The Northern Miner August 31 2015 Issue by The Northern Miner Group

Your Exploration Advantage.

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

One of The Largest Silver Discoveries of 2014 TSX.V: GRG www.goldenarrowresources.com

905 841 5004 | geotech.ca

Anglo American Sells Norte unit in Chile $3.99 • AUGUST 31-SEPTEMBER 6, 2015 • VOL. 101, NO. 29 • SINCE 1915

Odds ‘n’ sods

How to get a police escort to your prospect

Eldorado Gold halts Greek ops as ministry revokes technical study

Stillwater Mining

Weak PGM prices lead to layoffs

Arena attracts

JOGMEC,

B2Gold BY TRISH SAYWELL

BY SALMA TARIKH

Haywood Securities analyst Kerry Smith says Greece’s energy minister Panos Skourletis was on a “fishing expedition” when he revoked the technical studies on Eldorado Gold’s (TSX: ELD; NYSE: EGO) Skouries and Olympias gold projects in the Halkidiki Peninsula of northern Greece, forcing the company to halt its operations in the country and lay off workers. Eldorado reported the suspension on Aug. 19, based on test work by Outokumpu-spinoff Outotec on Olympias’ third-phase, flashsmelting process (Metals giant Outokumpu invented flash smelting in the 1940s.) The Ministry of Energy claims the company violated its contract by conducting pilot-scale test work in Finland, and not Greece. The test work is part of the technical studies for Skouries and Olympias, which

Surface facilities at Eldorado Gold’s Stratoni underground silver-lead-zinc mine in northern Greece. make up the basis of other permits Eldorado needs to build the assets that are crucial for its growth. Smith says he’s never heard of a requirement in the permitting process for companies to do test work at-site, especially when Halkidiki has no expertise in flash

INTERVIEW

Market insights from Sprott’s Rick Rule BY LESLEY STOKES

At the Sprott/Stansberry Natural Resource Symposium — held in Vancouver in late July — Rick Rule, chairman of Sprott U.S. Holdings Inc., spoke with The Northern Miner about the state of the mining industry and its future. The Northern Miner: When will the bear chew the juniors right to the bone? When is that point of no return? Rick Rule: I would’ve told you 2014, but I was wrong. What I didn’t anticipate about this market is that I didn’t take into account the strength of the bull market. Bear commodity markets end one of two ways: either through demand creation or supply destruction. Demand creation occurs when the price of the commodity gets so low, the utility to consumers is high enough that demand returns, and there’s economic recovery. The other is supply destruction, the same kind we had at the turn

TNM Aug31 2015 Issue.indd 1

of the century. We destroyed resources through the 1990s and ate through production capacity to the extent that when demand came back a little bit, the industry couldn’t supply, and we had those price spikes in 2002 to 2006. But what happened in the 1998 to 2002 bear market is that the juniors went into it already weak, whereas now they went into it incredibly strong. Juniors today had gorged on cash in the last decade and the amount of destruction they could absorb was greater than what I had anticipated. TNM: What are some things this bear market has taught us? RR: Those who run the juniors, from worst to best, are characteristically entrepreneurs and are extremely optimistic people. And the mistake that they made — and the mistake that I made on their behalf — is that they confused the optimal capital market conditions with being normal. And the juniors believed the marSee RICK RULE, Page 13

smelting. If this was the case authorities would have flagged this issue earlier, Smith argues, noting Eldorado has had permits for both projects for some time. “There have been a number of appeals against the permits. The Council of State, which is their

ELDORADO GOLD

equivalent to the Supreme Court, has upheld the permits ... probably three times.” Smith says. “It’s not like there have not been challenges to the legitimacy of the permits, and it has been upheld every time. “I kind of feel like [Skourletis] See ELDORADO, Page 2

Endeavour hits pay dirt at Agbaou BY LESLEY STOKES

VANCOUVER — West Africafocused Endeavour Mining (TSX: EDV; US-OTC: EDVMF) has been on the hunt for valuable oxide resources at its flagship Agbaou gold mine, 80 km south of Yamoussoukro, Côte d’Ivoire, and exploration results from the company have hit right on target. The latest exploration and infill drilling intercepted continuous grades, such as 10.2 metres at 3.5 grams gold per tonne and 13.3 metres at 2.8 grams gold along the same shear zones that host the orebody at the producing West pit. Exploration also expanded mineralization at the parallel-trending Gamma zone to 600 metres, boasting intercepts of 12.2 grams per tonne over 9.4 metres. Whereas drilling at the Beta zone, southwest of the operations at North pit, returned 16.5 grams gold over 8.3 metres. CEO Neil Woodyer said in a release that the drilling “confirms the exciting potential we have to continue to extend mine life at Agbaou,” and these ounces will be brought into reserves by year-end.

The exploration success builds upon another stellar quarter for Endeavour, which tabled after-tax net earnings of US$33 million for the second quarter, despite realized gold prices falling 2.1% from the previous quarter to US$1,193 per oz. gold. The company finished off the quarter with US$52.7 million in the bank, and used the healthy earnings to pay down its revolving credit facility by another US$20 million — the second voluntary payment made this year — dropping the balance to US$260 million. Ota Hally, Endeavour’s chief financial officer, tells The Northern Miner in a phone interview that the company aims to keep all-in sustaining costs (AISC) for gold below production guidance of US$980 per oz. at its four gold mines: Agbaou in Côte d’Ivoire, Nzema in Ghana, Tabakoto in Mali and Youga in Burkina Faso. “When gold prices are high it sends miners scrambling, and everyone gets preoccupied on throughputs,” he says. “Whereas

Since the beginning of the year, prospect-generator Arena M inerals (TSXV: AN) — whose shares traded at only 17¢ at press time — has enticed two heavyweight players in the mining industry to sign option agreements on parts of its 1,492 sq. km Atacama copper property near Antofagasta, Chile. In July, Japan Oil, Gas and Metals National Corp. (JOGMEC) signed an option agreement to acquire up to a 60% stake in 100 sq. km of the property by spending at least US$16 million in two stages over six years. The hectares under option are collectively referred to as the Baquedano NE project, and include three claim blocks — Carmen Alto, Pampa Union and Cerro Guacate Sur. Under the deal, JOGMEC will pay US$630,000 to Sociedad Quimica y Minera de Chile (NYSE: SQM) — the underlying property owner — on behalf of Arena during the option period. JOGMEC will also make an initial US$125,000 payment to Arena. The joint-venture partners announced earlier that JOGMEC would kick-off a US$2.7-million, 12,600-metre drill program for completion within the first term of the option agreement, or before See ARENA, Page 2 PM40069240 – PAP Registration #09263

See ENDEAVOUR, Page 14

15-08-26 6:16 PM

2 AUGUST 31-SEPTEMBER 6, 2015 THE NORTHERN MINER

Eldorado Gold halts Greek ops

REGULAR DEPARTMENTS

COMPANY INDEX

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

Anglo American.................. 3 Arena Minerals................... 1 Audley Capital Advisors...... 3 B2Gold............................... 2 Belo Sun Mining................. 2 BHP Billiton......................... 2 Corescan.......................... 11 Discovery Canada............... 5 Eldorado Gold..................... 1 Endeavour Mining.............. 1 Essential Media Canada...... 5

Gekko Systems................. 11 Goldcorp............................ 2 Newmont Mining............. 11 Rajesh Exports.................. 11 SGS.................................... 5 Sociedad Quimica y Minera de Chile......................... 1 Stillwater Mining.............. 16 Timetric............................ 11 TMAC Resources.............. 11 Yamana Gold...................... 2

STORIES WE’RE WORKING ON. . .

Since 1915 The processing plant at Eldorado Gold’s Olympias gold-silver-lead-zinc project in Greece.

ELDORADO GOLD

Arena attracts

ELDORADO, From Page 1

is on a fishing expedition, and I’m not really sure what exactly his motive is. My gut feeling is that … if this was really an issue, it would have come up in the past, when there were all these petitions to have the environmental impact assessment (EIA) overturned.” (The EIA covers Skouries, Olympias and Eldorado’s Stratoni underground silver-lead-zinc mine, collectively known as the “Kassandra mine.”) On Aug. 20, Eldorado confirmed it would stop mining and development in the Halkidiki region starting Aug. 24, while dismissing most of its Greek workforce for up to three months. Eldorado’s Greek arm, Hellas Gold S.A., employs 2,000 people at the Stratoni operation, and the Olympias and Skouries projects. In a statement Eldorado’s CEO Paul Wright said the “unfortunate outcome” is detrimental to all its stakeholders, and to Greek society. He says the company will not spend on its projects in Greece while the Ministry of Energy is “openly hostile to our activities.” Eldorado aims to restart its activities in Greece “at some point in the near future — preferably through constructive engagement with the Ministry of Energy, rather than a court decision,” Wright said. The miner has started legal action against the ministry’s decision — including filing an injunction before the Council of State — but has not specified when it would receive a court decision. Smith says the company suspended activities and dismissed employees to put pressure on the government. “They are tired of the shenanigans. I think it is the exact right strategy. You need to force these [officials] in some way, shape or form to sit down and come to the realization that what the company is trying to do in the country is actually a net benefit.” Eldorado’s resource investment in Greece has created 5,000 direct and indirect jobs — including 2,000 on Hellas’ payroll — in a country where the average unemployment rate is 25%. “I think it is the only way is to

Arena Minerals (TSXV:AN) $0.22 $0.20 $0.18 $0.16 $0.14 $0.12

Mar 2015

Eldorado Gold has three nearby assets on northern Greece’s Halkidiki Peninsula: the Stratoni silver-lead-zinc mine; the Skouries gold-copper project; and the Olympias gold-silver-lead-zinc project. force their hand, to be honest, because it is a joke over there. There is a contingent of people within the government that are a problem,” Smith says. “The way you put the government in the hot seat is that you put the employees out of work, because you know the employees have been supportive of the projects in the past … and the reality is, there are no other jobs for them.” Eldorado’s Greek projects have also received their share of criticism from activists with environmental or foreign-ownership concerns. Reuters reported miners held counter protests in Halkidiki on Aug. 24, one day after activists staged demonstrations. Eldorado acquired Stratoni, Skouries and Olympias — along with the Certej project in Romania — through its $2.5-billion takeover of European Goldfields in 2012. Smith says the Greek assets aren’t generating any cash, noting that Skouries and Olympias are long term. “These assets over the course of time will be material, and it would be a shame if the company couldn’t build these mines and get them up and running.” Asked what Eldorado investors

Global Leader

Your Technical Services Partner in Geochemistry and Metallurgy For more information, scan this QR code or visit www.alsglobal.com Phone: +1 604-984-0221 RIGHT SOLUTIONS RIGHT PARTNER

TNM Aug31 2015 Issue.indd 2

Our September 7 issue will include a special section covering the latest mining and exploration activity in Mexico.

should do given the uncertainty in Greece, Smith says that if he owned shares, he wouldn’t feel bad sitting with the position. He says things will resolve “favourably” for Eldorado. Smith has a “buy” and a $6.75 target price on the stock. Mackie Research analyst Barry Allan says the ministry’s decision “defies economic logic and continues to add to a Greek comedy that in actual fact is a tragedy — ELD is an environmentally sensitive company and would add billions to Greece’s gross domestic product, helping solve its current debt crisis.” Allan adds that “economic logic will prevail.” He has a “buy” and $8.50 target on the stock. But not all analysts are optimistic about Eldorado’s situation in Greece. Raymond James’ Phil Russo has cut his US$6.75 target to US$4 and his “outperform” rating to “market perform,” after removing the Greek assets from his valuation. Despite the lower rating, Russo writes that “investors searching for deeply discounted gold names should consider Eldorado, given the market has effectively removed the Greek assets from its share price,” with the possibility for the “Greece value to come back into the game on a changing risk landscape.” The landscape could change with the Greek election, which is expected in September, after Prime Minister Alexis Tsipras resigned on Aug. 20. The company is also restarting its operations through court proceedings. Eldorado closed Aug. 25 at $3.95 per share, down 28% since Greece’s government suspended the technical studies. The stock has fallen nearly 50% since the start of 2015.

Apr 2015

May 2015

ARENA, From Page 1

July 26, 2016. Chief executive officer William Randall was travelling and could not be reached for comment before press time, but Arena stated the 84 holes would be drilled an average 150 metres deep on 1.5 by 1.5 km centres, “to ensure the highest probability of intersecting the alteration halo of typical porphyry-

Jun 2015

Jul 2015

Aug 2015

get. Surface exploration has included detailed mapping, trenching and sampling. The program found a number of epithermal gold- and silver-bearing veins up to 2.8 km in strike. Results from the trenching included intersections of 5 metres grading 7.7 grams gold per tonne and 162.2 grams silver per tonne from one trench, and 2.7 metres of 2.9 grams gold

JOGMEC will kick off a US$2.7-million, 12,600-metre drill program on the property by early September. hosted copper deposits.” The company said in a press release that spacing was found “using sizes and geometries typical of deposits in the area, and in particular, the known characteristics of the Spence and Sierra Gorda copper deposits,” according to the press release statement. (BHP Billiton [NYSE: BHP; LSE: BLT] owns the open-pit Spence copper mine, and KGHM Polska Miedz controls the Sierra Gorda open-pit copper mine.) Arena’s option deal with JOGMEC came after a similar arrangement with B2Gold (TSX: BTO; NYSE-MKT: BTG) in February. Under this agreement, B2Gold can acquire up to a 60% stake in the Pampa Paciencia and Cerro Barco properties by spending a minimum US$20.5 million over five years. As in Arena’s deal with JOGMEC, B2Gold must also give US$630,000 to Sociedad Quimica y Minera de Chile (over five years), and pay US$2.5 million to Arena over three years. Late last month B2Gold began drilling the claims, with an initial focus on the Pampa Paciencia tar-

and 43 grams silver, including 0.6 metre of 5.58 grams gold and 83.7 grams silver, from another trench. The two trenches were 600 metres apart. Meanwhile, groundwork has begun at the Cerro Barco target, including mapping, sampling and more geophysics. In addition to Arena’s flagship Atacama property, the junior also has the Pampas El Penon project, which is less than 1 km from Yamana Gold’s (TSX: YRI; NYSE: AUY; LSE: YAU) Agusta Victoria project. Arena’s board of directors includes some mining heavyweights: Mark Eaton, the CEO of Belo Sun Mining (TSX: BSX), is chairman of the board, and other directors include Paul Matysek and Bruce Humphrey. Matysek is president and CEO of Goldrock Mines, and previously served as CEO of Lithium One, Potash One and Energy Metals, while Humphrey is a former president and CEO of Desert Sun Mining and served as chief operating officer at Goldcorp (TSX: G; NYSE: GG) between 1998 and 2004.

15-08-26 6:16 PM

THE NORTHERN MINER AUGUST 31-SEPTEMBER 6, 2015 3

Anglo sells Mantos Blancos and Mantoverde mines ing 48 million oxide tonnes at 0.51% copper). By contrast, Anglo’s 50.1% owned Los Bronces copper mine has a 35-year reserve life, and its 44%-owned Collahuasi mine has a 70-year reserve life.) At the open-pit Mantos Blancos mine Anglo produced 52,400 tonnes of fine copper last year — including high-purity cathodes and copper contained in concentrate — while at Mantoverde, also an open-pit operation, it produced 51,800 tonnes of fine copper.

scope to further enhance the business under our ownership, particularly in terms of their life extension potential to meet our expected view of constrained copper supply in the medium and longer term.” He added he has “a high regard for the team of people who work at these operations, and believe that Chile remains one of the most attractive destinations for mining investment.” MacKenzie was also CEO of An-

The Mantos Blancos and Mantoverde copper mines have reserve lives of ten years and five years. ANGLO AMERICAN

The Mantos Blancos copper mine in northern Chile, which Anglo American is selling to a consortium, along with its Mantoverde copper mine. The sale will net the miner up to US$500 million. A year after selling its 50% interest in U.K. building materials group Lafarge Tarmac for US$1.6 billion, Anglo American (USOTC: AAUKY; LSE: AAL) has reached a deal to unload two of its smaller Chilean copper mines to a consortium led by Audley Capital Advisors. Anglo American is selling its 100%-owned Mantos Blancos and Mantoverde copper mines in northern Chile for a US$300-million initial cash payment, which could rise to US$500 million, depending on factors that include the average copper price on the London Metal Exchange and any decision to extend the sulphide mine life at Mantoverde. Chief executive Mark Cutifani said the sale is in line with the company’s objective to focus on its “largest and most value-accretive assets,” such as its Los Bronces and Collahuasi copper mines in Chile, and its Quellaveco copper project in Peru. Cutifani, who was appointed chief executive in April 2014, expects Anglo to bring in at least US$3 billion from asset sales — including the Lafarge deal. The asset disposals are critical, as the company works to shore up its balance sheet. In the first half of 2015, the mining company posted a US$3-billion net loss. Lower commodity prices pushed earnings before interest and taxes down 36% to US$1.9 billion from US$2.9 billion in the year-earlier six-month period, while net debt increased from US$12.9 billion to US$13.5 billion. (Net debt sits at US$11.9 billion, after Anglo American received proceeds from the Lafarge sale on July 17.) Cutifani said selling the two copper mines to the Audley consortium, with Orion Mine Finance as the principal co-investor, “represents a good outcome for Anglo American, both in terms of the upfront value achieved, the potential upside geared to the copper price and the continued delivery of our asset-disposal program.” Raymond Goldie, an analyst at Salman Partners in Toronto, noted that the Mantoverde and Mantos Blancos mines account for 0.6% of global copper supply, while analysts at London-based Investec Securities remarked that the US$300 million “is well above the valuation we had for the asset — so a good outcome for Anglo American, including retaining some upside.” Alka Singh, an independent mining analyst in Toronto, believes there are likely to be more sales of Anglo’s Chilean copper assets to

TNM Aug31 2015 Issue.indd 3

come: “In October 2014, Anglo American talked about selling US$1 billion of copper assets in Chile, and along with Mantos Blancos and Mantoverde, the company’s 50.1% stakes in the El Soldado mine and Chagres smelter were also on the list of possible sales.”

Mantos Blancos, 45 km from the city of Antofagasta in Chile’s Region II, has a reserve life of 10 years including 47 million sulphide tonnes at 0.77% copper) , and Mantoverde, 56 km from the city of Chanaral in Chile’s Region III, has a reserve life of five years (includ-

John MacKenzie, a mining entrepreneur who joined Audley Capital as CEO of its mining division in November 2013, was previously CEO of Anglo American’s copper division from November 2009 until October 2013. In a prepared statement, MacKenzie said he knows both the Mantos Blancos and Mantoverde operations well, and “can see the

glo’s zinc operations from November 2006 until November 2009, general manager of Anglo’s Minera Loma de Niquel in Venezuela from February 2004 until October 2006 and vice-president of Anglo’s South American coal operations from August 1998 until Janunary 2004. The sale should close before October.

DELIVERING CLEAR VIEWS OF GLOBAL MINING PROJECTS SINCE 1915 Executive Edition Includes: • The Northern Miner weekly newspaper in print and digital edition for easy reading in any situation • Database with detailed profiles of over 2,000 mining companies and over 1,300 mines and advanced projects * • Searchable mining news archives dating back to 1986 • 22 bonus feature supplements • 4 digital issues of Mining Markets magazine • 2 issues of Diamonds in Canada magazine • Exploration Trends & Developments Report • Daily mining company stock tables, charts and metal prices

To subscribe call 1-888-502-3456 or visit www.northernminer.com

* Powered by:

15-08-26 6:16 PM

AUGUST 31-SEPTEMBER 6, 2015

THE NORTHERN MINER

EDITORIAL

EDITOR-IN-CHIEF:

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

ANTHONY VACCARO, CFA, MBA

avaccaro@ northernminer.com ADVERTISING: JOE CROFTS (416) 510-6816 jcrofts@ northernminer.com DAVE CHAUVIN (416) 510-6824 dchauvin@ northernminer.com MICHAEL WINTER (416) 510-6772 mwinter@ northernminer.com EDITORIAL: Toronto: 38 Lesmill Road, Unit 2, Toronto, ON, M3B 2T5 (416) 510-6768 tnm@ northernminer.com Reprints: (416) 510-6768 moliveira@ northernminer.com Western Bureau: 580 Hornby Street Suite 900 Vancouver, BC, V6C 3B6 (604) 688-9908 CIRCULATION: (416) 510-6789 (Toll free) 1-888-502-3456 northernminer2@ northernminer.com SUBSCRIPTION SALES: DAN BOND (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@ northernminer.com SUBSCRIPTION RATES: Canada: C$114.00 one year; Please add $6.00 S/H 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NB, NF orders 15% H.S.T. to NS orders. 14% H.S.T. to PEI orders U.S.A.: US$114.00 one year +$6.00 S/H Foreign: US$151.00 one year +$6.00 S/H GST Registration # 809744071RT001 ART DIRECTOR: SHARON MALBON PRODUCTION MANAGER: JESSICA JUBB (416) 510-5213 jjubb@ glacierbizinfo.com (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 PAP Registration #09263 We acknowledge the financial support of the Government of Canada, through the Canadian Periodical Fund (CPF), for our publishing activities.

The Northern Miner USPS #001-462 is published weekly by BIG Mining L.P, a division of Glacier BIG Holdings Company Ltd. Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

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

Commodities prices follow China’s economy south BY JOHN CUMMING

China’s slowing economy and sinking stock market are wreaking havoc on already oversupplied commodity markets around the globe. The last two weeks of turmoil began on Aug. 11, with the Chinese government’s surprise devaluation of the renminbi by 1.9% against the U.S. dollar, in the largest devaluation of the Chinese currency in two decades. Designed to shore up a weakening Chinese economy, the devaluation was a particular jolt to an international community that had widely expected China to at least maintain the renminbi’s value to strengthen the argument that it should become a respected global reserve currency. Now, people wonder, is this a one-off devaluation or the first volley in a new round of currency wars? The devaluation also renewed doubts that the micromanagers in China’s central government could gracefully manage a slowdown in the Chinese economy. Things came to a head on Aug. 24 — already dubbed “China’s Black Monday” — as the Shanghai Composite Index extended its dramatic August decline, sinking another 7.6% in early morning trading to below the 3,000 mark for the first time since late 2014, and off an astonishing 42% since its May 2015 peak. The next day the Chinese government slashed its main interest rate by 50 basis points in the fifth cut in nine months, and loosened lending rules. A relief rally in Western stock markets quickly fizzled, as the S&P 500 Index officially entered correction territory for the first time in three years, and the so-called Vix “fear index” of market volatility soared as much as 90% to finish at its highest point since October 2011. After having been only the bane of many Western economies for decades, China’s heavy national debt load has become a growing concern after years of massive stimulus programs, with the debt-to-GDP ratio at a staggering 300. In some ways it feels like the global debt crisis of 2008 never went away — it only shifted locales to flare up again in China. China’s economy accounts for roughly a third of global growth, and so any slowdown is felt worldwide. The Chinese government’s stated intention of keeping a 7% growth rate this year is something that many observers doubt, some of whom put the number for 2015 at a more realistic 5%. As everyone in mining knows, commodity markets have been shaken to the core by the latest developments, and the close relationship between the health of the Chinese economy and buoyant commodity prices has never been clearer. The carnage across the landscape of commodity prices has been wide and deep, with oil prices leadinf the way down and touching six-year lows on Black Monday, with WTI now trading below US$40 per barrel and Brent trading just above. At press time among the industrial metals, iron ore fines are trading at US$52 per tonne (US$92 a year ago), copper at US$2.23 per lb. (US$3.19), nickel at US$4.34 per lb. (US$8.50), aluminum at US67¢ per lb. (US93¢), zinc at US76¢ per lb. (US$1.08), lead at US74¢ per lb. (US$1.02) and uranium oxide the bright spot by comparison, at US$36.75 per lb. (US$24). And remember how bad everyone felt about metal prices a year ago! It was good to see precious metals dutifully serving their time-honoured safe-haven role during the worst of the market turmoil in mid-August, but the rally has already lost steam as August draws to a close. Silver — with its many industrial uses, in addition to its monetary and jewellery roles — took a particularly hard hit on Aug. 26, falling to a six-year low of US$13.87 per oz. The China effect could be seen in super-major BHP Billiton’s newly released financial results, which saw full-year earnings plummet 86% year-over-year to US$1.8 billion — its weakest level since 2003 — owing to declining commodity prices, and despite record production of iron ore, coal and oil, and a ferocious cost-cutting campaign that reduced US$3.8 billion per year in controllable items. 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.

Since 1915 The Northern Miner is published by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

TNM Aug31 2015 Issue.indd 4

ALISHA HIYATE, BA ahiyate@northernminer.com

SENIOR STAFF WRITER:

EDITORIAL: TOP STORY OF WEEK 34

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

Gold in Union County, South Carolina BY DAVID TYRWHITT SPECIAL TO THE NORTHERN MINER

Early in 1979 I had been transferred by Newmont Mining from Western Australia where I had been working as the exploration manager, to take up a newly created role as exploration manager for the eastern United States. That this position was a new one was a little surprising, as Newmont was founded in New York in 1917 with its first mines in Montana — the very name being a fusion of “New” and “Mont.” In all that time they hadn’t bothered to explore in the eastern U.S., that is east of longitude 100 degrees. My claim to fame was that I had staked the mineral leases over a gold prospect in Western Australia’s Great Sandy Desert. The mine, named Telfer, had been launched early in 1977 as the largest gold mine in the country. Within a decade this mine established Newmont as a resource float and one of the top 50 companies in Australia.

occasional small town and scattered farm buildings, but mostly amongst fields of cotton and tobacco. We were running late to meet Bill so I sped up. Jack, always helpful, pointed out a road sign warning a maximum 40 mph, but I ignored it. Rounding the next corner we all but collected a police car heading south, and as we passed he flicked on a flashing light, executed a tire-squealing U-turn and parked directly behind us after we pulled over. “This,” said Jack ominously, “will be expensive.” I got out of the car and walked back to the state trooper in his car. He was obviously on the radio checking our registration, so I opened his passenger door and climbed in. In the process I banged my knee into his automatic rifle, clamped in a rack. He was annoyed at my clumsiness and swung a radar gun towards me, with an accusing finger pointed to our recorded speed of 55 mph — obviously 15 over the limit.

Most of the landowners were happy to go along with the exploration program, but one old guy, an Evangelical minister, had to consult with the Lord before he would sign. This not only justified Newmont relocating me, but also my family. My wife was happily working as a primary school teacher in Perth and was reluctant to move. Our three kids, age 9 through 15, were happy in their present situation but admittedly found the prospect of an intercontinental move more exciting than did their mother. For most of that first year in the new role I travelled extensively in Maine and New Hampshire in the northeast, where huge private lands were available. The land was owned by the paper companies but seemed on the whole poorly mineralized. The lead-zinc mines of the Mississippi valley were most impressive, but all the prospective ground was held by established mining groups. Most of the land in the eastern U.S. is so called “fee land” where the mineral rights are held by the landowner. On the other side of the country my colleagues were busy expanding Newmont’s already extensive gold mines at Carlin, making the company the second largest gold miner after Homestake Mining. They also had huge copper mines like Superior/ Magma. So I was feeling frustrated that we seemed to be in an area that only had coal mines — apart from a freak high grade zinc operation in New Jersey. At a Newmont Exploration board meeting just before Christmas, the vice-president of mining had brought to my attention a gold prospect in South Carolina, owned by a friend of his named Bill Mechlinberg, a former engineer he had worked with. By way of further inducement, Bill had loaned us gold nuggets from the mine and some of them were quite large. This was enough bait to get me excited and by early 1980, with my deputy Dr. Jack Parry, I was on my way south to check out this gold mine. It had already been in production for several decades before closing in the early 1940s. Jack and I were soon flying south from Newark airport to Columbia, South Carolina, where we would hire a car and head off northwest about sixty miles to the Mechlinberg property near the border with North Carolina. Soon after 11 a.m. we were driving along narrow winding country roads, passing the

I responded that we were on a quiet country road with a few farms and no traffic, so I couldn’t see the problem. He looked at me with a grin and said, “Y’all English?” To which I replied, “Yes.” I thought better of admitting to being Australian. But he then asked for my driver’s licence, which was of course Australian. This puzzled him, so I explained I was working for Newmont based out of New York. The year might have been 1980, but the Yankees were not the flavour of the month in South Carolina, so in hindsight this was probably not what he wanted to hear. So out came his notebook and the questions started. Name and address were easy, but when I replied “geologist” to the question of profession, he looked a little stumped. He had clearly never run into one before and asked what I did. I explained we studied rocks and minerals, and I noted he wrote down “professional.” So encouraged, I added I was a doctor of geology, a rock doctor in fact, clearly the first he had ever come across. “Weel naaaw, what the hell are you-all doin’ in Union County?” he asked. I explained we had an appointment to meet with Bill Mechlinberg at his gold deposit and unfortunately we were now running late. The trooper grinned and said we’d need a police escort to get to Bill’s place in decent time. He folded his note pad and requested I get back in my car, explaining he would pull in front of me and then, “you-all just hit the gaas.” Getting back in my car, Jack asked what had taken so long and bet “it cost heaps.” “No,” I said. “Just belt up — we have a police escort to Bill’s!” Over the next few months we conducted first-stage exploration over the Mechlinberg project, including geological mapping, soil sampling and some geophysics to develop drill targets. By mid-year we reached the stage of confidence that told us we had enough new ore in sight to start a drilling program. However, this wasn’t like Australia on private land; you needed the agreement of all landowners here. See ODDS ‘N’ SODS, Page 5

15-08-26 6:16 PM

THE NORTHERN MINER AUGUST 31-SEPTEMBER 6, 2015 5

OP-ED

MATTERS OF GENERAL INTEREST

Fool’s Gold reality TV show proves popular After a warm reception from viewers, mining reality TV show Fool’s Gold is back for a second season, which will see the ragtag mining crew set out to extract 100 oz. gold from the historic Straw Lake Beach gold mine in Kenora, Ont. The show’s Shotgun Exploration team is headed by the property’s owner and long-time Northern Miner reader Todd Ryznar, who left real estate appraisal to get into prospecting a decade ago. The crew also features foreman Roj “The Gambler,” journeyman Jimmy “The Builder,” and machine operator Grizz “The Outlaw,” as well as “Young Guns” Mikey and Matt. The latest 12-episode season promises a lot of drama, as the team regroups after a lean winter and considers a sketchy smelting process, learns how to handle new equipment and hunts for gold veins. The first season was the top entertainment specialty program in its timeslot, according to pro-

DISCOVERY

The Shotgun Exploration crew at the Straw Lake Beach gold mine in northwestern Ontario — the setting for mining reality TV show Fool’s Gold. ducers Discovery Canada and Essential Media Canada. The show has also been distributed to

the U.S., U.K., Australia, France, Belgium, Netherlands, Spain, Portugal, Italy and Africa.

Bill had another eleven people who had retired on this 12-acre property and built their homes, some very modest but a few grand southern mansions. They fronted on a trout lake, the old tailings dam. Most of the landowners were happy to go along with Bill on the exploration program, receiving option fees, but one old guy, an Evangelical minister, had to consult with the Lord before he would sign. Just as we were about to let a drilling contract, an objection was made by Jerry Eubanks, a musician friend of Bill’s from Knoxville, Tennessee. Mr. Eubanks had built a huge ranch-like spread and his horses grazed on his parkland adjoining the dam. In July we held a meeting at the local town hall where Jack and I explained to the residents with colour slides the mining projects Newmont had developed in Australia (Telfer), in Canada (Lynn Lake) and the U.S. (Carlin). At the end of this Jerry had come up to me and said that I should advise Mr. Malozemoff, Newmont’s chairman, that Jerry Eubanks had more money than him and would never allow the company to disturb the tranquility of his ranch. Since this was two acres right in the middle of the property, it killed the project. On my return to Connecticut and talking this over with the family, Hamish my eldest asked the name of the musician in South Carolina; I replied Jerry Eubanks. Hamish said: “I don’t believe it, Dad. He is the head of the Marshall Tucker Band and they are huge. Maybe not the Beatles, but Dad, seriously!” First, I had flown from Perth with the Jackson Five in 1975, and did not know who Michael Jackson was, and now this. He gave up! — David Tyrwhitt is a consulting geologist based in Australia with extensive experience in China. He has written several insightful pieces on mining and geology in China. He can be reached at davidtyrwhitt@ netspace.net.au.

TNM Aug31 2015 Issue.indd 5

GeoMegA Resources — L. Derek Lindsay appointed president and CEO. Noront Resources — Steve Flewelling appointed senior vicepresident of mining and projects. Pangolin Diamonds — Leon Daniels appointed president and CEO. Sierra Metals — Gordon Babcock appointed COO. Matthew Wunder appointed vice-president of exploration. Silver Standard Resources — Paul Benson appointed president and CEO. True Gold Mining — Maryse Belanger appointed a director. Viscount Mining — Mark J. Abrams appointed to the technical advisory board. Wealth Minerals — Xiaohuan (Juan) Tang appointed COO and director.

GET ON BOARD with a Leading Source of

Odds ‘n’ sods ODDS ‘N’ SODS, From Page 4

In Canada, Fool’s Gold airs Tuesdays at 8 p.m. ET/PT on Discovery Channel.

PEOPLE

2014 - 2015

Mining Company & Property Data

The 2015 Canadian & American Mines Handbook is an incredibly powerful resource in your business arsenal.

Featuring comprehensive profiles on over 2,000 active publicly-traded mining companies as well as over 1,300 mines and advanced projects related to those companies, your business decisions will always be backed up by the most up-to-date industry data.

Order Your Copy Today!

$120 + S/H

Call 1-888-502-3456 or by email at info@northernminer.com

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

15-08-26 6:16 PM

6 AUGUST 31-SEPTEMBER 6, 2015 THE NORTHERN MINER

MARKET NEWS TORONTO STOCK EXCHANGE The S&P/TSX Composite Index contracted five days in a row and finished at its lowest level in 18 months, down 5.6% to 13,473.67. The sell-off — mirrored in markets around the globe — was triggered by fears of a hard economic landing in China, where weak data from the factory sector showed manufacturing was slowing at its quickest rate since the 2009 financial crisis. The flash Purchasing Managers’ Index (PMI) for August stood at 47.1, down from 47.8 in July. China’s main stock markets also dropped 11% (A-shares plunged 12% and H-shares fell 8%). The economic data, which followed China’s currency devaluation the previous week, ignited fears about how economic deceleration in China will affect global growth and commodity markets. Oil prices continued their descent, with West Texas Intermediate crude closing at just over US$40 per barrel, bad news for Canada’s energy-heavy economy. Base metal prices also felt the chill, with copper down 1.8% to US$2.30 per lb., nickel off 4% to US$4.61 per lb., lead 2.8% lower at US77¢ per lb. and zinc sliding 3.8% to US80¢ per lb. Spot gold climbed 4.2% to finish at US$1,160.40 per oz. and the S&P/TSX Global Gold Index rose 7.3% to 139.78. The S&P/ TSX Capped Metals & Mining Index

A U G U S T 17-21

dropped 10.4% to 436.80 and the S&P/TSX Global Mining Index slid 3.0% to 51.44. Eldorado Gold’s shares fell 65¢ to $4.48 after Greece’s Ministry of Energy revoked technical studies of its Skouries and Olympias projects, and the company said it would suspend all mining and development activities. Eldorado will take legal action against the decision and file an injunction request before the Council of State, Greece’s Supreme Court on administrative and environmental matters. The suspension is based on test-work completed on the Olympias Phase III flash smelting process. The pilot scale test-work was completed at Outotec’s metallurgical and smelting facility in Finland, while the Ministry of Energy believes it should have been done in Greece.

TSX most active issues

First Quantum Yamana Gold B2Gold Barrick Gold Eldorado Gold Goldcorp Torex Gold Teck Res B Kinross Gold Rubicon Mnrls

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FM YRI BTO ABX ELD G TXG TCKB K RMX

31172 8.73 6.78 6.79 - 2.11 21977 3.21 2.85 3.01 + 0.13 20740 1.79 1.50 1.68 + 0.20 19664 11.13 9.81 10.52 + 0.45 17914 5.53 4.44 4.48 - 0.65 15719 20.86 18.89 20.41 + 1.76 12168 1.40 1.15 1.31 + 0.08 11778 9.16 8.13 8.30 - 0.85 11468 2.85 2.59 2.72 + 0.14 11044 1.25 0.96 0.98 - 0.25

A 35% increase in inferred resources to 2 million oz. gold (9.7 million tonnes grading 6.47 grams gold) at its Amaruq project in Nunavut, lifted Agnico Eagle Mines to $34.47 per share, a $3.48 gain. Amaruq’s Whale Tail deposit is 50 km northwest of Agnico’s Meadowbank mine. The resource update shows Whale Tail could be mined by open pit with potential for a higher grade underground operation.

Lucara Diamond rose 11¢ to $1.74 after it recovered “exceptional” diamonds at its Karowe mine in Botswana, including a Type IIa, 336-carat diamond plus three stones weighing 184 carats, 94 carats and 86 carats, and a 12-carat pale pink diamond. Since Lucara recovered the first large diamond from Karowe in 2013, it has found 216 diamonds that have sold for more than $250,000 each, including 12 for more than $5 million apiece.

TSX greatest percentage change

TVI Pacific Delrand Res Aureus Mng Black Iron Loncor Res NovaCopper Lexam VG Gold Alamos Gold Seabridge Gold Victory Nickel Frontier Rr Er Horizonte Mnls Namibia Rare E Canarc Res Trevali Mng Lithium Americ Western Lithiu Dynasty Met&Mn First Quantum Dejour Enterp

TSX greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

TVI DRN AUE BKI LN NCQ LEX AGI SEA NI FRO HZM NRE CCM TV LAC WLC DMM FM DEJ

553 60 16 3272 101 88 247 2497 459 661 721 36 59 80 4603 9258 1555 440 31172 105

0.02 0.10 0.55 0.04 0.10 0.68 0.09 6.00 9.33 0.05 0.17 0.05 0.11 0.07 0.79 0.34 0.54 0.55 8.73 0.16

0.01 0.06 0.42 0.03 0.08 0.58 0.08 4.77 7.18 0.03 0.08 0.04 0.10 0.05 0.53 0.22 0.40 0.41 6.78 0.11

0.02 0.10 0.55 0.04 0.10 0.68 0.09 5.70 8.75 0.04 0.08 0.04 0.10 0.05 0.56 0.23 0.40 0.45 6.79 0.12

+ 50.0 + 42.8 + 37.5 + 33.3 + 33.3 + 30.7 + 28.5 + 21.5 + 19.2 + 16.6 - 51.5 - 41.6 - 38.7 - 28.5 - 28.2 - 28.1 - 26.8 - 25.0 - 23.7 - 22.5

WEEK VOLUME CLOSE CHANGE

Agnico-Eagle Franco-Nevada Royal Gold Goldcorp Seabridge Gold Alamos Gold Royal Cdn Mint ISh COMEX G Tr Tahoe Res Central Fund Agrium Horizns G Bear First Quantum Russell Metals Labdr I-Ore Ro Potash Cp Sask Cameco Corp Teck Res B North Am Pall Eldorado Gold

TSX VENTURE EXCHANGE The S&P TSX Venture Composite Index hovered near historic lows during the Aug. 17-21 trading sessions, as it lost 6.2% or 35.69 points en route to a 537.52 point weekly close. Crude oil futures sat close to a sixyear low, while the U.S. Conference Board’s index of national economic indicators, which measure the outlook for the next three to six months, decreased 0.2% in July. Minutes from the Federal Reserve’s latest meeting revealed that U.S. officials voiced concerns over low inflation even as the job market improves, which could delay an interest rate boost. Gold futures benefitted from the market turmoil, with December contracts for bullion closing up 3.7% or US$41.20 at US$1,159.60 per oz. October contracts for West Texas Intermediate (WTI) crude oil tumbled 4.6% or US$1.95 en route to a US$40.45 per barrel close, while September contracts for copper lost US1.7¢ before finishing at US$2.30 per lb. I n t er n at i o n a l B e t h l e h e m M i n ing was the most actively traded stock during the week following the release of drill results from its LH joint-venture gold project 7km due south of Silverton, B.C. The company gained 1¢ on 11 million share

TNM Aug31 2015 Issue.indd 6

5460071 34.47 3306797 60.98 27110 72.47 15718639 20.41 458551 8.75 2496504 5.70 115275 16.43 30052 14.76 4138182 12.42 328125 14.64 1805350 128.35 4429020 13.09 31171632 6.79 1106859 19.90 1087397 12.54 7569835 33.00 3087492 17.72 11777965 8.30 60331 5.35 17913508 4.48

+ 3.48 + 3.32 + 3.10 + 1.76 + 1.41 + 1.01 + 0.79 + 0.76 + 0.74 + 0.59 - 8.72 - 2.18 - 2.11 - 1.74 - 1.25 - 1.07 - 0.97 - 0.85 - 0.70 - 0.65

A U G U S T 17-21

trade volumes before finishing the trading period at 2¢ per share. On Aug. 18 International Bethlehem reported its joint venture partner, Magnum Goldcorp, had released assays from a drill program at LH targeting previously-identified gold mineralization in historic, underground workings. The companies have completed a total of 11 drill holes over 693 metres. Highlights from results at LH include: 17 metres grading 13.58 grams gold per tonne from 21 metres depth in hole 15-31; 19 metres of 0.71 grams gold from 29 metres in hole 15-30; and 1 metre of 27.5 grams gold from 20 metres depth in hole 15-31. Explorer Integra Gold also had a busy trading week following news of a material

TSX-V most active issues

Intl Bethl Mng Gresham Res Integra Gold Metanor Res Xmet Ryan Gold Laurion Mnl Ex Rogue Iron Ore Equitas Res Temex Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

IBC GRC ICG MTO XME RYG LME RRS EQT TME

10994 6528 6278 5490 4814 4660 4216 4091 4087 3946

0.02 0.77 0.31 0.06 0.01 0.13 0.02 0.10 0.15 0.12

0.01 0.51 0.26 0.05 0.01 0.12 0.01 0.05 0.12 0.11

0.01 + 0.01 0.59 - 0.17 0.29 + 0.02 0.05 + 0.01 0.01 0.00 0.13 + 0.01 0.01 - 0.01 0.07 + 0.03 0.12 - 0.02 0.12 + 0.01

equity investment from producer Eldorado Gold. The company saw nearly 6.3 million of its shares changes hands as it gained 2¢ before closing at 29¢ per share. On Aug. 18 Integra announced that Eldorado will purchase 52 million of its shares priced at 28¢ per share for gross proceeds of roughly $14.6 million. The subscription price represents a 5.7% premium to Integ-

ra’s closing price at the time of the deal and an 11% premium to its 20-day volume weighted average. The explorer indicated the proceeds will allow it to “substantially increase” current drill efforts at its Lamaque gold project in Quebec. Integra is planning to complete around 100,000 metres this year, with a focus on Lamaque’s high-grade Triangle zone.

TSX-V greatest percentage change

MacMillan Mnls Inform Res Cresval Cap Tri Origin Exp Amarillo Gold Monster Uran Reliance Res RT Minerals Troymet Expl Plato Gold Quia Res Tasca Res East Asia Mnls ValGold Res Altan Nev Mnls Pan Global Res Huntington Exp Phoenix Gold Valterra Res New Nadina

TSX-V greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

MMX IRR CRV TOE AGC MU RI RTM TYE PGC QIA TAC EAS VAL ANE PGZ HEI PXA VQA NNA

55 245 377 1227 1011 21 890 30 62 590 10 125 124 27 230 36 1062 43 200 418

0.11 0.03 0.03 0.04 0.13 0.11 0.01 0.01 0.01 0.01 0.01 0.03 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.02

0.08 0.02 0.02 0.02 0.06 0.07 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

0.11 0.03 0.03 0.04 0.13 0.11 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

+ 950.0 + 200.0 + 150.0 + 133.3 + 116.6 + 110.0 + 100.0 + 100.0 + 100.0 + 100.0 - 66.6 - 60.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

U.S. M ARKETS U.S. equities tumbled as investors took in new data signaling a slowdown in China and a report that showed an unexpected rise in U.S. crude stockpiles, fuelling concerns of a global oil surplus. The S&P 500 Index and the Dow Jones Industrial Average both fell roughly 5.8% to 1,970.89 and 16,459.75, respectively. This was the S&P’s worst weekly decline since 2011. The Nasdaq gave back 6.8% to finish at 4,706.04. Oil prices plunged below US$40 per barrel for the first time since 2009, before closing the week at US$40.45. Gold climbed nearly US$47 per oz. to US$1,160.40. Amid the turmoil in the global markets, Arch Coal and Peabody Energy were the weekly percentage winners, soaring 206% and 58%, respectively, to finish at US$3.85 and US$1.78 per share. Word that billionaire George Soros, who once called coal the “lethal bullet” for climate change, had invested more than US$2 million in these struggling coal companies, likely sent the shares climbing. On Aug. 14, Soros Fund Management revealed that it held 553,200 shares in Arch Coal and 1.03 million shares in Peabody in the quarter ended June 30.

AEM FNV RGL G SEA AGI MNT IGT THO CEFA AGU HGD FM RUS LIF POT CCO TCKB PDL ELD

WEEK VOLUME CLOSE CHANGE

Viscount Mng Kaminak Gold Ascot Res MacMillan Mnls EurOmax Res Goldrock Mines Amarillo Gold Energold Drill Eurasian Minls Monster Uran Gold Reserve Bacanora Mnls Gresham Res Avino Silver Kennady Diam Reservoir Mnls Arianne Phosph Marlin Gold Largo Res Bear Creek Mng

VML KAM AOT MMX EOX GRM AGC EGD EMX MU GRZ BCN GRC ASM KDI RMC DAN MLN LGO BCM

705823 994661 192310 54752 18966 247500 1010900 39061 48700 20750 14827 30300 6527728 57541 48730 91518 153855 19550 81497 222229

0.34 0.78 1.35 0.11 0.49 0.25 0.13 0.73 0.66 0.11 3.89 1.40 0.59 1.34 3.30 4.03 0.85 0.30 0.56 0.79

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

0.10 0.10 0.10 0.10 0.09 0.08 0.07 0.07 0.06 0.06 0.73 0.19 0.17 0.15 0.12 0.12 0.08 0.07 0.07 0.07

A U G U S T 17-21 Both firms saw their share prices increase a few days later after various media outlets broadcasted Soros’ coal investments. Arch Coal was also the second biggest value gainer, adding US$2.59 per share. Randgold Resources topped that list, rising US$3.73 to US$65.75, on higher gold prices, which also lifted shares in Gold Fields and AngloGold Ashanti. Gold Fields rose 34% to US$3.55 per share. AngloGold climbed 30% to US$8.13 per share. On Aug. 17, AngloGold reported it generated US$71 million of free cash flow in the second quarter, with output and costs beating guid-

U.S. most active issues

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 190961 10.30 9.48 9.58 - 0.45 Peabody Enrgy* BTU 132156 2.02 1.10 1.78 + 0.65 Barrick Gold* ABX 115487 8.52 7.50 8.01 + 0.33 Alcoa* AA 88525 9.49 8.73 8.73 - 0.68 Kinross Gold* KGC 54160 2.19 1.97 2.07 + 0.09 Goldcorp* GG 53756 15.89 14.45 15.49 + 1.22 Arch Coal* ACI 39673 4.60 1.31 3.85 + 2.59 Newmont Mng* NEM 38974 18.92 17.32 18.14 + 0.79 Gold Fields* GFI 36074 3.86 2.70 3.55 + 0.90 Potash C Sask* POT 28979 27.03 24.92 25.02 - 0.99

ance. During the three months ended June, AngloGold produced slightly over 1 million oz. gold at total cash costs of US$718 per oz. It had guided production of 960,000 to 1 million oz. at US$770 to US$820 per oz. Adjusted headline profit was US$26 million, or US6¢

per share, up from an adjusted loss of US$4 million, or negative US1¢ per share, a year ago. Oil and gas producer Dejour Energy was the biggest percentage loser, retreating 23% to US9¢ per share, likely due to lower crude prices.

U.S. greatest percentage change

Arch Coal* Peabody Enrgy* Gold Fields* AngloGold Ash* NovaCopper* Alamos Gold* Seabridge Gld* Eurasian Mnls* B2Gold* Primero Mng* Dejour Enterp* Rubicon Mnls* Hi-Crush Part* Silvercorp Mt* Entree Gold* Mechel* US Silica Hld* Yanzhou Coal* Rhino Res* Western Coppr*

ACI BTU GFI AU NCQ AGI SA EMXX BTG PPP DEJ RBY HCLP SVM EGI MTL SLCA YZC RNO WRN

U.S. greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WEEK VOLUME CLOSE CHANGE

39673 4.60 132156 2.02 36074 3.86 28836 8.88 586 0.52 6586 4.62 3882 7.10 182 0.52 11958 1.37 1206 3.38 286 0.12 6962 0.96 356 15.94 1013 0.88 177 0.32 426 0.87 2601 24.93 318 5.74 28 1.18 175 0.38

Randgold Res* GOLD Arch Coal* ACI Agnico-Eagle* AEM Franco-Nevada* FNV AngloGold Ash* AU Royal Gold* RGLD Central GoldT* GTU Goldcorp* GG Seabridge Gld* SA Gold Fields* GFI Agrium* AGU US Silica Hld* SLCA Mosaic* MOS BHP Billi-BBL* BBL Hi-Crush Part* HCLP BHP Billi-BHP* BHP Compass Mnls* CMP Rio Tinto* RIO Cabot Corp* CBT Mesabi Trust* MSB

1.31 1.10 2.70 6.52 0.43 3.63 5.48 0.44 1.15 2.87 0.08 0.73 12.43 0.66 0.23 0.68 20.42 5.01 0.92 0.27

3.85 1.78 3.55 8.13 0.52 4.37 6.62 0.50 1.28 3.16 0.09 0.75 12.65 0.70 0.25 0.73 20.98 5.01 1.01 0.30

+ 205.5 + 57.5 + 33.9 + 30.0 + 26.7 + 20.7 + 17.7 + 13.6 + 12.2 + 11.6 - 22.8 - 21.3 - 20.4 - 17.9 - 17.3 - 15.9 - 14.6 - 14.5 - 14.4 - 13.7

4694685 65.75 39673055 3.85 20330058 26.19 7786967 46.29 28836341 8.13 3501770 54.96 193239 40.08 53756021 15.49 3881634 6.62 36073977 3.55 684711 97.48 2600635 20.98 18299804 39.94 7729608 33.02 356347 12.65 14229693 34.68 323932 82.46 3738107 35.99 2251674 33.25 216524 11.75

+ 3.73 + 2.59 + 2.48 + 2.19 + 1.88 + 1.85 + 1.66 + 1.22 + 1.00 + 0.90 - 7.18 - 3.60 - 3.34 - 3.27 - 3.26 - 3.20 - 2.62 - 2.60 - 1.46 - 1.18

15-08-26 6:16 PM

THE NORTHERN MINER

AUGUST 31-SEPTEMBER 6, 2015

METALS, MINING AND MONEY MARKETS SPOT PRICES

PRODUCER AND DEALER PRICES

COURTESY OF SCOTIABANK

Tuesday, August 25, 2015 Precious Metals Price (US$/oz.) Gold $1154.25 Silver $14.87 Platinum $998.00 Palladium $589.00

Change +35.10 -0.36 +3.00 -29.00

Base Metals Nickel Copper Lead Zinc

Change +60.00 +64.00 +16.50 +28.50

Price (US$/tonne) $9570.00 $5015.50 $1674.00 $1735.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, August 24, 2015 (change from August 17, 2015 in brackets): Aluminium Alloy 12740 (0) Aluminium 3312150 (-33450) Copper 356200 (+5550) Lead 192650 (-11050) Nickel 455052 (-234) Tin 7590 (+1245) Zinc 522750 (+59825)

Thermal Coal CAPP: US$42.77 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$42.93; OCt. 2015: US$42.95 Cobalt: US$13.04/lb. Copper: US$2.28/lb. Copper: CME Group Futures Sept. 2015: US$2.247/lb.; Oct. 2015: US$2.242/lb Ferro-Chrome: US$2.09/kg FerroTungsten: US$27.72/kg Ferrovanadium: US$19.64/kg Iridium: NY Dealer Mid-mkt US$500/tr oz. Iron Ore 62% Fe CFR China-S: US$53.30/tonne Iron Ore Fines: US$52.15/tonne Iron Ore Pellets: US$69.15/tonne Lead: US$0.76/lb. Magnesium: US$2.21/kg Manganese: US$1.78/kg Molybdenum Oxide: US$6.03/lb. Phosphate Rock: US$115/tonne Potash: US$307.00/tonne Rhodium: Mid-mkt US$835.00/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$6.58/lb. Uranium: U3O8, Trade Tech spot price: US$36.50/lb.; The UX Consulting Company spot price: US$36.75/lb. Zinc: US$0.79/lb. Prices current Aug. 26, 2015

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

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

Largest short positions Lundin Mining LUN 39156153 New Gold NGD 30754104 Kinross Gold K 27818123 B2Gold BTO 25362060 PotashCorp POT 22626447 First Quantum Min. FM 20629732 Teck Resources TCK.B 17539961 Yamana Gold YRI 13149855 Thompson Creek Mtl TCM 12415175 Barrick Gold ABX 12068715 Denison Mines DML 11607010 Detour Gold DGC 10908893 OceanaGold OGC 10327313 Copper Mntn Mng CUM 8780085 Eldorado Gold ELD 8205337 Largest increase in short position Kinross Gold K 27818123 OceanaGold OGC 10327313 Barrick Gold ABX 12068715 Eldorado Gold ELD 8205337 PotashCorp POT 22626447 Largest decrease in short position Rubicon Minerals RMX 3562875 Lundin Mining LUN 39156153 North Amer. Palladium PDL 16100 Iamgold IMG 6192985 Torex Gold TXG 6110544

Largest short positions Dajin Res. DJI 1982000 Ximen Mining XIM 930000 Nippon Dragon Res. NIP 717000 Integra Gold ICG 707746 Nemaska Lithium NMX 494695 Zenyatta Vent. ZEN 275500 Emerita Res. EMO 255000 Roxgold ROG 215000 Gold Reserve GRZ 210600 Commerce Res. CCE 202500 Canasil Res. CLZ 200000 Saturn Minerals SMI 199200 Nexgen Energy NXE 197000 Impact Silver IPT 178500 Georox Res. GXR 150000 Largest increase in short position Dajin Res. DJI 1982000 Ximen Mining XIM 930000 Nippon Dragon Res. NIP 717000 Nemaska Lithium NMX 494695 Emerita Res. EMO 255000 Largest decrease in short position Pure Energy Min. PE 18300 Temex Res. TME 5000 Rusoro Mining RML 1200 Metals Crk Res. MEK 1000 Northern Uranium UNO 3000

-8136119 -606544 8793325 -948080 3150458 -1496871 705030 389856 322386 3848376 -379390 166216 4527700 880493 3616659 8793325 4527700 3848376 3616659 3150458 -11207421 -8136119 -2944800 -2491883 -1891610

1874000 930000 447000 136846 343895 -18400 255000 13100 3400 50500 0 199200 120500 169000 0 1874000 930000 447000 343895 255000 -551700 -460500 -198900 -134400 -132000

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 24 13052.74 518.49 770.29 130.11 411.08 48.09 116.21

Aug 21 13473.67 537.52 794.65 139.78 436.80 52.17 126.72

Aug 20 13737.00 548.92 808.93 143.09 450.98 53.75 130.26

Aug 19 14036.63 558.17 828.34 137.70 450.62 51.96 123.54

Aug 18 14193.87 563.42 837.14 132.83 453.02 50.56 119.38

High 15685.13 1028.26 905.09 203.14 909.18 102.30 245.81

Low 12705.17 509.03 750.26 117.10 398.00 44.45 104.66

DAILY METAL PRICES Date Aug 24 Aug 21 Aug 20 Aug 19 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1695/1715 1650/1670 1660/1675 1665/1670 Aluminum 1485/1510 1523/1551 1543.50/1571 1521/1551.50 Copper 4886/4885 5045.50/5040 5060/5062 5006/5005 Lead 1627/1630 1692/1700 1706/1717 1693/1695 Nickel 9300/9425 10105/10170 10385/10425 10325/10375 Tin 14590/14350 15180/14900 15700/15450 15650/15350 Zinc 1708/1714 1771/1772 1812/1820 1775.50/1776

1670/1680 1531.50/1558 5000/5004 1677.50/1691 10300/10300 16245/15500 1773/1775

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1153.50 1149.35 1137.95 Gold PM 1166.50 1156.50 1147.70 Silver 14.94 15.46 15.50 Platinum 986.00 1028.00 1017.00 Palladium 577.00 610.00 617.00

1119.15 1111.45 15.23 989.0 598.00

1123.20 1126.15 14.84 993.00 602.00

Aug 18

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Aug 24 Aug 21 US$ in C$ 1.3213 1.3149 C$ in US$ 0.7568 0.7605

Aug 20 1.3080 0.7645

Aug 19 1.3165 0.7596

Aug 18 1.3073 0.7649

EXCHANGE RATES (Bank of Canada, August 24, 2015) Currency Aus $ Euro In C$ 0.9515 1.5298 In US$ 0.7201 1.1578

Japan 0.01113 0.00842

Mex P 0.07735 0.05854

SA Rand 0.1003 0.07591

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 Aug31 2015 Issue.indd 7

UK £ 2.0784 1.5730

STAFF INVESTMENT POLICY

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 — AUGUST 17-21, 2015 19 New Highs Alacer Gold Almonty Ind Amarillo Gold Arctic Hntr Ur Bell Copper Canstar Res Centamin Centerra Gold Challenger Dee Cresval Cap Frontline Gold Intl Bethl Mng Klondex Mns Minemakers Orex Expl Otis Gold Temex Res Thunder Mtn Gd Tri Origin Exp

293 New Lows ABE Res Aben Res Adamera Mnls Adex Mining Adriana Res Advance Gold Adventure Gold African Gold G Aftermath Silv Alcoa* Aldershot Res Aldrin Res Alliance Mng Alloycorp Almaden Mnls Altan Nev Mnls Alto Vent Alum Cp China* Am Creek Res Amerigo Res Anaconda Mng Anconia Res Anfield Nickel AQM Copper Arctic Star Rs Ashburton Vent Atico Mng AurCrest Gold Avala Res Avalon Rare M* Avalon Rare Mt Azincourt Res Baja Mng Bandera Gold Bannerman Res Barisan Gold Barker Mnrls Benton Cap Berkwood Res BHP Billi-BBL* BHP Billi-BHP* Bitterroot Res Blue Rvr Res Bold Vent Bowmore Expl Brixton Mtls Cabot Corp* Canada Rare Ea Canada Zinc Mt Canadn Int Mnl Canadn Orebods Canadn Plat Canadn Silvr H Canamex Res Canterra Mnls Canuc Res

Canyon Copper Capstone Mng Caracara Silvr Cascadero Copp Castle Peak Mg Catalyst Coppr Central Iron O Centurion Mnls China Mnls Mng CMC Metals Colombia Crest Colombian Mins Colonial Coal Consol Energy* Constant Mtl R Copper Mtn Mng Copper North M Corex Gold Cornerstone Ca Coronado Res Corsa Coal Corvus Gold Crazy Horse Rs Dalton Res Ltd Darnley Bay Dejour Enterp Dejour Enterp* Delrand Res Discovery-Corp Duncan Park H Dynasty Met&Mn Eagle Plains East Asia Mnls Ecuador G & C Edgewater Expl El Tigre Silvr Emgold Mng Endurance Gold Energy Fuels Entourage Mtls Europn Uran Rs Falcon Gold Ferrum Am Mng Firebird Res Firesteel Res First Lithium First Quantum Focus Graphite Foran Mng Freeport McMo* Freeport Res Frontier Rr Er Frontline Gold Full Metal Mnl Geodex Mnrls Geologix Ex Geomega Res Gitennes Expl Gobimin Gold Bulln Dev Goldcliff Res Golden Band Golden Predatr Golden Share M Goldgroup Mng Grande Portage Graphite One R Great Atlantic Green Swan Cap Gresham Res Hansa Res Happy Ck Minls Harvest Gold Heatherdale Rs Hi-Crush Part* Homestake Res Honey Badger E Horizonte Mnls HudBay Minls

HudBay Mnls* Huntington Exp IC Potash Independence G Intl Montoro R Intrepid Pots* INV Metals Ivernia J.A.G. Mines Jaguar Mng Katanga Mng Kermode Res Kilo Goldmines Kiska Metals Klondike Silv Kombat Copper Kootenay Gold Lakeland Res Largo Res Lithium Americ Lomiko Mtls Lydian Intl MacDonald Mns Magellan Minls Major Drilling Marathon Gold Margaret Lk Di Marlin Gold Melior Res Mindoro Res Mineral Mtn Rs Monster Mng Monument Mng Mosaic* Mundoro Cap Mustang Minls Nevada Expl Nevsun Res Nevsun Res* New Milln Iron New Nadina Newport Expl Nighthawk Gold Nikos Expl Nippon Dragon Noka Res Nomad Ventures Nordex North Am Nickl North Am Pot D North Am Tung Northcliff Res Northern Gld M Northern Graph Northern Lion NV Gold Olivut Res Oracle Mng Orca Gold Orestone Mng Oroco Res Orocobre Pac Potash Pan Global Res Panoro Minls Pershimco Res Phoenix Gold Planet Mng Platinex Platinum Gp M* Platinum Gp Mt Plato Gold PolyMet Mng* Potash C Sask* Potash Cp Sask Purepoint U Quia Res Redstar Res Remo Res

Reunion Gold Reva Res Rio Tinto* RJK Explor RockBridge Res Rockland Mnls Rome Res Romios Gold Rs Royal Nickel Rubicon Mnls* Running Fox Rs Rupert Res Sable Res Santacruz Silv Selwyn Res Sherritt Intl Silver Bear Rs Silver Range R Silvercorp Mt* Silvercorp Mtl SnipGold Solvista Gold Sprott Res St-Georges Plt Standard Graph Stans Energy Stonegate Agri Strategic Metl Strategic Res Strike Graph Sultan Mnrls SunCoke Engy* Suparna Gold Talon Metals Tanzania Mnls Tasca Res Taseko Mines Tasman Metals Tasman Mtls* Teck Res A Teck Res B* Teck Res B Terrax Minls Thompson Creek Thompson Crk* Tintina Res Tirex Res TNR Gold TomaGold Trevali Mng Trio Gold Corp Trueclaim Expl TVI Pacific Typhoon Expl UEX Corp Ultra Lithium Uracan Res Uranium Res* Uranium Valley Vale* ValGold Res Valterra Res Vantex Res Vena Res Verde Potash VMS Vent Vulcan Mnrls West Af Iron O Western Copper Western Coppr* Western Lithiu Western Pac Rs Westkam Gold Wolfden Res Xmet Xtierra Yanzhou Coal* Zazu Metals Zimtu Capital

FOR DAILY MINING NEWS, VISIT WWW.NORTHERNMINER.COM

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

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

15-08-26 6:16 PM

8 AUGUST 31-SEPTEMBER 6, 2015 THE NORTHERN MINER

STOCK TABLES (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 4980 0.05 0.04 0.05 0.00 0.09 0.03 Abcourt Mines V 25858 0.04 0.03 0.03 - 0.01 0.08 0.03 ABE Res V 281 0.04 0.03 0.04 + 0.02 0.10 0.03 Aben Res V 20 0.07 0.06 0.06 + 0.05 0.33 0.06 Aberdeen Intl T 1163 0.13 0.12 0.12 - 0.01 0.20 0.11 Abitibi Royalt V 316 2.50 2.31 2.40 + 0.04 5.10 1.53 Adamera Mnls V 131 0.03 0.03 0.03 0.00 0.08 0.03 Adex Mining V 1655 0.01 0.01 0.01 0.00 0.02 0.01 Adriana Res V 1565 0.10 0.09 0.09 - 0.01 0.19 0.09 Advance Gold V 210 0.02 0.02 0.02 0.00 0.08 0.02 Adventure Gold V 3816 0.13 0.06 0.12 + 0.05 0.20 0.06 African Gold G V 9707 0.04 0.04 0.04 - 0.01 0.11 0.04 African Queen V 747 0.02 0.02 0.02 0.00 0.03 0.01 Africo Res T 1210 0.39 0.38 0.39 + 0.01 0.45 0.30 Aftermath Silv V 800 0.01 0.01 0.01 0.00 0.04 0.01 Agnico-Eagle* N 203300 27.91 23.97 26.19 + 2.48 39.84 21.00 Agnico-Eagle T 54600 36.54 31.36 34.47 + 3.48 43.70 25.05 Agrium* N 6847 106.45 97.18 97.48 - 7.18 116.77 82.04 Agrium T 18053 139.43 128.03 128.35 - 8.72 146.51 92.81 Aguila Am Res V 30 0.06 0.05 0.05 - 0.01 0.14 0.03 Alabama Graph V 7451 0.16 0.14 0.15 - 0.01 0.35 0.14 Alacer Gold T 65954 3.22 2.80 3.01 + 0.11 3.22 1.77 Alamos Gold* N 65858 4.62 3.63 4.37 + 0.75 9.87 2.98 Alamos Gold T 24965 6.00 4.77 5.70 + 1.01 10.75 3.90 Alberta Star V 5330 0.05 0.03 0.04 + 0.01 0.08 0.02 Alcoa* N 885252 9.49 8.73 8.73 - 0.68 17.75 8.73 Alderon Irn O* X 244 0.16 0.13 0.14 - 0.01 1.24 0.13 Alderon Iron O T 1941 0.21 0.18 0.18 - 0.03 1.37 0.17 Aldershot Res V 400 0.02 0.01 0.01 - 0.01 0.05 0.01 Aldridge Minls V 345 0.17 0.17 0.17 0.00 0.37 0.16 Aldrin Res V 1272 0.14 0.12 0.13 + 0.01 0.33 0.12 Alexander Nubi V 680 0.08 0.08 0.08 + 0.02 0.28 0.06 Alexandria Mnl V 7812 0.04 0.03 0.04 0.00 0.07 0.03 Alexco Res T 3816 0.49 0.43 0.48 + 0.01 1.16 0.34 Alexco Res* X 7443 0.37 0.33 0.36 + 0.02 1.07 0.26 Alix Res V 370 0.05 0.05 0.05 0.00 0.25 0.03 Alliance Mng V 430 0.01 0.01 0.01 0.00 0.06 0.01 Alliance Rs P* Q 9568 25.11 24.31 24.62 - 0.19 50.65 22.76 Alloycorp V 25651 0.03 0.02 0.03 + 0.01 0.10 0.02 Almaden Mnls* X 4182 0.68 0.57 0.59 - 0.07 1.43 0.49 Almaden Mnls T 552 0.85 0.75 0.81 - 0.07 1.80 0.75 Almonty Ind V 29 0.86 0.84 0.86 + 0.04 0.86 0.52 Alphamin Res V 480 0.21 0.16 0.21 + 0.03 0.32 0.11 Altai Res V 60 0.07 0.06 0.06 - 0.01 0.12 0.05 Altair Vent V 9 0.09 0.09 0.09 - 0.04 0.75 0.06 Altan Nev Mnls V 2295 0.01 0.01 0.01 - 0.01 0.05 0.01 Altan Rio Mnls V 1990 0.03 0.02 0.02 - 0.01 0.07 0.02 Altima Res V 4065 0.02 0.02 0.02 0.00 0.07 0.01 Altiplano Mnls V 840 0.05 0.04 0.04 - 0.01 0.06 0.02 Altitude Res V 75 0.18 0.18 0.18 - 0.01 0.30 0.09 Altius Mnrls T 3530 13.71 12.56 12.70 - 0.51 15.47 9.86 Alto Vent V 160 0.04 0.04 0.04 + 0.01 0.10 0.04 Alum Cp China* N 1735 9.66 8.32 8.32 - 1.17 17.44 8.32 Am Creek Res V 6031 0.04 0.03 0.04 0.00 0.10 0.03 Amarc Res V 418 0.09 0.08 0.08 0.00 0.18 0.06 Amarillo Gold V 10109 0.13 0.06 0.13 + 0.07 0.13 0.04 American Manga V 2690 0.02 0.02 0.02 0.00 0.04 0.01 American Vanad V 300 0.10 0.08 0.09 0.00 0.62 0.05 Amerigo Res T 2002 0.26 0.23 0.26 + 0.01 0.48 0.23 Amex Expl V 1243 0.03 0.03 0.03 - 0.01 0.12 0.03 AMI Res V 1315 0.05 0.04 0.05 + 0.01 0.06 0.01 Anaconda Mng T 1215 0.05 0.04 0.05 + 0.01 0.07 0.04 Anconia Res V 590 0.01 0.01 0.01 0.00 0.10 0.01 AndeanGold V 1905 0.02 0.02 0.02 + 0.01 0.04 0.01 Anfield Nickel V 202 0.70 0.68 0.70 + 0.02 1.10 0.68 Anfield Res V 190 0.10 0.08 0.10 - 0.01 0.76 0.07 Angel Gold V 887 0.06 0.05 0.05 - 0.02 0.10 0.02 Angkor Gold V 395 0.53 0.47 0.47 - 0.07 0.64 0.30 AngloGold Ash* N 288363 8.88 6.52 8.13 + 1.88 17.43 5.64 Antioquia Gold V 1314 0.05 0.04 0.04 - 0.01 0.07 0.01 Antofagasta Gd V 1205 0.18 0.15 0.16 - 0.03 0.25 0.09 Apogee Silver V 44 0.37 0.31 0.31 - 0.02 0.65 0.18 AQM Copper V 1045 0.05 0.04 0.05 - 0.01 0.12 0.04 Aquila Res T 854 0.14 0.13 0.14 + 0.01 0.19 0.09 Arch Coal* N 396730 4.60 1.31 3.85 + 2.59 33.50 1.00 Archon Mineral V 5 1.65 1.65 1.65 - 0.10 2.05 0.77 Arctic Hntr Ur V 5870 0.06 0.03 0.03 - 0.01 0.06 0.02 Arctic Star Rs V 6240 0.03 0.03 0.03 - 0.01 0.10 0.03 Argentex Mng V 4955 0.03 0.02 0.03 + 0.01 0.09 0.02 Argex Titanium T 5952 0.14 0.12 0.12 - 0.02 0.72 0.11 Argonaut Gold T 33455 1.52 1.28 1.42 + 0.06 5.28 1.19 Arian Silver V 7 0.48 0.48 0.48 0.00 0.78 0.37 Arianne Phosph V 1538 0.93 0.85 0.85 - 0.08 1.02 0.51 Armistice Res T 569 0.31 0.29 0.30 0.00 0.54 0.22 Aroway Mnls V 737 0.01 0.01 0.01 - 0.01 0.25 0.01 ASA (Bermuda)* N 4354 8.85 8.21 8.29 - 0.08 14.64 7.57 Asanko Gold T 37397 2.55 2.11 2.30 + 0.22 2.80 1.50 Asanko Gold* X 837 1.94 1.62 1.73 + 0.17 2.55 1.26 Ascot Res V 1923 1.38 1.21 1.35 + 0.10 2.40 1.01 Ashburton Vent V 36092 0.02 0.01 0.02 0.00 0.04 0.01 Asher Res V 150 0.04 0.04 0.04 + 0.01 0.08 0.03 Asian Minl Res V 100 0.06 0.06 0.06 + 0.01 0.08 0.03 Astur Gold V 1288 0.02 0.02 0.02 + 0.01 0.29 0.02 Atac Res V 3828 0.46 0.39 0.45 0.00 1.01 0.31 Atacama Pac Gd V 35 0.15 0.15 0.15 0.00 0.79 0.14 Athabasca Mnls V 2102 0.41 0.34 0.35 - 0.03 2.93 0.31 Atico Mng V 2855 0.41 0.38 0.39 - 0.02 0.82 0.38 Atlanta Gold V 315 0.09 0.07 0.08 0.00 0.40 0.05 Atna Res Ltd T 4928 0.08 0.07 0.07 0.00 0.14 0.06 Aura Mnls T 8031 0.08 0.07 0.07 - 0.02 0.14 0.06 Aura Silver Rs V 10940 0.02 0.01 0.02 + 0.01 0.04 0.01 Aurcana Corp V 7132 0.17 0.14 0.15 + 0.01 0.61 0.14 AurCrest Gold V 355 0.01 0.01 0.01 0.00 0.07 0.01 Aureus Mng T 159 0.55 0.42 0.55 + 0.15 0.83 0.27 Aurion Res V 15865 0.06 0.04 0.06 + 0.02 0.08 0.03 Aurvista Gold V 1590 0.06 0.05 0.05 0.00 0.11 0.03 Avala Res V 1270 0.03 0.03 0.03 0.00 0.20 0.03 Avalon Rare M* X 10051 0.15 0.12 0.12 - 0.01 0.46 0.12 Avalon Rare Mt T 6144 0.19 0.16 0.17 - 0.01 0.50 0.16 Avino Silver V 575 1.53 1.28 1.34 - 0.15 2.40 1.17 Avino Silver* X 4483 1.19 0.98 1.00 - 0.11 2.22 0.90 Avnel Gold T 99 0.25 0.24 0.25 + 0.01 0.31 0.13 Avrupa Mnls V 10619 0.16 0.11 0.12 + 0.03 0.40 0.07 Axmin Inc V 634 0.02 0.01 0.01 0.00 0.03 0.01 Azimut Expl V 390 0.18 0.16 0.18 - 0.01 0.36 0.14 Azincourt Res V 512 0.04 0.03 0.03 - 0.01 0.36 0.03

B B2Gold* X 119580 B2Gold T 207402 Bacanora Mnls V 303 Baja Mng V 2023 Balmoral Res T 7435 Bama Gold V 200 Bandera Gold V 250 Banks Island G V 12249 Bannerman Res T 980 Banro T 19748 Banro* X 89994 Bard Vent V 250 Barisan Gold V 1950 Barker Mnrls V 4000 Barkerville Go V 5501 Barrick Gold* N 1154868 Barrick Gold T 196642 Batero Gold V 3636 Bayswater Uran V 18 BCGold V 100 BCM Res V 600 Bear Creek Mng V 2222 Beaufield Res V 1610 Bell Copper V 631 Bellhaven Cp&G V 510 Belmont Res V 280 Belo Sun Mng T 5799

TNM Aug31 2015 Issue.indd 8

1.37 1.15 1.28 + 0.14 2.64 0.98 1.79 1.50 1.68 + 0.20 2.88 1.30 1.59 1.40 1.40 - 0.19 2.05 0.56 0.03 0.02 0.02 - 0.01 0.06 0.02 0.58 0.54 0.55 - 0.03 1.92 0.52 0.06 0.06 0.06 + 0.02 0.23 0.05 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.02 0.03 0.00 0.52 0.02 0.04 0.03 0.04 0.00 0.09 0.03 0.28 0.23 0.26 - 0.01 0.47 0.13 0.21 0.17 0.19 - 0.01 0.40 0.12 0.02 0.02 0.02 - 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.20 0.03 0.01 0.01 0.01 0.00 0.02 0.01 0.26 0.22 0.22 - 0.01 0.47 0.11 8.52 7.50 8.01 + 0.33 19.09 6.52 11.13 9.81 10.52 + 0.45 20.83 8.60 0.07 0.06 0.07 + 0.01 0.11 0.06 0.03 0.03 0.03 0.00 0.10 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.04 0.04 0.04 + 0.01 0.05 0.02 0.88 0.77 0.79 - 0.07 5.20 0.71 0.04 0.04 0.04 0.00 0.08 0.03 0.05 0.04 0.04 - 0.01 0.05 0.01 0.27 0.17 0.20 - 0.07 0.45 0.15 0.04 0.04 0.04 - 0.01 0.11 0.03 0.20 0.18 0.20 + 0.01 0.30 0.11

(100s) Stock

Week

MINING STOCKS listed on NORTH AMERICAN EXCHANGES Trading: August 17-21, 2015 12-month

Exc Volume High Low Last Change High Low

Belvedere Res V 2280 Benton Cap V 1571 Benton Res V 3163 Berkwood Res V 1000 BHP Billi-BBL* N 77296 BHP Billi-BHP* N 142296 Big North Grap V 932 BioteQ Env T 444 Bitterroot Res V 7495 Black Iron T 32716 Black Isle Res V 500 Black Widow Rs V 180 Blind Crk Res V 138 Blue Rvr Res V 2910 Blue Sky Uran V 30 BMO Jr Gld ETF T 1789 Bold Vent V 1540 Bonterra Res V 9778 Bowmore Expl V 9560 Bravada Gold V 588 Brazil Res V 4207 Brixton Mtls V 55

0.05 0.05 0.05 - 0.02 0.18 0.04 0.02 0.02 0.02 0.00 0.04 0.02 0.05 0.04 0.04 0.00 0.07 0.03 0.01 0.01 0.01 0.00 0.07 0.01 35.63 33.01 33.02 - 3.27 65.99 33.01 37.21 34.64 34.68 - 3.20 68.96 34.64 0.04 0.03 0.03 - 0.01 1.00 0.03 0.03 0.03 0.03 - 0.01 0.06 0.02 0.01 0.01 0.01 - 0.01 0.03 0.01 0.04 0.03 0.04 + 0.01 0.15 0.02 0.04 0.04 0.04 + 0.01 0.09 0.02 0.02 0.02 0.02 0.00 0.08 0.01 0.05 0.05 0.05 0.00 0.10 0.04 0.04 0.03 0.03 - 0.01 0.07 0.03 0.06 0.06 0.06 0.00 0.30 0.05 5.84 5.31 5.53 + 0.36 8.58 4.45 0.03 0.03 0.03 0.00 0.07 0.03 0.14 0.11 0.14 + 0.02 0.43 0.09 0.04 0.03 0.03 - 0.01 0.11 0.03 0.03 0.03 0.03 + 0.01 0.09 0.02 0.52 0.49 0.51 + 0.02 0.95 0.45 0.09 0.08 0.08 - 0.04 0.32 0.08

Cabot Corp* N 22516 Cadillac Vent V 509 Caledonia Mng T 978 Calibre Mng V 4007 Calico Res V 1661 Callinex Mines V 1197 Cameco Corp* N 62600 Cameco Corp T 30874 Camino Mnls V 398 Canada Carbon V 18469 Canada Rare Ea V 4630 Canada Zinc Mt V 1821 Canadn Int Mnl V 4236 Canadn Mining V 1179 Canadn Orebods V 1410 Canadn Plat V 1000 Canadn Silvr H V 4300 Canadn Zinc T 3910 Canaf Group V 1370 Canamex Res V 7043 Canarc Res T 800 Canasil Res V 150 Cancana Res V 1047 Candente Coppr T 472 CaNickel Mng T 40 Cannon Pnt Res V 5562 Canoe Mng Vnt V 10 Canstar Res V 860 Canterra Mnls V 1040 Cantex Mn Dev V 355 Canuc Res V 1400 Canyon Copper V 240 Cap-Ex Vent V 157 Capstone Mng T 42721 Caracara Silvr V 2376 Cardero Res T 2203 Caribou King R V 4746 Carlin Gold V 2050 Carlisle Goldf T 2156 Carmax Mng V 1155 Cascadero Copp V 1790 Castillian Res V 10 Castle Peak Mg V 1523 Catalyst Coppr V 169 CB Gold V 19007 Centamin T 1207 Centerra Gold T 29010 Central Fund* X 36661 Central Fund T 3281 Central Gold-T T 29 Central GoldT* X 1932 Central Iron O V 10780 Centurion Mnls V 4660 Chalice Gold M T 125 Challenger Dee V 7668 Champion Bear V 105 Champion Iron T 1857 Chesapeake Gld V 396 Chiboug Ind Mn V 830 Chilean Gold V 170 China Gold Int T 13692 China Mnls Mng V 100 Claude Res T 18718 Cliffs Nat Rs* N 210550 Clifton Star V 80 Cloud Peak En* N 24080 CMC Metals V 7007 Codrington Res V 436 Coeur Mng* N 155580 Colombia Crest V 28 Colombian Mins V 590 Colonial Coal V 1557 Colorado Res V 1550 Colt Res V 1815 Columbus Gold V 2153 Commander Res V 77 Commerce Res V 1672 Compass Mnls* N 3239 Compliance Eny V 376 Comstock Mng* X 6176 Comstock Mtls V 40 Condor Res V 3200 Confedertn Mls V 5275 Cons Woodjam C V 1116 Consol Energy* N 270330 Constant Mtl R V 7604 Contintl Gold T 20701 Contl Precious T 50 Copper Fox Mtl V 5522 Copper Mtn Mng T 17163 Copper North M V 2037 Coral Gold V 415 Corazon Gold V 14 Cordoba Mnls V 250 Corex Gold V 270 Cornerstone Ca V 3150 Coro Mining T 3095 Coronado Res V 32 Coronet Mtls V 11 Corsa Coal V 865 Corvus Gold T 777 Crazy Horse Rs V 613 Cresval Cap V 3770 Critical Elem V 2558 Crown Gold V 15 Currie Rose Rs V 192 CVR Partners* N 2714 Cypress Dev V 40

35.21 33.23 33.25 - 1.46 55.98 33.23 0.03 0.03 0.03 + 0.01 0.35 0.02 0.88 0.76 0.80 - 0.03 1.20 0.54 0.10 0.09 0.09 - 0.01 0.20 0.08 0.13 0.07 0.07 - 0.01 0.19 0.06 0.36 0.31 0.35 + 0.03 0.40 0.16 14.30 13.40 13.46 - 0.80 20.83 12.88 18.80 17.65 17.72 - 0.97 22.74 16.73 0.15 0.12 0.12 - 0.04 0.26 0.03 0.29 0.26 0.29 + 0.03 0.32 0.18 0.04 0.03 0.03 0.00 0.11 0.03 0.22 0.20 0.20 - 0.04 0.57 0.20 0.02 0.01 0.02 + 0.01 0.07 0.01 0.11 0.09 0.11 + 0.01 0.24 0.05 0.02 0.02 0.02 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.01 0.02 0.00 0.07 0.01 0.12 0.10 0.11 - 0.01 0.33 0.09 0.07 0.07 0.07 0.00 0.09 0.04 0.04 0.04 0.04 0.00 0.25 0.04 0.07 0.05 0.05 - 0.02 0.10 0.03 0.04 0.04 0.04 + 0.01 0.08 0.03 0.28 0.23 0.23 - 0.05 0.32 0.15 0.06 0.06 0.06 - 0.01 0.25 0.05 0.10 0.10 0.10 0.00 0.75 0.09 0.14 0.12 0.13 0.00 0.25 0.10 0.04 0.04 0.04 0.00 0.24 0.02 0.07 0.06 0.07 + 0.02 0.07 0.03 0.06 0.05 0.05 - 0.01 0.12 0.05 0.05 0.04 0.05 + 0.01 0.09 0.03 0.02 0.01 0.01 - 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.12 0.03 0.02 0.02 0.02 0.00 0.06 0.01 0.76 0.66 0.70 - 0.06 2.84 0.66 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 0.00 0.08 0.01 0.11 0.10 0.10 0.00 0.30 0.04 0.02 0.01 0.02 + 0.01 0.03 0.01 0.24 0.21 0.24 + 0.02 0.42 0.13 0.04 0.04 0.04 - 0.01 0.12 0.03 0.02 0.02 0.02 0.00 0.07 0.02 0.04 0.04 0.04 + 0.01 0.20 0.01 0.01 0.01 0.01 + 0.01 0.05 0.01 0.13 0.11 0.13 + 0.01 0.60 0.11 0.05 0.04 0.05 + 0.01 0.14 0.03 1.35 1.24 1.30 + 0.01 1.35 0.80 7.98 7.27 7.55 + 0.31 7.98 3.96 11.14 10.49 11.06 + 0.33 13.91 10.15 14.68 13.73 14.64 + 0.59 16.89 12.52 52.28 50.07 52.28 + 1.72 57.25 42.50 40.14 38.27 40.08 + 1.66 46.73 37.22 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.01 0.01 - 0.01 0.13 0.01 0.11 0.11 0.11 + 0.01 0.15 0.08 0.22 0.17 0.18 - 0.02 0.22 0.05 0.06 0.06 0.06 + 0.01 0.20 0.05 0.17 0.13 0.14 - 0.03 0.29 0.07 2.02 1.90 1.90 - 0.01 3.55 1.72 0.03 0.02 0.02 - 0.01 0.08 0.02 0.06 0.05 0.05 + 0.01 0.09 0.02 2.17 1.96 2.01 - 0.04 3.40 1.30 0.01 0.01 0.01 0.00 0.01 0.01 0.69 0.61 0.64 0.00 0.78 0.19 3.80 3.08 3.31 - 0.07 16.94 2.28 0.17 0.15 0.17 + 0.02 0.25 0.06 3.56 2.76 3.33 + 0.29 16.01 2.51 0.04 0.03 0.03 - 0.01 0.08 0.03 0.06 0.05 0.05 - 0.01 0.16 0.04 4.03 3.45 3.61 - 0.08 8.36 2.67 0.01 0.01 0.01 0.00 0.01 0.01 0.05 0.04 0.05 + 0.01 0.20 0.04 0.06 0.04 0.05 0.00 0.17 0.04 0.09 0.07 0.08 + 0.01 0.19 0.06 0.19 0.16 0.18 + 0.02 0.30 0.05 0.40 0.33 0.37 0.00 0.55 0.31 0.02 0.02 0.02 0.00 0.04 0.02 0.10 0.08 0.09 - 0.01 0.29 0.07 85.08 82.36 82.46 - 2.62 95.68 79.05 0.09 0.06 0.08 - 0.01 0.40 0.04 0.64 0.57 0.59 - 0.04 1.60 0.35 0.03 0.03 0.03 - 0.01 0.04 0.01 0.04 0.04 0.04 - 0.01 0.11 0.03 0.05 0.04 0.05 0.00 0.12 0.03 0.07 0.05 0.06 0.00 0.09 0.02 13.52 12.37 12.61 - 0.32 42.26 12.37 0.12 0.09 0.09 - 0.05 0.25 0.09 3.25 2.98 3.13 + 0.08 3.90 1.61 0.32 0.32 0.32 + 0.01 0.75 0.30 0.17 0.15 0.17 + 0.01 0.37 0.10 0.76 0.65 0.66 - 0.08 3.07 0.65 0.05 0.04 0.05 + 0.01 0.09 0.04 0.08 0.07 0.07 - 0.02 0.26 0.06 0.19 0.19 0.19 - 0.01 0.38 0.08 0.12 0.11 0.11 - 0.01 0.61 0.08 0.04 0.04 0.04 - 0.01 0.09 0.04 0.03 0.02 0.02 - 0.01 0.11 0.02 0.03 0.03 0.03 - 0.01 0.08 0.02 0.25 0.21 0.21 - 0.04 1.23 0.21 0.04 0.04 0.04 - 0.01 0.18 0.02 0.07 0.06 0.06 - 0.01 0.30 0.06 0.54 0.40 0.53 0.00 1.50 0.40 0.02 0.01 0.01 - 0.01 0.05 0.01 0.03 0.02 0.03 + 0.02 0.03 0.01 0.25 0.22 0.23 - 0.01 0.40 0.16 0.04 0.04 0.04 + 0.01 0.14 0.03 0.01 0.01 0.01 0.00 0.02 0.01 11.86 10.25 10.75 - 0.59 16.45 8.52 0.04 0.04 0.04 + 0.01 0.45 0.03

Dajin Res V 9849 Dalradian Res T 8220 Dalton Res Ltd V 130 Darnley Bay V 528 Decade Res V 10851 Defiance Silvr V 1611 Dejour Enterp T 1051 Dejour Enterp* X 2858 Delrand Res T 600 Denison Mines T 19141 Denison Mines* X 3332 Desert Gold V 50

0.09 0.08 0.09 - 0.01 0.11 0.04 0.99 0.84 0.90 - 0.07 1.16 0.46 0.16 0.11 0.16 + 0.01 0.41 0.11 0.02 0.02 0.02 0.00 0.15 0.02 0.04 0.03 0.03 - 0.01 0.25 0.02 0.12 0.11 0.12 + 0.01 0.19 0.07 0.16 0.11 0.12 - 0.04 0.33 0.11 0.12 0.08 0.09 - 0.03 0.29 0.08 0.10 0.06 0.10 + 0.03 0.95 0.06 0.69 0.62 0.64 - 0.03 1.49 0.55 0.53 0.47 0.49 - 0.01 1.36 0.43 0.12 0.10 0.10 - 0.05 0.90 0.08

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Desert Star V 914 Detour Gold T 45917 Diagnos V 828 Diamcor Mng V 122 Diamond Fields V 131 Dios Expl V 1043 Discovery Harb V 630 Discovery Vent V 8350 Discovery-Corp V 1400 DNI Metals V 3367 Dolly Vard Sil V 290 Dominion Diam* N 6551 Dominion Diam T 9117 Dorex Minls V 1000 Doubleview Cap V 1116 Duncan Park H V 300 Dundee Prec Mt T 5351 Duran Vent V 3225 Durango Res V 7674 Dynacor Gold M T 1550 Dynasty Gold V 400 Dynasty Met&Mn T 4399 Eagle Hill Exp V 1003 Eagle Plains V 1580 East Asia Mnls V 1244 Eastern Platin T 5137 Eastfield Res V 1030 Eastmain Res T 4219 Eco Oro Mnls T 378 Ecuador G & C V 11500 Edgewater Expl V 677 El Nino Vent V 1049 El Tigre Silvr V 545 Eldorado Gold* N 72309 Eldorado Gold T 179135 Electra Gold V 1550 Eloro Minls V 23 Ely Gold & Mnl V 1740 Emed Mining T 160 Emerick Res V 34 Emgold Mng V 100 Encanto Potash V 4570 Endeavour Mng T 37717 Endeavr Silver T 5548 Endeavr Silve* N 12601 Endurance Gold V 50 Energizer Res T 11127 Energold Drill V 390 Energy Fuels T 2158 Entourage Mtls V 516 Entree Gold* X 1771 Entree Gold T 2751 Equitas Res V 40872 Equitorial Exp V 1210 Erdene Res Dev T 995 Erin Ventures V 5162 Eskay Mng V 715 Ethos Gold V 630 Eurasian Minls V 487 Eurasian Mnls* X 1816 Eureka Res V 30 EurOmax Res V 189 Europn Uran Rs V 1016 Everton Res V 1996 Evolving Gold C 35 Evrim Res V 245 Excalibur Res C 12 Excellon Res T 440 Excelsior Mng V 2954 Exeter Res* X 916 Exeter Res T 796 Explor Res V 5001 Faircourt Gold T 385 Fairmont Res V 150 Falco Res V 2935 Falcon Gold V 1590 Fancamp Expl V 1371 Ferrum Am Mng V 170 Firebird Res V 3074 Firesteel Res V 2210 First Bauxite V 850 First Lithium V 1850 First Majesti* N 69818 First Majestic T 25885 First Mexican V 803 First Point T 1134 First Quantum T 311716 Fission 3.0 V 4467 Fjordland Exp V 255 Flinders Res V 1457 Focus Graphite V 12898 Focus Vnt V 2305 Foraco Intl T 75 Foran Mng V 1620 Formation Mtls T 1393 Forsys Metals T 109 Fortuna Silver T 17387 Fortuna Silvr* N 21283 Fortune Bay T 116 Fortune Mnrls T 17897 Forum Uranium V 750 Franco-Nevada* N 77869 Franco-Nevada T 33067 Freegold Vent T 146 Freeport McMo* N 1909614 Freeport Res V 10 Frontier Rr Er T 7209 Frontline Gold V 14758 Full Metal Mnl V 162

0.14 0.13 0.14 + 0.01 0.26 0.12 15.39 14.09 14.61 + 0.59 16.37 6.02 0.08 0.07 0.08 - 0.01 0.11 0.04 1.10 0.97 1.04 - 0.07 1.45 0.90 0.02 0.02 0.02 0.00 0.05 0.01 0.07 0.07 0.07 + 0.01 0.10 0.03 0.03 0.03 0.03 0.00 0.11 0.02 0.14 0.11 0.12 0.00 0.42 0.09 0.05 0.04 0.04 - 0.01 0.14 0.04 0.09 0.08 0.08 0.00 0.50 0.06 0.16 0.12 0.16 + 0.03 1.25 0.11 13.11 12.58 12.82 + 0.24 20.30 11.68 17.16 16.50 16.90 + 0.40 24.60 14.35 0.03 0.03 0.03 - 0.01 0.10 0.02 0.12 0.10 0.10 - 0.02 0.25 0.07 0.01 0.01 0.01 0.00 0.03 0.01 2.55 2.09 2.29 + 0.19 5.70 1.93 0.02 0.02 0.02 - 0.01 0.04 0.01 0.06 0.05 0.05 - 0.01 0.11 0.03 1.61 1.45 1.48 - 0.04 2.59 1.41 0.02 0.02 0.02 0.00 0.03 0.01 0.55 0.41 0.45 - 0.15 1.49 0.41 0.78 0.70 0.78 + 0.05 0.93 0.29 0.06 0.05 0.06 0.00 0.08 0.05 0.02 0.01 0.01 - 0.01 0.04 0.01 1.45 1.11 1.15 - 0.11 2.26 0.79 0.02 0.02 0.02 0.00 0.05 0.02 0.37 0.33 0.35 + 0.02 0.62 0.17 0.50 0.44 0.47 - 0.05 0.95 0.14 0.02 0.02 0.02 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.07 0.01 0.02 0.02 0.02 0.00 0.08 0.02 0.08 0.06 0.06 - 0.02 0.35 0.06 4.23 3.37 3.39 - 0.53 8.33 3.02 5.53 4.44 4.48 - 0.65 9.68 3.94 0.10 0.08 0.09 - 0.01 0.15 0.05 0.12 0.12 0.12 0.00 0.25 0.04 0.06 0.05 0.06 + 0.02 0.11 0.03 0.08 0.08 0.08 0.00 0.16 0.06 0.16 0.16 0.16 + 0.01 0.30 0.15 0.01 0.01 0.01 0.00 0.03 0.01 0.08 0.07 0.07 0.00 0.16 0.04 0.66 0.58 0.62 + 0.03 0.96 0.38 2.54 2.10 2.19 - 0.08 6.33 1.64 1.93 1.60 1.65 - 0.09 5.80 1.25 0.02 0.02 0.02 - 0.01 0.10 0.02 0.06 0.05 0.06 0.00 0.31 0.05 0.79 0.67 0.73 + 0.07 1.70 0.51 5.30 4.70 4.75 - 0.55 9.00 4.70 0.05 0.05 0.05 + 0.01 0.22 0.05 0.32 0.23 0.25 - 0.05 0.51 0.08 0.38 0.30 0.31 - 0.08 0.66 0.18 0.15 0.12 0.12 - 0.02 0.16 0.03 0.13 0.13 0.13 + 0.01 0.26 0.07 0.13 0.12 0.12 - 0.02 0.17 0.09 0.07 0.06 0.06 - 0.01 0.10 0.04 0.13 0.12 0.13 0.00 0.20 0.05 0.15 0.14 0.14 0.00 0.19 0.11 0.66 0.57 0.66 + 0.06 0.97 0.53 0.52 0.44 0.50 + 0.06 0.89 0.40 0.08 0.08 0.08 0.00 0.16 0.02 0.50 0.40 0.49 + 0.09 0.57 0.17 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.03 0.03 0.00 0.09 0.02 0.07 0.07 0.07 - 0.01 0.21 0.01 0.15 0.13 0.15 - 0.05 0.36 0.11 0.01 0.01 0.01 0.00 0.07 0.01 0.46 0.42 0.43 - 0.02 1.40 0.35 0.28 0.22 0.25 - 0.02 0.39 0.19 0.45 0.40 0.44 + 0.01 0.79 0.35 0.58 0.50 0.56 - 0.03 0.90 0.45 0.06 0.05 0.05 - 0.02 0.09 0.04 3.11 2.82 3.10 + 0.32 5.08 2.70 0.09 0.07 0.07 - 0.01 0.30 0.06 0.32 0.30 0.31 + 0.01 0.78 0.29 0.05 0.03 0.04 0.00 0.25 0.03 0.04 0.04 0.04 0.00 0.06 0.03 0.01 0.01 0.01 0.00 0.05 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.02 0.01 0.02 + 0.01 0.08 0.01 0.05 0.05 0.05 0.00 0.10 0.04 0.28 0.18 0.27 - 0.01 0.50 0.18 4.12 3.71 3.72 - 0.04 10.32 2.85 5.39 4.86 4.92 + 0.01 11.21 3.76 0.02 0.02 0.02 0.00 0.05 0.02 0.06 0.05 0.05 - 0.01 0.15 0.04 8.73 6.78 6.79 - 2.11 25.65 6.78 0.09 0.08 0.08 - 0.01 0.14 0.06 0.02 0.02 0.02 - 0.01 0.05 0.01 0.21 0.17 0.19 - 0.03 1.18 0.12 0.18 0.13 0.13 - 0.04 0.67 0.13 0.22 0.20 0.20 + 0.01 0.29 0.16 0.34 0.27 0.27 - 0.09 0.77 0.15 0.14 0.13 0.13 - 0.02 0.48 0.13 0.13 0.11 0.13 + 0.01 0.27 0.09 0.16 0.16 0.16 0.00 0.38 0.15 4.09 3.47 3.77 + 0.14 6.30 3.12 3.12 2.65 2.86 + 0.09 5.31 2.39 0.40 0.33 0.33 - 0.04 0.43 0.24 0.04 0.03 0.04 + 0.01 0.37 0.02 0.07 0.06 0.06 - 0.01 0.22 0.05 48.00 43.87 46.29 + 2.19 58.85 38.20 62.87 57.45 60.98 + 3.32 74.10 49.96 0.12 0.10 0.10 - 0.02 0.24 0.07 10.30 9.48 9.58 - 0.45 36.85 9.48 0.02 0.02 0.02 0.00 0.03 0.02 0.17 0.08 0.08 - 0.09 0.42 0.08 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.03 0.03 - 0.02 0.40 0.03

Gabriel Res T 9493 Galantas Gold V 1349 Galway Gold V 2385 Galway Mtls V 699 GAMCO Glb Gld* X 33220 Garibaldi Res V 18555 General Moly* X 1720 Gensource Pot V 145 Geodex Mnrls V 379 Geodrill T 67 Geologix Ex T 2445 Geomega Res V 4418 Georox Res V 703 Getty Copper V 2880 GGL Res V 166 Gitennes Expl V 10 Giyani Gold V 1085 Glen Eagle Res V 9946 Global Hunter V 25 Globex Mng T 750 Gobimin V 90 GoGold Res T 461 Gold Bulln Dev V 12539 Gold Canyon V 6736 Gold Fields* N 360739 Gold Finder Ex V 30 Gold Mtn Mng V 63 Gold Reach Res V 140 Gold Reserve V 148 Gold Resource* X 23121 Gold Std Vnt V 7933 Gold Std Vnt* X 3400 Goldcliff Res V 280 Goldcorp T 157186 Goldcorp* N 537560 Golden Arrow R V 933

0.46 0.41 0.41 0.00 1.15 0.25 0.10 0.10 0.10 + 0.01 0.18 0.05 0.10 0.07 0.10 + 0.02 0.12 0.05 0.12 0.11 0.11 - 0.01 0.17 0.10 5.70 5.35 5.55 + 0.18 11.01 5.12 0.08 0.06 0.08 + 0.02 0.30 0.05 0.52 0.47 0.50 - 0.01 1.05 0.26 0.06 0.06 0.06 - 0.01 0.09 0.04 0.01 0.01 0.01 0.00 0.07 0.01 0.61 0.59 0.59 - 0.06 0.99 0.46 0.03 0.03 0.03 0.00 0.08 0.03 0.13 0.09 0.11 - 0.02 0.41 0.09 0.08 0.07 0.08 + 0.01 0.14 0.05 0.03 0.02 0.03 0.00 0.08 0.02 0.03 0.02 0.02 0.00 0.10 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.09 0.08 0.08 - 0.02 0.20 0.05 0.04 0.03 0.04 0.00 0.20 0.03 0.02 0.02 0.02 - 0.01 0.09 0.02 0.21 0.18 0.21 + 0.02 0.29 0.14 0.39 0.39 0.39 - 0.01 0.51 0.39 1.46 1.34 1.40 - 0.04 1.84 1.29 0.03 0.02 0.02 - 0.01 0.08 0.02 0.15 0.12 0.13 0.00 0.37 0.09 3.86 2.70 3.55 + 0.90 6.01 2.42 0.03 0.03 0.03 + 0.01 0.07 0.03 0.08 0.07 0.08 + 0.01 0.24 0.07 0.17 0.13 0.15 - 0.03 0.66 0.13 4.30 3.86 3.89 - 0.73 5.39 2.48 2.79 2.20 2.58 + 0.21 6.35 1.99 0.54 0.47 0.54 + 0.04 0.80 0.40 0.41 0.34 0.41 + 0.02 0.72 0.26 0.01 0.01 0.01 0.00 0.02 0.01 20.86 18.89 20.41 + 1.76 31.34 16.16 15.89 14.45 15.49 + 1.22 28.71 12.35 0.28 0.25 0.25 - 0.04 0.50 0.17

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Golden Band V 1462 Golden Dawn Ml V 4819 Golden Goliath V 2150 Golden Harp V 20 Golden Hope V 148 Golden Mnls T 586 Golden Mnls* X 6691 Golden Peak Mn V 60 Golden Predatr V 2306 Golden Queen T 5892 Golden Reign R V 1302 Golden Share M V 68 Golden Star T 2594 Golden Star* X 54499 Golden Tag V 70 Golden Val Min V 815 Goldex Res V 5649 Goldeye Expl V 1465 Goldfield* X 5723 Goldgroup Mng T 46834 GoldQuest Mng V 2657 Goldrock Mines V 2475 Goldrush Res V 1060 Goldsource Min V 593 Goldstrike Res V 2292 Gossan Res V 1140 Gowest Gold V 1844 Gran Colombia T 1289 Grande Portage V 1600 Graphite One R V 16759 Great Atlantic V 20 Great Bear Res V 50 Great Panther* X 11012 Great Panther T 6989 Great Quest Me V 465 Green Swan Cap V 250 Greencastle Rs V 50 Gresham Res V 65277 Grizzly Discvr V 1693 Groundstar Res V 1962 GTA Res & Mng V 100 Gunpoint Expl V 8 Guyana Gldflds T 16286 Guyana Prec Mt V 1650 GWR Res V 6925 Hansa Res V 1100 Happy Ck Minls V 3499 Harmony Gold* N 130044 Harte Gold T 14314 Harvest Gold V 22 Heatherdale Rs V 66 Hecla Mining* N 286898 Helio Res V 1660 Hi-Crush Part* N 3563 Highbank Res V 5068 Highland Res V 580 Homestake Res V 1993 Honey Badger E V 140 Horizns G Bear T 44290 Horizns G Bull T 101277 Horizonte Mnls T 360 Hornby Bay Mnl V 473 Houston Lake V 7302 HudBay Minls T 46799 HudBay Mnls* N 890 Hudson Res V 827 Hunt Mng V 25 Huntington Exp V 10620

0.01 0.01 0.01 0.00 0.02 0.01 0.19 0.16 0.18 + 0.01 0.30 0.01 0.01 0.01 0.01 + 0.01 0.04 0.01 0.04 0.04 0.04 - 0.03 0.07 0.03 0.49 0.45 0.45 - 0.07 0.64 0.08 0.51 0.41 0.44 + 0.01 1.35 0.31 0.42 0.30 0.33 - 0.01 1.23 0.23 0.06 0.06 0.06 0.00 0.18 0.04 0.10 0.07 0.07 - 0.02 0.18 0.07 0.90 0.83 0.85 - 0.01 1.68 0.65 0.08 0.07 0.08 + 0.01 0.19 0.05 0.03 0.03 0.03 0.00 0.11 0.03 0.30 0.25 0.27 + 0.01 0.59 0.20 0.23 0.19 0.20 - 0.01 0.54 0.16 0.03 0.03 0.03 0.00 0.10 0.02 0.12 0.10 0.11 - 0.01 0.21 0.08 0.04 0.03 0.04 + 0.01 0.08 0.02 0.05 0.04 0.05 + 0.01 0.08 0.03 1.99 1.72 1.78 - 0.06 2.85 1.20 0.09 0.07 0.08 + 0.01 0.24 0.07 0.12 0.11 0.11 - 0.01 0.23 0.07 0.25 0.18 0.25 + 0.08 0.42 0.15 0.02 0.02 0.02 + 0.01 0.03 0.01 0.18 0.15 0.16 0.00 0.27 0.13 0.17 0.15 0.16 - 0.01 0.30 0.05 0.03 0.02 0.02 0.00 0.05 0.01 0.07 0.06 0.07 0.00 0.10 0.05 0.27 0.25 0.25 - 0.01 1.50 0.20 0.01 0.01 0.01 0.00 0.02 0.01 0.09 0.07 0.08 0.00 0.18 0.07 0.05 0.05 0.05 - 0.02 0.30 0.05 0.06 0.05 0.05 0.00 0.09 0.02 0.47 0.40 0.42 - 0.01 1.27 0.30 0.62 0.53 0.56 + 0.01 1.39 0.40 0.39 0.34 0.34 - 0.02 1.65 0.25 0.01 0.01 0.01 - 0.01 0.08 0.01 0.06 0.06 0.06 0.00 0.10 0.05 0.77 0.51 0.59 - 0.17 0.95 0.51 0.07 0.06 0.06 0.00 0.10 0.02 0.06 0.05 0.05 - 0.01 0.19 0.03 0.06 0.05 0.05 - 0.01 0.10 0.04 0.15 0.15 0.15 0.00 0.25 0.14 4.40 3.97 4.09 - 0.06 4.48 2.15 0.13 0.12 0.12 - 0.01 0.33 0.11 0.04 0.02 0.02 - 0.02 0.05 0.01 0.02 0.01 0.01 0.00 0.03 0.01 0.13 0.08 0.13 + 0.02 0.17 0.08 1.15 0.94 1.08 + 0.10 3.18 0.92 0.07 0.06 0.06 - 0.01 0.29 0.04 0.02 0.02 0.02 - 0.01 0.06 0.02 0.03 0.03 0.03 - 0.01 0.08 0.03 2.37 2.09 2.15 - 0.02 3.54 1.77 0.03 0.03 0.03 + 0.01 0.07 0.02 15.94 12.43 12.65 - 3.26 71.74 12.43 0.16 0.13 0.15 - 0.01 0.31 0.09 0.16 0.16 0.16 0.00 0.56 0.10 0.02 0.02 0.02 + 0.01 0.10 0.02 0.01 0.01 0.01 0.00 0.05 0.01 15.00 12.06 13.09 - 2.18 24.65 8.50 4.52 3.67 4.17 + 0.53 10.98 2.95 0.05 0.04 0.04 - 0.03 0.10 0.04 0.09 0.07 0.08 + 0.01 0.10 0.03 0.18 0.14 0.17 - 0.02 0.20 0.09 7.19 6.44 6.50 - 0.63 12.61 6.44 5.45 4.89 4.94 - 0.52 10.44 4.89 0.53 0.47 0.49 - 0.01 0.55 0.22 0.03 0.03 0.03 - 0.01 0.40 0.02 0.01 0.01 0.01 - 0.01 0.04 0.01

I-Minerals V 1094 Iamgold* N 79854 Iamgold T 90976 IBC Adv Alloys V 10504 IC Potash T 1537 Iconic Mnls V 450 IMPACT Silver V 1826 Imperial Metal T 1302 Inca One Res V 8548 Independence G V 870 Indico Res V 1115 Inform Res V 2450 Inspiration Mg T 575 Integra Gold V 62778 Inter-Rock Mnl V 400 Intigold Mines V 1016 Intl Bethl Mng V 109944 Intl Lithium V 105 Intl Montoro R V 6240 Intl Northair V 8426 Intl Tower Hi* X 1489 Intl Tower Hil T 1637 Intl Vestr Res V 340 Intrepid Pots* N 8180 INV Metals T 3861 ISh COMEX G Tr T 300 Ivanhoe Mines T 23298 Ivernia T 3779 J.A.G. Mines V 3842 Jaguar Mng V 174 Jaxon Mnls V 1000 Jayden Res T 24 Jazz Res V 50 Jet Gold V 1093 Kaminak Gold V 9946 Karmin Expl V 130 Karnalyte Res T 625 Katanga Mng T 250 Kennady Diam V 487 Kermode Res V 30 Kesselrun Res V 760 Khalkos Expl V 600 Khan Res C 3955 Kilo Goldmines V 4419 Kincora Copper V 6064 Kinross Gold T 114681 Kinross Gold* N 541595 Kirkland Lk Gd T 9453 Kiska Metals V 3051 Kivalliq Enrgy V 2126 Klondex Mns T 25612 Klondike Gold V 2240 Klondike Silv V 583 Kobex Mnls V 2438 Kombat Copper V 5304 Kootenay Gold V 1027

0.28 0.26 0.28 + 0.01 0.31 0.14 2.00 1.75 1.86 + 0.08 4.10 1.16 2.61 2.28 2.47 + 0.15 4.48 1.50 0.12 0.09 0.10 - 0.02 0.25 0.09 0.15 0.13 0.14 0.00 0.31 0.13 0.04 0.04 0.04 - 0.01 0.10 0.03 0.21 0.16 0.19 + 0.01 0.55 0.14 8.14 7.51 7.83 - 0.08 13.69 7.30 0.16 0.13 0.15 - 0.01 0.29 0.12 0.09 0.07 0.09 + 0.01 0.13 0.07 0.10 0.07 0.07 - 0.02 0.16 0.02 0.03 0.02 0.03 + 0.02 0.07 0.01 0.09 0.06 0.06 - 0.02 0.73 0.04 0.31 0.26 0.29 + 0.02 0.36 0.14 0.02 0.02 0.02 + 0.01 0.03 0.01 0.15 0.12 0.14 - 0.03 0.32 0.03 0.02 0.01 0.01 + 0.01 0.02 0.01 0.04 0.03 0.03 - 0.01 0.05 0.02 0.06 0.05 0.05 - 0.02 0.10 0.05 0.05 0.04 0.05 + 0.01 0.17 0.04 0.29 0.22 0.23 - 0.03 0.71 0.20 0.39 0.29 0.30 - 0.06 0.77 0.26 0.03 0.02 0.03 + 0.01 0.30 0.02 8.25 7.40 7.47 - 0.61 16.75 7.40 0.14 0.12 0.12 - 0.02 0.38 0.12 14.83 14.03 14.76 + 0.76 15.78 12.61 0.73 0.63 0.70 + 0.01 1.48 0.62 0.01 0.01 0.01 0.00 0.13 0.01 0.03 0.02 0.02 0.00 0.06 0.02 0.15 0.12 0.15 + 0.01 0.84 0.12 0.02 0.02 0.02 0.00 0.07 0.01 0.06 0.06 0.06 - 0.01 0.26 0.06 0.18 0.18 0.18 - 0.05 0.23 0.03 0.04 0.04 0.04 - 0.01 0.15 0.03 0.81 0.68 0.78 + 0.10 1.15 0.53 0.34 0.34 0.34 - 0.01 0.50 0.21 0.69 0.65 0.66 + 0.01 1.20 0.64 0.18 0.17 0.17 - 0.02 0.52 0.17 3.58 3.14 3.30 - 0.12 8.18 3.02 0.01 0.01 0.01 + 0.01 0.02 0.01 0.04 0.03 0.03 0.00 0.06 0.01 0.10 0.10 0.10 0.00 0.12 0.06 0.54 0.50 0.51 - 0.04 0.80 0.33 0.05 0.04 0.05 - 0.01 0.21 0.04 0.03 0.03 0.03 + 0.01 0.07 0.02 2.85 2.59 2.72 + 0.14 4.48 2.10 2.19 1.97 2.07 + 0.09 4.10 1.60 5.99 5.26 5.56 + 0.30 6.88 2.79 0.02 0.02 0.02 0.00 0.09 0.02 0.10 0.09 0.10 0.00 0.23 0.09 3.87 3.40 3.53 + 0.09 3.87 1.68 0.10 0.09 0.09 0.00 0.28 0.08 0.02 0.02 0.02 + 0.01 0.06 0.02 0.55 0.53 0.54 + 0.01 0.63 0.46 0.04 0.03 0.04 0.00 0.11 0.03 0.31 0.25 0.25 - 0.02 0.56 0.25

La Quinta Res V 190 Labdr I-Ore Ro T 10873 Lake Shore Gd* X 16598 Lake Shore Gld T 73245 Lakeland Res V 2564 Lara Expl V 2055 Laramide Res T 1454 Largo Res V 814 Latin Am Mnls V 2310 Laurion Mnl Ex V 42163 Legend Gold V 450 Letho Res V 28 Lexam VG Gold T 2473 Lincoln Mng V 70 Lion One Mtls V 1232 Lithium Americ T 92577 Lomiko Mtls V 9504 Loncor Res T 1010

0.02 0.01 0.01 - 0.01 0.02 0.01 14.06 12.00 12.54 - 1.25 31.22 10.81 0.91 0.85 0.88 + 0.04 1.20 0.60 1.19 1.10 1.15 + 0.05 1.38 0.70 0.03 0.03 0.03 0.00 0.16 0.03 0.25 0.23 0.25 0.00 0.84 0.20 0.23 0.21 0.21 - 0.01 0.61 0.19 0.64 0.56 0.56 - 0.07 3.20 0.56 0.01 0.01 0.01 0.00 0.21 0.01 0.02 0.01 0.01 - 0.01 0.03 0.01 0.04 0.04 0.04 + 0.01 0.22 0.03 0.13 0.08 0.08 - 0.05 0.18 0.05 0.09 0.08 0.09 + 0.02 0.15 0.06 0.05 0.04 0.05 + 0.02 0.20 0.03 0.36 0.30 0.34 - 0.01 0.60 0.17 0.34 0.22 0.23 - 0.09 0.49 0.22 0.04 0.03 0.03 0.00 0.11 0.03 0.10 0.08 0.10 + 0.03 0.13 0.03

I-J-K

15-08-26 6:16 PM

THE NORTHERN MINER AUGUST 31-SEPTEMBER 6, 2015 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Long Harbour E V 72 Lorraine Coppr V 4850 Los Andes Copp V 130 Lowell Copper V 20 Lucara Diam T 26649 Luna Gold T 774 Lundin Mng T 99137 Lydian Intl T 2547

0.07 0.07 0.07 0.00 0.15 0.04 0.06 0.04 0.05 - 0.01 0.12 0.03 0.16 0.16 0.16 - 0.03 0.23 0.12 0.32 0.32 0.32 0.00 0.57 0.21 1.81 1.64 1.74 + 0.11 2.66 1.55 0.08 0.07 0.07 0.00 0.97 0.07 4.48 4.15 4.24 - 0.29 6.46 3.68 0.35 0.28 0.32 - 0.03 1.08 0.28

MacDonald Mns V 1365 MacMillan Mnls V 547 Mag Silver T 7872 Mag Silver* X 249 Magellan Minls V 410 Majestic Gold V 1100 Major Drilling T 7247 Makena Res V 2330 Malbex Res V 21090 Manado Gold V 650 Mandalay Res T 11169 Manitou Gold V 272 Manson Creek V 193 Marathon Gold T 1590 Margaret Lk Di V 7 Marifil Mines V 843 Marlin Gold V 195 Mason Graphite V 1699 Matamec Expl V 3512 Mawson Res T 180 Mawson West T 4439 Maya Gold & Si V 3969 MBAC Fertilizr T 45098 McEwen Mng* N 49204 McEwen Mng T 8324 MDN Inc T 500 MDU Res* N 33930 Meadow Bay Gd T 13005 Mechel* N 4259 Medallion Res V 289 Mega Copper V 10 Mega Uranium T 12198 Megastar Dev V 146 Melior Res V 1046 Melkior Res V 2490 Merrex Gold V 4435 Mesabi Trust* N 2165 Metalex Vent V 1115 Metallis Res V 420 Metalore Res T 40 Metals Ck Res V 349 Metanor Res V 54898 Micrex Devel V 1990 Midas Gold T 5572 Midland Expl V 358 Migao T 1870 Millrock Res V 194 Millstream Min V 124 Minas Buenavn* N 84123 Minaurum Gold V 550 Minco Gold* X 1801 Minco Gold T 75 Minco Silver T 1606 Mindoro Res V 3830 Minemakers T 55 Minera IRL T 22273 Mineral Mtn Rs V 13720 Mines Managem* X 2146 Mines Managmnt T 54 Minfocus Expl V 386 Miranda Gold V 840 Mirasol Res V 226 Monarques Res V 3379 Moneta Porcpn T 5284 Monster Mng V 50 Monster Uran V 207 Monument Mng V 1400 Mosaic* N 182998 Mountain Prov T 1230 MPH Vent V 280 MPVC V 4050 Mundoro Cap V 3020 Mustang Minls V 328

0.01 0.01 0.01 0.00 0.02 0.01 0.11 0.08 0.11 + 0.10 0.20 0.05 10.45 9.83 9.84 - 0.30 11.00 6.56 7.96 7.46 7.46 - 0.34 9.31 5.60 0.05 0.05 0.05 - 0.01 0.13 0.05 0.06 0.05 0.05 0.00 0.08 0.03 4.14 3.86 3.92 - 0.05 8.50 3.86 0.03 0.03 0.03 0.00 0.06 0.02 0.04 0.03 0.04 0.00 0.06 0.01 0.03 0.03 0.03 - 0.01 0.08 0.01 0.84 0.79 0.83 + 0.02 1.16 0.74 0.04 0.03 0.04 + 0.01 0.06 0.01 0.02 0.02 0.02 0.00 0.15 0.01 0.23 0.18 0.22 0.00 0.61 0.18 0.09 0.09 0.09 - 0.02 0.40 0.09 0.02 0.02 0.02 0.00 0.03 0.01 0.37 0.30 0.30 - 0.07 1.22 0.30 0.45 0.39 0.44 + 0.03 0.83 0.37 0.04 0.03 0.03 - 0.01 0.07 0.02 0.18 0.17 0.17 - 0.02 0.36 0.15 0.03 0.03 0.03 - 0.01 0.29 0.02 0.23 0.19 0.21 - 0.02 0.41 0.19 0.04 0.03 0.03 - 0.01 0.30 0.01 1.04 0.90 0.92 - 0.01 2.89 0.65 1.36 1.18 1.22 + 0.02 3.14 0.84 0.03 0.03 0.03 0.00 0.08 0.02 19.05 17.59 17.71 - 0.95 31.73 16.63 0.24 0.20 0.20 - 0.02 0.31 0.10 0.87 0.68 0.73 - 0.14 1.88 0.42 0.03 0.03 0.03 - 0.01 0.13 0.01 0.03 0.03 0.03 0.00 0.12 0.02 0.10 0.08 0.09 - 0.01 0.27 0.07 0.03 0.03 0.03 + 0.01 0.07 0.02 0.04 0.04 0.04 + 0.01 0.14 0.04 0.02 0.02 0.02 + 0.01 0.06 0.02 0.22 0.18 0.20 0.00 0.24 0.05 13.00 11.57 11.75 - 1.18 21.93 9.08 0.05 0.04 0.05 + 0.01 0.12 0.03 0.09 0.06 0.09 + 0.03 0.19 0.01 2.78 2.73 2.73 - 0.12 3.72 2.41 0.10 0.08 0.08 - 0.02 0.28 0.05 0.06 0.05 0.05 + 0.01 0.15 0.04 0.02 0.02 0.02 0.00 0.05 0.01 0.41 0.35 0.39 + 0.03 0.78 0.31 0.65 0.59 0.59 - 0.06 0.97 0.54 0.76 0.65 0.68 - 0.11 1.70 0.58 0.24 0.22 0.22 0.00 0.75 0.20 0.03 0.03 0.03 + 0.01 0.08 0.01 7.44 6.73 7.02 + 0.22 14.82 6.32 0.08 0.08 0.08 0.00 0.10 0.05 0.20 0.18 0.20 + 0.01 0.44 0.16 0.26 0.24 0.24 0.00 0.48 0.21 0.46 0.43 0.43 - 0.03 1.14 0.43 0.01 0.01 0.01 0.00 0.06 0.01 0.11 0.09 0.09 - 0.01 0.11 0.06 0.09 0.07 0.07 - 0.01 0.21 0.04 0.03 0.02 0.03 0.00 0.06 0.02 0.47 0.35 0.41 + 0.02 0.85 0.30 0.52 0.43 0.52 - 0.08 0.90 0.40 0.02 0.01 0.01 + 0.01 0.04 0.01 0.09 0.08 0.08 - 0.01 0.15 0.07 0.88 0.85 0.88 0.00 1.36 0.82 0.10 0.08 0.10 + 0.01 0.14 0.07 0.09 0.08 0.08 0.00 0.09 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.11 0.07 0.11 + 0.06 0.12 0.02 0.10 0.09 0.10 + 0.01 0.22 0.09 43.85 39.93 39.94 - 3.34 53.83 39.93 4.35 4.22 4.27 + 0.03 6.00 4.10 0.07 0.05 0.05 - 0.02 0.08 0.04 0.03 0.02 0.02 - 0.01 0.12 0.02 0.09 0.07 0.07 - 0.02 0.26 0.07 0.01 0.01 0.01 0.00 0.02 0.01

Namibia Rare E T 590 Natural Rs Pt* N 3156 Nautilus Minls T 1964 Nemaska Lith V 8800 Nevada Clean M V 880 Nevada Copper T 953 Nevada Expl V 260 Nevada Sunrise V 300 Nevado Res V 2260 Nevsun Res T 11932 Nevsun Res* X 11870 New Carolin Gd V 130 New Dimen Res V 85 New Gold T 75943 New Gold* X 211860 New Millennium V 5826 New Milln Iron T 1518 New Nadina V 4180 New Oroperu Rs V 5 New Pac Metals T 100 New World Res V 815 Newmont Mng* N 389740 Newport Expl V 6975 Newstrike Res V 1100 NGEx Res T 1717 Nighthawk Gold V 15160 Nikos Expl V 642 Niogold Mng V 1318 Nippon Dragon V 5880 Nitinat Mnls V 960 Noka Res V 1238 Nomad Ventures V 6030 Noram Vent V 572 Nordex V 320 Noront Res V 1735 North Am En P* N 163 North Am En Pa T 14673 North Am Nickl V 2581 North Am Pall T 603 North Am Pot D V 500 North Am Tung V 2370 North Arrow Mn V 1540 North Country V 12486 Northcliff Res T 872 Northern Dyn* X 4319 Northern Dyn M T 954 Northern Freeg V 686 Northern Gld M V 919 Northern Graph V 1968 Northern Iron V 10650 Northern Lion V 4555 Northern Shiel V 5980 Northern Sun M V 20 Northern Sup R V 1875 Northern Vertx V 575 Northisle C&G V 137 Northquest V 350 NovaCopper T 879 NovaCopper* X 5856 NovaGold Res T 9262 NovaGold Res* X 72682 NQ Expl V 30 NuLegacy Gold V 1572 NV Gold V 20 Oban Mng T 32925 OceanaGold T 35672 Oceanic Iron O V 471 Oceanus Res V 2663 Odin Mng & Exp V 6170 Olivut Res V 443 Olympic Res V 400

0.11 0.10 0.10 - 0.06 0.25 0.08 2.90 2.58 2.84 + 0.04 16.45 2.21 0.41 0.37 0.38 - 0.01 0.56 0.33 0.23 0.21 0.21 - 0.01 0.25 0.12 0.04 0.04 0.04 0.00 0.06 0.03 1.30 1.14 1.17 - 0.03 2.35 1.04 0.01 0.01 0.01 0.00 0.05 0.01 0.18 0.15 0.15 - 0.01 0.91 0.14 0.04 0.03 0.04 + 0.01 0.07 0.02 3.93 3.61 3.64 - 0.25 5.35 3.61 3.01 2.74 2.77 - 0.19 4.51 2.74 0.04 0.04 0.04 0.00 0.08 0.02 0.06 0.06 0.06 0.00 0.11 0.04 3.34 2.91 3.00 + 0.05 7.13 2.52 2.56 2.22 2.32 + 0.06 6.57 1.91 0.15 0.12 0.15 + 0.03 0.58 0.10 0.09 0.08 0.08 - 0.01 0.36 0.08 0.02 0.01 0.01 - 0.01 0.03 0.01 0.10 0.10 0.10 - 0.01 0.24 0.07 0.17 0.17 0.17 - 0.01 0.28 0.14 0.03 0.02 0.02 - 0.01 0.12 0.01 18.92 17.32 18.14 + 0.79 27.90 16.07 0.27 0.21 0.22 - 0.06 0.49 0.21 0.03 0.03 0.03 - 0.01 0.07 0.02 0.65 0.60 0.61 + 0.03 2.02 0.58 0.11 0.09 0.11 + 0.01 0.60 0.09 0.03 0.03 0.03 0.00 0.15 0.03 0.35 0.33 0.33 + 0.01 0.43 0.22 0.04 0.03 0.04 + 0.01 0.13 0.03 0.04 0.04 0.04 + 0.01 0.09 0.03 0.04 0.03 0.04 + 0.01 0.55 0.03 0.03 0.02 0.03 + 0.01 0.07 0.02 0.02 0.01 0.01 0.00 0.04 0.01 0.09 0.09 0.09 0.00 0.45 0.09 0.38 0.34 0.38 + 0.02 0.67 0.25 2.05 1.76 1.77 - 0.19 6.96 1.60 2.68 2.29 2.35 - 0.23 7.64 2.10 0.20 0.17 0.20 - 0.01 0.54 0.17 6.40 5.10 5.35 - 0.70 188.00 3.87 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 - 0.01 0.08 0.01 0.43 0.33 0.38 0.00 1.34 0.33 0.12 0.12 0.12 - 0.01 0.14 0.03 0.11 0.10 0.10 - 0.02 0.27 0.10 0.35 0.30 0.31 - 0.00 0.75 0.28 0.45 0.40 0.40 - 0.03 0.83 0.37 0.06 0.05 0.06 + 0.01 0.40 0.04 0.02 0.01 0.02 0.00 0.05 0.01 0.41 0.34 0.34 - 0.04 1.20 0.34 0.02 0.02 0.02 0.00 0.05 0.01 0.07 0.01 0.06 - 0.03 0.48 0.01 0.04 0.03 0.03 - 0.02 0.05 0.01 0.18 0.17 0.18 + 0.03 0.32 0.03 0.04 0.03 0.04 + 0.01 0.04 0.02 0.21 0.20 0.20 0.00 0.32 0.09 0.02 0.02 0.02 0.00 0.10 0.02 0.09 0.09 0.09 - 0.01 0.17 0.07 0.68 0.58 0.68 + 0.16 1.35 0.45 0.52 0.43 0.52 + 0.11 1.25 0.35 5.08 4.58 4.73 + 0.20 5.22 2.65 3.88 3.48 3.57 + 0.10 4.25 2.33 0.01 0.01 0.01 + 0.01 0.02 0.01 0.15 0.14 0.15 + 0.02 0.18 0.06 0.02 0.02 0.02 0.00 0.39 0.02 0.10 0.08 0.08 - 0.02 0.17 0.07 2.76 2.32 2.56 + 0.22 3.15 1.70 0.10 0.09 0.09 + 0.01 0.30 0.08 0.29 0.20 0.28 + 0.05 0.52 0.14 0.27 0.25 0.27 + 0.02 0.67 0.21 0.09 0.08 0.08 - 0.01 0.30 0.08 0.10 0.10 0.10 0.00 0.32 0.03

N-O

TNM Aug31 2015 Issue.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

OM Group* N 24506 Omineca Mg&Mtl V 127 Opta Minls T 25 Oracle Mng V 2951 Orbit Garant D T 89 Orbite Alumnae T 16567 Orca Gold V 1335 Orefinders Res V 3510 Orestone Mng V 470 Orex Expl V 3074 Orex Minls V 270 Orezone Gold T 1181 Oroco Res V 6460 Orocobre T 413 Orofino Mnls V 33 Oronova Res V 70 Orosur Mng T 823 Orvana Mnrls T 3552 Otis Gold V 5862

33.55 33.35 33.42 - 0.14 35.00 21.87 0.04 0.04 0.04 + 0.01 0.11 0.02 0.60 0.55 0.55 + 0.05 2.35 0.50 0.02 0.01 0.01 - 0.01 0.12 0.01 0.91 0.90 0.90 0.00 1.52 0.84 0.25 0.23 0.23 - 0.02 0.51 0.20 0.20 0.16 0.18 + 0.01 0.61 0.16 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 0.01 0.02 - 0.01 0.02 0.01 0.20 0.19 0.19 0.00 0.43 0.14 0.33 0.31 0.31 - 0.01 1.07 0.29 0.03 0.02 0.03 - 0.01 0.06 0.02 1.63 1.55 1.56 - 0.05 3.31 1.55 0.06 0.06 0.06 - 0.01 0.30 0.05 0.04 0.04 0.04 - 0.01 0.06 0.03 0.14 0.13 0.13 - 0.02 0.32 0.12 0.21 0.18 0.20 + 0.01 0.49 0.15 0.10 0.07 0.10 + 0.02 0.10 0.02

P-Q Pac Bay Mnrls V Pac Booker Min V Pac Booker Mn* X

320 35 37

0.04 1.75 1.38

0.04 0.04 1.64 1.64 1.26 1.26

- + -

0.01 0.04 0.11

ADVANTAGE

0.07 0.02 6.90 1.33 5.75 1.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Rock Tech Lith V 102 RockBridge Res V 1258 Rockhaven Res V 933 Rockland Mnls V 2120 Rockwell Diam T 1513 Rodinia Lithm V 2845 Rogue Iron Ore V 40911 Rokmaster Res V 3940 Romarco Mnrls T 103590 Rome Res V 21 Romios Gold Rs V 1225 Roxgold V 7206 Royal Cdn Mint T 1152 Royal Gold T 271 Royal Gold* Q 35017 Royal Nickel T 9516 RPT Uranium V 29 RT Minerals V 300 Rubicon Mnls* X 69617 Rubicon Mnrls T 110443 Rugby Mng V 180 Running Fox Rs V 1900 Rupert Res V 150 Rusoro Mng V 6577 Russell Metals T 11068

0.04 0.04 0.04 - 0.01 0.10 0.03 0.02 0.02 0.02 0.00 0.09 0.02 0.19 0.17 0.19 + 0.01 0.34 0.15 0.04 0.03 0.03 - 0.02 0.06 0.03 0.25 0.22 0.24 + 0.02 0.43 0.19 0.03 0.02 0.03 0.00 0.05 0.01 0.10 0.05 0.07 + 0.03 0.10 0.02 0.03 0.03 0.03 0.00 0.11 0.01 0.66 0.55 0.58 + 0.02 0.86 0.30 0.03 0.03 0.03 0.00 0.17 0.03 0.03 0.02 0.03 + 0.01 0.07 0.02 0.73 0.68 0.72 0.00 0.84 0.39 16.43 15.48 16.43 + 0.79 17.41 13.87 75.64 70.34 72.47 + 3.10 95.64 61.50 57.81 53.68 54.96 + 1.85 80.59 48.26 0.29 0.26 0.27 - 0.03 0.59 0.26 0.34 0.31 0.31 - 0.01 0.60 0.22 0.01 0.01 0.01 + 0.01 0.12 0.01 0.96 0.73 0.75 - 0.20 1.45 0.73 1.25 0.96 0.98 - 0.25 1.63 0.90 0.14 0.09 0.09 - 0.03 0.27 0.06 0.02 0.01 0.02 + 0.01 0.04 0.01 0.04 0.03 0.03 0.00 0.14 0.03 0.05 0.04 0.04 + 0.01 0.06 0.01 21.71 19.60 19.90 - 1.74 37.63 18.23

ESSENTIAL MINING NEWS

IN YOUR INBOX EVERY DAY

Don’t miss a beat! Get the most up-to-date mining news delivered directly to your in-box. Stay ahead of the competition by being the first to access the latest industry intelligence. Simply provide us with your e-mail address and you will be automatically signed up for free access to our round-the-clock Daily eNews service.

To sign up, contact our customer service department at 1-888-502-3456 or by e-mail at info@northernminer.com Current subscribers will be given instant Daily eNews access; Non-subscribers will be given a 1-month free trial

www.northernminer.com Pac Casc Minls V 30 Pac Iron Ore V 115 Pac North West V 410 Pac Potash V 2055 Pac Ridge Expl V 168 Paladin Energy T 8302 Pan Am Silver T 27748 Pan Am Silver* Q 143472 Pan Global Res V 360 Pancontl Uran V 150 Panoro Minls V 4016 Parlane Res V 194 PC Gold V 3092 Peabody Enrgy* N 1321560 Pelangio Expl V 92 Pele Mtn Res V 4527 Peregrine Diam T 8198 Perseus Mng T 21433 Pershimco Res V 2750 Peruvian Prc M V 9072 Phoenix Gold V 430 Pilot Gold T 6282 Pinecrest Res V 40 Pinetree Cap T 61903 PJX Res V 10 Planet Mng V 1830 Plate Res V 200 Platinex V 100 Platinum Gp M* X 1468 Platinum Gp Mt T 2997 Plato Gold V 5900 Playfair Mng V 350 Polaris Minls T 576 PolyMet Mng* X 7805 PolyMet Mng T 28 Potash C Sask* N 289792 Potash Cp Sask T 75698 Precipitate Gl V 50 Premier Gold M T 17269 Pretium Res* N 37468 Pretium Res T 17690 Primero Mng T 23796 Primero Mng* N 12064 Probe Mines V 546 Prophecy Coal T 3554 Puma Expl V 3281 Purepoint U V 3650 QMC Quantum Ml V 70 QMX Gold V 1291 Quaterra Res V 1137 Quest Rare Mnl T 4428 Quia Res V 100

0.01 0.01 0.01 0.00 0.04 0.01 0.13 0.11 0.13 + 0.01 0.35 0.10 0.02 0.02 0.02 0.00 0.06 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.02 0.02 - 0.01 0.05 0.02 0.19 0.17 0.18 - 0.01 0.45 0.16 9.94 8.92 9.40 + 0.43 15.89 7.77 7.59 6.81 7.14 + 0.27 14.50 5.90 0.01 0.01 0.01 - 0.01 0.12 0.01 0.03 0.02 0.03 0.00 0.04 0.01 0.13 0.10 0.12 - 0.01 0.48 0.10 0.12 0.10 0.12 + 0.02 0.23 0.03 0.03 0.03 0.03 0.00 0.07 0.02 2.02 1.10 1.78 + 0.65 16.71 0.99 0.02 0.02 0.02 0.00 0.06 0.02 0.05 0.04 0.05 + 0.01 0.09 0.03 0.19 0.16 0.17 - 0.01 0.40 0.14 0.39 0.31 0.35 + 0.02 0.48 0.18 0.16 0.13 0.15 - 0.01 0.37 0.13 0.13 0.08 0.12 + 0.02 0.19 0.06 0.01 0.01 0.01 - 0.01 0.12 0.01 0.45 0.38 0.44 + 0.04 1.40 0.33 0.09 0.09 0.09 0.00 0.50 0.08 0.10 0.07 0.08 - 0.02 0.37 0.06 0.23 0.23 0.23 + 0.02 0.29 0.10 0.03 0.03 0.03 0.00 0.06 0.03 0.02 0.02 0.02 - 0.01 0.09 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.31 0.28 0.28 - 0.02 1.15 0.28 0.40 0.37 0.37 - 0.03 1.25 0.37 0.01 0.01 0.01 + 0.01 0.02 0.01 0.06 0.06 0.06 0.00 0.08 0.01 2.14 2.00 2.01 + 0.01 2.83 1.65 0.92 0.87 0.89 - 0.01 1.37 0.87 1.18 1.17 1.18 - 0.02 1.75 1.14 27.03 24.92 25.02 - 0.99 37.60 24.92 35.27 32.82 33.00 - 1.07 47.10 32.82 0.10 0.10 0.10 - 0.01 0.25 0.08 2.45 2.27 2.28 - 0.03 3.02 1.61 5.89 5.15 5.55 + 0.35 7.56 4.07 7.71 6.75 7.34 + 0.56 9.05 4.60 4.41 3.77 4.17 + 0.47 7.51 3.17 3.38 2.87 3.16 + 0.33 6.89 2.41 0.40 0.38 0.38 - 0.02 0.56 0.12 0.06 0.05 0.06 + 0.01 0.09 0.03 0.12 0.10 0.10 - 0.02 0.18 0.07 0.03 0.03 0.03 - 0.01 0.08 0.03 0.02 0.02 0.02 - 0.01 0.04 0.01 0.03 0.02 0.03 + 0.01 0.05 0.01 0.12 0.08 0.10 0.00 0.15 0.04 0.12 0.10 0.11 0.00 0.29 0.09 0.01 0.01 0.01 - 0.01 0.04 0.01

Rackla Mtls V 13 Radisson Mng V 1375 Radius Gold V 380 Rainmaker Res V 26519 Rambler Mg&Mtl V 1715 Randgold Res* Q 46946 Range Engy Res C 7488 Rare Elemnt Rs T 128 Rare Elemt Re* X 3491 Red Eagle Mng V 3715 Red Pine Expl V 602 Red Tiger Mng V 200 Redhawk Res T 71 Redhill Res V 51 Redstar Gold V 2400 Redstar Res V 1079 Regal Res C 2120 Regulus Res V 161 Reliance Res V 8900 Remo Res V 140 Renaissance Gd T 135 Reservoir Capt V 25 Reservoir Mnls V 915 Reunion Gold V 12717 Reva Res V 40 Revolver Res V 1110 Rhino Res* N 278 Richmond Mnls V 1128 Richmont Mines T 2692 Richmont Mine* X 6239 Rio Novo Gold T 115 Rio Tinto* N 37381 Riverside Res V 983 RJK Explor V 3240 Robex Res V 4148 Rochester Res V 650

0.01 0.01 0.01 - 0.01 0.04 0.01 0.14 0.10 0.13 0.00 0.15 0.08 0.09 0.08 0.08 0.00 0.12 0.07 0.03 0.02 0.02 - 0.01 0.18 0.01 0.20 0.18 0.18 - 0.02 0.49 0.18 68.12 61.42 65.75 + 3.73 85.84 57.06 0.03 0.02 0.03 0.00 0.07 0.01 0.50 0.43 0.50 + 0.04 1.31 0.30 0.41 0.34 0.38 + 0.03 1.14 0.24 0.32 0.27 0.30 + 0.03 0.36 0.18 0.06 0.05 0.05 - 0.01 0.18 0.03 0.03 0.03 0.03 0.00 0.30 0.03 0.06 0.06 0.06 0.00 0.22 0.04 0.10 0.10 0.10 - 0.01 0.57 0.07 0.04 0.04 0.04 0.00 0.07 0.03 0.04 0.03 0.03 - 0.01 0.25 0.03 0.09 0.07 0.09 - 0.01 0.15 0.04 0.30 0.24 0.28 + 0.04 0.64 0.00 0.01 0.01 0.01 + 0.01 0.02 0.01 0.05 0.04 0.04 - 0.01 0.15 0.04 0.18 0.18 0.18 0.00 0.51 0.17 0.30 0.30 0.30 0.00 0.80 0.21 4.24 3.94 4.03 - 0.12 6.15 3.30 0.02 0.01 0.01 0.00 0.11 0.01 0.02 0.02 0.02 - 0.01 0.09 0.02 0.06 0.04 0.05 + 0.01 0.08 0.02 1.18 0.92 1.01 - 0.17 13.74 0.63 0.11 0.10 0.10 0.00 0.12 0.03 4.10 3.82 3.91 + 0.01 4.55 2.04 3.11 2.92 2.94 - 0.04 3.68 1.86 0.14 0.12 0.14 0.00 0.16 0.06 38.33 35.98 35.99 - 2.60 57.83 35.98 0.18 0.17 0.18 0.00 0.51 0.16 0.01 0.01 0.01 0.00 0.02 0.01 0.07 0.06 0.07 - 0.01 0.20 0.04 0.04 0.03 0.04 0.00 0.15 0.03

Ryan Gold V 46596 0.13 0.12 0.13 + 0.01 0.16 0.10 Rye Patch Gold V 3091 0.15 0.14 0.14 - 0.01 0.20 0.11

S Sabina Gd&Slvr T 12582 Sable Res V 25 Sage Gold V 849 Saint Jean Car V 3080 Salazar Res V 30 Sama Res V 6 Sanatana Diam V 1650 Sandspring Res V 9009 Sandstorm Gld* X 44862 Sandstorm Gold T 13979 Santa Fe Metls V 314 Santacruz Silv V 2389 Sarama Res V 3650 Satori Res V 115 Saturn Minls V 12155 Scorpio Gold V 2589 Scorpio Mining T 10450 Seabridge Gld* N 38816 Seabridge Gold T 4585 Search Mnls V 3475 Secova Mtls V 1448 Sego Res V 500 Selwyn Res V 2 Semafo T 73748 Sennen Res V 27 Sentry Sl PrmM T 1424 Serabi Gold T 3970 Serengeti Res V 40 SGX Res V 2855 Sherritt Intl T 57183 Shore Gold T 6595 Sienna Res V 560 Sierra Iron Or V 248 Sierra Metals T 499 Signature Res V 100 Silver Bear Rs T 12725 Silver Bull Re T 1228 Silver Grail R V 100 Silver Range R V 10 Silver Spruce V 350 Silver Std Res T 26417 Silver Std Re* Q 94624 Silver Wheatn* N 248734 Silver Wheaton T 58314 Silvercorp Mt* N 10128 Silvercorp Mtl T 13276 SilverCrest M* X 32281 SilverCrest Mn T 14493 Silvermet V 47 Silvore Fox Ml V 450 Sirios Res V 305 Skeena Res V 10931 Skyharbour Res V 7838 Slater Mng V 12 Sniper Res V 50 SnipGold V 405 SNS Silver V 2320 Soc Quim&M Ch* N 24317 Solitario Ex&R T 371 Solitario Ex&* X 1027 Solvista Gold V 643 Sona Res V 207 Sonoro Mtls V 30 Source Expl V 415 Southern Arc V 300 Southern Silvr V 1149 SouthGobi Res T 77 Spanish Mtn Gd V 3114 Sparton Res V 310 Sprott Ph Silv T 357 Sprott Res T 11671 Spruce Ridge R V 100 St Andrew Gldf T 11783 St Augustine T 3570 St-Georges Plt C 100 Standard Graph V 1556 Stans Energy V 6792 Starcore Int V T 3806 Stellar Pac Vt V 1330 Stelmine Can V 160 Stillwater Mg* N 91902 Stina Res V 458 Stonegate Agri T 4070 Stornoway Diam T 7539 Strategic Metl V 1000 Strategic Res V 60

0.40 0.36 0.37 - 0.02 0.85 0.28 0.01 0.01 0.01 - 0.01 0.09 0.01 0.07 0.05 0.05 0.00 0.23 0.04 0.02 0.02 0.02 0.00 0.04 0.01 0.06 0.05 0.05 - 0.01 0.25 0.04 0.14 0.14 0.14 - 0.03 0.30 0.13 0.03 0.03 0.03 - 0.01 0.16 0.02 0.08 0.06 0.07 + 0.01 0.27 0.05 3.12 2.82 2.95 + 0.12 6.15 2.20 4.05 3.71 3.92 + 0.24 6.72 2.80 0.02 0.01 0.01 - 0.01 0.05 0.01 0.15 0.14 0.14 - 0.01 1.00 0.14 0.07 0.06 0.07 0.00 0.13 0.03 0.07 0.06 0.06 + 0.02 0.60 0.04 0.17 0.14 0.16 - 0.02 0.24 0.11 0.11 0.09 0.10 + 0.01 0.22 0.08 0.19 0.17 0.18 0.00 0.34 0.15 7.10 5.48 6.62 + 1.00 11.64 3.31 9.33 7.18 8.75 + 1.41 12.72 4.34 0.06 0.04 0.05 - 0.01 0.16 0.03 0.06 0.04 0.05 0.00 0.09 0.03 0.03 0.03 0.03 0.00 0.04 0.02 1.50 1.50 1.50 0.00 4.22 1.50 3.63 3.21 3.38 + 0.20 5.37 2.39 0.28 0.26 0.26 + 0.05 1.35 0.19 2.54 2.24 2.36 + 0.08 4.21 2.05 0.07 0.07 0.07 - 0.01 0.12 0.06 0.04 0.03 0.04 0.00 0.08 0.03 0.01 0.01 0.01 0.00 0.03 0.01 1.15 1.01 1.05 0.00 4.33 1.01 0.19 0.16 0.17 - 0.02 0.34 0.13 0.02 0.02 0.02 0.00 0.06 0.01 0.44 0.41 0.44 - 0.01 0.62 0.07 1.04 0.99 1.03 + 0.06 2.13 0.84 0.02 0.02 0.02 + 0.01 0.04 0.01 0.05 0.04 0.05 - 0.01 0.14 0.04 0.10 0.10 0.10 0.00 0.30 0.08 0.04 0.04 0.04 + 0.01 0.08 0.02 0.05 0.05 0.05 0.00 0.14 0.05 0.07 0.05 0.06 + 0.01 0.08 0.02 9.46 8.38 8.88 + 0.52 10.49 4.47 7.23 6.40 6.74 + 0.35 9.63 3.92 14.28 13.40 13.57 - 0.02 25.85 12.07 18.68 17.55 17.87 + 0.09 29.86 15.79 0.88 0.66 0.70 - 0.15 1.91 0.66 1.14 0.87 0.92 - 0.19 2.13 0.87 1.13 1.03 1.03 + 0.01 2.03 0.65 1.48 1.35 1.37 0.00 2.21 0.87 0.05 0.05 0.05 - 0.01 0.13 0.04 0.03 0.03 0.03 0.00 0.11 0.00 0.12 0.11 0.11 - 0.01 0.13 0.06 0.10 0.08 0.08 - 0.02 0.13 0.06 0.04 0.03 0.03 + 0.01 0.07 0.02 0.03 0.03 0.03 0.00 0.05 0.02 0.06 0.04 0.06 0.00 0.09 0.01 0.04 0.04 0.04 0.00 0.12 0.04 0.36 0.34 0.35 - 0.02 0.50 0.05 14.32 13.89 14.01 + 0.01 28.64 12.65 0.74 0.64 0.64 0.00 1.66 0.63 0.57 0.46 0.51 - 0.04 1.56 0.45 0.04 0.03 0.04 + 0.01 0.17 0.03 0.03 0.02 0.03 0.00 0.11 0.01 0.07 0.07 0.07 - 0.03 0.22 0.06 0.03 0.03 0.03 0.00 0.13 0.02 0.04 0.04 0.04 - 0.01 0.09 0.03 0.05 0.04 0.05 + 0.01 0.20 0.03 0.50 0.50 0.50 - 0.10 1.25 0.41 0.04 0.03 0.03 - 0.01 0.06 0.02 0.01 0.01 0.01 - 0.01 0.02 0.01 6.05 5.69 5.91 + 0.02 7.96 5.31 0.70 0.62 0.62 - 0.07 3.34 0.62 0.03 0.03 0.03 + 0.01 0.04 0.01 0.33 0.28 0.30 + 0.01 0.39 0.21 0.12 0.10 0.10 - 0.01 0.21 0.08 0.01 0.01 0.01 0.00 0.06 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.04 0.03 0.03 - 0.01 0.23 0.03 0.12 0.10 0.11 - 0.01 0.23 0.09 0.02 0.02 0.02 - 0.01 0.14 0.01 0.01 0.01 0.01 0.00 0.05 0.01 9.97 8.95 9.92 + 0.65 19.14 8.37 0.20 0.17 0.20 + 0.03 0.25 0.04 0.02 0.02 0.02 0.00 0.16 0.02 0.80 0.74 0.74 - 0.04 0.85 0.46 0.29 0.27 0.28 + 0.01 0.40 0.27 0.03 0.02 0.03 + 0.01 0.08 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Strike Graph V 3559 StrikePoint Gd V 2075 Sulliden Mng C T 176 Sultan Mnrls V 1040 SunCoke Engy* N 10115 Sunridge Gold V 2747 Suparna Gold V 50 Superior Coppr V 5987 Sutter Gold V 189

0.05 0.04 0.05 + 0.01 0.15 0.04 0.04 0.03 0.03 0.00 0.08 0.01 0.23 0.20 0.23 + 0.02 0.72 0.19 0.01 0.01 0.01 0.00 0.02 0.01 11.18 10.37 10.78 - 0.20 24.57 10.37 0.17 0.15 0.17 + 0.01 0.24 0.12 0.02 0.02 0.02 - 0.01 0.16 0.02 0.03 0.03 0.03 0.00 0.14 0.02 0.06 0.05 0.06 - 0.01 0.15 0.05

Tahoe Res* N 24056 Tahoe Res T 41381 Talon Metals T 2520 Tanz Roy Exp T 1292 Tanz Roy Exp* X 9102 Tanzania Mnls V 945 Taranis Res V 1300 Tasca Res V 1250 Taseko Mines* X 12653 Taseko Mines T 5879 Tasman Metals V 749 Tasman Mtls* X 1928 Teck Res A T 222 Teck Res B* N 289258 Teck Res B T 117779 Tembo Gold V 526 Temex Res V 39459 Teranga Gold T 30459 Teras Res V 1565 Terraco Gold V 3598 Terrax Minls V 1470 Teryl Res Corp V 459 Teuton Res V 790 Thompson Creek T 7906 Thompson Crk* N 3369 Thor Expl V 295 Thunder Mtn Gd V 40 Timberline Res V 40 Timberline Rs* X 759 Timmins Gold* X 14096 Timmins Gold T 53610 Tinka Res V 4210 Tintina Res V 40 Tirex Res V 2773 Titanium Corp V 445 TNR Gold V 120 TomaGold V 3440 Torex Gold T 121682 Transition Mtl V 620 Treasury Metal T 2727 Tres-Or Res V 140 Trevali Mng T 46032 Tri Origin Exp V 12270 TriMetals Mng T 6574 Trio Gold Corp V 635 Troymet Expl V 620 True Gold Mng V 12617 True North Gem V 2769 Trueclaim Expl V 80 Tsodilo Res V 40 Turquoise HIl* N 26183 Turquoise Hill T 48251 TVI Pacific T 5530 Typhoon Expl V 3630

9.94 8.93 9.41 + 0.48 26.58 7.33 13.04 11.69 12.42 + 0.74 29.18 9.66 0.09 0.08 0.08 - 0.01 0.58 0.08 0.54 0.50 0.51 + 0.02 2.70 0.32 0.41 0.37 0.39 + 0.00 2.45 0.25 0.01 0.01 0.01 - 0.01 0.07 0.01 0.07 0.07 0.07 0.00 0.15 0.03 0.03 0.01 0.01 - 0.02 0.08 0.01 0.50 0.43 0.47 - 0.03 2.25 0.32 0.65 0.57 0.62 - 0.01 2.45 0.57 0.40 0.36 0.39 + 0.01 1.15 0.36 0.32 0.25 0.30 + 0.01 1.07 0.25 10.44 9.48 9.90 - 0.40 26.69 9.48 7.00 6.23 6.29 - 0.71 23.36 6.23 9.16 8.13 8.30 - 0.85 25.54 8.13 0.03 0.02 0.03 + 0.01 0.09 0.02 0.12 0.11 0.12 + 0.01 0.12 0.04 0.67 0.59 0.61 + 0.01 0.88 0.38 0.08 0.07 0.07 + 0.01 0.18 0.06 0.08 0.07 0.08 + 0.01 0.20 0.07 0.26 0.23 0.26 + 0.01 0.57 0.23 0.02 0.01 0.02 + 0.01 0.03 0.01 0.10 0.06 0.09 - 0.01 0.93 0.05 0.69 0.61 0.63 - 0.03 3.38 0.61 0.52 0.47 0.49 - 0.00 3.08 0.47 0.03 0.03 0.03 - 0.01 0.08 0.02 0.09 0.09 0.09 0.00 0.09 0.04 0.54 0.49 0.49 - 0.08 1.62 0.42 0.43 0.36 0.36 - 0.05 1.56 0.35 0.32 0.26 0.30 + 0.03 1.75 0.25 0.41 0.35 0.39 + 0.04 1.90 0.33 0.19 0.17 0.18 - 0.01 0.43 0.15 0.05 0.05 0.05 0.00 0.18 0.05 0.19 0.16 0.16 - 0.02 0.35 0.16 0.92 0.85 0.86 + 0.01 2.14 0.60 0.01 0.01 0.01 0.00 0.04 0.01 0.05 0.04 0.05 0.00 0.13 0.04 1.40 1.15 1.31 + 0.08 1.82 0.85 0.09 0.08 0.08 - 0.01 0.34 0.07 0.59 0.49 0.59 0.00 0.62 0.25 0.02 0.02 0.02 0.00 0.03 0.01 0.79 0.53 0.56 - 0.22 1.38 0.53 0.04 0.02 0.04 + 0.02 0.04 0.01 0.08 0.06 0.08 + 0.01 0.22 0.04 0.01 0.01 0.01 + 0.01 0.02 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.21 0.17 0.19 - 0.01 0.46 0.15 0.14 0.12 0.13 - 0.02 0.19 0.08 0.03 0.03 0.03 0.00 0.13 0.03 0.80 0.77 0.77 - 0.22 1.23 0.68 3.25 3.01 3.03 - 0.19 4.73 2.66 4.27 3.94 3.98 - 0.25 5.80 3.17 0.02 0.01 0.02 + 0.01 0.03 0.01 0.04 0.03 0.04 0.00 0.10 0.03

U3O8 Corp T 6031 UC Res V 350 Ucore Rare Mtl V 3445 UEX Corp T 7961 Ultra Lithium V 685 Unigold V 308 Unity Energy V 1940 Ur-Energy T 1361 Ur-Energy* X 1414 Uracan Res V 10210 Uragold Bay Rs V 20 Uranium Ener* X 7596 Uranium Partic T 5008 Uranium Res* Q 5326 Uranium Valley V 181 Uravan Minls V 3505 US Energy* Q 2611 US Silica Hld* N 26006 Vale* N 274667 ValGold Res V 270 Valterra Res V 2000 Vanstar Mng Rs V 10 Vantex Res V 470 Vena Res T 941 Vendetta Mng V 20 Verde Potash T 843 Victoria Gold V 13732 Victory Nickel T 6606 Victory Res V 2430 Victory Vent V 300 Vior Mining V 375 Viscount Mng V 7058 Visible Gold M V 2379 Vista Gold T 143 Vista Gold* X 2414 VMS Vent V 2722 Volcanic Mtls V 1860 Vulcan Mnrls V 2010 VVC Expl V 1250

0.05 0.04 0.04 - 0.01 0.10 0.03 0.03 0.02 0.03 0.00 0.04 0.01 0.33 0.29 0.30 - 0.02 0.44 0.20 0.20 0.17 0.18 - 0.02 0.46 0.17 0.01 0.01 0.01 0.00 0.04 0.01 0.14 0.13 0.13 - 0.01 0.45 0.09 0.07 0.05 0.05 + 0.01 0.11 0.03 0.85 0.79 0.80 - 0.06 1.35 0.75 0.65 0.59 0.61 - 0.05 1.15 0.58 0.01 0.01 0.01 - 0.01 0.08 0.01 0.04 0.04 0.04 0.00 0.07 0.03 1.26 1.14 1.17 - 0.09 2.99 1.03 5.33 5.06 5.10 - 0.18 5.76 4.82 0.99 0.75 0.80 - 0.11 3.15 0.75 0.05 0.04 0.04 - 0.02 0.12 0.04 0.15 0.08 0.13 - 0.03 0.17 0.03 0.63 0.50 0.56 - 0.07 4.16 0.36 24.93 20.42 20.98 - 3.60 73.43 19.35 5.28 4.75 4.75 - 0.48 14.10 4.75 0.01 0.01 0.01 - 0.01 0.04 0.01 0.01 0.01 0.01 - 0.01 0.04 0.01 0.05 0.05 0.05 - 0.01 0.09 0.03 0.02 0.01 0.01 - 0.01 0.04 0.01 0.04 0.03 0.04 0.00 0.17 0.03 0.09 0.09 0.09 0.00 0.25 0.08 0.29 0.26 0.26 - 0.05 0.81 0.26 0.14 0.12 0.13 0.00 0.24 0.09 0.05 0.03 0.04 + 0.01 0.70 0.02 0.06 0.05 0.05 - 0.01 0.09 0.03 0.01 0.01 0.01 - 0.01 0.03 0.01 0.10 0.08 0.09 + 0.01 0.13 0.05 0.34 0.22 0.34 + 0.10 0.47 0.15 0.05 0.05 0.05 + 0.01 0.27 0.05 0.40 0.37 0.38 - 0.01 0.56 0.29 0.31 0.29 0.29 + 0.01 0.51 0.24 0.21 0.18 0.20 - 0.01 0.33 0.18 0.06 0.05 0.06 - 0.01 0.16 0.05 0.03 0.02 0.03 + 0.01 0.04 0.02 0.04 0.03 0.04 0.00 0.07 0.02

Wallbridge Mng T 1184 Waseco Res V 770 WCB Res V 5 Wealth Minls V 2650 Wesdome Gold T 44177 West Af Iron O V 373 West High Yld V 40 West Kirkland V 3210 Western Copper T 1602 Western Coppr* X 1749 Western Lithiu T 15552 Western Melv M V 82 Western Pac Rs V 363 Western Potash T 3566 Western Troy C V 270 Westhaven Vent V 200 Westkam Gold V 7423 Westminster Rs V 596 WGI Heavy Mnl T 1478 Wildcat Expl V 10 Williams Creek V 50 Wolfden Res V 180 Wolverine Mnls V 252 WPC Res V 970 Xmet V 48144 Xtierra V 400 Xtra-Gold Res T 820 Yamana Gold* N 112623 Yamana Gold T 219766 Yanzhou Coal* N 3176 Yellowhead Mng T 276 Zadar Vent V 750 Zazu Metals T 810 Zenyatta Vent V 4429 Zimtu Capital V 680

0.04 0.03 0.03 0.00 0.08 0.03 0.04 0.03 0.03 - 0.02 0.10 0.02 0.12 0.12 0.12 + 0.01 0.35 0.10 0.23 0.20 0.21 + 0.01 0.42 0.03 1.04 0.96 0.97 - 0.01 1.40 0.62 0.04 0.03 0.04 + 0.01 0.15 0.03 0.30 0.22 0.30 + 0.13 0.43 0.11 0.06 0.05 0.05 0.00 0.14 0.05 0.47 0.36 0.40 - 0.06 0.85 0.36 0.38 0.27 0.30 - 0.05 0.81 0.27 0.54 0.40 0.40 - 0.15 1.00 0.40 0.06 0.05 0.06 0.00 0.45 0.03 0.02 0.01 0.01 0.00 0.18 0.01 0.30 0.28 0.28 - 0.01 0.40 0.20 0.01 0.01 0.01 0.00 0.02 0.01 0.06 0.06 0.06 0.00 0.14 0.05 0.04 0.03 0.04 + 0.01 0.07 0.03 0.02 0.02 0.02 0.00 0.25 0.01 0.30 0.27 0.27 - 0.03 0.78 0.00 0.04 0.04 0.04 - 0.01 0.17 0.03 0.02 0.02 0.02 0.00 0.11 0.01 0.10 0.10 0.10 + 0.01 0.32 0.10 0.05 0.05 0.05 0.00 0.13 0.03 0.05 0.04 0.05 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 0.24 0.23 0.23 0.00 0.31 0.10 2.45 2.19 2.30 + 0.10 8.77 1.73 3.21 2.85 3.01 + 0.13 9.58 2.26 5.74 5.01 5.01 - 0.85 12.24 5.01 0.06 0.05 0.06 - 0.01 0.18 0.01 0.01 0.01 0.01 0.00 0.08 0.01 0.17 0.15 0.16 - 0.01 0.58 0.15 1.78 1.43 1.55 - 0.02 2.61 1.05 0.24 0.20 0.20 - 0.04 0.57 0.20

U-V

W-Z

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

15-08-26 6:16 PM

10 AUGUST 31-SEPTEMBER 6, 2015 THE NORTHERN MINER

BID-ASK — AUGUST 17-21, 2015 STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Abzu Gold V 0.03 0.03 0.03 0.14 0.02 Acme Res V 0.02 0.03 0.03 0.06 0.02 Actus Mnls V 0.03 0.04 0.04 0.12 0.01 Adanac Moly V 0.19 0.19 0.18 0.20 0.15 Adroit Res V 0.01 0.01 0.01 0.01 0.01 Aegean Metals V 0.03 0.05 0.03 0.11 0.00 Afferro Mng V 1.10 2.50 1.57 2.40 0.00 African Metals V 0.05 0.06 0.06 0.29 0.03 AgriMinco V 0.01 0.01 0.01 0.01 0.01 Alder Res V 0.01 0.01 0.01 0.05 0.00 Alhambra Res V 0.02 0.03 0.02 0.10 0.02 Allana Potash T 0.50 0.50 0.50 0.50 0.00 Allied Gold T 2.25 2.29 2.25 3.70 0.00 Allied Nevada T 0.16 0.16 1.08 4.45 0.00 Allied Nevada* X 0.86 0.86 0.86 6.70 0.00 Alpha Gold V 0.05 0.07 0.05 0.06 0.03 Alpha Mnls V 5.55 5.68 5.45 7.60 0.00 Alturas Minls V 0.01 0.01 0.01 0.02 0.01 Am Cons Minls V 0.04 0.04 0.04 0.07 0.00 AM Gold V 0.05 0.06 0.05 0.13 0.02 Amador Gold V 0.01 0.01 0.01 0.02 0.01 Amara Mng T 0.20 0.29 0.21 1.72 0.00 Amato Expl V 0.02 0.02 0.02 0.03 0.01 Amcol Intl* N 45.74 45.75 45.74 47.09 0.00 American Bonan T 0.02 0.02 0.02 0.06 0.00 Anglo Pac Grp T 1.82 1.90 1.90 3.48 1.00 Anglo-Bomarc V 0.19 0.25 0.20 0.30 0.02 Anglo-Can Mng V 0.01 0.01 0.01 0.02 0.01 Angus Mng Nami V 0.01 0.01 0.01 0.03 0.01 Arco Res V 0.06 0.08 0.06 0.15 0.03 Arcturus Res V 0.01 0.02 0.01 0.03 0.01 Arcus Dev Grp V 0.01 0.02 0.02 0.05 0.01 Argentum Silvr V 0.03 0.03 0.03 0.10 0.03 Argus Metals V 0.02 0.03 0.02 0.11 0.02 Armadillo Res C 0.01 0.05 0.02 0.02 0.01 Arrowstar Res V 0.06 0.11 0.08 0.25 0.05 Asia Now Res V 0.01 0.02 0.02 0.03 0.01 AsiaBaseMetals V 0.02 0.04 0.03 0.10 0.02 Astar Mnls V 0.09 0.15 0.10 0.16 0.09 Aston Bay V 0.13 0.14 0.13 0.19 0.08 Astorius Res V 0.02 0.03 0.03 0.05 0.02 Augen Gold V 0.01 0.02 0.02 0.13 0.01 Augusta Res T 3.15 3.50 3.55 4.18 0.00 Augyva Mng V 0.11 0.13 0.12 0.15 0.07 Auramex Res V 0.01 0.02 0.01 0.03 0.01 Aurania Res V 0.30 0.40 0.30 0.30 0.30 AuRico Gold* N 2.87 2.88 2.86 4.69 0.00 AuRico Gold T 3.58 3.73 3.58 5.12 0.00 Azumah Res T 0.02 0.03 0.02 0.11 0.00 Banyan Gold V 0.04 0.04 0.04 0.10 0.02 Baroyeca Go&Si V 0.01 0.01 0.01 0.02 0.01 Bayfield Vent V 0.24 0.25 0.24 0.41 0.00 BE Res V 0.02 0.69 0.35 0.35 0.35 Bear Lake Gold V 0.03 0.04 0.04 0.06 0.00 Bearclaw Cap V 0.02 0.03 0.03 0.06 0.02 Bearing Res V 0.03 0.05 0.03 0.07 0.02 Besra Gold T 0.02 0.02 0.02 0.07 0.00 Bison Gold Res V 0.01 0.01 0.01 0.04 0.01 Blackstone Ven V 0.01 0.01 0.01 0.01 0.01 Blue Gold Mng V 0.46 0.49 0.47 0.95 0.00 Bluestone Res V 0.06 0.09 0.06 0.25 0.05 Bonaparte Res V 0.05 0.12 0.05 0.11 0.00 Bralorne Gold V 0.19 0.19 0.20 0.45 0.00 Brazilian Gold V 0.10 0.10 0.11 0.25 0.00 Brigadier Gold V 0.01 0.01 0.01 0.01 0.01 Brionor Res V 0.01 0.01 0.01 0.03 0.01 Buccaneer Gold V 0.02 0.03 0.02 0.04 0.02 Bullman Mnls V 0.09 0.11 0.11 0.30 0.06 Burnstone Vent V 0.01 0.02 0.01 0.04 0.01 Cache Expl V 0.08 0.09 0.08 0.27 0.05 Cadan Res V 0.05 0.09 0.06 0.24 0.04 Calvista Gold T 1.09 1.10 1.09 1.10 0.00 Canada Fluorsp V 0.35 0.35 0.35 0.35 0.00 Canadn Arrow V 0.01 0.01 0.01 0.02 0.01 Cancor Mines C 0.01 0.02 0.01 0.05 0.00 Cangold V 0.03 0.04 0.03 0.15 0.00 Cariboo Rose V 0.03 0.04 0.03 0.07 0.02 Carrie Arran R V 0.01 0.06 0.05 0.07 0.05 Cassidy Gold V 0.02 0.03 0.03 0.06 0.03 Cassius Vent V 0.02 0.03 0.02 0.07 0.02 Cavan Vent V 0.02 0.02 0.02 0.04 0.02 Cayden Res V 2.40 2.49 2.40 3.49 0.00 Caza Gold V 0.04 0.06 0.04 0.09 0.03 Celeste Copper V 0.01 0.01 0.01 0.01 0.01 Century Iron M T 0.28 0.37 0.22 0.47 0.22 Chalice Diam V 0.07 0.07 0.07 0.08 0.00 Channel Res V 0.04 0.06 0.05 0.09 0.00 Chimata Gold V 0.05 0.10 0.06 0.19 0.01 CIC Energy T 1.99 2.00 1.99 2.45 0.00 Citation Res V 0.07 0.08 0.07 0.10 0.00 Claim Post Res V 0.01 0.02 0.02 0.13 0.02 Clear Mtn Res V 0.01 0.02 0.01 0.06 0.01 Cliffmont Res V 0.01 0.01 0.01 0.03 0.01 Cline Mng T 0.01 0.01 0.01 0.84 0.00 CMQ Res V 0.02 0.04 0.02 0.05 0.00 Coalspur Mines T 0.02 0.02 0.02 0.08 0.00 Cobriza Mtls V 0.12 0.13 0.12 0.16 0.00 Coeur Mng T 12.03 12.64 12.09 20.14 0.00 Colibri Res V 0.01 0.01 0.01 0.02 0.01 Colossus Minls T 0.02 0.02 0.04 3.40 0.00 Columbus Expl V 0.13 0.22 0.19 0.20 0.10 Comet Inds V 1.06 1.75 1.20 1.75 1.00 Conquest Res V 0.01 0.01 0.01 0.02 0.01 Cons Richland V 0.01 0.02 0.01 0.05 0.01 Contintl Nickl V 0.40 0.90 0.40 1.12 0.00 Copper Ck Gold V 0.06 0.07 0.06 0.07 0.03 Copper One V 0.01 0.01 0.01 0.10 0.01 Cortez Gold V 0.18 0.32 0.32 1.00 0.00 Cougar Mnls V 0.04 0.07 0.06 0.30 0.03 Creso Expl V 0.12 0.12 0.12 0.13 0.00 Crosshair Eny* X 0.02 0.03 0.02 0.26 0.00 Cuervo Res C 0.01 0.01 0.01 0.01 0.00 Curis Res T 0.68 0.72 0.70 0.99 0.00 Darwin Res V 0.05 0.05 0.05 0.20 0.00 Diamonds North V 0.02 0.03 0.02 0.08 0.00 Dominion Mnls* Q 0.08 0.18 0.01 0.09 0.00 Dot Res V 0.01 0.02 0.01 0.08 0.01 Duluth Metals T 0.45 0.45 0.45 1.00 0.00 Dunav Res V 0.01 0.02 0.02 0.14 0.00 DV Res V 0.04 0.05 0.04 0.07 0.04 E-Energy Vent V 0.01 0.01 0.01 0.01 0.01 Eagle Mtn Gold V 0.14 0.17 0.13 0.42 0.00 Eastern Merid V 0.04 0.10 0.05 0.21 0.04 Elemental Mnls T 0.18 0.25 0.20 0.55 0.00 Elgin Mng T 0.41 0.42 0.42 0.45 0.00 Elissa Res V 0.14 0.14 0.14 0.25 0.06 Esperanza Res V 1.01 1.03 1.01 1.70 0.00 Estrella Gold V 0.03 0.04 0.03 0.08 0.00 Eurotin V 0.02 0.02 0.02 0.10 0.02 Extorre Gold M T 4.27 4.28 4.27 11.27 0.00 Feronia V 0.13 0.21 0.13 0.90 0.07 Fieldex Expl V 0.01 0.01 0.01 0.04 0.01 Finlay Minrls V 0.02 0.03 0.02 0.05 0.02 Firestone Vent V 0.01 0.01 0.01 0.02 0.01 First Nickel T 0.01 0.01 0.01 0.04 0.01 Fort St J Nick V 0.01 0.02 0.01 0.03 0.01 Galane Gold V 0.11 0.11 0.11 0.30 0.08

Published by:

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Galore Res V 0.01 0.01 0.01 0.04 0.01 Gem Intl Res V 0.05 0.06 0.05 0.26 0.05 Gentor Res V 0.03 0.05 0.04 0.17 0.04 Geocom Res* Q 0.05 0.09 0.02 0.03 0.00 Geomark Expl V 0.96 1.00 0.98 1.00 0.00 GFK Res V 0.07 0.12 0.12 0.20 0.03 Global Met Cl V 0.01 0.01 0.01 0.03 0.01 Global Ur Fund T 1.64 1.67 1.64 2.05 0.00 GMV Minerals V 0.09 0.14 0.11 0.26 0.06 Gold Ridge Exp V 0.02 0.02 0.02 0.05 0.02 Goldbank Mng V 0.04 0.08 0.08 0.08 0.03 GoldMountain* Q 0.04 0.05 0.05 0.35 0.00 Goldrea Res C 0.05 0.08 0.05 0.10 0.02 Goldstar Mnls V 0.02 0.02 0.02 0.05 0.02 Gonzaga Res V 0.04 0.07 0.04 0.15 0.02 Granite Ck Gld V 0.02 0.02 0.02 0.10 0.02 Gray Rock Res V 0.03 0.04 0.04 0.15 0.02 Great Western V 0.01 0.01 0.01 0.09 0.01 Green Valley M V 0.01 0.01 0.01 0.01 0.01 Grenville Gold V 0.08 0.17 0.15 0.18 0.04 Gryphon Gold T 0.01 0.01 0.01 0.13 0.00 GTO Res V 0.10 0.16 0.11 0.11 0.00 Handa Copper V 0.06 0.08 0.07 0.13 0.06 Hawkeye Gld&Di V 0.05 0.07 0.04 0.10 0.02 Highbury Proj V 0.12 0.24 0.19 0.40 0.15 Highvista Gold V 0.12 0.16 0.17 0.28 0.06 Highway 50 Gld V 0.11 0.17 0.13 0.51 0.11 HiHo Silver C 0.01 0.01 0.01 0.03 0.01 Hinterland Mtl V 0.02 0.02 0.02 0.04 0.01 Hudson River M V 0.01 0.01 0.01 0.01 0.01 ICN Res V 0.06 0.07 0.06 0.30 0.00 IEMR Res V 0.01 0.01 0.01 0.01 0.01 Indigo Expl V 0.01 0.02 0.02 0.03 0.01 Inova Res T 0.16 0.20 0.15 0.60 0.00 Inter-Citic Mn T 2.04 2.05 2.04 2.05 0.00 Intl Enexco V 0.41 0.41 0.41 0.55 0.00 Intl Millm Mng V 0.01 0.02 0.04 0.04 0.04 Intl Minls Crp T 2.80 2.83 2.83 4.92 0.00 Intl Samuel Ex V 0.01 0.01 0.01 0.03 0.01 Intrepid Mns T 0.25 0.26 0.26 0.31 0.00 Iron South Mng V 0.06 0.09 0.07 0.23 0.05 Iron Tank Res V 0.03 0.04 0.04 0.18 0.02 Jasper Mng V 0.04 0.16 0.05 0.15 0.03 Jiulian Res V 0.03 0.05 0.03 0.06 0.02 Josephine Mng V 0.01 0.02 0.02 0.02 0.01 Jourdan Res V 0.04 0.05 0.07 0.25 0.03 Kazax Mnls V 0.02 0.05 0.02 0.06 0.02 Kestrel Gold V 0.04 0.05 0.05 0.07 0.02 Kettle River V 0.01 0.01 0.01 0.02 0.01 Kimber Res T 0.15 0.16 0.15 0.40 0.00 Kings Bay Gold V 0.01 0.01 0.01 0.02 0.01 Knick Expl V 0.02 0.02 0.02 0.02 0.01 KWG Res V 0.02 0.03 0.02 0.09 0.00 Labdr Iron Mns T 0.02 0.02 0.02 0.14 0.00 Lachlan Star T 0.01 0.01 0.02 0.28 0.00 Lago Dourado M V 0.07 0.08 0.07 0.20 0.05 Liberty Silver T 0.05 0.08 0.04 0.13 0.00 Lipari Energy T 0.46 0.49 0.47 0.49 0.00 Lithium One V 1.15 1.18 1.15 1.46 0.00 Logan Res V 0.05 0.06 0.05 0.06 0.03 Lornex Cap V 0.10 0.18 0.10 0.20 0.00 Lovitt Res V 0.04 0.09 0.05 0.06 0.03 Lucky Mnls V 0.07 0.11 0.13 0.16 0.08 MagIndustries T 0.10 0.04 0.13 0.26 0.00 Magma Metals T 0.09 0.09 0.09 0.28 0.00 Mahdia Gold C 0.01 0.17 0.01 0.04 0.01 Mainstream Mnl V 0.01 0.01 0.01 0.01 0.01 Majescor Res V 0.03 0.04 0.04 0.06 0.03 Mammoth Res V 0.01 0.01 0.01 0.07 0.01 Marengo Mng T 0.01 0.01 0.01 0.02 0.01 Maritime Res V 0.10 0.20 0.10 0.24 0.08 Marklnd AGF PM T 5.86 8.25 5.82 10.41 0.00 Masuparia Gold V 0.05 0.08 0.06 0.10 0.04 Maudore Minls V 0.01 0.01 0.01 0.07 0.01 Max Res V 0.05 0.06 0.07 0.40 0.04 McChip Res V 0.86 1.40 0.90 1.40 0.85 McVicar Res V 0.47 0.49 0.49 0.52 0.00 Mega Precs Mtl V 0.08 0.09 0.08 0.13 0.00 Menika Mining V 0.08 0.11 0.09 0.12 0.05 Mercator Mnls T 0.01 0.01 0.03 0.12 0.00 Mesa Expl V 0.02 0.03 0.03 0.05 0.02 Messina Minls V 0.06 0.10 0.06 0.13 0.00 Metalcorp V 0.01 0.01 0.01 0.01 0.01 Midasco Cap V 0.08 0.12 0.09 0.10 0.05 Midnight Sun M V 0.13 0.14 0.13 0.25 0.10 Midway Gold T 0.13 0.13 0.09 1.30 0.00 Midway Gold* X 0.07 0.08 0.04 1.17 0.00 Mill City Intl V 0.15 0.16 0.14 0.20 0.06 Milner Con Slv V 0.02 0.03 0.02 0.10 0.02 Mineral Depost T 5.00 5.09 4.75 6.95 0.00 Mineral Hill V 0.03 0.18 0.14 0.14 0.07 Minsud Res V 0.09 0.17 0.09 0.09 0.03 Mirabela Nickl T 0.02 0.02 0.02 0.62 0.00 Mkango Res V 0.02 0.03 0.02 0.24 0.02 Moly Mines T 0.06 0.07 0.06 0.15 0.00 Montero Mg&Ex V 0.01 0.01 0.01 0.03 0.01 Mountain Boy M V 0.01 0.01 0.01 0.03 0.01 Mountain Lake V 0.32 0.35 0.32 0.82 0.00 Murgor Res V 0.02 0.02 0.02 0.03 0.00 Musgrove Mnls V 0.07 0.15 0.10 0.48 0.07 Nebu Res V 0.02 0.02 0.02 0.10 0.01 Network Expl V 0.03 0.03 0.03 0.06 0.03 New Dawn Mng T 0.10 0.16 0.13 1.10 0.00 New Destiny Mg V 0.01 0.02 0.01 0.05 0.01 Newcrest Mng T 12.10 12.90 12.11 31.00 0.00 Newmac Res V 0.12 0.19 0.11 0.34 0.10 Newmont Mng T 26.37 26.90 26.25 44.66 0.00 Newstrike Cap V 0.66 0.70 0.70 1.22 0.00 NMC Res V 0.17 0.17 0.19 0.19 0.00 Noble Metal Gr V 0.01 0.01 0.01 0.02 0.01 Noble Mnl Expl V 0.01 0.01 0.01 0.02 0.01 Nortec Mnls V 0.02 0.02 0.02 0.12 0.02 Northern Abiti V 0.01 0.01 0.01 0.02 0.01 NSGold V 0.04 0.05 0.04 0.65 0.04 NSX Silver V 0.03 0.03 0.03 0.10 0.03 Nubian Res V 0.01 0.03 0.01 0.03 0.01 Nuinsco Res T 0.01 0.01 0.01 0.03 0.00 Nunavik Nickel V 0.06 0.06 0.06 0.18 0.05 NWM Mng V 0.01 0.01 0.01 0.01 0.01 NWT Uranium V 0.02 0.02 0.05 0.05 0.05 Opawica Expl V 0.01 0.02 0.02 0.06 0.01 Open Gold V 0.01 0.02 0.01 0.03 0.01 Oremex Silver V 0.02 0.03 0.03 0.03 0.02 Orko Silver V 1.94 1.99 1.99 2.63 0.00 Orsa Vent V 0.10 0.10 0.10 0.15 0.00 Otterburn Res V 0.09 0.25 0.20 0.20 0.20 Pac Arc Res V 0.01 0.01 0.01 0.01 0.01 Pac Coal Res V 0.03 0.05 0.06 0.38 0.02 Pac Imp Mines V 0.01 0.01 0.01 0.03 0.01 Pac Rim Mining T 0.07 0.08 0.07 0.11 0.00 Pac Wildcat Re V 0.01 0.01 0.02 0.05 0.01 Paget Mnls V 0.01 0.01 0.01 0.01 0.01 Palladon Vent V 0.01 0.01 0.01 1.42 0.01 Palmer Res V 0.01 0.02 0.02 0.08 0.01 Pantheon Vent V 0.11 0.11 0.10 0.13 0.03 Paragon Minls V 0.06 0.07 0.06 0.12 0.00 Parallel Mng V 0.03 0.09 0.04 0.08 0.03

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Paramount Gold T 1.20 1.20 1.52 1.88 0.00 Passprt Potash V 0.02 0.02 0.02 0.05 0.01 Peat Res V 0.02 0.03 0.01 0.03 0.01 Penteco Res V 0.05 0.06 0.05 0.06 0.00 Petaquilla Mnl T 0.03 0.03 0.03 0.31 0.00 Philippine Mtl V 0.03 0.04 0.03 0.07 0.03 Phoenix Copper V 0.01 0.02 0.01 0.03 0.01 Pitchstone Exp V 0.09 0.09 0.09 0.21 0.00 Plata Latina M V 0.02 0.02 0.02 0.20 0.01 PMI Gold T 0.48 0.50 0.48 0.72 0.00 PNG Gold V 0.01 0.01 0.01 0.03 0.01 Polar Star Mng T 0.01 0.02 0.01 0.17 0.00 Portage Mnls C 0.01 0.02 0.02 0.03 0.00 Portola Res V 0.20 0.01 0.20 0.20 0.20 Premier Roy T 0.74 0.76 0.76 2.60 0.00 Prime Merid Rs V 0.06 0.07 0.07 0.19 0.07 Proam Expl V 0.01 0.02 0.02 0.02 0.01 Prospero Silve V 0.07 0.14 0.07 0.25 0.05 Providence Res V 0.04 0.09 0.05 0.12 0.00 PVR Partners* N 27.44 27.46 27.44 29.22 0.00 Q-Gold Res V 0.03 0.06 0.02 0.07 0.01 Quartz Mtn Res V 0.01 0.02 0.02 0.06 0.02 Rainy Mtn Royl V 0.03 0.04 0.03 0.12 0.02 Rainy River Rs T 3.37 3.37 3.42 6.10 0.00 Randsburg Intl V 0.01 0.01 0.01 0.02 0.01 Rapier Gold V 0.02 0.03 0.02 0.06 0.01 Ratel Grp T 0.52 0.69 0.61 1.31 0.52 Rathdowney Res V 0.13 0.15 0.14 0.35 0.14 REBgold V 0.13 0.14 0.16 0.16 0.00 Red Cresc Res T 0.02 0.02 0.01 0.11 0.00 Red Moon Potsh V 0.03 0.06 0.03 0.09 0.03 Red Rock Enrgy V 0.02 0.02 0.02 0.06 0.01 Redzone Res V 0.03 0.03 0.03 0.05 0.02 Reliant Gold V 0.02 0.03 0.02 0.06 0.01 Remington Res V 0.01 0.04 0.03 0.05 0.03 Resolve Vent V 0.04 0.06 0.05 0.08 0.05 Revett Mnls T 0.56 0.65 0.57 1.42 0.00 Rhyolite Res V 0.08 0.11 0.11 0.35 0.11 Ridgemont Ir O V 0.02 0.02 0.02 0.28 0.00 Rio Alto Mng T 3.47 3.51 3.48 3.99 0.00 Rio Alto Mng* N 2.46 2.48 2.47 3.18 0.00 Rio Silver V 0.02 0.03 0.03 0.04 0.01 Roca Mines V 0.03 0.03 0.03 0.03 0.00 Rockcliff Res V 0.03 0.03 0.03 0.07 0.00 Rockex Mng T 0.03 0.04 0.04 0.30 0.00 Rockgate Cap T 0.30 0.35 0.30 0.53 0.00 Rockridge Cap V 0.05 0.06 0.05 0.25 0.04 Romulus Res V 0.16 0.18 0.16 0.24 0.12 Ross River Mnl V 0.01 0.01 0.01 0.01 0.01 Rotation Mnls V 0.02 0.20 0.05 0.15 0.01 Royal Coal V 0.03 0.01 0.01 0.21 0.00 RX Gold & Silv V 0.23 0.24 0.24 0.60 0.00 Samco Gold V 0.16 0.30 0.30 0.80 0.17 San Marco Res V 0.02 0.03 0.02 0.13 0.02 Sandstorm Mt&E V 1.20 1.37 1.36 3.54 0.00 Savant Expl V 0.01 0.02 0.02 0.05 0.01 Saville Res V 0.03 0.04 0.04 0.15 0.03 Senator Minls V 0.09 0.19 0.14 0.22 0.05 Senior Gld Prd T 4.78 4.88 4.78 7.48 0.00 SG Spirit Gold V 0.06 0.10 0.10 0.40 0.06 Signal Expl V 0.03 0.05 0.03 0.06 0.02 Silver Mtn Mns V 0.02 0.02 0.02 0.06 0.01 Silver Predatr V 0.01 0.01 0.01 0.07 0.01 Silver Pursuit V 0.03 0.03 0.03 0.07 0.03 Silvermex Res T 0.50 0.55 0.53 0.88 0.00 Sirocco Mng T 0.34 0.36 0.35 0.89 0.00 Slam Exploratn V 0.01 0.02 0.01 0.09 0.01 Softrock Mnrl V 0.02 0.02 0.02 0.03 0.01 Soltoro V 0.30 0.30 0.32 0.34 0.00 Sonora Gld & S V 0.01 0.02 0.02 0.03 0.01 Southern Hemis V 0.04 0.06 0.04 0.20 0.00 Stakeholdr Gld V 0.04 0.05 0.04 0.29 0.04 Stikine Energy V 0.01 0.01 0.01 0.02 0.01 Stockport Expl T 0.03 0.03 0.03 0.07 0.02 Strata Mnls V 0.01 0.02 0.02 0.12 0.01 Stratabd Mnr V 0.01 0.01 0.01 0.09 0.01 Stratton Res V 0.10 0.15 0.10 0.25 0.06 Strongbow Expl V 0.11 0.12 0.12 0.18 0.06 Stroud Res V 0.01 0.01 0.01 0.01 0.01 Sunset Cove Mg V 0.01 0.01 0.01 0.10 0.01 Sunward Res T 0.17 0.18 0.18 0.24 0.00 TAD Mnl Expl V 0.01 0.01 0.01 0.02 0.01 Taipan Res V 0.02 0.02 0.03 0.43 0.02 Tajiri Res V 0.01 0.01 0.01 0.04 0.01 Takara Res V 0.03 0.03 0.03 0.06 0.01 Tawsho Mng V 0.01 0.02 0.01 0.05 0.01 Tearlach Res V 0.02 0.04 0.04 0.09 0.02 Terreno Res V 0.05 0.14 0.07 0.20 0.04 Theia Res V 0.08 0.12 0.09 0.20 0.07 Thelon Cap V 0.10 0.10 0.05 0.17 0.00 Themac Res V 0.02 0.03 0.03 0.05 0.01 Tiger Intl V 0.19 0.28 0.18 0.31 0.15 Tigray Res V 0.09 0.13 0.10 0.15 0.00 Tiller Res V 0.04 0.08 0.05 0.25 0.05 Tintina Mines V 0.04 0.05 0.04 0.07 0.02 Tolima Gold V 0.01 0.01 0.01 0.05 0.01 Trend Mng* Q 0.05 0.05 0.01 0.11 0.00 Tri-River Vent V 0.05 0.17 0.05 0.09 0.03 TriAusMin T 0.06 0.07 0.07 0.08 0.00 Tribute Res V 0.05 0.09 0.05 0.12 0.04 Troy Res T 0.43 0.44 0.43 1.27 0.00 Tyhee Gold V 0.01 0.02 0.01 0.10 0.01 United Silver T 0.01 0.01 0.02 0.14 0.00 Uranerz Energy T 1.41 1.44 1.44 1.70 0.00 Uranium One T 2.85 2.86 2.85 2.86 0.00 US SIlver & Go T 0.34 0.35 0.35 0.67 0.00 Vaaldiam Mng T 0.26 0.27 0.26 0.27 0.00 Vangold Res V 0.01 0.01 0.01 0.03 0.01 Vatic Vent V 0.02 0.03 0.02 0.07 0.02 Vendome Res V 0.01 0.01 0.01 0.06 0.01 Venerable Vent V 0.01 0.02 0.01 0.04 0.01 Veris Gold T 0.10 0.10 0.15 0.95 0.00 Viking Gold V 0.01 0.01 0.01 0.01 0.01 Virginia Engy V 0.05 0.09 0.06 0.08 0.03 Virginia Mines T 14.65 15.22 14.99 17.20 0.00 Volta Res T 0.33 0.34 0.33 0.57 0.00 Walter Energy* N 0.16 0.17 0.16 6.84 0.00 Walter Energy T 7.10 7.82 7.15 21.20 0.00 War Eagle Mg V 0.02 0.02 0.01 0.04 0.01 Waymar Res V 0.09 0.13 0.10 0.20 0.00 Wescan Goldfie V 0.02 0.03 0.02 0.05 0.01 West Cirque Rs V 0.23 0.26 0.26 0.54 0.00 Westcore Energ V 0.02 0.04 0.04 0.04 0.01 Western Areas T 3.75 8.54 4.00 6.11 0.00 Westridge Res V 0.01 0.02 0.01 0.05 0.01 Whetstone Mnls V 0.01 0.01 0.01 0.04 0.00 White Pine Res V 0.02 0.02 0.02 0.09 0.01 Windarra Minls V 0.05 0.07 0.06 0.09 0.00 Windstorm Res V 0.04 0.05 0.05 0.19 0.00 Witwatersrand T 1.08 1.18 1.08 1.50 0.00 World Vent* Q 0.01 0.51 0.02 0.10 0.00 Xemplar Energy V 0.02 0.02 0.02 0.05 0.02 Xinergy T 0.02 0.02 0.02 0.48 0.00 Zena Mng V 0.07 0.39 0.07 0.15 0.06 Zephyr Mnls V 0.12 0.20 0.12 0.22 0.11 Zinco Mng V 0.03 0.04 0.03 0.09 0.02 Zonte Mtls V 0.05 0.09 0.05 0.09 0.03

MAKE SENSE OF THE MINING INDUSTRY Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Basic Geology • Ore Deposits • High-Tech Prospecting Sampling & Drilling • Mining Methods • Processing Ore • Mining & the Environment • The Mining Team • The Business of Mining • Feasibility: Does it Pay? • Metal Markets • Making Sense of the Numbers • Investing in Mining • Glossary of Mining Terms

Now Available in Spanish

TNM Aug31 2015 Issue.indd 10

Order Your Copy Today!

Call 1-888-502-3456 or email info@northernminer.com

15-08-26 6:16 PM

THE NORTHERN MINER AUGUST 31-SEPTEMBER 6, 2015 11

SUPPLIERS NEWS

Gekko heads to Arctic with Hope Bay contract

TMAC RESOURCES

The camp at TMAC Resources’ Hope Bay gold project in Nunavut. Gekko Systems, a mineral processing and modular plant design firm, has won a contract for work on TMAC Resources’ (TSX: TMR) flagship Hope Bay gold project in northwest Nunavut. Under the deal Gekko will de-

Asian, African miners more likely to switch heavy equipment suppliers, Timetric survey says

sign and build two surface modular Python plants and a concentrate treatment plant. The company will deliver the plans in two stages over two years, with a 1,000-tonne-per-day, stage-one plant due by the end of 2016.

Gekko’s Python plant design features a low energy and modular design, which makes it easy to transport, install and operate. The Victoria, Australia-based firm says the contract will create 40 new jobs.

SGS expands Corescan service in North America SGS has enhanced its hyperspectral analysis capability in North America by adding a mobile unit, based in Canada. SGS says the move comes in response to client demand for the service, which is offered by SGS and its partner Corescan in North America. The two entered into an agreement in 2014 to incorporate Corescan’s mineralogical imaging technology into the SGS global laboratory network to service customers in both the minerals and oil and gas sectors. SGS describes hyperspectral scanning as providing objective mineralogical and geotechnical

data from drill core or chips and increasing confidence in resource estimation, domain creation and mine optimization modelling. The new unit will be moved across Canada to be used to conduct trials and demonstrations, and support exploration and production, where it can deliver mineralogical data for direct application to resource models or production-monitoring programs. SGS says the mobile unit has state-of-the-art hyperspectral imaging sensors integrated with ultra-high resolution core photography and 3-D core profiling

technologies. Data can be independently processed and interpreted in real time by Corescan’s proprietary software. Results can be made available for remote viewing via a web-based virtual core library called “Coreshed.” Western Australia-based Corescan specializes in scanning, analyzing and interpreting drill core, rock chips and other geological samples. It serves the mining, oil and gas, geothermal and geotechnical industries. Swiss-headquartered SGS is a major inspection, verification, testing and certification firm, with 80,000 employees and 1,650 offices and laboratories worldwide.

100 Years

OBAL MINING NEWS OF GL

Try the World’s Leading Mining Publication

FREE FOR 4 WEEKS It’s going to make a BIG difference.

A survey of buyers and senior decision makers at more than 500 mines across the globe wide shows that most Asian and many African miners anticipate switching major equipment manufacturers in the next five years. Conversely, the survey, which was carried out by U.K.-based data, analysis and advisory services provider Timetric, showed that Australian and North American miners are mostly satisfied with their current heavy equipment suppliers. In the Asian market, 52% of respondents chose either “definitely yes” or “probably yes” to the question of whether they would switch suppliers in the next five years. A further 30% of participants indicated they were unsure. In another section of the survey Asian respondents highlighted product quality as the top area where suppliers could improve, followed by a desire for suppliers to reduce costs. In Africa, 39% anticipated switching suppliers in the next five years. Attitudes in Africa mirrored those in Asia concerning cost re-

duction and product quality. In Australia, 71% of those surveyed indicated they intend to stay with their current supplier. Miners Down Under further indicated a higher level of satisfaction with their current equipment arrangements. A smaller majority (59%) of North American decision makers said they intended to keep their current equipment manufacturer, and had a relatively strong satisfaction level with their current suppliers. For Europe and Latin America, 31% and 26% of respondents answered that they expected to switch. “[Suppliers] looking at winning new business will find it difficult to dislodge the incumbents in markets such as Australia and the U.S.,” Timetric senior mining analyst Nez Guevara said. “But better opportunities exist in Asia and Africa, provided they can deliver in areas such as product quality and reliability, and by supporting mining companies with cost minimization.”

Newmont sells stake in Swiss gold refinery for US$119 million Newmont Mining (NYSE: NEM) has sold its 60.6% stake in the Valcambi gold refinery in southeast Switzerland to a subsidiary of Rajesh Exports. The sale netted the miner US$119 million in cash. “Since mid-2013, we have executed US$1.6 billion in non-core asset sales, allowing us to further pay down debt, invest in new, profitable production and return capital to shareholders,” Newmont executive vice-president for strategic development Randy Engel said. Newmont said it would keep existing relationships with the refinery. As of 2013, 75% of the gold refined at Valcambi came from Newmont’s mines. Valcambi began operations in

1961, and Newmont acquired its stake in 2004 from Credit Suisse. The refinery is noted for its capacity, refining 64 million oz. precious metals per year. In addition the facility employs a fully automated robotic process, and is the only producer of “Green Gold,” which is marketed as fully traceable and sustainably produced. The buyer, Rajesh, is a jewellery manufacturer based in Bangalore, India. It has been a long-standing customer of the refinery and claims to be the world’s largest and lowest-cost gold jewellery producer, with the capacity to turn 250 tonnes of gold into jewellery every year at its Bangalore plant.

Career Opportunities CAREERS ADVERTISING RATES $12.65 per agate line. Minimum size 2 columns x 1” $354.20. Closing date is 10 days prior to publication date. All Cdn. orders subject to applicable taxes. For further Careers advertising information contact: Joe Crofts (416) 510-6816 - jcrofts@northernminer.com, Dave Chauvin (416) 510-6824 - dchauvin@northernminer.com Toll free North America: 1-888-502-3456, (ext. 43729 / 43730) Fax: (416) 447-7658 COMPLETE

UP-TO-DATE

TRUSTWORTHY

Latest Jobs

The Northern Miner takes a 360 degree look at the industry and delivers prioritized, reliable news and analysis to our readers. No angle is left uncovered.

The industry doesn’t take a break and neither does The Northern Miner. New articles are published every day and delivered to our readers’ inboxes with a daily email newsletter.

Full Time

Reporting with integrity since 1915, The Northern Miner writers travel to mining projects world-wide and deliver authoritative, first-hand insight.

Register your 4-week free trial at: northernminer.com/subscribe/freetrial.aspx For more information about The Northern Miner, or for help on registering to your free one month trial, please contact Customer Service at: info@northernminer.com or call 1-888-502-3456

TNM Aug31 2015 Issue.indd 11

15-08-26 6:16 PM

AUGUST 31-SEPTEMBER 6, 2015

THE NORTHERN MINER

PROFESSIONAL DIRECTORY srk consulting

ASSAYERS

Consulting services from exploration through to mine closure

www.srk.com Providing geophysical services for over 20 years

PETROS EIKON

Worldwide experience in sedimentary and hardrock

Processing through final Interpretation PETROSEIKON.COM

1.519.943.0001

Mapping Structure? Ask us about our proprietary XDS VLF-EM!

APPLIED STRUCTURAL ECONOMIC GEOLOGY

.com

services@petroseikon.com

Structural Vectoring Adds Value to Exploration and Targeting

CONSTRUCTION MANAGEMENT Horizontal Gradient Magnetics Digital Radiometrics Tel: 905.477.2800 info@terraquest.ca terraquest.ca

Project and Construction Management

New, Rebuilds Fast Track Greenﬁeld

LNA provides construction management services to assure industrial facility owners realize cost efficiency and quality of their projects within the project schedule, budgets and safety objectives. L. NARDELLA ASSOCIATES LTD.

2292 blvd. Industriel, Suite 207, Laval (Quebec) H7 S 1P9 Telephone: (450) 967-1000 Fax: (450) 967-4445 Tel. CALGARY: (403) 254-4851 Tel MISSISSAUGA: (905) 381-0415

In-House Processing XDS VLF-EM

FULL RANGE SERVICES

COMPLETE RANGE OF INTEGRATED EXPLORATION SERVICES minerals@sgs.com www.sgs.com/mining

705 652 2000 (Lakefield) 604 638 2349 (Burnaby)

GENETIC MODELLING

SGS IS THE WORLD’S LEADING INSPECTION, TESTING, VERIFICATION AND CERTIFICATION COMPANY

www.nardellagroup.com

CONSULTING

GEOPHYSICS

A.C.A. HOWE INTERNATIONAL LIMITED

INSTRUMENTATION

MINING & GEOLOGICAL CONSULTANTS Toronto, Canada Tel: 1-416-368-7041 London, UK Tel: 011-44-1442-873398 Email: howe@acahowe.ca www.acahowe.ca

Rent / Purchase 3D IP & EM Gear Canadian Manufacturer of Geophysical Instruments since 1976

www.gdd.ca

- 3D / 32 channels IP Receivers - 4800V / 10,000W IP Transmitters - MPP - SCIP - Chain+Level - Beep Mat

Tel.: +1 418-877-4249

Your Exploration Advantage. valuation and evaluation of mineral properties; mineral resource and mineral reserve estimates; independent engineer services; project and feasibility studies; expert witness and litigation support

www.micon-international.com

Toronto Vancouver Norwich Cornwall Canada: mail@micon-international.com United Kingdom: office@micon-international.co.uk

905 841 5004 | geotech.ca

TDEM New ! GPRTEM System Magnetics Gradiometer HELIMAGER Heliborne & Fixed-wing Magnetics, Radiometrics and Gravity

International Exploration & Mining Consultants Project generation, design, management Independent reporting|Geophysics|GIS

450-679-2400 info@gprmtl.com www.geophysicsgpr.com

www.mphconsulting.com +1.416.365.0930

Toronto Denver London Vancouver Quebec City Geological and Mining Consultants www.rpacan.com +1 (416) 947-0907

TNM Aug31 2015 Issue.indd 12

Rentals and Sales Sales and Rentals: of instruments for:

GOLDAK AIRBORNE SURVEYS TRI-MAXIAL MAGNETIC GRADIOMETER 1024 channel radiometrics Full 4 sensor - 3 axis gradiometry 3D attitude correction system True gradient guided gridding process 2 Hangar Road Saskatoon, SK S7L 5X4 tel 306 249 4474 - www.goldak.ca

TERRAPLUS INC. 52 W. Beaver Creek Rd., Unit 12 Richmond Hill, Ontario L4B 1L9 (Canada) Tel: Fax: e-mail: Website:

(905) 764-5505 (905) 764-8093 sales@terraplus.ca www.terraplus.ca

Magnetometers/VLF Magnetics/VLF Gamma-Ray Spectrometers IP, Radiation Infrared Spectrometers Resistivity TDEM and HLEM (Multi-electrodes) Resistivity (ERT) Susceptibility Full Wave Form IP Conductivity Borehole Gyro GPR/ GPS Borehole Logging Gravity Magnetic Susceptibility Seismics Conductivity Borehole Logging GPR Seismic

15-08-26 6:17 PM

THE NORTHERN MINER

AUGUST 31-SEPTEMBER 6, 2015

PROFESSIONAL DIRECTORY SURVEYORS & CORE SYSTEMS

LEGAL

JEAN-LUC CORRIVEAU, Q.L.S., CLS

Land & Mining Surveyors – 3D Scanning GYRO-THEODOLITE, UNDERGROUND CONTROL PHOTOGRAMMETRIC MAPPING (AIRBORNE LIDAR AND DRONE), CAVITY SCANNING, BOREHOLE AND BATHYMETRIC SURVEYS

litigate

CONTRACTUAL & MINING DISPUTES CONSTRUCTION DISPUTES PRODUCT LIABILITY DISPUTES INQUESTS: OCCUPATIONAL/SAFETY DEFENCE

Excellence in Commercial Litigation and Competition Law agmlawyers.com • thelitigator.ca

1085, 3rd Avenue West, Val-d’Or (Quebec) J9P 1T5 Tel: (819) 825-3702 Fax: (819) 825-2863 E-mail: bureau@corriveaujl.com www.corriveaujl.com

GYRO BOREHOLE SURVEYING CORRIVEAU J.L. & ASS. INC.

Affleck Greene McMurtry LLP 365 Bay Street, Suite 200, Toronto Canada M5H 2V1 T 416.360.2800

Also, Magnetic probe surveys

rvi

To reserve space for your advertisement in the Professional Directory contact: JOE CROFTS: 416-510-6816, DAVE CHAUVIN: 416510-6824 Toll free North America: 1-888-502-3456, (ext. 43729 / 43730), Fax: 416-447-7658

Val-d’Or (Quebec) Tel: (819)825-3702 Fax: (819)825-2863 E-mail: bureau@corriveaujl.com

Market insights from Sprott’s Rick Rule

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 4-5 World Mining Summit Toronto, ON lawrence.smithson@americanleaders. com +1 312 582 4273 www. worldminingsummit.com Nov 18-20 Manitoba Mining & Minerals Convention Winnipeg, MA convention@ gov.mb.ca (204) 945-2691; 1-800-2235215 manitoba.ca/iem/convention

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

MEETINGS

PHOTO BY ALEX COSTIN

Rick Rule, Sprott U.S. Holdings chairman.

Downtown Vancouver, home to many of the 1,500 superfluous resource exploration firms, according to Rick Rule, that consume up to $3 billion a year.

RICK RULE, From Page 1

who are the ones that pollute most of the industry. The job that The Northern Miner does, as an example, in helping investors understand the difference between good and bad deposits, people who are attempting to mine air rather than grade, or highlighting the accomplishments of individuals like Ross Beaty — that’s what needs to happen.

ket conditions would normalize, but these are normalized market conditions. Capital-raising markets for the extractive industries in the last 40 years have been more often bad than good. And the very hope that is occasioned by confusing optimal market conditions with normal market conditions is what’s given these people the intestinal fortitude to prevail or attempt to prevail against all odds. It’s my belief that there are probably 1,500 superfluous listings in mineral and energy exploration. It costs us somewhere between $1 million to $2 million a year to maintain a small company, which is a different way of saying that the exploration industry is leaking somewhere between $1.5 billion and $3 billion a year in needless general and administrative expenses. So in one sense, the bear market we’re in is the bear market of the juniors’ own making, because we have wasted an enormous amount of investors’ money. And this winnowing would be the healthiest possible outcome for the industry, though this would be highly unpleasant for the folks that work in those superfluous companies. TNM: So, what’s the game for investors now? RR: It’s necessary for the industry and investors to understand that the junior industry as a whole is an enormous destroyer of capital … it’s hugely inefficient because it’s based on the narrative, it’s a story. The best 10% or 20% of that industry generates so much performance that it adds legitimacy and sometimes lustre to the whole sector. The game, both for the industry and particularly for investors, is to differentiate between the good, the bad and the ugly. Because one Ross Beaty can undo the damage of 800 schmucks and schmoes,

TNM Aug31 2015 Issue.indd 13

vestigative work and neither do the Canadians — they react to complaints. And the whole circumstance suggests that people aren’t responsible for their own financial future, that they don’t have to investigate before they invest. That’s the cause of the fraud. At Sprott we have a whole team of technical people to do due dil-

‘The best 10% or 20% of that industry generates so much performance that it adds legitimacy and sometimes lustre to the whole sector.’ — Rick Rule, chairman, Sprott U.S. Holdings We need to be more efficient at knowing the difference, and we have to do it ourselves. The brokerage firms won’t do that for us because they get the same commission for A- to C-grade stock. And the whole idea that government can protect people from their own stupidity is a bad idea, because it’s fraud. The Enron incident would be a good American example, where investors lost $100 billion and the government ushered in legislation called the Sarbanes-Oxley Act in 2002. But the excess compliance cost American shareholders $80 billion a year, so we institutionalized the same loss on an annual basis that we instituted the law to avoid in the first place. I’m not a lawyer, but before the Enron incident, fraud was already illegal. The idea that the U.S. Securities and Exchange Commission (SEC) can protect American people from fraud is the cause of most of the fraud in the U.S. — people believe they’re being protected. But the SEC doesn’t protect people, they don’t do the hard in-

igence, and we spend a lot of time understanding the projects. It puts us at a pleasant advantage because for some reason, many of our competitors don’t feel the need to understand the truth. Investors should take it upon themselves that if something appears too good to be true, then think it through. TNM: Many of the Canadian producers are maintaining positive cash flow because of the strong U.S. dollar, but what’s your forecast on that? RR: Certainly in the global mineral production industry, if the cost in denominated currencies goes down and you sell the product in a currency that’s strong, then it’s a wonderful delta to maintain. But I would urge producers not to count on that. I would urge people to consider that conditions might normalize, and even consider the use of financial hedges. I think the U.S. dollar strength is more due to weakness in other economies than the incipient strength of the U.S. economy. Investment analyst Doug Casey de-

scribes the current situation of the U.S. economy as being the “prettiest mare at the slaughterhouse” — we’ve benefitted more by weakness in terms of competitive currencies than we have by incipient strength in the U.S. economy, and I would agree with that outlook. TNM: What changes might we see in the future? RR: I know that eventually people of my era will be replaced by the younger generation, and that will bring a fresh perspective on valuations. In my era, valuation perceptions were set in the 1970s, and the defining event back then was the incredible escalation in the price of commodities. For example, gold went from U$35 to US$850 per oz., and silver rose from 80¢ to US$50 per oz., and that warped the perception of an entire generation of financiers. What was rewarded in the 1970s was leverage to commodity price, and so for the past 40 years we have asked companies to demonstrate leverage to commodity prices. So what companies have the best leverage to commodity prices, or are the most marginal? The high-cost producers enjoy better unit margin escalations in price escalation. As a result, my generation of financiers has asked the younger generation of technical people to become marginal. And the mining industry has become extraordinarily marginal. My suspicion is, when my generation either dies or goes broke, we’ll be supplanted by people in industry and finance who never experienced the escalation of commodity prices in the ‘70s. My hope is that this younger generation will ask the industry to increase things like free cash flow per share and treat the mining business the same way as automobile manufacturers. If so, the world industry would be better for it.

Aug 31 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 Sep 11 Sep 11 Sep 11 Sep 11 Sep 12 Sep 14 Sep 15 Sep 15 Sep 15 Sep 15 Sep 16 Sep 16 Sep 16 Sep 17 Sep 17 Sep 17 Sep 18 Sep 18 Sep 18 Sep 18 Sep 21 Sep 22 Sep 22 Sep 23 Sep 23 Sep 24 Sep 25 Sep 28 Sep 28 Sep 30 Sep 30 Sep 30 Oct 01 Oct 02 Oct 05 Oct 05 Oct 06 Oct 07 Oct 07 Oct 08 Oct 08 Oct 08 Oct 09 Oct 09 Oct 13 Oct 14 Oct 14 Oct 15 Oct 15 Oct 15 Oct 15 Oct 16 Oct 22 Oct 23 Oct 27

Natan Resources ALQ Gold Scorpio Gold Newstrike Resources Bell Copper 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 NWT Uranium Major Drilling Group Canadian Platinum Velocity Minerals Metalore Resources Temex Resources Abacus Mining & Exploration Corex Gold Noble Iron Lakeland Resources Apogee Silver Pacific Arc Resources Rockwell Diamonds KFG Resources ExGen Resources Helio Resource Silvercorp Metals Golden Peak Minerals Int’l Bethlehem Mining Vela Minerals Alix Resources Frontline Gold Puma Exploration Colorado Resources Orex Minerals CanAlaska Uranium Wellgreen Platinum OceanaGold Romarco Minerals Renaissance Gold Reunion Gold Niko Resources Zenyatta Ventures Quia Resources Canadian Orebodies Masuparia Gold Velocity Minerals Alexandria Minerals Noble Mineral Exploration Canada Carbon Hudson Resources Karmin Exploration Altan Nevada Minerals Altan Rio Minerals Alphamin Resources Denison Mines Fission Uranium Canterra Minerals GTA Resources and Mining Norvista Capital Rogue Resources Kettle River Resources Tristar Gold Colt Resources Centurion Minerals

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

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

15-08-26 6:17 PM

14 AUGUST 31-SEPTEMBER 6, 2015 THE NORTHERN MINER

Endeavour hits pay dirt at Agbaou ENDEAVOUR, From Page 1

now, it’s all about making profitable gold — and that’s key for us. We make sure every ounce of gold that comes out of the ground contributes to the cash flow.” Hally says that Endeavour is well underway to reaching the company’s objectives for the year, having already delivered 59% of its US$100-million free cash flow target. During the second quarter, Endeavour ramped up production to 131,165 oz. gold, and dropped AISC to US$898 per oz. gold, up 6% and down from $946 per oz. gold, compared to the first quarter. Favourable euro exchange rates and declining oil prices strengthened the company’s cost savings, Hally says, along with free-digging oxide ore and improved recoveries across its operations. He adds that Tabakoto had “solid earnings,” with sustaining margins improving to US$7.7 million compared to US$200,000 in the comparable quarter in 2014. Cash flow at the Malian mine was boosted by input from the Kofi C deposit and a switch to owner mining, both of which lowered

Drillers at work at Endeavour Mining’s Agbaou gold mine, 80 km south of Yamoussoukro, Côte d’Ivoire. AISC to US$990 per oz., from US$1,283 per oz. in the comparable 2014 quarter. Hally describes Agbaou as the

project in the company’s portfolio that “continuously exceeds expectations” with its “excellent performance.”

“We built Agbaou to produce margins in the downturn,” he says. “It’s a key asset for us, and it’s our flagship mine.”

Trusted provider of global mining & exploration intelligence since 1915.

100 Years bal Mining News Of Glo

SAVE OVER 50% WITH MULTI-USER ACCOUNTS Each member of your team can have their own access to reliable, timely and informed analysis of global mining and exploration activity.

BASIC ACCOUNTS 2 - 5 Users $85 per user

6 - 10 Users $74 per user

11 - 15 Users $68 per user

16+ Users $60 per user

EXECUTIVE ACCOUNTS 2 - 5 Users 6 - 10 Users 11 - 15 Users 16+ Users $172 per user $149 per user $137 per user $110 per user For more information please contact Dan Bond

@ dbond@northernminer.com



TNM Aug31 2015 Issue.indd 14

+1 416-510-6741

Empower Your Team With Analysis From The Northern Miner

ENDEAVOUR MINING

For the quarter, Agbaou had a low AISC of US$619 per oz. gold — well below guidance of US$690 to US$740 per oz. gold — due to high mill throughput and strong recoveries, thanks to the free-digging oxide ore. The oxide blanket at Agbaou extends 40 to 60 metres deep across the deposit, making it hard for geologists to pick out mineralizing trends without drilling. But condemnation holes in 2014 around the open pits identified shallow zones of oxide-hosted gold mineralization amendable to the mine’s production schedule, and since then Endeavour has almost doubled its exploration budget to US$4.6 million for 2015.

‘We make sure every ounce of gold that comes out of the ground contributes to the cash flow.’ — Ota Hally, CFO, Endeavour Mining “We had really good success last year and replaced all our ore reserves — not just at Agbaou but at Tabakoto as well,” Hally says. We had a great field season, and we’re proceeding with a repeat of that this year.” Endeavour is working to follow up with a 21,800-metre exploration and infill drill program to unravel the deposit at Agbaou and expand its profitable oxide resource, so that it can maximize profit margins. Hally says the company hopes to build another mine similar to Agbaou at its Houndé gold project, 250 km southwest of Ouagadougou in Burkina Faso. The fully permitted project could add 190,000 oz. gold per year over an initial 10-year mine life, at an AISC of US$714 per oz. gold. But Hally notes the company may have to reconsider its production plans if gold prices stay below US$1,100 per oz. gold, and would look at other ways to optimize the project before development. He says the production decision for Houndé could arrive by year-end. Endeavour has traded within a 52week range of 38¢ to 96¢, and last closed at 62¢. The company has 412 million shares outstanding for a $256-million market capitalization.

15-08-26 6:17 PM

THE NORTHERN MINER AUGUST 31-SEPTEMBER 6, 2015 15

Jumbo Operator Indonesia Online Reference No: 61982 Rotation: 10 weeks on, 5 weeks off Shift Length: 11 hours Compensation: Redpath offers a comprehensive wage and benefit package Travel: Flights provided from point of hire to job site Conditions of Employment:Successful completion of pre-employment medical and substance abuse test.

Journeyperson Carpenter/Scaffolder Rabbit Lake Operation Online Reference No: 62348 POSITION AND RESPONSIBILITIES: You will perform carpentry and related building maintenance duties. Responsibilities include the installation, maintenance and repair of surface and camp buildings and equipment. You will perform other duties as required and requested

Category Manager Saskatoon, Saskatchewan Online Reference No: 62335

Chief Metallurgist Saskatoon, Saskatchewan Online Reference No: 62338 We are looking for a new team member to join the corporate technical services department at Cameco. Our team is involved in new and challenging metallurgical projects that arise from Cameco’s diverse ore body geology. We have properties in Canada, the United States, Kazakhstan and Australia, where processing technologies cover a wide array of uranium extraction techniques ranging from traditional tank leach/SX to ISR/IX circuits.

In this pivotal role you will be responsible for managing the materials and equipment portfolio of categories, including MRO, mobile equipment, bulks and other related categories. Working closely with supply chain management business partners in our mining, major projects and fuel services divisions, you will develop sourcing strategies for these categories, manage contracts with and performance of Cameco’s Tier 1 vendors, as well as maintain category expertise and market knowledge necessary to maximize value from periodic rate and service level negotiations.

Global Copper Group Inc. President & CEO Online Reference No: 62172

Executive Director Saskatchewan, CA Online Reference No: 62156 Reporting to the Board of Directors through the Chair, you will execute the strategic plan, clearly identifying, measuring and reporting on progress in achieving IMII goals, objectives, strategies and measurable targets. Collaborate with industry partners and related organizations to build and maintain a supportive network of industry, education, research, and government entities to optimize financial and human resources that will enable IMII to meet its objectives.

Regional Supervisor, Mineral Exploration & Development, Timmins, ON Online Reference No: 62160 Are you looking for an opportunity to further develop your leadership skills while using your knowledge of the mining and exploration industry in leading the delivery of the Mineral Exploration and Development Program? If so, consider this opportunity to further advance mineral exploration and development in the North.

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

Technologist II, Metallurgy Cigar Lake Operation Online Reference No: 62310 Reporting to the metallurgists, you will be responsible for operation and maintenance of an ICP-MS radium analyser, as well as other field and laboratory testing and equipment. Experience in analytical technique is a must. You will conduct test work and report findings in an accurate and consistent manner.

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.

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

One listing is all you need Print Edition.

Circulated to TNM 20K+ readership

Journeyperson Carpenter/ Scaffolder, North Bay, Ontario Online Reference No: 62341 Key Accountabilities: Be a champion for safety, advocating safe behaviour while incorporating safety into the designs produced. As requested, attend technical conferences, representing Cementations capabilities, and attend seminars that will further Cementation’s knowledge. Collaborate with Project Services and Operations to produce “Best For Project” designs that are safe, reflect the client’s operability requirements first, and are constructible.

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.

Mechanized Raise (Alimak) Leaders ID, Papua, ID Online Reference No: 61992 The primary role of the Alimak Leader is to maintain and construct underground installations, performing various tasks such as erecting work platforms, scaling loose rock, drilling, loading and blasting rock and ensuring that the drilling patterns follow the mining plans.

Construction 1 McArthur Lake Operation Online Reference No: 62278 POSITION AND RESPONSIBILITIES: Assist with the organization of all underground construction at the McArthur River Operation including: backfill and concrete placement, bulkhead building, installation of backfill gantry, backfill plug and shotcreting

Safety Officer Rabbit Lake Operation Online Reference No: 62273 POSITION AND RESPONSIBILITIES: Working with the health and safety team, you will be responsible for supporting the workplace health and safety programs through education and leadership.

4 INDUSTRY JOB BOARDS

CANADIAN Mining Journal EMAIL sales@mining-jobs.net or CALL 416-510-6772 AND START RECRUITING SMARTER TODAY.

Mine Engineer Rabbit Lake Operation Online Reference No: 62306 As a member of the mine engineering group, you will be responsible for underground mine development planning, scheduling and priority setting to achieve short and long-term mine objectives. With safety as your core value, you will focus on high quality results to achieve production targets. You will provide technical support in the key areas of long range mine planning, longhole drilling and blasting, ground control, ventilation and mine water management.

For full job details visit MINING-JOBS.NET and enter the Online Reference No. in the search field

TNM Aug31 2015 Issue.indd 15

15-08-26 6:17 PM

16 AUGUST 31-SEPTEMBER 6, 2015 THE NORTHERN MINER

Stillwater retrenches in hopes of PGM recovery BY MATTHEW KEEVIL

VANCOUVER — Denverbased Stillwater Mining (TSX: SCW.U; NYSE: SWC) has made tough decisions in response to falling platinum group metal (PGM) prices, including layoffs and a focus on cost control that will hopefully better position the company for a recovery in prices. In mid-August the company announced plans to reduce the workforce at its Stillwater PGM mine and Columbus processing facility in Montana by 119 employees, or 7%, after a protracted negotiation with the USW International Union Local 11-0001. Stillwater submitted what it called a “best and final” contract offer in late July, which included no increase in base wages for the first two years of the agreement and an adjustment in incentive programs to “better align employee and shareholder outcomes.” The company’s unionized workforce rejected the proposal, though employees still worked under terms of the expired contract. The new labour agreement is slated for early September. Stillwater employed 1,600 peo-

ple at Sillwater and Columbus to start the year, and calculates the new round of layoffs should result in savings on labour costs of US$20 million per year, or US$40

S U B S C R I P T I O N

3 Easy Ways to Order:

F O R M

Save Over 40 off of th % e

cover

price!  Fax this form to: 416-447-7658  Call Toll Free: 1-888-502-3456  Order online at www.northernminer.com

PLEASE SEND MY SUBSCRIPTION OPTION AS INDICATED BELOW

Your subscription to The Northern Miner will include our authoritative weekly newspaper in either Print or Digital Edition format. Please select your format preference, as well as the subscription level you'd like to access. The Northern Miner BASIC

Weekly and daily news, daily E-NewsLetter, press releases, 4 issues of Mining Markets Magazine, 2 Issues of Diamonds in Canada Magazine, 1-year article archives.

The Northern Miner EXECUTIVE

Includes all the content from the Basic service, PLUS a database of detailed company, property and personnel profiles, article archive dating back to 1987, and personal topic alerts.

PRINT* 

DIGITAL 

Canada  $114 US  $114 International  $151

$114 $114 $114

Canada  $229 US  $229 International  $269

$229 $229 $229

Canadians (excl. ON, NB, NL, NS, PEI) add 5% GST, BC residents add 7% PST, ON, NB, NL residents add 13% HST, NS residents add 15% HST, PEI residents add 14% HST

*Add $6 for shipping and handling SUBSCRIBER INFORMATION

Name Email (Required for Daily News Service) Company

Title

Address City

Prov/State

Tel

Postal/Zip Code

Country

Fax

MY PAYMENT PREFERENCE IS:

 Cheque Enclosed to THE NORTHERN MINER (Payment must accompany order)  VISA  MasterCard  Amex Credit Card #

Expiry Date

Name on Card: Signature (must be signed to be valid)

 Make my service continuous! I’ll never miss another issue. By requesting continuous service now, my subscription to The Northern Miner will renew automatically every year and my service will never be interrupted. I may cancel my subscription at any time PLEASE INDICATE YOUR CONNECTION WITH THE MINERAL RESOURCES INDUSTRY  Mining Company (Head Office)  Mining Company (Operations Personnel)  Mining Company (Other)

 Mining Services  Manufacturer/ Distributor or equip. supplies, etc.  Plant  Engineering and Research

 Exploration  Processing  Oil and Gas Services  Oil and Gas Exec. or Head Office  Government

 Investor  Institutional (School, Library, Assn. ... etc)  Other, please specify __________________

MONEY BACK GUARANTEE: If I am not satisfied with The Northern Miner, or northernminer.com I can cancel at any time and receive a refund for any undelivered issues.

TNM Aug31 2015 Issue.indd 16

STILLWATER MINING

A wide view of Stillwater Mining’s namesake palladium-platinum mine in Montana. per oz. palladium and platinum produced. During the second quarter Stillwater processed 152,000 oz. recycled palladium, platinum and rhodium at its facility, which marks a 13% increase in tolling activities, compared to the same period in 2014. Meanwhile, mined palladium and platinum production totalled 127,000 oz. at all-in sustaining cash costs of US$785 per oz. A major maintenance program in June reduced gross production and hiked operating costs at the mine.

McMullen described East Boulder as being a “consistent operation” that produces at a 66% higher rate in terms of “tonnes milled per employee,” when compared to Stillwater. “The geology is easier at East Boulder, but we do believe that it provides a benchmark for Stillwater. We think that the current market environment demands further action to improve the cost structure of the company as a whole,” he added. Stillwater and East Boulder are both part of the rich J-M Reef PGM deposit in the Beartooth Moun-

The company says it has modified its mining plan to focus on the most profitable mineralized areas at the Stillwater operation. President and CEO Mick McMullen noted during a secondquarter conference call that Stillwater’s tolling activities account for “over half the business,” which is an increase from last year, when the segment accounted for 15% of revenue. The layoffs follow a steep drop in the platinum-palladium basket price that has vapourized the company’s profit margins. Stillwater is targeting all-in sustaining costs of US$725 per oz., while the basket price in mid-August sat at US$701 per oz. McMullen says the PGM industry faces “significant headwinds,” with a lack of economic mines and a perceived supply deficit in palladium markets. “We believe the industry needs some supply discipline from loss makers,” he said. “There appears to be some movement there, as economics begin to dictate actions. Many [PGM producers] have stressed balance sheets, and we believe that the market situation won’t be sustainable over the medium to long term. And we are still seeing pretty strong palladium demand, despite a little bit of softening. I would say auto demand remains robust and auto demand accounts for three-quarters of the end use.” To cope with steeply dipping PGM prices, the company modified its mine plan to focus on the most “profitable mineralized areas” at the Stillwater operation, and aimed to maximize production from its nearby East Boulder mine.

tains of south-central Montana. Geologically, the Stillwater Layered Igneous Complex holds a succession of ultramafic to mafic rocks from a large complexmagma body. The molten mass’ chemical constituents crystallized slowly and sequentially, with heavier mafic minerals settling faster at the base of the cooling complex. Stillwater’s most effective mining method is determined by geological characteristics of each stope, or mining excavation area, with the company using different techniques at both mines, including: ramp and fill, sub-level stoping and captive cut and fill. BMO Capital markets has an “outperform” rating on Stillwater and a US$14-per-share price tar-

get, and calls the company a “preferred investments in global metals and mining,” due to its exposure to a recovery in palladium prices, healthy balance sheet and focus on controlling costs and maximizing core-asset value. “Layoffs and labour unrest is never really a ‘good’ thing, in our opinion, but unfortunately, the drop in PGM prices is forcing the issue,” BMO analyst David Gagliano noted on Aug. 17. “Stillwater management is taking aggressive action in the poor pricing environment aimed at preserving cash and leaving ounces in the ground until better prices emerge.” Meanwhile, Bank of America analysts are dubious about auto demand in China, where analyst Jeff Chung expects personal vehicle sales to drop between 5% and 10% year-on-year in July. Bank of America has an “underperform” rating on Stillwater, with a US$9.60-per-share price target. “Downside risks to our price objective include: slower endmarket demand than expected, particularly from the auto sector, which accounts for 70% of palladium demand; possible disruptions among union workforce at the Stillwater complex; difficulties in executing development projects; and input cost escalation,” analysts Matthew Griffiths and Oscar Cabrera wrote in August. Stillwater has traded within a 52-week range of US$8.37 to US$19.63, and closed at US$9.87 per share at press time. The company ended the second quarter with US$531 million in cash and equivalents, and has 121 million shares outstanding for a $1.1-billion market capitalization.

Stillwater Mining’s East Boulder PGM mine in Montana.

STILLWATER MINING

15-08-26 6:17 PM