06 0.20 0.50 19.36 21.14 0.11 0.10 0.05 5.20 0.07 0.09 0.04 0.45 0.11 0.30 0.18 0.04 0.07 67.77 70.05 1.00 0.06 0.04 0.17 0.09 0.08 0.07 0.30 8.67 0.07 0.43
1.02 1.34 0.56 0.02 0.52 0.01 0.09 0.04 0.13 0.12 0.02 0.01 0.03 0.11 6.79 8.87 0.06 0.02 0.02 0.80 0.02 0.03 0.01 0.15 0.03 0.11 0.04 0.02 0.03 34.78 35.79 0.03 0.02 0.01 0.02 0.02 0.02 0.03 0.05 4.45 0.03 0.09
Cabot Corp* Cache Expl Caledonia Mng Calibre Mng Calico Res Callinex Mines Cameco Corp* Cameco Corp Camino Mnls Canada Carbon Canada Rare Ea Canada Zinc Mt Canadn Int Mnl Canadn Mining Canadn Orebods Canadn Plat Canadn Zinc Canaf Group Canamex Res Canarc Res Canasil Res Cancana Res Candente Coppr Candente Gold CaNickel Mng Cannon Pnt Res Canoe Mng Vnt Canstar Res Canterra Mnls Cantex Mn Dev Canuc Res Canyon Copper Cap-Ex Vent Capstone Mng Cardero Res Cariboo Rose Caribou King R Carlisle Goldf Carpathian Gld Cascadero Copp Castillian Res Castle Peak Mg Catalyst Coppr Caza Gold CB Gold Centamin Centerra Gold Central Fund* Central Fund Central Gold-T Central GoldT* Central Iron O Centurion Mnls Century Iron M Challenger Dee Champion Bear Champion Iron Chesapeake Gld Chiboug Ind Mn Chilean Gold China Gold Int China Mnls Mng Claim Post Res Claude Res Clear Mtn Res Cliffs Nat Rs* Clifton Star Cloud Peak En* CMC Metals Codrington Res Coeur Mng* Colombia Crest Colombian Mins Colonial Coal Colorado Res Colt Res Columbus Gold
Argentex Mng Argex Titanium Argonaut Gold Argus Metals Arian Silver Arianne Phosph Armistice Res Aroway Mnls ASA (Bermuda)* Asanko Gold Asanko Gold* Ascot Res Asher Res AsiaBaseMetals Asian Minl Res Aston Bay Astorius Res Astur Gold Atac Res Atacama Pac Gd Athabasca Mnls Atico Mng Atlanta Gold Atna Res Ltd Augen Gold Augyva Mng Aura Mnls Aura Silver Rs Auramex Res Aurcana Corp Aureus Mng Aurion Res Aurvista Gold Avala Res Avalon Rare M* Avalon Rare Mt Avino Silver Avino Silver* Avnel Gold Avrupa Mnls Axmin Inc Azimut Expl Azincourt Res
V T T V V V T V N T X V V V V V V V V V V V V T V V T V V V T V V V X T V X T V V V V
12197 10069 82295 710 1312 1488 2090 5915 14514 27801 1446 3317 1320 520 439 110 100 358 11884 586 2716 8130 752 7946 490 190 7285 3900 107 4720 377 1765 700 250 5998 4244 773 3763 1530 525 500 111 49
0.03 0.15 1.60 0.02 0.50 0.92 0.35 0.02 8.34 2.17 1.64 1.41 0.03 0.03 0.05 0.14 0.02 0.02 0.41 0.18 0.48 0.50 0.09 0.09 0.02 0.11 0.09 0.02 0.01 0.23 0.44 0.05 0.05 0.03 0.18 0.24 1.45 1.08 0.26 0.10 0.01 0.18 0.04
B2Gold* B2Gold Bacanora Mnls Baja Mng Balmoral Res Bandera Gold Banks Island G Bannerman Res Banro Banro* Banyan Gold Bard Vent Barisan Gold Barkerville Go Barrick Gold* Barrick Gold Batero Gold Bayswater Uran BCM Res Bear Creek Mng Bearclaw Cap Beaufield Res Bell Copper Bellhaven Cp&G Belmont Res Belo Sun Mng Belvedere Res Benton Cap Benton Res BHP Billi-BBL* BHP Billi-BHP* Big North Grap BioteQ Env Bitterroot Res Black Iron Black Isle Res Black Widow Rs Blue Rvr Res Blue Sky Uran BMO Jr Gld ETF Bold Vent Bonterra Res
X 98365 T 282005 V 219 V 8667 T 9221 V 279 V 6696 T 400 T 56546 X 184684 V 210 V 753 V 5501 V 4815 N 1836105 T 210606 V 6551 V 56 V 1610 V 2369 V 160 V 1261 V 566 V 10 V 1550 T 12576 V 6502 V 476 V 1730 N 52594 N 157037 V 46 T 3395 V 2688 T 799 V 100 V 100 V 820 V 1305 T 4736 V 5260 V 3496
1.23 1.57 1.50 0.03 0.65 0.01 0.12 0.04 0.33 0.26 0.04 0.02 0.03 0.26 8.46 10.98 0.09 0.02 0.04 0.90 0.03 0.04 0.04 0.32 0.05 0.19 0.05 0.02 0.05 39.22 40.15 0.03 0.03 0.01 0.03 0.04 0.02 0.04 0.07 5.01 0.03 0.15
-
+ -
B 1.02 1.16 1.34 1.50 1.28 1.35 0.02 0.03 0.52 0.59 0.01 0.01 0.09 0.11 0.04 0.04 0.25 0.31 0.19 0.23 0.03 0.03 0.02 0.02 0.03 0.03 0.22 0.24 6.79 7.25 8.87 9.47 0.07 0.09 0.02 0.02 0.02 0.03 0.80 0.82 0.03 0.03 0.03 0.04 0.03 0.03 0.31 0.32 0.05 0.05 0.15 0.17 0.05 0.05 0.02 0.02 0.04 0.05 34.78 35.07 35.79 36.30 0.03 0.03 0.03 0.03 0.01 0.01 0.03 0.03 0.04 0.04 0.02 0.02 0.03 0.03 0.05 0.05 4.45 4.74 0.03 0.03 0.12 0.13
+ + -
-
+ -
-
Exc Volume
Week
12-month
High
Low
Last
Change
60 850 714 7660 393 173 200 146
0.17 0.08 0.03 0.60 0.01 0.14 0.04 0.02
0.17 0.06 0.02 0.45 0.01 0.09 0.03 0.02
0.17 0.06 0.03 0.57 0.01 0.14 0.03 0.02
+ +
N 12241 V 20 T 1827 V 9161 V 1186 V 3031 N 109454 T 40327 V 321 V 19508 V 6219 V 2976 V 3649 V 20 V 2030 V 1190 T 11009 V 20 V 2989 T 2965 V 870 V 1992 T 3112 T 5900 T 394 V 2565 V 750 V 330 V 2170 V 508 V 1290 V 460 V 1158 T 36327 T 14070 V 225 V 2560 T 3087 T 16233 V 2790 V 23 V 270 V 372 V 105 V 19494 T 962 T 44624 X 73210 T 6434 T 125 X 6825 V 60 V 2672 T 215 V 1333 V 230 T 4957 V 297 V 46 V 4054 T 21045 V 400 V 1130 T 29403 V 1000 N 461741 V 944 N 40498 V 35386 V 213 N 183347 V 150 V 20 V 622 V 898 V 6108 V 3375
36.80 0.08 0.93 0.12 0.08 0.35 13.43 17.51 0.17 0.28 0.05 0.24 0.02 0.08 0.03 0.01 0.13 0.06 0.05 0.07 0.04 0.29 0.08 0.03 0.11 0.11 0.04 0.04 0.06 0.05 0.03 0.03 0.02 1.10 0.02 0.04 0.16 0.26 0.02 0.02 0.03 0.01 0.16 0.05 0.05 1.19 6.34 10.73 13.93 50.04 38.69 0.01 0.02 0.30 0.18 0.06 0.18 2.00 0.03 0.03 1.97 0.01 0.02 0.63 0.01 3.15 0.19 3.67 0.04 0.08 4.36 0.01 0.04 0.07 0.07 0.19 0.40
+ +
High Low
0.01 0.01 0.01 0.06 0.00 0.00 0.02 0.01
0.30 0.11 0.10 0.95 0.03 0.33 0.04 0.04
0.15 0.04 0.02 0.45 0.01 0.09 0.02 0.01
1.87 0.01 0.20 0.04 0.01 0.05 0.41 0.65 0.02 0.04 0.01 0.00 0.00 0.00 0.01 0.00 0.02 0.01 0.01 0.02 0.00 0.04 0.01 0.00 0.02 0.01 0.01 0.00 0.00 0.00 0.01 0.00 0.00 0.13 0.01 0.00 0.03 0.03 0.00 0.00 0.00 0.00 0.03 0.00 0.01 0.01 0.48 0.35 0.41 1.95 1.12 0.01 0.00 0.07 0.01 0.01 0.01 0.16 0.01 0.00 0.17 0.00 0.01 0.08 0.00 0.58 0.01 0.39 0.01 0.01 0.67 0.00 0.01 0.01 0.02 0.01 0.06
58.28 0.27 1.20 0.20 0.19 0.40 21.67 23.26 0.26 0.32 0.11 0.57 0.07 0.24 0.10 0.01 0.34 0.09 0.25 0.11 0.09 0.32 0.27 0.06 0.75 0.25 0.24 0.07 0.14 0.09 0.04 0.12 0.08 3.11 0.10 0.07 0.45 0.42 0.04 0.07 0.20 0.05 0.60 0.11 0.14 1.38 7.92 14.40 16.89 57.25 46.73 0.01 0.13 0.50 0.20 0.20 0.35 3.70 0.09 0.09 3.40 0.01 0.13 0.78 0.12 18.41 0.25 16.33 0.08 0.16 8.94 0.01 0.20 0.20 0.23 0.30 0.55
34.54 0.05 0.54 0.07 0.07 0.16 12.88 16.73 0.03 0.17 0.04 0.20 0.01 0.05 0.02 0.01 0.09 0.04 0.05 0.03 0.03 0.15 0.06 0.02 0.10 0.10 0.02 0.03 0.05 0.03 0.02 0.03 0.01 0.99 0.01 0.02 0.04 0.13 0.01 0.01 0.01 0.01 0.13 0.03 0.03 0.80 3.96 10.24 12.52 42.50 37.22 0.01 0.02 0.23 0.05 0.05 0.07 1.77 0.02 0.02 1.30 0.01 0.02 0.19 0.01 2.28 0.06 2.94 0.03 0.04 3.37 0.01 0.04 0.06 0.06 0.05 0.31
C 34.54 0.08 0.72 0.08 0.07 0.30 12.89 16.76 0.17 0.24 0.04 0.20 0.02 0.08 0.02 0.01 0.09 0.06 0.05 0.05 0.04 0.23 0.06 0.02 0.10 0.10 0.04 0.03 0.05 0.04 0.02 0.03 0.02 0.99 0.01 0.04 0.13 0.22 0.01 0.02 0.03 0.01 0.13 0.05 0.04 1.07 5.51 10.24 13.40 49.00 37.39 0.01 0.02 0.28 0.14 0.05 0.16 1.78 0.03 0.03 1.52 0.01 0.02 0.51 0.01 2.28 0.14 2.94 0.03 0.06 3.38 0.01 0.04 0.06 0.06 0.16 0.34
34.80 0.08 0.73 0.08 0.08 0.30 13.40 17.51 0.17 0.25 0.04 0.22 0.02 0.08 0.02 0.01 0.09 0.06 0.05 0.07 0.04 0.24 0.06 0.03 0.10 0.10 0.04 0.03 0.05 0.05 0.03 0.03 0.02 0.99 0.02 0.04 0.13 0.23 0.02 0.02 0.03 0.01 0.15 0.05 0.05 1.19 5.94 10.53 13.71 49.12 38.24 0.01 0.02 0.28 0.16 0.05 0.17 1.83 0.03 0.03 1.93 0.01 0.02 0.57 0.01 2.46 0.16 3.19 0.03 0.06 3.82 0.01 0.04 0.06 0.06 0.17 0.34
+ + -
+ + -
+ -
+ + + + -
(100s) Stock
Week
Exc Volume
High
Low
Last
Comet Inds V 31 Commander Res V 779 Commerce Res V 15453 Compass Mnls* N 2888 Compliance Eny V 3680 Comstock Mng* X 12677 Comstock Mtls V 2871 Condor Res V 360 Confedertn Mls V 183 Conquest Res V 2012 Cons Richland V 326 Cons Woodjam C V 1405 Consol Energy* N 497602 Constant Mtl R V 1717 Contintl Gold T 34786 Contl Precious T 5 Copper Ck Gold V 46 Copper Fox Mtl V 12550 Copper Mtn Mng T 20960 Copper North M V 9178 Copper One V 6025 Coral Gold V 943 Corazon Gold V 293 Cordoba Mnls V 383 Corex Gold V 830 Cornerstone Ca V 15820 Coro Mining T 13441 Corsa Coal V 480 Cortez Gold V 15 Corvus Gold T 2127 Cougar Mnls V 332 Crazy Horse Rs V 1549 Critical Elem V 10092 Currie Rose Rs V 250 CVR Partners* N 1104 Cypress Dev V 2264
1.75 0.02 0.09 83.13 0.01 0.52 0.03 0.05 0.05 0.01 0.02 0.06 18.23 0.14 2.96 0.35 0.06 0.19 0.96 0.05 0.01 0.08 0.28 0.16 0.04 0.03 0.03 0.10 0.25 0.65 0.08 0.02 0.27 0.02 12.87 0.05
1.20 1.75 0.02 0.02 0.07 0.08 80.69 81.55 0.01 0.01 0.37 0.38 0.03 0.03 0.04 0.05 0.05 0.05 0.01 0.01 0.01 0.02 0.04 0.05 15.47 17.64 0.13 0.13 2.31 2.84 0.35 0.35 0.05 0.06 0.15 0.16 0.80 0.83 0.04 0.04 0.01 0.01 0.07 0.08 0.20 0.21 0.14 0.14 0.04 0.04 0.02 0.02 0.02 0.02 0.09 0.10 0.16 0.25 0.51 0.53 0.04 0.08 0.02 0.02 0.23 0.25 0.01 0.01 12.16 12.29 0.04 0.04
Dajin Res V Dalradian Res T Dalton Res Ltd V Darnley Bay V Decade Res V Defiance Silvr V Dejour Enterp T Dejour Enterp* X Denison Mines T Denison Mines* X Desert Gold V Desert Star V Detour Gold T Diagnos V Diamcor Mng V Diamond Fields V Dios Expl V Discovery Harb V Discovery Vent V Discovery-Corp V DNI Metals V Dolly Vard Sil V Dominion Diam* N Dominion Diam T Dorex Minls V Doubleview Cap V Duncan Park H V Dundee Prec Mt T Duran Vent V DV Res V Dynacor Gold M T Dynasty Gold V Dynasty Met&Mn T Eagle Hill Exp V Eagle Plains V East Asia Mnls V Eastern Platin T Eastfield Res V Eastmain Res T Eco Oro Mnls T Ecuador G & C V Edgewater Expl V El Nino Vent V El Tigre Silvr V Eldorado Gold* N Eldorado Gold T Electra Gold V Elissa Res V Eloro Minls V
0.09 0.84 0.18 0.02 0.03 0.14 0.17 0.13 0.74 0.58 0.04 0.14 12.34 0.10 1.13 0.03 0.06 0.04 0.16 0.08 0.12 0.18 13.00 16.84 0.03 0.10 0.01 2.45 0.03 0.04 1.90 0.02 0.56 0.79 0.06 0.02 1.59 0.03 0.39 0.57 0.02 0.01 0.02 0.09 3.44 4.46 0.10 0.14 0.15
12-month Change
High Low
+
0.60 0.00 0.01 1.93 0.00 0.14 0.01 0.00 0.00 0.00 0.00 0.00 0.43 0.01 0.16 0.00 0.01 0.03 0.16 0.01 0.00 0.00 0.08 0.02 0.01 0.00 0.01 0.01 0.03 0.16 0.04 0.00 0.01 0.01 0.60 0.01
1.75 0.04 0.29 95.68 0.05 1.65 0.04 0.13 0.12 0.02 0.05 0.08 42.26 0.25 4.24 0.75 0.09 0.37 3.07 0.09 0.10 0.26 0.38 0.75 0.09 0.13 0.08 0.30 1.00 1.50 0.35 0.05 0.40 0.02 19.26 0.45
1.00 0.02 0.07 79.29 0.01 0.37 0.01 0.03 0.03 0.01 0.01 0.02 15.47 0.10 1.61 0.30 0.03 0.10 0.80 0.04 0.01 0.07 0.07 0.08 0.04 0.02 0.02 0.09 0.16 0.51 0.03 0.01 0.16 0.01 8.52 0.04
0.02 0.00 0.01 0.00 0.00 0.02 0.01 0.00 0.10 0.09 0.01 0.02 1.20 0.01 0.02 0.01 0.02 0.02 0.02 0.01 0.02 0.05 0.58 0.65 0.01 0.03 0.00 0.36 0.01 0.00 0.14 0.00 0.06 0.07 0.01 0.01 0.29 0.00 0.06 0.07 0.00 0.00 0.01 0.02 0.10 0.08 0.01 0.01 0.03
0.11 1.16 0.44 0.18 0.25 0.19 0.36 0.33 1.53 1.40 0.90 0.26 16.37 0.11 1.45 0.05 0.10 0.11 0.42 0.14 0.55 1.25 20.30 24.60 0.10 0.25 0.03 5.70 0.04 0.07 2.59 0.03 1.74 1.00 0.08 0.05 2.26 0.05 0.62 0.95 0.08 0.08 0.08 0.50 8.59 9.68 0.15 0.25 0.25
0.04 0.46 0.15 0.02 0.02 0.07 0.13 0.11 0.63 0.48 0.03 0.12 6.02 0.04 0.90 0.01 0.03 0.02 0.09 0.05 0.06 0.12 11.68 14.35 0.02 0.07 0.01 1.93 0.01 0.04 1.41 0.01 0.52 0.29 0.05 0.01 0.79 0.03 0.17 0.14 0.02 0.01 0.02 0.08 3.02 3.94 0.05 0.06 0.04
+ -
+ + + + -
D-F 19414 10924 84 12317 4280 4041 1068 2601 56852 4617 90 3787 61151 2247 314 150 200 2962 3186 200 1613 937 5287 15828 1800 4027 5150 13550 3790 20 1704 760 2750 851 5630 3498 4688 1250 6426 359 6212 2200 28 300 63595 95321 540 319 1261
0.07 0.09 0.75 0.81 0.18 0.18 0.02 0.02 0.02 0.03 0.11 0.12 0.14 0.16 0.12 0.12 0.63 0.63 0.48 0.49 0.04 0.04 0.12 0.12 10.62 11.51 0.08 0.08 1.03 1.03 0.02 0.03 0.06 0.06 0.04 0.04 0.13 0.14 0.07 0.07 0.10 0.10 0.12 0.13 11.68 12.24 15.26 15.97 0.02 0.03 0.07 0.07 0.01 0.01 1.93 2.05 0.02 0.02 0.04 0.04 1.70 1.73 0.02 0.02 0.52 0.53 0.68 0.70 0.05 0.05 0.01 0.02 1.30 1.31 0.03 0.03 0.33 0.33 0.52 0.55 0.02 0.02 0.01 0.01 0.02 0.02 0.08 0.08 3.02 3.30 3.94 4.32 0.10 0.10 0.13 0.14 0.11 0.12
+ + + + + + + + + -
METALS, MINING AND MONEY MARKETS SPOT PRICES
PRODUCER AND DEALER PRICES
COURTESY OF SCOTIABANK
Tuesday, July 28, 2015 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc
Price (US$/oz.) $1095.60 $14.54 $985.00 $626.00
Change -12.40 -0.21 +2.00 +15.00
Price (US$/tonne) $11285.00 $5292.50 $1732.00 $1980.00
Change +260.00 +104.50 +35.50 +48.00
LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, July 27, 2015 (change from July 20, 2015 in brackets): Aluminium Alloy 13040 (-280) Aluminium 3471225 (-49500) Copper 342925 (+3150) Lead 221850 (+5050) Nickel 453414 (+108) Tin 7175 (-150) Zinc 443350 (-9975)
Thermal Coal CAPP: US$43.13 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$49.95 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$10.05 Coal: CME Group Futures Sept. 2015: US$43.00; Oct. 2015: US$42.55 Cobalt: US$13.95/lb. Copper: US$2.38/lb. Copper: CME Group Futures Aug. 2015: US$2.41/lb.; Sept. 2015: US$2.41/lb Ferro-Chrome: US$2.09/kg FerroTungsten: US$29.54/kg Ferrovanadium: US$22.10/kg Iridium: NY Dealer Mid-mkt US$500/tr oz. Iron Ore 62% Fe CFR China-S: US$52.20/tonne Iron Ore Fines: US$60.04/tonne Iron Ore Pellets: US$85.02/tonne Lead: US$0.77/lb. Magnesium: US$2.21/kg Manganese: US$1.78/kg Molybdenum Oxide: US$6.12/lb. Phosphate Rock: US$115/tonne Potash: US$307.00/tonne Rhodium: Mid-mkt US$850.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$14.67 per oz.; Handy & Harman Fabricated: US$18.04 per oz. Tantalite Ore: : US$170.28/kg Tin: US$7.38/lb. Uranium: U3O8, Trade Tech spot price: US$36.25/lb.; The UX Consulting Company spot price: US$36.00/lb. Zinc: US$0.89/lb. Prices current July 29, 2015
FOR DAILY MINING NEWS, VISIT WWW.NORTHERNMINER.COM
TNM August 03 2015 Issue.indd 7
DAILY METAL PRICES Date July 27 July 24 July 23 July 22 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1710/1710 1690/1700 1705/1720 1705/1720 Aluminum 1600/1641 1594/1636 1604/1650 1610/1654.50 Copper 5189/5199.50 5224/5240 5335/5350 5350/5369 Lead 1690/1705 1706/1718 1752/1769 1749.50/1763 Nickel 10920/11000 11170/11225 11230/11310 11525/11550 Tin 15395/15305 14850/14850 14900/14900 14845/14800 Zinc 1932.50/1938 1958/1964 2002/2006 1996.50/2003 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1098.60 1083.75 1101.65 Gold PM 1100.00 1080.80 1097.40 Silver 14.69 14.49 14.88 Platinum 976.00 979.00 987.00 Palladium 623.00 616.00 631.00
LEGEND A – Australian Stock Exchange C – CNSX Canadian National Stock Exchange J – Johannesburg Stock Exchange L – London Stock Exchange M – Mexico Stock Exchange N – New York Stock Exchange O – U.S. over-the-counter Q – NASDAQ or U.S. OTC T – Toronto Stock Exchange V – TSX Venture Exchange X – NYSE Alternext U.S. * – Denotes price in U.S.$
1096.80 1088.60 14.78 964.00 615.00
July 21 1675/1700 1630/1673 5475/5504 1795/1812 11750/11800 15450/15425 2044/2048 1108.00 1105.60 14.75 982.00 616.00
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
15-07-29 5:49 PM
8 AUGUST 3-9, 2015 THE NORTHERN MINER
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Ely Gold & Mnl V 150 Emgold Mng V 360 Encanto Potash V 13157 Endeavour Mng T 73809 Endeavr Silver T 6524 Endeavr Silve* N 10266 Endurance Gold V 570 Energizer Res T 14918 Energold Drill V 1695 Energy Fuels T 2517 Entourage Mtls V 1707 Entree Gold* X 2505 Entree Gold T 1022 Equitas Res V 20492 Equitorial Exp V 4770 Erdene Res Dev T 477 Erin Ventures V 12563 Eskay Mng V 805 Ethos Gold V 1128 Eurasian Minls V 433 Eurasian Mnls* X 4671 Eureka Res V 70 EurOmax Res V 766 Europn Uran Rs V 170 Eurotin V 500 Everton Res V 544 Evolving Gold C 307 Evrim Res V 205 Excellon Res T 1391 Excelsior Mng V 5535 Exeter Res* X 1452 Exeter Res T 2336 Explor Res V 1365 Faircourt Gold T 748 Fairmont Res V 30 Falco Res V 4675 Falcon Gold V 390 Fancamp Expl V 2900 Feronia V 15 Fieldex Expl V 2230 Finlay Minrls V 810 Firesteel Res V 869 First Bauxite V 180 First Majesti* N 75198 First Majestic T 27345 First Mexican V 2358 First Nickel T 1380 First Point T 1190 First Quantum T 172666 Fission 3.0 V 12705 Fjordland Exp V 150 Flinders Res V 2486 Focus Graphite V 5758 Focus Vnt V 1432 Foraco Intl T 75 Foran Mng V 3665 Formation Mtls T 2159 Forsys Metals T 10 Fort St J Nick V 500 Fortuna Silver T 14541 Fortuna Silvr* N 28706 Fortune Bay T 712 Fortune Mnrls T 34202 Forum Uranium V 5121 Franco-Nevada* N 89033 Franco-Nevada T 54057 Freegold Vent T 244 Freeport McMo* N 2062594 Frontier Rr Er T 1843 Frontline Gold V 560
0.04 0.04 0.04 0.00 0.13 0.03 0.01 0.01 0.01 0.00 0.03 0.01 0.09 0.07 0.08 + 0.01 0.16 0.04 0.52 0.44 0.49 - 0.06 1.00 0.38 2.03 1.64 1.86 - 0.20 7.06 1.64 1.56 1.26 1.44 - 0.17 6.44 1.26 0.03 0.03 0.03 + 0.01 0.10 0.03 0.08 0.07 0.07 - 0.01 0.31 0.07 0.70 0.51 0.51 - 0.14 1.72 0.51 6.05 5.18 5.56 - 0.24 9.00 4.88 0.07 0.05 0.05 - 0.01 0.22 0.05 0.30 0.22 0.27 - 0.03 0.51 0.08 0.39 0.30 0.32 - 0.08 0.66 0.18 0.09 0.07 0.09 + 0.01 0.14 0.03 0.11 0.09 0.11 + 0.01 0.26 0.07 0.12 0.12 0.12 0.00 0.18 0.09 0.07 0.05 0.07 + 0.02 0.10 0.04 0.13 0.12 0.12 0.00 0.20 0.05 0.14 0.13 0.14 0.00 0.20 0.11 0.60 0.56 0.60 - 0.01 0.97 0.55 0.47 0.40 0.46 - 0.01 0.89 0.40 0.09 0.09 0.09 + 0.01 0.16 0.02 0.51 0.42 0.45 0.00 0.57 0.17 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.12 0.02 0.04 0.03 0.03 - 0.01 0.11 0.02 0.07 0.07 0.07 0.00 0.21 0.01 0.15 0.13 0.13 - 0.04 0.45 0.13 0.48 0.39 0.42 - 0.06 1.47 0.39 0.32 0.26 0.26 - 0.06 0.39 0.19 0.41 0.35 0.37 - 0.04 0.79 0.35 0.50 0.45 0.49 - 0.03 0.90 0.45 0.07 0.06 0.06 - 0.01 0.09 0.04 3.51 2.90 3.07 - 0.47 5.08 2.90 0.08 0.08 0.08 + 0.01 0.30 0.07 0.37 0.31 0.32 - 0.03 0.78 0.29 0.04 0.04 0.04 0.00 0.25 0.04 0.04 0.03 0.04 + 0.01 0.07 0.03 0.21 0.21 0.21 + 0.07 0.91 0.07 0.01 0.01 0.01 + 0.01 0.04 0.01 0.03 0.02 0.02 + 0.01 0.05 0.02 0.02 0.02 0.02 0.00 0.08 0.02 0.06 0.05 0.05 - 0.01 0.10 0.04 4.17 3.16 3.59 - 0.63 11.22 3.16 5.40 4.14 4.68 - 0.79 12.27 3.81 0.02 0.02 0.02 0.00 0.06 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.06 0.05 0.05 - 0.01 0.16 0.04 14.52 11.53 12.01 - 2.20 27.29 9.89 0.10 0.08 0.09 - 0.01 0.14 0.06 0.03 0.03 0.03 0.00 0.05 0.01 0.19 0.12 0.13 - 0.05 1.18 0.12 0.17 0.16 0.16 - 0.01 0.69 0.16 0.23 0.21 0.21 - 0.01 0.29 0.16 0.25 0.21 0.21 - 0.05 0.77 0.15 0.16 0.14 0.15 + 0.01 0.48 0.13 0.13 0.11 0.12 + 0.01 0.27 0.09 0.19 0.18 0.18 - 0.01 0.38 0.15 0.01 0.01 0.01 + 0.01 0.03 0.01 3.84 3.12 3.45 - 0.48 6.45 3.12 2.97 2.39 2.66 - 0.35 5.90 2.39 0.38 0.34 0.34 - 0.04 0.43 0.24 0.04 0.03 0.03 0.00 0.42 0.02 0.07 0.06 0.06 - 0.01 0.22 0.05 41.96 38.20 40.79 - 2.17 61.47 4.00 54.60 49.96 53.26 - 2.49 74.10 49.96 0.12 0.09 0.09 - 0.01 0.24 0.08 16.25 12.17 12.29 - 3.59 38.79 12.17 0.19 0.17 0.17 - 0.02 0.42 0.15 0.01 0.01 0.01 0.00 0.01 0.01
Gabriel Res T 17272 Galane Gold V 2230 Galantas Gold V 20 Galore Res V 4760 Galway Gold V 2100 Galway Mtls V 669 GAMCO Glb Gld* X 54382 Garibaldi Res V 15897 General Moly* X 4708 Gensource Pot V 1627 Gentor Res V 1900 Geodex Mnrls V 370 Geodrill T 220 Geologix Ex T 2901 Geomega Res V 1439 Georox Res V 2682 Getty Copper V 2650 GGL Res V 99 Gitennes Expl V 500 Giyani Gold V 9051 Glen Eagle Res V 1031 Glenmark Cap V 5117 Globex Mng T 2659 GMV Minerals V 160 Gobimin V 2513 GoGold Res T 1880 Gold Bulln Dev V 1005 Gold Canyon V 15034 Gold Fields* N 288619 Gold Finder Ex V 40 Gold Mtn Mng V 145 Gold Reach Res V 30 Gold Reserve V 335 Gold Resource* X 43518 Gold Std Vnt V 2670 Gold Std Vnt* X 11964 Goldbank Mng V 308 Goldcorp T 174347 Goldcorp* N 853712 Golden Arrow R V 1469 Golden Band V 4070 Golden Dawn Ml V 2835 Golden Goliath V 70 Golden Hope V 666 Golden Mnls T 863 Golden Mnls* X 10149 Golden Peak Mn V 190
0.43 0.33 0.41 0.00 1.15 0.25 0.11 0.10 0.10 - 0.01 0.30 0.10 0.12 0.12 0.12 0.00 0.18 0.05 0.02 0.01 0.02 + 0.01 0.04 0.01 0.08 0.06 0.06 - 0.01 0.12 0.05 0.13 0.11 0.13 0.00 0.17 0.10 5.69 5.12 5.28 - 0.61 11.09 5.12 0.06 0.05 0.05 - 0.01 0.31 0.05 0.55 0.48 0.51 - 0.05 1.13 0.26 0.07 0.06 0.07 + 0.02 0.10 0.04 0.06 0.06 0.06 0.00 0.17 0.04 0.02 0.02 0.02 + 0.01 0.10 0.01 0.62 0.57 0.57 - 0.07 0.99 0.46 0.03 0.03 0.03 0.00 0.09 0.03 0.16 0.14 0.14 + 0.01 0.41 0.12 0.11 0.08 0.08 - 0.01 0.14 0.05 0.03 0.02 0.02 - 0.01 0.08 0.02 0.03 0.02 0.03 + 0.01 0.10 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.10 0.08 0.10 - 0.01 0.43 0.05 0.05 0.05 0.05 0.00 0.20 0.05 0.11 0.08 0.11 + 0.01 0.72 0.08 0.19 0.18 0.19 + 0.01 0.29 0.14 0.15 0.12 0.14 - 0.01 0.26 0.06 0.45 0.41 0.41 - 0.05 0.51 0.40 1.50 1.39 1.41 - 0.08 1.84 1.33 0.02 0.02 0.02 + 0.01 0.08 0.02 0.12 0.10 0.12 - 0.01 0.42 0.09 3.01 2.69 2.92 - 0.16 6.01 2.69 0.03 0.03 0.03 0.00 0.07 0.03 0.07 0.07 0.07 - 0.01 0.24 0.07 0.19 0.18 0.18 - 0.01 0.75 0.13 5.05 4.43 4.62 - 0.39 5.39 2.48 2.25 1.99 2.25 + 0.02 6.35 1.99 0.49 0.43 0.45 0.00 0.80 0.40 0.37 0.32 0.35 - 0.02 0.74 0.26 0.08 0.04 0.08 + 0.01 0.08 0.03 18.18 16.16 17.35 - 1.75 32.32 16.16 14.02 12.35 13.28 - 1.41 29.65 12.35 0.31 0.27 0.29 - 0.01 0.50 0.17 0.01 0.01 0.01 0.00 0.02 0.01 0.14 0.10 0.14 + 0.03 0.30 0.01 0.01 0.01 0.01 - 0.01 0.04 0.01 0.62 0.48 0.54 - 0.08 0.64 0.08 0.42 0.31 0.33 - 0.14 1.47 0.31 0.34 0.23 0.27 - 0.08 1.38 0.23 0.06 0.06 0.06 0.00 0.18 0.04
G-H
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Golden Predatr V 189 Golden Queen T 1869 Golden Reign R V 1920 Golden Share M V 11086 Golden Star T 2228 Golden Star* X 36009 Golden Tag V 10650 Golden Val Min V 1982 Goldex Res V 474 Goldeye Expl V 1340 Goldfield* X 1843 Goldgroup Mng T 3010 GoldQuest Mng V 4937 Goldrea Res C 109 Goldrock Mines V 615 Goldrush Res V 80 Goldsource Min V 862 Goldstar Mnls V 964 Goldstrike Res V 42832 Gowest Gold V 3153 Gran Colombia T 2788 Grande Portage V 2640 Graphite One R V 12058 Great Atlantic V 1664 Great Panther* X 24681 Great Panther T 8404 Great Quest Me V 211 Greencastle Rs V 920 Gresham Res V 12248 Grizzly Discvr V 6281 Groundstar Res V 1380 GTA Res & Mng V 1717 Gunpoint Expl V 8 Guyana Gldflds T 26368 Guyana Prec Mt V 2478 GWR Res V 1089 Handa Copper V 20 Happy Ck Minls V 1056 Harmony Gold* N 189740 Harte Gold T 3069 Harvest Gold V 766 Hawkeye Gld&Di V 930 Heatherdale Rs V 1030 Hecla Mining* N 435991 Helio Res V 1220 Hi-Crush Part* N 6200 Highbank Res V 5303 Highland Res V 6851 Highway 50 Gld V 80 Hinterland Mtl V 12 Homestake Res V 39 Honey Badger E V 1095 Horizns G Bear T 49946 Horizns G Bull T 138198 Horizonte Mnls T 4761 Hornby Bay Mnl V 133 Houston Lake V 3075 HudBay Minls T 50276 HudBay Mnls* N 890 Hudson Res V 2508 Hunt Mng V 68
0.09 0.09 0.09 0.00 0.18 0.07 0.80 0.65 0.73 - 0.07 1.71 0.65 0.08 0.08 0.08 0.00 0.20 0.05 0.03 0.01 0.02 + 0.01 0.04 0.01 0.38 0.29 0.31 - 0.01 0.62 0.20 0.34 0.22 0.25 + 0.00 0.57 0.16 0.02 0.02 0.02 - 0.01 0.10 0.02 0.13 0.10 0.12 - 0.01 0.22 0.08 0.03 0.03 0.03 - 0.01 0.08 0.02 0.05 0.04 0.04 - 0.01 0.09 0.04 1.59 1.48 1.48 - 0.11 2.85 1.20 0.10 0.09 0.09 - 0.01 0.24 0.07 0.13 0.11 0.12 + 0.01 0.28 0.07 0.07 0.05 0.07 + 0.05 0.10 0.02 0.19 0.15 0.15 - 0.02 0.48 0.15 0.02 0.02 0.02 + 0.01 0.03 0.01 0.15 0.13 0.15 + 0.01 0.27 0.13 0.02 0.02 0.02 0.00 0.05 0.02 0.20 0.15 0.16 + 0.03 0.30 0.04 0.07 0.06 0.06 - 0.01 0.10 0.05 0.30 0.25 0.27 - 0.03 1.84 0.25 0.01 0.01 0.01 0.00 0.02 0.01 0.08 0.07 0.08 0.00 0.18 0.07 0.13 0.08 0.08 - 0.07 0.30 0.06 0.37 0.30 0.34 - 0.04 1.38 0.30 0.48 0.40 0.44 - 0.06 1.49 0.40 0.52 0.50 0.51 - 0.02 1.97 0.25 0.07 0.06 0.06 - 0.01 0.10 0.05 0.90 0.84 0.87 - 0.03 0.95 0.52 0.10 0.07 0.07 - 0.01 0.10 0.02 0.05 0.04 0.05 0.00 0.19 0.03 0.05 0.04 0.04 0.00 0.12 0.04 0.15 0.15 0.15 0.00 0.25 0.14 3.69 3.23 3.60 - 0.22 4.14 2.15 0.28 0.16 0.16 + 0.07 0.37 0.11 0.05 0.03 0.05 + 0.02 0.05 0.01 0.07 0.07 0.07 0.00 0.15 0.06 0.14 0.10 0.12 + 0.02 0.17 0.09 1.10 0.96 1.08 - 0.05 3.29 0.96 0.06 0.05 0.06 - 0.01 0.34 0.04 0.03 0.03 0.03 + 0.01 0.06 0.03 0.07 0.07 0.07 0.00 0.12 0.02 0.04 0.03 0.04 + 0.01 0.09 0.03 2.29 1.98 2.17 - 0.14 3.54 1.98 0.03 0.03 0.03 0.00 0.08 0.02 21.60 17.06 17.34 - 4.28 71.74 17.06 0.12 0.10 0.10 + 0.01 0.38 0.09 0.11 0.10 0.10 - 0.01 0.56 0.10 0.13 0.13 0.13 - 0.03 0.51 0.11 0.02 0.02 0.02 0.00 0.04 0.01 0.02 0.02 0.02 - 0.01 0.10 0.02 0.01 0.01 0.01 - 0.01 0.05 0.01 19.91 16.50 17.62 + 2.38 24.65 8.50 3.85 2.95 3.36 - 0.78 11.37 2.95 0.05 0.04 0.04 - 0.02 0.12 0.04 0.08 0.07 0.08 + 0.01 0.10 0.03 0.20 0.16 0.20 + 0.01 0.20 0.07 9.38 8.23 8.63 - 0.70 12.61 7.50 7.24 6.30 6.59 - 0.58 10.96 6.29 0.50 0.43 0.44 - 0.02 0.55 0.22 0.04 0.03 0.03 - 0.02 0.40 0.03
I-Minerals V 2500 Iamgold* N 73753 Iamgold T 123309 IBC Adv Alloys V 12495 IC Potash T 10264 Iconic Mnls V 977 IMPACT Silver V 3201 Imperial Metal T 1176 Inca One Res V 5124 Independence G V 2403 Indico Res V 3232 Indigo Expl V 4760 Inspiration Mg T 2210 Integra Gold V 25634 Intigold Mines V 1130 Intl Lithium V 5137 Intl Montoro R V 3375 Intl Northair V 15041 Intl Samuel Ex V 17 Intl Tower Hi* X 9711 Intl Tower Hil T 6913 Intl Vestr Res V 2391 Intrepid Pots* N 11823 INV Metals T 4846 Iron Tank Res V 735 ISh COMEX G Tr T 1033 Ivanhoe Mines T 44037 Ivernia T 52604 J.A.G. Mines V 50 Jaguar Mng V 2580 Jaxon Mnls V 247 Jazz Res V 191 Kalimantan Gld V 400 Kaminak Gold V 13354 Karmin Expl V 640 Karnalyte Res T 1039 Katanga Mng T 917 Kennady Diam V 773 Kermode Res V 1030 Kesselrun Res V 1850 Kestrel Gold V 58 Khalkos Expl V 1068 Khan Res C 3788 Kilo Goldmines V 4760 Kincora Copper V 2540 Kings Bay Gold V 810 Kinross Gold T 118285 Kinross Gold* N 730597 Kirkland Lk Gd T 27225 Kiska Metals V 4253 Kivalliq Enrgy V 3390 Klondex Mns T 25407 Klondike Gold V 3343 Klondike Silv V 107 Knick Expl V 220 Kobex Mnls V 3299
0.28 0.26 0.27 - 0.02 0.31 0.14 1.51 1.16 1.38 - 0.17 4.10 1.16 1.95 1.50 1.81 - 0.19 4.48 1.50 0.15 0.12 0.15 + 0.02 0.25 0.09 0.21 0.14 0.16 - 0.05 0.31 0.14 0.05 0.03 0.04 + 0.01 0.10 0.03 0.18 0.14 0.16 - 0.02 0.65 0.14 9.00 7.95 8.00 - 1.26 17.00 7.30 0.17 0.15 0.16 - 0.01 0.29 0.12 0.08 0.08 0.08 - 0.01 0.13 0.07 0.10 0.07 0.10 + 0.01 0.16 0.02 0.01 0.01 0.01 0.00 0.03 0.01 0.06 0.04 0.06 + 0.02 0.73 0.04 0.28 0.23 0.25 - 0.03 0.36 0.14 0.21 0.17 0.21 - 0.01 0.32 0.03 0.05 0.03 0.03 - 0.02 0.06 0.02 0.06 0.05 0.05 0.00 0.11 0.05 0.05 0.04 0.04 - 0.01 0.17 0.04 0.01 0.01 0.01 - 0.01 0.03 0.01 0.27 0.20 0.22 - 0.05 0.73 0.20 0.34 0.26 0.29 - 0.05 0.80 0.26 0.03 0.02 0.03 0.00 0.30 0.02 10.91 8.91 9.00 - 1.95 16.75 8.91 0.13 0.12 0.13 - 0.01 0.38 0.12 0.14 0.04 0.05 + 0.01 0.19 0.02 14.05 13.60 13.91 - 0.29 15.78 12.61 0.86 0.62 0.63 - 0.21 1.58 0.62 0.02 0.01 0.02 + 0.01 0.14 0.01 0.03 0.03 0.03 0.00 0.06 0.03 0.17 0.13 0.14 - 0.02 0.87 0.13 0.03 0.03 0.03 0.00 0.07 0.03 0.18 0.13 0.13 0.00 0.18 0.03 0.03 0.02 0.02 - 0.01 0.10 0.01 0.72 0.62 0.65 - 0.06 1.15 0.53 0.34 0.29 0.33 - 0.02 0.50 0.21 0.75 0.65 0.73 + 0.03 1.28 0.65 0.20 0.17 0.17 - 0.02 0.54 0.17 4.25 3.91 3.91 - 0.34 8.18 3.02 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.04 0.04 - 0.01 0.06 0.01 0.04 0.04 0.04 0.00 0.07 0.02 0.11 0.09 0.10 + 0.01 0.12 0.06 0.61 0.57 0.59 - 0.01 0.80 0.31 0.06 0.05 0.05 0.00 0.22 0.05 0.03 0.03 0.03 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.02 0.01 2.38 2.10 2.22 - 0.24 4.54 2.10 1.84 1.60 1.69 - 0.21 4.21 1.60 4.87 4.49 4.82 - 0.15 6.88 2.79 0.02 0.02 0.02 0.00 0.10 0.02 0.10 0.09 0.10 - 0.01 0.23 0.09 3.07 2.88 3.04 - 0.10 3.50 1.68 0.10 0.08 0.09 0.00 0.28 0.08 0.02 0.02 0.02 - 0.01 0.07 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.50 0.47 0.49 + 0.02 0.63 0.46
I-J-K
CANADIAN GOLD MUTUAL FUNDS Fund name Jul. 21 Jul.14 Change Change YTD MER* Assets* ($) ($) ($) (%) (%) (%) (M$) AGF Pr Mtl 14.91 16.67 -1.76 -0.106 -11.51 2.81 155.8 BMO Junior Gold Index ETF 4.72 5.68 -0.96 -0.169 -21.01 0.62 44.8 BMO Pr Mtl 11.77 13.45 -1.68 -0.125 -7.84 2.4 57.2 CIBC Pr Mtl 8.06 9.23 -1.17 -0.127 -14.48 2.48 48.7 Dynamic Pr Mtl 3.55 4.06 -0.51 -0.126 -0.56 2.7 239 London Life Precious Mtl 15.5 18.07 -2.57 -0.142 -10.95 3.57 n/a Mackenzie Pr Mtl-A 28.35 33.06 -4.71 -0.142 -10.49 2.58 234.3 National Bank Pr Mtl 7.6 8.85 -1.25 -0.141 -11.32 2.44 n/a RBC Global Pr Mtl 18.9 21.89 -2.99 -0.137 -14.70 2.13 429.4 Sentry Pr Mtl Growth 25.05 29.24 -4.19 -0.143 -5.93 2.77 378.9 Sprott Gold and PM-F 3.09 3.53 -0.44 -0.125 -8.92 1.5 21.4 Sprott Gold and Pr Mnls 22.84 26.11 -3.27 -0.125 -8.72 2.93 177.1 TD Pr Mtl-A 4.87 5.64 -0.77 -0.137 -16.79 2.42 n/a TD Pr Mtl-I 23.1 26.77 -3.67 -0.137 -16.79 2.26 n/a iShares TSX Global Gold Index 7.75 9.13 -1.38 -0.151 -14.03 0.55 494.9 Featured fund: AGF Pr Mtl top holdings as of 12/31/14 (in weighted order): Tahoe Resources, Eldorado Gold, Agnico Eagle Mines, Silver Wheaton, Randgold Resources, Royal Gold. Fund manager: Bob Lyon.
TNM August 03 2015 Issue.indd 8
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Kombat Copper V 23944 0.06 0.04 0.04 - 0.01 0.11 0.04 Kootenay Gold V 4600 0.36 0.29 0.30 - 0.01 0.56 0.25
L La Quinta Res V 1700 Labdr I-Ore Ro T 12668 Lago Dourado M V 99 Lake Shore Gd* X 30717 Lake Shore Gld T 146150 Lakeland Res V 36462 Lara Expl V 582 Laramide Res T 3201 Largo Res V 1164 Latin Am Mnls V 14760 Laurion Mnl Ex V 20129 Legend Gold V 330 Letho Res V 480 Lexam VG Gold T 3117 Lincoln Mng V 550 Lion One Mtls V 1067 Lithium Americ T 22475 Lomiko Mtls V 7152 Loncor Res T 709 Lorraine Coppr V 890 Los Andes Copp V 4999 Lucara Diam T 24222 Luna Gold T 765 Lundin Mng T 197435 Lydian Intl T 5502
0.01 0.01 0.01 0.00 0.01 0.01 14.09 12.14 12.49 - 1.52 31.28 10.81 0.08 0.07 0.07 - 0.01 0.20 0.05 0.94 0.81 0.90 - 0.02 1.28 0.60 1.22 1.06 1.15 - 0.03 1.40 0.70 0.04 0.03 0.04 0.00 0.16 0.03 0.25 0.21 0.25 + 0.04 0.84 0.21 0.26 0.23 0.24 - 0.01 0.61 0.21 0.80 0.65 0.65 - 0.13 3.60 0.64 0.02 0.01 0.01 - 0.01 0.21 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 0.04 0.04 0.04 - 0.01 0.32 0.04 0.11 0.11 0.11 0.00 0.18 0.05 0.08 0.07 0.07 - 0.01 0.15 0.06 0.04 0.04 0.04 + 0.01 0.20 0.04 0.40 0.33 0.40 0.00 0.60 0.17 0.41 0.34 0.34 - 0.07 0.49 0.24 0.05 0.04 0.05 + 0.01 0.11 0.04 0.06 0.04 0.05 - 0.01 0.13 0.03 0.07 0.05 0.06 + 0.01 0.12 0.03 0.20 0.14 0.17 - 0.03 0.27 0.12 2.15 2.07 2.15 0.00 2.83 1.60 0.08 0.07 0.07 - 0.01 1.15 0.07 4.96 4.37 4.53 - 0.42 6.56 3.68 0.50 0.40 0.41 - 0.09 1.22 0.40
MacDonald Mns V 2048 MacMillan Mnls V 2390 Mag Silver T 9241 Mag Silver* X 211 Magellan Minls V 1472 Majescor Res V 1490 Majestic Gold V 3733 Major Drilling T 8860 Makena Res V 2867 Malbex Res V 26830 Mammoth Res V 1350 Manado Gold V 750 Mandalay Res T 24128 Manitou Gold V 700 Manson Creek V 500 Marathon Gold T 1093 Marengo Mng T 4625 Margaret Lk Di V 733 Marifil Mines V 2046 Marlin Gold V 10744 Mason Graphite V 7619 Matamec Expl V 3780 Mawson Res T 736 Mawson West T 12462 Maya Gold & Si V 903 MBAC Fertilizr T 14941 McEwen Mng* N 18520 McEwen Mng T 6836 MDN Inc T 7300 MDU Res* N 51452 Meadow Bay Gd T 12892 Mechel* N 7019 Medallion Res V 12870 Mega Copper V 305 Mega Uranium T 13301 Megastar Dev V 50 Melior Res V 838 Melkior Res V 4196 Merrex Gold V 1877 Mesa Expl V 89 Mesabi Trust* N 7097 Metalcorp V 2302 Metalex Vent V 865 Metallis Res V 206 Metals Ck Res V 16295 Metanor Res V 47106 Micrex Devel V 975 Midas Gold T 5225 Midland Expl V 360 Midlands Minls V 66632 Midnight Sun M V 178 Migao T 252 Mill City Intl V 691 Millrock Res V 105 Millstream Min V 1619 Minas Buenavn* N 137339 Minaurum Gold V 1025 Minco Gold* X 2475 Minco Gold T 113 Minco Silver T 885 Mindoro Res V 13270 Minemakers T 10 Minera IRL T 4575
0.01 0.01 0.01 - 0.01 0.02 0.01 0.02 0.01 0.01 0.00 0.02 0.01 8.98 8.13 8.87 - 0.16 11.00 6.56 6.85 6.26 6.79 - 0.19 9.63 5.60 0.06 0.05 0.05 0.00 0.15 0.05 0.06 0.04 0.05 - 0.01 0.07 0.03 0.06 0.05 0.06 0.00 0.08 0.03 5.36 4.53 4.61 - 0.63 9.41 4.53 0.04 0.03 0.03 0.00 0.06 0.02 0.05 0.03 0.04 0.00 0.06 0.01 0.01 0.01 0.01 0.00 0.07 0.01 0.05 0.05 0.05 - 0.03 0.08 0.01 0.90 0.80 0.84 - 0.07 1.22 0.80 0.03 0.03 0.03 0.00 0.06 0.01 0.02 0.01 0.02 + 0.01 0.15 0.01 0.24 0.21 0.21 0.00 0.65 0.21 0.01 0.01 0.01 0.00 0.02 0.01 0.17 0.11 0.12 - 0.01 0.50 0.11 0.02 0.01 0.02 0.00 0.03 0.01 0.45 0.39 0.39 - 0.08 1.50 0.38 0.45 0.37 0.40 - 0.04 0.83 0.37 0.04 0.03 0.04 0.00 0.09 0.02 0.20 0.19 0.19 - 0.01 0.37 0.15 0.04 0.03 0.03 0.00 0.40 0.02 0.25 0.21 0.23 - 0.01 0.47 0.19 0.09 0.07 0.08 - 0.01 0.40 0.01 0.79 0.65 0.79 + 0.04 2.99 0.65 0.98 0.84 0.97 - 0.01 3.22 0.84 0.03 0.02 0.03 - 0.01 0.09 0.02 19.15 18.08 18.35 - 0.83 33.62 18.08 0.21 0.16 0.21 0.00 0.31 0.10 1.17 0.98 0.99 - 0.15 2.10 0.42 0.02 0.01 0.02 + 0.01 0.15 0.01 0.04 0.03 0.03 - 0.01 0.14 0.02 0.08 0.08 0.08 - 0.01 0.27 0.07 0.03 0.03 0.03 - 0.01 0.07 0.03 0.05 0.05 0.05 0.00 0.14 0.05 0.02 0.02 0.02 0.00 0.06 0.02 0.20 0.16 0.17 - 0.02 0.24 0.05 0.02 0.02 0.02 0.00 0.05 0.02 11.20 9.08 9.90 - 2.28 21.93 9.08 0.01 0.01 0.01 - 0.01 0.01 0.01 0.08 0.06 0.06 0.00 0.15 0.03 0.04 0.04 0.04 + 0.01 0.19 0.01 0.02 0.02 0.02 - 0.01 0.04 0.02 0.06 0.05 0.05 - 0.01 0.15 0.04 0.03 0.02 0.03 0.00 0.05 0.01 0.37 0.31 0.34 - 0.04 0.81 0.31 0.70 0.63 0.68 + 0.05 0.97 0.58 0.01 0.01 0.01 0.00 0.03 0.01 0.14 0.12 0.14 + 0.02 0.25 0.10 0.74 0.72 0.72 + 0.01 1.70 0.58 0.13 0.11 0.11 + 0.02 0.20 0.06 0.22 0.20 0.20 - 0.04 0.75 0.20 0.05 0.01 0.04 - 0.01 0.08 0.01 8.30 7.01 7.68 - 0.88 14.82 7.01 0.08 0.08 0.08 - 0.01 0.11 0.05 0.21 0.18 0.19 - 0.01 0.44 0.18 0.26 0.23 0.26 + 0.01 0.48 0.23 0.52 0.46 0.47 0.00 1.14 0.45 0.01 0.01 0.01 - 0.01 0.06 0.01 0.07 0.07 0.07 + 0.01 0.10 0.06 0.09 0.07 0.07 - 0.02 0.22 0.04
M
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Mineral Mtn Rs V 18229 Mines Managem* X 1558 Mines Managmnt T 65 Minfocus Expl V 3490 Miranda Gold V 614 Mirasol Res V 1055 Mkango Res V 1460 Monarques Res V 51 Moneta Porcpn T 3800 Monster Mng V 360 Montero Mg&Ex V 650 Monument Mng V 2035 Mosaic* N 208283 Mountain Boy M V 200 Mountain Prov T 3121 MPH Vent V 46 MPVC V 17910 Mundoro Cap V 2508 Musgrove Mnls V 55 Mustang Minls V 1570
0.04 0.03 0.03 - 0.01 0.08 0.02 0.39 0.31 0.35 - 0.01 1.04 0.30 0.48 0.41 0.41 - 0.10 1.08 0.40 0.01 0.01 0.01 - 0.01 0.04 0.01 0.08 0.08 0.08 - 0.01 0.17 0.07 0.90 0.82 0.82 - 0.05 1.39 0.82 0.02 0.02 0.02 0.00 0.24 0.02 0.09 0.08 0.08 - 0.01 0.14 0.07 0.08 0.07 0.07 - 0.01 0.09 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.11 0.10 0.10 - 0.01 0.23 0.09 45.30 42.54 42.89 - 2.37 53.83 40.32 0.01 0.01 0.01 0.00 0.03 0.01 4.74 4.30 4.34 - 0.41 6.08 4.10 0.06 0.06 0.06 - 0.02 0.08 0.04 0.03 0.02 0.02 - 0.01 0.13 0.02 0.11 0.10 0.10 0.00 0.30 0.10 0.11 0.11 0.11 - 0.09 0.71 0.11 0.01 0.01 0.01 0.00 0.03 0.01
Namibia Rare E T 68 Natural Rs Pt* N 5960 Nautilus Minls T 7898 Nemaska Lith V 5863 Network Expl V 16 Nevada Clean M V 1565 Nevada Copper T 1909 Nevada Expl V 1130 Nevada Sunrise V 558 Nevado Res V 400 Nevsun Res T 9220 Nevsun Res* X 8960 New Carolin Gd V 6187 New Destiny Mg V 100 New Dimen Res V 235 New Gold T 80244 New Gold* X 209866 New Millennium V 9646 New Milln Iron T 9857 New Nadina V 2175 New Oroperu Rs V 20 New Pac Metals T 20 New World Res V 90 Newmont Mng* N 748997 Newport Expl V 4161 NGEx Res T 632 Nighthawk Gold V 52 Nikos Expl V 205 Niogold Mng V 2120 Nippon Dragon V 1579 Nitinat Mnls V 155 Noka Res V 4190 Nomad Ventures V 8745 Noram Vent V 365 Nordex V 2500 Noront Res V 3262 Nortec Mnls V 524 North Am En P* N 247 North Am En Pa T 3334 North Am Nickl V 695 North Am Pall T 25295 North Am Tung V 18123 North Arrow Mn V 798 North Country V 26541 Northcliff Res T 880 Northern Abiti V 1260 Northern Dyn* X 5543 Northern Dyn M T 802 Northern Freeg V 2600 Northern Gld M V 2739 Northern Graph V 4114 Northern Iron V 2400 Northern Shiel V 3440 Northern Sup R V 1594 Northern Vertx V 470 Northisle C&G V 3760 NovaCopper T 573 NovaCopper* X 4352 NovaGold Res T 12667 NovaGold Res* X 107191 NSGold V 80 NSX Silver V 610 NuLegacy Gold V 4661 NV Gold V 3800 Oban Mng T 1271 OceanaGold T 41112 Oceanic Iron O V 1010 Oceanus Res V 250 Odin Mng & Exp V 311 Olivut Res V 794 Olympic Res V 550 OM Group* N 23871 Opawica Expl V 551
0.11 0.11 0.11 - 0.01 0.25 0.09 2.91 2.29 2.73 0.00 16.89 2.29 0.47 0.39 0.40 - 0.05 0.56 0.34 0.19 0.17 0.18 + 0.01 0.25 0.12 0.03 0.03 0.03 0.00 0.07 0.03 0.05 0.04 0.04 - 0.01 0.07 0.03 1.41 1.14 1.15 - 0.25 2.50 1.12 0.01 0.01 0.01 0.00 0.05 0.01 0.20 0.16 0.17 - 0.01 0.97 0.16 0.03 0.03 0.03 - 0.01 0.07 0.02 4.44 4.13 4.29 - 0.22 5.35 3.61 3.43 3.16 3.29 - 0.17 4.51 3.16 0.05 0.04 0.04 - 0.01 0.08 0.02 0.02 0.02 0.02 + 0.01 0.06 0.01 0.07 0.06 0.06 - 0.01 0.11 0.04 3.18 2.65 2.85 - 0.38 7.15 2.65 2.46 2.03 2.19 - 0.29 6.61 2.03 0.12 0.10 0.12 + 0.01 0.58 0.10 0.11 0.09 0.09 - 0.01 0.37 0.09 0.01 0.01 0.01 0.00 0.03 0.01 0.10 0.10 0.10 0.00 0.25 0.07 0.16 0.16 0.16 0.00 0.30 0.14 0.03 0.03 0.03 0.00 0.12 0.01 20.00 17.36 17.80 - 2.89 27.90 17.36 0.29 0.24 0.26 - 0.04 0.49 0.22 0.78 0.74 0.78 + 0.02 2.22 0.70 0.10 0.09 0.10 + 0.01 0.65 0.09 0.03 0.03 0.03 - 0.01 0.15 0.03 0.41 0.31 0.35 - 0.03 0.43 0.20 0.07 0.05 0.06 - 0.01 0.13 0.05 0.04 0.04 0.04 0.00 0.09 0.04 0.05 0.04 0.04 - 0.01 0.55 0.04 0.03 0.02 0.03 - 0.01 0.07 0.02 0.01 0.01 0.01 - 0.01 0.04 0.01 0.11 0.09 0.10 - 0.01 0.45 0.09 0.44 0.38 0.39 - 0.03 0.67 0.25 0.02 0.02 0.02 - 0.01 0.18 0.02 2.25 2.02 2.07 - 0.19 7.54 2.02 2.92 2.45 2.69 - 0.23 8.13 2.45 0.20 0.19 0.20 0.00 0.63 0.18 0.04 0.03 0.03 - 0.02 0.47 0.03 0.02 0.01 0.01 0.00 0.09 0.01 0.46 0.40 0.40 - 0.11 1.34 0.38 0.13 0.10 0.10 - 0.03 0.14 0.03 0.13 0.12 0.12 0.00 0.29 0.12 0.01 0.01 0.01 0.00 0.02 0.01 0.35 0.28 0.33 - 0.02 0.89 0.28 0.45 0.37 0.41 - 0.01 0.95 0.37 0.07 0.05 0.05 - 0.01 0.40 0.05 0.02 0.02 0.02 - 0.01 0.05 0.02 0.53 0.43 0.45 - 0.07 1.44 0.38 0.02 0.02 0.02 0.00 0.05 0.01 0.03 0.03 0.03 + 0.01 0.05 0.01 0.04 0.03 0.04 + 0.01 0.04 0.02 0.21 0.20 0.21 + 0.01 0.39 0.09 0.03 0.02 0.03 + 0.01 0.10 0.02 0.52 0.48 0.52 0.00 1.35 0.48 0.42 0.37 0.39 - 0.03 1.25 0.37 4.16 3.42 4.13 + 0.25 5.22 2.65 3.20 2.65 3.18 + 0.19 4.25 2.33 0.04 0.04 0.04 - 0.01 0.65 0.04 0.03 0.03 0.03 0.00 0.15 0.03 0.15 0.12 0.14 + 0.01 0.18 0.06 0.02 0.02 0.02 0.00 0.39 0.02 0.10 0.09 0.09 - 0.01 0.17 0.07 2.77 2.42 2.71 - 0.15 3.74 1.70 0.09 0.09 0.09 0.00 0.35 0.09 0.20 0.20 0.20 - 0.01 0.52 0.17 0.25 0.25 0.25 0.00 0.70 0.25 0.10 0.08 0.09 + 0.01 0.30 0.08 0.15 0.12 0.12 - 0.04 0.32 0.03 34.27 33.90 34.00 - 0.14 35.00 21.87 0.02 0.02 0.02 0.00 0.06 0.01
N-O
NORTH AMERICAN STOCK EXCHANGE INDICES 52-week
Date July 27 July 24 July 23 July 22 July 21 High Low TSX Composite 14001.37 14186.24 14265.37 14307.12 14376.24 15685.13 13635.53 S&P/TSX-Ven Comp 581.71 592.48 598.10 608.76 614.68 1028.26 580.00 S&P TSX 60 826.62 835.31 839.66 840.23 843.52 905.09 787.83 Global Gold 119.55 124.63 119.57 124.47 124.09 209.26 117.10 TSX Metals & Mining 525.74 545.67 554.39 580.88 594.57 954.68 513.00 Gold & Silver XAU 46.66 48.52 47.29 49.65 50.01 102.61 45.74 Arca Gold Bugs 109.67 114.89 110.81 115.79 116.12 251.83 107.94
TSX SHORT POSITIONS
TSX VENTURE SHORT POSITIONS
Short positions outstanding at July 15/15 (with changes from June 30/15).
Short positions outstanding at July 15/15 (with changes from June 30/15).
Largest short positions New Gold NGD 31966186 -1410897 B2Gold BTO 27059837 -747479 Lundin Mining LUN 21383473 1290425 First Quantum FM 19828830 2100403 PotashCorp POT 18674041 -6094252 Teck Resources TCK.B 17648389 -380026 Rubicon Minerals RMX 15909108 921237 Kinross Gold K 14571826 1426587 Iamgold IMG 12256439 -590228 Thompson Creek Mtls TCM 11159752 1207129 Denison Mines DML 10949127 2506293 Detour Gold DGC 10846810 -460977 Yamana Gold YRI 10329598 -147267 Barrick Gold ABX 8121708 -664820 Argonaut Gold AR 7847924 235700 Largest increase in short position Denison Mines DML 10949127 2506293 First Quantum FM 19828830 2100403 Kinross Gold K 14571826 1426587 Lundin Mining LUN 21383473 1290425 Thompson Creek Mtls TCM 11159752 1207129 Largest decrease in short position PotashCorp POT 18674041 -6094252 Trevali Mining TV 1342428 -2582200 Semafo SMF 761991 -2065345 New Gold NGD 31966186 -1410897 Emed Mining EMD 0 -1181100
Largest short positions Metanor Res. MTO 788000 622200 Integra Gold ICG 680800 107700 Arian Res. ARC 600000 544800 Zenyatta Ventures ZEN 466900 -117100 Kaminak Gold KAM 237811 -86100 Inca One Gold IO 218000 218000 Roxgold ROG 201881 -24000 Canasil Res. CLZ 200000 0 Defiance Silver DEF 200000 199800 Blue River Res. BXR 195300 195300 Ucore Rare Metals UCU 194500 46000 Sunridge Gold SGC 173000 157700 Laurion Mineral Exp. LME 160600 160300 Gold Reserve GRZ 137900 34600 Aurcana AUN 118802 0 Largest increase in short position Metanor Res. MTO 788000 622200 Arian Res. ARC 600000 544800 Inca One Gold IO 218000 218000 Defiance Silver DEF 200000 199800 Blue River Res. BXR 195300 195300 Largest decrease in short position Santacruz Silver Mining SCZ 0 -394500 Bandera Gold BGL 0 -370000 Hard Creek Nickel HNC 0 -357000 Skyharbour Res. SYH 0 -350000 CB Gold CBJ 1300 -301500
15-07-29 5:49 PM
THE NORTHERN MINER AUGUST 3-9, 2015 9
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Opta Minls T 61 Oracle Mng T 1380 Orbit Garant D T 656 Orbite Alumnae T 17459 Orca Gold V 2275 Orefinders Res V 1720 Orestone Mng V 480 Orex Expl V 4379 Orex Minls V 790 Orezone Gold T 5416 Oroco Res V 2000 Orocobre T 188 Orofino Mnls V 66 Orosur Mng T 4040 Orvana Mnrls T 4315 Otis Gold V 3250
0.85 0.65 0.85 - 0.10 2.35 0.65 0.02 0.02 0.02 + 0.01 0.12 0.02 0.98 0.88 0.88 - 0.12 1.60 0.88 0.24 0.20 0.23 - 0.01 0.57 0.20 0.25 0.19 0.19 - 0.06 0.63 0.19 0.02 0.01 0.01 0.00 0.16 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.01 - 0.01 0.02 0.01 0.18 0.15 0.18 + 0.01 0.43 0.14 0.33 0.29 0.31 - 0.02 1.07 0.29 0.03 0.03 0.03 - 0.01 0.06 0.03 1.93 1.86 1.88 - 0.09 3.31 1.85 0.07 0.07 0.07 - 0.01 0.30 0.05 0.16 0.14 0.16 0.00 0.32 0.12 0.26 0.22 0.24 - 0.02 0.55 0.22 0.07 0.05 0.06 - 0.02 0.08 0.02
Pac Bay Mnrls V 360 Pac Booker Min V 260 Pac Booker Mn* X 85 Pac Casc Minls V 160 Pac Coal Res V 28 Pac Iron Ore V 10 Pac North West V 2812 Pac Potash V 370 Pac Ridge Expl V 1990 Paget Mnls V 1800 Paladin Energy T 10555 Palmer Res V 2205 Pan Am Silver T 31805 Pan Am Silver* Q 225293 Pancontl Uran V 2280 Panoro Minls V 975 Parlane Res V 120 PC Gold V 2868 Peabody Enrgy* N 609483 Peat Res V 50 Pelangio Expl V 3670 Pele Mtn Res V 2725 Peregrine Diam T 11318 Perseus Mng T 42442 Pershimco Res V 5136 Peruvian Prc M V 4055 Philippine Mtl V 25 Phoenix Gold V 37870 Pilot Gold T 14113 Pinecrest Res V 32 Pinetree Cap T 51249 PJX Res V 100 Planet Mng V 1014 Plata Latina M V 4010 Plate Res V 30 Platinex V 200 Platinum Gp M* X 1671 Platinum Gp Mt T 16242 Plato Gold V 435 Playfair Mng V 266 Polaris Minls T 363 PolyMet Mng* X 18640 PolyMet Mng T 537 Potash C Sask* N 169447 Potash Cp Sask T 52481 Precipitate Gl V 750 Premier Gold M T 23367 Pretium Res* N 50008 Pretium Res T 21747 Primero Mng T 43780 Primero Mng* N 11615 Probe Mines V 2246 Prophecy Coal T 5746 Prospero Silve V 560 Puma Expl V 2180 Purepoint U V 6233 QMC Quantum Ml V 290 QMX Gold V 1839 Quaterra Res V 5011 Quest Rare Mnl T 13374 Quia Res V 2026
0.06 0.05 0.05 + 0.01 0.07 0.02 2.28 1.61 2.00 + 0.45 6.90 1.33 1.75 1.28 1.49 + 0.29 5.75 1.04 0.01 0.01 0.01 0.00 0.05 0.01 0.04 0.04 0.04 0.00 0.38 0.02 0.13 0.13 0.13 + 0.01 0.35 0.10 0.02 0.01 0.01 - 0.01 0.07 0.01 0.01 0.01 0.01 + 0.01 0.05 0.01 0.02 0.02 0.02 - 0.01 0.05 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.23 0.21 0.21 - 0.02 0.45 0.20 0.02 0.01 0.02 + 0.01 0.10 0.01 9.36 7.77 8.39 - 1.16 16.77 7.77 7.21 5.93 6.44 - 0.92 15.52 5.93 0.02 0.02 0.02 - 0.01 0.04 0.01 0.14 0.13 0.13 - 0.01 0.48 0.13 0.07 0.07 0.07 0.00 0.23 0.03 0.03 0.03 0.03 - 0.01 0.08 0.03 1.40 1.12 1.24 - 0.05 16.71 1.12 0.01 0.01 0.01 - 0.02 0.03 0.01 0.02 0.02 0.02 0.00 0.06 0.02 0.05 0.04 0.04 - 0.01 0.09 0.03 0.22 0.18 0.18 - 0.01 0.44 0.14 0.36 0.29 0.33 - 0.06 0.49 0.18 0.19 0.15 0.15 - 0.04 0.37 0.13 0.08 0.06 0.06 - 0.03 0.19 0.05 0.03 0.03 0.03 0.00 0.07 0.03 0.02 0.01 0.01 - 0.01 0.16 0.01 0.48 0.37 0.40 - 0.09 1.53 0.37 0.09 0.08 0.08 - 0.02 0.50 0.08 0.12 0.08 0.10 + 0.02 0.45 0.06 0.20 0.20 0.20 + 0.02 0.29 0.10 0.04 0.03 0.03 - 0.01 0.06 0.03 0.02 0.02 0.02 - 0.01 0.20 0.02 0.03 0.03 0.03 0.00 0.12 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.32 0.30 0.30 - 0.01 1.20 0.30 0.41 0.38 0.40 0.00 1.29 0.38 0.01 0.01 0.01 0.00 0.02 0.01 0.06 0.04 0.04 - 0.01 0.06 0.01 2.20 1.91 2.20 + 0.27 2.83 1.65 1.02 0.88 0.94 - 0.08 1.37 0.88 1.32 1.19 1.20 - 0.12 1.75 1.14 29.26 27.50 27.65 - 1.57 37.60 27.50 38.00 35.93 36.14 - 1.81 47.10 35.25 0.09 0.09 0.09 - 0.02 0.25 0.09 1.93 1.65 1.81 - 0.15 3.12 1.61 5.15 4.26 4.74 - 0.56 8.34 4.07 6.72 5.57 6.16 - 0.72 9.05 4.60 3.88 3.27 3.51 - 0.47 8.84 3.25 2.93 2.50 2.69 - 0.38 8.15 2.50 0.40 0.34 0.35 - 0.05 0.56 0.12 0.06 0.05 0.06 - 0.01 0.09 0.03 0.08 0.07 0.07 + 0.01 0.25 0.05 0.10 0.07 0.07 - 0.03 0.18 0.07 0.03 0.03 0.03 - 0.01 0.08 0.03 0.02 0.02 0.02 + 0.01 0.04 0.01 0.02 0.01 0.02 0.00 0.06 0.01 0.14 0.10 0.11 - 0.02 0.15 0.04 0.12 0.09 0.10 - 0.01 0.29 0.09 0.01 0.01 0.01 0.00 0.05 0.01
Radisson Mng V 1915 Radius Gold V 9600 Rainmaker Res V 450 Rambler Mg&Mtl V 824 Randgold Res* Q 57467 Range Engy Res C 1000 Rapier Gold V 20 Rare Elemnt Rs T 3604 Rare Elemt Re* X 7423
0.14 0.13 0.14 - 0.01 0.15 0.08 0.08 0.08 0.08 0.00 0.13 0.07 0.03 0.02 0.02 - 0.01 0.18 0.01 0.20 0.20 0.20 + 0.03 0.49 0.18 61.41 57.63 60.45 - 1.43 89.18 57.63 0.03 0.03 0.03 + 0.01 0.10 0.01 0.03 0.03 0.03 - 0.01 0.06 0.01 0.64 0.44 0.59 + 0.04 1.48 0.30 0.48 0.36 0.47 + 0.07 1.35 0.24
P-Q
R
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Rathdowney Res V 610 Red Eagle Mng V 2585 Red Moon Potsh V 216 Red Pine Expl V 2500 Red Rock Enrgy V 80 Redhawk Res T 1818 Redhill Res V 845 Redstar Gold V 11403 Regal Res C 1478 Regulus Res V 464 Reliance Res V 200 Reliant Gold V 1200 Remington Res V 70 Remo Res V 310 Renaissance Gd T 1536 Reservoir Capt V 909 Reservoir Mnls V 1740 Reunion Gold V 11096 Rhino Res* N 570 Rhyolite Res V 200
0.20 0.15 0.17 - 0.03 0.40 0.15 0.29 0.25 0.28 - 0.02 0.36 0.18 0.03 0.03 0.03 - 0.01 0.09 0.03 0.06 0.05 0.05 - 0.02 0.18 0.03 0.03 0.03 0.03 - 0.01 0.06 0.01 0.06 0.05 0.06 0.00 0.25 0.04 0.13 0.10 0.10 0.00 0.57 0.07 0.04 0.03 0.04 0.00 0.07 0.03 0.11 0.08 0.10 0.00 0.15 0.04 0.28 0.26 0.26 - 0.03 0.66 0.00 0.01 0.01 0.01 - 0.01 0.02 0.01 0.02 0.02 0.02 0.00 0.06 0.01 0.03 0.03 0.03 0.00 0.06 0.03 0.08 0.08 0.08 + 0.01 0.15 0.05 0.23 0.17 0.23 + 0.01 0.55 0.17 0.39 0.24 0.39 + 0.03 0.80 0.18 4.20 3.91 4.03 - 0.15 6.15 3.30 0.01 0.01 0.01 - 0.01 0.11 0.01 1.27 0.75 0.78 - 0.49 14.65 0.75 0.11 0.11 0.11 - 0.02 0.38 0.11
RecRuit SmaRteR with mining JobS The Northern Miner’s new publication dedicated to recruiting in mining
Richmond Mnls V 2835 Richmont Mines T 11951 Richmont Mine* X 12824 Rio Novo Gold T 1240 Rio Tinto* N 42181 Riverside Res V 1967 RJK Explor V 1696 Robex Res V 6400 Rochester Res V 374 Rock Tech Lith V 75 RockBridge Res V 10 Rockhaven Res V 2706 Rockland Mnls V 853 Rockwell Diam T 249 Rodinia Lithm V 19851 Rogue Iron Ore V 1778 Rokmaster Res V 6300 Romarco Mnrls T 179487 Rome Res V 45 Romios Gold Rs V 275 Roxgold V 10595 Royal Cdn Mint T 1517 Royal Gold T 238 Royal Gold* Q 54374 Royal Nickel T 7524 RPT Uranium V 685 RT Minerals V 1727 Rubicon Mnls* X 53981 Rubicon Mnrls T 41495
0.11 0.09 0.09 - 0.03 0.12 0.03 3.91 3.25 3.35 - 0.65 4.55 1.51 3.05 2.47 2.52 - 0.59 3.68 1.38 0.13 0.11 0.12 - 0.02 0.16 0.06 40.61 37.09 37.39 - 2.96 59.33 37.09 0.19 0.16 0.17 - 0.02 0.51 0.16 0.01 0.01 0.01 0.00 0.02 0.01 0.08 0.07 0.07 0.00 0.20 0.04 0.03 0.03 0.03 - 0.01 0.25 0.03 0.05 0.05 0.05 0.00 0.10 0.03 0.02 0.02 0.02 0.00 0.09 0.02 0.19 0.15 0.18 0.00 0.34 0.15 0.05 0.03 0.05 + 0.01 0.06 0.03 0.23 0.21 0.21 - 0.01 0.48 0.20 0.04 0.03 0.03 + 0.01 0.06 0.01 0.04 0.03 0.03 - 0.01 0.11 0.02 0.03 0.02 0.02 - 0.01 0.13 0.01 0.38 0.30 0.37 - 0.01 0.95 0.30 0.03 0.03 0.03 - 0.01 0.17 0.03 0.03 0.02 0.02 0.00 0.07 0.02 0.69 0.58 0.62 - 0.05 0.93 0.39 15.49 15.03 15.27 - 0.44 17.41 13.87 70.25 63.40 66.62 - 7.21 95.64 61.50 54.37 48.26 51.16 - 5.69 82.84 48.26 0.35 0.29 0.30 - 0.04 0.66 0.26 0.40 0.32 0.37 0.00 0.68 0.22 0.01 0.01 0.01 0.00 0.12 0.01 0.93 0.76 0.85 - 0.08 1.70 0.76 1.21 1.00 1.10 - 0.09 1.82 0.90
TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ US$29.48 to Aug 30/18. Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17. Crocodile Gold (CRK.WT) - Wt buys sh @ $2.25 to Mar 24/16. Dalradian Resources (DNA.WT) - Wt buys sh @ $1.50 to Jul 31/17. Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov. 20/15. Franco-Nevada (FNV.WT.A) - Wt buys sh @ $75 to Jun 16/17. Gran Colombia Gold (GCM.WT) - Wt buys sh @ $65.00 to Aug 24/15. (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19. Hudbay Minerals (HBM.WT) - Wt buys sh @ $15.00 to Jul 20/18. IMX Resources (IXR.WT) - Wt buys sh @ C$0.62 or A$0.60 to Sep 14/15. Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.80 to Dec 10/15. MBAC Fertilizer (MBC.WT) - Wt buys sh @$1.00 to Apr 17/19. New Gold A (NGD.WT.A) - Wt buys sh @ $15 to June 28/17. Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.50 to Feb 18/22 Primero Mining (P.WT) - Wt buys sh @ $8 to July 20/15 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $.40 to Jul 17/17. Royal Nickel (RNX.WT) - Wt buys sh @ $.80 to Jul 11/16. RTG Mining (RTG.WT) - Wt buys sh @ $1.50 to Jun 4/17. Rubicon Minerals (RMX.WT) – Wt buys sh @$2 to Mar 12/15. Sandstorm Gold (SSI.WT.A) Wt buys 1/5 sh @ US$5 to Oct 19/15. (SSI.WT.B) Wt buys sh @ US$14 to Sep 7/17. (SSI.WT.C) Wt entitles holder to receive 0.145 of a sh to Oct 7/14.
Stonegate Agricom (ST.WT.A) - Wt buys sh @ $0.40 to Jul 24/15. Stornoway Diamond (SWY.WT.A) - Wt buys sh @ $0.90 to Jul 3/16. Vista Gold (VGZ.WT.U) - Wt buys sh @ US$5 to Oct 22/15. Supplied by TMX Group.
TSX VENTURE EXCHANGE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.60 to Aug 20/18. Avala Resources (AVZ.WT) - Wt buys sh @ $4.80 to Mar 6/16. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18. Delta Gold (DLT.WT) - Wt buys sh @ $0.17 to Sep 14/17. Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19. Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 30/16. Monarques Resources (MQR.WT) - Wt buys sh @ $0.20 to Dec 14/15. (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17. NexGen Energy (NXE.WT) – Wt buys sh @ $o.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15. (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15. Sunridge Gold (SGC.WT) – Wt buys sh @ $0.35 to Oct 18/17. West African Resources (WAF.WT) - Wt buys sh @ $0.40 to Jan 17/17. West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.30 to Apr 17/19. Supplied by TMX Group Inc.
EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) July 27 July 24 July 23 July 22 July 21 Date US$ in C$ 1.3009 1.3060 1.3030 1.3026 1.2961 C$ in US$ 0.7687 0.7657 0.7675 0.7677 0.7715 EXCHANGE RATES (Bank of Canada, July 27, 2015) Aus $ Euro Japan Mex P SA Rand UK £ Currency 0.9501 1.4456 0.01056 0.07997 0.1031 2.0286 In C$ In US$ 0.7303 1.1112 0.00812 0.06147 0.07925 1.5594
TNM August 03 2015 Issue.indd 9
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Rugby Mng V 20 Running Fox Rs V 20 Rupert Res V 240 Rusoro Mng V 145 Russell Metals T 21545 Ryan Gold V 19670 Rye Patch Gold V 2096
0.11 0.11 0.11 + 0.01 0.27 0.06 0.02 0.02 0.02 0.00 0.04 0.01 0.04 0.04 0.04 0.00 0.15 0.04 0.04 0.04 0.04 0.00 0.06 0.01 21.97 21.01 21.18 - 0.76 37.63 21.01 0.13 0.11 0.12 - 0.02 0.16 0.10 0.15 0.14 0.14 - 0.01 0.21 0.11
Sabina Gd&Slvr T 10207 Sage Gold V 140 Saint Jean Car V 2545 Sama Res V 632 San Marco Res V 411 Sanatana Diam V 15730 Sandspring Res V 9633 Sandstorm Gld* X 59410 Sandstorm Gold T 11474 Santa Fe Metls V 3250
0.46 0.34 0.40 - 0.08 0.89 0.28 0.09 0.06 0.09 + 0.04 0.30 0.05 0.02 0.02 0.02 - 0.01 0.04 0.01 0.17 0.14 0.14 - 0.03 0.32 0.13 0.04 0.03 0.03 - 0.01 0.15 0.03 0.03 0.02 0.03 - 0.01 0.20 0.02 0.12 0.09 0.09 - 0.02 0.31 0.07 2.88 2.20 2.50 - 0.46 7.07 2.20 3.73 2.88 3.22 - 0.57 7.63 2.80 0.01 0.01 0.01 0.00 0.06 0.01
S
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CANADIAN Mining Journal EMail sales@mining-jobs.net or Call 416-510-6772 aNd sTarT rECruiTiNg sMarTEr TOday.
Santacruz Silv V 7168 Sarama Res V 2078 Satori Res V 20 Saturn Minls V 14941 Saville Res V 190 Scorpio Gold V 5437 Scorpio Mining T 13252 Seabridge Gld* N 46643 Seabridge Gold T 8356 Search Mnls V 4572 Secova Mtls V 1590 Sego Res V 50 Selwyn Res V 14 Semafo T 92400 Senator Minls V 200 Sennen Res V 15 Sentry Sl PrmM T 1120 Serabi Gold T 2070 Serengeti Res V 220 SGX Res V 2000 Sherritt Intl T 59685 Shore Gold T 8265 Sienna Res V 500 Sierra Iron Or V 181 Sierra Metals T 328 Signature Res V 530 Silver Bear Rs T 24288 Silver Bull Re T 648 Silver Grail R V 505 Silver Mtn Mns V 1000 Silver Predatr V 20 Silver Pursuit V 10 Silver Range R V 84 Silver Spruce V 1302 Silver Std Res T 25005 Silver Std Re* Q 106182 Silver Wheatn* N 416891 Silver Wheaton T 94335 Silvercorp Mt* N 10065 Silvercorp Mtl T 5145 SilverCrest M* X 12560 SilverCrest Mn T 6994 Silvermet V 400 Silvore Fox Ml V 117 SinoCoking Cl* Q 6488 Sirios Res V 3252 Skeena Res V 10505 Skyharbour Res V 44412 Slam Exploratn V 260 Sniper Res V 570 SnipGold V 1284 SNS Silver V 1907 Soc Quim&M Ch* N 22697 Softrock Mnrl V 160 Solitario Ex&R T 50 Solitario Ex&* X 381 Solvista Gold V 2069 Sonora Gld & S V 1980 Sonoro Mtls V 1180 Source Expl V 13030 Southern Arc V 2977 Southern Silvr V 1468 SouthGobi Res T 231 Spanish Mtn Gd V 8226 Sparton Res V 985 Sprott Ph Silv T 614 Sprott Res T 4359 St Andrew Gldf T 13077 St Augustine T 1432 Stakeholdr Gld V 33 Standard Graph V 220 Stans Energy V 3965 Starcore Int V T 2673 Stellar Pac Vt V 2760 Stelmine Can V 310 Stillwater Mg* N 122932 Stina Res V 791 Stockport Expl T 1305 Stonegate Agri T 1233 Stornoway Diam T 22028 Strata Mnls V 340 Strategic Metl V 3910 Strategic Res V 169 Stratton Res V 250 Strike Graph V 1911 StrikePoint Gd V 250 Strongbow Expl V 855 Sulliden Mng C T 763 Sultan Mnrls V 2990 SunCoke Engy* N 17242
0.17 0.15 0.16 0.00 1.00 0.15 0.08 0.07 0.08 - 0.01 0.18 0.03 0.01 0.01 0.01 0.00 0.07 0.01 0.18 0.17 0.18 0.00 0.24 0.11 0.04 0.04 0.04 0.00 0.15 0.03 0.11 0.09 0.09 - 0.02 0.24 0.09 0.20 0.15 0.17 - 0.04 0.34 0.15 4.96 3.31 3.55 - 1.47 11.64 3.31 6.31 4.34 4.61 - 1.90 12.72 4.34 0.08 0.06 0.08 + 0.02 0.16 0.03 0.06 0.05 0.05 - 0.01 0.09 0.03 0.03 0.03 0.03 - 0.01 0.04 0.02 1.85 1.72 1.72 0.00 4.22 1.72 2.90 2.46 2.77 - 0.08 5.48 2.39 0.22 0.17 0.22 + 0.08 0.22 0.05 0.19 0.19 0.19 - 0.04 1.35 0.19 2.39 2.05 2.28 - 0.08 4.50 2.05 0.08 0.07 0.07 - 0.01 0.13 0.06 0.04 0.03 0.04 0.00 0.08 0.03 0.01 0.01 0.01 - 0.01 0.03 0.01 1.68 1.50 1.53 - 0.07 4.65 1.50 0.19 0.17 0.17 - 0.02 0.35 0.13 0.02 0.02 0.02 0.00 0.07 0.01 0.50 0.45 0.50 + 0.05 0.62 0.07 1.31 1.24 1.30 - 0.04 2.13 1.24 0.02 0.02 0.02 0.00 0.04 0.01 0.07 0.06 0.06 - 0.01 0.16 0.04 0.11 0.08 0.11 + 0.01 0.32 0.08 0.03 0.03 0.03 - 0.01 0.08 0.02 0.03 0.03 0.03 0.00 0.06 0.01 0.01 0.01 0.01 0.00 0.09 0.01 0.03 0.03 0.03 - 0.01 0.07 0.03 0.06 0.06 0.06 - 0.01 0.14 0.06 0.05 0.04 0.05 + 0.01 0.15 0.02 7.62 6.59 7.25 - 0.60 11.05 4.47 5.85 5.04 5.58 - 0.45 10.11 3.92 13.50 12.07 12.92 - 0.77 27.47 12.07 17.53 15.79 16.87 - 0.91 29.98 15.79 0.85 0.75 0.84 - 0.01 2.12 0.75 1.11 0.98 1.08 - 0.04 2.15 0.98 0.82 0.65 0.73 - 0.13 2.20 0.65 1.08 0.87 0.96 - 0.16 2.35 0.87 0.06 0.04 0.06 0.00 0.13 0.04 0.04 0.03 0.03 - 0.01 0.11 0.00 1.32 1.14 1.16 - 0.13 9.37 1.11 0.11 0.10 0.10 0.00 0.14 0.06 0.07 0.06 0.06 + 0.01 0.13 0.06 0.04 0.02 0.03 - 0.02 0.08 0.02 0.02 0.01 0.01 - 0.01 0.11 0.01 0.05 0.03 0.03 - 0.03 0.09 0.01 0.04 0.04 0.04 0.00 0.12 0.04 0.41 0.37 0.37 - 0.05 0.50 0.05 14.43 12.93 13.06 - 1.23 29.48 12.93 0.03 0.02 0.03 + 0.01 0.03 0.01 0.78 0.78 0.78 - 0.02 1.66 0.70 0.63 0.55 0.59 - 0.02 1.58 0.52 0.04 0.03 0.03 - 0.01 0.18 0.03 0.01 0.01 0.01 0.00 0.02 0.01 0.12 0.08 0.08 - 0.03 0.22 0.06 0.03 0.03 0.03 - 0.01 0.16 0.03 0.04 0.04 0.04 0.00 0.09 0.03 0.06 0.06 0.06 0.00 0.20 0.03 0.66 0.60 0.63 - 0.04 1.25 0.41 0.04 0.03 0.03 - 0.01 0.07 0.02 0.01 0.01 0.01 0.00 0.02 0.01 5.86 5.54 5.67 - 0.15 8.42 5.31 0.89 0.79 0.79 - 0.06 3.34 0.79 0.27 0.24 0.26 - 0.02 0.39 0.21 0.11 0.09 0.09 - 0.04 0.21 0.08 0.05 0.05 0.05 - 0.01 0.29 0.05 0.02 0.02 0.02 0.00 0.05 0.01 0.05 0.04 0.04 - 0.01 0.24 0.04 0.11 0.09 0.10 - 0.02 0.23 0.09 0.02 0.01 0.02 + 0.01 0.14 0.01 0.02 0.01 0.02 + 0.01 0.05 0.01 9.91 8.86 9.22 - 0.59 19.42 8.86 0.20 0.16 0.20 - 0.02 0.25 0.04 0.04 0.03 0.03 + 0.01 0.07 0.02 0.03 0.02 0.02 - 0.01 0.19 0.02 0.82 0.70 0.77 - 0.04 0.85 0.46 0.04 0.02 0.02 - 0.02 0.13 0.02 0.31 0.28 0.28 - 0.02 0.43 0.27 0.04 0.02 0.04 + 0.01 0.08 0.02 0.11 0.11 0.11 - 0.01 0.25 0.06 0.05 0.04 0.05 + 0.01 0.15 0.04 0.03 0.03 0.03 - 0.01 0.08 0.01 0.12 0.10 0.10 - 0.02 0.18 0.06 0.21 0.21 0.21 - 0.01 0.75 0.20 0.01 0.01 0.01 0.00 0.02 0.01 12.86 11.35 12.02 + 0.14 24.57 11.35
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Sunridge Gold V 10416 0.18 0.15 0.15 - 0.03 0.24 0.12 Superior Coppr V 4075 0.03 0.02 0.03 0.00 0.17 0.02 Sutter Gold V 628 0.07 0.06 0.07 + 0.01 0.15 0.05
T Tahoe Res* N 27121 Tahoe Res T 56875 Taipan Res V 12546 Tajiri Res V 600 Takara Res V 116 Talon Metals T 2432 Tanz Roy Exp T 2045 Tanz Roy Exp* X 12344 Tanzania Mnls V 50 Taranis Res V 460 Taseko Mines* X 10340 Taseko Mines T 6760 Tasman Metals V 983 Tasman Mtls* X 3556 Tawsho Mng V 450 Teck Res A T 102 Teck Res B* N 368064 Teck Res B T 141571 Tembo Gold V 500 Temex Res V 132254 Teranga Gold T 47782 Teras Res V 2583 Terraco Gold V 5185 Terrax Minls V 1744 Teryl Res Corp V 4430 Teuton Res V 49 Thompson Creek T 8887 Thompson Crk* N 15127 Tiller Res V 280 Timberline Res V 135 Timberline Rs* X 1415 Timmins Gold* X 10536 Timmins Gold T 77208 Tinka Res V 6016 Tintina Res V 3949 Tirex Res V 2212 Titanium Corp V 312 TomaGold V 4185 Torex Gold T 201340 Treasury Metal T 2552 Tres-Or Res V 90 Trevali Mng T 18748 Tri Origin Exp V 30 Tri-River Vent V 299 Tribute Res V 8 TriMetals Mng T 1775 Troymet Expl V 4580 True Gold Mng V 22207 True North Gem V 1772 Trueclaim Expl V 147 Tsodilo Res V 116 Turquoise HIl* N 26083 Turquoise Hill T 42006 TVI Pacific T 3430 Typhoon Expl V 4644
9.49 7.83 8.38 - 1.45 27.55 7.83 12.31 10.23 10.95 - 1.83 30.15 10.23 0.04 0.03 0.03 - 0.01 0.45 0.02 0.01 0.01 0.01 - 0.01 0.04 0.01 0.05 0.03 0.05 + 0.01 0.06 0.01 0.13 0.11 0.11 - 0.01 0.58 0.11 0.47 0.40 0.40 - 0.09 2.74 0.32 0.37 0.31 0.31 - 0.07 2.52 0.25 0.01 0.01 0.01 - 0.01 0.07 0.01 0.05 0.05 0.05 + 0.01 0.15 0.03 0.56 0.48 0.52 - 0.05 2.43 0.45 0.74 0.61 0.69 - 0.02 2.62 0.58 0.57 0.45 0.48 + 0.01 1.26 0.40 0.51 0.35 0.38 0.00 1.18 0.32 0.01 0.01 0.01 - 0.01 0.06 0.01 12.51 11.15 11.15 - 1.40 28.10 11.15 8.63 7.04 7.09 - 1.59 25.03 7.04 11.17 9.19 9.26 - 2.03 26.98 9.19 0.02 0.02 0.02 0.00 0.09 0.02 0.12 0.10 0.11 0.00 0.12 0.04 0.57 0.51 0.54 - 0.03 0.88 0.38 0.09 0.07 0.08 0.00 0.18 0.06 0.08 0.07 0.08 0.00 0.21 0.07 0.32 0.29 0.29 - 0.02 0.57 0.23 0.01 0.01 0.01 0.00 0.07 0.01 0.08 0.07 0.08 0.00 0.93 0.06 0.82 0.71 0.73 - 0.08 3.38 0.71 0.64 0.53 0.55 - 0.05 3.08 0.53 0.07 0.07 0.07 - 0.01 0.31 0.07 0.70 0.52 0.70 + 0.07 1.68 0.42 0.59 0.39 0.51 - 0.01 1.80 0.35 0.41 0.28 0.32 - 0.08 1.98 0.28 0.50 0.36 0.42 - 0.13 2.12 0.36 0.20 0.15 0.17 - 0.03 0.43 0.15 0.07 0.05 0.05 - 0.01 0.18 0.05 0.20 0.17 0.20 + 0.02 0.35 0.16 1.40 1.18 1.18 - 0.07 2.14 0.60 0.06 0.05 0.05 - 0.01 0.13 0.05 1.06 0.85 1.05 - 0.01 1.82 0.85 0.55 0.43 0.55 + 0.01 0.62 0.25 0.02 0.02 0.02 - 0.01 0.03 0.01 0.90 0.81 0.82 - 0.10 1.41 0.77 0.02 0.02 0.02 0.00 0.03 0.01 0.05 0.05 0.05 0.00 0.09 0.03 0.05 0.05 0.05 - 0.06 0.12 0.04 0.06 0.05 0.05 - 0.01 0.23 0.05 0.01 0.01 0.01 0.00 0.02 0.01 0.21 0.18 0.19 - 0.02 0.46 0.15 0.14 0.13 0.14 0.00 0.19 0.08 0.03 0.03 0.03 0.00 0.18 0.03 0.80 0.71 0.80 0.00 1.30 0.71 3.61 3.36 3.40 - 0.14 4.73 2.66 4.68 4.38 4.46 - 0.16 5.80 3.17 0.02 0.01 0.01 - 0.01 0.03 0.01 0.06 0.04 0.05 0.00 0.13 0.03
U3O8 Corp T 6179 UC Res V 187 Ucore Rare Mtl V 5546 UEX Corp T 12063 Ultra Lithium V 24380 Unigold V 1610 Unity Energy V 119 Ur-Energy T 1720 Ur-Energy* X 1476 Uracan Res V 2180 Uragold Bay Rs V 970 Uranium Ener* X 8448 Uranium Partic T 3949 Uranium Res* Q 3333 Uravan Minls V 3017 US Energy* Q 4165 US Silica Hld* N 26717 Vale* N 305538 ValGold Res V 400 Valterra Res V 65 Vangold Res V 304 Vanstar Mng Rs V 340 Vantex Res V 1550 Vena Res T 1341 Vendetta Mng V 2615 Vendome Res V 800 Verde Potash T 433 Victoria Gold V 29663 Victory Nickel T 4146 Victory Res V 300 Victory Vent V 100 Vior Mining V 150 Virginia Engy V 1139 Viscount Mng V 2034 Visible Gold M V 7703 Vista Gold T 267 Vista Gold* X 12331 VMS Vent V 7990 Volcanic Mtls V 300 Vulcan Mnrls V 1600 VVC Expl V 590
0.03 0.03 0.03 - 0.01 0.11 0.03 0.03 0.02 0.03 0.00 0.05 0.01 0.39 0.33 0.35 - 0.05 0.44 0.20 0.24 0.20 0.21 - 0.03 0.47 0.20 0.01 0.01 0.01 0.00 0.04 0.01 0.14 0.10 0.10 - 0.02 0.45 0.10 0.03 0.03 0.03 - 0.01 0.15 0.03 0.86 0.79 0.81 - 0.05 1.35 0.79 0.67 0.60 0.63 - 0.04 1.19 0.60 0.02 0.01 0.02 0.00 0.08 0.01 0.04 0.04 0.04 - 0.01 0.07 0.03 1.48 1.26 1.35 - 0.01 2.99 1.03 5.37 5.24 5.24 - 0.09 5.76 4.87 0.95 0.84 0.86 - 0.08 3.15 0.80 0.15 0.12 0.15 + 0.03 0.17 0.03 0.48 0.37 0.37 - 0.10 4.46 0.37 23.50 21.11 21.28 - 1.36 73.43 21.11 5.67 4.96 5.05 - 0.41 14.93 4.96 0.01 0.01 0.01 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.06 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.08 0.05 0.05 - 0.04 0.09 0.03 0.02 0.02 0.02 + 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.17 0.04 0.12 0.09 0.09 - 0.03 0.25 0.09 0.01 0.01 0.01 0.00 0.06 0.01 0.36 0.34 0.34 - 0.02 0.88 0.34 0.13 0.11 0.12 - 0.01 0.24 0.09 0.03 0.02 0.03 0.00 0.70 0.02 0.08 0.07 0.08 + 0.01 0.09 0.03 0.02 0.02 0.02 0.00 0.03 0.01 0.09 0.08 0.09 - 0.01 0.13 0.05 0.06 0.05 0.05 + 0.01 0.08 0.03 0.20 0.16 0.17 - 0.03 0.47 0.15 0.06 0.05 0.05 - 0.01 0.27 0.05 0.35 0.31 0.35 - 0.01 0.56 0.29 0.28 0.24 0.27 0.00 0.51 0.24 0.23 0.21 0.22 - 0.01 0.33 0.21 0.07 0.06 0.06 - 0.01 0.16 0.06 0.03 0.02 0.03 0.00 0.04 0.02 0.04 0.03 0.04 - 0.01 0.07 0.02
Wallbridge Mng T 9183 War Eagle Mg V 20 Waseco Res V 500 Wealth Minls V 812 Wescan Goldfie V 20 Wesdome Gold T 1553 West Af Iron O V 63 West High Yld V 232 West Kirkland V 28346 Westcore Energ V 1730 Western Copper T 1818 Western Coppr* X 522 Western Lithiu T 7921 Western Melv M V 200 Western Pac Rs V 7292 Western Potash T 10380 Westhaven Vent V 50 Westkam Gold V 3320 Westminster Rs V 15 WGI Heavy Mnl T 3421 Wildcat Expl V 50 Wolfden Res V 6989 Wolverine Mnls V 40 WPC Res V 540 Xmet V 2590 Xtierra V 300 Xtra-Gold Res T 160 Yamana Gold* N 179883 Yamana Gold T 236444 Yanzhou Coal* N 2791 Yellowhead Mng T 387 Zadar Vent V 3760 Zazu Metals T 10 Zenyatta Vent V 2652 Zephyr Mnls V 320 Zimtu Capital V 557 Zinco Mng V 315 Zonte Mtls V 433
0.03 0.03 0.03 - 0.01 0.09 0.03 0.02 0.02 0.02 + 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.10 0.02 0.26 0.23 0.25 - 0.04 0.42 0.03 0.03 0.03 0.03 0.00 0.05 0.01 1.04 0.92 1.00 - 0.01 1.40 0.62 0.03 0.03 0.03 0.00 0.20 0.03 0.26 0.24 0.24 - 0.06 0.43 0.11 0.06 0.06 0.06 - 0.01 0.15 0.05 0.03 0.03 0.03 - 0.01 0.04 0.01 0.52 0.45 0.47 - 0.03 0.88 0.45 0.40 0.34 0.35 - 0.05 0.82 0.34 0.62 0.53 0.54 - 0.05 1.00 0.49 0.08 0.06 0.06 - 0.02 0.50 0.03 0.02 0.01 0.02 - 0.01 0.18 0.01 0.26 0.22 0.23 - 0.03 0.40 0.20 0.06 0.06 0.06 - 0.01 0.14 0.05 0.03 0.03 0.03 0.00 0.07 0.03 0.04 0.04 0.04 0.00 0.30 0.04 0.34 0.29 0.32 + 0.02 0.78 0.00 0.04 0.04 0.04 - 0.01 0.17 0.03 0.12 0.10 0.11 - 0.02 0.32 0.10 0.07 0.06 0.07 + 0.01 0.15 0.03 0.05 0.04 0.04 - 0.01 0.08 0.03 0.01 0.01 0.01 0.00 0.07 0.01 0.01 0.01 0.01 0.00 0.09 0.01 0.23 0.22 0.22 - 0.01 0.32 0.10 2.28 1.92 2.05 - 0.34 9.04 1.92 2.97 2.50 2.67 - 0.43 9.90 2.50 6.24 6.01 6.03 - 0.26 12.24 5.38 0.09 0.08 0.08 - 0.01 0.18 0.01 0.01 0.01 0.01 - 0.01 0.08 0.01 0.17 0.17 0.17 0.00 0.59 0.17 1.39 1.30 1.33 - 0.02 2.61 1.05 0.14 0.12 0.14 0.00 0.22 0.12 0.25 0.23 0.24 - 0.01 0.65 0.22 0.03 0.03 0.03 - 0.01 0.10 0.02 0.05 0.04 0.04 - 0.01 0.09 0.03
U-V
W-Z
STOCK MISSING OR INCORRECT? Let us know at 1-416-510-6764 or tnm@northernminer.com. Data supplied by Reuters Canada.
15-07-29 5:49 PM
10 AUGUST 3-9, 2015 THE NORTHERN MINER
NEW 52-WEEK HIGHS AND LOWS — JULY 20-24, 2015 10 New Highs Altiplano Mnls Buccaneer Gold Comet Inds Goldbank Mng Grizzly Discvr Jazz Res Metalcorp Playfair Mng Senator Minls Softrock Mnrl
476 New Lows ABE Res Acme Res Adex Mining Adriana Res Adroit Res Advance Gold Adventure Gold African Gold G Aftermath Silv Alamos Gold* Alamos Gold Alcoa* Alderon Irn O* Alderon Iron O Alexandria Mnl Alliance Rs P* Alloycorp Almaden Mnls* Almaden Mnls Altima Res Anaconda Mng AndeanGold Anfield Nickel Anfield Res Anglo-Can Mng AngloGold Ash* AQM Copper Arch Coal* Arctic Star Rs Arcus Dev Grp Argentex Mng Argex Titanium Argonaut Gold Argus Metals Aroway Mnls ASA (Bermuda)* AsiaBaseMetals Astur Gold Atac Res Athabasca Mnls Atico Mng Augen Gold Auramex Res Aurcana Corp Avala Res Avino Silver Avino Silver* Avrupa Mnls Axmin Inc B2Gold* B2Gold Baja Mng Balmoral Res Bandera Gold Banks Island G Bannerman Res Barisan Gold Barrick Gold* Barrick Gold Bayswater Uran Bear Creek Mng Beaufield Res BHP Billi-BBL* BHP Billi-BHP* Big North Grap Bitterroot Res Black Widow Rs Blue Rvr Res Blue Sky Uran BMO Jr Gld ETF Bravada Gold Brazil Res Brixton Mtls Cabot Corp* Calico Res Canada Rare Ea Canadn Orebods Canadn Plat Canadn Zinc Canamex Res Candente Coppr Candente Gold CaNickel Mng Canterra Mnls Canyon Copper Capstone Mng Cardero Res Castle Peak Mg Catalyst Coppr Central Fund* Central Iron O Centurion Mnls Champion Bear China Mnls Mng Claim Post Res Clear Mtn Res Cliffs Nat Rs* Cloud Peak En* CMC Metals Colombia Crest Colombian Mins Colonial Coal Colorado Res Commander Res Compliance Eny Comstock Mng* Conquest Res Cons Richland Consol Energy* Copper Mtn Mng Copper North M Copper One Coral Gold Cornerstone Ca Coro Mining Cortez Gold Corvus Gold Cypress Dev Darnley Bay Decade Res Denison Mines Denison Mines* Desert Star Dolly Vard Sil Dominion Diam* Doubleview Cap Duncan Park H Dundee Prec Mt DV Res Dynasty Met&Mn Eagle Plains Eastfield Res Ecuador G & C Edgewater Expl El Tigre Silvr Eldorado Gold* Eldorado Gold Emgold Mng Endeavr Silver Endeavr Silve* Energizer Res Energold Drill Entourage Mtls Eurasian Mnls* Europn Uran Rs Evrim Res Excellon Res Exeter Res* Exeter Res Faircourt Gold Falcon Gold Firesteel Res First Majesti* First Mexican First Nickel Flinders Res Focus Graphite Fortuna Silver Fortuna Silvr* Franco-Nevada Freeport McMo* Frontline Gold Galane Gold Galore Res GAMCO Glb Gld* Garibaldi Res Geologix Ex Getty Copper
TNM August 03 2015 Issue.indd 10
Gitennes Expl Glen Eagle Res Glenmark Cap Gold Bulln Dev Gold Fields* Gold Resource* Goldcorp Goldcorp* Golden Band Golden Goliath Golden Mnls Golden Mnls* Golden Queen Golden Share M Golden Tag Goldeye Expl Goldrock Mines Gran Colombia Grande Portage Graphite One R Great Panther* Great Panther Harmony Gold* Harvest Gold Heatherdale Rs Hecla Mining* Hi-Crush Part* Highland Res Honey Badger E Horizns G Bull Horizonte Mnls Hunt Mng Iamgold* Iamgold IC Potash Iconic Mnls IMPACT Silver Indigo Expl Inspiration Mg Intl Montoro R Intl Northair Intl Samuel Ex Intl Tower Hi* Intl Tower Hil Intl Vestr Res Intrepid Pots* INV Metals Ivanhoe Mines Ivernia J.A.G. Mines Jaguar Mng Jaxon Mnls Karnalyte Res Katanga Mng Kermode Res Kilo Goldmines Kings Bay Gold Kinross Gold Kinross Gold* Kiska Metals Kivalliq Enrgy Klondike Gold Klondike Silv Knick Expl La Quinta Res Lakeland Res Lara Expl Latin Am Mnls Legend Gold Lomiko Mtls Luna Gold Lydian Intl MacDonald Mns Magellan Minls Major Drilling Mammoth Res Mandalay Res Marathon Gold Marengo Mng Marifil Mines Mason Graphite McEwen Mng* McEwen Mng MDN Inc MDU Res* Medallion Res Megastar Dev Melior Res Mesa Expl Mesabi Trust* Metalcorp Metals Ck Res Midas Gold Midlands Minls Millrock Res Millstream Min Minas Buenavn* Minco Gold* Minco Gold Mindoro Res Minfocus Expl Mirasol Res Mkango Res Monster Mng Mountain Boy M MPVC Mundoro Cap Musgrove Mnls Natural Rs Pt* Network Expl Nevada Expl Nevada Sunrise Nevsun Res* New Gold New Gold* New Millennium New Milln Iron New Nadina Newmont Mng* Nighthawk Gold Nikos Expl Nippon Dragon Nitinat Mnls Noka Res Nomad Ventures Noram Vent Nordex Nortec Mnls North Am En P* North Am En Pa North Am Pall North Am Tung Northcliff Res Northern Abiti Northern Dyn* Northern Dyn M Northern Freeg Northern Gld M NovaCopper NovaCopper* NSGold NSX Silver NV Gold Odin Mng & Exp Olivut Res Opta Minls Oracle Mng Orbit Garant D Orca Gold Orestone Mng Orezone Gold Oroco Res Orvana Mnrls Pac North West Pac Potash Pac Ridge Expl Paget Mnls Palmer Res Pan Am Silver Pan Am Silver* Panoro Minls PC Gold Peabody Enrgy* Philippine Mtl Phoenix Gold Pilot Gold Pinecrest Res Planet Mng Plata Latina M Platinex Platinum Gp M* Platinum Gp Mt Plato Gold PolyMet Mng* Potash C Sask* Precipitate Gl Primero Mng* Puma Expl Purepoint U QMX Gold Quest Rare Mnl
Quia Res Randgold Res* Rathdowney Res Red Moon Potsh Redstar Gold Reliance Res Remington Res Renaissance Gd Reunion Gold Rhino Res* Rhyolite Res Rio Tinto* Riverside Res RJK Explor Rochester Res Rockhaven Res
Romarco Mnrls Rome Res Romios Gold Rs Royal Gold* RT Minerals Rubicon Mnls* Rupert Res Russell Metals San Marco Res Sanatana Diam Sandstorm Gld* Santa Fe Metls Santacruz Silv Satori Res Scorpio Gold Scorpio Mining
Seabridge Gld* Seabridge Gold Selwyn Res Sennen Res Sentry Sl PrmM Serengeti Res SGX Res Sherritt Intl Sierra Metals Silver Bull Re Silver Predatr Silver Pursuit Silver Range R Silver Wheatn* Silver Wheaton Silvercorp Mt*
Silvercorp Mtl SilverCrest M* SilverCrest Mn Silvermet Skyharbour Res Slam Exploratn SnipGold Soc Quim&M Ch* Solvista Gold Source Expl Sparton Res Sprott Res Stakeholdr Gld Stans Energy Starcore Int V Stellar Pac Vt
Thompson Crk* Tiller Res Timmins Gold* Timmins Gold Tinka Res Tintina Res TomaGold Torex Gold TriMetals Mng Troymet Expl Trueclaim Expl Tsodilo Res TVI Pacific U3O8 Corp UEX Corp Ultra Lithium
Stillwater Mg* Stonegate Agri Strata Mnls Sultan Mnrls SunCoke Engy* Superior Coppr Tahoe Res* Tahoe Res Tajiri Res Tanzania Mnls Tawsho Mng Teck Res A Teck Res B* Teck Res B Terraco Gold Thompson Creek
Unigold Unity Energy Ur-Energy Ur-Energy* Uracan Res US Energy* US Silica Hld* Vale* Valterra Res Vangold Res Vena Res Vendetta Mng Verde Potash Victory Nickel Visible Gold M VMS Vent
Volcanic Mtls Vulcan Mnrls Wallbridge Mng Western Copper Western Coppr* Western Pac Rs Westkam Gold Westminster Rs Wolfden Res Xmet Xtierra Yamana Gold* Yamana Gold Zazu Metals Zephyr Mnls
BID-ASK — JULY 20-24, 2015 12-MONTH
12-MONTH
STOCK
STOCK
EXC BID ASK LAST HIGH LOW
Abzu Gold V 0.03 0.03 0.03 0.22 0.02 Adanac Moly V 0.19 0.20 0.18 0.20 0.15 Advanced Expl V 0.02 0.03 0.02 0.05 0.02 Aegean Metals V 0.03 0.05 0.03 0.11 0.00 Afferro Mng V 1.10 2.50 1.57 2.40 0.00 AgriMinco V 0.01 0.01 0.01 0.01 0.01 Aldershot Res V 0.01 0.01 0.01 0.01 0.01 Alhambra Res V 0.02 0.03 0.02 0.10 0.02 Allana Potash T 0.50 0.50 0.50 0.50 0.00 Allied Gold T 2.25 2.29 2.25 3.70 0.00 Allied Nevada T 0.16 0.16 1.08 4.45 0.00 Allied Nevada* X 0.86 0.86 0.86 6.70 0.00 Alpha Mnls V 5.55 5.68 5.45 7.60 0.00 Altair Vent V 0.07 0.15 0.02 1.13 0.06 Alturas Minls V 0.01 0.01 0.01 0.03 0.01 Am Cons Minls V 0.04 0.04 0.04 0.07 0.00 Amador Gold V 0.01 0.01 0.01 0.02 0.01 Amara Mng T 0.20 0.29 0.21 1.72 0.00 Amcol Intl* N 45.74 45.75 45.74 47.09 0.00 American Bonan T 0.02 0.02 0.02 0.06 0.00 Amseco Expl V 0.01 0.01 0.05 0.05 0.04 Anconia Res V 0.01 0.02 0.01 0.10 0.01 Anglo Pac Grp T 1.82 2.05 1.90 3.48 1.00 Angus Mng Nami V 0.01 0.01 0.01 0.03 0.01 Arco Res V 0.06 0.08 0.06 0.15 0.03 Arcturus Res V 0.01 0.02 0.02 0.03 0.01 Argentum Silvr V 0.03 0.03 0.03 0.10 0.03 Armadillo Res C 0.01 0.05 0.02 0.02 0.01 Arrowstar Res V 0.06 0.11 0.08 0.25 0.05 Ashburton Vent V 0.01 0.02 0.02 0.04 0.01 Asia Now Res V 0.01 0.02 0.02 0.03 0.01 Astar Mnls V 0.08 0.15 0.10 0.16 0.09 Augusta Res T 3.15 3.50 3.55 4.18 0.00 Aurania Res V 0.30 0.40 0.30 0.45 0.30 AurCrest Gold V 0.01 0.02 0.01 0.07 0.01 AuRico Gold* N 2.87 2.88 2.86 4.69 0.00 AuRico Gold T 3.58 3.73 3.58 5.12 0.00 Azumah Res T 0.02 0.03 0.02 0.11 0.00 Bama Gold V 0.05 0.06 0.06 0.25 0.05 Barker Mnrls V 0.01 0.01 0.01 0.03 0.01 Baroyeca Go&Si V 0.01 0.01 0.01 0.02 0.01 Bayfield Vent V 0.24 0.25 0.24 0.41 0.00 BCGold V 0.01 0.02 0.02 0.05 0.01 BE Res V 0.01 0.69 0.35 0.40 0.25 Bear Lake Gold V 0.03 0.04 0.04 0.06 0.00 Bearing Res V 0.03 0.05 0.03 0.07 0.02 Berkwood Res V 0.01 0.01 0.01 0.10 0.01 Besra Gold T 0.02 0.02 0.02 0.07 0.00 Bison Gold Res V 0.01 0.02 0.01 0.04 0.01 Blackstone Ven V 0.01 0.01 0.01 0.01 0.01 Blind Crk Res V 0.05 0.05 0.05 0.15 0.04 Blue Gold Mng V 0.46 0.49 0.47 0.95 0.00 Bluestone Res V 0.05 0.09 0.05 0.25 0.05 Bonaparte Res V 0.05 0.12 0.05 0.11 0.00 Bralorne Gold V 0.19 0.19 0.20 0.45 0.00 Brazilian Gold V 0.10 0.10 0.11 0.25 0.00 Brigadier Gold V 0.01 0.01 0.01 0.01 0.01 Bullman Mnls V 0.09 0.12 0.11 0.30 0.06 Cadan Res V 0.05 0.09 0.06 0.24 0.04 Cadillac Vent V 0.02 0.03 0.03 0.35 0.02 Calvista Gold T 1.09 1.10 1.09 1.10 0.00 Canada Fluorsp V 0.35 0.35 0.35 0.35 0.00 Canadn Arrow V 0.01 0.01 0.01 0.02 0.01 Canadn Silvr H V 0.02 0.03 0.02 0.07 0.02 CanAm Coal V 0.01 0.01 0.01 0.06 0.01 Cancor Mines C 0.01 0.02 0.01 0.05 0.00 Cangold V 0.03 0.04 0.03 0.15 0.00 Caracara Silvr V 0.01 0.01 0.01 0.02 0.01 Carlin Gold V 0.01 0.02 0.01 0.03 0.01 Carmax Mng V 0.03 0.04 0.03 0.12 0.03 Carrie Arran R V 0.01 0.06 0.05 0.08 0.05 Cassidy Gold V 0.03 0.04 0.03 0.06 0.02 Cassius Vent V 0.02 0.03 0.02 0.07 0.02 Cavan Vent V 0.02 0.02 0.02 0.05 0.02 Cayden Res V 2.40 2.49 2.40 3.49 0.00 Celeste Copper V 0.01 0.01 0.01 0.01 0.01 Chalice Diam V 0.07 0.07 0.07 0.08 0.00 Chalice Gold M T 0.11 0.15 0.15 0.15 0.08 Channel Res V 0.04 0.06 0.05 0.09 0.00 Chimata Gold V 0.05 0.12 0.06 0.19 0.01 CIC Energy T 1.99 2.00 1.99 2.45 0.00 Citation Res V 0.07 0.08 0.07 0.10 0.00 Cliffmont Res V 0.01 0.01 0.01 0.04 0.01 Cline Mng T 0.01 0.01 0.01 0.84 0.00 CMQ Res V 0.02 0.04 0.02 0.05 0.00 Coalspur Mines T 0.02 0.02 0.02 0.08 0.00 Cobriza Mtls V 0.12 0.13 0.12 0.16 0.00 Coeur Mng T 12.03 12.64 12.09 20.14 0.00 Colibri Res V 0.01 0.01 0.01 0.02 0.01 Colossus Minls T 0.02 0.02 0.04 3.40 0.00 Columbus Expl V 0.16 0.22 0.19 0.20 0.10 Contintl Nickl V 0.40 0.90 0.40 1.12 0.00 Coronado Res V 0.25 0.50 0.25 1.26 0.25 Coronet Mtls V 0.03 0.04 0.03 0.24 0.02 Cosigo Res V 0.01 0.02 0.01 0.05 0.01 Creso Expl V 0.12 0.12 0.12 0.13 0.00 Cresval Cap V 0.01 0.02 0.01 0.02 0.01 Crosshair Eny* X 0.02 0.03 0.02 0.26 0.00 Crown Gold V 0.03 0.04 0.03 0.14 0.03 Cuervo Res C 0.01 0.01 0.01 0.01 0.00 Curis Res T 0.68 0.72 0.70 0.99 0.00 Darwin Res V 0.05 0.05 0.05 0.20 0.00 Delrand Res T 0.09 0.15 0.09 0.95 0.06 Diamonds North V 0.02 0.03 0.02 0.08 0.00 Ditem Explor V 0.01 0.01 0.01 0.02 0.01 Dominion Mnls* Q 0.08 0.18 0.01 0.09 0.00 Dot Res V 0.01 0.02 0.01 0.08 0.01 Duluth Metals T 0.45 0.45 0.45 1.00 0.00 Dunav Res V 0.01 0.02 0.02 0.14 0.00 Durango Res V 0.03 0.03 0.03 0.12 0.03 E-Energy Vent V 0.01 0.01 0.01 0.01 0.01 Eagle Mtn Gold V 0.14 0.17 0.13 0.42 0.00 Eastern Merid V 0.05 0.08 0.05 0.21 0.04 Elemental Mnls T 0.18 0.25 0.20 0.55 0.00 Elgin Mng T 0.41 0.42 0.42 0.45 0.00 Emed Mining T 0.08 0.10 0.09 0.16 0.06 Esperanza Res V 1.01 1.03 1.01 1.70 0.00 Estrella Gold V 0.03 0.04 0.03 0.08 0.00 Excalibur Res C 0.01 0.02 0.02 0.10 0.01 Extorre Gold M T 4.27 4.28 4.27 11.27 0.00 Ferrum Am Mng V 0.02 0.03 0.02 0.05 0.01 Firebird Res V 0.01 0.02 0.02 0.03 0.01 Firestone Vent V 0.01 0.01 0.01 0.04 0.01 First Lithium V 0.28 0.31 0.29 0.55 0.20 Freeport Res V 0.02 0.03 0.02 0.04 0.02 Full Metal Mnl V 0.04 0.05 0.04 0.40 0.04 Gem Intl Res V 0.05 0.07 0.10 0.26 0.05 Geocom Res* Q 0.05 0.09 0.02 0.03 0.00 Geomark Expl V 0.96 1.00 0.98 1.00 0.00 GFK Res V 0.09 0.10 0.10 0.21 0.03 Global Hunter V 0.02 0.03 0.02 0.09 0.02 Global Met Cl V 0.01 0.01 0.01 0.03 0.01 Global Ur Fund T 1.64 1.67 1.64 2.05 0.00 Golconda Res V 0.01 0.01 0.01 0.04 0.01 Gold Ridge Exp V 0.02 0.02 0.02 0.05 0.02 Goldcliff Res V 0.01 0.01 0.01 0.02 0.01 Golden Harp V 0.04 0.06 0.04 0.07 0.03 GoldMountain* Q 0.04 0.05 0.05 0.35 0.00 Gonzaga Res V 0.04 0.07 0.04 0.15 0.02 Gossan Res V 0.02 0.03 0.02 0.05 0.01 Granite Ck Gld V 0.02 0.03 0.02 0.10 0.02 Gray Rock Res V 0.03 0.04 0.03 0.15 0.02 Great Bear Res V 0.06 0.07 0.07 0.09 0.02 Great Western V 0.01 0.01 0.01 0.09 0.01 Green Swan Cap V 0.01 0.02 0.02 0.09 0.01 Green Valley M V 0.01 0.01 0.01 0.01 0.01 Grenville Gold V 0.08 0.18 0.13 0.18 0.04 Gryphon Gold T 0.01 0.01 0.01 0.13 0.00 GTO Res V 0.10 0.16 0.11 0.11 0.00 Hansa Res V 0.02 0.02 0.02 0.04 0.01 Highbury Proj V 0.14 0.24 0.19 0.50 0.15 Highvista Gold V 0.12 0.16 0.17 0.28 0.06 HiHo Silver C 0.01 0.01 0.01 0.03 0.01 Hudson River M V 0.01 0.01 0.01 0.01 0.01
EXC BID ASK LAST HIGH LOW
Hunter Bay Mnl V 0.02 0.03 0.02 0.07 0.02 Huntington Exp V 0.01 0.01 0.01 0.04 0.01 ICN Res V 0.06 0.07 0.06 0.30 0.00 IEMR Res V 0.01 0.01 0.01 0.01 0.01 Inform Res V 0.01 0.02 0.02 0.07 0.02 Inova Res T 0.16 0.20 0.15 0.60 0.00 Inter-Citic Mn T 2.04 2.05 2.04 2.05 0.00 Inter-Rock Mnl V 0.01 0.02 0.02 0.03 0.01 Intl Bethl Mng V 0.01 0.01 0.01 0.01 0.01 Intl Enexco V 0.41 0.41 0.41 0.55 0.00 Intl Millm Mng V 0.01 0.02 0.04 0.04 0.04 Intl Minls Crp T 2.80 2.83 2.83 4.92 0.00 Intrepid Mns T 0.25 0.26 0.26 0.31 0.00 Iron South Mng V 0.07 0.10 0.07 0.26 0.05 Jasper Mng V 0.05 0.16 0.05 0.15 0.03 Jayden Res T 0.06 0.10 0.07 0.27 0.06 Jet Gold V 0.04 0.05 0.05 0.15 0.04 Jiulian Res V 0.03 0.04 0.04 0.07 0.02 Josephine Mng V 0.01 0.02 0.02 0.03 0.01 Jourdan Res V 0.04 0.05 0.07 0.30 0.03 Kazax Mnls V 0.04 0.06 0.04 0.06 0.02 Kettle River V 0.01 0.02 0.01 0.02 0.01 Kimber Res T 0.15 0.16 0.15 0.40 0.00 KWG Res V 0.02 0.03 0.02 0.09 0.00 Labdr Iron Mns T 0.02 0.02 0.02 0.14 0.00 Lachlan Star T 0.01 0.01 0.02 0.28 0.00 Liberty Silver T 0.05 0.08 0.04 0.13 0.00 Lions Gate Eng V 0.01 0.02 0.01 0.05 0.01 Lipari Energy T 0.46 0.49 0.47 0.49 0.00 Lithium One V 1.15 1.18 1.15 1.46 0.00 Logan Res V 0.05 0.06 0.05 0.06 0.03 Long Harbour E V 0.07 0.11 0.07 0.15 0.04 Lornex Cap V 0.10 0.18 0.10 0.20 0.00 Lovitt Res V 0.04 0.09 0.05 0.06 0.03 Lowell Copper V 0.25 0.35 0.31 0.62 0.21 Lucky Mnls V 0.07 0.15 0.13 0.30 0.08 MagIndustries T 0.10 0.13 0.13 0.26 0.13 Magma Metals T 0.09 0.09 0.09 0.28 0.00 Mahdia Gold C 0.01 0.17 0.01 0.07 0.01 Mainstream Mnl V 0.01 0.01 0.01 0.01 0.01 Maritime Res V 0.10 0.17 0.16 0.24 0.08 Marklnd AGF PM T 5.86 8.25 5.82 10.41 0.00 Masuparia Gold V 0.05 0.08 0.09 0.10 0.04 Maudore Minls V 0.01 0.01 0.01 0.07 0.01 Max Res V 0.05 0.06 0.04 0.43 0.04 McChip Res V 0.92 1.40 1.02 1.64 0.85 McVicar Res V 0.47 0.49 0.49 0.52 0.00 Mega Precs Mtl V 0.08 0.09 0.08 0.13 0.00 Menika Mining V 0.09 0.13 0.09 0.12 0.05 Mercator Mnls T 0.01 0.01 0.03 0.12 0.00 Messina Minls V 0.06 0.10 0.06 0.13 0.00 Metalore Res T 2.85 3.05 3.22 3.72 2.41 Midasco Cap V 0.08 0.12 0.10 0.10 0.05 Midway Gold T 0.01 0.01 0.09 1.30 0.07 Midway Gold* X 0.07 0.08 0.04 1.17 0.00 Milner Con Slv V 0.02 0.03 0.02 0.10 0.02 Mineral Depost T 5.00 5.09 4.75 6.95 0.00 Mineral Hill V 0.06 0.18 0.14 0.14 0.07 Minsud Res V 0.09 0.17 0.07 0.09 0.03 Mirabela Nickl T 0.02 0.02 0.02 0.62 0.00 Moly Mines T 0.06 0.07 0.06 0.15 0.00 Monster Uran V 0.04 0.12 0.03 0.12 0.02 Mountain Lake V 0.32 0.35 0.32 0.82 0.00 Murgor Res V 0.02 0.02 0.02 0.03 0.00 Nebu Res V 0.02 0.03 0.03 0.10 0.01 New Dawn Mng T 0.10 0.16 0.13 1.10 0.00 Newcrest Mng T 12.10 12.90 12.11 31.00 0.00 Newmac Res V 0.13 0.20 0.20 0.40 0.10 Newmont Mng T 26.37 26.90 26.25 44.66 0.00 Newstrike Cap V 0.66 0.70 0.70 1.22 0.00 Newstrike Res V 0.03 0.04 0.03 0.07 0.02 NMC Res V 0.17 0.17 0.19 0.19 0.00 Noble Metal Gr V 0.01 0.01 0.01 0.02 0.01 Noble Mnl Expl V 0.01 0.01 0.01 0.02 0.01 North Am Pot D V 0.01 0.01 0.01 0.02 0.01 Northcore Res V 0.03 0.04 0.03 0.10 0.02 Northern Lion V 0.01 0.01 0.01 0.03 0.01 Northern Sun M V 0.11 0.15 0.13 0.35 0.03 Northquest V 0.09 0.11 0.11 0.17 0.07 NQ Expl V 0.01 0.01 0.01 0.02 0.01 Nubian Res V 0.01 0.02 0.02 0.04 0.02 Nuinsco Res T 0.01 0.01 0.01 0.03 0.00 Nunavik Nickel V 0.06 0.07 0.08 0.18 0.05 NWM Mng V 0.01 0.01 0.01 0.01 0.01 NWT Uranium V 0.02 0.02 0.05 0.05 0.05 Omineca Mg&Mtl V 0.04 0.05 0.07 0.11 0.02 Open Gold V 0.01 0.01 0.01 0.03 0.01 Oremex Silver V 0.02 0.03 0.03 0.03 0.02 Orko Silver V 1.94 1.99 1.99 2.63 0.00 Oronova Res V 0.04 0.05 0.04 0.06 0.03 Orsa Vent V 0.10 0.10 0.10 0.15 0.00 Otterburn Res V 0.10 0.25 0.20 0.20 0.20 Pac Arc Res V 0.01 0.01 0.01 0.01 0.01 Pac Imp Mines V 0.01 0.01 0.01 0.07 0.01 Pac Rim Mining T 0.07 0.08 0.07 0.11 0.00 Pac Wildcat Re V 0.01 0.01 0.02 0.05 0.01 Palladon Vent V 0.01 0.01 0.01 1.54 0.01 Pan Global Res V 0.01 0.02 0.01 0.13 0.01 Pantheon Vent V 0.11 0.11 0.10 0.20 0.03 Paragon Minls V 0.06 0.07 0.06 0.12 0.00 Parallel Mng V 0.03 0.09 0.04 0.08 0.03 Paramount Gold T 1.20 1.20 1.52 1.88 0.00 Parkside Res V 0.01 0.02 0.01 0.02 0.01 Passprt Potash V 0.02 0.02 0.02 0.05 0.01 Penteco Res V 0.05 0.06 0.05 0.06 0.00 Petaquilla Mnl T 0.03 0.03 0.03 0.31 0.00 Phoenix Copper V 0.01 0.02 0.01 0.05 0.01 Pitchstone Exp V 0.09 0.09 0.09 0.21 0.00 PMI Gold T 0.48 0.50 0.48 0.72 0.00 PNG Gold V 0.01 0.01 0.01 0.03 0.01 Polar Star Mng T 0.01 0.02 0.01 0.17 0.00 Portage Mnls C 0.01 0.02 0.02 0.03 0.00 Portola Res V 0.20 0.01 0.20 0.20 0.20 Premier Roy T 0.74 0.76 0.76 2.60 0.00 Premium Expl V 0.02 0.03 0.02 0.08 0.01 Prime Merid Rs V 0.07 0.08 0.08 0.19 0.07 Proam Expl V 0.01 0.02 0.02 0.02 0.01 Prominex Res V 0.01 0.01 0.01 0.03 0.01 Providence Res V 0.04 0.09 0.05 0.12 0.00 PVR Partners* N 27.44 27.46 27.44 29.22 0.00 Q-Gold Res V 0.02 0.07 0.02 0.10 0.01 Quartz Mtn Res V 0.01 0.02 0.02 0.06 0.02 Rackla Mtls V 0.01 0.02 0.01 0.04 0.01 Rainy Mtn Royl V 0.03 0.04 0.03 0.14 0.02 Rainy River Rs T 3.37 3.37 3.42 6.10 0.00 Randsburg Intl V 0.01 0.01 0.01 0.03 0.01 Ratel Grp T 0.64 0.80 0.69 1.38 0.52 REBgold V 0.13 0.14 0.16 0.16 0.00 Red Cresc Res T 0.02 0.02 0.01 0.11 0.00 Red Tiger Mng V 0.03 0.04 0.03 0.30 0.03 Redzone Res V 0.03 0.04 0.05 0.05 0.02 Resolve Vent V 0.04 0.06 0.05 0.11 0.05 Reva Res V 0.03 0.04 0.03 0.10 0.02 Revett Mnls T 0.56 0.65 0.57 1.42 0.00 Revolver Res V 0.04 0.06 0.04 0.10 0.02 Ridgemont Ir O V 0.02 0.02 0.02 0.28 0.00 Rio Alto Mng T 3.47 3.51 3.48 3.99 0.00 Rio Alto Mng* N 2.46 2.48 2.47 3.18 0.00 Rio Silver V 0.02 0.03 0.02 0.05 0.01 Roca Mines V 0.03 0.03 0.03 0.03 0.00 Rockcliff Res V 0.03 0.03 0.03 0.07 0.00 Rockex Mng T 0.03 0.04 0.04 0.30 0.00 Rockgate Cap T 0.30 0.35 0.30 0.53 0.00 Rockridge Cap V 0.05 0.06 0.05 0.30 0.04 Romulus Res V 0.16 0.18 0.16 0.24 0.12 Ross River Mnl V 0.01 0.01 0.01 0.01 0.01 Rotation Mnls V 0.03 0.25 0.05 0.55 0.01 Royal Coal V 0.03 0.01 0.01 0.21 0.00 RX Gold & Silv V 0.23 0.24 0.24 0.60 0.00 Sable Res V 0.02 0.02 0.02 0.10 0.01 Salazar Res V 0.05 0.06 0.06 0.30 0.05 Samco Gold V 0.13 0.30 0.30 0.80 0.17 Sandstorm Mt&E V 1.20 1.37 1.36 3.54 0.00
See BID-ASK, Page 11
15-07-29 5:49 PM
THE NORTHERN MINER
AUGUST 3-9, 2015
11
Guyana Goldfields nears production at Aurora GUYANA, From Page 1
Over the next two months, Guyana Goldfields closed two equity raises priced at $3.40 a share, including a $100-million bought deal and a separate $5.6-million private placement with the International Finance Corp. (IFC). The junior used the proceeds to order long-lead items, primarily the SAG mill, in October that year. In the following two months, it signed a mandate letter with the IFC to arrange a senior debt facility, selected an engineering, procurement and construction (EPC) contractor, and updated the feasibility study’s initial costs to US$249 million. The US$44-million hike resulted from detailed engineering and the company’s decision to use an EPC contractor to build Aurora’s processing plant and diesel power plant. Despite the higher costs, the project’s economics remain robust. Based on a US$1,300 per oz. gold price and a 5% discount rate, Aurora has an after-tax net present value (NPV) of US$735 million and an internal rate of return (IRR) of 31%. Payback should occur within 4.4 years. If gold drops to US$1,000 per oz., the after-tax NPV and IRR are a promising US$374 million and 20%. (The spot gold price closed July 25 at US$1,099.50 per oz. in New York.) Come 2014, the firm formalized an EPC contract with Sedgman Ltd. and Grana y Montero for US$137 million. Caldwell says the company benefitted from building the mine during the commodities downturn, explaining there was “less competitiveness on people and on equipment,” and that “we were able to get a really good team of professionals to help build this mine, with vast experience that in reality if this was five, six, seven or eight years ago, we wouldn’t have
GUYANA GOLDFIELDS
Guyana Goldfields’ Aurora gold mine under construction in Guyana, 170 km west of the capital Georgetown. been able to get this team. So we got the A-team.” Despite the bleak capital markets, the firm scored a US$185-million project loan last June with a syndicate of senior lenders, including IFC, Export Development Canada, ING Capital LLC, Caterpillar Financial Services Corp., and the Bank of Nova Scotia. The loan consists of two tranches, including a Tranche 1 US$160-million facility and a Tranche 2 US$25-million costoverrun facility. As a requirement for the loan, Guyana Goldfields had to raise US$33 million in equity. It wound up closing a US$44.4-million, nonbrokered private placement of 24 million shares at $1.85 apiece last
BID-ASK — JULY 20-24, 2015 12-MONTH STOCK
EXC
BID-ASK, From Page 11 Savant Expl Sendero Mng Senior Gld Prd SG Spirit Gold Signal Expl Silvermex Res Sirocco Mng Slater Mng Soltoro Sona Res Southern Hemis Spruce Ridge R St-Georges Plt Stikine Energy Stratabd Mnr Stroud Res Sunset Cove Mg Sunward Res Suparna Gold TAD Mnl Expl Tasca Res Tearlach Res Terreno Res Teslin Rvr Res Theia Res Thelon Cap Themac Res Thor Expl Thunder Mtn Gd Tiger Intl Tigray Res Tintina Mines TNR Gold Tolima Gold Transition Mtl Trend Mng* TriAusMin Trio Gold Corp Troy Res Tyhee Gold United Silver Uranerz Energy Uranium One Uranium Valley US SIlver & Go Vaaldiam Mng Vatic Vent Venerable Vent Veris Gold Viking Gold Virginia Mines Volta Res Walter Energy* Walter Energy Waymar Res WCB Res West Cirque Rs Western Areas Western Troy C Westridge Res Whetstone Mnls White Pine Res Williams Creek Windarra Minls Windstorm Res Witwatersrand World Vent* Xemplar Energy Xinergy Zena Mng Zone Res
TNM August 03 2015 Issue.indd 11
V V T V V T T V V V V V C V V V V T V V V V V V V V V V V V V V V V V Q T V T V T T T V T T V V T V T T N T V V V T V V V V V V V T Q V T V V
BID
0.01 0.01 4.78 0.06 0.03 0.50 0.34 0.03 0.30 0.03 0.04 0.02 0.01 0.01 0.01 0.01 0.01 0.17 0.03 0.01 0.03 0.02 0.05 0.14 0.08 0.10 0.02 0.03 0.03 0.19 0.09 0.04 0.01 0.01 0.09 0.05 0.06 0.01 0.43 0.01 0.01 1.41 2.85 0.05 0.34 0.26 0.02 0.01 0.10 0.01 14.65 0.33 0.16 7.10 0.09 0.15 0.23 3.75 0.02 0.02 0.01 0.02 0.01 0.05 0.04 1.08 0.01 0.02 0.02 0.08 0.01
ASK
LAST
HIGH
LOW
0.02 0.01 4.88 0.10 0.05 0.55 0.36 0.05 0.30 0.03 0.06 0.03 0.02 0.01 0.01 0.01 0.01 0.18 0.04 0.01 0.05 0.05 0.14 0.19 0.14 0.10 0.03 0.04 0.09 0.28 0.13 0.05 0.02 0.01 0.10 0.05 0.07 0.01 0.44 0.02 0.01 1.44 2.86 0.07 0.35 0.27 0.03 0.02 0.10 0.01 15.22 0.34 0.17 7.82 0.13 0.18 0.26 8.54 0.02 0.03 0.01 0.03 0.02 0.07 0.05 1.18 0.51 0.02 0.02 0.39 0.01
0.02 0.01 4.78 0.10 0.04 0.53 0.35 0.04 0.32 0.02 0.04 0.02 0.02 0.01 0.01 0.01 0.01 0.18 0.03 0.01 0.05 0.04 0.07 0.13 0.10 0.05 0.02 0.04 0.05 0.18 0.10 0.04 0.01 0.01 0.12 0.01 0.07 0.01 0.43 0.01 0.02 1.44 2.85 0.05 0.35 0.26 0.02 0.01 0.15 0.01 14.99 0.33 0.16 7.15 0.10 0.15 0.26 4.00 0.02 0.01 0.01 0.03 0.02 0.06 0.05 1.08 0.02 0.02 0.02 0.07 0.01
0.05 0.01 7.48 0.40 0.06 0.88 0.89 0.04 0.34 0.11 0.20 0.04 0.07 0.03 0.09 0.01 0.15 0.24 0.16 0.02 0.08 0.09 0.20 0.30 0.20 0.17 0.08 0.08 0.08 0.35 0.15 0.07 0.05 0.05 0.37 0.11 0.08 0.02 1.27 0.10 0.14 1.70 2.86 0.12 0.67 0.27 0.08 0.04 0.95 0.02 17.20 0.57 6.84 21.20 0.20 0.36 0.54 6.11 0.02 0.06 0.04 0.09 0.11 0.09 0.19 1.50 0.10 0.06 0.48 0.15 0.04
0.01 0.01 0.00 0.06 0.02 0.00 0.00 0.02 0.00 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.04 0.06 0.08 0.00 0.01 0.02 0.04 0.15 0.00 0.02 0.01 0.01 0.10 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.05 0.00 0.00 0.02 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.10 0.00 0.00 0.01 0.01 0.00 0.01 0.02 0.00 0.00 0.00 0.00 0.02 0.00 0.06 0.01
June. Caldwell recalls the biggest challenge he had since becoming CEO in June 2013 was getting the financing in place. “It all came together, but it was a bit of handwringing, when we’re spending all our money ordering things … when we didn’t have the whole project financed. So, it was a bit nerve-racking for a few months there.” The project’s total cost is US$277 million, consisting of US$249 million in pre-production capital, and US$28 million in financing costs, pre-operating costs and working capital. The junior is financing that
through US$117 million in equity contributions and the US$160-million Tranche 1 facility. “Now what keeps me awake at night is getting this thing commissioned,” Caldwell admits. “It’s never easy. We’ve got a great team. But it’s the classic ‘you run awhile, you break something.’ Instrumentation is always a pain in the neck. But we’re getting there. We’ve got the gravity circuit and SAG mill running now. We’re waiting for the CIL to be cleaned up and turned loose, and we’re off to the races.” The company has access to US$52 million in an overrun facil-
ity. Roughly half of that will go back to the banks. The remaining half will go towards funding a US$26million debt service account and a US$4-million reclamation account, Caldwell says. “Once we have that US$30 million placed in the banks’ hands, then we start to generate free cash.” Of that free cash flow, Guyana Goldfields will keep 70% and use the remaining 30% to pay off its bank loan. It will also use that free cash flow to expand the mill throughput to 8,000 tonnes per day in late 2016. This should increase production to 220,000 oz. gold a year for the next 10 years, starting in 2017. All those ounces will come from the open pit, until underground mining starts around 2024. “Our current thinking is to defer the underground [development] for approximately eight years from now. This gives us more time to accumulate more cash and to get a bit more familiar with the deposit,” Caldwell says. Commenting on the recent drop in gold prices, he notes that “we’re blessed with good grades, great recovery, very low strip ratio, really good metallurgical characteristics and low fuel prices. So I think we are going to fare OK.” With all-in sustaining costs of under US$700 per oz., Aurora is set to become one of the lowest-cost gold mines. Guyana Goldfields finished July 27 at $3.61 per share, with a $545-million market capitalization. “The company’s shares remain poised for a positive re-rate through commissioning and upon delivering first production,” BMO analyst Andrew Kaip notes. He has $4.50 target and a “speculative outperform” rating on the stock.
CAREER OPPORTUNITIES CAREERS ADVERTISING RATES $12.65 per agate line. Minimum size 2 columns x 1” $354.20. Closing date is 10 days prior to publication date. All Cdn. orders subject to applicable taxes. For further Careers advertising information contact: Joe Crofts (416) 510-6816 - jcrofts@northernminer.com, Dave Chauvin (416) 510-6824 - dchauvin@northernminer.com Fax: (416) 447-7658 Toll free North America: 1-888-502-3456, (ext. 43729 / 43730), Fax: 416-447-7658
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Calibre makes progress in Nicaragua
Marc Cianci (third from left), Calibre Mining’s senior project geologist, with colleagues at the Eastern Borosi gold project in Nicaragua. BY TRISH SAYWELL
For a junior exploration company with shares trading at just 9.5¢, Calibre Mining (TSXV: CXB; USOTC: CXBMF) is making pretty decent headway at its projects in Nicaragua. The junior released drill results from two projects, the first from its wholly owned Montes de Oro project in the country’s Siuna district, and the second from its Eastern Borosi project, which is being financed under a 2014 option agreement with Iamgold (TSX: IMG; NYSE: IAG). At Montes de Oro — a goldcopper-silver-zinc discovery — assay results from four drill holes of its planned 11-hole, 2,500-metre drill program include 12.3 metres grading 2.42 grams gold per tonne in hole 15-7, 2.6 metres grading 5.71 grams gold in 15-3 and 1.7 metres grading 8.20 grams gold in drill hole 15-2. “We are seeing excellent gold grades associated with the sulphide mineralization,” Greg Smith, the company’s president and CEO, wrote in an email to The Northern Miner from the field. Montes de Oro is 10 km north of the La Luz mine, which produced 17.1 million tonnes of ore grading
TNM August 03 2015 Issue.indd 13
4.14 grams gold per tonne for 2.3 million oz. gold of historic production. About 1 km south of La Luz, Calibre’s Cerro Aeropuerto goldsilver deposit has an inferred resource of 6 million tonnes averaging 3.64 grams gold per tonne and 16.16 grams silver per tonne for 707,750 contained oz. gold and 3.1 million contained oz. silver. The company believes that the higher gold grades at Montes de Oro are closely related to an increase in overall sulphides and vein density, and that these zones are reflected in the induced polarization geophysical anomaly measuring 300 by 500 metres, which it outlined in the first quarter. Meanwhile, in its 2015 exploration program with partner Iamgold at the Eastern Borosi goldsilver project in northeastern Nicaragua, drilling at the Blag vein system has extended and defined mineralization on three targets: Main Blag, the East Dome and the Santos trend, all of which remain open at depth and along strike. East Dome is 500 metres east of Main Blag, while the Santos trend is 1,000 metres west of Main Blag. Drilling at Main Blag returned 5.4 metres grading 2.99 grams gold and 31.6 grams silver, while drill-
ing on the East Dome intersected 19.2 metres grading 1.11 grams gold and 223.4 grams silver, as well as 9.4 metres grading 488.6 grams silver and 0.69 gram gold. Highlights from the Santos trend include 4.7 metres of 7.84 grams gold and 6 grams silver, and 5.7 metres grading 2.18 grams gold and 3 grams silver. “Drilling by Calibre and our partner Iamgold has intersected high-grade gold and silver mineralization in several zones,” Smith says. “Recent results have included stepout drill holes, which are following up on our success in 2014, and first-pass drilling of new targets with particularly good results from the Main Blag and East Dome targets.” The Eastern Borosi project hosts gold-silver resources in two deposits and a series of well-defined, low-sulphidation epithermal gold-silver targets. Previous work there, including detailed soil sampling and trenching, has identified 25 more targets in the Blag area alone. Iamgold can earn a 51% interest in the 176 sq. km project within the Borosi concessions by spending US$5 million in exploration and making US$450,000 in payments to
Calibre by May 2017. Iamgold could earn a 70% interest in the project if it invests US$10.9 million. (The mid-tier producer has five operating gold mines on three continents.) Calibre also has a joint-venture exploration program in Nicaragua with B2Gold (TSX: BTO; NYSEMKT: BTG), the largest gold producer in the country. The JV covers 322 sq. km of concessions that include the Primavera gold-copper porphyry discovery and the Minnesota gold zone. B2Gold has already earned a 51% interest in the concessions by spending $8 million. The two companies have also entered into an agreement that grants B2Gold an option to acquire a further 19% interest by spending another $6 million on the project over three years. (B2Gold has two gold mines in Nicaragua and one in the Philippines, plus a portfolio of development and exploration assets.) Calibre has also optioned the 33.6 sq. km Rosita gold-coppersilver project to Alder Resources (TSXV: ALR), a Toronto-based junior exploration company. Alder has an option to acquire 65% of the Rosita D concession in northeastern Nicaragua, 275 km northeast of
CALIBRE MINING
the capital Managua. A historic open-pit mine on the property called Santa Rita produced 305 million lb. copper, 177,000 oz. gold and 2.6 million oz. silver. In 2012, Calibre calculated an inferred resource for Santa Rita of 7.95 million tonnes grading 0.6% copper, 0.46 gram gold per tonne and 9.2 grams silver per tonne. The company has also identified a highgrade copper-gold-silver zone at the Bambana target on the property, with a 12.1-metre intercept averaging 5.2% copper, 4.40 grams gold and 144 grams silver. Major shareholders in the company are B2Gold (13.5%), Pierre Lassonde (11.2%) and management (9%). According to Calibre’s most recent corporate presentation in June, gold was Nicaragua’s number-one export in 2013, and the precious metal has helped the country’s economy grow by 4% annually in recent years. Nicaragua’s annual gold production has doubled in the past four years, Calibre states, and the country has “supportive mining laws and a favourable tax regime.” It also notes that the Economist Intelligence Unit ranks Nicaragua as one of the safest countries in Central America.
15-07-29 5:50 PM
14 AUGUST 3-9, 2015 THE NORTHERN MINER
Teck chugs along, amid plunging coal prices
TECK RESOURCES
Teck Resources’ 80%-owned Greenhills metallurgical coal mine in southeastern British Columbia. TECK, From Page 1
some steam out of the [second quarter] beat.” Met coal spot prices are plunging, driven by an oversupplied market and lower Chinese demand.
“The significant market oversupply [which Teck still estimates at 10 to 15 million tonnes] stands in the way of a meaningful price recovery,” Salman Partners’ analyst Mike Plaster says. “By our
estimate, Teck’s realized pricing is running virtually at its all-in cash cost threshold at current rates.” In response to the bleak shortterm outlook for coal, Teck has
scaled back its third-quarter production by 22% to 5.7 million tonnes. In June, it began rotating temporary shutdowns at its six Canadian steel-making coal operations.
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During these staggered, threeweek-long shutdowns, Teck aims to reduce inventories while keeping its annual cost guidance between $86 and $93 per tonne. For the third quarter, the miner anticipates quarterly sales of at least 6 million tonnes, including spot sales. Its annual coal guidance is 25 million to 26 million tonnes, which it reduced in May from 26.5 million to 27.5 million tonnes. If market conditions don’t improve, Lindsay says the company will lower coal production in the fourth quarter. This could impair its coal division, Raymond James’ Terentiew says, adding that management said it was “Teck’s decision — not its auditors.” He estimates that a longterm $130-per-tonne metallurgical coal price could avoid a writedown. For copper, Teck has trimmed its second-half guidance by 5,000 to 10,000 tonnes, after ground movement at its Quebrada Blanca mine in Chile. Annual copper guidance is 340,000 to 350,000 tonnes, compared to 340,000 to 360,000 tonnes previously. Desjardins analyst Jackie Przybylowski says Teck could “struggle in the near-term,” and management notes Teck’s investmentgrade credit rating would be hard to keep in the current low commodity price environment. “We will not issue equity to buy back debt to defend the rating,” CEO Lindsay said on the call. The executive also dispelled any merger or acquisition rumours. “The odds of us being sort of involved at a point where we would actually make an acquisition are quite slim at the best of times,” he explained. With no upcoming “acquisition or significant improvement to the balance sheet, we see few catalysts that are likely to boost the share price in the near-term,” Przybylowski says. She cut her $18 target to $17 after the company’s reduced copper guidance, but recommends a “buy” on the stock. Terentiew has a $14 target and a “market perform” rating, while Plaster has lowered his $18 target to $14, and has a “hold” on the stock. Teck’s total liquidity is over $6.5 billion, including two undrawn revolving-credit facilities totalling $4.2 billion. But the firm still needs $1.8 billion to fund its share of development at the Fort Hills oilsands project, Plaster notes, adding that a “further dividend cut in November remains a possibility” if commodity prices don’t pick up.
15-07-29 5:50 PM
THE NORTHERN MINER AUGUST 3-9, 2015 15
Environmental Specialist Rainy River, ON Online Reference No: 62226 Environmental stewardship is a critical piece of our company culture and values. We are looking for an outstanding individual to join our environmental management team, as an Environmental Specialist. A number of short-term temporary roles during construction are also available.
Resource Manager, Geology and Exploration Online Reference No: 62185 The Resource Manager plays a pivotal role in the resource process involving large exploration programs for multiple deposits. Reporting to the Vice President, Geology and Exploration, this role is responsible for producing and updating mineral resource estimations used for underground and open pit design and optimization, reserve calculations and long-term mine planning. This role requires 20-30% of international business travel.
Maclean Bolter Musselwhite, Ontario Online Reference No: 62093 The primary role of Bolter is to inspect existing underground headings, scale loose rocks and install ground support to stabilize rock mass and ensure safety. The tasks may involve the operation of scaling bars, pneumatic hand-held drills, use of rubber-tired underground mobile equipment such as LHD (Load-Haul-Dump) units, mechanized bolters, scissor trucks, shotcrete sprayers and other support vehicles in a confined environment.
Logistics Supervisor Ontario, CA Online Reference No: 62050 The Logistics Supervisor is responsible for managing logistics, warehousing and staging activities within the Supply Chain department. The position also is responsible for coordinating domestic and international trade, transportation, customs regulations and the Company’s project requirements.
Trainer, Mobile Equipment Rabbit Lake Operation Online Reference No: 62164
Executive Director Saskatchewan, CA Online Reference No: 62156 Reporting to the Board of Directors through the Chair, you will execute the strategic plan, clearly identifying, measuring and reporting on progress in achieving IMII goals, objectives, strategies and measurable targets. Collaborate with industry partners and related organizations to build and maintain a supportive network of industry, education, research, and government entities to optimize financial and human resources that will enable IMII to meet its objectives.
Underground Boom Truck Operator Musselwhite, Ontario Online Reference No: 62095 As a boom truck operator you will be required to perform lifts of varying nature in an approved manner consistent with current OH&S practices.
Mine Foreman McArthur River Operation, SK Online Reference No: 62207 Reporting to the mine general foreman, you will be responsible for supervising and co-ordinating day-to-day underground mine production activities. Providing leadership to the mining crew, you will ensure compliance to company approved policies and operating procedures, ensure proper utilization of manpower and equipment, promote and enforce all safety, radiation and environment standards and provide direction to meet production targets
One listing is all you need Print Edition.
Administrator, Contractor Management McArthur River,Saskatchewan Online Reference No: 62135 Your responsibilities will include providing confidential administrative support to the projects, maintenance engineering and maintenance planning groups at McArthur River. Your contributions and the support you provide to these groups will play a significant role in the success of the operation at large.
Global Copper Group Inc. President & CEO Online Reference No: 62172 Global Copper Group Inc. is a junior mining exploration company seeking to fill the position of President & CEO. The recently restructured company aims to develop mining projects from, potentially, the green-field stage, through to feasibility. This is a permanent full-time position.
Mechanized Raise (Alimak) Leaders ID, Papua, ID Online Reference No: 61992 The primary role of the Alimak Leader is to maintain and construct underground installations, performing various tasks such as erecting work platforms, scaling loose rock, drilling, loading and blasting rock and ensuring that the drilling patterns follow the mining plans.
Regional Supervisor, Mineral Exploration & Development, Timmins, ON Online Reference No: 62160
Circulated to TNM 20K+ readership You will be responsible for the delivery of practical and classroom training to site personnel. This will include delivering training through a variety of methods, providing coaching and feedback, evaluating on-the-job performance and identifying training gaps. You will also maintain good communication and co-operation with site departments to ensure mobile equipment training requirements are achieved.
Mill Trainer Key Lake Operation Online Reference No: 62179 Reporting to the technical specialist, operations development you will be responsible for supporting the commissioning of new or modified circuits, facilitating the development of operator care rounds, and the development, upgrading and delivery of training to mill operations personnel.
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Key Lake operation is the world’s largest uranium mill. As a key member of the radiation department you will assist in ensuring compliance for the radiation protection program. You will collect, maintain and record radiation data from the facilities as well as issue radiation work permits.
Manager Langly, BC Online Reference No: 61628 Working within Cigar Lake’s environment department, you will be responsible for supervising the daily activities of the environment technicians by providing guidance, training and priority setting of their daily duties, as well as developing and delivering technical training to environment technicians and site employees as required.
Manager, Northern Affairs La Ronge, SK Online Reference No: 62196 The corporate responsibility and communications department (CR&C) leads communications, community investment, government relations and corporate responsibility functions at Cameco to build the trust and support of stakeholders. This position offers a unique opportunity to lead Cameco’s northern affairs initiatives in Saskatchewan’s northern communities.
For full job details visit MINING-JOBS.NET and enter the Online Reference No. in the search field
TNM August 03 2015 Issue.indd 15
15-07-29 5:50 PM
16 AUGUST 3-9, 2015 THE NORTHERN MINER
First Majestic looks to snatch SilverCrest BY SALMA TARIKH
First Majestic Silver (TSX: FR; NYSE: AG) is buying SilverCrest Mines (TSX: SVL) in a largely allshare, $154-million deal to bulk up its treasury and asset base. The two companies signed a confidential agreement in early April and have since been completing due diligence and negotiating, arriving to a definitive agreement on July 27. “We are quite happy to finally get the deal cut,” SilverCrest CEO Scott Drever said on a conference call. The transaction diversifies SilverCrest’s single-asset risk profile and provides exposure to First Majestic’s broad portfolio, operational expertise and trading liquidity. Under the arrangement, SilverCrest shareholders will receive 0.2769 of a First Majestic share plus $0.0001 in cash. This implies a $1.30 value to each SilverCrest share, reflecting a 37% premium to its 30-day, volume-weighted average price, and a 35% premium over its July 24 close. After the transaction SilverCrest shareholders will hold 21% of First Majestic.
Commenting on the deal’s timing, Eric Fier, SilverCrest’s chief operating officer, said that “you do
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a good deal in any market. We think this is a good deal to do today, whether it is a bad or a good market.” The junior’s key asset is the Santa Elena silver-gold mine in Sonora, which is set to become First Majestic’s sixth producing silver mine in Mexico. “The Santa Elena mine is an important Mexican mine, which we had our eyes on for some time. Its transition from an open pit to an underground interests us, as we are underground experts. We feel we could bring some synergies to that mine and improvement,” First Majestic CEO Keith Neumeyer said on the call. He added that the company would reveal the expected savings at that mine in October, after the transaction closes. Santa Elena produced a record 1.62 million equivalent oz. silver in the second quarter, bringing its half-year production to 2.97 million equivalent oz. silver. As a result, SilverCrest increased its annual output guidance from 4 million to 4.4 million equivalent oz. silver to 4.7 million to 5.1 million. The junior may reduce its fullyear all-in sustaining costs, estimated at US$14 to US$15 per equivalent oz. silver, when it releases its second-quarter financials in August. The higher production is coming from better silver recoveries than budgeted due to optimizing the mill, Fier says. Silver recovery in the second quarter was 74%, up from 60% in the first quarter. The mine has a seven-year life based on reserves of 295,000 oz.
gold and 18.8 million oz. silver. Neumeyer, who visited Santa Elena, said he was “very impressed” by the new 3,000-tonneper-day mill, noting it would become First Majestic’s “most automated mill.” As part of the deal, SilverCrest shareholders will receive 0.1667 of a share in a spinout entity, led by Fier and other members of SilverCrest’s current board and management team.
ceive $30 million in cash (plus $15 million in debt) from SilverCrest and will benefit from Santa Elena’s “attractive economics.” However, Desjardins analyst Michael Parkin says the deal is good for First Majestic. Based on the reported first-quarter statements, SilverCrest generated US$2.99 per equivalent oz. silver in free cash flow (FCF), compared to First Majestic’s negative US$1.28 per equivalent oz. silver,
‘We believe there is potential for an interloper on this deal.’ — Michael Parkin, analyst, Desjardins SilverCrest will transfer all its exploration properties except for La Joya and $5.3 million to the SpinCo, which will hold six properties, including First Majestic’s Guadalupe project. (First Majestic will retain La Joya, which sits near its La Parrilla mine, but does not have any immediate plans to advance the project.) First Majestic will hold 9.9% of the new company, which should appear on the TSX Venture Exchange by year-end. Raymond James’ analyst Chris Thompson says the offer provides SilverCrest shareholders with a “healthy premium” and reflects the junior’s near-term value, while giving management a chance to continue exploration via the SpinCo. He notes the offer is “neutral to slightly accretive” to First Majestic shareholders on a net asset value basis. First Majestic will re-
he explains. “We believe there is potential for an interloper on this deal, given the Santa Elena mine is doing well, and SVL is generating FCF and has a relatively good balance sheet,” Parkin writes, noting there is an $8-million break free payable to First Majestic if another entity acquires SilverCrest. BMO analyst Andrew Kaip acknowledges that the acquisition will enhance First Majestic’s pro forma cash flow profile and treasury, but argues the transaction is “slightly negative.” “Using BMO Research metal price assumptions and a 5% discount rate, we calculate a 12% dilutive impact to the company’s net asset value per share.” On the acquisition news, First Majestic shares declined 14% to close July 27 at $4.02, while SilverCrest rose 11.5% to $1.07 per share.
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TNM August 03 2015 Issue.indd 16
First Majestic Silver’s Del Toro silver mine in Zacatecas, Mexico.
FIRST MAJESTIC SILVER
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