The Northern Miner August 10 2015 Issue

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Reservoir Minerals $3.99 • AUGUST 10-16, 2015 • VOL. 101, NO. 26 • SINCE 1915

Odds ‘n’ sods

Puts Freeport’s funds to good use in Serbia

3

The Toodoggone River Tube Race of 1981

Canad a’s East C oa

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Scotia.

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Barrick sells half of Zaldivar to Antofagasta

Premier provides initial guidance for South Arturo Rambler 15 ye adds mine lif ars to e at Min g

Telephone

BARRICK GOLD

Barrick Gold’s Zaldivar copper mine in northern Chile’s Antofagasta region.

BY MATTHEW KEEVIL

VANCOUVER — Barrick Gold (TSX: ABX; NYSE: ABX) is selling a 50% interest in its wholly owned Zaldivar copper mine in northern Chile to Antofagasta (LSE: ANTO; US-OTC: ANFGY) for US$1 billion in cash. The deal will result in the formation of a jointventure partnership whereby

Antofagasta will take over as operator, with Barrick nominating three members to a newly formed, six-member board overseeing the mine’s operation.

The sale culminates an auction that attracted big-name companies like BHP Billiton (LSE: BLT; NYSE: BHP), Teck Resources (TSX: TCK.B; NYSE:

OceanaGold bids $856M for Romarco Minerals

BY SALMA TARIKH

OceanaGold (TSX: OGC; ASX: OGC) is offering to buy Romarco Minerals (TSX: R) in a friendly all-share, $856-million deal to secure low-cost growth in the form of the junior’s Haile gold mine, which is under construction in South Carolina.

“This transaction further cements Oceana’s position as the lowest-cost gold producer. Once Haile is in production, Oceana would be further insulated from the volatility of the precious metals markets by operating two longlife, low-cost assets,” OceanaGold’s CEO Michael Wilkes said on a conference call.

The other “low-cost” asset OceanaGold has is the Didipio gold-copper mine on Luzon Island in the Philippines. Didipio boasted all-in sustaining costs of US$318 per oz. gold, minus copper credits, during the first half of 2015. The mine should run until 2030.

OceanaGold also operates the aging Macraes and Reefton gold

TNM August 10 2015 Issue.indd 1

mines on New Zealand’s South Island. The two operations had allin sustaining costs of US$989 per oz. in the first half of 2015. They could both wind down by 2018.

Wilkes notes his team has looked for acquisitions ever since they commissioned Didipio in 2013. Earlier this year, OceanaGold spent US$101 million for Newmont Mining’s (NYSE: NEM) Waihi gold mine on New Zealand’s North Island, and invested $16.2 million for a 14.9% stake in Nevada explorer Gold Standard Ventures (TSXV: GSV; NYSE-MKT: GSV).

“While we feel that we have a top-notch operating portfolio in the history of execution, we would like to have another tier-one development asset, or in short, another Didipio,” Wilkes explained.

Romarco anticipates production could start at the Haile openpit mine in late 2016. It has spent US$63 million of the mine’s US$333-million start-up capital See OCEANAGOLD, Page 3

TCK), Hudbay Minerals (TSX: HBM; NYSE: HBM) and China Molybdenum. Antofagasta will pay Barrick US$980-million cash upon closing in late 2015, and US$25 million in additional cash payments over the next five years.

Zaldivar sits in Chile’s Andean Precordillera in Region II, 1,400 See BARRICK, Page 2

VANCOUVER — It’s been almost a decade since Tim Coughlin, a cofounder of Lydian International, was part of the team that stumbled across the multi-million-ounce Amulsar gold deposit in southern Armenia. Now, as president and CEO of Royal Road Minerals (TSXV: KRK.H), he has set his sights on doing it all over again in broadly the same region at the junior’s greenfield Gomec gold property in western Turkey’s Balikesir province.

Formerly known as Tigris Resource, the rebranded Royal Road has released partial results of a 3,000-metre, reverse-circulation drill program at its Kubaslar gold prospect — one of three main targets across the property’s 10 km strike of gold occurrences.

The work is part of a 50% earnin agreement with private Turkish company Oremine Resources, which owns the property. Royal Road must spend US$2 million on exploration and development at

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(Under the deal with Premier Gold Mines Goldcorp in May, in ad(TSX: PG; US-OTC: dition to the sticker PIRGF) is nearing proprice, Premier transducer status at the South ferred another 5% interArturo mine in Nevada est to Goldcorp in their that it jointly owns with Rahill-Bonanza jointBarrick Gold (TSX: venture in Red Lake.

ABX; NYSE: ABX), and Now Goldcorp owns Ewan Downie, the junior’s president and BY TRISH SAYWELL 56% of that project and Premier holds 44%.)

CEO, forecasts the mine “South Arturo wasn’t will produce 200,000 oz. gold next year, with Premier’s exactly a huge mine in Nevada and it was noncore to Goldcorp, share at 80,000 oz.

The open-pit operation could and we had something of interest generate US$85 million in free to them — the additional 5% of cash flow in 2016 at a US$1,200 per Red Lake — so it was an opporoz. gold price, and Downie fore- tunity where they could increase casts cash costs of US$400 per oz. their ownership and land packand all-in costs of US$730 per oz. age in a core area for them, and Most of the ore from South Ar- we got something that really turo will be processed at Barrick’s helps us to move our company Goldstrike facility 8 km away, so forward sooner than we would Premier doesn’t need to build a have done without the asset,” mill or a tailings site, Downie says, Downie says in an interview with noting that the company shares The Northern Miner.

The mining executive adds that none of the risks associated with it’s rare a junior can land such operating the mine.

Premier acquired a 40% stake in prime real estate in Nevada. “Getthe project from Goldcorp (TSX: ting a piece of ground like South G; NYSE: GG) for US$20 million Arturo, which is right downtown in cash. Barrick owns the remain- Carlin, is unique,” he says. “A lot ing 60% and is the operator. of juniors who are exploring in what’s called the Carlin or Battle Mountain trends are typically on the fringes of the main trends, and the Newmonts and the Barricks have over the years really consolidated most of the best ground, so the only opportunity to park

Royal Road driven by results at Gomec in Turkey

BY LESLEY STOKES

647 925

the Gomec, Ugur Tepe and Ispir licence areas to earn a 20% interest, and US$2 million more on such expenditures to earn another 30% interest, in both cases before the end of next year.

Coughlin tells The Northern Miner in a phone interview that what’s most encouraging about the latest results is how homogenous mineralization is downhole, and that “now we just need to find out where it’s focused.”

The drill holes targeted northwest-trending, silicified fault zones hosting higher-grade mineralization that occur within an east-trending package of volcanic rocks with lower-grade, disseminated gold.

This year’s drill program intersected 22 metres grading 3.9 grams gold per tonne, within a larger halo of stratabound, lower-grade gold adding up to 118 metres at 1 gram gold. Other intercepts include 32 metres at 1.1 grams gold, and 36 metres at 1 gram gold.

See PREMIER GOLD, Page 2 PM40069240 – PAP Registration #09263

See ROYAL ROAD, Page 17

15-08-05 8:23 PM

2 AUGUST 10-16, 2015 THE NORTHERN MINER

Barrick sells half of Zaldivar

REGULAR DEPARTMENTS

COMPANY INDEX

Careers............................. 18 Editorial.............................. 4 Events............................... 20 Meetings.......................... 20 Mining Jobs...................... 19 Metal Prices........................ 7 Professional Directory.. 16-17 Stock Tables................... 6-10

Anaconda Mining............. 11 Antofagasta........................ 1 Atlantic Gold.................... 11 Barrick Gold........................ 1 BHP Billiton......................... 1 Brazil Resources................ 17 Centerra Gold................ 2,15 China Molybdenum............ 1 Dalradian Resources......... 18 Equitas Resources............. 11 First Quantum Minerals.17,18 Franco-Nevada................. 18 Freeport-McMoRan............ 3 Gemfields......................... 20 Gold Standard Ventures...... 1

Goldcorp......................... 1,2 Hudbay Minerals................ 1 Kiska Metals..................... 17 Luna Gold......................... 17 Newmont Mining............... 1 OceanaGold....................... 1 Premier Gold Mines....... 1,15 Rambler Metals & Mining.11 Reservoir Minerals.............. 3 Romarco Minerals............... 1 Royal Road Minerals........... 1 Teck Resources......... 1,12,17 Vale.................................. 11 Wolfden Resources........... 13

STORIES WE’RE WORKING ON. . .

Check out our next special section: Mining Energy (August 24).

Since 1915

Premier Gold Workers in the processing plant at Barrick Gold’s Zaldivar copper mine in Chile.

BARRICK, From Page 1

km north of Santiago and 175 km southeast of the port city of Antofagasta.

It is an open-pit, heap-leach copper mine producing pure copper cathode, and it cranked out 222 million lb. copper in 2014 at cash costs of US$1.79 per lb.

Production this year is an expected 230 million and 250 million lb. at cash costs ranging from US$1.65 to US$1.95 per lb.

According to Barrick’s 2014 reserve statement, Zaldivar hosts 461 million proven and probable tonnes grading 0.5% copper for 5.6 billion contained lb. This translates to a 14-year mine life at current production rates.

Barrick sold the Zaldivar stake so that it could continue slimming down its bloated balance sheet.

The company hopes to cut its US$10-billion debt load by US$3 billion this year, and has completed US$1.9 billion in asset sales over the past six months.

Barrick said it was “actively exploring a number of other joint venture and sales opportunities,” including a potential deal at its Pueblo Viejo joint venture with Goldcorp (TSX: G; NYSE: GG) in the Dominican Republic.

“The [Zaldivar sale] is consistent with our strategy to create

TNM August 10 2015 Issue.indd 2

long-term value for our shareholders,” Barrick co-president Kelvin Dushnisky said in the release. “Antofagasta has an outstanding track record of building and operating mines in Chile, and we see this as the first step in an ongoing, collaborative partnership. There are many potential opportunities to benefit from Antofagasta’s experience, as [we evaluate] development projects in the future.”

Antofagasta is a good fit at Zaldivar, given its Chilean roots and extensive operational experience in South America. The company operates in mining, transport and water. Antofagasta produced nearly 705,000 tonnes of copper-in-concentrate and copper cathode in 2014, with Zaldivar expected to add between 50,000 and 65,000 tonnes to its annual output.

Antofagasta CEO Diego Hernandez also cited “other opportunities” for future collaborations in Chile. The company said the partnership is “well positioned” to enhanced Zaldivar’s long-term value through “collective best practices.”

BMO Capital Markets analyst Andrew Kaip said the deal is another “meaningful step toward Barrick’s annual debt reduction

BARRICK GOLD

target, and should further enhance investor confidence in the company’s ability to deliver on its deleveraging objectives.”

BMO Research has an “outperform” rating on the company with a $16 per share price target.

Writing on the deal from Antofagasta’s point of view, BMO analyst Edward Sterck added the Zaldivar transaction “is ultimately a strategic one that will probably be viewed in the future as a great acquisition. In current myopic market conditions, however, the market will likely be upset that this eliminates the chance of a special dividend.”

Barrick shares have traded within a 52-week range of $8.86 to $21.14, and lost 43¢ after news of the deal en route to a $9.02-pershare close at press time. The company has 1.2 billion shares outstanding for a $10.5-billion market capitalization.

Meanwhile, Antofagasta shares have moved within a 52-week range of US$17.62 to US$27.83, and closed at US$17.81 per share at press time. The company has 986 million shares outstanding for an US$8.7-billion market capitalization.

Antofagasta expects to pay for the Zaldivar acquisition with cashon-hand.

PREMIER GOLD

Equipment during the first day of stripping for the second phase of work at Premier Gold and Goldcorp’s South Arturo gold project in Nevada.

PREMIER GOLD, From Page 1

right in here comes from a deal like this, where you’re partners with one of the majors.”

Downie notes that at US$20 million, Premier “wasn’t betting the farm” on South Arturo, and that the company sees a lot of upside on the property in terms of underground potential, in addition to the three more or less adjoining open pits.

The first open pit (called phase two) — which is scheduled to start production next year — will operate in 2016 (200,000 oz.) and 2017 (200,000 oz.), at which point it will be depleted of ore, Downie says.

But the deposit continues down the anticline to depth and has high grades below the pit. “There are opportunities to put a ramp in the pit and continue mining at depth, and that would involve one to two years of hiatus of mining that zone, as underground infrastructure is put in place.”

An underground operation beyond the phase-two open pit would not likely start until 2019, as it would take a couple of years to get permitted and lay down infrastructure for underground mining, he says. At that point, the

joint-venture partners would contemplate mining the phaseone and phase-three open pits, which are in the late stages of permitting.

“Phases one and three would include a heap-leach operation, so we’d have to build a heapleach facility right there on-site, and then mine those open pits,” Downie explains. “Over the next year or two we’ll be doing economics on that, and fine-tuning, and hopefully the gold price will go up. We look forward to the opportunity to push the mine life out many years from both open-pit and underground mining on the property.”

Downie also emphasizes that Premier was in a fortunate position to jump on the South Arturo acquisition, because of its jointventure agreement in February with Centerra Gold (TSX: CG; US-OTC: CAGDF) on Premier’s Trans-Canada property in Ontario’s Geraldton-Beardmore greenstone belt. Under the deal Centerra paid Premier an initial $85-million cash for its 50% limited partner interest in TransCanada, which includes Premier’s Hardrock deposit.

The transaction “put Premier in the pretty unique situation of being cash-rich ... and there are certainly a lot of opportunities, so we are in the financial position that if we wanted to acquire something, we could,” he says.

Premier expects to end the year with $75 million in cash and investments, and wrap up 2016 with $100 million, it announced as part of its guidance on July 28.

At press time, Premier’s shares traded at $1.99 within a 52-week range of $1.61 to $3.10.

Joseph Fazzini of Dundee Capital Markets has a $3-per-share price target on the stock, while Jeff Killeen of CIBC a $3.50-pershare target price.

15-08-05 8:23 PM

THE NORTHERN MINER AUGUST 10-16, 2015 3

Freeport cash backs Reservoir’s high-grade Cukaru Peki prospect

OceanaGold bids

BY TRISH SAYWELL

ROMARCO MINERALS

The plant site under development at Romarco Minerals’ Haile gold mine in South Carolina.

OCEANAGOLD, From Page 1

during this year’s first quarter.

Haile’s annual production in the first decade of its 14-year life should average 148,000 oz. gold and 185,000 oz. silver. Estimated gold production during 2017 is 172,000 oz. at all-in sustaining costs of US$414 per oz., net of silver credits.

The addition of Haile should bring the enlarged company’s 2017 gold output to 540,000 oz. at all-in sustaining costs of US$533 per oz. About 75% of those ounces would come from New Zealand and the U.S., with the latter country becoming OceanaGold’s third operating platform, Wilkes says.

could close by October. OceanaGold and Romarco shareholders would then own 51% and 49% of the combined entity.

The new firm would have an estimated US$1.7-billion market capitalization and US$317 million in cash and short-term investments, plus US$260 million in debt.

“I believe that the new OceanaGold will be quite simply the best intermediate gold company on the planet,” Wilkes said.

Paradigm Capital analyst Chris Chang writes that OceanaGold’s offer is “pretty fully valued,” and says the “likelihood of a competing bid is low.”

However, BMO analyst Brian Quast says he’s “reluctant to rule

‘I believe that the new OceanaGold will be quite simply the best intermediate gold company on the planet.’

— Michael Wilkes, CEO, OceanaGold Under the offer, Romarco shareholders will receive 0.241 of an OceanaGold share for each share held. This values each Romarco share at 68¢ — a 73% premium over the junior’s July 29 close.

Along with the hefty premium, Romarco shareholders would benefit from exposure to OceanaGold’s diverse portfolio, enhanced financial position, and its mine development and operating expertise.

“Their expertise — combined with ours — makes a very, very powerful combination for our two companies,” Romarco CEO Diane Garrett said on the call.

Despite the transaction, Garrett assured business at Haile would continue as usual.

OceanaGold anticipates keeping the local management team and all the employees at the Haile mine.

The proposed transaction

TNM August 10 2015 Issue.indd 3

out a competing bid for what is one of the better, larger, politically stable development projects in the world.”

If Romarco walks away from Oceana, it would have to pay a $34-million termination fee.

OceanaGold closed July 30 down 19% at $2.28 per share, while Romarco shares rose 32% to 52¢.

Reservoir Minerals (TSXV: RMC; US-OTC: RVRLF) has reported an 84-metre drill intercept grading 10.8% copper and 10.86 grams gold (17.3% copper equivalent), including 46 metres of 15.9% copper and 16.77 grams gold (25.9% copper equivalent), from its Cukaru Peki deposit in eastern Serbia.

The deposit is part of the Timok project, which is a joint-venture between Reservoir and Freeport-McMoRan (NYSE: FCX) in which Freeport owns 55%, but will own 75% after completion of a bankable feasibility study.

Freeport has committed US$18.7 million to exploration this year at Cukaru Peki, which has high-sulphidation copper-gold and porphyry copper-gold mineralization.

Raymond Goldie of Salman Partners in Toronto calls the intercept “remarkable,” and reasons that it “increases the chances that Freeport and Reservoir could begin production from Cukaru Peki before they get around to permitting, financing and building a mill.”

“Material with grades that were even a fraction of those reported ... could be dug up and sold, without further processing, directly to the smelter just down the street,” the mining analyst writes in a research note. “Freeport-McMoRan is very much in the mode of conserving cash, not spending it. Yet it is budgeting US$18.7 million in exploration expenditures at Timok, which is an extraordinarily strong endorsement of the project.”

Goldie has a 12-month target price of $10.60 per share on the junior’s stock, which trades close to $4.15 per share.

Among the latest batch of assay results released on July 27 are intercepts of 43 metres grading 0.5% copper and 1.33 grams gold (1.3% copper equivalent) in hole 14-55; 189 metres of 3.4% copper and 3.86 grams gold (5.7% copper equivalent) in hole 14-58; and 9.6 metres averaging 15.3% copper and 15.69 grams gold (24.7% copper equivalent) in hole 15-59.

An inferred resource encompassing just the upper zone of Cukaru Peki contains 65.3 million tonnes grading 2.6% copper and 1.5 grams gold per tonne (3.5% copper equivalent). The resource estimate was completed in January 2014, and reported above a 1% copper-equivalent cut-off grade.

Below the upper zone — which runs from 400 metres deep to 600 metres deep — is a porphyry zone that starts from 800 metres deep and runs to 1,000 metres deep.

Reservoir’s president and CEO Simon Ingram tells The Northern Miner that companies are interested in big deposits, and “what gets big companies like Freeport excited is having these very large, long-lived mines. We know the deposit size in the district is a billion-tonnes plus.”

Reservoir Minerals (TSXV:RMC)

$4.60

$4.40

$4.20

$4.00

May 2015

Jun 2015

Indeed, Cukaru Peki’s discovery zone is 7.5 km from the base of the Bor open-pit copper mine, which operated for 100 years before closing seven years ago, Ingram says, adding that the district is ripe with potential.

There are four drill rigs operating at Cukaru Peki that focus on infill-drilling the deposit’s upper zone, and confirm the lateral extent of the underlying porphyrytype, copper-gold mineralization, known as the “lower zone.”

The company says technical studies are underway for a preliminary assessment of the upper zone, and should be completed in 2016.

Jul 2015

Aug 2015

exists. Serbia also has a long mining history.

“We’re a few kilometres away from a railway line and a power line, and close to a governmentowned smelter that has just been upgraded and has a lot of capacity,” he says. “There are also a lot of people employed in mining in the district, and there’s a lot of support for mining at the government and local levels.”

Reservoir has operated in Serbia for the last decade, and Ingram describes the country as “a good system to work in,” with a decent, clear and “positive” mining code.

Under the code, miners are subject to a 15% corporate tax rate and

Reservoir expects to complete a PEA for Cukaru Peki’s upper zone in 2016.

Reservoir believes the highgrade mineralization can be mined and shipped direct to smelter after size-reduction processing, without pre-concentration.

Like Goldie of Salman Partners, Ingram emphasizes that Freeport’s willingness to invest millions of dollars exploring Cukaru Peki is a huge endorsement of the project. “If you see Freeport’s budgets for greenfield projects, they’re basically not spending anything — virtually nothing — on greenfield projects apart from us, and that is a particular commitment in a market like this, because you don’t get a return on your investment when it’s exploration,” he says. “There are not many companies that have four drill rigs on an early stage project ... with a partner like Freeport, this is a project that has a good chance of being built.”

Ingram notes that the project has rich grades and is in the heart of Europe, where a tremendous amount of infrastructure already

a 5% net smelter return royalty.

“When you net those together it’s pretty competitive compared to other countries in the world,” he says.

Ingram also argues that the permitting process is quite straightforward. “You apply for a licence, you put forward a work program with a budget and you get a threeyear licence initially,” he says, adding that next is to submit annual reports and renew the licence for two years and then another two years — for a total of seven years — during which time comes a feasibility study.

In addition to Cukaru Peki, Reservoir has four other licences in the Timok belt that surround the discovery, four licences for a sediment-hosted copper project and two lead-zinc licences.

Outside Serbia, the company has two licences in Romania, four in Macedonia and a couple in both Cameroon and Gabon.

Reservoir has a $200-million market capitalization.

Geochemistry of Hydrothermal Ore Deposits October 24-31, 2015, Ottawa  A Practical Guide to the Ore Elements

Global Leader

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15-08-05 8:23 PM

4

AUGUST 10-16, 2015

THE NORTHERN MINER

EDITORIAL

EDITOR-IN-CHIEF:

JOHN CUMMING, MSc (Geol) jcumming@northernminer.com

ANTHONY VACCARO, CFA, MBA

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US coal miners in crosshairs of Clean Power Plan U.S. President Barack Obama has unveiled his administration’s sweeping plan to curb carbon emissions from U.S. power plants, and the news has domestic coal miners and coal-consuming states squirming.

Called the “Clean Power Plan,” Obama’s proposal is to cut carbon emissions from U.S. power stations by 32% from 2005 levels by 2030, and ramp up power production from wind, solar and other renewable energy sources. This latest plan seeks deeper cuts than his previous one, and puts more emphasis on renewable energy versus natural gas-fuelled power plants to pick up the slack.

The plan would have the federal government set carbonemission reduction targets for power plants and require states to devise and implement their own plans to meet these targets. The states would have to submit their plans to the federal Environmental Protection Agency by next September, and have them up and running by 2022. (In many ways this Clean Power Plan is a direct result of earlier federal-court backing of the Obama administration’s assertion that it can use the 1970 Clean Air Act to regulate carbon and other so-called “greenhouse gas” emissions.)

“I’m convinced no challenge provides a greater threat to the future of the planet,” Obama said of anthropogenic carbon emissions as he unveiled the plan. “There is such a thing as being too late.”

He further described the plan as “the biggest, most important step we have ever taken to combat climate change.”

Hillary Clinton, the leading potential successor to Obama on the Democratic side of the aisle in American politics, said she would continue to implement the plan if elected to the presidency next year.

The leading Republican presidential candidate, Donald Trump, tweeted in early 2014: “This very expensive GLOBAL WARMING bullshit has got to stop. Our planet is freezing, record low temps, and our GW scientists are stuck in ice” (in reference to U.S. scientists in a research ship trapped off the coast of Antarctica).

More recently he tweeted: “Any and all weather events are used by the GLOBAL WARMING HOAXSTERS to justify higher taxes to save our planet! They don’t believe it $$$$!” and said the kind of warming we should be much more worried about is the heat released by Iran using nuclear weapons.

Power plants fired by thermal coal are the source of more than a third of U.S. electricity supply, and so the Clean Power Plan has been quickly dubbed by its opponents a “war on coal” that will kill jobs in coal-mining states such as Wyoming, West Virginia and Kentucky, and unnecessarily raise electricity rates across the country.

Indeed, some governors of coal-dependent states have already said they would ignore the plan, and support and opposition to the plan mostly falls along partisan lines.

Particularly hard-hit would be the following states that heavily depend on coal-fired power plants: West Virginia, with 95% of power from coal; Kentucky, 93%; Wyoming, 88%; Indiana, 84%; Missouri, 83%; Utah, 81%; North Dakota, 78%; Nebraska, 72%; Ohio, 69%; and New Mexico, 67%. Perhaps not coincidentally, of the above list, all have Republican governors except for Democratheld West Virginia and Kentucky.

Industry associations such as the World Coal Association make more nuanced arguments than the politicians, noting that highefficiency, low-emission technologies and carbon capture, use and storage could dramatically reduce emissions from coal-fired power generation, while still meeting demand for coal. The association calculates that raising the average efficiency of the global coal fleet from the current 33% to 40% would save 2 gigatonnes of CO2 emissions — equivalent to India’s annual CO2 emissions, or running the Kyoto Protocol three times over.

The association holds up a positive example: last year’s launch of the world’s first coal-fired carbon-capture-storage project in Saskatchewan. SaskPower’s Boundary Dam project, received government support and captures 90% of the plant’s CO2, and will emit four times less CO2 than a traditional, similar-capacity natural gas facility.

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.

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TNM August 10 2015 Issue.indd 4

ALISHA HIYATE, BA ahiyate@northernminer.com

SENIOR STAFF WRITER:

EDITORIAL: TOP STORY OF WEEK 31

GROUP PUBLISHER/ PUBLISHER:

EDITOR, SPECIAL PROJECTS:

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:

WEB EDITOR:

ISA CUNANAN, BSc ADRIAN POCOBELLI, (Health Sci and Prof Writing) MA (Engl) icunanan@northernminer.com apocobelli@northernminer.com

ODDS ‘N’ SODS

The Toodoggone River Tube Race of 1981 VANCOUVER — On July 31, 1981, nearly 200 geologists and support crews stood speechless along the gravel banks of the remote Toodoggone River in north-central B.C., as a helicopter landed before them alongside the frigid, glacial-fed water.

At a distance, many of the onlookers seemed dressed in what’s endearingly known as the “Prince George Dinner Suit” — a plaid woollen jacket once popular among bush-folk of the province’s interior — and grounded by heavy, laced hiking boots.

It was nearing the start time of the first annual Toodoggone River Tube race — a midsummer event crafted by Tom Schroeter, a government geologist at the time — and the helicopter was carrying an important message for the unusual mining crowd.

Transcribed by Lesley Stokes, Schroeter shares with The Northern Miner the tale behind the day that was meant to calm a fastpaced field season, yet became “the most legendary bush party” in history for the B.C. mining and exploration community.

BY TOM SCHROETER SPECIAL TO THE NORTHERN MINER

Timing is everything in life, but also in business. Leading up to that summer, the exploration sector in B.C. was bouncing back from the dismal, mid- to late-1970s New Democratic Party government. Metal prices were going back up, financing for companies finally came online and there was a lot of claim

staking and exploration happening in the Toodoggone.

Some of the key projects in the Toodoggone at the time included: the Baker mine, operated by DuPont of Canada between 1980 and 1983; the Lawyers deposits explored by Serem between 1979 and 1989, and later mined between 1989 and 1993; the Al claim, explored by Energex between 1979 and 1988; and the Shasta deposit, explored

by Newmont Mining in the mid-1980s. Other explorers include Texas Gulf Sulphur, a company made famous for the Kidd Creek discovery in Ontario.

In the spring, Joan Carne and Louise Eccles created an informal logistics group called “The Friends of the Toodoggone” as a way for companies to share operating costs in this very remote area, 300 km north of Smithers.

At the time I was conducting fieldwork for the B.C. government, and I knew the exploration crews out there were working hard. Back then it was common to do 16-hour days for months on end, so I thought it would be a great idea for everyone to take a break halfway through the season.

With the help of Joan, Louisa and a slew of others, we organized this one-day event in the form of an inner tube race down the Toodoggone River.

We chose a date and put the word out on the good ol’ 4441 radio channel — our only See ODDS ‘N’ SODS, Page 5

FA C T S ‘ N ’ F I G U R E S

Surbiton: Aussie M&A shakes up production rankings The following is an edited version of a commentary by Surbiton Associates, an independent consulting group based in Melbourne and specializing in Australian gold mining and minerals industries. Visit www.surbiton. com.au for more information.

Merger and acquisition activity in recent years has caused a shake-up in the league table of companies producing gold in Australia. A new breed of locally based, mid-tier gold producers is emerging.

Newmont Mining remains the largest producer overall, with an annual output of around 1.5 million oz. gold, while Newcrest Mining, Australia’s largest Australian Securities Exchange-listed gold miner, produces some 1.1 million oz. gold annually from its Australian mines.

Gold production in Australia is still dominated by a few large overseas companies.

However, as some have sold down their Australian assets in order to reduce debt, the mid-tier Australian gold producers have taken the opportunity to increase the number of gold mines they own and lift their overall output.

In late July Evolution Mining completed the purchase of Barrick Gold’s Cowal gold mine in New South Wales at a cost of US$550 million. This followed the acquisition of La Mancha’s Frog’s Leg and While Foil mines and its more than 100,000 oz. per annum Mungari treatment plant, near Kalgoorlie.

Northern Star Resources has also been an aggressive acquirer, buying first the Paulsens gold mine in 2010, and then buying the Plutonic, Kanowna Belle and 51% of the Kundana gold operations in Western Australia from Barrick in February 2014. It then acquired the Jundee operation from Newmont in July of that

year.

With the recent acquisitions by companies like Evolution and Northern Star, overseas control of the gold mining industry has slipped below 50%.

Overseas control of Australia’s gold mining industry was around 20% until 1997, which was the year that saw Australia’s highest-ever gold production. There followed a period of escalating takeover activity, when the Australian dollar was weak and overseas control rose to 30% by mid2001, then up to 60% by early 2002, before reaching a maximum of 70% in 2003.

In recent years, due to increased production by Australian companies and the divestment of some local operations by overseas companies, the percentage of overseas control has declined to its present level.

Surbiton’s estimated 2015 rankings, based on calendar 2014 output, leaves Newmont as the top producer, followed by Newcrest, then Gold Fields with 920,000 oz., Evolution with 840,000 oz. and Northern Star with 600,000 oz. (gold produced from their Australian operations only, excluding output from any overseas mines).

In Surbiton’s view, probably the greatest problem the rapidly growing Australian mid-tier producers face is the integration of so many geographically and geologically different operations under one single corporate structure.

Regarding the gold price, Surbiton sees local producers once again reaping the benefits of the lower Australian dollar versus U.S. currency. The Australian dollar gold price has remained relatively stable — averaging more than A$1,500 per oz. since the beginning of the year — whereas the US$ gold price has fallen to below US$1,100 recently.

15-08-05 8:23 PM

THE NORTHERN MINER AUGUST 10-16, 2015 5

MATTERS OF GENERAL INTEREST

OP-ED

The Toodoggone River Tube Race of 1981

Moments from the Toodoggone River Tube Race on July 31, 1981. Clockwise, starting top left: Vic Hardy tests the water to begin the race (inset); participants take off (top) and mount their tubes (bottom) as the race begins; an aerial view looking east at the course with challenge stations marked; Brian Bogdanovich, dressed in a bear suit, wrestles contestants; Peter Leriche (kazoo around his neck), Vic Hardy (suit), Tom Schroeter (red flannel) and Brian Bogdanovich (brown sweater) during the awards ceremony; Tom Schroeter, Nick Carter and Mike Carr celebrate.

ODDS ‘N’ SODS, From Page 4

form of communication between the camps back then — and it spread like wildfire.

In the days leading up to the race, crews flew in from every direction within a 300 km radius, and set up temporary camps alongside the river. Helicopters were frequently seen slinging loads of 33 inner tubes and countless cases of beer, food and other supplies from the nearby Sturdee airstrip.

On race day, even more people appeared out of the bushes, and soon there were over 200 of us.

Some were disguised in costumes — fluorescent capes, fake beards and noses — whereas others were stark-naked and covered in mud, with only flagging tape tied around certain appendages.

By mid-morning we were making our final preparations when three fixed-wing aircrafts lifted barely off the ground and buzzed over our heads — very surreal!

It was a few minutes to start time and our attention turned to a helicopter that appeared on the horizon and landed on the gravel bar in front of us. I could see it was from the Okanagan and it was carrying just one person, which was highly unusual.

Everyone was strangely quiet and watched while the helicopter’s blades slowly came to a stop.

Then the door opened and out walked Vic Hardy — he was a popular exploration geologist known and loved by many for his “work hard, play hard” attitude. Vic was dressed in one heck of a gaudy suit and tie and had a slightly amused look on his face — he looked hilarious.

Without a word, he stood on the

TNM August 10 2015 Issue.indd 5

edge of the bank and held up a finger to the sky as if he was testing the wind. Then out of nowhere, he turns and dives headfirst into the river, pops up and shouts “the water is cold!”

ropes, costume contests, beerchugging — you name it.

By the end of the day, we had a three-way tie, so we had the participants come up with a one-minute theme song about the Toodog-

People appeared out of the bushes … disguised in costumes, fluorescent capes, fake beards and noses, whereas others were stark-naked and covered in mud.

The group exploded in cheering and laughter — no one was expecting it — he served as a signal that the race had begun.

The rules were as follows: there were three people in a team, each team had to share one river tube.

There were 16 challenges stationed along different points on the river, and if a team was successful, they’d be awarded points.

Whoever had the most points at the finish line won the event.

The first challenge was tougher than it sounds: the teams were given a piece of paper, and if it was still dry at the finish line, they’d get points. But that meant the paper had to survive the “bear attack.”

Brian Bogdanovich dressed up in a bear costume and hid in the bushes alongside the river. When one of the teams came floating down, Brian would jump out and tackle the tube and all those in it.

It worked really well, except by the end of the race the costume was in tatters from the fights that ensued.

In the end, Brian was a whole new kind of “bear” (as in barenaked!).

There were portages, limbo-

gone as a tiebreaker.

Cominco’s team, called “The Fallopian Tube,” just nailed it. The team, managed by Peter Leriche, used a kazoo for the melody and they won the entire contest by just one point.

Any serious event must have a serious prize, so Nick Carter from Great Western Petroleum at the time donated a trophy he bought from the Kerrisdale Lawn Bowlers in Vancouver.

Engraved on the back was; “Toodoggone River Run: Retread Trophy. Awarded Annually for Frigidity.”

The party went on through the night — it was truly epic.

In the morning, water was tossed on the campfires and the crews eventually straggled back to their nearby, or far-flung camps.

Little did we know at the time that we’d get hit with another downturn the following year, and most of the crews would be out of a job.

We had another race, but that summer of 1981 will always stand out in memory as the most legendary bush party the Toodoggone has ever seen.

PHOTOS COURTESY OF TOM SCHROETER

15-08-05 8:23 PM

6 AUGUST 10-16, 2015 THE NORTHERN MINER

MARKET NEWS TORONTO STOCK EXCHANGE Despite poor economic data and lower oil prices, the S&P/TSX Composite Index rose nearly 2% to finish July at 14,468.44. The S&P/TSX Global Mining Index climbed 1.1% to 53.17, while the S&P/TSX Capped Diversified Metals & Mining Index fell 2% to 533.20.

The S&P/TSX Global Gold Index dropped 1.4% to 122.86, as the spot gold price lost US$4.30 per oz. to finish at US$1,095.20. The September contract for crude oil settled at US$47.12 per barrel, down US$1.02.

On July 31, Statistics Canada reported Canada’s economy retracted in May, the fifth straight monthly decline. Real gross domestic product fell 0.2% in May, largely due to weakness in manufacturing, mining, and oil and gas extraction.

Romarco Minerals surged 42% to 52¢ per share on the back of an all-share, $856-million offer from intermediate gold producer OceanaGold. Romarco is building its flagship Haile gold mine in South Carolina, with production in late 2016. OceanaGold — which has three gold mines in New Zealand and one gold-copper mine in the Philippines — is offering 0.241 of its share for each Romarco share. This values each Romarco share at 68¢, at a 73% premium over its July 29 close. On the acquisition news, OceanaGold tumbled 17% to $2.26 per share, with

J U LY 27- 31

analysts suggesting there may be a competing bid for the junior.

Also losing in the percentage category was First Majestic Silver, declining 14% to finish at $4.01. First Majestic recently agreed to buy SilverCrest Mines for $154 million, largely in shares. SilverCrest operates the Santa Elena silver-gold mine in Sonora, Mexico, which recently transitioned from an open-pit to an underground operation. Once acquired, the low-cost mine will become First Majestic’s sixth silver mine in Mexico.

The offer values each SilverCrest share at $1.30, a 35% premium over its July 24 close.

At least one analyst has noted the offer is dilutive to First Majestic’s net asset value per share. SilverCrest Mines, however, rose nearly 15% on the acquisition news to close

TSX most active issues

Romarco Mnrls First Quantum MBAC Fertilizr Barrick Gold B2Gold Lundin Mng Kinross Gold Yamana Gold Goldcorp Teck Res B

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

R FM MBC ABX BTO LUN K YRI G TCKB

43909 0.54 0.36 0.52 + 0.16 28237 12.02 9.71 10.45 - 1.56 22950 0.08 0.03 0.04 - 0.04 19282 9.80 8.87 9.25 - 0.22 15769 1.54 1.34 1.42 - 0.08 14789 4.82 4.32 4.72 + 0.19 14761 2.45 2.17 2.40 + 0.18 14637 2.80 2.38 2.59 - 0.08 14410 17.76 16.23 17.45 + 0.10 13668 9.74 8.77 9.63 + 0.37

at $1.10 per share.

Premier Gold Mines climbed 12% to $2.02 per share, after updating development at its 40%-owned South Arturo gold mine in Nevada. The mine, expected to start production next year, should churn out at least 200,000 oz. gold in 2016 at cash costs of US$400 per oz. Barrick Gold holds the remaining 60% of South Arturo.

Agnico Eagle Mines was one of the big-

gest value losers, retreating $2.32 per share to $28.94. On July 29, the gold miner reported its second-quarter earnings dropped by 54% to US$10.1 million — or US5¢ per share from a year ago — mainly due to lower gold prices.

Adjusted earnings were US9¢ per share, in line with analyst expectations. Agnico produced record quarterly production of 403,678 oz. gold at all-in sustaining costs on a by-product basis of US$864 per oz.

TSX greatest percentage change

Horizonte Mnls Inspiration Mg TriMetals Mng Romarco Mnrls MDN Inc St Augustine Pinetree Cap Cardero Res Katanga Mng Anaconda Mng MBAC Fertilizr Ivernia Oracle Mng Renaissance Gd BioteQ Env North Am Pall Formation Mtls Rare Elemnt Rs Geologix Ex OceanaGold

TSX greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

HZM ISM TMI R MDN SAU PNP CDU KAT ANX MBC IVW OMN REN BQE PDL FCO RES GIX OGC

169 235 631 43909 399 333 8332 387 193 410 22950 7795 48 37 144 11920 516 52 79 9089

0.06 0.10 0.07 0.54 0.04 0.14 0.15 0.02 0.24 0.05 0.08 0.02 0.02 0.22 0.02 0.03 0.12 0.55 0.03 2.86

0.04 0.05 0.04 0.36 0.02 0.10 0.11 0.01 0.17 0.04 0.03 0.01 0.02 0.18 0.02 0.02 0.09 0.47 0.03 2.20

0.06 0.09 0.07 0.52 0.04 0.13 0.14 0.02 0.23 0.05 0.04 0.01 0.02 0.18 0.02 0.02 0.10 0.49 0.03 2.26

+ 71.4 + 63.6 + 44.4 + 42.4 + 40.0 + 38.8 + 35.0 + 33.3 + 32.3 + 25.0 - 46.6 - 33.3 - 25.0 - 23.9 - 20.0 - 20.0 - 17.3 - 16.9 - 16.6 - 16.6

WEEK

VOLUME CLOSE CHANGE

Agrium Detour Gold Labdr I-Ore Ro Seabridge Gold Centerra Gold Cameco Corp Mag Silver Pretium Res Teck Res B Faircourt Gold Agnico-Eagle Russell Metals First Quantum First Majestic Potash Cp Sask Energy Fuels Royal Gold OceanaGold Tahoe Res Pan Am Silver

AGU DGC LIF SEA CG CCO MAG PVG TCKB FGX AEM RUS FM FR POT EFR RGL OGC THO PAA

TSX VENTURE EXCHANGE The S&P/TSX Venture Composite Index remains near historic lows despite bouncing back slightly during trading, as it jumped 1.8 points en route to a 594.31-point close. Canada’s gross domestic product dropped 0.2% in May, which brings its aggregate decline over the past six months to 0.8%, as the economy reflects weak oil prices. Meanwhile, U.S. real gross domestic product increased at a 2.3% annual rate during the second quarter, with first-time claims for unemployment benefits bouncing off a 40year low set in mid-July.

Gold futures rallied late in the week, though December contracts for bullion still closed down US$1.90 at US$1,095.10 per oz.

September contracts for West Texas Intermediate crude oil lost 2.1%, or US$1, before closing at US$47.12 per barrel, while September contracts for copper fell US1.2¢ en route to a US$2.36 per lb. close.

Junior Ascot Resources’s shares were on the rise after Ascot updated its Premier gold property near Stewart, B.C. Shares jumped 11¢ on 113,640 traded, before finishing at $1.40. On July 27 Ascot reported results from 29 infill drill holes on the Premier mine area of the property, where previous work indicates mineralization in a struc-

TNM August 10 2015 Issue.indd 6

+ 1.81 + 1.18 + 1.04 + 0.68 + 0.60 + 0.45 + 0.44 + 0.37 + 0.37 + 0.32 - 2.32 - 1.78 - 1.56 - 0.67 - 0.56 - 0.53 - 0.51 - 0.45 - 0.31 - 0.24

J U LY 27- 31

tural zone ranging from 30 to 150 metres thick and containing mineralized quartz stockwork, cored by one to four highergrade quartz breccia bodies.

Highlights of the current batch of results from the company’s ongoing program include hole 15-804, which intersected 223 grams gold per tonne over 1.1 metres. Ascot hopes to outline bulk-sample potential at Premier.

On the financing front, Kennady Diamonds was near the top of the value-lost column after announcing a private placement to fund exploration and permitting activities at its Kennady North project in the Northwest Territories. Shares dropped 23¢ on 67,000 traded before finishing at $3.68

TSX-V most active issues

Laurion Mnl Ex Metanor Res Temex Res Golden Band Teras Res Skeena Res Skyharbour Res Equitas Res Commerce Res Saturn Minls

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

LME MTO TME GBN TRA SKE SYH EQT CCE SMI

9518 6981 5808 3661 3547 3213 3013 2665 2363 2216

0.02 0.06 0.12 0.01 0.07 0.13 0.04 0.10 0.12 0.18

0.02 0.04 0.11 0.01 0.06 0.07 0.03 0.09 0.08 0.17

0.02 0.05 - 0.11 0.01 0.07 - 0.10 + 0.03 0.10 + 0.12 + 0.18

0.00 0.01 0.00 0.00 0.01 0.04 0.00 0.01 0.04 0.00

per share.

On July 29 Kennady announced a $4-million non-brokered private placement, wherein it would issue 1.2 million shares priced at $3.40 per share. The company’s program this year at Kelvin North includes exploration, delineation, infill and geotechnical drilling at the Kelvin kimberlite, as well as exploration and delineation drilling

at the Faraday kimberlites.

Highbank Resources had a busy week after news the B.C. government had greenlit the large-scale Petronas US$36-billion liquefied natural gas export terminal project in the northwestern part of the province.

Shares jumped 90%, or 9¢, on nearly 2 million shares traded, en route to a 19¢-pershare close.

TSX-V greatest percentage change

Redstar Res Sniper Res Altair Vent SGX Res Noram Vent North Am Tung Mountain Boy M Tajiri Res Randsburg Intl Axmin Inc Banks Island G Reunion Gold Sunset Cove Mg RT Minerals BCGold Berkwood Res Indigo Expl ValGold Res Vendome Res Diamond Fields

TSX-V greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

RST SIP AVX SXR NRM NTC MTB TAJ RGZ AXM BOZ RGD SSM RTM BCG BKR IXI VAL VDR DFI

10 52 20 896 309 367 152 41 40 360 1859 509 355 367 441 383 37 71 469 31

0.05 0.06 0.13 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.11 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.03

0.05 0.04 0.13 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02

0.05 0.06 0.13 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02

+ 900.0 + 120.0 + 108.3 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 54.5 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

WEEK

VOLUME CLOSE CHANGE

Chesapeake Gld Energold Drill Diamcor Mng Ascot Res Abitibi Royalt Gold Std Vnt Highbank Res Athabasca Mnls Eagle Hill Exp Altair Vent Gold Reserve Kennady Diam Pac Booker Min Lowell Copper Tsodilo Res Northern Graph Tasman Metals Bellhaven Cp&G Banks Island G Reservoir Capt

CKG EGD DMI AOT RZZ GSV HBK ABM EAG AVX GRZ KDI BKM JDL TSD NGC TSM BHV BOZ REO

U.S. M ARKETS Expectations that the Fed would raise interest rates in September — along with economic turmoil in Asia and Europe — weighed on U.S. markets over the trading period.

The Shanghai Composite Index plunged more than 8% on July 27 — the biggest oneday drop on the Chinese benchmark since 2007. In Europe, the International Monetary Fund fuelled uncertainty in Greece when it balked at extending a third bailout to the austerity-stricken nation.

In the U.S., the picture was rosier: gross domestic product rose by 2.3% in the second quarter — slightly lower than expectations, but much higher than first-quarter growth. The strengthening economy has raised expectations that rates will rise in September.

U.S. stock markets slid lower: the Dow Jones Industrial Average closed at 17,689.86, down 2.2%; the S&P 500 Index dropped to 2,103.84, or 1.1% lower; and the Nasdaq ended at 5,128.28, down 1.6%.

Freeport-McMoRan was the week’s most traded stock, ending at US$11.75,

1930960 133.80 6751828 12.69 1195649 13.53 383719 5.29 3672497 6.54 4537939 17.96 592464 9.31 1754067 6.53 13667812 9.63 29790 3.34 5590964 28.94 1865278 19.40 28237363 10.45 4281938 4.01 8044556 35.58 176285 5.03 15874 66.11 9089454 2.26 4131163 10.64 4313960 8.15

23000 125045 200600 113640 26652 210800 1462600 169967 53000 20000 32257 66936 13975 17500 11500 241402 102388 10066 1858934 87430

1.98 0.66 1.15 1.40 2.30 0.54 0.19 0.43 0.77 0.13 3.90 3.68 1.85 0.25 0.71 0.38 0.42 0.26 0.05 0.33

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

0.15 0.15 0.12 0.11 0.10 0.09 0.09 0.07 0.07 0.07 0.72 0.23 0.15 0.10 0.09 0.07 0.06 0.06 0.06 0.06

J U LY 27- 31 down 0.5%. The large copper miner reported its second quarterly loss in a row.

For the second quarter, Freeport posted a loss of US$1.85 billion, or US$1.78 per share, compared with a profit of US$482 million, or US46¢ a share in the comparable period of 2014.

The second most traded stock, Barrick Gold, announced on July 30 that it is selling half its Zaldivar copper mine in Chile to Antofagasta for just over US$1 billion. The mine is expected to produce 250 million lb. copper this year at cash costs of US$1.65 to US$1.95 per lb. Barrick shares closed down

U.S. most active issues

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 196263 12.69 11.16 11.75 - 0.54 Barrick Gold* ABX 132362 7.53 6.84 7.06 - 0.19 Alcoa* AA 124380 10.25 9.59 9.87 + 0.06 Peabody Enrgy* BTU 85498 1.32 0.99 1.20 - 0.04 Goldcorp* GG 64277 13.65 12.47 13.28 0.00 Kinross Gold* KGC 51675 1.87 1.67 1.82 + 0.13 Newmont Mng* NEM 51389 18.15 17.05 17.17 - 0.63 Consol Energy* CNX 47035 19.44 16.18 16.52 - 1.12 Cliffs Nat Rs* CLF 42636 3.10 2.35 2.52 + 0.06 Vale* VALE 42022 5.92 4.91 5.26 + 0.21

US19¢ at US$7.06.

Comstock Mining led the percentage gainers, with shares up 57.4% to US60¢ on news that it is simplifying its capital structure. The company, a small producer with gold-silver properties in Nevada, has

amended its joint-venture agreement with its largest investor, John Winfield. The agreement will reduce the company’s capital contributions to $9.8 million from $31.1 million in return for conversion of its preferred shares to common stock.

U.S. greatest percentage change

Comstock Mng* Mines Managem* Rhino Res* Tanz Roy Exp* Gold Std Vnt* Golden Mnls* SilverCrest M* Seabridge Gld* US Energy* Intl Tower Hi* Rare Elemt Re* Solitario Ex&* First Majesti* Tasman Mtls* AngloGold Ash* Golden Star* Alum Cp China* Arch Coal* North Am En P* NovaCopper*

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

LODE MGN RNO TRX GSV AUMN SVLC SA USEG THM REE XPL AG TAS AU GSS ACH ACI NOA NCQ

3444 0.61 275 0.60 60 1.07 778 0.41 244 0.43 554 0.32 2208 0.90 1381 4.31 375 0.48 38 0.25 336 0.45 141 0.59 8006 3.46 229 0.40 19870 6.84 3471 0.28 186 9.17 21869 0.22 68 2.09 498 0.41

0.35 0.35 0.63 0.31 0.33 0.25 0.79 3.52 0.36 0.21 0.36 0.48 3.01 0.32 6.03 0.22 8.61 0.17 1.86 0.35

0.60 + 57.4 0.52 + 48.1 1.01 + 29.4 0.40 + 29.0 0.42 + 19.6 0.31 + 16.9 0.85 + 15.2 4.04 + 13.8 0.42 + 13.5 0.24 + 10.4 0.38 - 19.2 0.50 - 15.2 3.07 - 14.4 0.33 - 13.1 6.12 - 9.7 0.23 - 9.2 8.62 - 8.7 0.18 - 8.6 1.89 - 8.7 0.36 - 7.9

U.S. greatest value change WEEK

VOLUME CLOSE CHANGE

BHP Billi-BHP* BHP Billi-BBL* Alliance Rs P* US Silica Hld* Rio Tinto* MDU Res* Agrium* Mesabi Trust* CVR Partners* Seabridge Gld* Agnico-Eagle* Compass Mnls* Consol Energy* Alum Cp China* Royal Gold* AngloGold Ash* Newmont Mng* Minas Buenavn* Freeport McMo* First Majesti*

BHP BBL ARLP SLCA RIO MDU AGU MSB UAN SA AEM CMP CNX ACH RGLD AU NEM BVN FCX AG

12889009 38.37 5317693 36.75 2427851 24.62 3586654 22.52 3858498 38.62 8352876 19.51 700643 102.26 320932 10.80 124349 12.86 1381107 4.04 17121171 22.13 641654 80.00 47035211 16.52 185939 8.62 3513452 50.42 19869965 6.12 51389065 17.17 8176737 7.12 196263386 11.75 8006256 3.07

+ 2.07 + 1.68 + 1.40 + 1.24 + 1.23 + 1.16 + 1.08 + 0.94 + 0.57 + 0.49 - 1.75 - 1.55 - 1.12 - 0.83 - 0.74 - 0.66 - 0.63 - 0.56 - 0.54 - 0.52

15-08-05 8:23 PM

THE NORTHERN MINER

7

AUGUST 10-16, 2015

METALS, MINING AND MONEY MARKETS SPOT PRICES

PRODUCER AND DEALER PRICES

COURTESY OF SCOTIABANK

Tuesday, August 4, 2015 Precious Metals Price (US$/oz.)

Gold $1092.60 Silver $14.54 Platinum $977.00 Palladium $613.00 Base Metals Nickel Copper Lead Zinc

Change -3.00 0.00 -8.00 -13.00

Price (US$/tonne) $10875.00 $5235.00 $1735.00 $1918.00

Change +130.00 +16.00 +35.50 +14.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, August 3, 2015 (change from July 27, 2015 in brackets): Aluminium Alloy 13040 (0) Aluminium 3429425 (-41800) Copper 346525 (+3600) Lead 218775 (-3075) Nickel 458838 (+5424) Tin 6640 (-535) Zinc 432800 (-10550)

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

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding at July 15/15 (with changes from June 30/15).

Largest short positions New Gold NGD 31966186 B2Gold BTO 27059837 Lundin Mining LUN 21383473 First Quantum FM 19828830 PotashCorp POT 18674041 Teck Resources TCK.B 17648389 Rubicon Minerals RMX 15909108 Kinross Gold K 14571826 Iamgold IMG 12256439 Thompson Creek Mtls TCM 11159752 Denison Mines DML 10949127 Detour Gold DGC 10846810 Yamana Gold YRI 10329598 Barrick Gold ABX 8121708 Argonaut Gold AR 7847924 Largest increase in short position Denison Mines DML 10949127 First Quantum FM 19828830 Kinross Gold K 14571826 Lundin Mining LUN 21383473 Thompson Creek Mtls TCM 11159752 Largest decrease in short position PotashCorp POT 18674041 Trevali Mining TV 1342428 Semafo SMF 761991 New Gold NGD 31966186 Emed Mining EMD 0

Short positions outstanding at July 15/15 (with changes from June 30/15).

Largest short positions Metanor Res. MTO Integra Gold ICG Arian Res. ARC Zenyatta Ventures ZEN Kaminak Gold KAM Inca One Gold IO Roxgold ROG Canasil Res. CLZ Defiance Silver DEF Blue River Res. BXR Ucore Rare Metals UCU Sunridge Gold SGC Laurion Mineral Exp. LME Gold Reserve GRZ Aurcana AUN Largest increase in short position Metanor Res. MTO Arian Res. ARC Inca One Gold IO Defiance Silver DEF Blue River Res. BXR Largest decrease in short position Santacruz Silver Mining SCZ Bandera Gold BGL Hard Creek Nickel HNC Skyharbour Res. SYH CB Gold CBJ

-1410897 -747479 1290425 2100403 -6094252 -380026 921237 1426587 -590228 1207129 2506293 -460977 -147267 -664820 235700 2506293 2100403 1426587 1290425 1207129 -6094252 -2582200 -2065345 -1410897 -1181100

788000 680800 600000 466900 237811 218000 201881 200000 200000 195300 194500 173000 160600 137900 118802

622200 107700 544800 -117100 -86100 218000 -24000 0 199800 195300 46000 157700 160300 34600 0

788000 600000 218000 200000 195300

622200 544800 218000 199800 195300

0 0 0 0 1300

-394500 -370000 -357000 -350000 -301500

NORTH AMERICAN STOCK EXCHANGE INDICES 52-week

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

Aug 3 N/A N/A N/A N/A N/A 45.54 106.73

July 31 14468.44 594.31 853.40 122.86 533.20 47.57 111.73

July 30 14382.78 588.30 848.03 119.40 519.75 46.64 108.42

July 29 14301.80 584.76 842.15 122.63 547.22 48.37 113.14

July 28 14077.36 586.97 829.95 120.21 533.94 47.47 110.38

High 15685.13 1028.26 905.09 209.26 919.27 102.61 251.83

Low 13635.53 579.77 787.83 117.10 512.05 45.38 106.23

DAILY METAL PRICES Date Aug 3 July 31 July 30 July 29 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1645/1660 1690/1695 1705/1710 1715/1715 Aluminum 1563/1605 1593/1624.50 1608/1643 1618/1656.50 Copper 5176/5185 5218/5220 5240.50/5253 5301/5315 Lead 1680/1688 1687.50/1701 1695/1707 1712/1731 Nickel 10770/10790 10900/10940 10915/10960 11105/11150 Tin 15975/15945 16340/16200 16190/15950 16250/16200 Zinc 1890/1893 1919/1931 1946.50/1944 1984/1973

1705/1705 1608.50/1649 5238.50/5254 1703/1716 11175/11220 16250/16095 1955/1959

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

Gold AM 1093.00 1080.05 1085.65 Gold PM 1091.90 1098.40 1087.50 Silver 14.73 14.56 14.64 Platinum 971.00 979.00 984.00 Palladium 622.00 610.00 621.00

1095.60 1096.20 14.54 980.00 617.00

1096.75 1090.25 14.61 983.00 624.00

July 28

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Aug 3 July 31 US$ in C$ N/A N/A C$ in US$ N/A N/A

July 30 1.3026 0.7677

July 29 1.2893 0.7756

July 28 1.2934 0.7732

EXCHANGE RATES (Bank of Canada, July 30, 2015) Currency Aus $ Euro In C$ 0.9479 1.4217 In US$ 0.7277 1.0914

Japan 0.01047 0.00804

Mex P 0.07904 0.06068

SA Rand 0.1022 0.07846

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.$

TNM August 10 2015 Issue.indd 7

UK £ 2.0296 1.5581

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

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

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

TSX 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.

Cornerstone Capital Resources (CGP.WT) - Wt buys sh @ $0.35 to Apr 7/19.

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.

NEW 52-WEEK HIGHS AND LOWS — JULY 27-31, 2015 11 New Highs Bell Copper Central Iron O Fortune Bay Hudson Res Metalcorp Minsud Res Moneta Porcpn Orex Expl Otis Gold Skeena Res Slater Mng

381 New Lows ABE Res Aben Res Acme Res Adex Mining Adriana Res Adventure Gold African Gold G Africo Res Aftermath Silv Agnico-Eagle* Alamos Gold* Alamos Gold Alcoa* Alderon Irn O* Alderon Iron O Alexandria Mnl Alliance Mng Alloycorp Almaden Mnls* Almaden Mnls Altai Res Altan Nev Mnls Alto Vent Alum Cp China* Anconia Res AndeanGold Anfield Nickel Anfield Res Anglo-Can Mng AngloGold Ash* AQM Copper Arch Coal* Arctic Star Rs Arcus Dev Grp Argentum Silvr Argex Titanium Argonaut Gold Argus Metals Aroway Mnls Asher Res Astorius Res Astur Gold Atna Res Ltd AurCrest Gold Avala Res Avalon Rare M* Avalon Rare Mt Avino Silver Avrupa Mnls Axmin Inc Azincourt Res B2Gold Baja Mng Bandera Gold Banks Island G Bannerman Res Barisan Gold Barker Mnrls Baroyeca Go&Si Barrick Gold Bayswater Uran BCGold Bear Creek Mng Beaufield Res Berkwood Res Big North Grap BioteQ Env Bison Gold Res Bitterroot Res Blackstone Ven Blue Rvr Res Burnstone Vent Cabot Corp* Calico Res Cameco Corp* Canada Rare Ea Canadn Orebods Canadn Plat Canadn Zinc Canamex Res Canasil Res Candente Coppr Canterra Mnls Canyon Copper

Capstone Mng Cardero Res Castle Peak Mg Centurion Mnls Century Iron M Champion Bear Clear Mtn Res CMC Metals Colombia Crest Colombian Mins Colonial Coal Colorado Res Columbus Gold Commander Res Compliance Eny Comstock Mng* Contl Precious Copper Mtn Mng Copper North M Cornerstone Ca Coronado Res Corvus Gold Crazy Horse Rs Cypress Dev Darnley Bay Decade Res Denison Mines Denison Mines* Desert Star Durango Res Dynasty Met&Mn Eagle Plains Eastfield Res Ecuador G & C El Tigre Silvr Emgold Mng Endurance Gold Energizer Res Energold Drill Entourage Mtls Eurasian Minls Europn Uran Rs Evrim Res Excellon Res Fairmont Res Firesteel Res Firestone Vent First Majesti* First Nickel First Quantum Focus Graphite Formation Mtls Fort St J Nick Fortune Mnrls Freegold Vent Freeport McMo* Frontline Gold Full Metal Mnl Galane Gold Geologix Ex Geomega Res Glen Eagle Res Gold Bulln Dev Gold Fields* Golden Band Goldex Res Goldeye Expl Goldrock Mines Gran Colombia Grande Portage Granite Ck Gld Green Valley M GTA Res & Mng Harmony Gold* Harvest Gold Heatherdale Rs Hi-Crush Part* Highland Res Homestake Res HudBay Mnls* Hunt Mng IC Potash Iconic Mnls Independence G Indigo Expl Intl Northair Intl Samuel Ex Intrepid Pots* Ivernia J.A.G. Mines Jaxon Mnls Katanga Mng Kermode Res Kettle River Kilo Goldmines Kincora Copper Kiska Metals Kivalliq Enrgy Klondike Silv

Kombat Copper Lakeland Res Largo Res Legend Gold Lomiko Mtls Luna Gold Lydian Intl MacDonald Mns Magellan Minls Mainstream Mnl Major Drilling Mammoth Res Mandalay Res Marathon Gold Marengo Mng Margaret Lk Di Marifil Mines MDN Inc Mega Uranium Megastar Dev Melior Res Mesa Expl Metalcorp Metals Ck Res Minas Buenavn* Mirasol Res Mkango Res Mountain Boy M MPVC Mundoro Cap Musgrove Mnls Mustang Minls Namibia Rare E Nevada Copper Nevada Sunrise New Millennium New Milln Iron Newmont Mng* Nippon Dragon Nitinat Mnls Noble Metal Gr Noble Mnl Expl Noka Res Nomad Ventures Noram Vent Nordex North Am En P* North Am En Pa North Am Pall North Am Tung North Arrow Mn Northcliff Res Northern Abiti Northern Freeg Northern Gld M Northern Graph NovaCopper NovaCopper* Nubian Res NWM Mng Oceanic Iron O Odin Mng & Exp Oracle Mng Orbit Garant D Orestone Mng Orezone Gold Orocobre Orvana Mnrls Pac North West Pac Potash Pac Ridge Expl Paget Mnls Paladin Energy Palmer Res Panoro Minls PC Gold Peabody Enrgy* Philippine Mtl Phoenix Gold Planet Mng Platinum Gp M* Platinum Gp Mt Potash C Sask* Potash Cp Sask Precipitate Gl Puma Expl Purepoint U QMX Gold Quest Rare Mnl Quia Res Randgold Res* Red Tiger Mng Redstar Gold Redstar Res Reliance Res Reliant Gold Reunion Gold Rhino Res* Rio Tinto*

RJK Explor Rockwell Diam Rome Res Romios Gold Rs Ross River Mnl RT Minerals Rupert Res Russell Metals Salazar Res San Marco Res Sanatana Diam Sandspring Res Santacruz Silv Satori Res Scorpio Gold Selwyn Res Sennen Res Serengeti Res SGX Res Sherritt Intl Sierra Metals Slam Exploratn SnipGold Soc Quim&M Ch* Solitario Ex&* Solvista Gold Source Expl Sprott Res Stakeholdr Gld Stans Energy Starcore Int V Stonegate Agri Strata Mnls Strategic Metl Sulliden Mng C Sultan Mnrls Sunset Cove Mg Superior Coppr Tahoe Res* Tahoe Res Taipan Res Tajiri Res Talon Metals Tanzania Mnls Teck Res A Teck Res B* Teck Res B Teras Res Theia Res Thompson Creek Thompson Crk* Tiller Res TNR Gold TomaGold Transition Mtl TriMetals Mng Trio Gold Corp Tsodilo Res TVI Pacific U3O8 Corp UEX Corp Ultra Lithium Unigold Unity Energy Ur-Energy Ur-Energy* Uracan Res Uranium Partic Uranium Valley US Energy* US Silica Hld* Vale* ValGold Res Vangold Res Vena Res Vendome Res Venerable Vent Verde Potash Victory Nickel Visible Gold M VMS Vent Volcanic Mtls Vulcan Mnrls West Af Iron O Western Copper Western Coppr* Western Pac Rs Westkam Gold Westminster Rs Westridge Res Williams Creek Wolfden Res Xmet Xtierra Yamana Gold* Yamana Gold Zazu Metals Zephyr Mnls Zimtu Capital

FOR DAILY MINING NEWS, VISIT WWW.NORTHERNMINER.COM

REPRINTS Reprints of any article published in The Northern Miner or on our website are available.

We will provide them in a “PDF” format for $350.

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

15-08-05 8:23 PM

8 AUGUST 10-16, 2015 THE NORTHERN MINER

STOCK TABLES (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 4720 0.05 0.05 0.05 - 0.01 0.09 0.03 Abcourt Mines V 1720 0.04 0.03 0.04 + 0.01 0.08 0.03 ABE Res V 40 0.03 0.03 0.03 0.00 0.10 0.03 Aben Res V 10737 0.03 0.02 0.02 - 0.01 0.06 0.02 Aberdeen Intl T 125 0.12 0.12 0.12 0.00 0.20 0.11 Abitibi Royalt V 266 2.30 2.10 2.30 + 0.10 5.10 1.94 Acme Res V 82 0.03 0.03 0.03 0.00 0.06 0.03 Adamera Mnls V 861 0.03 0.03 0.03 0.00 0.09 0.03 Adex Mining V 20 0.01 0.01 0.01 0.00 0.02 0.01 Adriana Res V 2968 0.10 0.09 0.09 - 0.01 0.19 0.09 Adventure Gold V 305 0.09 0.07 0.09 + 0.02 0.21 0.07 African Gold G V 1295 0.05 0.04 0.04 0.00 0.14 0.04 Africo Res T 876 0.39 0.30 0.39 0.00 0.45 0.30 Aftermath Silv V 3403 0.01 0.01 0.01 0.00 0.05 0.01 Agnico-Eagle* N 171211 24.57 21.40 22.13 - 1.75 42.41 21.40 Agnico-Eagle T 55909 31.97 27.86 28.94 - 2.32 45.92 25.05 Agrium* N 7006 102.70 97.06 102.26 + 1.08 116.77 82.04 Agrium T 19309 133.85 126.06 133.80 + 1.81 146.51 92.81 Alabama Graph V 19125 0.19 0.17 0.17 0.00 0.35 0.14 Alacer Gold T 28920 2.83 2.43 2.68 + 0.06 3.11 1.77 Alamos Gold* N 45853 3.38 2.98 3.25 - 0.07 10.14 2.98 Alamos Gold T 23837 4.39 3.90 4.25 - 0.05 11.07 3.90 Alberta Star V 183 0.03 0.03 0.03 - 0.01 0.08 0.02 Alcoa* N 1243796 10.25 9.59 9.87 + 0.06 17.75 9.59 Alderon Irn O* X 501 0.15 0.13 0.14 - 0.01 1.49 0.13 Alderon Iron O T 1780 0.20 0.17 0.20 + 0.01 1.61 0.17 Aldridge Minls V 355 0.17 0.16 0.17 + 0.01 0.37 0.16 Aldrin Res V 1467 0.15 0.13 0.15 + 0.01 0.33 0.12 Alexander Nubi V 40 0.09 0.09 0.09 - 0.01 0.28 0.06 Alexandria Mnl V 17737 0.04 0.03 0.03 - 0.01 0.07 0.03 Alexco Res T 2690 0.45 0.38 0.43 + 0.01 1.38 0.34 Alexco Res* X 7352 0.34 0.29 0.31 + 0.00 1.28 0.26 Alix Res V 511 0.07 0.06 0.06 - 0.01 0.25 0.03 Alliance Mng V 15438 0.02 0.01 0.02 0.00 0.06 0.01 Alliance Rs P* Q 24278 25.38 23.00 24.62 + 1.40 53.84 22.76 Alloycorp V 961 0.03 0.02 0.03 + 0.01 0.10 0.02 Almaden Mnls* X 2580 0.63 0.58 0.62 - 0.02 1.64 0.58 Almaden Mnls T 400 0.81 0.76 0.80 0.00 1.80 0.76 Almonty Ind V 560 0.80 0.79 0.80 0.00 0.83 0.52 Alpha Gold V 50 0.05 0.05 0.05 0.00 0.06 0.03 Alphamin Res V 9 0.18 0.18 0.18 0.00 0.32 0.11 Altai Res V 10353 0.07 0.05 0.07 + 0.01 0.12 0.05 Altair Vent V 200 0.13 0.13 0.13 + 0.07 0.98 0.06 Altan Nev Mnls V 1550 0.01 0.01 0.01 0.00 0.07 0.01 Altan Rio Mnls V 1529 0.03 0.03 0.03 0.00 0.07 0.02 Altima Res V 590 0.02 0.02 0.02 + 0.01 0.07 0.01 Altiplano Mnls V 2000 0.05 0.05 0.05 - 0.01 0.06 0.02 Altitude Res V 650 0.18 0.18 0.18 - 0.04 0.30 0.09 Altius Mnrls T 2183 14.04 13.28 13.64 + 0.05 15.47 9.86 Alto Vent V 60 0.04 0.04 0.04 - 0.01 0.10 0.04 Alum Cp China* N 1859 9.17 8.61 8.62 - 0.83 17.44 8.61 Am Creek Res V 240 0.04 0.04 0.04 0.00 0.10 0.03 Amarc Res V 1345 0.08 0.07 0.08 0.00 0.18 0.06 Amarillo Gold V 50 0.07 0.06 0.07 0.00 0.13 0.04 Amato Expl V 600 0.02 0.01 0.02 - 0.01 0.03 0.01 American Manga V 980 0.02 0.02 0.02 0.00 0.04 0.01 American Vanad V 285 0.09 0.08 0.08 0.00 0.62 0.05 Amerigo Res T 3206 0.28 0.25 0.27 0.00 0.48 0.23 Amex Expl V 2957 0.04 0.03 0.04 + 0.01 0.12 0.03 Anaconda Mng T 4095 0.05 0.04 0.05 + 0.01 0.09 0.04 Anconia Res V 3250 0.01 0.01 0.01 - 0.01 0.10 0.01 AndeanGold V 2000 0.01 0.01 0.01 0.00 0.04 0.01 Anfield Nickel V 99 0.72 0.70 0.70 - 0.05 1.10 0.70 Anfield Res V 552 0.10 0.07 0.07 - 0.01 0.76 0.07 Angel Gold V 180 0.07 0.05 0.07 + 0.02 0.10 0.02 Angkor Gold V 295 0.56 0.53 0.56 0.00 0.64 0.30 Anglo-Bomarc V 540 0.20 0.20 0.20 + 0.05 0.30 0.02 Anglo-Can Mng V 1270 0.01 0.01 0.01 0.00 0.02 0.01 AngloGold Ash* N 198699 6.84 6.03 6.12 - 0.66 18.33 6.03 Antioquia Gold V 1130 0.05 0.04 0.05 0.00 0.07 0.01 Antofagasta Gd V 8585 0.19 0.16 0.19 + 0.01 0.25 0.09 Apogee Silver V 640 0.34 0.27 0.34 + 0.04 0.98 0.18 AQM Copper V 130 0.07 0.05 0.07 + 0.01 0.15 0.05 Aquila Res T 1266 0.14 0.13 0.13 - 0.01 0.19 0.09 Arch Coal* N 218689 0.22 0.17 0.18 - 0.02 3.35 0.17 Archon Mineral V 10 1.98 1.98 1.98 + 0.03 2.05 0.77 Arctic Hntr Ur V 960 0.04 0.03 0.04 + 0.01 0.05 0.02 Arctic Star Rs V 20761 0.04 0.03 0.04 + 0.01 0.20 0.03 Arcus Dev Grp V 102 0.01 0.01 0.01 - 0.01 0.05 0.01 Argentex Mng V 2255 0.03 0.02 0.02 0.00 0.09 0.02 Argentum Silvr V 59 0.03 0.03 0.03 + 0.01 0.10 0.03 Argex Titanium T 12085 0.14 0.11 0.14 + 0.02 0.73 0.11 Argonaut Gold T 39453 1.34 1.21 1.30 + 0.06 5.28 1.21 Argus Metals V 290 0.03 0.02 0.02 + 0.01 0.11 0.02 Arian Silver V 1045 0.50 0.48 0.48 - 0.02 0.78 0.37 Arianne Phosph V 1507 0.88 0.80 0.88 + 0.03 1.02 0.51 Armistice Res T 5758 0.33 0.30 0.30 - 0.02 0.54 0.22 Aroway Mnls V 1547 0.02 0.01 0.01 - 0.01 0.26 0.01 ASA (Bermuda)* N 4656 8.09 7.64 7.88 - 0.10 14.91 7.58 Asanko Gold T 8994 2.10 1.87 2.01 + 0.06 2.83 1.50 Asanko Gold* X 1113 1.62 1.43 1.55 + 0.03 2.60 1.26 Ascot Res V 1136 1.45 1.18 1.40 + 0.11 2.40 0.89 Asher Res V 240 0.03 0.03 0.03 - 0.01 0.09 0.03 AsiaBaseMetals V 10 0.03 0.03 0.03 + 0.01 0.10 0.02 Asian Minl Res V 90 0.06 0.06 0.06 + 0.01 0.08 0.03 Astar Mnls V 125 0.10 0.10 0.10 0.00 0.16 0.09 Aston Bay V 295 0.14 0.11 0.13 - 0.01 0.23 0.08 Astorius Res V 50 0.02 0.02 0.02 - 0.01 0.05 0.02 Astur Gold V 260 0.02 0.02 0.02 0.00 0.32 0.02 Atac Res V 1687 0.40 0.37 0.40 + 0.05 1.22 0.31 Atacama Pac Gd V 524 0.18 0.16 0.18 + 0.02 0.90 0.14 Athabasca Mnls V 1699 0.48 0.35 0.43 + 0.07 2.93 0.31 Atico Mng V 770 0.50 0.44 0.46 + 0.01 0.82 0.42 Atlanta Gold V 64 0.08 0.07 0.07 + 0.01 0.40 0.05 Atna Res Ltd T 14387 0.09 0.06 0.08 0.00 0.14 0.06 Augyva Mng V 12100 0.13 0.11 0.13 + 0.03 0.15 0.07 Aura Mnls T 1425 0.08 0.07 0.08 + 0.01 0.14 0.06 Aura Silver Rs V 1550 0.02 0.01 0.02 + 0.01 0.04 0.01 Aurcana Corp V 4121 0.22 0.18 0.20 - 0.04 0.63 0.17 AurCrest Gold V 150 0.01 0.01 0.01 0.00 0.07 0.01 Aureus Mng T 527 0.45 0.40 0.40 0.00 0.83 0.27 Aurion Res V 460 0.04 0.04 0.04 0.00 0.08 0.03 Aurvista Gold V 2195 0.05 0.04 0.04 - 0.01 0.11 0.03 Avala Res V 1023 0.04 0.03 0.03 0.00 0.40 0.03 Avalon Rare M* X 11613 0.18 0.16 0.17 - 0.00 0.47 0.16 Avalon Rare Mt T 7641 0.24 0.20 0.23 + 0.01 0.51 0.20 Avino Silver V 262 1.40 1.17 1.29 + 0.02 2.51 1.17 Avino Silver* X 2197 0.99 0.91 0.97 0.00 2.34 0.90 Avnel Gold T 274 0.25 0.21 0.21 - 0.03 0.31 0.13 Avrupa Mnls V 290 0.09 0.07 0.09 0.00 0.40 0.07 Axmin Inc V 3601 0.01 0.01 0.01 + 0.01 0.03 0.01 Azimut Expl V 90 0.18 0.17 0.18 + 0.02 0.36 0.14 Azincourt Res V 658 0.04 0.04 0.04 - 0.01 0.36 0.04

B B2Gold* X 87029 B2Gold T 157690 Bacanora Mnls V 25 Baja Mng V 8070 Balmoral Res T 6733 Bandera Gold V 20 Banks Island G V 18589 Bannerman Res T 1570 Banro T 14856 Banro* X 53504 Banyan Gold V 33 Bard Vent V 329 Barisan Gold V 450 Barker Mnrls V 175 Barkerville Go V 6035 Baroyeca Go&Si V 300 Barrick Gold* N 1323624 Barrick Gold T 192823 Batero Gold V 970 Bayswater Uran V 4385 BCGold V 4410 BCM Res V 390 Bear Creek Mng V 2041 Beaufield Res V 1587 Bell Copper V 1737 Bellhaven Cp&G V 100

TNM August 10 2015 Issue.indd 8

1.19 1.03 1.07 - 0.09 2.86 1.02 1.54 1.34 1.42 - 0.08 3.12 1.34 1.45 1.45 1.45 + 0.10 2.05 0.56 0.03 0.02 0.02 - 0.01 0.07 0.02 0.62 0.53 0.62 + 0.03 1.98 0.52 0.01 0.01 0.01 0.00 0.05 0.01 0.11 0.05 0.05 - 0.06 0.52 0.05 0.04 0.03 0.04 - 0.01 0.09 0.03 0.33 0.28 0.29 - 0.02 0.47 0.13 0.25 0.21 0.22 - 0.01 0.40 0.12 0.03 0.03 0.03 0.00 0.10 0.02 0.02 0.02 0.02 - 0.01 0.06 0.01 0.03 0.03 0.03 0.00 0.20 0.03 0.01 0.01 0.01 0.00 0.03 0.01 0.25 0.23 0.25 + 0.01 0.48 0.11 0.01 0.01 0.01 0.00 0.02 0.01 7.53 6.84 7.06 - 0.19 19.36 6.79 9.80 8.87 9.25 - 0.22 21.14 8.87 0.08 0.07 0.07 - 0.02 0.11 0.06 0.02 0.02 0.02 0.00 0.10 0.02 0.02 0.01 0.01 - 0.01 0.05 0.01 0.05 0.04 0.04 + 0.01 0.05 0.02 0.87 0.72 0.78 - 0.04 5.20 0.72 0.04 0.03 0.04 + 0.01 0.09 0.03 0.04 0.03 0.04 + 0.01 0.04 0.01 0.32 0.26 0.26 - 0.06 0.45 0.15

(100s) Stock

Week

MINING STOCKS listed on NORTH AMERICAN EXCHANGES Trading: July 27-31, 2015 12-month

Exc Volume High Low Last Change High Low

Belmont Res V 300 Belo Sun Mng T 2908 Belvedere Res V 490 Benton Cap V 7542 Benton Res V 2550 Berkwood Res V 3833 BHP Billi-BBL* N 53176 BHP Billi-BHP* N 128890 Big North Grap V 297 BioteQ Env T 1440 Bison Gold Res V 5480 Bitterroot Res V 3610 Black Iron T 50 Black Widow Rs V 300 Blackstone Ven V 50 Blue Rvr Res V 5450 Bluestone Res V 23 BMO Jr Gld ETF T 2039 Bold Vent V 4870 Bonterra Res V 1590 Boss Power V 33 Bowmore Expl V 200 Bravada Gold V 253 Brazil Res V 9676 Burnstone Vent V 1272

0.05 0.04 0.05 0.00 0.11 0.03 0.18 0.16 0.18 + 0.01 0.30 0.11 0.05 0.05 0.05 + 0.01 0.18 0.04 0.03 0.02 0.03 + 0.01 0.04 0.02 0.05 0.04 0.04 - 0.01 0.07 0.03 0.01 0.01 0.01 - 0.01 0.10 0.01 37.33 34.84 36.75 + 1.68 67.77 34.78 39.24 36.13 38.37 + 2.07 70.05 35.79 0.03 0.03 0.03 0.00 1.00 0.03 0.02 0.02 0.02 - 0.01 0.06 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.03 0.03 0.03 - 0.01 0.17 0.02 0.03 0.03 0.03 + 0.02 0.08 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.03 0.04 + 0.01 0.07 0.03 0.06 0.06 0.06 + 0.01 0.25 0.05 4.94 4.56 4.80 + 0.06 8.67 4.45 0.04 0.03 0.04 + 0.01 0.07 0.03 0.14 0.11 0.13 0.00 0.43 0.09 0.17 0.17 0.17 0.00 0.30 0.15 0.05 0.05 0.05 - 0.01 0.11 0.04 0.03 0.03 0.03 + 0.01 0.10 0.02 0.61 0.54 0.61 + 0.04 0.95 0.45 0.02 0.01 0.01 - 0.01 0.04 0.01

Cabot Corp* N 20705 Cache Expl V 14 Caledonia Mng T 675 Calibre Mng V 2101 Calico Res V 1490 Callinex Mines V 1567 Cameco Corp* N 123065 Cameco Corp T 45379 Camino Mnls V 85 Canada Carbon V 6376 Canada Rare Ea V 4450 Canada Zinc Mt V 536 Canadn Int Mnl V 50 Canadn Mining V 980 Canadn Orebods V 921 Canadn Plat V 2320 Canadn Zinc T 10584 Canamex Res V 8571 Canarc Res T 2710 Canasil Res V 450 Cancana Res V 664 Candente Coppr T 3065 CaNickel Mng T 71 Cannon Pnt Res V 145 Canoe Mng Vnt V 3598 Canstar Res V 2593 Canterra Mnls V 1060 Cantex Mn Dev V 1114 Canyon Copper V 1193 Capstone Mng T 37906 Cardero Res T 3866 Cariboo Rose V 590 Caribou King R V 4284 Carlin Gold V 50 Carlisle Goldf T 1874 Carmax Mng V 45 Cascadero Copp V 1090 Cassidy Gold V 446 Castillian Res V 10 Castle Peak Mg V 680 Catalyst Coppr V 58 Caza Gold V 1022 CB Gold V 2915 Centamin T 489 Centerra Gold T 36724 Central Fund* X 35056 Central Fund T 3098 Central Gold-T T 43 Central GoldT* X 1770 Central Iron O V 25 Centurion Mnls V 1580 Century Iron M T 78 Chalice Gold M T 247 Challenger Dee V 808 Champion Bear V 696 Champion Iron T 3901 Chesapeake Gld V 230 Chiboug Ind Mn V 113 Chilean Gold V 4469 China Gold Int T 9592 Claude Res T 22656 Clear Mtn Res V 50 Cliffs Nat Rs* N 426359 Clifton Star V 418 Cloud Peak En* N 32544 CMC Metals V 5632 Coeur Mng* N 119451 Colombia Crest V 1050 Colombian Mins V 275 Colonial Coal V 1030 Colorado Res V 378 Colt Res V 485 Columbus Gold V 1401 Commander Res V 2160 Commerce Res V 23634 Compass Mnls* N 6416 Compliance Eny V 1310 Comstock Mng* X 34441 Comstock Mtls V 1900 Condor Res V 2102 Confedertn Mls V 12060 Cons Richland V 10 Cons Woodjam C V 182 Consol Energy* N 470352 Constant Mtl R V 2607 Contintl Gold T 14838 Contl Precious T 5 Copper Ck Gold V 1529 Copper Fox Mtl V 3935 Copper Mtn Mng T 17290 Copper North M V 3310 Coral Gold V 293 Corazon Gold V 221 Cordoba Mnls V 1830 Corex Gold V 600 Cornerstone Ca V 5660 Coro Mining T 6429 Coronado Res V 12 Coronet Mtls V 40 Corsa Coal V 380 Cortez Gold V 15 Corvus Gold T 320 Cougar Mnls V 609 Crazy Horse Rs V 5694 Critical Elem V 4271 Currie Rose Rs V 22 CVR Partners* N 1243 Cypress Dev V 1986

35.68 34.17 35.18 + 0.38 57.10 34.17 0.08 0.08 0.08 0.00 0.27 0.05 0.78 0.72 0.73 0.00 1.20 0.54 0.11 0.09 0.09 + 0.01 0.20 0.07 0.07 0.06 0.06 - 0.02 0.19 0.06 0.34 0.31 0.33 + 0.03 0.40 0.16 14.11 12.88 13.73 + 0.33 21.05 12.88 18.36 16.75 17.96 + 0.45 22.75 16.73 0.17 0.17 0.17 0.00 0.26 0.03 0.26 0.24 0.26 + 0.01 0.32 0.17 0.04 0.03 0.04 0.00 0.11 0.03 0.22 0.21 0.21 - 0.01 0.57 0.20 0.02 0.02 0.02 0.00 0.07 0.01 0.08 0.08 0.08 + 0.01 0.24 0.05 0.03 0.02 0.03 + 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.13 0.09 0.10 + 0.01 0.33 0.09 0.05 0.04 0.04 - 0.01 0.25 0.04 0.07 0.05 0.06 - 0.01 0.11 0.03 0.04 0.03 0.04 0.00 0.09 0.03 0.28 0.23 0.28 + 0.04 0.32 0.15 0.06 0.05 0.06 + 0.01 0.27 0.05 0.10 0.10 0.10 0.00 0.75 0.10 0.11 0.11 0.11 + 0.01 0.25 0.10 0.04 0.04 0.04 0.00 0.24 0.02 0.06 0.04 0.05 + 0.02 0.07 0.03 0.06 0.05 0.06 + 0.01 0.14 0.05 0.05 0.04 0.04 - 0.02 0.09 0.03 0.04 0.03 0.04 + 0.01 0.12 0.03 0.98 0.90 0.92 - 0.07 3.08 0.90 0.02 0.01 0.02 + 0.01 0.10 0.01 0.04 0.03 0.03 - 0.01 0.07 0.02 0.15 0.12 0.13 0.00 0.38 0.04 0.01 0.01 0.01 0.00 0.03 0.01 0.24 0.21 0.24 + 0.02 0.42 0.13 0.03 0.03 0.03 - 0.01 0.12 0.03 0.03 0.02 0.02 0.00 0.07 0.01 0.03 0.03 0.03 - 0.01 0.06 0.02 0.03 0.03 0.03 0.00 0.20 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.16 0.14 0.14 - 0.01 0.60 0.13 0.05 0.05 0.05 0.00 0.11 0.03 0.04 0.04 0.04 - 0.01 0.14 0.03 1.13 1.09 1.12 - 0.07 1.38 0.80 6.71 5.69 6.54 + 0.60 7.92 3.96 10.57 10.36 10.42 - 0.11 14.24 10.24 13.76 13.43 13.65 - 0.06 16.89 12.52 49.74 48.77 49.40 + 0.28 57.25 42.50 38.36 37.61 37.87 - 0.37 46.73 37.22 0.01 0.01 0.01 + 0.01 0.01 0.01 0.02 0.02 0.02 0.00 0.13 0.02 0.26 0.22 0.22 - 0.06 0.50 0.22 0.11 0.11 0.11 0.00 0.15 0.08 0.17 0.14 0.17 + 0.01 0.20 0.05 0.08 0.05 0.08 + 0.03 0.20 0.05 0.17 0.13 0.15 - 0.03 0.32 0.07 1.98 1.85 1.98 + 0.15 3.70 1.77 0.03 0.03 0.03 0.00 0.08 0.02 0.05 0.04 0.05 + 0.02 0.09 0.02 1.87 1.71 1.79 - 0.14 3.40 1.30 0.68 0.54 0.65 + 0.08 0.78 0.19 0.01 0.01 0.01 0.00 0.12 0.01 3.10 2.35 2.52 + 0.06 18.41 2.28 0.17 0.14 0.17 + 0.01 0.25 0.06 3.52 3.00 3.18 - 0.01 16.33 2.94 0.04 0.03 0.04 + 0.01 0.08 0.03 4.18 3.42 3.53 - 0.29 8.58 3.37 0.01 0.01 0.01 0.00 0.01 0.01 0.05 0.04 0.05 + 0.01 0.20 0.04 0.07 0.06 0.06 0.00 0.18 0.06 0.07 0.06 0.07 + 0.01 0.23 0.06 0.19 0.16 0.19 + 0.02 0.30 0.05 0.40 0.31 0.38 + 0.04 0.55 0.31 0.02 0.02 0.02 - 0.01 0.04 0.02 0.12 0.08 0.12 + 0.04 0.29 0.07 85.46 80.00 80.00 - 1.55 95.68 79.29 0.10 0.01 0.08 + 0.03 0.50 0.01 0.61 0.35 0.60 + 0.22 1.63 0.35 0.03 0.03 0.03 + 0.01 0.04 0.01 0.05 0.04 0.04 - 0.01 0.12 0.03 0.06 0.04 0.05 0.00 0.12 0.03 0.02 0.02 0.02 0.00 0.05 0.01 0.05 0.05 0.05 0.00 0.08 0.02 19.44 16.18 16.52 - 1.12 42.26 15.47 0.14 0.12 0.13 0.00 0.25 0.10 3.01 2.64 2.88 + 0.04 4.24 1.61 0.30 0.30 0.30 - 0.05 0.75 0.30 0.06 0.05 0.06 0.00 0.09 0.03 0.17 0.15 0.17 + 0.01 0.37 0.10 0.86 0.75 0.79 - 0.04 3.07 0.75 0.05 0.04 0.04 0.00 0.09 0.04 0.09 0.08 0.09 + 0.02 0.26 0.07 0.22 0.20 0.20 - 0.01 0.38 0.07 0.13 0.12 0.12 - 0.02 0.73 0.08 0.05 0.04 0.04 0.00 0.09 0.04 0.03 0.02 0.03 + 0.01 0.12 0.02 0.03 0.03 0.03 + 0.01 0.08 0.02 0.25 0.25 0.25 0.00 1.26 0.25 0.03 0.03 0.03 - 0.01 0.24 0.02 0.10 0.09 0.10 0.00 0.30 0.09 0.32 0.32 0.32 + 0.07 1.00 0.16 0.59 0.50 0.59 + 0.06 1.50 0.50 0.06 0.06 0.06 - 0.02 0.30 0.03 0.02 0.01 0.01 - 0.01 0.05 0.01 0.25 0.23 0.24 - 0.02 0.40 0.16 0.01 0.01 0.01 0.00 0.02 0.01 12.99 11.96 12.86 + 0.57 19.15 8.52 0.04 0.03 0.04 - 0.01 0.45 0.03

Dajin Res V 6903 Dalradian Res T 3757 Dalton Res Ltd V 12 Darnley Bay V 1113 Decade Res V 9365 Defiance Silvr V 1095 Dejour Enterp T 207 Dejour Enterp* X 2460 Denison Mines T 63521 Denison Mines* X 5530 Desert Star V 100 Detour Gold T 67518 Diagnos V 1929 Diamcor Mng V 2006 Diamond Fields V 312

0.10 0.07 0.10 + 0.01 0.11 0.04 0.86 0.78 0.86 + 0.05 1.16 0.46 0.18 0.18 0.18 0.00 0.42 0.15 0.02 0.02 0.02 0.00 0.18 0.02 0.03 0.02 0.02 - 0.01 0.25 0.02 0.14 0.13 0.13 + 0.01 0.19 0.07 0.18 0.15 0.15 - 0.01 0.36 0.13 0.12 0.11 0.12 - 0.00 0.33 0.11 0.70 0.55 0.68 + 0.05 1.53 0.55 0.54 0.43 0.53 + 0.04 1.40 0.43 0.12 0.12 0.12 0.00 0.26 0.12 12.89 10.68 12.69 + 1.18 16.37 6.02 0.09 0.08 0.09 + 0.01 0.11 0.04 1.22 0.96 1.15 + 0.12 1.45 0.90 0.03 0.02 0.02 - 0.02 0.05 0.01

C

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Dios Expl V 780 Discovery Harb V 1000 Discovery Vent V 5330 Discovery-Corp V 850 DNI Metals V 1858 Dolly Vard Sil V 190 Dominion Diam* N 4121 Dominion Diam T 12915 Dorex Minls V 1450 Doubleview Cap V 3337 Duncan Park H V 50 Dundee Prec Mt T 4611 Duran Vent V 2467 Durango Res V 11665 Dynacor Gold M T 1446 Dynasty Gold V 2400 Dynasty Met&Mn T 186 Eagle Hill Exp V 530 Eagle Plains V 2430 East Asia Mnls V 1693 Eastern Platin T 3336 Eastfield Res V 255 Eastmain Res T 6677 Eco Oro Mnls T 848 Ecuador G & C V 2180 El Tigre Silvr V 1860 Eldorado Gold* N 54984 Eldorado Gold T 109867 Electra Gold V 140 Eloro Minls V 460 Ely Gold & Mnl V 434 Emed Mining T 730 Emgold Mng V 623 Encanto Potash V 6128 Endeavour Mng T 32483 Endeavr Silver T 9879 Endeavr Silve* N 6086 Endurance Gold V 350 Energizer Res T 23116 Energold Drill V 1250 Energy Fuels T 1762 Entourage Mtls V 1306 Entree Gold* X 1252 Entree Gold T 457 Equitas Res V 26649 Equitorial Exp V 1590 Erdene Res Dev T 2968 Erin Ventures V 17322 Eskay Mng V 700 Ethos Gold V 505 Eurasian Minls V 112 Eurasian Mnls* X 1049 Eureka Res V 30 EurOmax Res V 405 Europn Uran Rs V 180 Everton Res V 1041 Evolving Gold C 468 Evrim Res V 480 Excellon Res T 1324 Excelsior Mng V 4687 Exeter Res* X 1438 Exeter Res T 305 Explor Res V 1906 Faircourt Gold T 297 Fairmont Res V 452 Falco Res V 7927 Falcon Gold V 460 Fancamp Expl V 640 Fieldex Expl V 3585 Finlay Minrls V 1283 Firesteel Res V 787 Firestone Vent V 2400 First Bauxite V 184 First Lithium V 500 First Majesti* N 80062 First Majestic T 42819 First Mexican V 1480 First Nickel T 1050 First Point T 1410 First Quantum T 282373 Fission 3.0 V 7037 Fjordland Exp V 840 Flinders Res V 711 Focus Graphite V 11232 Focus Vnt V 1674 Foraco Intl T 50 Foran Mng V 365 Formation Mtls T 5164 Forsys Metals T 125 Fort St J Nick V 50 Fortuna Silver T 12238 Fortuna Silvr* N 10380 Fortune Bay T 1651 Fortune Mnrls T 9973 Forum Uranium V 1536 Franco-Nevada* N 63085 Franco-Nevada T 41264 Freegold Vent T 655 Freeport McMo* N 1962633 Frontier Rr Er T 380 Frontline Gold V 2500 Full Metal Mnl V 58

0.06 0.05 0.06 0.00 0.10 0.03 0.04 0.04 0.04 0.00 0.11 0.02 0.15 0.12 0.14 0.00 0.42 0.09 0.08 0.07 0.07 0.00 0.14 0.05 0.11 0.08 0.09 - 0.01 0.55 0.06 0.14 0.12 0.13 0.00 1.25 0.12 12.55 11.82 12.45 + 0.21 20.30 11.68 16.35 15.34 16.28 + 0.31 24.60 14.35 0.02 0.02 0.02 - 0.01 0.10 0.02 0.13 0.08 0.13 + 0.06 0.25 0.07 0.01 0.01 0.01 + 0.01 0.03 0.01 2.24 1.97 2.04 - 0.01 5.70 1.93 0.02 0.02 0.02 0.00 0.04 0.01 0.04 0.03 0.04 + 0.01 0.12 0.03 1.77 1.69 1.76 + 0.03 2.59 1.41 0.02 0.02 0.02 0.00 0.03 0.01 0.55 0.48 0.52 - 0.01 1.74 0.48 0.78 0.72 0.77 + 0.07 0.93 0.29 0.06 0.05 0.06 + 0.01 0.08 0.05 0.02 0.02 0.02 0.00 0.05 0.01 1.38 1.22 1.28 - 0.03 2.26 0.79 0.03 0.03 0.03 0.00 0.05 0.03 0.34 0.29 0.34 + 0.01 0.62 0.17 0.56 0.50 0.54 - 0.01 0.95 0.14 0.03 0.02 0.02 0.00 0.08 0.02 0.08 0.07 0.07 - 0.01 0.50 0.07 3.47 3.09 3.44 + 0.14 8.59 3.02 4.55 3.99 4.50 + 0.18 9.68 3.94 0.09 0.09 0.09 - 0.01 0.15 0.05 0.14 0.13 0.13 + 0.01 0.25 0.04 0.04 0.04 0.04 + 0.01 0.11 0.03 0.09 0.08 0.08 - 0.01 0.16 0.06 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 0.47 0.51 + 0.02 1.00 0.38 1.94 1.70 1.81 - 0.05 7.06 1.64 1.50 1.32 1.37 - 0.07 6.44 1.26 0.03 0.03 0.03 - 0.01 0.10 0.03 0.08 0.05 0.08 + 0.01 0.31 0.05 0.66 0.51 0.66 + 0.15 1.70 0.51 5.55 4.98 5.03 - 0.53 9.00 4.88 0.06 0.05 0.05 0.00 0.22 0.05 0.30 0.23 0.27 + 0.00 0.51 0.08 0.39 0.32 0.36 + 0.04 0.66 0.18 0.10 0.09 0.10 + 0.01 0.14 0.03 0.11 0.11 0.11 - 0.01 0.26 0.07 0.15 0.12 0.15 + 0.03 0.17 0.09 0.08 0.05 0.05 - 0.02 0.10 0.04 0.15 0.12 0.12 0.00 0.20 0.05 0.15 0.14 0.14 + 0.01 0.20 0.11 0.61 0.55 0.59 - 0.01 0.97 0.55 0.48 0.42 0.48 + 0.02 0.89 0.40 0.08 0.08 0.08 - 0.01 0.16 0.02 0.45 0.45 0.45 0.00 0.57 0.17 0.01 0.01 0.01 0.00 0.04 0.01 0.04 0.03 0.03 + 0.01 0.11 0.02 0.10 0.08 0.09 + 0.02 0.21 0.01 0.13 0.11 0.12 - 0.02 0.45 0.11 0.46 0.37 0.43 + 0.01 1.44 0.37 0.29 0.25 0.29 + 0.03 0.39 0.19 0.40 0.35 0.39 + 0.02 0.79 0.35 0.50 0.46 0.50 + 0.01 0.90 0.45 0.06 0.05 0.06 0.00 0.09 0.04 3.50 3.10 3.34 + 0.32 5.08 2.90 0.07 0.06 0.07 - 0.01 0.30 0.06 0.34 0.30 0.32 0.00 0.78 0.29 0.05 0.04 0.05 + 0.01 0.25 0.04 0.04 0.03 0.04 0.00 0.07 0.03 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.02 0.03 + 0.01 0.05 0.02 0.02 0.02 0.02 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.06 0.06 0.06 + 0.01 0.10 0.04 0.28 0.28 0.28 0.00 0.50 0.20 3.46 3.01 3.07 - 0.52 11.22 3.01 4.50 3.92 4.01 - 0.67 12.27 3.81 0.03 0.02 0.03 + 0.01 0.06 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.05 0.05 0.05 0.00 0.16 0.04 12.02 9.71 10.45 - 1.56 27.29 9.71 0.10 0.08 0.09 + 0.01 0.14 0.06 0.03 0.03 0.03 0.00 0.05 0.01 0.17 0.13 0.17 + 0.04 1.18 0.12 0.18 0.13 0.18 + 0.03 0.69 0.13 0.22 0.20 0.20 - 0.01 0.29 0.16 0.23 0.20 0.23 + 0.02 0.77 0.15 0.15 0.14 0.15 + 0.01 0.48 0.13 0.12 0.09 0.10 - 0.02 0.27 0.09 0.21 0.16 0.17 - 0.01 0.38 0.15 0.01 0.01 0.01 - 0.01 0.03 0.01 3.67 3.33 3.64 + 0.19 6.45 3.12 2.82 2.54 2.78 + 0.12 5.90 2.39 0.43 0.34 0.35 + 0.01 0.43 0.24 0.03 0.02 0.03 0.00 0.42 0.02 0.07 0.06 0.07 + 0.01 0.22 0.05 41.91 39.47 40.54 - 0.25 61.47 38.20 54.58 51.35 53.10 - 0.16 74.10 49.96 0.10 0.08 0.09 0.00 0.24 0.08 12.69 11.16 11.75 - 0.54 38.01 11.16 0.17 0.16 0.17 + 0.01 0.42 0.15 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.04 0.04 0.00 0.40 0.04

Gabriel Res T 13052 Galane Gold V 2021 Galantas Gold V 356 Galway Gold V 1438 Galway Mtls V 45 GAMCO Glb Gld* X 29420 Garibaldi Res V 7232 Gem Intl Res V 850 General Moly* X 2225 Geodex Mnrls V 3440 Geodrill T 188 Geologix Ex T 787 Geomega Res V 2058 Georox Res V 2064 Getty Copper V 150 GGL Res V 1509 Giyani Gold V 2534 Glen Eagle Res V 677 Glenmark Cap V 2400 Global Hunter V 296 Globex Mng T 95 GMV Minerals V 221 Gobimin V 35 GoGold Res T 1030 Gold Bulln Dev V 3845 Gold Canyon V 8634 Gold Fields* N 218687 Gold Mtn Mng V 46 Gold Reach Res V 556 Gold Reserve V 322 Gold Resource* X 20801 Gold Std Vnt V 2108 Gold Std Vnt* X 2437 Goldcorp T 144102 Goldcorp* N 642769 Golden Arrow R V 706 Golden Band V 36605 Golden Dawn Ml V 3573 Golden Hope V 77 Golden Mnls T 524 Golden Mnls* X 5540 Golden Peak Mn V 1070 Golden Predatr V 117 Golden Queen T 1482 Golden Reign R V 730 Golden Share M V 3818 Golden Star T 2741 Golden Star* X 34714 Golden Tag V 760

0.48 0.40 0.44 + 0.04 1.15 0.25 0.10 0.10 0.10 - 0.01 0.30 0.10 0.12 0.11 0.11 - 0.01 0.18 0.05 0.08 0.06 0.07 + 0.01 0.12 0.05 0.13 0.12 0.12 - 0.02 0.17 0.10 5.42 5.15 5.27 - 0.01 11.09 5.12 0.06 0.05 0.06 + 0.01 0.31 0.05 0.05 0.05 0.05 + 0.01 0.26 0.05 0.57 0.48 0.56 + 0.05 1.13 0.26 0.02 0.02 0.02 - 0.01 0.10 0.01 0.68 0.55 0.68 + 0.11 0.99 0.46 0.03 0.03 0.03 - 0.01 0.09 0.03 0.14 0.11 0.12 - 0.02 0.41 0.11 0.10 0.08 0.10 + 0.02 0.14 0.05 0.03 0.03 0.03 + 0.01 0.08 0.02 0.03 0.02 0.03 0.00 0.10 0.02 0.10 0.07 0.08 - 0.02 0.42 0.05 0.05 0.05 0.05 - 0.01 0.20 0.05 0.10 0.09 0.09 - 0.02 0.72 0.08 0.03 0.02 0.02 0.00 0.09 0.02 0.18 0.18 0.18 - 0.02 0.29 0.14 0.14 0.10 0.12 - 0.02 0.26 0.06 0.42 0.40 0.40 - 0.01 0.51 0.40 1.47 1.39 1.39 - 0.02 1.84 1.33 0.02 0.02 0.02 - 0.01 0.08 0.02 0.13 0.11 0.12 0.00 0.42 0.09 3.05 2.58 2.76 - 0.16 6.01 2.58 0.07 0.07 0.07 0.00 0.24 0.07 0.18 0.15 0.18 - 0.01 0.74 0.13 4.78 3.90 3.90 - 0.72 5.39 2.48 2.33 2.13 2.21 - 0.04 6.35 1.99 0.55 0.44 0.54 + 0.09 0.80 0.40 0.43 0.33 0.42 + 0.07 0.74 0.26 17.76 16.23 17.45 + 0.10 32.32 16.16 13.65 12.47 13.28 0.00 29.65 12.35 0.32 0.27 0.30 + 0.01 0.50 0.17 0.01 0.01 0.01 0.00 0.02 0.01 0.16 0.14 0.15 + 0.01 0.30 0.01 0.55 0.53 0.53 - 0.01 0.64 0.08 0.40 0.33 0.38 + 0.05 1.43 0.31 0.32 0.25 0.31 + 0.05 1.30 0.23 0.06 0.06 0.06 - 0.01 0.18 0.04 0.08 0.08 0.08 - 0.01 0.18 0.07 0.80 0.72 0.80 + 0.07 1.71 0.65 0.08 0.07 0.07 - 0.01 0.20 0.05 0.02 0.02 0.02 - 0.01 0.04 0.01 0.36 0.29 0.30 - 0.01 0.62 0.20 0.28 0.22 0.23 - 0.02 0.57 0.16 0.03 0.03 0.03 + 0.01 0.10 0.02

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Golden Val Min V 3592 Goldex Res V 1735 Goldeye Expl V 2667 Goldfield* X 2399 Goldgroup Mng T 8968 GoldQuest Mng V 3239 Goldrock Mines V 520 Goldrush Res V 2735 Goldsource Min V 1063 Goldstrike Res V 7908 Gonzaga Res V 15 Gossan Res V 40 Gowest Gold V 5552 Gran Colombia T 1092 Grande Portage V 4950 Granite Ck Gld V 87 Graphite One R V 3430 Gray Rock Res V 80 Great Atlantic V 1400 Great Panther* X 8800 Great Panther T 2341 Great Quest Me V 269 Green Valley M V 50 Greencastle Rs V 450 Gresham Res V 9014 Grizzly Discvr V 5665 Groundstar Res V 525 GTA Res & Mng V 150 Gunpoint Expl V 238 Guyana Gldflds T 8996 GWR Res V 2100 Happy Ck Minls V 743 Harmony Gold* N 88192 Harte Gold T 5183 Harvest Gold V 1880 Heatherdale Rs V 152 Hecla Mining* N 298216 Helio Res V 2160 Hi-Crush Part* N 3678 Highbank Res V 14626 Highland Res V 19815 Hinterland Mtl V 138 Homestake Res V 270 Horizns G Bear T 65498 Horizns G Bull T 104406 Horizonte Mnls T 1685 Hornby Bay Mnl V 20 Houston Lake V 393 HudBay Minls T 64082 HudBay Mnls* N 1083 Hudson Res V 3232 Hunt Mng V 390

0.12 0.10 0.12 + 0.01 0.22 0.08 0.03 0.02 0.02 - 0.01 0.08 0.02 0.05 0.04 0.04 0.00 0.09 0.04 1.50 1.28 1.40 - 0.08 2.85 1.20 0.09 0.08 0.09 + 0.01 0.24 0.07 0.13 0.11 0.12 0.00 0.27 0.07 0.17 0.15 0.16 + 0.01 0.48 0.15 0.02 0.02 0.02 - 0.01 0.03 0.01 0.17 0.15 0.16 + 0.01 0.27 0.13 0.17 0.14 0.15 - 0.01 0.30 0.05 0.04 0.04 0.04 - 0.01 0.15 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.07 0.05 0.06 0.00 0.10 0.05 0.27 0.24 0.24 - 0.03 1.66 0.24 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 0.00 0.10 0.02 0.08 0.08 0.08 - 0.01 0.18 0.07 0.03 0.03 0.03 0.00 0.15 0.02 0.09 0.08 0.09 + 0.02 0.30 0.06 0.35 0.32 0.35 + 0.01 1.38 0.30 0.46 0.42 0.46 + 0.02 1.49 0.40 0.52 0.44 0.49 - 0.02 1.96 0.25 0.01 0.01 0.01 0.00 0.01 0.01 0.06 0.06 0.06 0.00 0.10 0.05 0.86 0.81 0.84 - 0.03 0.95 0.52 0.08 0.05 0.07 0.00 0.10 0.02 0.05 0.04 0.04 - 0.01 0.19 0.03 0.04 0.04 0.04 0.00 0.11 0.04 0.16 0.15 0.15 0.00 0.25 0.14 3.75 3.52 3.63 + 0.03 4.14 2.15 0.04 0.04 0.04 - 0.01 0.05 0.01 0.13 0.11 0.12 + 0.01 0.17 0.09 1.09 0.94 1.00 - 0.08 3.23 0.94 0.06 0.05 0.06 + 0.01 0.34 0.04 0.03 0.02 0.02 - 0.01 0.06 0.02 0.03 0.03 0.03 - 0.01 0.09 0.03 2.24 2.02 2.10 - 0.07 3.54 1.98 0.03 0.03 0.03 0.00 0.08 0.02 19.55 17.04 17.27 - 0.07 71.74 17.04 0.21 0.10 0.19 + 0.09 0.34 0.09 0.13 0.10 0.13 + 0.03 0.56 0.10 0.02 0.02 0.02 0.00 0.04 0.01 0.02 0.02 0.02 - 0.01 0.10 0.02 19.10 16.72 17.76 + 0.14 24.65 8.50 3.51 3.05 3.25 - 0.11 11.37 2.95 0.06 0.04 0.06 + 0.03 0.11 0.04 0.07 0.07 0.07 - 0.01 0.10 0.03 0.20 0.19 0.20 0.00 0.20 0.07 8.70 7.57 8.43 - 0.20 12.61 7.50 6.64 5.82 6.44 - 0.15 10.86 5.82 0.55 0.43 0.47 + 0.03 0.55 0.22 0.03 0.03 0.03 0.00 0.40 0.03

I-Minerals V 670 Iamgold* N 63013 Iamgold T 115026 IBC Adv Alloys V 7196 IC Potash T 8372 Iconic Mnls V 1327 IMPACT Silver V 1029 Imperial Metal T 679 Inca One Res V 2258 Independence G V 974 Indico Res V 1370 Indigo Expl V 370 Inspiration Mg T 2345 Integra Gold V 19776 Intigold Mines V 110 Intl Lithium V 896 Intl Montoro R V 7179 Intl Northair V 4684 Intl Samuel Ex V 1262 Intl Tower Hi* X 383 Intl Tower Hil T 555 Intl Vestr Res V 3260 Intrepid Pots* N 18629 INV Metals T 815 Iron Tank Res V 250 ISh COMEX G Tr T 510 Ivanhoe Mines T 58531 Ivernia T 77954 J.A.G. Mines V 1047 Jaguar Mng V 1961 Jaxon Mnls V 4430 Jazz Res V 50 Kaminak Gold V 5647 Karmin Expl V 283 Karnalyte Res T 283 Katanga Mng T 1925 Kazax Mnls V 110 Kennady Diam V 669 Kermode Res V 140 Kesselrun Res V 4480 Kestrel Gold V 45 Kettle River V 110 Khalkos Expl V 1520 Khan Res C 3151 Kilo Goldmines V 3350 Kincora Copper V 4503 Kings Bay Gold V 10 Kinross Gold T 147613 Kinross Gold* N 516750 Kirkland Lk Gd T 13871 Kiska Metals V 2960 Kivalliq Enrgy V 3943 Klondex Mns T 7383 Klondike Gold V 532 Klondike Silv V 93 Kobex Mnls V 2903 Kombat Copper V 14410 Kootenay Gold V 2041

0.28 0.28 0.28 + 0.01 0.31 0.14 1.60 1.32 1.52 + 0.14 4.10 1.16 2.09 1.72 1.99 + 0.18 4.48 1.50 0.15 0.13 0.14 - 0.02 0.25 0.09 0.16 0.13 0.16 0.00 0.31 0.13 0.05 0.03 0.05 + 0.01 0.10 0.03 0.17 0.15 0.16 0.00 0.62 0.14 8.19 7.64 8.00 0.00 16.99 7.30 0.17 0.14 0.15 - 0.01 0.29 0.12 0.08 0.07 0.08 + 0.01 0.13 0.07 0.09 0.08 0.09 - 0.01 0.16 0.02 0.01 0.01 0.01 - 0.01 0.03 0.01 0.10 0.05 0.09 + 0.04 0.73 0.04 0.26 0.23 0.25 + 0.01 0.36 0.14 0.19 0.19 0.19 - 0.02 0.32 0.03 0.04 0.03 0.04 + 0.01 0.06 0.02 0.08 0.05 0.08 + 0.03 0.11 0.05 0.05 0.04 0.05 + 0.01 0.17 0.04 0.01 0.01 0.01 0.00 0.03 0.01 0.25 0.21 0.24 + 0.02 0.73 0.20 0.31 0.27 0.31 + 0.02 0.80 0.26 0.03 0.02 0.02 - 0.01 0.30 0.02 8.96 7.91 8.54 - 0.46 16.75 7.91 0.13 0.13 0.13 + 0.01 0.38 0.12 0.04 0.04 0.04 - 0.01 0.19 0.02 13.85 13.57 13.80 - 0.11 15.78 12.61 0.76 0.64 0.71 + 0.08 1.58 0.62 0.02 0.01 0.01 - 0.01 0.14 0.01 0.03 0.03 0.03 0.00 0.06 0.03 0.17 0.13 0.16 + 0.02 0.87 0.13 0.03 0.02 0.02 - 0.01 0.07 0.02 0.15 0.15 0.15 + 0.03 0.18 0.03 0.70 0.61 0.65 0.00 1.15 0.53 0.36 0.31 0.33 0.00 0.50 0.21 0.70 0.67 0.67 - 0.06 1.28 0.65 0.24 0.17 0.23 + 0.06 0.54 0.17 0.04 0.04 0.04 0.00 0.06 0.02 4.00 3.44 3.68 - 0.23 8.18 3.02 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.03 0.04 0.00 0.06 0.01 0.04 0.04 0.04 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.10 0.09 0.10 - 0.01 0.12 0.06 0.60 0.50 0.60 + 0.01 0.80 0.31 0.06 0.05 0.06 + 0.01 0.22 0.05 0.03 0.02 0.03 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.02 0.01 2.45 2.17 2.40 + 0.18 4.54 2.10 1.87 1.67 1.82 + 0.13 4.18 1.60 5.18 4.61 4.78 - 0.04 6.88 2.79 0.02 0.02 0.02 0.00 0.10 0.02 0.10 0.09 0.09 - 0.01 0.23 0.09 3.07 2.84 3.05 + 0.01 3.50 1.68 0.10 0.09 0.10 + 0.01 0.28 0.08 0.03 0.02 0.03 + 0.01 0.07 0.02 0.50 0.49 0.49 0.00 0.63 0.46 0.05 0.04 0.05 + 0.01 0.11 0.04 0.34 0.28 0.28 - 0.02 0.56 0.25

Labdr I-Ore Ro T 11956 Lago Dourado M V 40 Lake Shore Gd* X 13596 Lake Shore Gld T 48401 Lakeland Res V 6246 Lara Expl V 722 Laramide Res T 3251 Largo Res V 920 Latin Am Mnls V 4603 Laurion Mnl Ex V 95183 Legend Gold V 310 Letho Res V 170 Lexam VG Gold T 4287 Lion One Mtls V 445 Lithium Americ T 59547 Lomiko Mtls V 9140 Loncor Res T 215 Lorraine Coppr V 1224 Los Andes Copp V 287 Lowell Copper V 175 Lucara Diam T 12962 Luna Gold T 1297 Lundin Mng T 147892 Lydian Intl T 887

13.92 11.83 13.53 + 1.04 31.28 10.81 0.07 0.07 0.07 0.00 0.20 0.05 0.92 0.82 0.84 - 0.06 1.28 0.60 1.19 1.08 1.10 - 0.05 1.40 0.70 0.04 0.03 0.03 - 0.01 0.16 0.03 0.25 0.21 0.22 - 0.04 0.84 0.21 0.24 0.23 0.23 - 0.01 0.61 0.21 0.69 0.62 0.66 + 0.01 3.60 0.62 0.02 0.01 0.01 0.00 0.21 0.01 0.02 0.02 0.02 0.00 0.03 0.01 0.04 0.04 0.04 0.00 0.27 0.04 0.13 0.13 0.13 + 0.02 0.18 0.05 0.11 0.08 0.08 + 0.01 0.15 0.06 0.43 0.35 0.39 - 0.01 0.60 0.17 0.38 0.29 0.38 + 0.04 0.49 0.24 0.05 0.04 0.05 0.00 0.11 0.04 0.05 0.04 0.05 + 0.01 0.13 0.03 0.06 0.05 0.06 0.00 0.12 0.03 0.19 0.16 0.17 0.00 0.25 0.12 0.35 0.25 0.25 - 0.10 0.62 0.21 2.11 1.98 2.00 - 0.15 2.83 1.60 0.08 0.07 0.07 0.00 1.08 0.07 4.82 4.32 4.72 + 0.19 6.56 3.68 0.42 0.39 0.40 - 0.01 1.20 0.39

MacDonald Mns V 5005 MacMillan Mnls V 1100 Mag Silver T 5924 Mag Silver* X 313 Magellan Minls V 2359 Mainstream Mnl V 1000 Majescor Res V 470 Majestic Gold V 3323 Major Drilling T 10992 Makena Res V 522 Malbex Res V 21621 Mammoth Res V 1000

0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.01 0.00 0.02 0.01 9.45 8.59 9.31 + 0.44 11.00 6.56 7.23 6.59 7.11 + 0.32 9.63 5.60 0.06 0.05 0.06 + 0.01 0.13 0.05 0.01 0.01 0.01 0.00 0.01 0.01 0.05 0.04 0.04 - 0.01 0.07 0.03 0.06 0.05 0.05 - 0.01 0.08 0.03 4.87 4.41 4.58 - 0.03 9.41 4.41 0.03 0.03 0.03 - 0.01 0.06 0.02 0.04 0.04 0.04 0.00 0.06 0.01 0.01 0.01 0.01 0.00 0.07 0.01

I-J-K

L

M

15-08-05 8:23 PM

THE NORTHERN MINER AUGUST 10-16, 2015 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Mandalay Res T 5720 Manitou Gold V 380 Manson Creek V 570 Marathon Gold T 4725 Marengo Mng T 1420 Margaret Lk Di V 250 Marifil Mines V 4000 Maritime Res V 20 Marlin Gold V 235 Mason Graphite V 3226 Matamec Expl V 1550 Mawson Res T 492 Mawson West T 7448 Max Res V 1116 Maya Gold & Si V 1335 MBAC Fertilizr T 229502 McChip Res V 99 McEwen Mng* N 10158 McEwen Mng T 5377 MDN Inc T 3988 MDU Res* N 83528 Meadow Bay Gd T 28567 Mechel* N 14827 Medallion Res V 8961 Mega Copper V 31 Mega Uranium T 23983 Megastar Dev V 70 Melior Res V 6231 Melkior Res V 840 Merrex Gold V 2155 Mesa Expl V 1946 Mesabi Trust* N 3209 Metalcorp V 100 Metalex Vent V 18390 Metallis Res V 1960 Metalore Res T 4 Metals Ck Res V 4798 Metanor Res V 69813 Micrex Devel V 1000 Midas Gold T 4028 Midland Expl V 79 Midnight Sun M V 70 Migao T 319 Mill City Intl V 560 Millrock Res V 26 Millstream Min V 80 Minas Buenavn* N 81767 Minaurum Gold V 100 Minco Gold* X 2784 Minco Gold T 161 Minco Silver T 1488 Mindoro Res V 1000 Minera IRL T 581 Mineral Mtn Rs V 6835 Mines Managem* X 2754 Mines Managmnt T 46 Minsud Res V 1365 Miranda Gold V 890 Mirasol Res V 186 Mkango Res V 1500 Moneta Porcpn T 12746 Monument Mng V 3315 Mosaic* N 225227 Mountain Boy M V 1524 Mountain Prov T 1162 MPH Vent V 230 MPVC V 6596 Mundoro Cap V 539 Musgrove Mnls V 145 Mustang Minls V 3030

0.84 0.74 0.80 - 0.04 1.22 0.74 0.04 0.03 0.03 0.00 0.06 0.01 0.02 0.02 0.02 0.00 0.15 0.01 0.25 0.19 0.25 + 0.04 0.65 0.19 0.01 0.01 0.01 0.00 0.02 0.01 0.14 0.11 0.14 + 0.02 0.50 0.11 0.02 0.01 0.02 + 0.01 0.03 0.01 0.10 0.10 0.10 - 0.05 0.24 0.08 0.49 0.42 0.42 + 0.04 1.35 0.38 0.46 0.40 0.42 + 0.03 0.83 0.37 0.04 0.03 0.04 0.00 0.08 0.02 0.19 0.16 0.17 - 0.02 0.37 0.15 0.03 0.03 0.03 - 0.01 0.40 0.02 0.06 0.05 0.06 + 0.01 0.43 0.04 0.25 0.22 0.23 - 0.01 0.45 0.19 0.08 0.03 0.04 - 0.04 0.40 0.01 0.95 0.90 0.90 - 0.12 1.64 0.85 0.86 0.68 0.73 - 0.05 2.95 0.65 1.12 0.88 0.97 + 0.01 3.22 0.84 0.04 0.02 0.04 + 0.01 0.09 0.02 19.65 18.20 19.51 + 1.16 33.27 18.08 0.21 0.18 0.21 + 0.01 0.31 0.10 1.00 0.90 0.97 - 0.02 2.10 0.42 0.03 0.02 0.03 + 0.01 0.13 0.01 0.03 0.03 0.03 0.00 0.14 0.02 0.09 0.07 0.08 0.00 0.27 0.07 0.03 0.03 0.03 0.00 0.07 0.03 0.05 0.04 0.04 - 0.01 0.14 0.04 0.03 0.02 0.02 0.00 0.06 0.02 0.18 0.15 0.15 - 0.02 0.24 0.05 0.03 0.02 0.02 0.00 0.05 0.02 11.47 9.47 10.80 + 0.94 21.93 9.08 0.01 0.01 0.01 + 0.01 0.01 0.01 0.06 0.05 0.05 - 0.01 0.15 0.03 0.04 0.04 0.04 0.00 0.19 0.01 2.85 2.85 2.85 0.00 3.72 2.41 0.08 0.01 0.08 0.00 0.28 0.01 0.06 0.04 0.05 - 0.01 0.15 0.04 0.02 0.02 0.02 - 0.01 0.05 0.01 0.35 0.32 0.34 + 0.01 0.81 0.31 0.69 0.61 0.63 - 0.05 0.97 0.58 0.14 0.12 0.14 0.00 0.25 0.10 0.73 0.69 0.72 0.00 1.70 0.58 0.14 0.12 0.14 + 0.04 0.20 0.06 0.23 0.22 0.23 + 0.03 0.75 0.20 0.04 0.04 0.04 0.00 0.08 0.01 8.01 6.86 7.12 - 0.56 14.82 6.86 0.08 0.08 0.08 - 0.01 0.11 0.05 0.22 0.18 0.20 + 0.01 0.44 0.18 0.27 0.24 0.27 + 0.01 0.48 0.23 0.52 0.47 0.49 + 0.02 1.14 0.45 0.01 0.01 0.01 + 0.01 0.06 0.01 0.08 0.07 0.08 + 0.01 0.21 0.04 0.03 0.03 0.03 - 0.01 0.08 0.02 0.60 0.35 0.52 + 0.17 0.91 0.30 0.70 0.48 0.68 + 0.27 1.00 0.40 0.09 0.09 0.09 0.00 0.09 0.03 0.09 0.08 0.08 0.00 0.16 0.07 0.85 0.82 0.84 + 0.02 1.39 0.82 0.03 0.02 0.03 + 0.01 0.24 0.02 0.09 0.08 0.08 + 0.01 0.09 0.04 0.10 0.09 0.09 - 0.01 0.23 0.09 43.30 42.00 42.94 + 0.05 53.83 40.32 0.01 0.01 0.01 + 0.01 0.03 0.01 4.50 4.30 4.39 + 0.05 6.08 4.10 0.06 0.05 0.05 - 0.01 0.08 0.04 0.03 0.02 0.03 + 0.01 0.12 0.02 0.10 0.10 0.10 0.00 0.30 0.10 0.10 0.07 0.10 - 0.01 0.71 0.07 0.02 0.01 0.01 0.00 0.03 0.01

Namibia Rare E T 504 Natural Rs Pt* N 5131 Nautilus Minls T 1557 Nebu Res V 85 Nemaska Lith V 13756 Nevada Clean M V 1770 Nevada Copper T 3894 Nevada Sunrise V 1738 Nevado Res V 140 Nevsun Res T 16276 Nevsun Res* X 12989 New Carolin Gd V 640 New Destiny Mg V 50 New Gold T 66026 New Gold* X 203192 New Millennium V 5477 New Milln Iron T 3361 New Nadina V 1115 New Oroperu Rs V 520 New Pac Metals T 164 New World Res V 16 Newmac Res V 35 Newmont Mng* N 513890 Newport Expl V 10290 Newstrike Res V 255 NGEx Res T 644 Nighthawk Gold V 1040 Nikos Expl V 470 Niogold Mng V 2214 Nippon Dragon V 4424 Nitinat Mnls V 195 Noble Metal Gr V 2440 Noble Mnl Expl V 180 Noka Res V 2870 Nomad Ventures V 5634 Noram Vent V 3090 Nordex V 472 Noront Res V 1514 North Am En P* N 681 North Am En Pa T 1373 North Am Nickl V 270 North Am Pall T 119198 North Am Tung V 3668 North Arrow Mn V 2173 North Country V 7316 Northcliff Res T 779 Northern Abiti V 72 Northern Dyn* X 1658 Northern Dyn M T 795 Northern Freeg V 182 Northern Gld M V 5510 Northern Graph V 2414 Northern Iron V 40 Northern Shiel V 4307 Northern Sup R V 220 Northern Vertx V 260 Northisle C&G V 73 Northquest V 20 NovaCopper T 1854 NovaCopper* X 4979 NovaGold Res T 9957 NovaGold Res* X 55215 Nubian Res V 200 NuLegacy Gold V 1159 Nunavik Nickel V 22 NV Gold V 1730 NWM Mng V 50 Oban Mng T 5001 OceanaGold T 90894 Oceanic Iron O V 1120 Oceanus Res V 100 Odin Mng & Exp V 357 Olivut Res V 971 Olympic Res V 830 OM Group* N 29383 Omineca Mg&Mtl V 62 Opawica Expl V 83 Opta Minls T 285 Oracle Mng T 480 Orbit Garant D T 185 Orbite Alumnae T 58106 Orca Gold V 1394 Orefinders Res V 100 Orestone Mng V 5000 Orex Expl V 5480 Orex Minls V 496 Orezone Gold T 6470 Orocobre T 102 Orosur Mng T 124 Orvana Mnrls T 2551 Otis Gold V 2675

0.12 0.08 0.12 + 0.01 0.25 0.08 3.25 2.57 3.00 + 0.27 16.89 2.29 0.41 0.37 0.41 + 0.01 0.56 0.34 0.02 0.02 0.02 - 0.01 0.10 0.01 0.20 0.18 0.20 + 0.02 0.25 0.12 0.05 0.04 0.05 + 0.01 0.07 0.03 1.18 1.04 1.10 - 0.05 2.48 1.04 0.18 0.14 0.18 + 0.01 0.92 0.14 0.04 0.03 0.03 0.00 0.07 0.02 4.50 4.14 4.20 - 0.09 5.35 3.61 3.46 3.18 3.20 - 0.09 4.51 3.16 0.05 0.04 0.04 0.00 0.08 0.02 0.01 0.01 0.01 - 0.01 0.06 0.01 2.96 2.72 2.89 + 0.04 7.15 2.65 2.28 2.08 2.20 + 0.01 6.61 2.03 0.13 0.10 0.11 - 0.01 0.58 0.10 0.10 0.09 0.10 + 0.01 0.37 0.09 0.01 0.01 0.01 0.00 0.03 0.01 0.11 0.10 0.11 + 0.01 0.25 0.07 0.18 0.16 0.16 0.00 0.28 0.14 0.03 0.03 0.03 0.00 0.12 0.01 0.15 0.13 0.15 + 0.02 0.40 0.10 18.15 17.05 17.17 - 0.63 27.90 17.05 0.29 0.23 0.28 + 0.03 0.49 0.22 0.03 0.03 0.03 0.00 0.07 0.02 0.75 0.75 0.75 - 0.03 2.22 0.70 0.09 0.09 0.09 - 0.01 0.60 0.09 0.04 0.04 0.04 + 0.01 0.15 0.03 0.38 0.29 0.35 0.00 0.43 0.22 0.06 0.05 0.05 - 0.01 0.13 0.05 0.04 0.04 0.04 0.00 0.09 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.04 0.04 0.00 0.55 0.04 0.03 0.02 0.03 0.00 0.07 0.02 0.02 0.01 0.01 + 0.01 0.04 0.01 0.11 0.09 0.11 + 0.01 0.45 0.09 0.44 0.38 0.43 + 0.04 0.67 0.25 2.09 1.86 1.89 - 0.18 7.41 1.86 2.70 2.27 2.48 - 0.21 8.10 2.27 0.22 0.19 0.21 + 0.01 0.63 0.18 0.03 0.02 0.02 - 0.01 0.47 0.02 0.01 0.01 0.01 + 0.01 0.09 0.01 0.40 0.33 0.40 0.00 1.34 0.33 0.10 0.09 0.10 0.00 0.14 0.03 0.12 0.11 0.11 - 0.01 0.29 0.11 0.01 0.01 0.01 0.00 0.02 0.01 0.35 0.29 0.32 - 0.01 0.89 0.28 0.44 0.38 0.41 0.00 0.95 0.37 0.05 0.04 0.04 - 0.01 0.40 0.04 0.02 0.02 0.02 0.00 0.05 0.02 0.45 0.36 0.38 - 0.07 1.44 0.36 0.02 0.02 0.02 0.00 0.05 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.04 0.02 0.22 0.21 0.21 0.00 0.35 0.09 0.02 0.02 0.02 - 0.01 0.10 0.02 0.11 0.11 0.11 + 0.01 0.17 0.07 0.54 0.46 0.47 - 0.05 1.35 0.46 0.41 0.35 0.36 - 0.03 1.25 0.35 4.31 3.85 4.00 - 0.13 5.22 2.65 3.32 2.96 3.05 - 0.13 4.25 2.33 0.01 0.01 0.01 - 0.01 0.03 0.01 0.15 0.13 0.14 + 0.01 0.18 0.06 0.06 0.06 0.06 - 0.01 0.18 0.05 0.02 0.02 0.02 + 0.01 0.39 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.12 0.09 0.11 + 0.02 0.17 0.07 2.86 2.20 2.26 - 0.45 3.67 1.70 0.09 0.09 0.09 - 0.01 0.30 0.09 0.20 0.17 0.20 0.00 0.52 0.17 0.25 0.21 0.25 0.00 0.70 0.21 0.11 0.09 0.09 0.00 0.30 0.08 0.12 0.12 0.12 0.00 0.32 0.03 33.97 33.57 33.88 - 0.12 35.00 21.87 0.04 0.03 0.03 - 0.01 0.11 0.02 0.01 0.01 0.01 - 0.01 0.06 0.01 0.76 0.75 0.76 - 0.09 2.35 0.65 0.02 0.02 0.02 - 0.01 0.12 0.02 0.90 0.84 0.90 + 0.02 1.56 0.84 0.28 0.22 0.25 + 0.02 0.57 0.20 0.20 0.19 0.20 + 0.01 0.63 0.19 0.01 0.01 0.01 0.00 0.16 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 + 0.01 0.02 0.01 0.18 0.15 0.15 - 0.03 0.43 0.14 0.32 0.29 0.31 0.00 1.07 0.29 1.90 1.81 1.89 + 0.01 3.31 1.81 0.15 0.14 0.14 - 0.02 0.32 0.12 0.25 0.22 0.23 - 0.02 0.53 0.22 0.08 0.06 0.08 + 0.02 0.08 0.02

N-O

TNM August 10 2015 Issue.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

P-Q Pac Bay Mnrls V 90 Pac Booker Min V 139 Pac Booker Mn* X 8 Pac Casc Minls V 145 Pac Coal Res V 70 Pac Iron Ore V 22 Pac North West V 2903 Pac Potash V 152 Pac Ridge Expl V 720 Paget Mnls V 50 Paladin Energy T 17624 Palmer Res V 570 Pan Am Silver T 43139 Pan Am Silver* Q 168734 Pancontl Uran V 180 Panoro Minls V 8612 Parlane Res V 420 PC Gold V 855 Peabody Enrgy* N 854978 Pelangio Expl V 1030 Pele Mtn Res V 2452 Peregrine Diam T 10141 Perseus Mng T 12297 Pershimco Res V 2585

0.05 0.04 0.04 - 0.01 0.07 0.02 2.05 1.80 1.85 - 0.15 6.90 1.33 1.55 1.45 1.48 - 0.06 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 0.00 0.35 0.10 0.02 0.01 0.02 + 0.01 0.06 0.01 0.01 0.01 0.01 - 0.01 0.05 0.01 0.02 0.02 0.02 0.00 0.05 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.22 0.20 0.20 - 0.01 0.45 0.20 0.01 0.01 0.01 - 0.01 0.10 0.01 8.69 7.97 8.15 - 0.24 16.77 7.77 6.68 6.13 6.24 - 0.20 15.34 5.93 0.02 0.02 0.02 0.00 0.04 0.01 0.13 0.12 0.12 - 0.01 0.48 0.12 0.07 0.07 0.07 0.00 0.23 0.03 0.03 0.03 0.03 0.00 0.08 0.03 1.32 0.99 1.20 - 0.04 16.71 0.99 0.03 0.02 0.03 + 0.01 0.06 0.02 0.04 0.04 0.04 + 0.01 0.09 0.03 0.20 0.18 0.19 + 0.01 0.44 0.14 0.35 0.29 0.30 - 0.03 0.48 0.18 0.19 0.15 0.15 0.00 0.37 0.13

ADVANTAGE

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Rugby Mng V 15 Rupert Res V 121 Rusoro Mng V 2000 Russell Metals T 18652 Ryan Gold V 10873 Rye Patch Gold V 1589

0.11 0.10 0.10 - 0.01 0.27 0.06 0.04 0.03 0.03 - 0.01 0.14 0.03 0.04 0.04 0.04 0.00 0.06 0.01 21.15 18.23 19.40 - 1.78 37.63 18.23 0.12 0.11 0.12 + 0.01 0.16 0.10 0.16 0.14 0.16 + 0.02 0.20 0.11

Sabina Gd&Slvr T 2950 Sable Res V 1650 Sage Gold V 60 Saint Jean Car V 12113 Salazar Res V 409 Sama Res V 20 San Marco Res V 848 Sanatana Diam V 12615 Sandspring Res V 10436 Sandstorm Gld* X 28193 Sandstorm Gold T 7027 Santa Fe Metls V 400 Santacruz Silv V 2528 Sarama Res V 384 Satori Res V 13572 Saturn Minls V 22155 Scorpio Gold V 2319

0.40 0.36 0.37 - 0.04 0.89 0.28 0.02 0.02 0.02 - 0.01 0.10 0.01 0.08 0.08 0.08 - 0.01 0.30 0.05 0.03 0.02 0.02 + 0.01 0.04 0.01 0.05 0.04 0.04 - 0.01 0.30 0.04 0.15 0.15 0.15 + 0.01 0.32 0.13 0.04 0.03 0.03 0.00 0.13 0.03 0.03 0.02 0.03 0.00 0.18 0.02 0.11 0.07 0.07 - 0.02 0.30 0.07 2.66 2.33 2.55 + 0.05 7.07 2.20 3.45 3.01 3.33 + 0.11 7.63 2.80 0.01 0.01 0.01 0.00 0.06 0.01 0.17 0.15 0.15 - 0.01 1.00 0.15 0.07 0.07 0.07 - 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 0.11 0.09 0.10 + 0.01 0.24 0.09

S

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www.northernminer.com 0.08 0.06 0.07 + 0.01 0.19 0.05 0.03 0.03 0.03 0.00 0.07 0.03 0.01 0.01 0.01 0.00 0.16 0.01 0.39 0.38 0.38 - 0.02 1.53 0.37 0.10 0.10 0.10 + 0.02 0.50 0.08 0.15 0.11 0.14 + 0.04 0.44 0.06 0.20 0.18 0.20 0.00 0.29 0.10 0.03 0.03 0.03 0.00 0.06 0.03 0.32 0.30 0.30 - 0.01 1.17 0.30 0.40 0.38 0.39 - 0.01 1.29 0.38 0.05 0.04 0.05 + 0.01 0.06 0.01 2.20 1.86 2.00 - 0.20 2.83 1.65 0.96 0.91 0.94 + 0.00 1.37 0.88 1.27 1.15 1.20 0.00 1.75 1.14 27.92 26.63 27.18 - 0.47 37.60 26.63 36.38 34.44 35.58 - 0.56 47.10 34.44 0.10 0.08 0.09 + 0.01 0.25 0.08 2.04 1.78 2.02 + 0.21 3.12 1.61 5.17 4.58 4.98 + 0.24 7.56 4.07 6.72 5.98 6.53 + 0.37 9.05 4.60 3.68 3.27 3.39 - 0.12 8.84 3.25 2.83 2.52 2.58 - 0.11 8.15 2.50 0.38 0.33 0.38 + 0.03 0.56 0.12 0.07 0.05 0.05 - 0.01 0.09 0.03 0.10 0.07 0.08 + 0.01 0.18 0.07 0.03 0.03 0.03 0.00 0.08 0.03 0.03 0.02 0.03 + 0.01 0.10 0.01 0.02 0.01 0.02 0.00 0.06 0.01 0.10 0.08 0.10 - 0.01 0.15 0.04 0.11 0.09 0.10 0.00 0.29 0.09 0.02 0.01 0.01 0.00 0.04 0.01

Rackla Mtls V 81 Radisson Mng V 150 Radius Gold V 599 Rainmaker Res V 550 Rambler Mg&Mtl V 1091 Randgold Res* Q 39367 Randsburg Intl V 400 Range Engy Res C 260 Rapier Gold V 60 Rare Elemnt Rs T 523 Rare Elemt Re* X 3363 Ratel Grp T 100 Rathdowney Res V 580 Red Eagle Mng V 1749 Red Pine Expl V 2735 Red Rock Enrgy V 405 Red Tiger Mng V 360 Redhawk Res T 560 Redstar Gold V 7337 Redstar Res V 102 Regal Res C 2220 Regulus Res V 56 Reliance Res V 1650 Reliant Gold V 1976 Renaissance Gd T 371 Reservoir Capt V 874 Reservoir Mnls V 7675 Reunion Gold V 5090 Reva Res V 80 Rhino Res* N 599 Richmont Mines T 3277 Richmont Mine* X 5037 Rio Novo Gold T 1148 Rio Silver V 840 Rio Tinto* N 38584 Riverside Res V 1015 RJK Explor V 748 Robex Res V 3213 Rochester Res V 80 Rock Tech Lith V 118 RockBridge Res V 50 Rockhaven Res V 3268 Rockland Mnls V 220 Rockridge Cap V 50 Rockwell Diam T 494 Rodinia Lithm V 9332 Rogue Iron Ore V 5033 Rokmaster Res V 5405 Romarco Mnrls T 439090 Rome Res V 37 Romios Gold Rs V 1230 Ross River Mnl V 50 Roxgold V 3137 Royal Cdn Mint T 479 Royal Gold T 158 Royal Gold* Q 35134 Royal Nickel T 3740 RPT Uranium V 1323 RT Minerals V 3665 Rubicon Mnls* X 27655 Rubicon Mnrls T 30056

0.02 0.01 0.02 + 0.01 0.04 0.01 0.14 0.13 0.13 - 0.01 0.15 0.08 0.08 0.08 0.08 0.00 0.13 0.07 0.02 0.02 0.02 - 0.01 0.18 0.01 0.21 0.20 0.21 + 0.01 0.49 0.18 60.93 57.06 60.37 - 0.08 89.18 57.06 0.01 0.01 0.01 + 0.01 0.02 0.01 0.03 0.03 0.03 0.00 0.10 0.01 0.03 0.02 0.03 0.00 0.06 0.01 0.55 0.47 0.49 - 0.10 1.48 0.30 0.45 0.36 0.38 - 0.09 1.35 0.24 0.67 0.67 0.67 - 0.03 1.38 0.52 0.18 0.17 0.18 + 0.01 0.40 0.15 0.29 0.25 0.26 - 0.02 0.36 0.18 0.06 0.05 0.06 + 0.01 0.18 0.03 0.03 0.02 0.03 - 0.01 0.06 0.01 0.03 0.03 0.03 0.00 0.30 0.03 0.06 0.05 0.05 - 0.01 0.24 0.04 0.04 0.03 0.04 0.00 0.07 0.03 0.05 0.05 0.05 + 0.05 0.25 0.05 0.10 0.08 0.08 - 0.03 0.15 0.04 0.25 0.22 0.22 - 0.03 0.66 0.00 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.02 0.00 0.06 0.01 0.22 0.18 0.18 - 0.06 0.54 0.17 0.33 0.30 0.33 - 0.06 0.80 0.21 4.27 3.95 4.00 - 0.03 6.15 3.30 0.01 0.01 0.01 - 0.01 0.11 0.01 0.03 0.03 0.03 0.00 0.10 0.02 1.07 0.63 1.01 + 0.23 14.65 0.63 3.60 3.26 3.44 + 0.09 4.55 1.51 2.77 2.51 2.63 + 0.11 3.68 1.38 0.12 0.10 0.11 - 0.01 0.16 0.06 0.02 0.02 0.02 0.00 0.05 0.01 39.03 36.81 38.62 + 1.23 59.33 36.81 0.18 0.17 0.18 + 0.01 0.51 0.16 0.01 0.01 0.01 0.00 0.02 0.01 0.08 0.06 0.06 - 0.01 0.20 0.04 0.04 0.04 0.04 + 0.01 0.25 0.03 0.04 0.04 0.04 - 0.01 0.10 0.03 0.02 0.02 0.02 0.00 0.09 0.02 0.17 0.16 0.17 - 0.01 0.34 0.15 0.05 0.05 0.05 0.00 0.06 0.03 0.05 0.05 0.05 0.00 0.25 0.04 0.23 0.20 0.20 - 0.01 0.44 0.20 0.03 0.03 0.03 0.00 0.05 0.01 0.04 0.03 0.03 0.00 0.11 0.02 0.05 0.02 0.03 + 0.01 0.12 0.01 0.54 0.36 0.52 + 0.16 0.94 0.30 0.03 0.03 0.03 0.00 0.17 0.03 0.03 0.02 0.02 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.65 0.60 0.62 0.00 0.93 0.39 15.27 15.00 15.22 - 0.05 17.41 13.87 68.99 64.42 66.11 - 0.51 95.64 61.50 52.27 49.14 50.42 - 0.74 82.84 48.26 0.33 0.27 0.30 + 0.01 0.66 0.26 0.38 0.31 0.33 - 0.04 0.68 0.22 0.01 0.01 0.01 - 0.01 0.12 0.01 0.92 0.81 0.84 - 0.02 1.55 0.76 1.19 1.05 1.12 + 0.02 1.68 0.90

R

Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tanz Roy Exp* X 7783 Tanzania Mnls V 330 Taranis Res V 1610 Taseko Mines* X 6134 Taseko Mines T 5421 Tasman Metals V 1023 Tasman Mtls* X 2294 Teck Res A T 156 Teck Res B* N 354566 Teck Res B T 136678 Tembo Gold V 298 Temex Res V 58084 Teranga Gold T 24431 Teras Res V 35473 Terraco Gold V 3420 Terrax Minls V 2299 Teryl Res Corp V 35 Teuton Res V 50 Theia Res V 100 Thompson Creek T 6937 Thompson Crk* N 9294 Thor Expl V 325 Tiller Res V 21 Timberline Res V 5 Timberline Rs* X 452 Timmins Gold* X 3658 Timmins Gold T 47000 Tinka Res V 6193 Tintina Res V 368 Tirex Res V 3015 Titanium Corp V 2344 TNR Gold V 100 TomaGold V 3152 Torex Gold T 56037 Transition Mtl V 100 Treasury Metal T 1785 Trevali Mng T 11239 Tri Origin Exp V 1344 TriMetals Mng T 6312 Trio Gold Corp V 405 Troymet Expl V 420 True Gold Mng V 18571 True North Gem V 1206 Tsodilo Res V 115 Turquoise HIl* N 14998 Turquoise Hill T 32749 TVI Pacific T 1789 Typhoon Expl V 574

0.41 0.31 0.40 + 0.09 2.52 0.25 0.02 0.01 0.01 0.00 0.07 0.01 0.10 0.07 0.07 + 0.02 0.15 0.03 0.52 0.46 0.49 - 0.03 2.42 0.45 0.68 0.59 0.64 - 0.05 2.61 0.58 0.51 0.42 0.42 - 0.06 1.20 0.40 0.40 0.32 0.33 - 0.05 1.12 0.32 11.37 10.51 11.30 + 0.15 28.10 10.51 7.51 6.72 7.34 + 0.25 24.75 6.72 9.74 8.77 9.63 + 0.37 26.98 8.77 0.02 0.02 0.02 0.00 0.09 0.02 0.12 0.11 0.11 0.00 0.12 0.04 0.62 0.54 0.61 + 0.07 0.88 0.38 0.07 0.06 0.07 - 0.01 0.18 0.06 0.08 0.07 0.08 + 0.01 0.21 0.07 0.31 0.27 0.27 - 0.02 0.57 0.23 0.01 0.01 0.01 0.00 0.04 0.01 0.07 0.07 0.07 - 0.01 0.93 0.06 0.07 0.07 0.07 - 0.03 0.20 0.07 0.84 0.69 0.78 + 0.05 3.38 0.69 0.62 0.53 0.57 + 0.02 3.08 0.53 0.03 0.03 0.03 - 0.01 0.08 0.02 0.05 0.05 0.05 - 0.02 0.31 0.05 0.69 0.69 0.69 - 0.01 1.68 0.42 0.53 0.43 0.48 - 0.03 1.68 0.35 0.37 0.28 0.30 - 0.02 1.94 0.28 0.45 0.37 0.40 - 0.02 2.09 0.36 0.18 0.16 0.18 + 0.01 0.43 0.15 0.05 0.05 0.05 0.00 0.18 0.05 0.20 0.17 0.19 - 0.01 0.35 0.16 1.34 1.00 1.19 + 0.01 2.14 0.60 0.01 0.01 0.01 0.00 0.04 0.01 0.05 0.05 0.05 + 0.01 0.13 0.05 1.13 1.02 1.12 + 0.07 1.82 0.85 0.09 0.09 0.09 - 0.01 0.37 0.09 0.59 0.50 0.55 0.00 0.62 0.25 0.85 0.80 0.82 0.00 1.41 0.77 0.02 0.02 0.02 0.00 0.03 0.01 0.07 0.04 0.07 + 0.02 0.23 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.19 0.17 0.19 0.00 0.46 0.15 0.14 0.13 0.14 0.00 0.19 0.08 0.75 0.71 0.71 - 0.09 1.30 0.71 3.46 3.32 3.39 - 0.01 4.73 2.66 4.49 4.32 4.45 - 0.01 5.80 3.17 0.02 0.01 0.01 0.00 0.03 0.01 0.04 0.04 0.04 - 0.01 0.12 0.03

U3O8 Corp T 6781 UC Res V 615 Ucore Rare Mtl V 4189 UEX Corp T 8653 Ultra Lithium V 8525 Unigold V 875 Unity Energy V 1400 Ur-Energy T 2370 Ur-Energy* X 1494 Uracan Res V 16309 Uragold Bay Rs V 2340 Uranium Ener* X 17911 Uranium Partic T 13671 Uranium Res* Q 2889 Uranium Valley V 34 Uravan Minls V 1717 US Energy* Q 3750 US Silica Hld* N 35866 Vale* N 420221 ValGold Res V 710 Vangold Res V 1012 Vanstar Mng Rs V 81 Vantex Res V 4481 Vena Res T 2879 Vendetta Mng V 50 Vendome Res V 4685 Venerable Vent V 50 Verde Potash T 278 Victoria Gold V 10847 Victory Nickel T 3867 Victory Res V 931 Victory Vent V 790 Vior Mining V 120 Virginia Engy V 1363 Viscount Mng V 250 Visible Gold M V 7466 Vista Gold T 435 Vista Gold* X 4995 VMS Vent V 2435 Volcanic Mtls V 275 Vulcan Mnrls V 214 VVC Expl V 2690

0.04 0.03 0.03 + 0.01 0.11 0.03 0.03 0.02 0.03 0.00 0.04 0.01 0.36 0.32 0.35 + 0.01 0.44 0.20 0.21 0.18 0.20 - 0.01 0.47 0.18 0.01 0.01 0.01 + 0.00 0.04 0.01 0.12 0.10 0.10 0.00 0.45 0.10 0.04 0.03 0.04 + 0.02 0.11 0.03 0.83 0.75 0.83 + 0.02 1.35 0.75 0.64 0.58 0.62 - 0.00 1.19 0.58 0.02 0.01 0.01 - 0.01 0.08 0.01 0.04 0.04 0.04 0.00 0.07 0.03 1.40 1.25 1.34 - 0.01 3.00 1.02 5.24 4.82 5.05 - 0.19 5.76 4.82 0.92 0.83 0.88 + 0.02 3.15 0.80 0.07 0.05 0.05 0.00 0.12 0.05 0.15 0.12 0.12 - 0.03 0.17 0.03 0.48 0.36 0.42 + 0.05 4.30 0.36 25.72 19.35 22.52 + 1.24 73.43 19.35 5.92 4.91 5.26 + 0.21 14.93 4.91 0.01 0.01 0.01 - 0.01 0.04 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.05 0.05 0.05 + 0.01 0.09 0.03 0.02 0.02 0.02 0.00 0.04 0.01 0.07 0.04 0.05 + 0.01 0.17 0.04 0.09 0.09 0.09 0.00 0.25 0.09 0.01 0.01 0.01 - 0.01 0.06 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.35 0.30 0.31 - 0.03 0.88 0.30 0.13 0.12 0.13 + 0.01 0.24 0.09 0.04 0.02 0.03 0.00 0.70 0.02 0.08 0.05 0.08 0.00 0.09 0.03 0.02 0.02 0.02 - 0.01 0.03 0.01 0.09 0.09 0.09 + 0.01 0.13 0.05 0.06 0.05 0.06 + 0.01 0.08 0.03 0.20 0.18 0.20 + 0.03 0.47 0.15 0.06 0.05 0.06 + 0.01 0.27 0.05 0.37 0.34 0.35 + 0.01 0.56 0.29 0.29 0.26 0.27 0.00 0.51 0.24 0.22 0.20 0.22 + 0.01 0.33 0.20 0.06 0.05 0.06 0.00 0.16 0.05 0.02 0.02 0.02 - 0.01 0.04 0.02 0.04 0.03 0.04 0.00 0.07 0.02

Wallbridge Mng T 2365 War Eagle Mg V 70 Waseco Res V 85 Wealth Minls V 2624 Wesdome Gold T 1240 West Af Iron O V 177 West High Yld V 203 West Kirkland V 650 Westcore Energ V 2970 Western Copper T 3528 Western Coppr* X 612 Western Lithiu T 21069 Western Melv M V 30 Western Pac Rs V 1117 Western Potash T 13215 Westhaven Vent V 250 Westkam Gold V 9472 Westminster Rs V 2133 Westridge Res V 515 WGI Heavy Mnl T 507 White Pine Res V 10 Wildcat Expl V 232 Williams Creek V 137 Wolfden Res V 1520 Wolverine Mnls V 200 WPC Res V 550 Xmet V 719 Xtierra V 1180 Xtra-Gold Res T 136 Yamana Gold* N 103941 Yamana Gold T 146367 Yanzhou Coal* N 2910 Yellowhead Mng T 207 Zadar Vent V 1190 Zazu Metals T 3495 Zena Mng V 26 Zenyatta Vent V 2223 Zephyr Mnls V 440 Zimtu Capital V 840 Zinco Mng V 180 Zonte Mtls V 250

0.03 0.03 0.03 0.00 0.09 0.03 0.02 0.02 0.02 - 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.10 0.02 0.25 0.21 0.24 - 0.02 0.42 0.03 1.04 0.97 0.97 - 0.03 1.40 0.62 0.03 0.03 0.03 - 0.01 0.20 0.03 0.30 0.22 0.29 + 0.05 0.43 0.11 0.06 0.06 0.06 0.00 0.15 0.05 0.04 0.03 0.04 + 0.01 0.04 0.01 0.49 0.42 0.46 - 0.01 0.87 0.42 0.37 0.32 0.35 + 0.00 0.81 0.32 0.61 0.51 0.55 + 0.01 1.00 0.50 0.06 0.06 0.06 0.00 0.45 0.03 0.02 0.01 0.02 0.00 0.18 0.01 0.28 0.23 0.28 + 0.05 0.40 0.20 0.06 0.06 0.06 0.00 0.14 0.05 0.04 0.03 0.04 + 0.01 0.07 0.03 0.04 0.02 0.02 - 0.02 0.30 0.02 0.02 0.01 0.01 - 0.01 0.06 0.01 0.32 0.29 0.30 - 0.01 0.78 0.00 0.02 0.02 0.02 0.00 0.09 0.01 0.05 0.04 0.05 + 0.01 0.17 0.03 0.02 0.01 0.02 0.00 0.11 0.01 0.11 0.10 0.10 - 0.01 0.32 0.10 0.06 0.05 0.05 - 0.02 0.14 0.03 0.04 0.04 0.04 0.00 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 0.22 0.20 0.22 - 0.01 0.32 0.10 2.15 1.84 1.96 - 0.09 9.04 1.84 2.80 2.38 2.59 - 0.08 9.90 2.38 5.81 5.44 5.69 - 0.34 12.24 5.38 0.08 0.08 0.08 0.00 0.18 0.01 0.01 0.01 0.01 0.00 0.08 0.01 0.17 0.16 0.16 - 0.02 0.59 0.16 0.07 0.07 0.07 0.00 0.15 0.06 1.37 1.24 1.30 - 0.03 2.61 1.05 0.14 0.11 0.12 - 0.02 0.22 0.11 0.24 0.22 0.24 + 0.01 0.65 0.22 0.03 0.03 0.03 0.00 0.10 0.02 0.04 0.03 0.04 + 0.01 0.09 0.03

U-V

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Peruvian Prc M V 3699 Philippine Mtl V 75 Phoenix Gold V 6810 Pilot Gold T 5618 Pinecrest Res V 20 Pinetree Cap T 83321 PJX Res V 795 Planet Mng V 40 Platinum Gp M* X 1178 Platinum Gp Mt T 6540 Playfair Mng V 125 Polaris Minls T 731 PolyMet Mng* X 7377 PolyMet Mng T 216 Potash C Sask* N 283803 Potash Cp Sask T 80445 Precipitate Gl V 930 Premier Gold M T 12095 Pretium Res* N 31246 Pretium Res T 17540 Primero Mng T 21279 Primero Mng* N 7097 Probe Mines V 1443 Prophecy Coal T 3446 Puma Expl V 3650 Purepoint U V 2845 Q-Gold Res V 75 QMX Gold V 2471 Quaterra Res V 800 Quest Rare Mnl T 7633 Quia Res V 96

(100s)

Scorpio Mining T 7139 Seabridge Gld* N 13811 Seabridge Gold T 3837 Search Mnls V 1780 Secova Mtls V 1682 Sego Res V 722 Selwyn Res V 35 Semafo T 40136 Senator Minls V 57 Sennen Res V 7 Sentry Sl PrmM T 1479 Serabi Gold T 3610 Serengeti Res V 685 SGX Res V 8955 Sherritt Intl T 98519 Shore Gold T 4612 Sienna Res V 750 Sierra Iron Or V 179 Sierra Metals T 245 Signature Res V 587 Silver Bear Rs T 2305 Silver Bull Re T 40 Silver Grail R V 291 Silver Mtn Mns V 3777 Silver Predatr V 15 Silver Range R V 102 Silver Spruce V 495 Silver Std Res T 28090 Silver Std Re* Q 86405 Silver Wheatn* N 318461 Silver Wheaton T 100862 Silvercorp Mt* N 4516 Silvercorp Mtl T 5145 SilverCrest M* X 22084 SilverCrest Mn T 115373 Silvore Fox Ml V 40 SinoCoking Cl* Q 1759 Sirios Res V 2664 Skeena Res V 32129 Skyharbour Res V 30128 Slam Exploratn V 13120 Slater Mng V 10 Sniper Res V 520 SnipGold V 680 SNS Silver V 4852 Soc Quim&M Ch* N 40724 Solitario Ex&R T 10 Solitario Ex&* X 1413 Solvista Gold V 2076 Sona Res V 183 Sonora Gld & S V 110 Sonoro Mtls V 1459 Source Expl V 1300 Southern Arc V 2973 Southern Silvr V 368 SouthGobi Res T 40 Spanish Mtn Gd V 10213 Sprott Ph Silv T 383 Sprott Res T 2535 St Andrew Gldf T 4984 St Augustine T 3330 Stakeholdr Gld V 560 Standard Graph V 315 Stans Energy V 4202 Starcore Int V T 2205 Stellar Pac Vt V 2626 Stelmine Can V 36 Stillwater Mg* N 154096 Stina Res V 935 Stockport Expl T 497 Stonegate Agri T 1220 Stornoway Diam T 8063 Strata Mnls V 3820 Strategic Metl V 3005 Strategic Res V 30 Strike Graph V 640 StrikePoint Gd V 1660 Strongbow Expl V 535 Sulliden Mng C T 4706 Sultan Mnrls V 375 SunCoke Engy* N 11065 Sunridge Gold V 6123 Sunset Cove Mg V 3550 Superior Coppr V 8620 Sutter Gold V 3278

0.20 0.17 0.19 + 0.02 0.34 0.15 4.31 3.52 4.04 + 0.49 11.64 3.31 5.58 4.58 5.29 + 0.68 12.72 4.34 0.08 0.06 0.06 - 0.02 0.16 0.03 0.05 0.05 0.05 0.00 0.09 0.03 0.03 0.03 0.03 0.00 0.04 0.02 1.72 1.50 1.50 - 0.22 4.22 1.50 2.95 2.57 2.85 + 0.08 5.48 2.39 0.15 0.14 0.14 - 0.08 0.22 0.05 0.19 0.19 0.19 0.00 1.35 0.19 2.28 2.07 2.13 - 0.13 4.27 2.05 0.08 0.07 0.08 + 0.01 0.13 0.06 0.03 0.03 0.03 - 0.01 0.08 0.03 0.02 0.01 0.01 + 0.01 0.03 0.01 1.58 1.32 1.34 - 0.19 4.65 1.32 0.18 0.17 0.17 0.00 0.34 0.13 0.02 0.02 0.02 0.00 0.07 0.01 0.49 0.41 0.46 - 0.04 0.62 0.07 1.25 1.22 1.23 - 0.07 2.13 1.22 0.02 0.02 0.02 - 0.01 0.04 0.01 0.06 0.06 0.06 0.00 0.15 0.04 0.11 0.11 0.11 0.00 0.32 0.08 0.03 0.02 0.02 - 0.01 0.08 0.02 0.02 0.02 0.02 - 0.01 0.06 0.01 0.02 0.02 0.02 + 0.01 0.07 0.01 0.07 0.06 0.06 + 0.01 0.14 0.06 0.06 0.05 0.05 + 0.01 0.15 0.02 7.73 6.91 7.52 + 0.27 11.05 4.47 5.97 5.33 5.75 + 0.17 10.11 3.92 13.45 12.51 13.08 + 0.16 27.47 12.07 17.45 16.29 17.12 + 0.25 29.98 15.79 0.88 0.77 0.80 - 0.04 1.95 0.75 1.14 1.00 1.06 - 0.02 2.13 0.98 0.90 0.79 0.85 + 0.11 2.15 0.65 1.22 1.05 1.10 + 0.14 2.35 0.87 0.03 0.03 0.03 0.00 0.11 0.00 1.18 1.12 1.13 - 0.03 9.37 1.11 0.11 0.10 0.11 + 0.01 0.13 0.06 0.13 0.07 0.10 + 0.04 0.13 0.06 0.04 0.03 0.03 0.00 0.08 0.02 0.02 0.01 0.01 0.00 0.11 0.01 0.05 0.05 0.05 + 0.01 0.05 0.02 0.06 0.04 0.06 + 0.03 0.09 0.01 0.05 0.04 0.05 + 0.01 0.12 0.04 0.40 0.34 0.40 + 0.03 0.50 0.05 13.76 12.65 13.51 + 0.45 29.48 12.65 0.75 0.73 0.75 - 0.03 1.66 0.70 0.59 0.48 0.50 - 0.09 1.58 0.48 0.04 0.03 0.04 + 0.01 0.17 0.03 0.03 0.02 0.02 - 0.01 0.11 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.10 0.09 0.09 + 0.01 0.22 0.06 0.03 0.03 0.03 0.00 0.16 0.03 0.04 0.04 0.04 - 0.01 0.09 0.03 0.06 0.05 0.05 - 0.01 0.20 0.03 0.65 0.58 0.58 - 0.05 1.25 0.41 0.04 0.03 0.03 0.00 0.07 0.02 5.73 5.63 5.65 - 0.02 8.25 5.31 0.82 0.72 0.76 - 0.03 3.34 0.72 0.27 0.25 0.25 - 0.01 0.39 0.21 0.14 0.10 0.13 + 0.04 0.21 0.08 0.05 0.05 0.05 0.00 0.29 0.05 0.02 0.02 0.02 0.00 0.05 0.01 0.04 0.04 0.04 - 0.01 0.23 0.04 0.12 0.09 0.12 + 0.02 0.23 0.09 0.02 0.02 0.02 - 0.01 0.14 0.01 0.01 0.01 0.01 - 0.01 0.05 0.01 9.92 9.03 9.52 + 0.30 19.42 8.86 0.24 0.19 0.24 + 0.04 0.25 0.04 0.04 0.03 0.04 + 0.01 0.07 0.02 0.02 0.02 0.02 0.00 0.18 0.02 0.82 0.77 0.82 + 0.05 0.85 0.46 0.02 0.01 0.02 - 0.01 0.13 0.01 0.29 0.27 0.27 - 0.01 0.43 0.27 0.04 0.04 0.04 0.00 0.08 0.02 0.05 0.04 0.04 - 0.01 0.15 0.04 0.03 0.03 0.03 + 0.01 0.08 0.01 0.12 0.11 0.11 + 0.01 0.18 0.06 0.22 0.19 0.19 - 0.02 0.75 0.19 0.01 0.01 0.01 0.00 0.02 0.01 12.77 11.66 12.29 + 0.27 24.57 11.35 0.16 0.15 0.16 + 0.01 0.24 0.12 0.01 0.01 0.01 - 0.01 0.10 0.01 0.02 0.02 0.02 - 0.01 0.17 0.02 0.06 0.05 0.06 - 0.01 0.15 0.05

Tahoe Res* N 23707 Tahoe Res T 41311 Taipan Res V 3680 Tajiri Res V 410 Takara Res V 481 Talon Metals T 2543 Tanz Roy Exp T 2673

8.74 7.79 8.13 - 0.25 27.55 7.79 11.37 10.12 10.64 - 0.31 30.15 10.12 0.03 0.02 0.03 + 0.01 0.45 0.02 0.01 0.01 0.01 + 0.01 0.04 0.01 0.03 0.03 0.03 - 0.02 0.06 0.01 0.12 0.08 0.10 - 0.02 0.58 0.08 0.53 0.40 0.50 + 0.10 2.74 0.32

T

W-Z

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

15-08-05 8:23 PM

10 AUGUST 10-16, 2015 THE NORTHERN MINER

BID-ASK — JULY 27-31, 2015

12-MONTH

STOCK

EXC BID ASK LAST HIGH LOW

STOCK

Abzu Gold Actus Mnls Adanac Moly Adroit Res Advance Gold Advanced Expl Aegean Metals Afferro Mng African Metals African Queen AgriMinco Aguila Am Res Alder Res Aldershot Res Alhambra Res Allana Potash Allied Gold Allied Nevada Allied Nevada* Alpha Mnls Alturas Minls Am Cons Minls AM Gold Amador Gold Amara Mng Amcol Intl* American Bonan AMI Res Amseco Expl Anglo Pac Grp Angus Mng Nami Arco Res Arcturus Res Armadillo Res Arrowstar Res Ashburton Vent Asia Now Res Augen Gold Augusta Res Auramex Res Aurania Res AuRico Gold* AuRico Gold Azumah Res Bama Gold Bayfield Vent BE Res Bear Lake Gold Bearclaw Cap Bearing Res Besra Gold Black Isle Res Blind Crk Res Blue Gold Mng Blue Sky Uran Bonaparte Res Bralorne Gold Brazilian Gold Brigadier Gold Brionor Res Brixton Mtls Buccaneer Gold Bullman Mnls Cadan Res Cadillac Vent Calvista Gold Canada Fluorsp Canadn Arrow Canadn Silvr H Canaf Group CanAm Coal Cancor Mines Cangold Canuc Res Cap-Ex Vent Caracara Silvr Carrie Arran R Cassius Vent Cavan Vent Cayden Res Celeste Copper Chalice Diam Channel Res Chimata Gold China Mnls Mng CIC Energy Citation Res Claim Post Res Cliffmont Res Cline Mng CMQ Res Coalspur Mines Cobriza Mtls Codrington Res Coeur Mng Colibri Res Colossus Minls Columbus Expl Comet Inds Conquest Res Contintl Nickl Copper One Cosigo Res Creso Expl Cresval Cap Crosshair Eny* Crown Gold Cuervo Res Curis Res Darwin Res Delrand Res Desert Gold Diamonds North Ditem Explor Dominion Mnls* Dot Res Duluth Metals Dunav Res DV Res E-Energy Vent Eagle Mtn Gold Eastern Merid Edgewater Expl El Nino Vent Elemental Mnls Elgin Mng Elissa Res Emerick Res Esperanza Res Estrella Gold Eurotin Excalibur Res

V 0.03 0.03 0.03 0.15 V 0.03 0.04 0.03 0.12 V 0.19 0.20 0.18 0.20 V 0.01 0.01 0.01 0.01 V 0.02 0.03 0.02 0.08 V 0.02 0.03 0.02 0.05 V 0.03 0.05 0.03 0.11 V 1.10 2.50 1.57 2.40 V 0.06 0.06 0.06 0.29 V 0.01 0.02 0.01 0.03 V 0.01 0.01 0.01 0.01 V 0.07 0.08 0.07 0.16 V 0.01 0.01 0.01 0.05 V 0.01 0.04 0.01 0.05 V 0.02 0.03 0.02 0.10 T 0.50 0.50 0.50 0.50 T 2.25 2.29 2.25 3.70 T 0.16 0.16 1.08 4.45 X 0.86 0.86 0.86 6.70 V 5.55 5.68 5.45 7.60 V 0.01 0.01 0.01 0.03 V 0.04 0.04 0.04 0.07 V 0.05 0.06 0.05 0.13 V 0.01 0.01 0.01 0.02 T 0.20 0.29 0.21 1.72 N 45.74 45.75 45.74 47.09 T 0.02 0.02 0.02 0.06 V 0.04 0.05 0.05 0.06 V 0.01 0.01 0.05 0.05 T 1.82 1.90 1.90 3.48 V 0.01 0.01 0.01 0.03 V 0.06 0.08 0.06 0.15 V 0.01 0.02 0.02 0.03 C 0.01 0.05 0.02 0.02 V 0.06 0.11 0.08 0.25 V 0.01 0.02 0.02 0.04 V 0.01 0.02 0.02 0.03 V 0.01 0.02 0.01 0.13 T 3.15 3.50 3.55 4.18 V 0.01 0.02 0.01 0.03 V 0.30 0.35 0.30 0.45 N 2.87 2.88 2.86 4.69 T 3.58 3.73 3.58 5.12 T 0.02 0.03 0.02 0.11 V 0.05 0.06 0.06 0.25 V 0.24 0.25 0.24 0.41 V 0.01 0.69 0.35 0.40 V 0.03 0.04 0.04 0.06 V 0.03 0.03 0.03 0.07 V 0.03 0.05 0.03 0.07 T 0.02 0.02 0.02 0.07 V 0.04 0.05 0.04 0.09 V 0.05 0.05 0.05 0.10 V 0.46 0.49 0.47 0.95 V 0.05 0.07 0.05 0.30 V 0.05 0.12 0.05 0.11 V 0.19 0.19 0.20 0.45 V 0.10 0.10 0.11 0.25 V 0.01 0.01 0.01 0.01 V 0.01 0.02 0.01 0.03 V 0.09 0.13 0.14 0.33 V 0.03 0.04 0.03 0.04 V 0.09 0.11 0.11 0.30 V 0.05 0.09 0.06 0.24 V 0.02 0.03 0.03 0.35 T 1.09 1.10 1.09 1.10 V 0.35 0.35 0.35 0.35 V 0.01 0.01 0.01 0.02 V 0.02 0.03 0.02 0.07 V 0.06 0.07 0.06 0.09 V 0.01 0.01 0.01 0.06 C 0.01 0.02 0.01 0.05 V 0.03 0.04 0.03 0.15 V 0.02 0.03 0.03 0.04 V 0.02 0.02 0.02 0.08 V 0.01 0.01 0.01 0.02 V 0.01 0.06 0.05 0.08 V 0.02 0.03 0.02 0.07 V 0.02 0.02 0.02 0.04 V 2.40 2.49 2.40 3.49 V 0.01 0.01 0.01 0.01 V 0.07 0.07 0.07 0.08 V 0.04 0.06 0.05 0.09 V 0.05 0.12 0.06 0.19 V 0.01 0.01 0.01 0.01 T 1.99 2.00 1.99 2.45 V 0.07 0.08 0.07 0.10 V 0.02 0.02 0.02 0.13 V 0.01 0.01 0.01 0.04 T 0.01 0.01 0.01 0.84 V 0.02 0.04 0.02 0.05 T 0.02 0.02 0.02 0.08 V 0.12 0.13 0.12 0.16 V 0.06 0.08 0.06 0.16 T 12.03 12.64 12.09 20.14 V 0.01 0.01 0.01 0.02 T 0.02 0.02 0.04 3.40 V 0.16 0.22 0.19 0.20 V 1.20 1.75 1.75 1.75 V 0.01 0.01 0.01 0.02 V 0.40 0.90 0.40 1.12 V 0.01 0.02 0.01 0.10 V 0.01 0.02 0.01 0.05 V 0.12 0.12 0.12 0.13 V 0.01 0.02 0.01 0.02 X 0.02 0.03 0.02 0.26 V 0.03 0.04 0.03 0.14 C 0.01 0.01 0.01 0.01 T 0.68 0.72 0.70 0.99 V 0.05 0.05 0.05 0.20 T 0.08 0.15 0.09 0.95 V 0.20 0.42 0.04 0.90 V 0.02 0.03 0.02 0.08 V 0.01 0.01 0.01 0.02 Q 0.08 0.18 0.01 0.09 V 0.01 0.02 0.01 0.08 T 0.45 0.45 0.45 1.00 V 0.01 0.02 0.02 0.14 V 0.04 0.05 0.04 0.07 V 0.01 0.01 0.01 0.01 V 0.14 0.17 0.13 0.42 V 0.05 0.10 0.05 0.21 V 0.01 0.02 0.01 0.08 V 0.02 0.03 0.02 0.08 T 0.18 0.25 0.20 0.55 T 0.41 0.42 0.42 0.45 V 0.14 0.15 0.14 0.25 V 0.17 0.24 0.20 0.30 V 1.01 1.03 1.01 1.70 V 0.03 0.04 0.03 0.08 V 0.02 0.02 0.02 0.12 C 0.01 0.02 0.02 0.08

Extorre Gold M T 4.27 4.28 4.27 Feronia V 0.13 0.20 0.21 Ferrum Am Mng V 0.02 0.03 0.02 Firebird Res V 0.01 0.02 0.02 Freeport Res V 0.02 0.03 0.02 Galore Res V 0.01 0.02 0.02 Gensource Pot V 0.06 0.07 0.07 Gentor Res V 0.04 0.11 0.06 Geocom Res* Q 0.05 0.09 0.02 Geomark Expl V 0.96 1.00 0.98 GFK Res V 0.09 0.10 0.10 Gitennes Expl V 0.01 0.01 0.01 Global Met Cl V 0.01 0.01 0.01 Global Ur Fund T 1.64 1.67 1.64 Gold Finder Ex V 0.03 0.04 0.03 Gold Ridge Exp V 0.02 0.02 0.02 Goldbank Mng V 0.04 0.08 0.08 Goldcliff Res V 0.01 0.01 0.01 Golden Goliath V 0.01 0.01 0.01 Golden Harp V 0.05 0.06 0.04 GoldMountain* Q 0.04 0.05 0.05 Goldrea Res C 0.05 0.07 0.07 Goldstar Mnls V 0.02 0.02 0.02 Great Bear Res V 0.06 0.07 0.07 Great Western V 0.01 0.01 0.01 Green Swan Cap V 0.01 0.02 0.02 Grenville Gold V 0.08 0.18 0.13 Gryphon Gold T 0.01 0.01 0.01 GTO Res V 0.10 0.16 0.11 Guyana Prec Mt V 0.15 0.20 0.16 Handa Copper V 0.07 0.08 0.07 Hansa Res V 0.02 0.02 0.02 Hawkeye Gld&Di V 0.05 0.07 0.07 Highbury Proj V 0.14 0.24 0.19 Highvista Gold V 0.12 0.16 0.17 Highway 50 Gld V 0.12 0.18 0.13 HiHo Silver C 0.01 0.01 0.01 Honey Badger E V 0.01 0.01 0.01 Hudson River M V 0.01 0.01 0.01 Hunter Bay Mnl V 0.02 0.03 0.02 Huntington Exp V 0.01 0.01 0.01 ICN Res V 0.06 0.07 0.06 IEMR Res V 0.01 0.01 0.01 Inform Res V 0.01 0.02 0.02 Inova Res T 0.16 0.20 0.15 Inter-Citic Mn T 2.04 2.05 2.04 Inter-Rock Mnl V 0.01 0.02 0.02 Intl Bethl Mng V 0.01 0.01 0.01 Intl Enexco V 0.41 0.41 0.41 Intl Millm Mng V 0.01 0.02 0.04 Intl Minls Crp T 2.80 2.83 2.83 Intrepid Mns T 0.25 0.26 0.26 Iron South Mng V 0.07 0.10 0.07 Jasper Mng V 0.04 0.16 0.05 Jayden Res T 0.06 0.10 0.07 Jet Gold V 0.04 0.04 0.05 Jiulian Res V 0.03 0.04 0.04 Josephine Mng V 0.01 0.02 0.02 Jourdan Res V 0.04 0.05 0.07 Kimber Res T 0.15 0.16 0.15 Knick Expl V 0.01 0.02 0.01 KWG Res V 0.02 0.03 0.02 La Quinta Res V 0.01 0.01 0.01 Labdr Iron Mns T 0.02 0.02 0.02 Lachlan Star T 0.01 0.01 0.02 Liberty Silver T 0.05 0.08 0.04 Lincoln Mng V 0.04 0.05 0.04 Lipari Energy T 0.46 0.49 0.47 Lithium One V 1.15 1.18 1.15 Logan Res V 0.05 0.06 0.05 Long Harbour E V 0.07 0.11 0.07 Lornex Cap V 0.10 0.18 0.10 Lovitt Res V 0.04 0.09 0.05 Lucky Mnls V 0.07 0.11 0.13 MagIndustries T 0.01 0.13 0.13 Magma Metals T 0.09 0.09 0.09 Mahdia Gold C 0.01 0.17 0.01 Manado Gold V 0.04 0.06 0.05 Marklnd AGF PM T 5.86 8.25 5.82 Masuparia Gold V 0.05 0.08 0.09 Maudore Minls V 0.01 0.01 0.01 McVicar Res V 0.47 0.49 0.49 Mega Precs Mtl V 0.08 0.09 0.08 Menika Mining V 0.09 0.13 0.09 Mercator Mnls T 0.01 0.01 0.03 Messina Minls V 0.06 0.10 0.06 Midasco Cap V 0.08 0.12 0.10 Midlands Minls V 0.01 0.01 0.01 Midway Gold T 0.13 0.13 0.09 Midway Gold* X 0.07 0.08 0.04 Milner Con Slv V 0.02 0.03 0.02 Minemakers T 0.09 0.25 0.07 Mineral Depost T 5.00 5.09 4.75 Mineral Hill V 0.06 0.18 0.14 Minfocus Expl V 0.01 0.01 0.01 Mirabela Nickl T 0.02 0.02 0.02 Moly Mines T 0.06 0.07 0.06 Monarques Res V 0.08 0.09 0.08 Monster Mng V 0.01 0.01 0.01 Monster Uran V 0.04 0.09 0.03 Montero Mg&Ex V 0.01 0.01 0.01 Mountain Lake V 0.32 0.35 0.32 Murgor Res V 0.02 0.02 0.02 Network Expl V 0.03 0.03 0.03 Nevada Expl V 0.01 0.01 0.01 New Dawn Mng T 0.10 0.16 0.13 New Dimen Res V 0.06 0.07 0.06 Newcrest Mng T 12.10 12.90 12.11 Newmont Mng T 26.37 26.90 26.25 Newstrike Cap V 0.66 0.70 0.70 NMC Res V 0.17 0.17 0.19 Nortec Mnls V 0.02 0.02 0.02 North Am Pot D V 0.01 0.01 0.01 Northcore Res V 0.03 0.04 0.03 Northern Lion V 0.01 0.01 0.01 Northern Sun M V 0.11 0.15 0.13 NQ Expl V 0.01 0.01 0.01 NSGold V 0.04 0.05 0.04 NSX Silver V 0.03 0.03 0.03 Nuinsco Res T 0.01 0.01 0.01 NWT Uranium V 0.02 0.02 0.05 Open Gold V 0.01 0.02 0.01 Oremex Silver V 0.02 0.03 0.03 Orko Silver V 1.94 1.99 1.99 Oroco Res V 0.03 0.03 0.03 Orofino Mnls V 0.06 0.08 0.07 Oronova Res V 0.04 0.05 0.04 Orsa Vent V 0.10 0.10 0.10 Otterburn Res V 0.10 0.25 0.20 Pac Arc Res V 0.01 0.01 0.01 Pac Imp Mines V 0.01 0.01 0.01 Pac Rim Mining T 0.07 0.08 0.07

TNM August 10 2015 Issue.indd 10

0.02 0.01 0.15 0.01 0.02 0.02 0.00 0.00 0.03 0.01 0.01 0.03 0.00 0.03 0.02 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.02 0.01 0.00 0.00 0.00 0.01 0.04 1.00 0.01 0.03 0.01 0.01 0.05 0.01 0.01 0.01 0.00 0.01 0.30 0.00 0.00 0.00 0.05 0.00 0.35 0.00 0.02 0.02 0.00 0.02 0.04 0.00 0.05 0.00 0.00 0.00 0.01 0.01 0.09 0.02 0.06 0.04 0.02 0.00 0.00 0.01 0.02 0.04 0.01 0.00 0.00 0.02 0.01 0.01 0.05 0.02 0.02 0.00 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.02 0.01 0.00 0.00 0.00 0.00 0.04 0.00 0.01 0.00 0.10 1.00 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.03 0.00 0.00 0.00 0.06 0.25 0.00 0.01 0.00 0.01 0.00 0.00 0.04 0.01 0.00 0.04 0.01 0.02 0.00 0.00 0.06 0.15 0.00 0.00 0.02 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

11.27 0.90 0.05 0.03 0.04 0.04 0.10 0.17 0.03 1.00 0.21 0.02 0.03 2.05 0.07 0.05 0.08 0.02 0.04 0.07 0.35 0.10 0.05 0.09 0.09 0.09 0.18 0.13 0.11 0.35 0.15 0.04 0.12 0.50 0.28 0.51 0.03 0.05 0.01 0.07 0.04 0.30 0.01 0.07 0.60 2.05 0.03 0.01 0.55 0.04 4.92 0.31 0.26 0.15 0.27 0.15 0.06 0.03 0.25 0.40 0.02 0.09 0.01 0.14 0.28 0.13 0.20 0.49 1.46 0.06 0.15 0.20 0.06 0.30 0.26 0.28 0.06 0.08 10.41 0.10 0.07 0.52 0.13 0.12 0.12 0.13 0.10 0.03 1.30 1.17 0.10 0.10 6.95 0.14 0.04 0.62 0.15 0.14 0.02 0.12 0.03 0.82 0.03 0.07 0.05 1.10 0.11 31.00 44.66 1.22 0.19 0.15 0.02 0.10 0.03 0.32 0.02 0.65 0.15 0.03 0.05 0.03 0.03 2.63 0.06 0.30 0.06 0.15 0.20 0.01 0.07 0.11

0.00 0.07 0.01 0.01 0.02 0.01 0.04 0.04 0.00 0.00 0.03 0.01 0.01 0.00 0.03 0.02 0.03 0.01 0.01 0.03 0.00 0.02 0.02 0.02 0.01 0.01 0.04 0.00 0.00 0.11 0.06 0.01 0.02 0.15 0.06 0.11 0.01 0.01 0.01 0.02 0.01 0.00 0.01 0.02 0.00 0.00 0.01 0.01 0.00 0.04 0.00 0.00 0.05 0.03 0.06 0.04 0.02 0.01 0.03 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.04 0.00 0.00 0.03 0.04 0.00 0.03 0.08 0.13 0.00 0.01 0.01 0.00 0.04 0.01 0.00 0.00 0.05 0.00 0.00 0.05 0.01 0.00 0.00 0.02 0.06 0.00 0.07 0.01 0.00 0.00 0.07 0.01 0.02 0.01 0.00 0.00 0.03 0.01 0.00 0.04 0.00 0.00 0.00 0.00 0.02 0.01 0.02 0.01 0.03 0.01 0.04 0.03 0.00 0.05 0.01 0.02 0.00 0.03 0.05 0.03 0.00 0.20 0.01 0.01 0.00

12-MONTH

STOCK

EXC BID ASK LAST HIGH LOW

Pac Wildcat Re Palladon Vent Pan Global Res Pantheon Vent Paragon Minls Parallel Mng Paramount Gold Parkside Res Passprt Potash Peat Res Penteco Res Petaquilla Mnl Phoenix Copper Pitchstone Exp Plata Latina M Plate Res Platinex Plato Gold PMI Gold PNG Gold Polar Star Mng Portage Mnls Portola Res Premier Roy Premium Expl Prime Merid Rs Proam Expl Prominex Res Prospero Silve Providence Res PVR Partners* QMC Quantum Ml Quartz Mtn Res Rainy Mtn Royl Rainy River Rs REBgold Red Cresc Res Red Moon Potsh Redhill Res Redzone Res Remington Res Remo Res Resolve Vent Revett Mnls Revolver Res Rhyolite Res Richmond Mnls Ridgemont Ir O Rio Alto Mng Rio Alto Mng* Roca Mines Rockcliff Res Rockex Mng Rockgate Cap Romulus Res Rotation Mnls Royal Coal Running Fox Rs RX Gold & Silv Samco Gold Sandstorm Mt&E Savant Expl Saville Res Sendero Mng Senior Gld Prd SG Spirit Gold Signal Expl Silver Pursuit Silvermet Silvermex Res Sirocco Mng Softrock Mnrl Soltoro Southern Hemis Sparton Res Spruce Ridge R St-Georges Plt Stikine Energy Stratabd Mnr Stratton Res Stroud Res Sunward Res Suparna Gold TAD Mnl Expl Tasca Res Tawsho Mng Tearlach Res Terreno Res Teslin Rvr Res Thelon Cap Themac Res Thunder Mtn Gd Tiger Intl Tigray Res Tintina Mines Tolima Gold Trend Mng* Tres-Or Res Tri-River Vent TriAusMin Tribute Res Troy Res Trueclaim Expl Tyhee Gold United Silver Uranerz Energy Uranium One US SIlver & Go Vaaldiam Mng Valterra Res Vatic Vent Veris Gold Viking Gold Virginia Mines Volta Res Walter Energy* Walter Energy Waymar Res WCB Res Wescan Goldfie West Cirque Rs Western Areas Western Troy C Whetstone Mnls Windarra Minls Windstorm Res Witwatersrand World Vent* Xemplar Energy Xinergy Zone Res

V 0.01 0.01 0.02 0.05 V 0.01 0.01 0.01 1.49 V 0.01 0.02 0.01 0.12 V 0.11 0.11 0.10 0.20 V 0.06 0.07 0.06 0.12 V 0.03 0.09 0.04 0.08 T 1.20 1.20 1.52 1.88 V 0.01 0.02 0.01 0.02 V 0.02 0.02 0.02 0.05 V 0.02 0.03 0.01 0.03 V 0.05 0.06 0.05 0.06 T 0.03 0.03 0.03 0.31 V 0.01 0.02 0.01 0.05 V 0.09 0.09 0.09 0.21 V 0.02 0.02 0.02 0.20 V 0.03 0.03 0.03 0.10 V 0.01 0.01 0.01 0.02 V 0.01 0.01 0.01 0.02 T 0.48 0.50 0.48 0.72 V 0.01 0.01 0.01 0.03 T 0.01 0.02 0.01 0.17 C 0.01 0.02 0.02 0.03 V 0.20 0.01 0.20 0.20 T 0.74 0.76 0.76 2.60 V 0.02 0.03 0.02 0.08 V 0.07 0.08 0.08 0.19 V 0.01 0.02 0.02 0.02 V 0.01 0.01 0.01 0.03 V 0.07 0.15 0.07 0.25 V 0.04 0.09 0.05 0.12 N 27.44 27.46 27.44 29.22 V 0.01 0.02 0.02 0.04 V 0.01 0.02 0.02 0.06 V 0.03 0.04 0.03 0.14 T 3.37 3.37 3.42 6.10 V 0.13 0.14 0.16 0.16 T 0.02 0.02 0.01 0.11 V 0.03 0.06 0.03 0.09 V 0.09 0.11 0.10 0.57 V 0.03 0.04 0.05 0.05 V 0.03 0.05 0.03 0.05 V 0.05 0.09 0.08 0.15 V 0.04 0.06 0.05 0.11 T 0.56 0.65 0.57 1.42 V 0.02 0.07 0.04 0.08 V 0.09 0.12 0.11 0.36 V 0.09 0.10 0.09 0.12 V 0.02 0.02 0.02 0.28 T 3.47 3.51 3.48 3.99 N 2.46 2.48 2.47 3.18 V 0.03 0.03 0.03 0.03 V 0.03 0.03 0.03 0.07 T 0.03 0.04 0.04 0.30 T 0.30 0.35 0.30 0.53 V 0.16 0.18 0.16 0.24 V 0.03 0.25 0.05 0.55 V 0.03 0.01 0.01 0.21 V 0.01 0.02 0.02 0.04 V 0.23 0.24 0.24 0.60 V 0.16 0.29 0.30 0.80 V 1.20 1.37 1.36 3.54 V 0.02 0.02 0.02 0.05 V 0.04 0.05 0.04 0.15 V 0.01 0.01 0.01 0.01 T 4.78 4.88 4.78 7.48 V 0.06 0.10 0.10 0.40 V 0.03 0.05 0.04 0.06 V 0.03 0.04 0.03 0.07 V 0.05 0.06 0.06 0.13 T 0.50 0.55 0.53 0.88 T 0.34 0.36 0.35 0.89 V 0.02 0.03 0.03 0.03 V 0.30 0.30 0.32 0.34 V 0.04 0.06 0.04 0.20 V 0.01 0.02 0.01 0.02 V 0.02 0.03 0.02 0.04 C 0.01 0.02 0.02 0.07 V 0.01 0.01 0.01 0.02 V 0.01 0.01 0.01 0.09 V 0.10 0.15 0.11 0.25 V 0.01 0.01 0.01 0.01 T 0.17 0.18 0.18 0.24 V 0.03 0.04 0.03 0.16 V 0.01 0.01 0.01 0.02 V 0.03 0.05 0.05 0.08 V 0.01 0.02 0.01 0.06 V 0.02 0.05 0.04 0.09 V 0.05 0.14 0.07 0.20 V 0.04 0.19 0.13 0.30 V 0.10 0.10 0.05 0.17 V 0.02 0.03 0.02 0.08 V 0.03 0.09 0.05 0.08 V 0.19 0.28 0.18 0.35 V 0.09 0.13 0.10 0.15 V 0.04 0.05 0.04 0.07 V 0.01 0.01 0.01 0.05 Q 0.05 0.05 0.01 0.11 V 0.01 0.02 0.02 0.03 V 0.05 0.07 0.05 0.09 T 0.06 0.07 0.07 0.08 V 0.05 0.10 0.05 0.12 T 0.43 0.44 0.43 1.27 V 0.03 0.03 0.03 0.17 V 0.01 0.02 0.01 0.10 T 0.01 0.01 0.02 0.14 T 1.41 1.44 1.44 1.70 T 2.85 2.86 2.85 2.86 T 0.34 0.35 0.35 0.67 T 0.26 0.27 0.26 0.27 V 0.01 0.01 0.01 0.06 V 0.02 0.03 0.02 0.08 T 0.10 0.10 0.15 0.95 V 0.01 0.01 0.01 0.02 T 14.65 15.22 14.99 17.20 T 0.33 0.34 0.33 0.57 N 0.16 0.17 0.16 6.84 T 7.10 7.82 7.15 21.20 V 0.09 0.13 0.10 0.20 V 0.15 0.18 0.15 0.35 V 0.03 0.03 0.03 0.05 V 0.23 0.26 0.26 0.54 T 3.75 8.54 4.00 6.11 V 0.02 0.02 0.02 0.02 V 0.01 0.01 0.01 0.04 V 0.05 0.07 0.06 0.09 V 0.04 0.05 0.05 0.19 T 1.08 1.18 1.08 1.50 Q 0.01 0.51 0.02 0.10 V 0.02 0.02 0.02 0.06 T 0.02 0.02 0.02 0.48 V 0.01 0.01 0.01 0.04

0.01 0.01 0.01 0.03 0.00 0.03 0.00 0.01 0.01 0.01 0.00 0.00 0.01 0.00 0.02 0.02 0.01 0.01 0.00 0.01 0.00 0.00 0.20 0.00 0.01 0.07 0.01 0.01 0.05 0.00 0.00 0.01 0.02 0.02 0.00 0.00 0.00 0.03 0.07 0.02 0.03 0.05 0.05 0.00 0.02 0.11 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.12 0.01 0.00 0.01 0.00 0.17 0.00 0.01 0.03 0.01 0.00 0.06 0.02 0.03 0.04 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.06 0.01 0.00 0.02 0.01 0.02 0.01 0.02 0.04 0.06 0.00 0.01 0.04 0.15 0.00 0.02 0.01 0.00 0.01 0.03 0.00 0.04 0.00 0.03 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.02 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.10 0.01 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.01

15-08-05 8:23 PM

Canada’s East Coast Pages 11-14

August 10-16, 2015

Peggy’s Cove, Nova Scotia.

Equitas hunts next Voisey’s Bay

Prudence pays off for Atlantic Gold in Nova Scotia

1990s. Their work inJunior Equitas Recluded the now-outdated sources (TSXV: EQT; electromagnetic (EM) US-OTC: EQTRF) has surveys that penetrated kicked off a second phase 75 metres deep. of exploration at its GarFrom 2000 to 2007, land nickel-copper-coVale and its predecesbalt property in Newsors looked at parts of the foundland and Labrador, Garland property, carrywith the hope of discovering deeper Voisey’s BY SALMA TARIKH ing out a regional airborne gravity gradiomeBay-style mineralization. ter survey, induced The underexplored property sits 30 km southeast polarization ground-EM surveys of Vale’s (NYSE: VALE) Voisey’s and ground reconnaissance samBay nickel-copper-cobalt mine in pling. They pinpointed several northern Labrador. Before Equitas targets, with Vale drilling the first optioned into the consolidated and only hole in 2008.

The hole failed to hit signifi200 sq. km package last year, 10 companies had explored frag- cant nickel-copper-cobalt minerments of the property in the late See EQUITAS, Page 12

Anaconda invests in Pine Cove’s future

BY LESLEY STOKES

VANCOUVER — With renewed exploration, Anaconda Mining (TSX: ANX; US-OTC: ANXGF) is laying the groundwork to revitalize its open-pit Pine Cove gold mine, 6 km northeast of the town of Baie Verte in north-central Newfoundland, even as declining gold prices put pressure on the junior miner.

The company reported 12.8 grams gold per tonne over 4.4 metres and 8.6 grams gold over 5 metres from channel samples taken across the Stog’er Tight prospect, 3.5 km east of the mine site.

The program will take a 2,800tonne bulk sample at the prospect later this year, once the company establishes the deposit’s National

Instrument 43-101 compliant resource. Dustin Angelo, president and CEO of Anaconda, tells The Northern Miner that the company believes Stog’er Tight could add years to the mine life.

“Pine Cove has three years left on the books, so we’re at that point where we need to continue to invest in the project and show that there’s a much longer life here,” he says. “It’s been a really positive experience, and we believe Stog’er Tight is on its way to becoming the next deposit mined.”

Anaconda looks to expand on a non-compliant historical reserve at Stog’er Tight of 65,200 tonnes grading 5 grams per tonne gold, and indicated resources of 96,000 See ANACONDA, Page 14

Rambler adds 15 years to mine life at Ming

BY LESLEY STOKES

VANCOUVER — Rambler Metals & Mining (TSXV: RAB) is looking to upgrade its underground Ming copper-gold mine, 17 km east of the town of Baie Verte on the north-central coast Newfoundland, after positive results from a prefeasibility study have extended the mine life from six to 21 years.

Peter Mercer, vice-president and corporate secretary of Rambler, tells The Northern Miner during a phone interview that the results are a milestone for Canada’s easternmost copper-gold operation.

“This is truly a transforma-

TNM August 10 2015 Issue.indd 11

tional year for the company,” he says. “The study really demonstrates the longevity and flexibility of the mine.”

The mine plan upgraded reserves with mineralization from the lower footwall zone and aims to nearly double production to 1,250 tonnes per day by 2018.

The revitalized operation has a $62.1-million after-tax net present value at a 5% discount rate and a 45% internal rate of return.

Mercer adds that the economics have improved since the project’s 2012 preliminary economic assessSee RAMBLER, Page 14

Workers conducting reverse-circulation drilling at Atlantic Gold’s Touquoy gold project earlier this year.

BY LESLEY STOKES

VANCOUVER — Steven Dean, chairman and CEO of Atlantic Gold (TSXV: AGB) says it took the company three years of “wading through the rubble of the gold sector” before it stumbled upon the Moose River gold project, 85 km northeast of Halifax, N.S., and recognized it as the jewel Atlantic had long been looking for.

“This is not our first rodeo,” Dean said during a presentation at the Sprott investor conference in Vancouver in late July. “It’s the part of the cycle that we love the most. There’s a lot of money to be made right now by investing soundly, and Moose River for us was clearly outstanding.”

The project is nestled within a historic gold mining camp that, according to Dean, hasn’t been touched by shovels since the Second World War. Traditionally, miners went underground and focused on “saddle reef” gold

quartz veins — a style of vein that develops between sedimentary layers at the crests of folds.

Regionally, the gold-bearing veins are scattered across deformed and folded sedimentary rocks that extend for 400 km throughout southwestern Nova Scotia.

But at Moose River, what previous explorers and miners didn’t realize was that gold mineralization extends past the veins and disseminates into the surrounding sedimentary rocks.

“Previous explorers never analyzed the drill core for gold outside the target veins,” Dean said.

“But if you combine the two styles of mineralization you’re getting open-pittable material, which now makes the economics possible.”

Since acquiring the project in September last year, Atlantic has produced a bankable feasibility on the Touquoy and Beaver Dam de-

ATLANTIC GOLD

posits — two of the four main deposits across the property. Dean says the results, which were released in early July, demonstrate a project is “in the money.”

The study envisages a 2-milliontonne-per-annum operation, producing 87,000 oz. gold each year from measured and indicated resources of 10.1 million tonnes of 1.5 grams gold per tonne for 480,000 oz. gold at Touquoy, and 9.3 million tonnes at 1.43 grams gold for 426,600 oz. gold at Beaver Hill (using 0.5 gram gold cut-off).

Using a 0.80 US$/C$ exchange rate and a US$1,200 per oz. gold price, the project offers an aftertax net present value of $168 million at a 5% discount rate, and a 30% after-tax internal rate of return.

Dean says the projected eightyear mine life could be extended by funnelling resources from the Cochrane Hill and Fifteen Mile See ATLANTIC GOLD, Page 12

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C a n a d a ’s E a s t C o a s t

12 AUGUST 10-16, 2015 THE NORTHERN MINER

Equitas hunts next Voisey’s Bay EQUITAS, From Page 11

alization, but it showed the region could host Voisey’s Bay-style deposits.

Following a share consolidation, Equitas agreed to buy a 100% interest in the Garland property last September from Zimtu Capital, Dahrouge Geological Resource Management and Ridge Resources — i.e., the three groups that had consolidated the land package.

and just simply the fact that we were able to get financing done in a difficult market.”

In July, the junior closed a nonbrokered private placement for gross proceeds of $521,000 for its exploration activities and general working capital. Earlier this year, it raised another $441,200.

The company is building a 20-person camp to support its phase-two program, which will include mapping and prospecting,

‘We’re on the cusp of a discovery.’

— Kyler Hardy, president, Equitas Resources As part of the agreement, Equitas paid $80,000 over the past year, and has so far issued 2.7 million shares of the nearly 8 million shares required. It also granted DG Resource Management a 2% gross overriding royalty.

Earlier this year, Equitas carried out a more advanced versatile time domain electromagnetic airborne survey on the property that the company’s president Kyler Hardy says gave it “visibility down to 350 to 400 metres.”

“Right now, we’re on the cusp of a discovery,” Hardy says. “That is highlighted by the nine targets that we outlined with our geophysics,

30 line km of a large loop EM survey and up to 4,000 metres of diamond drilling. Equitas is confident it can raise enough funds for an initial drill program.

With exploration underway, Equitas is set to move along the value creation cycle. “The truth is in the drill bit, which we will see hopefully in the next few months,” Hardy adds.

Along with using new exploration techniques to find deeper targets, the company has kept nickel veterans Alan King as its contracted geophysicist, Everett Makela as vice-president of exploration and Raymond Goldie as

Atlantic Gold

a director.

King formerly worked as chief geophysicist for Vale’s global exploration, while Makela retired as Vale’s principal geologist for North America in 2012. Goldie is currently a senior mining analyst and vice-president of Salman Partners.

Commenting on why Garland has been largely underexplored, Hardy says that after Voisey’s Bay came online, “the hype wore off” and companies left the area, particularly after the 2008–09 recession. He adds that interest in nickel also faded due to declining prices.

Despite the market oversupply, Hardy says prices should stabilize once the global economy picks up, increasing nickel consumption.

There have not been many nickel discoveries globally, and areas like Sudbury, Ont., and Thompson, Man., are “getting very long in the tooth,” Hardy says, noting that the nickel deposits tend to occur in clusters.

This adds weight to the company’s theory that there should be other nickel deposits near the Voisey’s Bay mine.

Equitas is focussed on making a discovery at the Garland property. “We are not going to dillydally ... we’re just going to make it happen, or move on,” Hardy says.

EQUITAS RESOURCES

Looking west along a trans-lithospheric fault of the Garder-Voisey’s Bay system on Equitas Resources’ Garland nickel property in Labrador.

ATLANTIC GOLD

An aerial view looking west at the proposed pit area (foreground) at Atlantic Gold’s Touquoy project in Nova Scotia. In the background is a historic test pit behind the deserted village of Moose River Gold Mines.

ATLANTIC GOLD, From Page 11

Stream deposits, which are within 57 km by road from Touquoy.

The two deposits could contribute 252,000 oz. gold at 1.8 grams gold in 4.5 million tonnes as measured and indicated resources, and 17.3 million tonnes at 1.6 grams gold for 882,000 oz. gold as inferred.

‘It’s the part of the cycle that we love the most. There’s a lot of money to be made right now by investing soundly.’

— Steven Dean, CEO, Atlantic Gold With all the major permitting in place for the Touquoy and Beaver Dam deposits, all that’s left now for Atlantic is to secure $137 million for its capital expenditures.

Dean reckons a large part of that can be financed with bank debt, and for now the company has a strong cash position of $16 million.

“I think once we secure that credit approval for the capex, people will suddenly wake up and say ‘this isn’t just one of those junior companies that are really only hoping to build something,” he said, adding that mine construction could begin in the first half of 2016.

But the biggest challenge any gold miner faces, he said, is dilution. Out of the 140 gold projects the company evaluated before Moose River, 95% of them failed its technical due diligence, largely because of what Atlantic considers bloated and unrealistic resource estimates driven by poor geostatistical modelling and arbitrary cut-off values.

Dean explained that gold de-

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posits are particularly vulnerable to error, as economic grades are often confined to narrow intervals.

“There are companies who choose arbitrary cut-offs for reserves with no science to support them, and the wireframes they base their block models off are poorly done,” he said.

Mining & Construction Tools

Wireframes are three-dimensional images of the orebody used in technical software to help illustrate the deposit and direct mining activities. If it uses inaccurate wireframes, a miner could end up mixing too much waste material into the ore and diluting grade.

The result, he said, is the “same old movie we’ve seen play over and over again during the downturn. A gold company builds a mine around its feasibility study, but when it doesn’t encounter the tonnes and grade it tries to expand the mill to compensate, adding capex, diluting shareholders and driving up cash costs.”

The rapid inflation in mining costs also played a star role in the show, he added. In many cases, companies failed on forecasts and guidance as prices for steel, cyanide, energy and labour soared.

“During the peak the industry became a little lazy, and certainly too comfortable with capital management, which is partly why we find ourselves where we are today,” he said. “So with Atlantic, we were sure to assemble a team of people who have built mines before and know what they’re doing.”

As a former president of Teck Cominco (now Teck Resources [TSX: TCK.B; NYSE: TCK]), Dean refered to the 145 years of technical mining experience on Atlantic’s senior management team. Many of Dean’s years were spent in Australia — a country he calls a global leader in mining innovation and skill.

He added that Atlantic’s approach has been to use the latest thinking, and the best geostatistical methods to develop Moose River’s resource estimates. The company plans to implement thorough resource control during mining so the company knows, on a rolling basis, just how many tonnes and grade the mill will receive.

“Moose River is a gold developer’s dream,” he said. “We built our team and company around this project, and now we’re on the path towards turning it into a reality.”

Atlantic has traded within a 52week range of 17¢ to 33¢, and closed at 28¢ at press time. The company has 115.5 million shares outstanding for a $32.3-million market capitalization.

15-08-05 8:24 PM

C a n a d a ’s E a s t C o a s t

THE NORTHERN MINER AUGUST 10-16, 2015 13

Wolfden keeps the drills turning in Bathurst camp

BY MATTHEW KEEVIL

VANCOUVER — It may very well be the worst market conditions for ex p lo rers , b u t t h a t h a sn ’ t stopped Wolfden Resources (TSXV: WLF) from mounting a drill campaign across its expansive land position in the heart of northeast New Brunswick’s historic Bathurst mining camp.

The company is well-funded with $1.6 million in flow-through dollars to spend over the next five months, and hopes success at a couple of targets may lead to exciting discoveries on greenfield ground.

Wolfden’s flagship asset is the Tetagouche project, which consists of over 200 sq. km along 30 km of strike of the Spruce Lake formation. The centre of the property is 30 km northwest of the prolific Brunswick No. 12 zinc-leadsilver mine and 25 km west of the city of Bathurst. Tetagouche hosts five historic massive-sulphide deposits and additional mineral occurrences, including the Armstrong A, Armstrong B, Rocky Turn, McMaster and Canoe Landing Lake deposits.

In April Wolfden added to its land position when it picked up the Brunswick No. 6 West property, comprised of 33 sq. km beside the past-producing Brunswick No. 6 mine.

“We picked up Brunswick No. 6 through staking after it was dropped by Xstrata,” Wolfden CEO George Topping said during an interview. “We noticed there was a drill hole that had a geophysical anomaly within 30 metres of the collar. The target hadn’t been drilled when the project was dropped, and it represented a fairly well-defined zone we thought was ready to go. We completed two holes, and we’re just awaiting the assays.”

Wolfden’s attention was drawn to the target area at Brunswick 6 by drill hole 12-12, which intersected over 140 metres of highly altered and mineralized Brunswick Horizon rock types. Specifically, the hole cut through a thick magnetite-chlorite iron formation underlain by a thick zone of stringer sulphide mineralization within strongly altered felsic volcanic rocks. Sampling reportedly returned broad intervals of anomalous base-metal mineralization.

“We’re drilling at another regional target called the Forks area,” Topping continued. “Since we acquired the land package back in 2012, our focus has been on the V10 area on the Tetagouche property, but we’ve expanding our efforts since finding good regional targets, as we’ve reviewed the data. The Forks is 60 km west of V10, and hosts a coincident soil and induced polarization (IP) anomaly. We’re getting quite strong soil values at the target, but again, it’s never been drilled.”

Forks hosts a prospective soil geochemical anomaly that runs 400 by 200 metres and is characterized by “highly anomalous levels” of lead, zinc, copper, silver and antimony. Closely associated with the soil anomaly is a well-defined, northeast-trending IP anomaly with by high chargeability and low resistivity.

The strong soil values in association with the IP anomaly — underlain by altered felsic volcanic rocks — suggest there could be volcanogenic massive sulphide mineralization on the property.

“We’re not turning our focus away from V10 necessarily, be-

WOLFDEN MINING

Drillers at Wolfden Mining’s Tetagouche massive sulphide project in New Brunswick, 25 km west of Bathurst. cause we have two target areas that are being drilled there later this month,” he said. “Those areas are key for our company in the search for the bedrock source of

the high-grade boulders we discovered last year. These are highgrade occurrences, and it’s definitely well-worth our time to pinpoint that source.”

Wolfden is planning a drill program at V10 with the hope of nailing down the bedrock source of boulder assays that returned up to 19.9% zinc, 3.9% lead, 0.3% copper, 649 grams silver per tonne and 1.08 grams gold per tonne.

The company has also staked 6 sq. km in east-central Manitoba, where previous work has provided “compelling evidence” of Kambalda-type nickel-copper mineralization. Topping said president Don Hoy had his eye on the land package for a “couple of years,” and the company jumped on the chance to stake the ground when it became available.

The property has intriguing exploration upside due to its spinifex-textured ultramafic flows that historic diamond drilling showed have nickel and copper.

The mineralization style often contains higher-grade platinumgroup elements. Kambalda-type deposits are characterized by high nickel grades and tend to occur in clusters within the base of ultramafic flows in channel-like deposits.

“The Manitoba asset has been known to management for quite a few years. Nickel has been in a

protracted bear market and there have been a lot of cutbacks in exploration. We’re still looking to stake additional ground around that deposit, so we haven’t given away its exact location. We’re flying an electromagnetic survey that will put us in a position to stake any ground we need,” Topping added.

“When things are at maximum depression you end up picking things up for cheap, or even staking them. All metals are cyclical and we all think things will eventually turn. The research I’m seeing says we could be moving into a nickel deficit next year, and that should compound over the next three years,” he continued.

Wolfden’s working capital stands at $2.6 million, including its flow-through funds. The company appears well-financed for exploration at Tetagouche, and for a “larger program” on the new nickel property later in the year.

Wolfden has traded within a 52week range of 9¢ to 32¢, and closed at 9.5¢ per share at press time. The company has 67 million shares outstanding for a $6.4-million market capitalization.

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Seiter&Miller 001223 Pub. The Northern Miner Size. 8 x 10 Issue April 2014 Art Director: sd/lg Copywriter: ms Account Executive: wt Date 03/05/14 TNM August 10 2015 Issue.indd 13

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AUGUST 10-16, 2015

C a n a d a ’s E a s t C o a s t

THE NORTHERN MINER

Anaconda invests in Pine Cove’s future ANACONDA, From Page 11

tonnes grading 7 grams gold. The company plans to spend another $500,000 in the next fiscal year on drilling programs that target its extensions.

Angelo says the drills will also be turning at its Pine Cove deposit, with $500,000 budgeted for drilling the northwest and southeast extensions of veinhosted mineralization. The company says the drill-out could add 45,000 oz. gold to the open-pit resource and add three years to its mine life.

Mill throughput at the Pine Cove mine is 1,050 tonnes per day with an 83–85% recovery rate at an average grade of 1.8 grams gold.

Angelo notes the company intends to double production from 15,000 to 30,000 oz. gold per year by adding feed to the mill from high-grade satellite prospects such as Romeo and Juliet, just 1.5 km north.

“The prospects will require additional drilling, but so far, the results have been encouraging,” he says, referring to a 1,000-tonne bulk sample at the Juliet zone in 2013 that returned a weighted average grade of 5.7 grams gold.

“Extending mine life has always been part of our long-term plan, but doubling production is more in response to the declining gold price, and to get our cash costs per ounce down.”

ANACONDA MINING

A drill at the Stog’er Tight prospect, 3.5 km east of Anaconda Mining’s Pine Cove gold mine in Newfoundland.

According to the company’s financial report for the nine months ending Feb. 28, 2015, the debt-free junior generated $16.6 million in gross revenue from selling 11,872 oz. gold.

But all-in-sustaining-costs (AISC) for producing an oz. gold are still a challenge, as exploration and development costs ramp up.

For nine months, AISC were a reported C$1,466 per oz. gold — or

5% higher than the sale price of C$1,390 per oz. gold for the same period.

“We don’t have a big balance sheet to weather the storm like the bigger companies do, but we’re still in good shape,” he says, noting the company has a positive cash flow from operations of $2.3 million for the same period. “The focus now is to drive the operating costs down,

so that we can spend more on exploration.”

Anaconda said in a presentation that it would lower its cashoperation costs to $960 per oz. gold this year by reducing haul distances, automating the mill and improving grades. Cash costs for the eight months ending Feb. 28 were $1,095 per oz. gold.

On a corporate side, Angelo

says the company would like to take advantage of the downswing and shop around for projects being sold at a discount.

“We’re the only pure-play gold producer in all of Atlantic Canada, so that puts us in a competitive advantage when we’re looking at acquiring other properties,” he says. “Our goal is to get to the point where we’re producing 100,000 oz. gold a year over multiple projects.”

In early August, the company entered an option with Seaside Realty to acquire 100% of the Corkscrew mining lease contiguous to Anaconda’s Pine Cove, Stog’er Tight and satellite deposits. The lease, which includes five gold occurrences, doubles the company’s land position and effectively gives the company full control of the highly prospective Goldenville trend.

“That was really big for us because it was the last piece of the puzzle, and we got it at a great price,” he says.

Pursuant to the deal, Anaconda needs to pay Seaside $75,000 over two years with $25,000 paid at closing, in addition to a 2% net smelter royalty capped at $2 million.

Anaconda has traded within a 52-week range of 4¢ to 8¢ per share, and closed at 4¢ at press time. The company has 179.9 million shares outstanding for a $7.2-million market capitalization.

Rambler adds 15 years to mine life at Ming RAMBLER, From Page 11

ment (PEA), which called for a $231-million capex to build a mill at the Ming mine site.

“We did the PEA as a way to gauge what the projects weaknesses were, and the one we saw was its sensitivity to capex,” Mercer says. “So this feasibility is all about optimizing infrastructure and getting full advantage of the assets we already have in place, rather than building everything from scratch.”

The company expects the upgrade to cost $66 million, with part of that used to upgrade its wholly owned Nugget Pond mill facility, 40 km east of the mine site, to handle the extra tonnes.

Mercer says more production would compensate for the lowergrade material from the lower footwall zone, which has different mineralization than the main deposit.

Ming is a volcanogenic massive sulphide deposit made from

A drill rig underground at Rambler Metals & Mining’s Ming copper-gold mine in Newfoundland. metal-rich fluids from ancient seafloor vents known today as “black smokers.”

Over time, the vents spewed mounds of massive sulphides that formed the high-grade core of the

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deposit. Mercer explains that underneath the blankets of ore is a lower-grade zone where metalrich fluids migrated laterally through the rock and deposited stockworks of sulphides.

“We’re planning to blend material from the two zones, and are looking at pre-concentrating ore before feeding it to the mill,” he says. “There are numerous opportunities to further enhance the projects economics. The prefeasibility represents the base-case, least-risk scenario for

the operation.”

Total proven and probable reserves (diluted and recovered) for the project are 8.7 million tonnes at 1.8% copper and 0.52 gram gold for a total of 348.1 million lb. copper and 145,300 oz. gold.

The estimate assumes a longterm metal price of US$2.79 per lb. copper and US$1,100 per oz. gold, and a long-term US$/C$ exchange rate of 0.88.

“The exchange rate is important because it’s not just a cent for a cent, it’s a ratio, so it has a much bigger impact when it goes up or down,” Mercer says, adding that a number of other Canadian producers, along with Rambler, have benefitted from the strong American dollar against the loonie.

Mercer says the operation produces enough cash flow to cover most of the capital required for expansion, though the company would benefit from a $25-million injection from debt financers.

“We’re talking strictly debt financing, because we’re certainly not looking to dilute our existing shareholders,” he says.

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TNM August 10 2015 Issue.indd 14

15-08-05 8:24 PM

THE NORTHERN MINER AUGUST 10-16, 2015 15

Centerra swings back into profit Centerra Gold (TSX: CG; USOTC: CAGDF) posted a profit in the second quarter, amid a sea of red for gold miners hurt by lower commodity prices.

Q u a r t er ly e ar n i n gs we r e US$21.9 million, or US9¢ per share, compared to last year’s net loss of US$31.7 million, or US13¢ per share. Analysts on average estimated a US3¢-per-share net loss.

Revenue grew 23% to US$146.8 million.

The better-than-expected performance resulted from Centerra selling 32% more gold ounces than a year ago, and lower operating costs.

This helped offset the 7% year-overyear drop in average realized gold prices of US$1,192 per oz.

Quarterly production from Centerra’s two gold mines — Kumtor in the Kyrgyz Republic and Boroo in Mongolia — grew 36% to 125,088 oz. gold.

Kumtor delivered 122,111 oz., compared to 77,860 oz. in the earlier year. The increase came on the back of higher gold grades and recoveries. All-in sustaining costs at the mine dropped 45% to US$835 per oz., as the company sold more ounces and lowered its operating costs.

The Boroo mine churned out less than 3,000 oz. gold, compared to more than 14,000 oz. in the second quarter of 2014. The lower production came from fewer ounces poured from the heap-leach operation via secondary leaching. Centerra notes it milled Boroo’s stockpiled ore last December and anticipates completing all leaching activities in early 2016. All-in sustaining costs, excluding income tax, were US$1,214 per oz., up from US$915 per oz. Despite the higher costs, Centerra says Boroo was cash positive.

Gold sales from both operations totalled 123,079 oz. in the second quarter.

Adjusted operating costs came in at US$347 per oz. sold, down from US$608. All-in sustaining costs fell by US$600 per oz. sold to US$937, while all-in costs, including taxes, improved by 36% to US$1,191 per oz.

Cash provided by operations totalled US$114.6 million. This helped bolster the miner’s cash, equivalents and short-term investments to US$581.7 million.

On the same day as its financial results, Centerra released a positive feasibility study for its Oksut heap-leap project in Turkey.

The study estimates the project will produce 895,000 oz. gold in total over an eight-year mine life.

Anticipated all-in sustaining costs are US$490 per oz., with all-in costs, including taxes, of US$777 per oz.

The initial cost to build the project is US$221 million. Given the low start-up capital, Oksut has a US$242-million after-tax net present value and a 42.5% internal rate of return, using US$1,250 per oz. gold at an 8% discount rate.

The company’s CEO Ian Atkinson says developing Oksut “is another step in Centerra’s strategy of diversifying its portfolio.”

Pending approval of its environmental impact assessment, construction should start in early 2016, with first production targeted for 2017.

Given the positive quarterly financials and Oksut’s robust feasibility study, BMO analyst Andrew Breichmanas has increased his $6 target to $6.25. He has a “market perform-speculative” rating, noting Centerra still faces uncertainty at its operations.

TNM August 10 2015 Issue.indd 15

A shovel loads a haul truck in the pit at Centerra Gold’s Kumtor gold mine in the Kyrgyz Republic.

“Oksut reinforces Centerra’s strategy of using its strong balance sheet to diversify its portfolio, but in the near-term, issues in Mongolia and the Kyrgyz Republic appear likely to overshadow the company’s ongoing transformation,” Breichmanas says.

Earlier this year, Centerra took

the first step in reducing its geopolitical risk by agreeing to invest up to $300 million in Premier Gold Mines’ (TSX: PG; US-OTC: PIRGF) Trans-Canada property in Ontario, in exchange for a 50% joint-venture interest. The property, now renamed Greenstone Gold, includes the development-

CENTERRA GOLD

stage Hardrock gold project, which the firms are jointly drilling.

Meanwhile, Centerra notes discussions are ongoing with the Kyrgyz government regarding the possible restructuring of the Kumtor project. The company says it is still working with the State Agency for Environmental Pro-

tection and Forestry to obtain approvals for Kumtor’s 2015 annual mine plan, explaining that without them, mining could be suspended.

In Mongolia, the Gatsuurt gold project remains on care and maintenance, despite the Mongolian parliament acknowledging the deposit’s “strategic importance.” In early June, the Mongolian government proposed that either its interest in Gatsuurt should be 34%, or that there should be a special royalty on the project. On June 18, the Mongolian parliament rejected that proposal, Centerra says. It expects the government will submit a revised proposal later this year.

Centerra ended July 28 up nearly 7% at $6.17 per share. It has kept its quarterly dividend at 4¢ per share.

In early August, Centerra’s former president and CEO Leonard Homeniuk was arrested on corruption allegations. Homeniuk, who retired from Centerra in June 2008, was detained while on holidays in Bulgaria at the request of the Kyrgyz government. The company notes it has “reviewed these allegations previously, and has found no basis for them.”

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THE NORTHERN MINER

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Brazil Resources to buy Whistler project in Alaska In a letter to shareholders earlier this year, Amir Adnani, chairman of Brazil Resources (TSXV: BRI; US-OTC: BRIZF), stated that the company’s strategy since its initial public offering in 2011 has been “to take advantage of the opportunities presented by challenging market conditions during the four-year bear market in the junior resource space and to grow our resource base through accretive acquisitions.”

Those acquisitions began in 2012 with Luna Gold’s (TSXV: LGC; US-OTC: LGCUF) Cachoeira gold project in Brazil, and continued in 2013 with the addition of Brazilian Gold Corp., whose assets included the Rea uranium project in the Athabasca basin, and three gold projects in Brazil’s Para state: Sao Jorge, Boa Vista and Surubim.

Now, the company is picking up 100% of the Whistler gold-silvercopper project and associated assets in central Alaska, 150 km northwest of Anchorage, from prospect-generator Kiska Metals (TSXV: KSK; US-OTC: KSTKF) in an all-share deal worth $1.6 million.

Under the proposed deal, Brazil Resources will issue 3.5 million shares in exchange for the 170 sq. km property, which hosts several gold-copper porphyry deposits, including Whistler.

Whistler has a pit-constrained indicated resource of 79.2 million tonnes grading 0.51 gram gold per

An aircraft at Brazil Resources’ newly acquired Whistler gold-silver-copper project in central Alaska. 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. The resource adds up to 2.25 million equivalent oz. gold in the indicated category and 3.4 million equivalent oz. gold in the inferred category.

Ash Guglani of Salman Partners calculates that if the deal is completed, Brazil Resources would “add ounces at roughly 29¢ per equivalent oz. gold.” Moreover, he says, the transaction allows the

company “to diversify itself into a mining friendly jurisdiction” and “adds a potentially attractive asset with substantial gold ounces to the company’s portfolio at significantly lower costs.”

The analyst estimates that on a per ounce basis, Brazil Resources is trading at $11.44 per oz. gold and that the acquisition “is accretive, as the cost is 30¢ per equivalent oz. gold.”

In a press release announcing the deal, Brazil Resources said it considers Kiska’s 2011 National Instrument 43-101 compliant resource as a historic resource only, and plans

Royal Road driven by results ROYAL ROAD, From Page 1

The results build upon work completed last year, which outlined a 500-metre long mineralization trend, with best intercepts returning 76 metres at 1 gram gold, including 24 metres at 2 grams gold, and 56 metres at 1 gram gold, including 22 metres at 2 grams gold.

Coughlin notes that the longer, lower-grade intercepts reported on the property were calculated with a 0.2-gram-gold cut-off and a 10-metre internal dilution — the normal bench height for an openpit — and they highlight the bulktonnage potential at Kubaslar.

“If you do that consistently in these types of deposits, you finish with 1-gram-tonne intersections,” he says. “But one thing is for certain, these holes are mineralized from top to bottom and rarely get below 0.2 gram gold, and that’s quite remarkable.”

Based on drilling, geophysical surveying and the location of soil anomalies, Coughlin says the target remains open along strike and at depth.

“This is all early stage drilling, so it’s difficult to join the dots,” he adds. “The key is whether we can heap-leach the lower-grade material, strip that off and get down into the higher-grade material.”

TNM August 10 2015 Issue.indd 17

He says that below the volcanics on the property is the chemically favourable, carbonaceous basement that’s known to host other deposits in the region.

Coughlin explains that Royal Road’s Kubaslar, and the rest of the Gomec property, is located along the edge of a 20-millionyear-old intrusive rock called

‘Four years ago this would’ve been an outstanding asset, and in four years it will be an outstanding asset. Right now we’re just stuck in this uncomfortable middle.’

— Tim Coughlin, president and CEO, Royal Road Minerals One such example is Turkey’s largest mining company Koza Gold’s similarly named, nearby Kubaslar gold deposit, which Royal Road says has 115,500 oz. gold at 1.9 grams gold and 800,000 oz. silver at 13.4 grams.

On the geology map of the Gomec property and its environs, Koza’s Kubaslar prospect appears to be bounded on most edges by an intrusive rock called a tonalite. But Coughlin says that geophysical surveying clearly shows the intrusives run parallel to the stratigraphy — referred to as sills — and the favourable basement lies directly underneath.

the Kozak batholith — a defining feature on all Turkish geological maps — which is understood to be the source of gold in the district.

But he says with such potential comes a certain challenge.

“This is a big system, and it needs a lot of money to do it any justice,” Coughlin says. “Four years ago this would’ve been an outstanding asset, and in four years it will be an outstanding asset. Right now we’re just stuck in this uncomfortable middle, but we’re doing all the right things to keep the advance the project, and we’re excited about the results so far.”

BRAZIL RESOURCES

to update it after the acquisition is completed. For its part, Kiska noted in its press release announcing the deal that it has done little exploration at Whistler since it completed the resource estimate in 2011, due to market conditions.

According to Brazil Resources, 70,000 metres of drilling have been completed on the project — 19,870 of which (48 holes) were drilled at Whistler — and the districtscale project hosts several mineralization styles, including goldcopper porphyry, precious and base metal-rich epithermal, and intrusion-related mineralization.

Garnet Dawson, Brazil Resources’ CEO, said in prepared remarks that while the company is focused on its gold-development projects in Brazil, the Whistler project, at a cost of just 4.5% dilution, provides “a historic, multimillion ounce resource, large expansion potential, relatively low holding cost and the support of Kiska’s technical team,” which is also in joint ventures on other projects with First Quantum Minerals (TSX: FM; LSE: FQM) and Teck Resources (TSX: TCK.B; NYSE: TCK).

Under the deal, Brazil Resources will deliver its 3.5 million shares in four installments of 875,000 shares every five months after the first installment is made, which is scheduled for five months after the transaction. For 15 months after the transaction, Kiska Metals will provide support and maintenance services at Whistler for $10,000 per month.

The entire Whistler project — made up of 304 Alaska state mining claims in the state’s Yentna district — is subject to a 2.8% net smelter return royalty. In addition, certain claims overlying the Whistler deposit itself are subject to a 2% net profit interest royalty.

The Whistler project comes with a 50-person all-season camp, 2.7 km from the Whistler deposit, and includes a gravel airstrip,

38-kilowatt diesel generator, water well, septic system and fuel-storage facility. The Whistler deposit and nearby prospects are connected to the camp and runway by a 6 km access road.

Brazil Resources describes the property as being situated in an underexplored area of south-central Alaska. A volcano-sedimentary Jura-Cretaceous Kahiltna Assemblage underlies the property, intruded by the Late Cretaceous Whistler Intrusive Suite, with associated gold-copper porphyry and epithermal mineralization, and the Late Cretaceous to Paleocene Composite Intrusive Suite, with associated, intrusion-related gold mineralization.

Outside Alaska, Brazil Resources is bullish about the prospects of its 75% stake in the Rea uranium project, which covers 884 sq. km in the western part of the Athabasca basin.

Areva owns the remaining 25%.

In Brazil, the company has started environmental and mine permitting for its Cachoeira gold project, which has indicated resources of 17.4 million tonnes grading 1.40 grams gold for 787,000 contained oz. gold, and inferred resources of 15.6 million tonnes grading 1.12 grams gold for 563,200 oz. gold, using a 0.35-gram-gold-per-tonne cut-off grade.

At Sao Jorge, a defined resource coincides with a geophysical anomaly, with only 50% of the anomaly untested. The project has 14.4 million tonnes at 1.54 grams gold for 715,000 contained oz. gold in the indicated category, and another 29.2 million tonnes at 1.14 grams gold for 1.04 million contained oz. gold in the inferred category, also at a cutoff grade of 0.3 gram gold. So far, a tenth of the project area has been explored.

Elsewhere in Brazil, the Boa Vista project has an inferred resource of 8.5 million tonnes of 1.23 grams gold for 336,000 contained oz. gold using a 0.5-gram-gold-per-tonne cut-off grade, and the Surubim project has an inferred resource of 19.4 million tonnes of 0.81 gram gold per tonne using a 0.3-gram-gold-per-tonne cut-off grade.

Brazil Resources says both projects have only seen initial drilling, and its geological team has identified more zones for follow-up.

Finally, in Brazil’s Goias state, Brazil Resources owns 100% of the Artulandia project, a polymetallic discovery that has two base-metal horizons with precious metal credits that have been identified and measure at least 2,000 by 250 metres. The company says the property’s geological features suggest a gold- and zinc-rich volcanogenic massive sulphide deposit.

At press time, Brazil Resources shares were trading at 53¢, within a 52-week range of 45¢ to 95¢.

15-08-05 8:24 PM

18 AUGUST 10-16, 2015 THE NORTHERN MINER

First Quantum’s Kansanshi gets mixed reviews VANCOUVER — An updated technical report filed by First Quantum Minerals (TSX: FM; US-OTC: FQVLF) on its 80% owned Kansanshi copper operations, 10 km north of Solwezi, Zambia, sent analysts scrambling to lower target share prices for the international producer after it revealed a slower production schedule and a decrease in reserves.

According to the report, reserves for the mine are down from 692 million tonnes at 0.7% total copper to 668 million tonnes at 0.7% total copper (using a 0.2% total copper cut-off).

Production is expected at 15.9 million tonnes of ore this year and 53.7 million tonnes by 2020, which falls short of analyst expectations, who foresaw a faster ramp-up in processing stockpiled ore.

Reacting to the results, Salman Partners lowered its 12-month target price on the share price from $25.43 to $19.23 per share, but kept a positive rating on the stock, calling the company “Canada’s most liquid pure play on copper.”

Other analyst groups have also reduced target prices and updated ratings on the shares. Credit Suisse dropped its target from $23 to $18.50, and has a “neutral” rating on the stock, whereas analysts at Barclays reiterated an “overweight” rating and set a $21.75 price target on the shares.

In response, First Quantum issued a release stating the production schedule in the report is a conservative estimate that’s “not intended as guidance,” and “serves only to satisfy the requirements of national reporting standards of 43-101.”

It states that Kansanshi has “considerable upside potential” in its inferred resource, which totals

First Quantum Minerals’ Kansanshi copper mine in Zambia.

669 million tonnes at 0.6% copper.

Up to 80% of the deposit’s inferred resources have historically been converted into the measured and indicated categories.

Meanwhile, Douglas Rowlings, a Moody’s Investor analyst, has a negative outlook on First Quantum, and is concerned the company faces “downward pressure,” despite a $1.1-billion equity raise in June.

He reckons the proceeds were a means of prefunding $1 billion in capital expenditures the company plans to spend this year, rather than paying down its $1-bil-

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TNM August 10 2015 Issue.indd 18

Full Time

lion revolving credit facility.

Due to persistently weak copper prices and an increase in mining royalties in Zambia to 9% from 6% a year ago, he says the company could have a hard time funding capex with internal cash flows.

First Quantum’s biggest development project — the Cobre Pan-

FIRST QUANTUM MINERALS

ama copper mine, 120 km west of Panama City, Panama — has a US$6.4-billion price tag, with US$600 million to be spent this year.

Adding to the cash burden at Cobre, Franco-Nevada (TSX: FNV; NYSE: FNX) — First Quantum’s financial backer at Cobre

— has yet to make this year’s US$284-million payment as part of a streaming agreement.

Rowlings suspects that First Quantum will also face steady headwinds, as Zambia’s rising national debt — currently US$8 billion — may force the government to raise taxes once again.

And he predicts the debt situation in Zambia will likely not improve in the short-term, based on a correlation between the country’s economy and the copper price, which he expects will remain low.

This could leave First Quantum exposed, considering almost half of its revenue comes from its operations in Zambia, which also include its new Sentinel copper mine and smelter, 150 km west of Solwezi.

He says in the longer term, delivering the Cobre Panama mine in 2018 will help diversify revenue and improve the company’s credit profile.

First Quantum shares have traded within a 52-week range of $9.89 to $27.29, and closed $12.29 per share at press time. The company has 682.2 million shares outstanding for an $8.4-billion market capitalization.

First Quantum will release its second-quarter results after the market closes on July 29. Company-wide during the first quarter, First Quantum produced 96,318 tonnes copper at US$1.39 per lb., 6,268 tonnes nickel at US$4.40 per lb. and 52,782 oz. gold as a by-product.

Dalradian advances Curraghinalt amid low gold prices Dalradian Resources (TSX: DNA) has published the results of first 25 drill holes from its 2015 exploration program on its Curraghinalt gold project in Northern Ireland, confirming the project’s quartz veins carry high-grade gold mineralization.

The company began drilling in March as part of its fully funded $30-million work program at the deposit that started last September, with a goal of completing a prefeasibility study and an environmental impact assessment (EIA).

Assays from the 25 holes, released on July 15, represent 5,800 metres of the planned 21,000metre campaign, which includes 20,000 metres of infill and 1,000 metres of geotechnical drilling.

The main objective of the infill drilling is to convert the inferred resources at Curraghinalt to the indicated category for the upcoming prefeasibility study.

So far, the drill results have been positive, BMO analyst Andrew Kaip writes in a note. They indicate “resource continuity and highlight the potential for highergrade zones within the Curraghinalt resource,” he says.

The best intercepts to date included 54.84 grams gold per tonne over 4.4 metres and 15.26 grams gold over 4.7 metres (not true widths).

“The weighted average grade for the new results released was 18.74 grams gold per tonne over an average intercept of about 1.4 metres,” Kaip says. This surpasses the resource grade in the 2014 preliminary economic assessment (PEA).

The PEA outlines 3 million measured and indicated tonnes grad-

DALRADIAN RESOURCES

Drillers at Dalradian Resources’ Curraghinalt gold project in Northern Ireland. ing 10.41 grams gold for 1 million oz. gold, plus 8 million inferred tonnes at 9.67 grams gold for 2.5 million oz. gold.

Building a mine at Curraghinalt could cost US$249 million. Once up and running, it could produce 194,000 oz. gold a year for the first five years, and 149,000 oz. gold a year for the remaining 13 years.

Estimated life-of-mine cash costs are US$485 per oz., including royalties, refining costs and by-product credits.

Given the low start-up and operating costs, the returns are robust. Based on a US$1,200 per oz. gold price, Curraghinalt has an after-tax net present value of US$504 million using an 8% discount rate, and a 36.5% after-tax internal rate of return.

Dalradian hopes to improve on those numbers with its drilling efforts. The current program covers 45% of the resource’s 1.7 km strike length and goes down 400 metres, while the resource reaches 700 metres deep.

Once the drilling wraps up in the

third quarter, Dalradian will update Curraghinalt’s resource in September or October, company spokesperson Marla Gale says.

The prefeasibility study should be out by year-end, followed by the EIA in early 2016.

Both the prefeasibility study and EIA will support a permitting and planning application to build a mine at Curraghinalt. The junior intends to submit that application by the end of March 2016, Gale says.

Since the company reported the drill results, its shares have slid. It recently closed at 75¢ per share, down 15¢ since July 15.

Gale largely attributes the downward movement to the tumbling gold price.

The spot price for gold hit a fiveyear low on July 20, slipping below US$1,100 per oz. to close at US$1,097.70 in New York. The metal has fallen 4.2%, or US$49 per oz., since July 15.

Kaip has a “speculative outperform” rating on the stock, with a $1.25 target.

15-08-05 8:24 PM

THE NORTHERN MINER AUGUST 10-16, 2015 19

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.

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.

Jumbo Operator ​ID, Papua, ID Online Reference No: 61982 P.T. Redpath Indonesia has an immediate opening for a Jumbo Operator to join their dynamic team at our project in Indonesia.

Construction 2 Online Reference No: 62282 McArthur Lake Operation POSITION AND RESPONSIBILITIES: Assist the Construction I personnel as required,operate underground equipment as required, the ability to work with minimal supervision. Safety Officer Rabbit Lake Operation.

Lead Mechanic Nunavik Nickel Mine, QC Online Reference No: 62287 The primary role of the Mechanic is to perform preventive maintenance and repairs to diesel, electrical, hydraulic and air operated equipment. This includes mobile equipment, drills, small tools and miscellaneous equipment of a similar nature.

Maclean Bolter North Mine, Sudbury, ON Online Reference No: 62291 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.

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.

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TNM August 10 2015 Issue.indd 19

15-08-05 8:24 PM

20 AUGUST 10-16, 2015 THE NORTHERN MINER

EVENTS Oct 7-8 AEMQ XPLOR 2015 Place Bonaventure, QC info@aemq.org (819) 762-1599; 1-877-762-1599 http://aemq. org/EN/XPLOR Nov 18-20 Manitoba Mining & Minerals Convention Winnipeg, MA convention@ gov.mb.ca (204) 945-2691; 1-800-2235215 manitoba.ca/iem/convention

Gemfields unveils maiden ruby resource The Montepuez ruby project

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

MEETINGS Aug 10 Aug 10 Aug 11 Aug 11 Aug 12 Aug 13 Aug 14 Aug 14 Aug 17 Aug 17 Aug 17 Aug 17 Aug 19 Aug 19 Aug 19 Aug 19 Aug 20 Aug 20 Aug 20 Aug 20 Aug 21 Aug 21 Aug 21 Aug 21 Aug 21 Aug 25 Aug 25 Aug 25 Aug 26 Aug 26 Aug 26 Aug 26 Aug 26 Aug 27 Aug 27 Aug 27 Aug 27 Aug 27 Aug 28 Aug 28 Aug 31 Aug 31 Aug 31 Aug 31 Sep 01 Sep 01 Sep 02 Sep 02 Sep 02 Sep 03 Sep 03 Sep 04 Sep 04 Sep 10 Sep 10

Coral Gold Resources Trinidad Drilling Expedition Mining Greenfields Petroleum Nevada Zinc Sokoman Iron Mediterranean Resources Solitario Expl & Royalty Canuc Resources Cardero Resource Bell Copper Typhoon Exploration West Melville Metals Excelsior Mining Calibre Mining Condor Resources International Lithium Mezzotin Minerals Minera Alamos Troymet Exploration European Uranium Resources Carrie Arran Resources Austin Resources Frontline Gold Minemakers 49 North Resources Pure Gold Mining Tumi Resources Ucore Rare Metals Astorius Resources Orestone Mining Terraco Gold Cardero Resource Sphinx Resources MacArthur Minerals Minera IRL Vector Resources Sphinx Resources Handa Copper DGS Minerals Natan Resources ALQ Gold Scorpio Gold Newstrike Resources AQM Copper Grizzly Discoveries Pacific Coal Resources Goldrock Mines Coral Gold Resources Redzone Resources Tribute Resources Arrowstar Resources Santa Barbara Resources Carpathian Gold Sennen Potash

AGS S AG AGS AS AG AGS AS AS AGS AGS AG AG AG AG AG AG AS AS AGS AGS S AG AGS S AS AG AG AGS AGS AG AG AGS AG AG AGS AS AGS AG AGS AG AG AGS AS AGS AGS AGS AGS AGS AGS AGS AGS AGS A AG

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

GEMFIELDS

Cut and polished rubies from Gemfields’ 75%-owned Montepuez ruby project in Mozambique.

It’s not every day a company in the mining sector say its project can deliver an internal rate of return (IRR) of more than 300%. But that’s what Gemfields (LSE: GEM) expects of its majority-owned Montepuez ruby deposit in Mozambique.

The company pegs Montepuez’s post-tax IRR at 311.7% and its posttax net present value at US$996 million, based on a 10% discount rate.

Gemfields describes the ruby deposit as “the world’s single largest ruby and corundum deposit.” It was discovered in 2009 in northeastern Mozambique, 170 km west of the coastal town of Pemba, in Cabo Delgado province. Gemfields acquired its 75% stake in June 2011 for US$2.5 million, and became project operator. The remaining 25% stake is held by local company Mwiriti Lda. The geological origin of the rubies at Montepuez is different than many of those traditionally available in the international market.

The Montepuez rubies are amphibolite related rather than marble or basalt related, the company explains, and are found in both alluvial secondary deposits in gravel beds, and primary (in-situ) rubies

within amphibolite.

According to a joint ore reserves committee-compliant maiden resource estimate released on July 22, Montepuez’s combined indicated and inferred resource stands at 467 million carats of ruby and corundum at an in-situ ore grade of 62.3 carats per tonne — enough to sustain a 21-year mine life producing a total of 432 million carats.

The resource estimate has impressed a number of analysts, including Marc Elliott of Investec Securities, who comments in a research note that the results “only reinforce our view that Montepuez could be one of the most exciting discoveries in Africa for decades.”

Elliott points to an abundance of upside at the project, while

‘This [resource estimate] certainly suggests that Montepuez looks set to dominate global ruby supplies.’

— Marc Elliott, analyst, Investec Securities Breaking down the resource estimate, Montepuez has an indicated resource of primary mineralization of 2.1 million tonnes grading 115.4 carats per tonne, or 245 million carats, and secondary mineralization of 5 million tonnes, at 35.7 carats per tonne, or 178 million carats. Inferred resources of primary mineralization add up to 0.4 million tonne at a grade of 115.4 carats per tonne, or 44 million carats.

Gemfield’s team has only explored a tenth of the 336 sq. km licence area.

“This certainly suggests that Montepuez looks set to dominate global ruby supplies,” the London-based mining analyst writes in a research commentary.

Elliott estimates that based on the company’s production profile, the deposit “would supply 40% of the global rough ruby market, giving Gemfields a dominant position

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TNM August 10 2015 Issue.indd 20

that we believe will enable management to drive up prices, as it has achieved for emeralds.” (Gemfields has held 18 auctions of emerald and beryl from its 75%-owned Kagem emerald mine in Zambia, which generated US$325 million for the company.)

Others say the numbers are almost unbelievable. Edward Sterck of BMO Capital Markets comments in his research commentary that “if there is one challenge, it is that the outcome [at Montepuez] almost appears too good … proof is only dependent on Gemfields continuing to grow the ruby market,” he says, “but then it has already achieved this in emeralds, with a greater than 60% compound annual growth rate in realized prices since 2009 — quite a track record!”

The resource estimate was calculated by SRK Consulting and the life-of-mine plan sees operations progressing from bulk-sampling to full-scale production.

Gemfields hopes to increase mining capacity from 3.3 million tonnes per year to 5.6 million tonnes per year by July 2017, and bump up the processing rate to 1.3 million tonnes of ore a year from the current 399,000 tonnes of ore per year. (Between August 2012 and the end of March 2015, Montepuez produced 16.1 million carats of ruby and corundum, and the company has held four auctions of rough ruby and corundum for revenues of US$122 million.)

The company estimates US$305 million in life-of-mine capital expenses, and says Montepuez could yield US$2.8 billion in cash.

After releasing Gemfield’s maiden resource estimate, BMO Capital Markets’ Sterck raised his target price from £0.75 to £0.90 per share, while Investec’s Elliott increased his target price to £0.90 from £0.69. At press time the company’s shares were trading at £0.58. The company has 543 million shares and a £318-million market cap. In addition to Montepuez and its Kagem emerald mine, Gemfields owns half of the Kariba amethyst deposit in Zambia, and in January 2013 acquired the Fabergé brand.

Significant shareholders in the company as of May 1 include Pallinghurst Resources, with 38.4%; Fabergé Conduit Ltd., 18.2%; Investec Pallinghurst (Cayman) LP, 9.9%; NGPMR (Cayman), 8.2%; BlackRock Investment Management Ltd., 3.4%; and Platinum Asset Management, which holds 2.9%.

15-08-05 8:24 PM