The Northern Miner November 2 2015 Issue by The Northern Miner Group

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FRUTA DEL NORTE

Lundin Gold CEO shares his Ecuador experience / 11

Short Road to Silver Production/Earning TSX.V: GRG www.goldenarrowresources.com

KIVALLIQ ENERGY

District-scale potential emerging / 3

STAR MOUNTAIN RESOURCES Picks up Balmat zinc mine from Hudbay / 16

NOVEMBER 2–8, 2015 / VOL. 101 ISSUE 38 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Barkerville reborn after ‘massive housecleaning’ SITE VISIT

| New team steers ‘exceptional asset’ away from checkered past

BY LESLEY STOKES

Ecuador, Lundin close to FDN deal EXCLUSIVE

| Ecuador mines minister says Kinross departure a 'bad decision'

lstokes@northernminer.com WELLS, B.C.

merging in July 2013 from an 11-month cease-trade order issued by the B.C. Securities Commission stemming from a questionable resource estimate, Barkerville Gold Mines (TSXV: BGM) was left facing a severe cash crunch with its shovels still dug into a small, operating gold mine called Bonanza Ledge, outside the historic town of Wells, B.C. Spotting the distressed miner, a private, numbered company controlled by global financier Eric Sprott threw Barkerville a lifeline in October 2013, in the form of a $15-million loan that helped the junior resume trading on the TSX Venture Exchange. By July 2015, Sprott’s company had turned $19.5 million in various loans to Barkerville into a 41.8% stake in the company. A few months earlier, he and newly appointed Barkverville chairman Greg Gibson turned to Thomas Obradovich — a player in the discovery of the Fruta del Norte gold deposit in Ecuador with Aurelian Resources in 2006 — and asked if he was interested in helping Barkerville get back on its feet. “I sent up a couple of my own people ... to assess the project and see if it was worth it,” Obradovich told The Northern Miner during a phone interview. “They both came back saying the same thing: that all aspects of the project were broken down and completely dysfunctional, but it also happened to be one of the best gold deposits they’d ever seen in their careers.” Knowing that he had something “special,” Obradovich took on the responsibility of president and CEO in January 2015, and cleaned house to form what many in the industry now refer to as “the new BGM.” And it wasn’t an easy task. Obradov-

BY TRISH SAYWELL tsaywell@northernminer.com QUITO, ECUADOR

cuador’s Minister of Mines, Javier Cordova, says his government is close to agreeing to fiscal terms with Lundin Gold (TSX: LUG) with respect to its Fruta del Norte gold project in the country's southeast. “We expect they will be in production by 2018, and we will get into an agreement with them by the end of this year,” Cordova told The Northern Miner in an exclusive interview at his office in the capital Quito. Lundin Gold acquired Fruta del Norte from Kinross Gold (TSX: K; NYSE: KGC) in December 2014 for See ECUADOR / 5 PM40069240

Barkerville Gold Mines senior geologists Maggie Layman (left) and Wanda Carter stand next to high-grade intercepts from the BC Vein at the Barkerville Mountain gold project in south-central British Columbia. PHOTO BY LESLEY STOKES

ich said the problems at the operation were “glaring” — for instance, the mine operated without a block model and geologists would send the ore 110 km away to the QR mill, without regard for grade control. “We basically had to revamp the entire company. It was a massive housecleaning, not just on the technical side, but the corporate as well,” he said. “We have recruited a team of talented, seasoned geologists to real-

ize the true value of this prized asset.” Confident in the property’s quality, Obradovich later brought in a couple of “crackerjack” structural geologists — at times the most critical personnel in the field of earth science — from Talisker Exploration Services, with the intent of attracting an investment from its principal client Osisko Gold Royalties (TSX: OR; US-OTC: OKSKF). “These guys have looked at hun-

dreds of projects across the world, and by the time they were finished at the Barkerville camp, they were just giddy over it,” he said. “They view it as one of the most premier camps in North America that’s never had a real good run at exploration.” In July, Osisko formed a strategic partnership with BGM — investing $5 million in flow-through funds to See BARKERVILLE / 2

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NOVEMBER 2–8, 2015 / THE NORTHERN MINER

Barkerville reborn after ‘massive housecleaning’

Barkerville Gold Mines’ Cariboo gold property — which includes the Barkerville Mountain, Cow Mountain and Island Mountain projects — in south-central B.C.

“THERE’S A LOT OF STINK OUT THERE IN THE MINING AND EXPLORATION COMMUNITY ABOUT THIS COMPANY, AND EVERYONE IS QUICK TO GIVE THEIR OPINION. THE COMPANY WE HAVE TODAY ISN’T THE SAME ONE THEY TALK ABOUT. BUT LUCKY FOR US, IT STILL HAS THE SAME EXCEPTIONAL ASSET.” PAUL GEDDES VICE-PRESIDENT OF EXPLORATION, BARKERVILLE GOLD MINES

BARKERVILLE From 1

advance exploration and expand the property’s known resources. Now debt-free — with $10 million in the bank and three rigs turning at Bonanza Ledge — it’s easy for Obradovich to say that BGM is “back in business,” and driven to under-promise and over-deliver. The Northern Miner travelled to the historic Cariboo gold district and met with Paul Geddes, the new vicepresident of exploration, to understand what the buzz is all about. Strolling through the historic town of Barkerville, Geddes explained that the lure for gold in the district began in the early 1860s, and over the camp’s history, placer mining has yielded up to 3 million oz. gold. Cow Mountain The hunt for the motherlode didn’t start until 1931, when prospector Fred

Wells came off Cow Mountain, 2 km outside Barkerville, and declared he’d found gold in the hills. But few believed him. According to historical records, the public in the district responded harshly to what were seen as his overpromotional claims, calling him an “opinionated prospector, devoid of geological knowledge,” with the provincial government refusing him the right to sell stock in B.C. But with help from private financiers and his friends, Wells got the Cariboo Gold Quartz mine into production, and public opinion changed when he strolled into Vancouver with $36,168 worth of gold bullion wired to a packboard on his back. History would repeat itself in some ways in June 2012, when Frank Callaghan, then-CEO of Barkerville Gold Mines, announced an eyebrow-raising 10.6 million oz. gold resource at Cow Mountain in 69 million indicated

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Paul Geddes, Barkerville Gold Mines’ vice-president of exploration, points out a high-grade intercept from the BC vein at the Barkerville Mountain gold project. PHOTO BY LESLEY STOKES

tonnes grading 5.28 grams gold per tonne. The previous Cow Mountain estimate in 2006 reported an indicated resource of just 431,000 oz. gold. BGM was slapped with a cease-trade order by the B.C. Securities Commission in 2012, effective until the company produced a resource model that met National Instrument 43-101 reporting standards. Still under Callaghan’s leadership, BGM calculated a revised resource estimate in June 2013 that shrunk the “cow” into a “calf,” with only 1.04 million oz. in 17.7 million indicated tonnes grading 2 grams gold. Inferred resources added 49.2 million tonnes at 2.74 grams gold, for another 3.94 million oz. gold. As for Cow Mountain’s much-derided “geologic potential” outlined in the June 2012 report, that was also slashed. The old report said the 6.4 km long trend could host 405 million to 684 million tonnes grading 4.11 to 5.49 grams gold, for 65 to 90 million oz. gold. The revised report said the target might host 150 million to 450 million tonnes grading between 2 and 5 grams gold, for a potential gold count of 9 million to 27 million oz. But by then, the company had already lost much credibility in the markets and the geological community. “There’s a lot of stink out there in the mining and exploration community about this company, and everyone is quick to give their opinion,” Geddes said. “The company we have today isn’t the same one they talk about. But lucky for us, it still has the same exceptional asset.” He added that the Cow resource was updated in March of this year under

The KL Horizon discovery vein in an outcrop alongside a carbonaceous shear zone and sedimentary rocks at Barkerville Gold Mines’ flagship gold property in British Columbia. PHOTO BY LESLEY STOKES

completely new leadership, bringing it up to 35.8 million indicated tonnes at 2.4 grams gold for 2.8 million oz. gold, plus 27.5 million inferred tonnes at 2.3 grams gold for 2 million oz. gold, using a 0.5 gram gold cut-off. But the latest upgrade still isn’t enough to fully restore confidence in the company, Geddes said, explaining that he and the “critics” would rather use a geological model to constrain the resource, instead of the multipleindicator kriging technique that’s commonly used in the industry. He cautioned that Cow Mountain’s

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geology may be too complex to estimate a large resource accurately, which is easy to appreciate when standing alongside a rocky road-cut near the old mine shaft. The sedimentary rocks that host the ore have been clearly deformed into rod-shaped structures — or mullions — which can vary in size from telegraph poles to walking sticks. And while Geddes said he and his team are working to define the new model, he has a healthy appreciation for the greater unknown. “My most daunting task in this job is to stay focused, because there are just so many targets out there,” he said, while driving past a number of outcrops teeming with rusty-looking quartz veins at almost every bend in the road. Just across the valley are the Island Mountain deposits, where 603,800 oz. gold was mined between 1934 to 1987, at an average grade of 15.4 grams gold per tonne. Carved into the dense Douglas fir forest, the road eventually leads to the company’s main target of exploration See BARKERVILLE / 13

15-10-27 7:39 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 2–8, 2015

Kivalliq unveils robust Dipole results DISCOVERY BY LESLEY STOKES

lstokes@northernminer.com

ivalliq Energy’s (TSXV: KIV; US-OTC: KVLQF) hunt for another high-grade uranium deposit at its Angilak property, 350 km west of Rankin Inlet, Nunavut, may well be over, with new assay results that have transformed the company’s Dipole prospect into a discovery. The first drill holes at the prospect hit mineralized shear zones between 15 to 110 metres deep across a 150-metre strike length at surface, with assays returning 2.3% uranium oxide (U3O8) over 1.3 metres, and from 0.14 to 0.2% U3O8 over 2.1 to 8 metres wide. Jim Paterson, CEO and director of Kivalliq, says the discovery is identical to the company’s Lac 50 deposit, located 25 km northeast, and is “proofof-concept” that there’s a district-scale opportunity across the 1,000-squarefoot property. “The purpose of the program was to prove that there’s a much bigger picture at play here,” he tells The Northern Miner at the company’s headquarters in Vancouver. “And we’re getting to the point now where we can call it a district.” Kivalliq has spent the past few years fine-tuning its exploration criteria by studying the geophysical and geochemical signatures at its Lac 50 deposit, with the hope that it will flag other deposits hidden beneath the northern landscape. Lac 50 — which is one of the highestgrade uranium resources in the world, outside the prolific Athabasca basin — has an inferred resource of 43.3 million lb. U3O8 at 0.7% U3O8 in 2.8 million tonnes, using a 0.2% U3O8 cut-off. “We wanted to figure out how to explore for these things,” Paterson says. “So we took what we learned and applied it elsewhere across the property, and found that Dipole lit up as a big high-priority target.” The nine-hole, maiden drill program centred on a 2 km long, low-frequency electromagnetic survey anomaly that coincides with an open-ended, 3.4 km long uranium-in-soil anomaly. “When you’re this far north you need to build pounds — but it’s the type of pounds that’s important,” Paterson says. “We’re after shallow, high-grade material over broad intervals that can be amendable to starter open pits, and Dipole fits the bill.” Drilling at Dipole has outlined a 25- to 48-metre-wide zone of stacked mineralized shear zones cross-cutting a hematite-carbonate and chlorite altered graphitic tuffs of Archean age. Joining the round-table discussion, Jeff Ward, president of Kivalliq, reckons the deposit model is identical to the structurally controlled, basement-hosted deposits beneath Saskatchewan’s Athabasca basin, such as Cameco’s (TSX: CCO; NYSE: CCJ) Eagle Point mine, or Fission Uranium’s (TSX: FCU; US-OTC: FCUUF) Triple R deposit. Indicated resources at Triple R add up to 2.3 million tonnes at 1.6% U3O8 for 79.6 million lb. U3O8, with an inferred resource of 901,000 tonnes at 1.3% U3O8 for 25.8 million lb. U3O8. The high-grade core of the deposit has 110,000 tonnes at 18.2% U3O8. “We’re looking at similar roots of a major plumbing system,” Ward says. “Only here the overlying basin material has mostly eroded away, so we don’t see the unconformity-hosted style of deposits, just what’s in the basement.” A company technical report suggests that mineralization at Lac 50 could also be related to magmatism at uranium-rich iron-oxide-coppergold deposits that is similar to BHP Billiton’s Olympic Dam deposit in South Australia. Paterson adds that although the company can expand the resource

| Drilling adds confidence to a growing uranium district in Canada’s North

“WE’RE AFTER SHALLOW, HIGH-GRADE MATERIAL OVER BROAD INTERVALS THAT CAN BE AMENDABLE TO STARTER OPEN PITS, AND DIPOLE FITS THE BILL.” JIM PATERSON, CEO AND DIRECTOR KIVALLIQ ENERGY

at Lac 50, it will instead explore its greenfield targets, which would return “the most bang for your buck.” He says that “in these market conditions you have to be careful about how you spend money, and you want to hit your highest priority targets, and explore the upside. When the market turns, we can raise the capital to pound resource drilling into Lac 50, Dipole or elsewhere.” Kivalliq is also eyeing another attractive target called RIB, just south of Dipole, which bears a similar 3.6 km long uranium-in-soil anomaly along a geophysical trend, and some historic drilling that returned 0.1% U3O8 over 9 metres. Both Dipole and RIB will be the focus of next year’s drilling campaign,

A drill site on the Dipole target at Kivalliq Energy’s Angilak uranium property in Nunavut, 325 km west of Rankin Inlet. KIVALLIQ ENERGY

Saskatchewan’s Mineral Sector: Growth, Potential and Opportunity 46th Annual Saskatchewan Geological Open House November 30 – December 2, 2015 Delta Bessborough Hotel, Saskatoon, SK Explore the trade show, conference and technical poster displays.

Registration is free! To register, or for more information, visit: openhouse.sgshome.ca Email: openhouseECON@gov.sk.ca Phone: 306-787-2579

Program highlights include: • Government geoscience programs • Project highlights and advances in exploration techniques

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along with some following up at the company’s other uranium projects, such as Hatchet Lake and Genesis in northeastern Saskatchewan. “We’ve taken advantage of the downturn to pick up high-quality uranium exploration assets in Canada, and when the market turns around, we think the value of those assets will increase,” he says. Encouraged by the company’s firstever drill program at Angilak, Cantor Fitzgerald analyst Rob Chang has issued a “buy” rating on the stock and a 15¢ price target. Kivalliq shares have traded within a 52-week range of 6¢ to 22¢, and last closed at 8¢. There are 216.8 million shares outstanding for a $18.4-million market capitalization. TNM

• Uranium, gold, base metal and diamond talks • Short course opportunities

2015-10-13 3:50 PM

15-10-27 7:39 PM

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NOVEMBER 2–8, 2015 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com STAFF WRITERS: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Dave Chauvin (416) 510-6824 dchauvin@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com ART DIRECTOR: Sharon Malbon PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 580 Hornby Street Suite 900 Vancouver, BC, V6C 3B6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NB, NF orders 15% H.S.T. to NS orders. 14% H.S.T. to PEI orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5

E D I T O R IA L

Teck, Freeport burned by falling oil and gas prices

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COMMENTARY

| Federal scientists to be unmuzzled under Liberal government

FINANCIAL RECKONING

| Miners tally US$4B in Q3 oil and gas writedowns

t must have seemed like a good idea at the time a few years ago when Teck Resources and Freeport-McMoRan management bought deeper into the oil and gas sector and diversified further away from their mining businesses, but those decisions to dabble have come back to sting both companies. BY JOHN CUMMING In a new phase of financial reporting, minjcumming@northernminer.com ers like Teck and Freeport are posting major non-cash losses related to falling commodity prices, rather than the scenario several years ago when writedowns more often stemmed from cost overruns at projects under construction, or overpayment for acquisitions. In its quarterlies released on Oct. 22, Teck recorded impairment charges totalling $2.2 billion on an after-tax basis ($2.9 billion pre-tax), including $1.5 billion on its metallurgical coal assets, $340 million on the Andacollo copper assets and $343 million on its 20% share of the Fort Hills oilsands megaproject in Alberta. The rest of Fort Hills’ ownership is split between Suncor Energy (40.8%) and Total E&P Canada Ltd. (39.2%), a subsidiary of Paris-based Total. With its partners, Teck’s board made the decision in October 2013 — at a time of peak oil — to go forward with Fort Hills, with Teck's share of the anticipated construction bill coming in at a hefty $2.9 billion. The prolonged downturn in mining recently forced Teck to raise almost $1 billion in two streaming transactions: a silver stream with Franco-Nevada at the Antamina mine, and a gold stream with Royal Gold at the Andacollo mine. With these fresh funds, the diversified major paid down its debt by $400 million and beefed up its cash position to $1.8 billion — more than enough to fund its remaining $1.5-billion share of the capital needed at Fort Hills, where construction is 43% complete, and remains pretty much on time and on budget to start production by late 2017. This year alone, Teck is spending $850 million of Fort Hills, where 4,800 construction workers are now on-site. Once in full swing, Teck’s estimated production from Fort Hills will be 13 million barrels of bitumen a year, and it will hopefully come on strong just as production from the tight oil shale centres in the U.S. peters off and eliminates the glut of oil in North American markets that has so weighed down oil prices globally. Other parts of the Teck business have benefitted from the falling oil price, though. The oil price decline, a falling Canadian dollar and higher copper grades have reduced Teck’s costs in its copper and coal business units by US20¢ per lb. and US$20 per tonne, compared to last year. Meanwhile, Freeport’s oil and gas writedowns are on an altogether different scale than Teck’s. Freeport just announced it lost US$3.8 billion on US$3.7 billion in revenue in the third quarter, and has lost US$8.2 billion so far this year. A whopping US$3.7 billion of the third-quarter loss is attributed to writedowns in its oil and gas division. Showing just how swift the fall in oil and copper prices have been, Freeport saw its revenue plummet from US$5.7 billion in the third quarter of 2014 to the US$3.7 billion seen this last quarter. Freeport-McMoRan borrowed heavily to acquire its energy assets, resulting in debt ratios that are currently much higher than other mining companies, such as BHP Billiton and Rio Tinto. Freeport-McMoRan’s total debt in the third quarter stood at US$20.7 billion. During a conference call, Freeport CEO Richard Adkerson said his firm is “undertaking a strategic review of alternatives for our oil and gas business, and whatever we do is supportive of our company’s financial condition. If we do separate the business, it’ll be in a way of where it’s sustainable on its own and can trade well. But that’s subject to review, and we’re pursuing it aggressively.” He added that Freeport is “coming up with alternatives on how to evaluate ... there’s a degree of urgency to deal with these capital costs, and I’m not in any position to give redline time dates.” He said later that six months is a “reasonable” time to expect the decision.

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Open letter to Canada’s public servants

DEPARTMENTS Careers . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial . . . . . . . . . . . . . . . . . . . . . . . 4 Events . . . . . . . . . . . . . . . . . . . . . . . . 16 Meetings . . . . . . . . . . . . . . . . . . . . . . 16

Metal Prices . . . . . . . . . . . . . . . . . . . . 7 Mining Jobs . . . . . . . . . . . . . . . . . . . 15 Professional Directory . . . . . . . 12-13 Stock Tables . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Barkerville Gold Mines . . . . . . . 1,13 Barrick Gold . . . . . . . . . . . . . . . . . . 14 Cameco . . . . . . . . . . . . . . . . . . . . . . . 3 Fission Uranium . . . . . . . . . . . . . . . . 3 Hudbay Minerals . . . . . . . . . . . . . . . 16 Kinross Gold . . . . . . . . . . . . . . . . . . . 1

Kivalliq Energy . . . . . . . . . . . . . . . . . 3 Lundin Gold . . . . . . . . . . . . . . . . 1,11 Northern Zinc . . . . . . . . . . . . . . . . . 16 NuLegacy Gold . . . . . . . . . . . . . . . . 14 Odin Mining . . . . . . . . . . . . . . . . . . 11 Star Mountain Resources . . . . . . . . 16

Prime minister-designate Justin Trudeau at a press conference in the National Press Theatre in Ottawa on Oct. 20, 2015. JUSTIN TRUDEAU/FLICKR BY JUSTIN TRUDEAU

On Sept. 25, 2015, the leader of the Liberal Party of Canada (LPC) — and after the election on Oct. 19, Canada’s prime minister-designate — Justin Trudeau released the following open letter to Canada’s public servants:

ver the past three years, I have had the opportunity to travel across our great country, visiting communities large and small, and speaking to Canadians about their priorities and concerns. Many of those conversations — in places like Charlottetown, or Shawinigan, or Victoria — were with members of Canada’s proud and dedicated public service. I know that each and every time a government employee comes to work, they do so in service to Canada, with a shared mutual goal of improving our country and the lives of all Canadians. Today, I am writing to you concerning the LPC’s position on several issues that may be important to you — as a federal public servant — during this election. Respect and trust for our public servants by the federal government has never been so low, and I want to take this opportunity to assure you that I have a fundamentally different view than Stephen Harper of our public service. Where he sees an adversary, I see a partner. I believe that in order to have a public service that is valued by Canadians, and a source of pride for its members, it must be valued by its government. That begins with — and necessitates — respecting the labour rights of public servants, and trusting in their ability to provide effective, independent and professional services for Canadians. Sick Leave As Liberals, we understand that modern workplaces must be flexible enough to accommodate unexpected absences — taking time off to care for a sick child, attending a doctor’s appointment or working from home while on bedrest. Employers should continually look for opportunities to improve the benefits that employees receive, but these benefits should not be unilaterally imposed by employers, or taken away, without proper negotiation. The LPC opposed the provisions in the Conservatives’ Bill C-59, which will create a new sick leave regime that is implemented through legislation, completely outside the collective bargaining process. Responsible government must respect the union negotiation process and finalize its financial plans after finishing negotiations, not at the beginning. The Harper Conservatives have not justified why they plan to make changes to public sector sick leave. A Liberal government would review the bargaining mandate to ensure that it is fair and reasonable for the

“THE MUZZLING OF SCIENTISTS AND THE CONSERVATIVE SUPPRESSION OF SCIENTIFIC INFORMATION IS AN ASSAULT ON DEMOCRACY AND AN EMBARRASSMENT TO CANADA ON THE INTERNATIONAL STAGE.” JUSTIN TRUDEAU PRIME MINISTER-DESIGNATE OF CANADA

public service and all Canadians. A Liberal government is committed to bargaining in good faith with public sector unions, and the LPC remains strongly committed to supporting and protecting workers’ rights. In order for workers and employers, society and the economyat-large to prosper, we need fair and balanced labour laws that respect due process and are developed through real consultation. Mental Health Canada is facing a growing mental health crisis. During their lifetimes, one in five Canadians will experience a mental health issue. It is crucial that we foster a welcoming environment for free and frank discussion, and the federal government has a vital leadership role to play in improving mental health support for Canadians. As the country’s largest employer, it must begin by tackling the challenges of mental illness, which account for almost half of its disability claims. I was encouraged earlier this year when a Joint Task Force on Mental Health was created by the Public Service Alliance of Canada and the federal Treasury Board. I fully support this type of collaborative process and commit to implementing the Mental Health Commission of Canada’s National Standard of Canada for Psychological Health and Safety in the Workplace. Supporting this standard is good for the employee, the workplace and the employer. Better Service In a digital era, citizens expect better service from their government. Our world has been changing rapidly, but our federal government has not. During the Harper decade, services See COMMENTARY / 5

15-10-27 7:39 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 2–8, 2015

Ecuador, Lundin close to FDN deal

LETTER TO THE EDITOR Federal regulatory oversight of mining strengthened under the Conservatives Last week’s editorial (T.N.M., Oct. 26–Nov. 1, 2015) entitled “What to expect from a Liberal government in Canada” mistakenly describes the Conservative government’s environmental reforms as they relate to mining, prompted perhaps by reading inaccurate news reports, of which there have been many over the years. Regrettably, this has become a common misunderstanding shared by NGOs and other media in thinking that regulatory oversight of mining diminished under the Conservatives when, in fact, the opposite is true. The fact is, mining projects dominate the workload of the Canadian Environmental Assessment Agency, and more projects are subject to federal environmental assessment today than they were before the Conservative government’s reforms. Amendments to the Fisheries Act are the same story. The mining sector continues to be subject to this statute, although other resource sectors,

not so much. A key concern for the mining sector is whether any future reforms take into account the reality of current, significant federal regulatory oversight for mining projects. We do not expect to skip federal approvals, but we do expect project reviews to be timely and efficient. As the new government examines the effects of the previous government’s regulatory reforms, we will be sure to tell them what was not done, what still needs to be done and what steps are needed to make sure we have a regulatory regime that is balanced, fair, protective of the environment and also efficient to ensure that Canada’s mining sector can continue to contribute to our country’s prosperity. Pierre Gratton President and CEO The Mining Association of Canada Ottawa, Ont.

Trudeau's open letter COMMENTARY From 4

for Canadians have been continuously degraded — whether it is veterans seeking benefits, Canadian workers in need of help through Employment Insurance, individuals trying to help their relatives immigrate to Canada — even going so far as asking Canadians to pay more, for fewer services, from Canada Post. A Liberal government will work with our dedicated public service to provide the quality of service Canadians expect and deserve. We will introduce a significant overhaul of the Canada Revenue Agency, including doing more to combat international tax evasion, and ending the political harassment of charities. We will also stop the Harper Conservatives’ plan to end door-to-door mail delivery and ensure Canadians receive the postal service on which they rely. Our commitment to better service will also respect our sacred obligation to care for the wellbeing of our troops, veterans and their families, including by reopening the nine veterans’ service centres closed by Harper. The LPC believes in the importance of the Oﬃcial Languages Act, and remains committed to a bilingual public service. Further, a Liberal government will create new performance standards for services offered by the federal government. We will start with veterans’ services, immigration processing, Employment Insurance and Canada Pension Plan processing, and appeals at the Social Security Tribunal. After years of cuts by Stephen Harper and his Conservatives, increasing numbers of Canadians are not receiving timely access to needed services. Canadians also expect their government to produce policies and programs based on facts. Replacing the long-form census with the National Household Survey is another example of the Harper Conservatives’ short-sighted and ideological approach to governing. This policy hurts Canadians, and the government programs and services on which they rely. A Liberal government will immediately restore the mandatory long-form census and make Statistics Canada fully independent. We will ensure evidence-based decision-making is once again a guiding principle of the Canadian government. The muzzling of scientists and the Conservative suppression of scientific information is an assault on democracy and an embarrassment to Canada on the international stage. The LPC is committed to revoking the rules and

TNM Pgs 1 2 3 4 5 11 13 14 16.indd 5

regulations that muzzle government scientists and allow them to speak freely about their work, with only limited and publicly stated exceptions. In addition, we will consolidate government science so that it is easily available to the public at-large through a central portal. Further to this, should the LPC form the next government, we will create a Chief Science Officer, whose mandate will include ensuring that government science is freely available to the public, that scientists are able to speak freely about their work and that scientific analyses are appropriately considered when the government makes decisions. Anti-Public Service Legislation While the middle class is struggling to make ends meet, Stephen Harper’s plan has failed to help hard-working Canadians get ahead. Instead, the Harper Conservatives have rolled back many fundamental labour rights that affect workers’ ability to organize freely, bargain collectively in good faith and work in a safe environment. Only Liberals have the team and the plan to support and protect hardworking Canadians and their families ... a Liberal government will be committed to restoring fair and balanced labour laws that respect the integral role played by unions in our society, and their importance to middle-class prosperity. Changes made to the collective bargaining rights in the Conservatives’ omnibus budget Bill C-4 stacked the deck against workers, with regards to their choice of dispute resolution and arbitration. Short-sighted labour changes — driven by ideology rather than evidence, and made without a legitimate consultative process — are both disruptive and unsustainable. We will consult with public sector partners, and revisit the offending C-4 legislation. If real change occurs after Oct. 19, a valued, independent and professional public service will be needed to implement it. From food safety, to stronger environmental protections, to ensuring benefits arrive on time for our most vulnerable community members — a strong public service is an important part of what makes Canada the envy of the world. All my life, I have been guided by the value of public service. I believe it is time to restore trust in — and respect for — our public servants. I hope to have the honour of working with you to build an even greater country, together.

Ecuador’s Minister of Mines Javier Cordova (far left) speaks at a media conference with President Rafael Correa (far right) last month in Cuenca, Ecuador's third most populated city. ECUADOR’S MINISTRY OF MINES ECUADOR From 1

US$240 million. The project is one of the largest and highest-grade undeveloped gold projects in the world. Cordova said it was important that Ecuadorian government close a deal with Lundin Gold to show the world that it is keen and ready to advance the mining sector, one of the country’s strategic sectors. “I feel that investors in the mining industry are looking closely at Fruta del Norte — they want to know if that’s a project that we can make happen,” Cordova says. “It’s going to show that you can do mining in Ecuador, and of course, if we fail, that will be a negative signal. But we are positive. We’re working closely with Lundin, and we’re 100% confident that we will (agree to fiscal terms) by December.” Kinross abandoned the project in 2013, saying it couldn’t make it work given Ecuador’s tax regime, and the hefty windfall profits tax. The company acquired Fruta del Norte through its US$1.2-billion acquisition of Aurelian Resources in 2008, and subsequently spent US$225 million on the asset. The mining minister noted that one of the items that remain to be negotiated in the government’s stability agreement with Lundin is the amount of royalty the company must pay. Under the country’s mining code, royalties on large-scale mining projects (above 1,000 tonnes per day) fall in a range of 5–8%. “I would say there are a couple of things that we’re working on [with Lundin]. Most important of course is the tariff for the royalty that we need to negotiate, but I would say that we’re really close, I don’t think that we’re going to have any surprises.” The mining minister also said that Kinross erred by giving up too quickly on a project that he describes as “the best discovery in the last fifteen years.” He says that “Kinross left for two reasons: one was their argument on taxation, but Kinross was also going through a difficult financial phase, and I believe they still are. It was a bad decision, but it was their decision, and I believe we’re going to prove that when we close an agreement with Lundin.” Cordova added that in his view there were things that Kinross and the Ecuadorian government could have discussed and agreed on. “They asked for changes to the law, the government was making the changes, and the changes that Kinross asked

“[KINROSS LEAVING ECUADOR] WAS A BAD DECISION, BUT IT WAS THEIR DECISION, AND I BELIEVE WE’RE GOING TO PROVE THAT WHEN WE CLOSE AN AGREEMENT WITH LUNDIN.”

for were made to the law. Those were approved and we were making new tax incentives, and they decided to sell it.” Cordova conceded that Ecuador hired consultants Wood Mackenzie in early 2014 to assess its taxation policies and identify ways that the country could attract investment in the mining sector. “One of the main problems that they identified was that taxation was too high,” he recalls, adding that the consulting firm analyzed the Mirador copper project, and calculated that with royalties, revenue tax and value-added tax, the total tax rate came out to 35%, versus an average 27% for the region. The fi nding led to changes in the mining code, with taxes coming down to the regional average, he said. “President Rafael Correa approved some tax incentives, and they were implemented by the end of 2014, and that led us to being in the average for taxation in the region,” Cordova says. The minister also noted that Ecuador has advantages that it can offer foreign mining companies, including fiscal

stability agreements that are good for 15 years and renewable for another 15 years, low electricity and labour costs, prospective geology, ample water, five ports and good infrastructure. Ecuador has invested billions of dollars in rebuilding more than 80% of all the highway infrastructure, he says. Electricity costs in Ecuador — at US8¢ per kilowatt hour — are onethird the cost of what they are in Chile and Colombia, and half the cost of electricity in Peru, Cordova says, adding that they will stay low because the government is developing eight hydroelectric plants, bringing the total to nine. With the new ones in production next year, the country will have a surplus of electricity that it can then export to its neighbours. “This is a country with a lot of potential for mining,” he says. “We are trying to be active internationally; we are trying to promote our country; we are trying to show investors that things have changed, that we have most of the things in place now and that Ecuador should be the next mining frontier.” TNM

Now Sold Out The Canadian Mining Hall of Fame 28th Annual Induction Banquet Fairmont Royal York Hotel, Toronto Thursday, January 14, 2016

2016 Inductees

Stewart L. Blusson J. Keith Brimacombe Robert M. Friedland Louis Gignac Harold (Hank) Williams Details available at: www.mininghalloffame.ca reservations@mininghalloffame.ca 1-888-308-8803

Diamond Sponsor:

Dinner Wine Sponsor: Platinum Sponsors:

JAVIER CORDOVA ECUADOR’S MINISTER OF MINES

15-10-27 7:39 PM

WWW.NORTHERNMINER.COM

NOVEMBER 2–8, 2015 / THE NORTHERN MINER

MA R K E T N EWS TORONTO STOCK EXCHANGE / OCTOBER 16–22 The Toronto stock market ended higher as investors took in prime minister-designate Justin Trudeau’s majority win in the federal election. Canada’s new prime minister promises to invest heavily in infrastructure, among other areas, to revive the economy. As part of the plan, Trudeau will run up to a $10-billion annual budget deficit for three years. The S&P/TSX Composite Index rose 49.14 points, or 0.4%, to close at 13,878.11. The S&P/ TSX Capped Diversified Metals & Mining Index, however, slipped 1.9% to 460.62, while the S&P/TSX Global Mining Index fell 2.4% to 53.14. The S&P/TSX Global Gold Index retreated 1.8% to 142.91, as the spot gold price gave back US$13.90 per oz. to close at US$1,165.90. Teck Resources reported a third-quarter loss of $2.1 billion, or $3.73 per share, compared to a profit of $84 million, or 14¢ per share, in the same period last year. The loss included a non-cash after-tax writedown of $2.2 billion to ref lect lower commodity prices. The writedown included $1.5 billion for its steel-making coal assets, $400 million on the Fort Hills oilsands project and $300 million on its coal assets. Excluding the writedown, Teck ’s adjusted profit was $29 million, or 5¢ per share, which beat analyst expectations, but fell below last year’s $159 million, or 28¢ per share. As of Oct. 21, its

cash balance was $1.8 billion, which covers its $1.5-billion share of costs to complete developing Fort Hills. The miner added 9¢ per share to close at $8.79, as 19.3 million shares changed hands. Detour Gold reported initial holes from its 30,000-metre mid-year program at Lower Detour, 6 km south of its producing Detour Lake gold mine. Highlights from the first 34 holes totalling 14,800 metres included 22.4 metres of 6.46 grams gold per tonne, and 30.5 metres of 5.07 grams gold. (Both results are uncut.) So far, Lower Detour mineralization extends from surface to 550 metres deep, over a 450-metre strike length. The orebody is open at depth and down-plunge to the east. Once the company receives assays from the eastern and deeper holes, it will consider TSX MOST ACTIVE ISSUES VOLUME

WEEK (000s)

First Quantum Yamana Gold Barrick Gold Teck Res B B2Gold Eldorado Gold Goldcorp Lundin Mng Kinross Gold Potash Cp Sask

FM YRI ABX TCKB BTO ELD G LUN K POT

HIGH

25115 7.82 22189 3.33 19696 10.52 19358 8.97 17919 1.79 13570 5.33 12771 20.32 12492 4.77 10882 2.98 9225 28.74

LOW

CLOSE CHANGE

6.54 7.48 - 0.33 2.94 3.20 - 0.07 9.76 9.97 - 0.50 7.76 8.79 + 0.09 1.55 1.57 - 0.19 4.86 5.15 - 0.10 19.26 19.91 - 0.17 4.32 4.67 - 0.08 2.67 2.96 + 0.06 27.55 28.18 - 0.20

underground definition drilling, as well as surface infill drilling the upper part of the deposit with closer spacing. Detour gained $1.03 to close at $16.50 per share. Wallbridge Mining kicked off the first drilling phase on its Parkin polymetallic properties in Sudbury, Ont., after announcing an $11-million funding agreement with Lonmin Plc. Lonmin may earn a 50% vested initial interest in the four Parkin properties

by funding $11 million in exploration and development costs by Sept. 30, 2019. Upon vesting, Lomin can earn another 15% in each property by committing to fund through a feasibility study. The exploration program, budgeted at $2 million, will include testing the potential extension of the historic nearsurface resource, as well as investigating a possible bulk-sample open pit. Wallbridge gained 16.6% to finish at 4¢ per share.

TSX GREATEST PERCENTAGE CHANGE VOLUME

Energizer Res CaNickel Mng TriMetals Mng First Point Inspiration Mg Victory Nickel Freegold Vent Wallbridge Mng Chalice Gold M MBAC Fertilizr Mawson West TVI Pacific Copper Mtn Mng Loncor Res Denison Mines Dejour Enterp Timmins Gold Aureus Mng Vena Res Zazu Metals

EGZ CML TMI FPX ISM NI FVL WM CXN MBC MWE TVI CUM LN DML DEJ TMM AUE VEM ZAZ

WEEK (000s)

HIGH

LOW

7225 17 348 65 196 157 42 27 57 1751 571 244 3097 625 2467 113 5831 26 37 97

0.06 0.10 0.13 0.08 0.06 0.03 0.12 0.04 0.11 0.05 0.02 0.02 0.60 0.05 0.70 0.18 0.35 0.42 0.03 0.15

0.04 0.09 0.08 0.06 0.04 0.02 0.10 0.03 0.11 0.04 0.02 0.01 0.46 0.04 0.55 0.15 0.29 0.35 0.03 0.14

TSX GREATEST VALUE CHANGE

CLOSE CHANGE

0.06 0.10 0.11 0.08 0.05 0.03 0.12 0.04 0.11 0.04 0.02 0.02 0.47 0.04 0.56 0.15 0.29 0.35 0.03 0.14

+ + + + + + + + + + -

50.0 42.8 31.2 25.0 25.0 25.0 20.0 16.6 15.7 14.2 25.0 25.0 21.6 20.0 20.0 19.4 17.1 16.6 16.6 15.6

Franco-Nevada Seabridge Gold Detour Gold Russell Metals Teck Res A Horizns G Bear Cameco Corp Dominion Diam Royal Cdn Mint Asanko Gold Silver Wheaton Tahoe Res First Majestic Royal Gold Agnico-Eagle Energy Fuels Primero Mng Mag Silver Altius Mnrls Barrick Gold

FNV SEA DGC RUS TCKA HGD CCO DDC MNT AKG SLW THO FR RGL AEM EFR P MAG ALS ABX

WEEK VOLUME

CHANGE

3016859 433383 7922239 1528885 12967 5850691 4577639 1127886 118742 8352594 7150462 2933657 4412046 16386 4364106 265218 3196055 664864 223441 19696183

68.98 10.42 16.50 21.19 11.25 10.85 18.61 14.68 16.36 2.33 18.20 11.61 4.82 67.19 38.15 3.79 3.30 10.05 12.96 9.97

+ + + + + + + + + + -

2.16 1.11 1.03 0.83 0.30 0.28 0.23 0.18 0.18 0.09 0.89 0.86 0.60 0.58 0.56 0.55 0.54 0.52 0.52 0.50

TSX VENTURE EXCHANGE / OCTOBER 16–22 The S&P/TSX Venture Composite Index fell 1.6%, or 8.96 points, to close at 547.8 points, as gold prices dropped 1.8%, or US$21.4, before closing at US$1,166.1 per oz. gold, and US/CAD gained 1.7% to C$1.30. Expectations that the U.S. Federal Reserve would delay lift ing interest rates, possibly until 2016, has helped gold gain 9%, but the short-term investor sentiment could be losing its drive. Copper dropped 1.3% to US$5,273 per tonne, driven on worries that China’s slowed economic growth could impact demand from the world’s top metal consumer. The world’s second-largest economy reported it grew 6.9% in the third quarter, down from 7% in the previous three months — showing the weakest quarterly growth since the 2008 global fi nancial crisis. Brent crude oil dropped slightly by 1.3% to US$48.08 per barrel, after an American Petroleum Institute report showed later-than-expected growth in U.S. crude inventories, creating concerns about global oversupply. Nippon Dragon Resources topped the valueadded column, rallying up 7¢, or 300%, to 10¢. The company issued a release stating there was no change to its operations that warranted the spike in market activity. The Quebec-based company holds the Rocmec 1, Denain and Courville-Maruska gold properties in Quebec, along with technology patents for a thermal

fragmentation mining method that reduces the need for explosives by using extreme heat to shatter rock within narrow veins. Kennady Diamonds shares had a run in value, adding 17¢ before closing to $3.12, after the company released a valuation study on diamonds from its Kennady North project, 280 km east of Yellowknife, N.W.T. The price assessment valued the parcel at US$123 per carat on average, which compares with the neighbouring Gahcho Kué diamond mine being developed by partners DeBeers Canada and Mountain Province. Th ree high-value diamonds in the sample included a 4.22-carat stone with a value of US$1,603 per carat, 2.58 carat gem worth US$1,366 per carat and 2.38 carat assessed at US$1,196 per carat. TSX-V MOST ACTIVE ISSUES VOLUME

Integra Gold Adroit Res Nippon Dragon Sultan Mnrls Ashburton Vent Metanor Res Equitas Res Troymet Expl Rusoro Mng CMC Metals

ICG ADT NIP SUL ABR MTO EQT TYE RML CMB

WEEK (000s)

HIGH

LOW

CLOSE CHANGE

12746 10159 10137 8767 8137 4995 4942 4771 4669 4592

0.36 0.01 0.15 0.01 0.02 0.06 0.19 0.03 0.06 0.05

0.32 0.01 0.03 0.01 0.01 0.05 0.13 0.02 0.04 0.04

0.36 + 0.04 0.01 0.00 0.10 + 0.08 0.01 + 0.01 0.01 - 0.01 0.06 0.00 0.14 - 0.04 0.02 0.00 0.05 - 0.01 0.04 0.00

partner and operator Freeport-McMoRan. The intercept drove Reservoir’s shares up 6¢ to close at $4.46, making it a top value pick. The project has a 2015 exploration budget of US$18.7 million, solely funded by 55% partner Freeport, which will include a scoping study in the first half of 2016. The giant copper producer will own 75% of the project after a bankable feasibility study.

The company has closed a $48.1-million private placement, which will carry the project towards full feasibility by 2017. A maiden resource on the Kelvin kimberlite pipe is scheduled before the new year. Reservoir Minerals reported a drill interval of 706 metres grading 0.9% copper and 0.26 gram gold per tonne at its Cukaru Peki porphyry deposit in eastern Serbia, with joint-venture TSX-V GREATEST PERCENTAGE CHANGE VOLUME

Maracote Intl Nippon Dragon Aroway Mnls Rainy Mtn Royl AM Gold American Manga Inter-Rock Mnl Grande Portage Gossan Res Sultan Mnrls Noble Metal Gr Firestone Vent Mustang Minls Argentum Silvr Indigo Expl China Mnls Mng Castle Peak Mg Falcon Gold Goldcliff Res Orex Expl

MCE NIP ARW RMO AMG AMY IRO GPG GSS SUL NMG FV MUM ASL IXI CMV CAP FG GCN OX

WEEK (000s)

HIGH

LOW

40 10137 553 37 59 2234 53 54 143 8767 390 46 221 213 116 81 50 494 1246 142

0.04 0.15 0.03 0.06 0.06 0.04 0.03 0.01 0.03 0.01 0.01 0.01 0.01 0.03 0.01 0.01 0.01 0.02 0.01 0.02

0.04 0.03 0.02 0.04 0.04 0.01 0.03 0.01 0.02 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01

TSX-V GREATEST VALUE CHANGE WEEK VOLUME

CLOSE CHANGE

0.04 0.10 0.03 0.06 0.06 0.02 0.03 0.01 0.03 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01

+ 600.0 + 300.0 + 150.0 + 140.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

Pac Booker Min Gold Reserve Chesapeake Gld Kennady Diam Nippon Dragon Pac Iron Ore Zenyatta Vent Bonterra Res Reservoir Mnls Gobimin Archon Mineral Eurasian Minls Tsodilo Res Titanium Corp Bear Creek Mng Avino Silver Tiger Intl Kaminak Gold Aurcana Corp Northquest

BKM GRZ CKG KDI NIP POC ZEN BTR RMC GMN ACS EMX TSD TIC BCM ASM TGR KAM AUN NQ

33134 28250 46416 177252 10136578 27500 304978 1206550 161112 404300 11400 172217 23775 332941 239361 22817 35813 554063 3907057 61000

2.42 3.90 2.20 3.12 0.10 0.39 1.04 0.26 4.46 0.44 1.65 0.61 0.70 1.10 0.79 1.35 0.12 0.81 0.12 0.19

CHANGE

+ + + + + + + + + + -

0.32 0.25 0.21 0.17 0.08 0.08 0.07 0.07 0.06 0.05 0.44 0.14 0.11 0.10 0.10 0.10 0.09 0.08 0.08 0.08

US MARKETS / OCTOBER 16–22 U.S. stocks climbed on the back of strong housing figures for September; better-than-expected earnings from major companies like eBay, Microsoft and Amazon; and signs that the European Central Bank would consider more stimulus measures to boost the continent’s sluggish economy. The Dow Jones Industrial Average rose 2% to 17,489.16, while the broader S&P 500 Index climbed 1.4% to 2,052.51. The tech-heavy Nasdaq Composite Index added 1% to finish at 4,920.05. The gold spot price fell 1% to US$1,165.90 per oz. Seabridge Gold topped the percentage and value winner charts, gaining 9.5%, or US69¢ per share, to finish at US$7.93, on no news. Seabridge lined up a $14.6-million non-brokered private placement with two of its largest shareholders to fund its work at its flagship KSM gold project in B.C. Under the placement, expected to close by Oct. 30, Seabridge will issue 1.8 million shares priced at $8.10. FCMI Parent Co. — an entity controlled by investor Albert Friedberg and his family — will buy 1.5 million shares. Freeport-McMoRan saw heavy trading, after reporting a huge third-quarter loss on the back of a US$3.7-billion writedown related to its oil and gas operations. The world’s largest listed copper miner posted a net loss of US$3.8 billion,

TNM Pgs 6.indd 6

or US$3.58 per share, compared to last year’s profit of US$552 million, or US53¢ per share. Adjusted loss, excluding one-time items, came in at US$156 million, or US15¢ per share. The miner — under pressure by activist investor Carl Icahn to rein in costs — announced cuts to its copper and molybdenum production, including a possible shutdown of its Sierrita mine in Arizona. Freeport fell US98¢ to US$12.02 per share, on 138 million shares traded. Hecla Mining released preliminary thirdquarter production results from its three operations. Consolidated output totalled 2.59 million oz. silver, 43,635 oz. gold, 17,435 tons zinc and U.S. MOST ACTIVE ISSUES VOLUME

WEEK (000s)

HIGH

Freeport McMo* FCX 137928 13.06 Alcoa* AA 130422 9.79 Barrick Gold* ABX 80679 8.16 Kinross Gold* KGC 55972 2.31 Teck Res B* TCK 46296 6.86 Goldcorp* GG 42189 15.74 Hecla Mining* HL 34335 2.65 Vale* VALE 32353 4.91 Newmont Mng* NEM 30802 19.46 Potash C Sask* POT 29939 22.22

LOW

11.53 9.05 7.45 2.04 5.96 14.79 2.26 4.44 18.22 20.98

CLOSE CHANGE

12.02 9.09 7.59 2.25 6.73 15.18 2.32 4.73 19.03 21.51

0.98 0.61 0.57 0.01 0.05 0.45 0.31 0.17 0.27 0.59

9,123 tons lead. Silver and lead production dropped 10% and 14%, compared to the same period last year, while gold and zinc output grew by 2.7% and 7%. The year-over-year drop in silver ounces largely came from lower tonnage and grade at its Lucky Friday mine in northern

Idaho. Hecla temporarily closed a higher-grade stope at the mine, after a failed underground booster lowered the ventilation capacity. The company has upgraded the ventilation system, and operations resumed on Oct. 1. Hecla lost US31¢ to finish at US$2.32 per share.

U.S. GREATEST PERCENTAGE CHANGE VOLUME

Seabridge Gld* Tanz Roy Exp* Timberline Rs* Uranium Res* Soc Quim&M Ch* Entree Gold* Almaden Mnls* Comstock Mng* Franco-Nevada* MDU Res* Arch Coal* Dejour Enterp* Denison Mines* Natural Rs Pt* Timmins Gold* Intl Tower Hi* Eurasian Mnls* Minco Gold* Northern Dyn* Primero Mng*

SA TRX TLR URRE SQM EGI AAU LODE FNV MDU ACI DEJ DNN NRP TGD THM EMXX MGH NAK PPP

WEEK (000s)

HIGH

LOW

2320 8.06 6.60 737 0.36 0.32 149 0.55 0.52 170 0.81 0.76 3684 18.30 16.57 160 0.29 0.25 589 0.62 0.54 2688 0.64 0.53 6777 53.08 50.43 3908 19.31 18.68 8837 4.28 2.72 364 0.14 0.10 234 0.54 0.42 784 2.58 1.96 2022 0.28 0.22 53 0.39 0.30 219 0.55 0.45 217 0.21 0.17 529 0.41 0.34 660 3.00 2.51

U.S. GREATEST VALUE CHANGE

CLOSE CHANGE

7.93 0.34 0.54 0.80 17.93 0.28 0.59 0.61 52.58 19.23 2.75 0.11 0.44 2.02 0.22 0.32 0.46 0.17 0.34 2.53

+ + + + + + + + + + -

9.5 3.0 3.0 2.5 1.9 1.8 1.7 1.5 1.1 1.0 31.2 24.8 19.4 19.2 18.6 17.6 17.4 17.1 16.6 15.6

Seabridge Gld* SA Franco-Nevada* FNV Soc Quim&M Ch* SQM Mosaic* MOS MDU Res* MDU Uranium Res* URRE Timberline Rs* TLR Almaden Mnls* AAU Peabody Enrgy* BTU Tanz Roy Exp* TRX Compass Mnls* CMP Agrium* AGU US Silica Hld* SLCA Consol Energy* CNX Royal Gold* RGLD BHP Billi-BBL* BBL BHP Billi-BHP* BHP Rio Tinto* RIO Arch Coal* ACI Mesabi Trust* MSB

WEEK VOLUME

CHANGE

2320195 6777278 3684405 19968838 3908478 169857 149389 589288 2973508 737179 264632 533657 2078795 28641432 3145206 5408154 10794368 3674644 8836739 420925

7.93 52.58 17.93 35.16 19.23 0.80 0.54 0.59 23.59 0.34 83.57 94.87 16.66 9.93 51.19 34.42 35.38 37.96 2.75 9.97

+ + + + + + + + + + -

0.69 0.57 0.35 0.23 0.20 0.02 0.02 0.01 0.01 0.01 2.03 2.00 1.74 1.64 1.60 1.40 1.27 1.25 1.25 1.14

15-10-27 7:16 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 2–8, 2015

M E TAL S, MI N I N G A N D MONEY MA RK ETS SPOT PRICES COURTESY OF SCOTIABANK

PRODUCER AND DEALER PRICES

Tuesday, October 27, 2015 Precious Metals Price (US$/oz.) Gold $1165.75 Silver $15.80 Platinum $986.00 Palladium $681.00

Change -7.95 -0.06 -25.00 -11.00

Base Metals Nickel Copper Lead Zinc

Change +45.00 +25.00 -6.50 +3.00

Price (US$/tonne) $10500.00 $5214.50 $1749.50 $1742.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, October 26, 2015 (change from October 19, 2015 in brackets): Aluminium Alloy 12280 (-140) Aluminium 3073850 (+9100) Copper 277950 (-15625) Lead 148225 (-2375) Nickel 428370 (-9270) Tin 4540 (+80) Zinc 578125 (-8075)

Thermal Coal CAPP: US$42.05 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$49.00 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$10.90 Coal: CME Group Futures Nov. 2015: US$41.93; Dec. 2015: US$41.97 Cobalt: US$12.47/lb. Copper: US$2.39/lb. Copper: CME Group Futures Nov. 2015: US$2.38/lb.; Nov. 2015: US$2.37/lb Ferro-Chrome: US$2.12/kg Ferro Titanium: US$4.93/kg FerroTungsten: US$26.69/kg Ferrovanadium: US$18.18/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$55.50/tonne Iron Ore Fines: US$55.73/tonne Iron Ore Pellets: US$61.26/tonne Lead: US$0.81/lb. Magnesium: US$2.07/kg Manganese: US$1.75/kg Molybdenum Oxide: US$4.85/lb. Phosphate Rock: US$115.00/tonne Potash: US$303.00/tonne Rhodium: Mid-mkt US$7585.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$15.84 per oz.; Handy & Harman Fabricated: US$19.79 per oz. Tantalite Ore: : US$170.28/kg Tin: US$7.30/lb. Uranium: U3O8, Trade Tech spot price: US$37.75/lb.; The UX Consulting Company spot price: US$38.00/lb. Zinc: US$0.81/lb. Prices current Oct. 20, 2015

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding at Oct. 15/15 (with changes from Sept. 30/15).

Largest short positions Lundin Mining LUN 39326604 First Quantum Minerals FM 1755746 New Gold NGD 30377553 Kinross Gold K 28689566 B2Gold BTO 24952172 Teck Resources TCK.B 19067767 Yamana Gold YRI 18540438 Canadian Natural Res. CNQ 17163027 PotashCorp POT 15103106 Barrick Gold ABX 13454685 Eldorado Gold ELD 13400693 Paramount Res. POU 12574716 Thompson Crk Mtls TCM 12516437 Detour Gold DGC 10654063 Copper Mountain Mng CUM 8712194 Largest increase in short position First Quantum Minrls FM 33355826 Rubicon Minerals RMX 6113772 Eldorado Gold ELD 13400693 Semafo SMF 1554828 Goldcorp G 7683328 Largest decrease in short position Oceanagold OGC 4563617 PotashCorp POT 15103106 Denison Mines DML 6759231 Capstone Mining CS 2660400 Torex Gold Resources TXG 3874735

Largest short positions 314046 33355826

1755746 1229474 1193891 1153494 1103431 -15967837 -8390464 -2462498 -2117700 -2103303

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.

481200 -3290700 584300 800 370000 240822 307500 -11500 -140913 247300 240700 222700 22000 -40544 96000

34 New Highs African Queen American Manga Antioquia Gold Centerra Gold China Mnls Mng Claude Res Colombia Crest Detour Gold Endeavour Mng Endurance Gold Explor Res First Mexican Gensource Pot Gold Canyon Integra Gold Inter-Rock Mnl Jaxon Mnls

584300 481200 370000 307500 247300

Knick Expl Nippon Dragon PC Gold Premier Gold M Reliance Res

-3290700 -374400 -316800 -286900 -270500

Sabina Gd&Slvr Saint Jean Car Silver Grail R Silver Std Res Silver Std Re*

NORTH AMERICAN STOCK EXCHANGE INDICES

Softrock Mnrl 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

Oct 26 13790.90 546.87 811.87 141.93 459.86 54.54 130.76

Oct 23 13953.66 551.21 819.92 146.89 470.76 56.30 135.95

Oct 22 13878.11 547.75 815.05 142.91 460.62 54.89 131.83

Oct 21 13704.19 544.44 805.26 139.99 445.20 53.65 129.13

Oct 20 13841.92 550.80 813.35 143.20 435.31 55.64 134.31

High 15524.75 807.71 905.09 195.63 832.42 82.19 211.23

Low 12705.17 509.03 750.26 114.48 339.80 42.72 101.28

DAILY METAL PRICES Date Oct 26 Oct 23 Oct 22 Oct 21 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1655/1660 1650/1655 1640/1655 1645/1655 Aluminum 1467/1501 1480/1516 1479.50/1516 1490/1522 Copper 5232.50/5220 5290/5285 5273/5267 5185/5180 Lead 1741.50/1755 1756.50/1768 1734.50/1753 1746/1763 Nickel 10460/10475 10590/10580 10400/10435 10315/10360 Tin 15675/15500 16050/15900 15950/15875 16000/15950 Zinc 1724/1748 1749/1768 1714/1742 1725/1752.50 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1168.50 1171.55 1166.45 Gold PM 1166.40 1161.25 1167.00 Silver 16.10 15.98 15.77 Platinum 993.00 1006.00 1000.00 Palladium 685.00 699.00 672.00

1174.40 1167.10 15.75 1007.00 680.00

Oct 20 1650/1665 1506/1535.50 5188/5180 1762.50/1778.50 10275/10360 15950/15900 1746/1772 1173.70 1177.75 15.86 1013.00 691.00

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Oct 26 Oct 23 US$ in C$ 1.3134 1.3172 C$ in US$ 0.7614 0.7592

Oct 22 1.3088 0.7641

Oct 21 1.3116 0.7624

Oct 20 1.2974 0.7708

EXCHANGE RATES (Bank of Canada, October 26, 2015) Currency Aus $ Euro In C$ 0.9537 1.4513 In US$ 0.7261 1.1050

Japan 0.01087 0.00828

Mex P 0.07964 0.06064

SA Rand 0.09653 0.07350

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 — OCTOBER 16–22, 2015

Centamin

First Mining Finance FF 1916700 Equitas Resources EQT 899400 Indico Resources IDI 584300 Gold Reserve GRZ 473900 Majestic Gold MJS 370000 Nexgen Energy NXE 313718 Impact Silver IPT 307500 Zenyatta Ventures ZEN 296800 Nemaska Lithium NMX 291500 Savary Gold SCA 248300 Golden Dawn Min. GOM 240700 GGL Resources GGL 222700 Roxgold ROG 215181 Pure Energy Min. PE 210456 Gold Standard Ven. GSV 160900 Largest increase in short position Indico Resources IDI 584300 First Mining Finance FF 1916700 Majestic Gold MJS 370000 Impact Silver IPT 307500 Savary Gold SCA 248300 Largest decrease in short position Equitas Resources EQT 899400 Nevada Sunrise Gold NEV 26200 Minaurum Gold MGG 20200 Largo Resources LGO 4100 Maya Gold & Silver MYA 0

-1107584 -1889954 10495 -774758 -788166 220482 -8390464 1056131 1193891 -1032628 63381 262024 -1485094

TSX WARRANTS

Spruce Ridge R TAD Mnl Expl Tearlach Res Troymet Expl Victory Vent

198 New Lows

Benton Cap

Hi-Crush Part*

QMC Quantum Ml

Bitterroot Res

Highbury Proj

Quartz Mtn Res

Blind Crk Res

Highway 50 Gld

Rambler Mg&Mtl

Bold Vent

HiHo Silver

Red Tiger Mng

Cadillac Vent

Hunt Mng

Redstar Res

Calibre Mng

Huntington Exp

Riverside Res

Canada Rare Ea

Indigo Expl

RJK Explor

Canada Zinc Mt

Intl Montoro R

Rockland Mnls

Canadn Arrow

Intl Samuel Ex

Romios Gold Rs

Canadn Int Mnl

Intl Vestr Res

Royal Nickel

Canadn Orebods

J.A.G. Mines

Sage Gold

Canadn Plat

Kermode Res

Salazar Res

Canterra Mnls

Khalkos Expl

Scorpio Gold

Cap-Ex Vent

Kilo Goldmines

Silver Pursuit

Carlin Gold

Kings Bay Gold

Carmax Mng

Silver Range R

Kiska Metals

Castle Peak Mg

Laramide Res

Skyharbour Res

Central Iron O

Laurion Mnl Ex

Centurion Mnls

Lincoln Mng

China Mnls Mng

Lomiko Mtls

Colombia Crest

MacDonald Mns

Colombian Mins

Maracote Intl

Commander Res

Margaret Lk Di

Confedertn Mls

Maudore Minls

Conquest Res

MDN Inc

Contl Precious

Melior Res

Copper North M

Melkior Res

Copper One

Metalcorp

Coro Mining

Micrex Devel

Corsa Coal

Mindoro Res

Crazy Horse Rs

Monarques Res

Discovery Harb

Monster Mng

Duncan Park H

Mountain Boy M

Dundee Prec Mt

Mustang Minls

Dynasty Met&Mn

Natural Rs Pt*

Eastern Platin

New Destiny Mg

Solitario Ex&R Source Expl Stockport Expl Strategic Res Strike Graph Stroud Res Sultan Mnrls SunCoke Engy* Superior Coppr TAD Mnl Expl Taipan Res Tembo Gold Themac Res Tiger Intl Tirex Res Tolima Gold Trio Gold Corp TVI Pacific U3O8 Corp Unigold

Ecuador G & C

New Millennium

Acme Res

El Nino Vent

New Milln Iron

Adroit Res

Emerick Res

Nikos Expl

Advance Gold

Europn Uran Rs

Noble Metal Gr

Alexandria Mnl

Falcon Gold

Noble Mnl Expl

Alliance Mng

Fieldex Expl

Nomad Ventures

Almonty Ind

Firesteel Res

North Arrow Mn

Verde Potash

Altai Res

Firestone Vent

Northcliff Res

Victory Nickel

Altan Nev Mnls

Focus Graphite

Northern Abiti

Vior Mining

Alto Vent

Focus Vnt

Northern Freeg

VMS Vent

Anglo-Can Mng

Full Metal Mnl

Northern Gld M

Vulcan Mnrls

Arctic Star Rs

Gabriel Res

Northisle C&G

West Af Iron O

Argentum Silvr

Geodex Mnrls

NV Gold

Western Lithiu

Argus Metals

Geomega Res

Orestone Mng

Western Melv M

Ashburton Vent

Gold Finder Ex

Pac Potash

Western Pac Rs

Atacama Pac Gd

Gold Mtn Mng

Palmer Res

Western Troy C

Augen Gold

Goldcliff Res

Parlane Res

Westkam Gold

Aurcana Corp

Golden Band

Pele Mtn Res

White Pine Res

Avala Res

Goldstar Mnls

Phoenix Gold

Xmet

Azincourt Res

Granite Ck Gld

Planet Mng

Xtierra

Bandera Gold

Great Quest Me

Platinex

Zadar Vent

Bannerman Res

Green Swan Cap

Plato Gold

Zimtu Capital

Barker Mnrls

GTA Res & Mng

Purepoint U

Zinco Mng

Uranium Valley Valterra Res Vangold Res Vantex Res Vena Res

For daily mining news, visit www.northernminer.com UK £ 2.0174 1.5360 GLOBAL MINING NEWS · SINCE 1915

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 Pgs 7.indd 7

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

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

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

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

15-10-27 7:14 PM

WWW.NORTHERNMINER.COM

NOVEMBER 2–8, 2015 / THE NORTHERN MINER

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: OCTOBER 16–22, 2015 (100s) Stock

Week

S TO C K TA BLES 12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 10034 0.08 0.07 0.07 - 0.01 0.09 0.03 Abcourt Mines V 783 0.04 0.04 0.04 + 0.01 0.07 0.03 Aben Res V 173 0.09 0.07 0.07 - 0.01 0.30 0.06 Aberdeen Intl T 2569 0.14 0.12 0.12 - 0.01 0.20 0.11 Abitibi Royalt V 66 2.68 2.42 2.68 + 0.01 5.10 1.53 Acme Res V 1332 0.03 0.02 0.03 + 0.01 0.06 0.02 Adamera Mnls V 274 0.03 0.03 0.03 0.00 0.05 0.02 Adex Mining V 550 0.01 0.01 0.01 0.00 0.02 0.01 Adriana Res V 1117 0.11 0.11 0.11 - 0.01 0.19 0.08 Adroit Res V 101585 0.01 0.01 0.01 0.00 0.01 0.01 Advance Gold V 400 0.02 0.02 0.02 0.00 0.08 0.02 Adventure Gold V 1117 0.17 0.16 0.16 - 0.02 0.20 0.06 African Gold G V 160 0.04 0.04 0.04 0.00 0.08 0.04 African Queen V 550 0.03 0.02 0.02 0.00 0.03 0.01 Africo Res T 520 0.41 0.40 0.40 0.00 0.42 0.30 Agnico-Eagle* N 133876 30.27 27.93 29.09 - 1.05 34.89 21.00 Agnico-Eagle T 43641 39.05 36.50 38.15 - 0.56 43.70 25.05 Agrium* N 5336 96.65 91.96 94.87 - 2.00 116.77 82.46 Agrium T 15697 124.66 120.50 124.39 - 0.03 146.51 92.81 Aguila Am Res V 1200 0.05 0.04 0.04 - 0.01 0.11 0.04 Alabama Graph V 12615 0.20 0.17 0.18 0.00 0.35 0.14 Alacer Gold T 34722 3.22 2.85 2.95 - 0.24 3.23 1.77 Alamos Gold* N 52490 4.76 4.12 4.25 - 0.47 8.85 2.98 Alamos Gold T 28184 6.14 5.38 5.61 - 0.48 10.31 3.90 Alberta Star V 1781 0.04 0.03 0.04 0.00 0.07 0.02 Alcoa* N 1304219 9.79 9.05 9.09 - 0.61 17.75 7.97 Alderon Irn O* X 86 0.14 0.13 0.14 0.00 0.62 0.12 Alderon Iron O T 725 0.19 0.18 0.18 - 0.01 0.69 0.17 Aldridge Minls V 505 0.17 0.16 0.16 - 0.01 0.26 0.16 Aldrin Res V 1361 0.15 0.13 0.15 0.00 0.26 0.11 Alexandria Mnl V 6968 0.03 0.03 0.03 0.00 0.06 0.03 Alexco Res T 744 0.67 0.59 0.65 + 0.02 0.81 0.34 Alexco Res* X 5967 0.52 0.44 0.48 - 0.01 0.68 0.26 Alita Res V 1219 0.10 0.09 0.10 + 0.01 0.47 0.08 Alix Res V 810 0.06 0.06 0.06 0.00 0.10 0.03 Alliance Mng V 340 0.01 0.01 0.01 0.00 0.06 0.01 Alliance Rs P* Q 10074 22.94 21.77 21.85 - 0.88 50.02 19.95 Alloycorp V 6250 0.03 0.02 0.02 0.00 0.08 0.02 Almaden Mnls* X 5892 0.62 0.54 0.59 + 0.01 1.18 0.48 Almaden Mnls T 1615 0.80 0.72 0.75 + 0.01 1.57 0.65 Almonty Ind V 309 0.54 0.45 0.52 + 0.01 0.86 0.45 Alpha Gold V 2230 0.06 0.04 0.06 0.00 0.06 0.03 Alphamin Res V 2870 0.20 0.16 0.19 - 0.01 0.32 0.11 Altai Res V 60 0.06 0.05 0.05 - 0.01 0.12 0.05 Altair Vent V 1437 0.12 0.11 0.11 - 0.01 0.60 0.06 Altan Nev Mnls V 1390 0.01 0.01 0.01 0.00 0.04 0.01 Altan Rio Mnls V 1408 0.02 0.02 0.02 0.00 0.06 0.02 Altima Res V 2296 0.02 0.02 0.02 0.00 0.06 0.01 Altiplano Mnls V 110 0.05 0.03 0.05 + 0.01 0.06 0.02 Altius Mnrls T 2234 13.50 12.70 12.96 - 0.52 15.47 9.86 Alto Vent V 10 0.03 0.03 0.03 0.00 0.10 0.03 Alum Cp China* N 943 9.24 8.40 8.73 - 0.59 17.44 7.20 Am Creek Res V 1062 0.05 0.04 0.04 0.00 0.10 0.03 AM Gold V 590 0.06 0.04 0.06 + 0.03 0.07 0.02 Amarc Res V 552 0.10 0.09 0.09 - 0.01 0.18 0.07 Amarillo Gold V 251 0.10 0.09 0.09 - 0.01 0.15 0.04 Amato Expl V 40 0.02 0.02 0.02 - 0.01 0.03 0.01 American Manga V 22343 0.04 0.01 0.02 + 0.01 0.04 0.01 American Vanad V 1451 0.09 0.08 0.08 0.00 0.43 0.05 Amerigo Res T 1068 0.34 0.31 0.32 - 0.02 0.45 0.22 Amex Expl V 1050 0.03 0.03 0.03 - 0.01 0.09 0.03 Anaconda Mng T 1989 0.05 0.05 0.05 0.00 0.07 0.04 Anfield Nickel V 90 0.68 0.68 0.68 - 0.02 0.96 0.65 Anfield Res V 200 0.11 0.10 0.10 - 0.01 0.52 0.07 Angel Gold V 2130 0.06 0.05 0.06 0.00 0.10 0.02 Angkor Gold V 1194 0.45 0.39 0.43 - 0.02 0.64 0.34 Anglo-Can Mng V 2280 0.01 0.01 0.01 0.00 0.02 0.01 AngloGold Ash* N 186431 9.74 8.50 8.87 - 0.85 13.12 5.64 Antioquia Gold V 1402 0.10 0.09 0.10 + 0.01 0.10 0.01 Antofagasta Gd V 1911 0.25 0.22 0.23 + 0.02 0.25 0.09 Apogee Silver V 1126 0.32 0.29 0.29 0.00 0.65 0.18 AQM Copper V 1635 0.04 0.04 0.04 + 0.01 0.09 0.04 Aquila Res T 1665 0.15 0.13 0.14 0.00 0.19 0.09 Arch Coal* N 88367 4.28 2.72 2.75 - 1.25 29.30 1.00 Archon Mineral V 114 2.05 1.65 1.65 - 0.44 2.09 0.77 Arctic Star Rs V 5934 0.02 0.02 0.02 + 0.01 0.07 0.02 Arcus Dev Grp V 15 0.02 0.02 0.02 0.00 0.04 0.01 Argentex Mng V 970 0.04 0.04 0.04 0.00 0.08 0.02 Argentum Silvr V 2130 0.03 0.02 0.02 - 0.02 0.07 0.02 Argex Titanium T 18010 0.09 0.06 0.07 0.00 0.68 0.06 Argonaut Gold T 22051 1.67 1.49 1.50 - 0.18 3.89 1.14 Argus Metals V 35 0.02 0.02 0.02 - 0.01 0.11 0.02 Arian Silver V 735 0.24 0.21 0.21 - 0.04 0.75 0.14 Arianne Phosph V 4162 0.93 0.83 0.83 - 0.04 0.98 0.51 Armistice Res T 1131 0.34 0.26 0.28 - 0.05 0.52 0.22 Aroway Mnls V 5534 0.03 0.02 0.03 + 0.02 0.18 0.01 Arrowstar Res V 47 0.05 0.05 0.05 - 0.02 0.20 0.04 ASA (Bermuda)* N 6839 9.26 8.50 8.65 - 0.58 12.31 7.00 Asanko Gold T 83525 2.42 2.22 2.33 + 0.09 2.55 1.50 Asanko Gold* X 841 1.83 1.70 1.75 0.00 2.06 1.26 Ascot Res V 786 1.33 1.13 1.27 + 0.02 2.05 1.01 Ashburton Vent V 81371 0.02 0.01 0.01 - 0.01 0.03 0.01 Asian Minl Res V 200 0.04 0.04 0.04 0.00 0.08 0.03 Astur Gold V 1257 0.02 0.02 0.02 + 0.01 0.20 0.01 Atac Res V 1794 0.49 0.43 0.43 - 0.04 0.78 0.31 Atacama Pac Gd V 647 0.19 0.14 0.14 - 0.01 0.60 0.14 Athabasca Mnls V 433 0.33 0.29 0.30 0.00 1.80 0.20 Atico Mng V 2228 0.43 0.39 0.39 - 0.02 0.71 0.33 Atlanta Gold V 781 0.07 0.05 0.06 0.00 0.25 0.05 Atna Res Ltd T 818 0.08 0.07 0.07 - 0.01 0.12 0.06 Augen Gold V 1289 0.01 0.01 0.01 0.00 0.06 0.01 Augyva Mng V 130 0.10 0.09 0.10 - 0.01 0.15 0.07 Aura Mnls T 1065 0.09 0.08 0.08 0.00 0.12 0.06 Aura Silver Rs V 11 0.02 0.02 0.02 0.00 0.03 0.01 Aurcana Corp V 39070 0.19 0.09 0.12 - 0.08 0.44 0.09 AurCrest Gold V 5274 0.02 0.01 0.02 - 0.01 0.06 0.01 Aureus Mng T 260 0.42 0.35 0.35 - 0.07 0.83 0.27 Aurion Res V 5980 0.06 0.05 0.05 - 0.01 0.08 0.03 Aurvista Gold V 2465 0.05 0.04 0.05 0.00 0.11 0.03 Avala Res V 11119 0.03 0.03 0.03 + 0.01 0.14 0.03 Avalon Rare M* X 14193 0.11 0.09 0.09 - 0.02 0.40 0.08 Avalon Rare Mt T 9077 0.14 0.11 0.12 - 0.01 0.48 0.11 Avino Silver V 228 1.48 1.35 1.35 - 0.10 2.40 1.15 Avino Silver* X 2500 1.15 1.02 1.03 - 0.08 1.97 0.89 Avnel Gold T 1191 0.26 0.24 0.26 + 0.01 0.31 0.15 Avrupa Mnls V 380 0.16 0.15 0.15 - 0.02 0.40 0.07 Axmin Inc V 1050 0.01 0.01 0.01 0.00 0.03 0.01 Azimut Expl V 1284 0.15 0.11 0.12 - 0.01 0.29 0.10 Azincourt Res V 1137 0.06 0.05 0.05 0.00 0.48 0.05

B B2Gold* X 81886 B2Gold T 179194 Bacanora Mnls V 314 Baja Mng V 1675 Balmoral Res T 3935 Bandera Gold V 140 Banks Island G V 13034 Bannerman Res T 10667 Banro T 7236 Banro* X 32089 Barisan Gold V 7252 Barker Mnrls V 120 Barkerville Go V 7895 Barrick Gold* N 806792 Barrick Gold T 196961 Batero Gold V 1393 Bayswater Uran V 148 BCM Res V 6920 Bear Creek Mng V 2393 Bearclaw Cap V 250 Beaufield Res V 310 Bell Copper V 1430 Belmont Res V 375 Belo Sun Mng T 6153 Benton Cap V 2109 Benton Res V 1020

TNM Pgs 8 9.indd 8

1.39 1.18 1.19 - 0.17 2.38 0.98 1.79 1.55 1.57 - 0.19 2.88 1.30 1.85 1.67 1.80 - 0.04 2.05 0.56 0.03 0.02 0.02 - 0.01 0.06 0.02 0.54 0.51 0.51 - 0.02 1.37 0.48 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.02 0.02 - 0.01 0.33 0.02 0.03 0.03 0.03 0.00 0.09 0.03 0.30 0.25 0.26 - 0.03 0.47 0.14 0.23 0.19 0.19 - 0.03 0.40 0.12 0.03 0.03 0.03 0.00 0.16 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.27 0.24 0.26 - 0.01 0.40 0.11 8.16 7.45 7.59 - 0.57 14.00 5.91 10.52 9.76 9.97 - 0.50 16.54 7.89 0.09 0.08 0.08 + 0.01 0.11 0.06 0.03 0.02 0.02 - 0.01 0.08 0.02 0.05 0.04 0.05 0.00 0.06 0.02 0.90 0.79 0.79 - 0.10 1.94 0.58 0.03 0.03 0.03 + 0.01 0.05 0.02 0.05 0.04 0.04 - 0.01 0.06 0.03 0.03 0.03 0.03 + 0.01 0.05 0.01 0.03 0.03 0.03 - 0.01 0.09 0.03 0.23 0.20 0.23 + 0.01 0.30 0.11 0.02 0.02 0.02 0.00 0.04 0.02 0.04 0.04 0.04 - 0.01 0.06 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

BHP Billi-BBL* N 54081 BHP Billi-BHP* N 107943 BioteQ Env T 1350 Bison Gold Res V 4540 Bitterroot Res V 120 Black Iron T 1830 Black Isle Res V 919 Black Widow Rs V 1650 Blind Crk Res V 40 Blue Rvr Res V 2263 BMO Jr Gld ETF T 338 Bold Vent V 598 Bonterra Res V 12065 Bowmore Expl V 200 Bravada Gold V 1137 Brazil Res V 4480 Brixton Mtls V 674

35.54 33.22 34.42 - 1.40 52.31 29.19 36.50 34.42 35.38 - 1.27 57.18 30.15 0.03 0.03 0.03 0.00 0.06 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.05 0.04 0.04 - 0.01 0.15 0.04 0.04 0.03 0.04 0.00 0.09 0.02 0.05 0.04 0.05 + 0.01 0.09 0.02 0.03 0.03 0.03 - 0.01 0.08 0.01 0.05 0.04 0.05 0.00 0.10 0.04 0.04 0.03 0.03 - 0.01 0.05 0.03 5.91 5.39 5.65 - 0.19 7.65 4.45 0.03 0.02 0.03 + 0.01 0.06 0.02 0.26 0.19 0.26 + 0.07 0.43 0.09 0.05 0.05 0.05 - 0.01 0.11 0.03 0.06 0.03 0.05 + 0.02 0.07 0.02 0.57 0.52 0.56 - 0.01 0.85 0.43 0.08 0.07 0.07 - 0.01 0.22 0.06

Cabot Corp* N 15357 Cache Expl V 2450 Cadillac Vent V 3600 Caledonia Mng T 560 Calibre Mng V 6479 Calico Res V 345 Callinex Mines V 772 Cameco Corp* N 51574 Cameco Corp T 45776 Camino Mnls V 655 Canada Carbon V 4580 Canada Rare Ea V 310 Canada Zinc Mt V 3642 Canadn Arrow V 590 Canadn Int Mnl V 740 Canadn Mining V 908 Canadn Orebods V 20678 Canadn Plat V 4400 Canadn Zinc T 9716 Canamex Res V 209 Canarc Res T 660 Canasil Res V 225 Cancana Res V 1748 Candente Coppr T 9774 CaNickel Mng T 173 Cannon Pnt Res V 520 Canoe Mng Vnt V 240 Canstar Res V 2010 Canterra Mnls V 550 Cantex Mn Dev V 1643 Canuc Res V 50 Cap-Ex Vent V 751 Capstone Mng T 24214 Cardero Res T 829 Caribou King R V 3273 Carlin Gold V 40 Carlisle Goldf T 34783 Carmax Mng V 110 Cassidy Gold V 6650 Castillian Res V 244 Castle Peak Mg V 500 Catalyst Coppr V 13 CB Gold V 52 Centamin T 3969 Centerra Gold T 28067 Central Fund* X 33673 Central Fund T 1857 Central Gold-T T 12 Central GoldT* X 1599 Central Iron O V 1200 Centurion Mnls V 165 Century Iron M T 318 Chalice Gold M T 570 Challenger Dee V 1598 Champion Bear V 311 Champion Iron T 7052 Chesapeake Gld V 464 Chiboug Ind Mn V 223 Chilean Gold V 1360 Chimata Gold V 15 China Gold Int T 10819 China Mnls Mng V 805 Claude Res T 14969 Cliffs Nat Rs* N 165482 Clifton Star V 1061 Cloud Peak En* N 11989 CMC Metals V 45922 Codrington Res V 5510 Coeur Mng* N 124886 Colibri Res V 303 Colombia Crest V 5400 Colombian Mins V 2100 Colonial Coal V 5343 Colorado Res V 1090 Colt Res V 24138 Columbus Gold V 3659 Commander Res V 320 Commerce Res V 6745 Compass Mnls* N 2646 Compliance Eny V 306 Comstock Mng* X 26882 Comstock Mtls V 1150 Condor Res V 3095 Confedertn Mls V 1065 Conquest Res V 385 Cons Richland V 10 Cons Woodjam C V 1840 Consol Energy* N 286414 Constant Mtl R V 2205 Contintl Gold T 11382 Contl Precious T 175 Copper Ck Gold V 80 Copper Fox Mtl V 1896 Copper Mtn Mng T 30973 Copper North M V 10704 Copper One V 3000 Corazon Gold V 50 Cordoba Mnls V 2849 Corex Gold V 1544 Cornerstone Ca V 9503 Coro Mining T 136 Corsa Coal V 478 Corvus Gold T 1206 Crazy Horse Rs V 1483 Cresval Cap V 50 Critical Elem V 13963 Crown Gold V 792 Currie Rose Rs V 164 CVR Partners* N 1126 Cypress Dev V 133

38.23 36.05 37.10 - 0.21 49.69 30.70 0.14 0.14 0.14 - 0.01 0.27 0.05 0.02 0.01 0.02 - 0.01 0.15 0.01 0.84 0.77 0.84 - 0.01 1.06 0.54 0.10 0.08 0.10 + 0.01 0.19 0.08 0.13 0.12 0.13 + 0.01 0.19 0.06 0.34 0.31 0.34 + 0.02 0.40 0.16 14.42 13.92 14.19 - 0.14 19.97 11.60 18.91 18.12 18.61 + 0.23 22.46 15.50 0.14 0.08 0.08 - 0.02 0.26 0.05 0.26 0.25 0.25 0.00 0.32 0.18 0.04 0.03 0.03 - 0.01 0.11 0.03 0.20 0.17 0.17 - 0.04 0.44 0.17 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.01 0.01 - 0.01 0.05 0.01 0.09 0.08 0.09 + 0.01 0.18 0.05 0.02 0.02 0.02 - 0.01 0.08 0.02 0.01 0.01 0.01 - 0.01 0.01 0.01 0.10 0.08 0.08 - 0.01 0.25 0.06 0.05 0.04 0.04 0.00 0.18 0.04 0.09 0.06 0.08 - 0.01 0.10 0.03 0.05 0.04 0.05 + 0.01 0.07 0.03 0.26 0.21 0.23 + 0.01 0.32 0.15 0.06 0.05 0.05 0.00 0.15 0.04 0.10 0.09 0.10 + 0.03 0.34 0.07 0.16 0.16 0.16 - 0.01 0.25 0.10 0.04 0.04 0.04 0.00 0.24 0.02 0.07 0.06 0.06 0.00 0.10 0.03 0.05 0.04 0.05 0.00 0.10 0.04 0.05 0.04 0.05 0.00 0.08 0.03 0.10 0.10 0.10 0.00 0.35 0.06 0.02 0.01 0.02 0.00 0.04 0.01 0.65 0.60 0.61 - 0.05 2.20 0.43 0.02 0.02 0.02 0.00 0.65 0.01 0.11 0.10 0.10 - 0.01 0.22 0.04 0.01 0.01 0.01 - 0.01 0.02 0.01 0.63 0.58 0.60 - 0.03 0.64 0.16 0.03 0.03 0.03 - 0.01 0.08 0.03 0.02 0.02 0.02 0.00 0.05 0.01 0.03 0.03 0.03 0.00 0.14 0.01 0.01 0.01 0.01 - 0.01 0.05 0.01 0.15 0.15 0.15 - 0.01 0.48 0.11 0.06 0.06 0.06 0.00 0.14 0.03 1.40 1.33 1.38 + 0.03 1.40 0.80 8.08 7.21 7.84 - 0.09 8.08 3.96 11.82 11.25 11.31 - 0.39 13.73 10.15 15.19 14.69 14.81 - 0.22 16.89 12.52 54.00 53.99 54.00 - 0.45 57.25 42.50 42.03 40.89 41.06 - 0.87 46.73 37.22 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.08 0.01 0.25 0.25 0.25 0.00 0.44 0.17 0.11 0.11 0.11 + 0.02 0.15 0.08 0.20 0.18 0.20 - 0.02 0.22 0.05 0.07 0.07 0.07 + 0.01 0.19 0.05 0.22 0.19 0.20 - 0.01 0.23 0.07 2.24 1.95 2.20 + 0.21 2.80 1.39 0.03 0.03 0.03 - 0.01 0.05 0.02 0.03 0.03 0.03 0.00 0.08 0.02 0.04 0.04 0.04 - 0.01 0.19 0.01 1.96 1.76 1.83 - 0.09 3.08 1.30 0.01 0.01 0.01 - 0.01 0.01 0.01 0.78 0.73 0.78 + 0.02 0.78 0.22 3.00 2.57 2.62 - 0.32 11.70 2.28 0.16 0.15 0.16 0.00 0.25 0.06 3.21 2.94 3.07 - 0.09 13.95 2.42 0.05 0.04 0.04 0.00 0.08 0.03 0.05 0.04 0.05 - 0.01 0.14 0.03 3.39 2.91 3.00 - 0.34 7.45 2.52 0.04 0.03 0.04 + 0.01 0.23 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.03 0.03 - 0.01 0.18 0.03 0.13 0.04 0.07 + 0.03 0.15 0.04 0.08 0.07 0.07 - 0.01 0.16 0.06 0.15 0.13 0.14 - 0.01 0.30 0.05 0.47 0.43 0.47 + 0.04 0.55 0.31 0.02 0.02 0.02 0.00 0.04 0.02 0.11 0.09 0.11 + 0.03 0.25 0.07 85.96 82.15 83.57 - 2.03 95.68 77.13 0.07 0.05 0.05 - 0.03 0.40 0.04 0.64 0.53 0.61 + 0.01 1.36 0.35 0.03 0.02 0.02 0.00 0.04 0.01 0.03 0.02 0.03 + 0.01 0.07 0.02 0.03 0.03 0.03 0.00 0.09 0.03 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 + 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.09 0.02 11.80 9.64 9.93 - 1.64 42.26 8.68 0.11 0.10 0.10 - 0.02 0.18 0.07 1.90 1.67 1.72 - 0.14 3.28 1.57 0.31 0.25 0.30 - 0.01 0.71 0.25 0.06 0.06 0.06 + 0.01 0.07 0.03 0.19 0.16 0.17 - 0.02 0.37 0.10 0.60 0.46 0.47 - 0.13 2.34 0.38 0.05 0.04 0.04 - 0.01 0.09 0.04 0.01 0.01 0.01 0.00 0.06 0.01 0.25 0.25 0.25 + 0.07 0.38 0.11 0.12 0.10 0.11 - 0.02 0.25 0.08 0.06 0.05 0.05 0.00 0.09 0.03 0.04 0.03 0.04 + 0.01 0.11 0.02 0.03 0.02 0.02 0.00 0.08 0.02 0.05 0.04 0.05 0.00 0.25 0.04 0.77 0.63 0.74 - 0.01 1.29 0.37 0.02 0.01 0.02 + 0.01 0.03 0.01 0.04 0.04 0.04 0.00 0.06 0.01 0.22 0.17 0.22 + 0.05 0.30 0.16 0.05 0.04 0.04 - 0.01 0.08 0.03 0.01 0.01 0.01 0.00 0.02 0.01 10.41 9.95 10.04 - 0.32 16.12 8.52 0.03 0.03 0.03 0.00 0.40 0.02

Dajin Res V 11545 Dalradian Res T 7037 Dalton Res Ltd V 530 Darnley Bay V 3232 Decade Res V 22314 Defiance Silvr V 7420 Dejour Enterp T 1134 Dejour Enterp* X 3637 Denison Mines T 24673 Denison Mines* X 2335 Desert Star V 640 Detour Gold T 79222 Diagnos V 12161 Diamcor Mng V 202 Diamond Fields V 60 Dios Expl V 680 Discovery Harb V 920

0.13 0.12 0.13 - 0.01 0.16 0.04 0.82 0.74 0.75 - 0.05 1.16 0.46 0.15 0.11 0.15 0.00 0.36 0.10 0.02 0.02 0.02 0.00 0.10 0.01 0.02 0.02 0.02 + 0.01 0.14 0.01 0.10 0.09 0.10 0.00 0.19 0.07 0.18 0.15 0.15 - 0.04 0.31 0.11 0.14 0.10 0.11 - 0.04 0.28 0.08 0.70 0.55 0.56 - 0.14 1.39 0.48 0.54 0.42 0.44 - 0.11 1.22 0.36 0.14 0.13 0.13 - 0.01 0.22 0.12 16.55 14.36 16.50 + 1.03 16.55 6.02 0.05 0.04 0.05 0.00 0.11 0.04 1.04 0.90 0.97 0.00 1.45 0.80 0.02 0.02 0.02 + 0.01 0.05 0.01 0.08 0.06 0.07 - 0.01 0.10 0.04 0.02 0.02 0.02 0.00 0.11 0.02

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Discovery Vent V 35746 Discovery-Corp V 120 DNI Metals V 853 Dolly Vard Sil V 1292 Dominion Diam* N 9753 Dominion Diam T 11278 Doubleview Cap V 2115 Duncan Park H V 250 Dundee Prec Mt T 9743 Duran Vent V 8946 Durango Res V 1380 Dynacor Gold M T 1525 Dynasty Gold V 2033 Dynasty Met&Mn T 1616 Eagle Plains V 720 East Asia Mnls V 4595 Eastern Platin T 3766 Eastfield Res V 30 Eastmain Res T 1312 Eco Oro Mnls T 1461 Ecuador G & C V 4200 Edgewater Expl V 1620 El Nino Vent V 260 El Tigre Silvr V 80 Eldorado Gold* N 52994 Eldorado Gold T 135696 Electra Gold V 1196 Eloro Minls V 287 Ely Gold & Mnl V 150 Emed Mining T 30 Emerick Res V 447 Encanto Potash V 39545 Endeavour Mng T 39325 Endeavr Silver T 3470 Endeavr Silve* N 4600 Endurance Gold V 7780 Energizer Res T 72249 Energold Drill V 629 Energy Fuels T 2652 Entourage Mtls V 1511 Entree Gold* X 1604 Entree Gold T 2416 Equitas Res V 49416 Equitorial Exp V 33708 Erdene Res Dev T 433 Erin Ventures V 2061 Eskay Mng V 965 Ethos Gold V 2550 Eurasian Minls V 1722 Eurasian Mnls* X 2189 Eureka Res V 3550 EurOmax Res V 41 Europn Uran Rs V 508 Everton Res V 1181 Evrim Res V 500 Excalibur Res C 123 Excellon Res T 1321 Excelsior Mng V 1806 Exeter Res* X 1174 Exeter Res T 1543 Explor Res V 12766 Faircourt Gold T 270 Falco Res V 3154 Falcon Gold V 4940 Fancamp Expl V 21706 Feronia V 44 Fieldex Expl V 673 Firebird Res V 1217 Firesteel Res V 60 Firestone Vent V 460 First Bauxite V 570 First Lithium V 5 First Majesti* N 39891 First Majestic T 44120 First Mexican V 4682 First Point T 650 First Quantum T 251151 Fission 3.0 V 10425 Flinders Res V 720 Focus Graphite V 8189 Focus Vnt V 4156 Foraco Intl T 158 Foran Mng V 648 Formation Mtls T 1932 Forsys Metals T 88 Fortuna Silver T 24472 Fortuna Silvr* N 12063 Fortune Bay T 121 Fortune Mnrls T 4870 Forum Uranium V 1057 Franco-Nevada* N 67772 Franco-Nevada T 30168 Freegold Vent T 420 Freeport McMo* N 1379284 Full Metal Mnl V 596

0.20 0.17 0.18 - 0.03 0.26 0.09 0.05 0.05 0.05 + 0.01 0.14 0.03 0.10 0.08 0.08 - 0.01 0.40 0.06 0.25 0.20 0.20 - 0.06 1.05 0.11 11.46 10.31 11.20 - 0.09 20.30 9.62 14.99 13.42 14.68 + 0.18 24.60 12.81 0.12 0.09 0.12 + 0.02 0.20 0.07 0.01 0.01 0.01 0.00 0.03 0.01 2.25 1.93 2.00 - 0.21 4.74 1.93 0.02 0.02 0.02 0.00 0.04 0.01 0.05 0.04 0.04 - 0.01 0.07 0.03 1.98 1.76 1.76 - 0.19 2.59 1.30 0.02 0.02 0.02 0.00 0.03 0.01 0.35 0.32 0.34 0.00 1.22 0.32 0.06 0.05 0.05 - 0.01 0.08 0.05 0.01 0.01 0.01 - 0.01 0.03 0.01 1.12 0.70 1.00 - 0.07 2.26 0.70 0.03 0.03 0.03 0.00 0.05 0.02 0.37 0.33 0.34 - 0.03 0.62 0.17 0.70 0.57 0.70 + 0.05 0.95 0.14 0.02 0.01 0.02 0.00 0.08 0.01 0.02 0.02 0.02 + 0.01 0.06 0.01 0.02 0.02 0.02 0.00 0.05 0.02 0.08 0.06 0.08 + 0.02 0.30 0.06 4.14 3.72 3.92 - 0.19 7.99 2.45 5.33 4.86 5.15 - 0.10 9.68 3.26 0.07 0.06 0.06 - 0.01 0.14 0.05 0.12 0.11 0.11 0.00 0.20 0.04 0.06 0.06 0.06 - 0.01 0.09 0.03 0.10 0.08 0.10 + 0.02 0.14 0.06 0.14 0.13 0.13 0.00 0.30 0.13 0.09 0.07 0.08 + 0.02 0.16 0.04 0.75 0.67 0.68 - 0.06 0.75 0.38 2.49 2.22 2.31 - 0.16 5.14 1.64 1.93 1.70 1.76 - 0.16 4.47 1.25 0.08 0.03 0.03 0.00 0.08 0.02 0.06 0.04 0.06 + 0.02 0.20 0.03 0.69 0.61 0.61 - 0.07 1.45 0.51 4.38 3.75 3.79 - 0.55 9.00 3.68 0.05 0.04 0.05 - 0.01 0.22 0.03 0.29 0.25 0.28 + 0.01 0.51 0.08 0.36 0.32 0.34 - 0.02 0.66 0.18 0.19 0.13 0.14 - 0.04 0.22 0.03 0.11 0.08 0.10 - 0.01 0.25 0.07 0.15 0.13 0.14 - 0.02 0.17 0.09 0.07 0.06 0.07 + 0.01 0.08 0.04 0.15 0.13 0.13 - 0.02 0.20 0.01 0.19 0.15 0.15 - 0.02 0.23 0.11 0.70 0.60 0.61 - 0.14 0.97 0.53 0.55 0.45 0.46 - 0.10 0.89 0.40 0.06 0.04 0.04 - 0.02 0.16 0.02 0.40 0.40 0.40 0.00 0.57 0.17 0.01 0.01 0.01 0.00 0.03 0.01 0.03 0.02 0.02 - 0.01 0.06 0.02 0.12 0.11 0.11 + 0.02 0.28 0.10 0.01 0.01 0.01 0.00 0.05 0.01 0.40 0.37 0.39 - 0.01 1.20 0.34 0.26 0.24 0.25 - 0.02 0.39 0.19 0.38 0.35 0.37 - 0.02 0.79 0.30 0.49 0.45 0.49 0.00 0.90 0.41 0.09 0.06 0.07 + 0.01 0.09 0.04 2.93 2.80 2.85 - 0.06 4.38 2.42 0.31 0.27 0.27 - 0.02 0.69 0.23 0.02 0.01 0.01 - 0.01 0.17 0.01 0.03 0.03 0.03 - 0.01 0.06 0.02 0.13 0.12 0.13 + 0.02 0.60 0.07 0.01 0.01 0.01 - 0.01 0.04 0.01 0.02 0.02 0.02 0.00 0.05 0.01 0.02 0.01 0.01 0.00 0.08 0.01 0.01 0.01 0.01 - 0.01 0.02 0.01 0.05 0.05 0.05 + 0.01 0.09 0.04 0.36 0.36 0.36 + 0.01 0.42 0.18 4.24 3.65 3.69 - 0.53 7.78 2.66 5.47 4.78 4.82 - 0.60 8.74 3.54 0.06 0.04 0.05 - 0.01 0.06 0.02 0.08 0.06 0.08 + 0.02 0.09 0.04 7.82 6.54 7.48 - 0.33 20.05 4.52 0.08 0.07 0.07 - 0.00 0.14 0.06 0.24 0.23 0.24 - 0.01 0.72 0.12 0.12 0.10 0.11 - 0.01 0.53 0.10 0.15 0.12 0.13 - 0.02 0.27 0.12 0.27 0.24 0.27 + 0.02 0.77 0.15 0.12 0.11 0.12 + 0.01 0.48 0.10 0.14 0.12 0.12 - 0.02 0.22 0.09 0.13 0.13 0.13 - 0.05 0.36 0.12 3.94 3.48 3.55 - 0.33 6.30 2.65 3.06 2.64 2.71 - 0.32 5.25 2.00 0.29 0.28 0.29 + 0.01 0.43 0.24 0.04 0.03 0.04 - 0.01 0.23 0.02 0.06 0.06 0.06 0.00 0.14 0.05 53.08 50.43 52.58 + 0.57 58.84 38.20 69.13 65.60 68.98 + 2.16 74.10 49.96 0.12 0.10 0.12 + 0.02 0.24 0.07 13.06 11.53 12.02 - 0.98 31.54 7.76 0.03 0.03 0.03 - 0.01 0.35 0.03

Gabriel Res T 5698 Galane Gold V 87 Galore Res V 100 Galway Gold V 912 Galway Mtls V 866 GAMCO Glb Gld* X 18272 Garibaldi Res V 10663 Gem Intl Res V 20 General Moly* X 5577 Gensource Pot V 716 Geodex Mnrls V 337 Geologix Ex T 690 Geomega Res V 5346 Georox Res V 450 Getty Copper V 470 GGL Res V 220 Glen Eagle Res V 16826 Globex Mng T 1135 GMV Minerals V 100 Gobimin V 4043 GoGold Res T 623 Gold Bulln Dev V 29788 Gold Canyon V 22830 Gold Fields* N 297337 Gold Finder Ex V 190 Gold Mtn Mng V 1020 Gold Reach Res V 2021 Gold Reserve V 282 Gold Resource* X 16639 Gold Std Vnt V 3408 Gold Std Vnt* X 4082 Goldbank Mng V 700 Goldcliff Res V 12460 Goldcorp T 127712 Goldcorp* N 421892 Golden Arrow R V 1840 Golden Band V 2900 Golden Dawn Ml V 13945 Golden Goliath V 3265 Golden Hope V 135 Golden Mnls T 398 Golden Mnls* X 3103 Golden Peak Mn V 3855 Golden Predatr V 37 Golden Queen T 406 Golden Reign R V 1332 Golden Share M V 85 Golden Star T 3043 Golden Star* X 24914 Golden Tag V 4250 Golden Val Min V 2405 Goldex Res V 280

0.25 0.22 0.22 - 0.02 0.90 0.22 0.09 0.09 0.09 0.00 0.22 0.08 0.02 0.02 0.02 0.00 0.04 0.01 0.09 0.08 0.08 - 0.01 0.12 0.05 0.10 0.10 0.10 - 0.01 0.16 0.09 5.89 5.53 5.71 - 0.20 9.19 4.90 0.15 0.12 0.14 + 0.02 0.23 0.05 0.06 0.06 0.06 - 0.01 0.26 0.05 0.35 0.27 0.30 - 0.05 1.00 0.25 0.07 0.06 0.06 - 0.01 0.07 0.04 0.01 0.01 0.01 0.00 0.06 0.01 0.04 0.03 0.03 0.00 0.06 0.03 0.07 0.07 0.07 0.00 0.29 0.07 0.07 0.06 0.07 + 0.01 0.14 0.05 0.03 0.02 0.02 0.00 0.07 0.02 0.03 0.02 0.02 0.00 0.06 0.02 0.05 0.03 0.04 - 0.01 0.20 0.03 0.32 0.28 0.29 + 0.01 0.35 0.14 0.12 0.12 0.12 0.00 0.26 0.05 0.44 0.36 0.44 + 0.05 0.51 0.35 1.25 1.23 1.24 - 0.01 1.76 1.18 0.04 0.03 0.03 - 0.02 0.06 0.02 0.39 0.36 0.38 + 0.02 0.39 0.09 3.11 2.70 2.79 - 0.26 6.01 2.35 0.02 0.02 0.02 - 0.01 0.07 0.02 0.05 0.03 0.05 + 0.02 0.14 0.03 0.17 0.14 0.14 - 0.01 0.50 0.13 3.91 3.50 3.90 + 0.25 5.39 2.48 3.20 2.71 2.81 - 0.31 5.35 1.99 0.54 0.49 0.52 - 0.01 0.73 0.40 0.42 0.38 0.40 - 0.01 0.65 0.26 0.06 0.06 0.06 + 0.01 0.09 0.03 0.01 0.01 0.01 - 0.01 0.02 0.01 20.32 19.26 19.91 - 0.17 30.95 15.99 15.74 14.79 15.18 - 0.45 25.00 11.95 0.26 0.24 0.25 - 0.02 0.50 0.17 0.01 0.01 0.01 0.00 0.01 0.01 0.17 0.12 0.15 - 0.01 0.30 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.31 0.29 0.30 0.00 0.64 0.08 0.46 0.39 0.45 + 0.06 0.91 0.31 0.41 0.32 0.34 - 0.00 0.70 0.23 0.08 0.07 0.08 + 0.03 0.14 0.04 0.14 0.12 0.13 + 0.01 0.15 0.07 1.07 0.96 1.02 - 0.02 1.68 0.65 0.10 0.08 0.08 - 0.01 0.19 0.05 0.06 0.06 0.06 - 0.01 0.08 0.03 0.35 0.29 0.31 - 0.04 0.51 0.20 0.28 0.21 0.24 - 0.03 0.42 0.16 0.03 0.03 0.03 - 0.01 0.08 0.02 0.12 0.10 0.11 - 0.01 0.21 0.08 0.03 0.03 0.03 0.00 0.08 0.02

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Goldeye Expl V 5760 Goldfield* X 3445 T 6529 Goldgroup Mng V 3320 GoldQuest Mng Goldrea Res C 13 V 508 Goldrock Mines Goldrush Res V 9123 V 813 Goldsource Min Goldstar Mnls V 550 V 11214 Goldstrike Res Gonzaga Res V 60 Gossan Res V 1429 Gowest Gold V 3291 T 497 Gran Colombia V 535 Grande Portage 375 Granite Ck Gld V Graphite One R V 35997 Great Atlantic V 1543 580 Great Bear Res V 12001 X Great Panther* Great Panther T 6517 Great Quest Me V 3058 Green Swan Cap V 2759 V 350 Greencastle Rs Grenville Gold V 72 Gresham Res V 8259 Grizzly Discvr V 1340 GTA Res & Mng V 1770 T 12540 Guyana Gldflds Guyana Prec Mt V 2557 GWR Res V 6854 Handa Copper V 30 470 Happy Ck Minls V 62413 N Harmony Gold* Harte Gold T 23722 Harvest Gold V 901 V 1191 Heatherdale Rs 343350 Hecla Mining* N Hi-Crush Part* N 4022 Highbank Res V 5868 Highbury Proj V 45 Highland Res V 4818 Highway 50 Gld V 6825 HiHo Silver C 4596 V 1626 Homestake Res Horizns G Bear T 58506 Horizns G Bull T 70184 33 Hornby Bay Mnl V Houston Lake V 1491 HudBay Minls T 56024 947 HudBay Mnls* N Hudson Res V 1781 Hunt Mng V 2882 V 96 Huntington Exp

0.03 0.04 - 0.01 0.06 0.05 0.04 1.20 1.68 - 0.07 2.85 1.75 1.61 0.05 0.06 - 0.01 0.24 0.07 0.06 0.07 0.13 + 0.01 0.20 0.14 0.12 0.02 0.04 - 0.01 0.10 0.04 0.04 0.15 0.00 0.40 0.25 0.30 0.25 0.01 0.02 + 0.01 0.03 0.02 0.02 0.13 0.18 - 0.01 0.26 0.19 0.18 0.01 0.01 - 0.01 0.04 0.02 0.01 0.05 0.10 - 0.03 0.21 0.13 0.09 0.02 0.03 0.00 0.15 0.03 0.03 0.01 0.03 + 0.02 0.05 0.03 0.02 0.05 0.08 0.00 0.10 0.08 0.07 0.18 0.19 - 0.02 0.90 0.21 0.19 0.01 0.01 + 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.06 0.01 0.11 0.08 0.09 - 0.01 0.14 0.07 0.04 0.06 + 0.01 0.30 0.06 0.05 0.04 0.03 0.04 0.00 0.09 0.02 0.30 0.54 - 0.08 0.92 0.62 0.50 0.40 0.70 - 0.10 1.06 0.80 0.65 0.25 0.22 0.22 - 0.01 1.19 0.22 0.02 0.01 0.02 + 0.01 0.06 0.01 0.05 0.07 + 0.02 0.09 0.07 0.06 0.04 0.07 - 0.03 0.15 0.07 0.07 0.46 0.58 - 0.01 0.95 0.61 0.57 0.02 0.07 0.00 0.10 0.07 0.06 0.04 0.04 0.04 0.00 0.10 0.04 2.15 3.41 - 0.40 4.48 3.81 3.36 0.20 0.17 0.18 0.00 0.33 0.08 0.01 0.05 0.00 0.05 0.05 0.04 0.05 0.05 + 0.01 0.12 0.05 0.05 0.11 0.11 0.11 - 0.01 0.17 0.08 0.57 0.77 - 0.06 3.18 0.84 0.72 0.04 0.07 + 0.01 0.10 0.08 0.06 0.01 0.03 + 0.01 0.06 0.03 0.02 0.01 0.02 - 0.01 0.06 0.02 0.02 1.77 2.32 - 0.31 3.54 2.65 2.26 7.80 6.95 7.07 - 0.56 55.64 6.95 0.07 0.08 0.00 0.29 0.08 0.07 0.10 0.10 - 0.05 0.40 0.10 0.10 0.10 0.12 - 0.04 0.50 0.14 0.11 0.10 0.09 0.10 + 0.01 0.51 0.09 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.02 0.00 0.06 0.03 0.02 8.50 24.65 0.28 + 11.71 10.33 10.85 4.41 3.87 4.14 - 0.17 8.86 2.75 0.03 0.03 0.03 0.00 0.10 0.03 0.09 0.16 - 0.01 0.20 0.18 0.15 7.14 6.07 6.68 - 0.41 12.61 4.82 5.50 4.65 5.07 - 0.45 10.37 3.62 0.22 0.44 - 0.03 0.55 0.48 0.43 0.02 0.02 - 0.01 0.40 0.02 0.02 0.01 0.01 0.00 0.02 0.01 0.01

I-Minerals V 615 65444 Iamgold* N T 68099 Iamgold IBC Adv Alloys V 42709 IC Potash T 575 Iconic Mnls V 215 IMPACT Silver V 4420 541 Imperial Metal T Inca One Res V 2420 V 2176 Independence G Indico Res V 3020 Indigo Expl V 1160 Inspiration Mg T 1960 127462 Integra Gold V V 530 Inter-Rock Mnl Intigold Mines V 937 Intl Bethl Mng V 1040 Intl Lithium V 1910 Intl Montoro R V 3250 Intl Northair V 1986 Intl Samuel Ex V 1480 531 Intl Tower Hi* X 750 T Intl Tower Hil Intl Vestr Res V 5555 Intrepid Pots* N 12880 INV Metals T 355 71 ISh COMEX G Tr T Ivanhoe Mines T 15748 T 1749 Ivernia J.A.G. Mines V 450 Jaguar Mng V 450 Jaxon Mnls V 990 Jazz Res V 8 V 1080 Jet Gold Kaminak Gold V 5540 Karnalyte Res T 528 Katanga Mng T 2040 Kennady Diam V 1772 Kermode Res V 900 Kesselrun Res V 1500 Kestrel Gold V 370 Khalkos Expl V 1498 Khan Res C 727 V 24982 Kilo Goldmines 516 Kings Bay Gold V 108816 Kinross Gold T 559721 Kinross Gold* N Kirkland Lk Gd T 23263 Kiska Metals V 15848 Kivalliq Enrgy V 7748 Klondex Mns T 5616 Klondike Gold V 6136 Klondike Silv V 532 Knick Expl V 128 Kobex Mnls V 2645 V 14430 Kombat Copper V 952 Kootenay Gold

0.14 0.22 + 0.02 0.31 0.23 0.20 1.16 2.02 - 0.08 3.39 2.17 1.86 1.50 2.63 - 0.07 4.09 2.79 2.42 0.12 0.10 0.11 + 0.01 0.16 0.09 0.10 0.12 - 0.02 0.31 0.13 0.11 0.03 0.03 0.00 0.10 0.03 0.03 0.14 0.17 - 0.03 0.36 0.20 0.17 8.14 7.91 8.06 - 0.02 13.69 6.01 0.13 0.12 0.12 0.00 0.29 0.09 0.07 0.08 0.00 0.11 0.08 0.08 0.02 0.04 - 0.01 0.16 0.05 0.04 0.01 0.01 - 0.01 0.02 0.01 0.01 0.04 0.05 + 0.01 0.43 0.06 0.04 0.14 0.36 + 0.04 0.36 0.36 0.32 0.01 0.03 + 0.02 0.03 0.03 0.03 0.03 0.10 - 0.01 0.32 0.11 0.09 0.02 0.02 0.02 0.00 0.03 0.01 0.02 0.06 - 0.01 0.09 0.07 0.05 0.05 0.04 0.04 - 0.01 0.10 0.04 0.04 0.05 - 0.01 0.11 0.05 0.04 0.01 0.01 0.01 0.00 0.03 0.01 0.39 0.30 0.32 - 0.07 0.62 0.20 0.50 0.41 0.43 - 0.07 0.75 0.26 0.02 0.02 0.02 0.00 0.15 0.02 6.60 5.75 5.84 - 0.72 15.56 5.34 0.08 0.12 + 0.01 0.29 0.12 0.12 14.79 14.66 14.75 + 0.09 15.78 12.61 0.62 0.72 - 0.07 1.36 0.79 0.71 0.01 0.01 0.00 0.11 0.02 0.01 0.02 0.03 + 0.01 0.06 0.03 0.02 0.12 0.28 - 0.02 0.84 0.30 0.22 0.01 0.06 + 0.01 0.06 0.06 0.05 0.03 0.18 0.00 0.23 0.18 0.18 0.03 0.05 + 0.01 0.13 0.05 0.04 0.53 0.81 - 0.08 1.15 0.91 0.81 0.52 0.72 0.00 1.33 0.76 0.71 0.14 0.16 0.00 0.43 0.17 0.16 2.80 3.12 + 0.17 6.50 3.15 2.81 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.02 - 0.01 0.06 0.02 0.02 0.02 0.03 - 0.01 0.07 0.03 0.03 0.05 0.01 0.12 + 0.08 0.08 0.05 0.33 0.50 - 0.01 0.80 0.52 0.46 0.04 0.06 + 0.02 0.14 0.07 0.04 0.01 0.01 0.01 0.00 0.01 0.01 1.79 2.96 + 0.06 4.48 2.98 2.67 1.35 2.25 - 0.01 3.71 2.31 2.04 5.90 5.48 5.78 + 0.02 6.88 2.79 0.02 0.02 - 0.01 0.07 0.03 0.02 0.06 0.08 - 0.01 0.22 0.09 0.08 1.68 3.34 - 0.15 3.87 3.52 3.25 0.08 0.10 - 0.01 0.28 0.12 0.10 0.02 0.03 0.00 0.05 0.03 0.03 0.01 0.02 0.00 0.02 0.02 0.01 0.46 0.52 - 0.03 0.65 0.55 0.52 0.03 0.05 0.00 0.11 0.06 0.04 0.20 0.30 - 0.03 0.56 0.34 0.30

500 La Quinta Res V Labdr I-Ore Ro T 15266 Lake Shore Gd* X 11702 Lake Shore Gld T 70456 Lara Expl V 1717 Laramide Res T 6910 Largo Res V 943 Latin Am Mnls V 2050 283 Laurion Mnl Ex V Legend Gold V 700 Letho Res V 10 834 Lexam VG Gold T Lincoln Mng V 20 470 Lion One Mtls V Lomiko Mtls V 955 Loncor Res T 6250 245 Long Harbour E V V 813 Lorraine Coppr Los Andes Copp V 1803 Lowell Copper V 255 Lucara Diam T 4321 Luna Gold T 1140 124915 Lundin Mng T Lydian Intl T 2488

0.01 0.01 0.01 0.00 0.02 0.01 16.91 15.56 16.24 - 0.31 20.95 10.81 0.96 0.89 0.89 - 0.06 1.14 0.60 1.23 1.16 1.17 - 0.04 1.38 0.70 0.20 0.26 - 0.01 0.55 0.28 0.25 0.15 0.15 - 0.02 0.51 0.17 0.15 0.29 0.31 - 0.03 2.40 0.36 0.31 0.01 0.01 0.01 0.00 0.14 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.03 0.04 0.00 0.14 0.04 0.04 0.05 0.09 + 0.01 0.18 0.09 0.09 0.09 0.08 0.08 - 0.01 0.11 0.06 0.03 0.03 - 0.01 0.13 0.03 0.03 0.45 0.41 0.45 + 0.03 0.60 0.17 0.03 0.03 0.00 0.09 0.03 0.03 0.03 0.04 - 0.01 0.13 0.05 0.04 0.10 0.10 0.10 + 0.04 0.15 0.04 0.03 0.05 - 0.01 0.08 0.06 0.05 0.13 0.13 0.13 - 0.01 0.23 0.05 0.21 0.25 - 0.01 0.50 0.25 0.25 1.42 1.70 - 0.03 2.41 1.74 1.64 0.05 0.06 - 0.01 0.45 0.06 0.06 3.68 4.67 - 0.08 6.46 4.77 4.32 0.26 0.30 + 0.02 0.77 0.30 0.29

V 491 MacDonald Mns V 248 MacMillan Mnls T 6648 Mag Silver Mag Silver* X 269 V 4530 Magellan Minls Majescor Res V 1263 Majestic Gold V 1711 Major Drilling T 2855 Makena Res V 1052 Malbex Res V 2000 Mandalay Res T 7820

0.01 0.01 0.00 0.02 0.01 0.01 0.05 0.19 + 0.01 0.24 0.22 0.19 10.65 9.81 10.05 - 0.52 11.00 6.56 5.60 7.68 - 0.55 9.17 8.15 7.53 0.04 0.06 + 0.01 0.12 0.06 0.05 0.03 0.06 - 0.01 0.06 0.06 0.05 0.03 0.05 - 0.01 0.08 0.06 0.05 3.75 4.61 - 0.26 7.49 4.99 4.39 0.02 0.03 0.00 0.06 0.03 0.03 0.01 0.03 0.00 0.06 0.03 0.03 0.69 0.80 - 0.03 1.05 0.85 0.77

I-J-K

15-10-27 7:12 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 2–8, 2015

S TO C K TA BL ES (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Manson Creek V 90 Maracote Intl V 400 Marathon Gold T 1032 Margaret Lk Di V 100 Marifil Mines V 273 Maritime Res V 1805 Marlin Gold V 910 Mason Graphite V 2351 Matamec Expl V 2644 Maudore Minls V 543 Mawson Res T 725 Mawson West T 5710 Maya Gold & Si V 3210 MBAC Fertilizr T 17514 McEwen Mng* N 5704 McEwen Mng T 3389 MDN Inc T 1820 MDU Res* N 39084 Meadow Bay Gd T 1581 Mechel* N 7014 Medallion Res V 2455 Mega Copper V 109 Mega Uranium T 5557 Megastar Dev V 375 Melior Res V 3330 Melkior Res V 3280 Menika Mining V 25049 Merrex Gold V 1092 Mesa Expl V 10 Mesabi Trust* N 4209 Metalcorp V 530 Metalex Vent V 70 Metalore Res T 13 Metals Ck Res V 910 Metanor Res V 49951 Micrex Devel V 1542 Midas Gold T 3853 Midland Expl V 524 Midnight Sun M V 100 Migao T 1477 Millrock Res V 172 Millstream Min V 200 Minas Buenavn* N 77984 Minaurum Gold V 440 Minco Gold* X 2174 Minco Gold T 25 Minco Silver T 861 Mindoro Res V 1913 Mineral Mtn Rs V 3770 Mines Managem* X 809 Mines Managmnt T 30 Minfocus Expl V 500 Miranda Gold V 5048 Mirasol Res V 516 Mkango Res V 760 Monarques Res V 1332 Moneta Porcpn T 9111 Monster Mng V 80 Monster Uran V 20 Montero Mg&Ex V 12934 Monument Mng V 1288 Mosaic* N 199688 Mountain Boy M V 200 Mountain Prov T 2030 MPH Vent V 586 MPVC V 4520 Mundoro Cap V 3015 Mustang Minls V 2210

0.01 0.01 0.01 0.00 0.03 0.01 0.04 0.04 0.04 + 0.03 0.25 0.04 0.22 0.19 0.22 + 0.01 0.39 0.18 0.08 0.07 0.07 - 0.03 0.26 0.07 0.02 0.02 0.02 0.00 0.02 0.01 0.16 0.13 0.13 - 0.07 0.24 0.08 0.33 0.27 0.33 + 0.01 1.09 0.25 0.50 0.42 0.44 - 0.06 0.73 0.36 0.04 0.03 0.04 + 0.01 0.07 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.24 0.18 0.21 0.00 0.30 0.15 0.02 0.02 0.02 - 0.01 0.20 0.01 0.21 0.16 0.17 - 0.04 0.31 0.11 0.05 0.04 0.04 + 0.01 0.18 0.01 1.06 0.93 0.96 - 0.10 1.83 0.65 1.37 1.22 1.26 - 0.10 2.07 0.84 0.03 0.02 0.03 0.00 0.08 0.02 19.31 18.68 19.23 + 0.20 28.51 16.15 0.16 0.13 0.15 + 0.01 0.31 0.10 0.96 0.86 0.87 - 0.07 1.88 0.42 0.03 0.02 0.03 0.00 0.10 0.01 0.04 0.04 0.04 + 0.02 0.05 0.02 0.08 0.08 0.08 - 0.01 0.25 0.07 0.03 0.03 0.03 - 0.01 0.07 0.02 0.02 0.02 0.02 0.00 0.12 0.02 0.03 0.02 0.02 - 0.01 0.06 0.02 0.11 0.08 0.10 + 0.01 0.15 0.05 0.18 0.16 0.16 - 0.01 0.23 0.05 0.02 0.02 0.02 0.00 0.04 0.02 11.39 9.75 9.97 - 1.14 20.97 9.08 0.01 0.01 0.01 0.00 0.01 0.01 0.08 0.06 0.06 - 0.02 0.12 0.03 3.20 2.90 2.90 - 0.10 3.72 2.41 0.08 0.07 0.08 + 0.02 0.28 0.05 0.06 0.05 0.06 0.00 0.10 0.04 0.02 0.01 0.02 0.00 0.05 0.01 0.31 0.28 0.28 - 0.04 0.62 0.27 0.60 0.55 0.60 0.00 0.89 0.47 0.11 0.11 0.11 - 0.06 0.20 0.08 0.56 0.53 0.55 + 0.01 1.59 0.50 0.25 0.21 0.21 - 0.05 0.55 0.19 0.03 0.03 0.03 0.00 0.07 0.01 8.22 7.30 7.76 - 0.42 12.51 5.73 0.05 0.05 0.05 0.00 0.10 0.05 0.21 0.17 0.17 - 0.04 0.39 0.15 0.27 0.24 0.24 - 0.03 0.43 0.20 0.47 0.42 0.47 + 0.02 0.87 0.32 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.02 0.03 0.00 0.06 0.02 0.34 0.31 0.31 - 0.00 0.74 0.26 0.42 0.41 0.42 - 0.03 0.85 0.34 0.01 0.01 0.01 0.00 0.04 0.01 0.09 0.08 0.08 - 0.01 0.14 0.07 0.84 0.75 0.75 - 0.06 1.17 0.74 0.03 0.02 0.02 - 0.01 0.19 0.01 0.08 0.07 0.07 - 0.01 0.14 0.07 0.14 0.12 0.12 - 0.02 0.15 0.04 0.01 0.01 0.01 - 0.01 0.01 0.01 0.04 0.04 0.04 - 0.01 0.12 0.02 0.05 0.03 0.05 0.00 0.06 0.01 0.12 0.11 0.11 - 0.01 0.18 0.08 35.24 33.95 35.16 + 0.23 53.83 29.61 0.01 0.01 0.01 0.00 0.02 0.01 4.26 4.12 4.23 + 0.03 5.50 3.38 0.08 0.07 0.08 + 0.01 0.10 0.04 0.02 0.02 0.02 0.00 0.10 0.02 0.08 0.07 0.08 + 0.01 0.23 0.06 0.01 0.01 0.01 - 0.01 0.02 0.01

Namibia Rare E T 425 Natural Rs Pt* N 7836 Nautilus Minls T 4757 Nemaska Lith V 20407 Nevada Clean M V 1719 Nevada Copper T 359 Nevada Expl V 990 Nevada Sunrise V 4246 Nevado Res V 2660 Nevsun Res T 9011 Nevsun Res* X 6821 New Carolin Gd V 8582 New Destiny Mg V 50 New Gold T 79556 New Gold* X 188680 New Millennium V 18170 New Milln Iron T 4646 New Nadina V 1500 New Pac Metals T 175 New World Res V 610 Newmont Mng* N 308017 Newport Expl V 3142 NGEx Res T 1450 Nighthawk Gold V 5593 Nikos Expl V 52 Niogold Mng V 4810 Nippon Dragon V 101365 Nitinat Mnls V 1000 Noble Metal Gr V 3900 Noble Mnl Expl V 2250 Noka Res V 3660 Nomad Ventures V 1020 Nordex V 200 Noront Res V 2444 North Am En P* N 97 North Am En Pa T 182 North Am Nickl V 1315 North Am Pall T 97 North Am Tung V 10650 North Arrow Mn V 585 Northcliff Res T 6083 Northern Abiti V 460 Northern Dyn* X 5294 Northern Dyn M T 2920 Northern Freeg V 1057 Northern Gld M V 1445 Northern Graph V 1419 Northern Shiel V 10010 Northern Sun M V 59 Northern Sup R V 1759 Northern Vertx V 555 Northisle C&G V 4516 Northquest V 610 NovaCopper T 1052 NovaCopper* X 4194 NovaGold Res T 12084 NovaGold Res* X 61055 NuLegacy Gold V 1534 NV Gold V 70 Oban Mng T 3458 OceanaGold T 83576 Oceanic Iron O V 190 Oceanus Res V 120 Odin Mng & Exp V 2190 Olivut Res V 294 Olympic Res V 705 OM Group* N 141048 Omineca Mg&Mtl V 53 Opawica Expl V 1439 Orbit Garant D T 16 Orbite Alumnae T 65839 Orca Gold V 354 Orefinders Res V 620 Orestone Mng V 25 Orex Expl V 1420 Orex Minls V 3908 Orezone Gold T 970 Oroco Res V 6408 Orocobre T 834

0.05 0.05 0.05 0.00 0.22 0.04 2.58 1.96 2.02 - 0.48 13.79 1.96 0.35 0.29 0.34 + 0.03 0.56 0.24 0.32 0.26 0.29 + 0.01 0.35 0.12 0.04 0.03 0.04 - 0.01 0.06 0.03 1.05 0.98 1.03 - 0.02 2.03 0.75 0.22 0.19 0.21 + 0.01 0.33 0.05 0.27 0.23 0.24 - 0.04 0.53 0.13 0.02 0.02 0.02 - 0.01 0.06 0.01 4.22 3.92 4.12 - 0.09 5.35 3.41 3.28 3.02 3.15 - 0.13 4.51 2.57 0.07 0.05 0.05 0.00 0.08 0.02 0.01 0.01 0.01 - 0.01 0.05 0.01 4.03 3.53 3.67 - 0.28 6.04 2.52 3.13 2.70 2.79 - 0.28 5.12 1.90 0.14 0.10 0.11 - 0.02 0.36 0.10 0.09 0.07 0.08 0.00 0.30 0.07 0.02 0.01 0.02 + 0.01 0.03 0.01 0.17 0.16 0.16 + 0.01 0.24 0.14 0.04 0.03 0.04 + 0.02 0.12 0.01 19.46 18.22 19.03 - 0.27 27.90 15.39 0.24 0.23 0.24 + 0.02 0.49 0.20 0.51 0.48 0.51 0.00 1.62 0.44 0.08 0.06 0.08 + 0.02 0.46 0.05 0.03 0.03 0.03 0.00 0.15 0.03 0.32 0.28 0.30 - 0.01 0.43 0.22 0.15 0.03 0.10 + 0.08 0.15 0.03 0.06 0.06 0.06 - 0.01 0.09 0.03 0.01 0.01 0.01 - 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.04 0.04 0.00 0.35 0.03 0.02 0.01 0.01 - 0.01 0.07 0.01 0.16 0.15 0.16 + 0.01 0.43 0.06 0.36 0.33 0.36 + 0.03 0.67 0.25 2.40 2.19 2.23 - 0.14 5.90 1.60 3.05 2.86 2.95 - 0.05 6.60 2.10 0.19 0.15 0.19 + 0.02 0.28 0.12 4.25 3.96 3.96 - 0.23 188.00 3.87 0.02 0.01 0.02 + 0.01 0.07 0.01 0.27 0.25 0.27 + 0.02 1.34 0.25 0.08 0.06 0.08 0.00 0.27 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.41 0.34 0.34 - 0.07 0.72 0.28 0.50 0.43 0.47 - 0.06 0.83 0.37 0.05 0.04 0.04 - 0.01 0.18 0.04 0.02 0.01 0.02 + 0.01 0.04 0.01 0.34 0.28 0.30 - 0.02 0.89 0.26 0.03 0.02 0.02 - 0.01 0.04 0.01 0.15 0.13 0.15 + 0.04 0.30 0.03 0.04 0.03 0.03 0.00 0.04 0.02 0.25 0.24 0.25 + 0.04 0.26 0.09 0.03 0.02 0.03 + 0.01 0.07 0.02 0.25 0.19 0.19 - 0.08 0.32 0.07 0.56 0.47 0.48 0.00 0.93 0.41 0.43 0.36 0.37 - 0.01 0.84 0.35 5.21 4.68 4.91 - 0.26 5.23 2.65 4.04 3.57 3.76 - 0.27 4.25 2.33 0.13 0.12 0.13 0.00 0.17 0.06 0.01 0.01 0.01 0.00 0.17 0.01 1.29 1.20 1.22 + 0.01 3.40 1.15 2.66 2.33 2.41 - 0.24 3.15 1.70 0.10 0.09 0.10 + 0.01 0.30 0.08 0.23 0.22 0.23 - 0.01 0.47 0.14 0.30 0.27 0.30 + 0.03 0.58 0.21 0.16 0.11 0.11 - 0.04 0.19 0.08 0.10 0.08 0.10 + 0.01 0.32 0.03 34.01 32.29 33.20 - 0.69 35.00 22.20 0.06 0.06 0.06 + 0.03 0.11 0.01 0.01 0.01 0.01 0.00 0.03 0.01 1.05 1.00 1.05 + 0.10 1.50 0.79 0.40 0.35 0.36 - 0.03 0.45 0.20 0.23 0.20 0.20 - 0.01 0.49 0.16 0.02 0.01 0.01 0.00 0.10 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.01 - 0.01 0.02 0.01 0.15 0.13 0.13 - 0.02 0.34 0.11 0.32 0.28 0.29 - 0.01 0.75 0.22 0.05 0.03 0.03 + 0.01 0.06 0.02 1.99 1.82 1.86 - 0.03 2.88 1.38

N-O

TNM Pgs 8 9.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Orosur Mng T 1611 0.13 0.11 0.11 - 0.01 0.24 0.10 Orvana Mnrls T 2003 0.22 0.19 0.19 - 0.01 0.49 0.15 Otis Gold V 5538 0.11 0.09 0.09 0.00 0.14 0.02

P-Q Pac Bay Mnrls V 1148 Pac Booker Min V 331 Pac Booker Mn* X 69 Pac Casc Minls V 750 Pac Coal Res V 125 Pac Iron Ore V 275 Pac North West V 560 Pac Potash V 210 Pac Ridge Expl V 117 Paladin Energy T 16919 Palmer Res V 10 Pan Am Silver T 36029 Pan Am Silver* Q 126135 Pancontl Uran V 2740 Panoro Minls V 350 Parlane Res V 1540 PC Gold V 25712 Peabody Enrgy* N 29735 Pelangio Expl V 7630 Pele Mtn Res V 2905 Peregrine Diam T 21280

0.06 0.03 0.03 - 0.02 0.07 0.02 2.42 1.88 2.42 + 0.32 6.90 1.02 1.80 1.45 1.80 + 0.28 5.75 1.04 0.01 0.01 0.01 - 0.01 0.04 0.01 0.02 0.02 0.02 0.00 0.38 0.01 0.39 0.38 0.39 + 0.08 0.39 0.10 0.02 0.02 0.02 - 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.45 0.03 0.03 0.03 0.03 - 0.01 0.04 0.02 0.23 0.20 0.21 + 0.02 0.43 0.15 0.01 0.01 0.01 0.00 0.08 0.01 11.22 10.12 10.61 - 0.47 15.06 7.77 8.70 7.76 8.10 - 0.51 12.05 5.85 0.01 0.01 0.01 - 0.01 0.03 0.01 0.12 0.11 0.12 - 0.01 0.34 0.10 0.06 0.03 0.06 - 0.01 0.23 0.03 0.10 0.09 0.09 - 0.01 0.10 0.02 24.70 21.51 23.59 + 0.01 179.40 14.85 0.03 0.02 0.02 0.00 0.05 0.02 0.04 0.03 0.04 0.00 0.09 0.03 0.25 0.17 0.19 + 0.02 0.39 0.14

ADVANTAGE

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Rockhaven Res V 930 Rockland Mnls V 80 Rockwell Diam T 205 Rodinia Lithm V 8800 Rogue Iron Ore V 10145 Rome Res V 150 Romios Gold Rs V 5883 Roxgold V 3527 Royal Cdn Mint T 1187 Royal Gold T 163 Royal Gold* Q 31452 Royal Nickel T 12668 RPT Uranium V 50 Rubicon Mnls* X 83504 Rubicon Mnrls T 33949 Rugby Mng V 300 Running Fox Rs V 100 Rupert Res V 755 Rusoro Mng V 46688 Russell Metals T 15288 Rye Patch Gold V 3250

0.16 0.13 0.14 - 0.02 0.27 0.13 0.03 0.03 0.03 - 0.01 0.06 0.03 0.20 0.19 0.20 0.00 0.37 0.18 0.02 0.02 0.02 - 0.01 0.05 0.01 0.12 0.10 0.11 + 0.01 0.16 0.02 0.02 0.02 0.02 0.00 0.15 0.02 0.03 0.02 0.03 - 0.01 0.07 0.02 0.71 0.67 0.71 + 0.01 0.77 0.39 16.38 16.15 16.36 + 0.18 17.41 13.87 68.57 64.00 67.19 - 0.58 95.64 57.21 53.47 48.77 51.19 - 1.60 77.20 42.21 0.24 0.22 0.23 - 0.01 0.59 0.22 0.32 0.32 0.32 + 0.01 0.43 0.22 0.50 0.44 0.47 - 0.03 1.35 0.43 0.64 0.58 0.62 - 0.02 1.63 0.57 0.09 0.07 0.08 + 0.02 0.27 0.06 0.02 0.02 0.02 + 0.01 0.02 0.01 0.05 0.03 0.05 + 0.02 0.11 0.03 0.06 0.04 0.05 - 0.01 0.07 0.01 21.31 19.97 21.19 + 0.83 34.14 18.23 0.15 0.12 0.13 - 0.01 0.20 0.11

S Sabina Gd&Slvr T 17925 0.58 0.50 0.53 0.00 0.58 0.28 Sage Gold V 20 0.04 0.04 0.04 0.00 0.20 0.04 Saint Jean Car V 19717 0.05 0.04 0.04 + 0.01 0.05 0.01

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www.northernminer.com Perseus Mng T 9269 Pershimco Res V 1816 Peruvian Prc M V 4040 Phoenix Gold V 1000 Pilot Gold T 4011 Pinecrest Res V 260 Pinetree Cap T 7347 PJX Res V 163 Planet Mng V 240 Plata Latina M V 500 Platinex V 50 Platinum Gp M* X 5496 Platinum Gp Mt T 9071 Plato Gold V 50 Playfair Mng V 462 Polaris Minls T 176 PolyMet Mng* X 4361 PolyMet Mng T 1191 Potash C Sask* N 299394 Potash Cp Sask T 92251 Precipitate Gl V 450 Premier Gold M T 21890 Pretium Res* N 29562 Pretium Res T 16558 Primero Mng T 31960 Primero Mng* N 6602 Probe Mines V 7928 Prophecy Coal T 1830 Prospero Silve V 214 Puma Expl V 3475 Purepoint U V 8044 Q-Gold Res V 10 QMC Quantum Ml V 200 QMX Gold V 2671 Quartz Mtn Res V 83 Quaterra Res V 1030 Quest Rare Mnl T 7786

0.40 0.36 0.38 - 0.02 0.48 0.18 0.15 0.13 0.15 - 0.02 0.27 0.13 0.09 0.07 0.07 - 0.03 0.18 0.06 0.01 0.01 0.01 0.00 0.05 0.01 0.50 0.40 0.41 - 0.05 1.27 0.33 0.09 0.09 0.09 0.00 0.50 0.06 0.08 0.07 0.07 0.00 0.22 0.06 0.20 0.16 0.16 - 0.04 0.29 0.10 0.03 0.03 0.03 0.00 0.06 0.03 0.02 0.02 0.02 0.00 0.13 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.33 0.28 0.28 - 0.05 0.94 0.22 0.42 0.36 0.37 - 0.03 1.10 0.29 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.05 0.05 - 0.01 0.08 0.01 1.97 1.79 1.79 - 0.20 2.83 1.65 0.82 0.75 0.80 - 0.01 1.37 0.55 1.05 0.97 1.05 + 0.01 1.75 0.76 22.22 20.98 21.51 - 0.59 37.60 19.47 28.74 27.55 28.18 - 0.20 47.10 25.80 0.10 0.09 0.10 + 0.01 0.21 0.07 2.92 2.61 2.62 - 0.26 2.92 1.61 6.83 6.17 6.47 - 0.35 7.56 4.07 8.81 8.09 8.47 - 0.27 9.05 4.60 3.85 3.29 3.30 - 0.54 6.06 2.66 3.00 2.51 2.53 - 0.47 5.02 2.00 0.45 0.38 0.39 - 0.05 0.56 0.12 0.05 0.04 0.04 - 0.01 0.08 0.03 0.10 0.07 0.08 + 0.03 0.25 0.05 0.07 0.06 0.06 - 0.01 0.18 0.06 0.03 0.02 0.03 0.00 0.07 0.02 0.02 0.02 0.02 - 0.01 0.06 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.02 0.02 + 0.01 0.04 0.01 0.01 0.01 0.01 - 0.01 0.06 0.01 0.10 0.08 0.09 + 0.01 0.15 0.04 0.09 0.08 0.08 - 0.01 0.29 0.07

Radisson Mng V 945 Radius Gold V 483 Rainy Mtn Royl V 370 Rambler Mg&Mtl V 966 Randgold Res* Q 43461 Range Engy Res C 7560 Rapier Gold V 30 Rare Elemnt Rs T 1161 Rare Elemt Re* X 5342 Red Eagle Mng V 2081 Red Moon Potsh V 202 Red Pine Expl V 1470 Red Rock Enrgy V 940 Red Tiger Mng V 244 Redhawk Res T 50 Redhill Res V 2470 Redstar Gold V 210 Redstar Res V 136 Redzone Res V 20 Regal Res C 2080 Regulus Res V 30 Reliance Res V 50 Reliant Gold V 430 Renaissance Gd T 433 Reservoir Capt V 697 Reservoir Mnls V 1611 Reunion Gold V 4335 Revolver Res V 1350 Rhino Res* N 179 Richmond Mnls V 1263 Richmont Mines T 2390 Richmont Mine* X 3898 Rio Novo Gold T 1962 Rio Silver V 450 Rio Tinto* N 36746 Riverside Res V 415 RJK Explor V 530 Robex Res V 2985 Rochester Res V 60 Rock Tech Lith V 250

0.14 0.12 0.13 0.00 0.15 0.08 0.08 0.07 0.08 - 0.01 0.11 0.06 0.06 0.04 0.06 + 0.04 0.11 0.02 0.12 0.10 0.10 - 0.03 0.49 0.10 70.96 67.99 69.23 - 0.52 85.84 54.88 0.03 0.03 0.03 0.00 0.10 0.01 0.04 0.04 0.04 - 0.01 0.08 0.01 0.37 0.34 0.34 - 0.02 1.31 0.30 0.31 0.26 0.26 - 0.03 1.06 0.24 0.32 0.30 0.31 0.00 0.36 0.18 0.04 0.03 0.03 0.00 0.09 0.02 0.09 0.08 0.08 - 0.01 0.18 0.03 0.02 0.01 0.01 0.00 0.06 0.01 0.03 0.02 0.02 0.00 0.19 0.02 0.05 0.05 0.05 - 0.01 0.14 0.04 0.09 0.07 0.09 - 0.01 0.42 0.07 0.04 0.04 0.04 - 0.01 0.06 0.03 0.03 0.02 0.02 - 0.01 0.15 0.02 0.08 0.08 0.08 + 0.03 0.50 0.06 0.08 0.06 0.08 + 0.02 0.15 0.04 0.23 0.23 0.23 - 0.03 0.54 0.00 0.02 0.02 0.02 + 0.01 0.02 0.01 0.02 0.02 0.02 - 0.01 0.06 0.01 0.20 0.17 0.18 - 0.03 0.38 0.14 0.55 0.52 0.52 + 0.01 0.62 0.21 4.60 4.30 4.46 + 0.06 5.09 3.30 0.02 0.01 0.02 + 0.01 0.10 0.01 0.06 0.05 0.06 0.00 0.08 0.02 1.05 0.90 0.90 - 0.09 12.03 0.63 0.14 0.11 0.13 + 0.02 0.14 0.03 4.15 3.95 4.04 - 0.07 4.55 2.15 3.21 3.02 3.14 - 0.04 3.68 1.89 0.14 0.13 0.14 + 0.01 0.16 0.06 0.03 0.02 0.02 + 0.01 0.04 0.01 39.09 37.06 37.96 - 1.25 51.16 31.97 0.16 0.15 0.16 - 0.01 0.36 0.15 0.01 0.01 0.01 0.00 0.01 0.01 0.09 0.08 0.08 0.00 0.12 0.04 0.04 0.04 0.04 + 0.01 0.15 0.03 0.05 0.05 0.05 - 0.02 0.10 0.03

Salazar Res V 180 Sama Res V 2685 San Marco Res V 260 Sanatana Diam V 874 Sandspring Res V 16032 Sandstorm Gld* X 23129 Sandstorm Gold T 7366 Santa Fe Metls V 9720 Santacruz Silv V 33129 Sarama Res V 170 Satori Res V 835 Saturn Minls V 1350 Savant Expl V 2490 Scorpio Gold V 1405 Scorpio Mining T 7265 Seabridge Gld* N 23201 Seabridge Gold T 4333 Search Mnls V 4171 Secova Mtls V 3732 Sego Res V 50 Semafo T 49991 Sennen Res V 630 Sentry Sl PrmM T 662 Serabi Gold T 598 Serengeti Res V 900 SGX Res V 538 Sherritt Intl T 49573 Shore Gold T 13559 Sienna Res V 1328 Sierra Iron Or V 797 Sierra Metals T 467 Silver Bear Rs T 3102 Silver Bull Re T 526 Silver Grail R V 12716 Silver Mtn Mns V 50 Silver Pursuit V 990 Silver Range R V 1662 Silver Spruce V 1692 Silver Std Res T 25436 Silver Std Re* Q 68250 Silver Wheatn* N 230758 Silver Wheaton T 71504 Silvercorp Mtl T 11076 Silvermet V 500 Sirios Res V 626 Skeena Res V 11390 Skyharbour Res V 1190 Slam Exploratn V 617 Slater Mng V 20 Sniper Res V 60 SnipGold V 10 SNS Silver V 6083 Soc Quim&M Ch* N 36844 Softrock Mnrl V 230 Solitario Ex&R T 503 Solitario Ex&* X 6721 Solvista Gold V 1897 Sonoro Mtls V 2805 Source Expl V 3980 Southern Arc V 75 Southern Silvr V 1110 Spanish Mtn Gd V 16421 Sparton Res V 3280 Sprott Ph Silv T 284 Sprott Res T 5904 Spruce Ridge R V 110 St Andrew Gldf T 7770 St Augustine T 104 Stakeholdr Gld V 40 Standard Graph V 80 Stans Energy V 2978 Starcore Int V T 2986 Stellar Pac Vt V 14112 Stillwater Mg* N 104922 Stockport Expl T 1065 Stonegate Agri T 261 Stornoway Diam T 4989 Strategic Metl V 4871 Strategic Res V 342

0.05 0.04 0.05 0.00 0.18 0.04 0.18 0.15 0.16 - 0.03 0.30 0.10 0.05 0.03 0.05 + 0.02 0.10 0.02 0.03 0.03 0.03 - 0.01 0.15 0.02 0.23 0.19 0.20 + 0.01 0.62 0.13 3.14 2.85 2.99 - 0.11 4.65 2.20 4.04 3.71 3.90 - 0.09 5.30 2.80 0.03 0.01 0.02 + 0.01 0.03 0.01 0.18 0.13 0.13 - 0.05 0.66 0.11 0.08 0.07 0.08 0.00 0.12 0.03 0.06 0.04 0.04 - 0.01 0.45 0.02 0.13 0.12 0.12 + 0.01 0.24 0.11 0.01 0.01 0.01 + 0.01 0.05 0.01 0.09 0.07 0.08 - 0.01 0.20 0.07 0.19 0.17 0.18 - 0.01 0.28 0.14 8.06 6.60 7.93 + 0.69 9.89 3.31 10.55 8.57 10.42 + 1.11 12.12 4.34 0.05 0.04 0.05 0.00 0.13 0.03 0.06 0.04 0.04 - 0.02 0.09 0.03 0.02 0.02 0.02 0.00 0.03 0.02 3.39 3.02 3.19 - 0.14 4.49 2.39 0.11 0.11 0.11 + 0.01 1.35 0.10 2.48 2.30 2.35 - 0.07 3.49 2.01 0.07 0.06 0.07 + 0.01 0.10 0.06 0.03 0.03 0.03 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.02 0.01 1.05 0.89 0.93 - 0.11 3.25 0.70 0.22 0.16 0.19 + 0.01 0.31 0.13 0.03 0.02 0.02 - 0.01 0.04 0.01 0.42 0.38 0.40 + 0.02 0.62 0.07 1.49 1.20 1.30 + 0.08 2.13 0.84 0.04 0.03 0.03 - 0.01 0.12 0.03 0.11 0.08 0.09 - 0.01 0.30 0.07 0.06 0.02 0.03 + 0.01 0.06 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.02 0.02 0.02 0.00 0.06 0.02 0.05 0.03 0.04 - 0.01 0.11 0.03 0.09 0.08 0.09 + 0.02 0.10 0.02 10.04 9.07 9.68 - 0.16 10.04 4.47 7.78 6.96 7.39 - 0.27 7.78 3.92 14.90 13.40 13.86 - 1.00 24.22 11.03 19.20 17.52 18.20 - 0.89 29.86 14.62 1.09 0.94 1.06 + 0.06 2.00 0.75 0.03 0.03 0.03 - 0.01 0.11 0.02 0.12 0.11 0.11 - 0.02 0.13 0.06 0.09 0.08 0.08 - 0.01 0.13 0.06 0.03 0.02 0.03 0.00 0.07 0.02 0.04 0.03 0.03 0.00 0.07 0.01 0.04 0.04 0.04 + 0.01 0.05 0.02 0.06 0.05 0.06 0.00 0.07 0.01 0.05 0.05 0.05 - 0.02 0.11 0.04 0.40 0.33 0.37 + 0.04 0.50 0.05 18.30 16.57 17.93 + 0.35 28.32 12.65 0.03 0.02 0.02 + 0.01 0.03 0.01 0.73 0.60 0.65 - 0.09 1.31 0.60 0.58 0.45 0.50 - 0.08 1.20 0.40 0.04 0.03 0.04 + 0.01 0.11 0.02 0.06 0.05 0.06 0.00 0.22 0.04 0.02 0.02 0.02 0.00 0.10 0.02 0.45 0.37 0.45 + 0.10 1.00 0.25 0.07 0.06 0.06 - 0.01 0.13 0.03 0.04 0.03 0.04 0.00 0.05 0.02 0.02 0.02 0.02 + 0.01 0.03 0.01 6.27 6.04 6.08 - 0.15 7.43 5.31 0.69 0.60 0.62 - 0.06 2.37 0.59 0.06 0.04 0.04 + 0.01 0.06 0.01 0.34 0.31 0.32 - 0.03 0.39 0.21 0.08 0.08 0.08 0.00 0.18 0.07 0.03 0.03 0.03 0.00 0.28 0.02 0.02 0.02 0.02 0.00 0.04 0.01 0.04 0.03 0.03 0.00 0.18 0.01 0.11 0.09 0.11 0.00 0.17 0.08 0.03 0.02 0.03 + 0.01 0.14 0.01 11.29 10.11 10.24 - 1.00 15.37 8.36 0.02 0.02 0.02 0.00 0.06 0.02 0.02 0.02 0.02 0.00 0.08 0.02 0.74 0.70 0.72 - 0.01 0.85 0.46 0.32 0.28 0.29 - 0.05 0.37 0.26 0.02 0.02 0.02 - 0.01 0.08 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Strike Graph V 6713 StrikePoint Gd V 10555 Strongbow Expl V 165 Stroud Res V 2500 Sulliden Mng C T 245 Sultan Mnrls V 87666 SunCoke Engy* N 17107 Sunridge Gold V 5826 Superior Coppr V 17035 Sutter Gold V 5190

0.04 0.04 0.04 - 0.01 0.15 0.04 0.04 0.04 0.04 0.00 0.08 0.01 0.11 0.11 0.11 - 0.03 0.18 0.06 0.01 0.01 0.01 0.00 0.01 0.01 0.26 0.25 0.25 0.00 0.49 0.19 0.01 0.01 0.01 + 0.01 0.02 0.01 6.41 5.33 5.46 - 0.88 24.09 5.33 0.20 0.17 0.18 + 0.02 0.24 0.12 0.02 0.02 0.02 0.00 0.08 0.02 0.07 0.05 0.05 - 0.01 0.15 0.04

TAD Mnl Expl V 530 Tahoe Res* N 24458 Tahoe Res T 29336 Taipan Res V 250 Tajiri Res V 2550 Takara Res V 275 Talon Metals T 810 Tanz Roy Exp T 411 Tanz Roy Exp* X 7371 Taranis Res V 150 Taseko Mines* X 6478 Taseko Mines T 2335 Tasman Metals V 496 Tasman Mtls* X 1309 Tearlach Res V 325 Teck Res A T 129 Teck Res B* N 462963 Teck Res B T 193582 Tembo Gold V 167 Teranga Gold T 37484 Teras Res V 4766 Terraco Gold V 1705 Terrax Minls V 4140 Teuton Res V 144 Themac Res V 80 Thompson Creek T 3303 Thompson Crk* N 1676 Thor Expl V 250 Tiger Intl V 358 Timberline Res V 128 Timberline Rs* X 1493 Timmins Gold* X 20219 Timmins Gold T 58310 Tinka Res V 708 Tintina Res V 3295 Tirex Res V 1861 Titanium Corp V 3329 TNR Gold V 20 Tolima Gold V 1800 TomaGold V 4910 Torex Gold T 77234 Transition Mtl V 420 Treasury Metal T 3691 Tres-Or Res V 400 Trevali Mng T 32593 Tri Origin Exp V 120 TriMetals Mng T 3480 Trio Gold Corp V 1320 Troymet Expl V 47709 True Gold Mng V 22558 True North Gem V 5498 Tsodilo Res V 237 Turquoise HIl* N 13631 Turquoise Hill T 30643 TVI Pacific T 2443 Typhoon Expl V 281

0.01 0.01 0.01 0.00 0.01 0.01 9.78 8.56 8.85 - 0.88 21.70 7.33 12.61 11.17 11.61 - 0.86 24.43 9.66 0.20 0.17 0.17 - 0.01 3.30 0.17 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.02 0.03 + 0.01 0.06 0.01 0.15 0.12 0.14 - 0.01 0.39 0.08 0.46 0.41 0.45 + 0.04 2.29 0.32 0.36 0.32 0.34 + 0.01 1.87 0.25 0.06 0.05 0.05 0.00 0.15 0.03 0.55 0.48 0.50 - 0.05 1.52 0.32 0.70 0.64 0.67 - 0.03 1.74 0.51 0.39 0.36 0.36 - 0.01 0.99 0.33 0.30 0.27 0.27 - 0.02 0.79 0.25 0.14 0.12 0.14 + 0.02 0.14 0.02 11.25 9.70 11.25 + 0.30 22.64 7.74 6.86 5.96 6.73 - 0.05 17.88 4.39 8.97 7.76 8.79 + 0.09 20.58 5.87 0.02 0.02 0.02 0.00 0.06 0.02 0.63 0.56 0.57 - 0.06 0.82 0.38 0.08 0.07 0.08 - 0.01 0.16 0.05 0.09 0.08 0.08 - 0.01 0.19 0.07 0.38 0.36 0.36 - 0.01 0.44 0.23 0.06 0.05 0.05 - 0.01 0.50 0.05 0.01 0.01 0.01 - 0.01 0.03 0.01 0.69 0.64 0.67 - 0.01 2.57 0.53 0.54 0.49 0.51 - 0.01 2.26 0.40 0.04 0.03 0.04 + 0.01 0.07 0.02 0.14 0.12 0.12 - 0.09 0.30 0.12 0.72 0.69 0.70 + 0.03 1.02 0.35 0.55 0.52 0.54 + 0.02 0.96 0.26 0.28 0.22 0.22 - 0.05 1.33 0.20 0.35 0.29 0.29 - 0.06 1.53 0.26 0.19 0.17 0.17 - 0.01 0.43 0.15 0.09 0.06 0.06 0.00 0.15 0.04 0.15 0.12 0.12 - 0.01 0.35 0.12 1.25 1.05 1.10 - 0.10 1.55 0.60 0.01 0.01 0.01 - 0.01 0.03 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.05 0.05 0.05 0.00 0.13 0.04 1.42 1.27 1.28 - 0.11 1.71 0.85 0.09 0.09 0.09 + 0.03 0.27 0.06 0.55 0.45 0.50 + 0.04 0.62 0.25 0.03 0.03 0.03 + 0.01 0.03 0.01 0.65 0.55 0.59 - 0.07 1.24 0.31 0.03 0.02 0.02 - 0.01 0.04 0.01 0.13 0.08 0.11 + 0.03 0.15 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.02 0.02 0.00 0.03 0.01 0.24 0.18 0.23 + 0.04 0.34 0.15 0.16 0.14 0.15 - 0.01 0.19 0.07 0.83 0.70 0.70 - 0.11 1.19 0.68 3.02 2.82 2.95 - 0.09 4.73 2.41 3.94 3.67 3.87 - 0.03 5.80 3.17 0.02 0.01 0.02 - 0.01 0.03 0.01 0.05 0.04 0.05 + 0.02 0.09 0.03

U3O8 Corp T 10847 UC Res V 1045 Ucore Rare Mtl V 10055 UEX Corp T 20670 Ultra Lithium V 974 Unigold V 3213 Unity Energy V 733 Ur-Energy T 1194 Ur-Energy* X 698 Uracan Res V 1000 Uragold Bay Rs V 2690 Uranium Ener* X 6573 Uranium Partic T 5964 Uranium Res* Q 1698 Uranium Valley V 135 Uravan Minls V 670 US Energy* Q 2475 US Silica Hld* N 20787 Vale* N 323533 ValGold Res V 200 Valterra Res V 409 Vangold Res V 1784 Vanstar Mng Rs V 4250 Vantex Res V 800 Vena Res T 370 Vendetta Mng V 142 Verde Potash T 2574 Victoria Gold V 9420 Victory Nickel T 1566 Victory Res V 1190 Victory Vent V 530 Vior Mining V 330 Virginia Engy V 225 Viscount Mng V 1882 Visible Gold M V 6583 Vista Gold T 220 Vista Gold* X 5081 VMS Vent V 1067 Volcanic Mtls V 35 Vulcan Mnrls V 272 VVC Expl V 2036

0.03 0.02 0.03 0.00 0.07 0.02 0.02 0.02 0.02 - 0.01 0.03 0.01 0.23 0.20 0.20 - 0.01 0.44 0.20 0.14 0.12 0.13 - 0.01 0.37 0.11 0.10 0.06 0.09 + 0.02 0.35 0.05 0.10 0.08 0.08 - 0.01 0.35 0.08 0.09 0.08 0.08 + 0.01 0.10 0.03 0.80 0.73 0.75 - 0.05 1.35 0.72 0.62 0.56 0.56 - 0.06 1.07 0.53 0.01 0.01 0.01 0.00 0.08 0.01 0.04 0.04 0.04 - 0.01 0.07 0.03 1.20 1.06 1.09 - 0.09 2.99 0.90 5.33 5.12 5.27 + 0.07 5.76 4.82 0.81 0.76 0.80 + 0.02 2.67 0.60 0.05 0.04 0.05 0.00 0.10 0.04 0.14 0.12 0.13 - 0.01 0.17 0.03 0.51 0.42 0.45 - 0.04 3.00 0.36 18.51 15.97 16.66 - 1.74 52.87 13.50 4.91 4.44 4.73 - 0.17 11.45 4.03 0.01 0.01 0.01 0.00 0.03 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.06 0.05 0.06 - 0.02 0.09 0.03 0.02 0.01 0.02 + 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.17 0.03 0.09 0.09 0.09 + 0.01 0.22 0.08 0.27 0.24 0.24 - 0.02 0.70 0.24 0.16 0.14 0.14 - 0.03 0.24 0.09 0.03 0.02 0.03 + 0.01 0.51 0.02 0.05 0.04 0.05 0.00 0.09 0.03 0.03 0.03 0.03 + 0.01 0.03 0.01 0.05 0.04 0.05 0.00 0.13 0.04 0.05 0.05 0.05 - 0.01 0.10 0.03 0.38 0.33 0.38 + 0.03 0.47 0.15 0.06 0.05 0.05 - 0.01 0.27 0.04 0.45 0.38 0.45 + 0.02 0.56 0.29 0.36 0.29 0.34 0.00 0.45 0.24 0.11 0.10 0.10 0.00 0.32 0.10 0.04 0.04 0.04 0.00 0.16 0.04 0.02 0.02 0.02 0.00 0.04 0.02 0.04 0.03 0.04 + 0.01 0.04 0.02

Wallbridge Mng T 266 Waseco Res V 120 Wealth Minls V 2210 Wescan Goldfie V 132 Wesdome Gold T 3950 West Af Iron O V 20 West High Yld V 243 West Kirkland V 3650 Western Copper T 9630 Western Coppr* X 632 Western Lithiu T 17009 Western Melv M V 35 Western Pac Rs V 1745 Western Potash T 2439 Western Troy C V 10 Westkam Gold V 9850 Westminster Rs V 135 WGI Heavy Mnl T 1692 White Pine Res V 784 Wildcat Expl V 365 Williams Creek V 5275 Wolfden Res V 9465 WPC Res V 230 Xmet V 4273 Xtierra V 40 Xtra-Gold Res T 53 Yamana Gold* N 100865 Yamana Gold T 221885 Yanzhou Coal* N 1389 Yellowhead Mng T 1549 Zadar Vent V 1020 Zazu Metals T 970 Zenyatta Vent V 3049 Zimtu Capital V 2443 Zinco Mng V 100

0.04 0.03 0.04 + 0.01 0.08 0.03 0.03 0.03 0.03 0.00 0.06 0.02 0.24 0.19 0.20 - 0.03 0.42 0.03 0.03 0.02 0.03 + 0.01 0.05 0.01 1.02 0.96 1.00 - 0.04 1.40 0.62 0.02 0.02 0.02 - 0.01 0.10 0.02 0.30 0.25 0.25 - 0.06 0.43 0.11 0.06 0.05 0.06 0.00 0.10 0.05 0.43 0.36 0.43 + 0.04 0.78 0.34 0.32 0.29 0.30 - 0.00 0.68 0.27 0.30 0.26 0.26 - 0.03 0.96 0.26 0.03 0.03 0.03 0.00 0.15 0.03 0.01 0.01 0.01 0.00 0.18 0.01 0.26 0.22 0.23 - 0.02 0.37 0.20 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 0.00 0.05 0.03 0.02 0.02 0.02 0.00 0.15 0.01 0.23 0.22 0.23 0.00 0.78 0.00 0.01 0.01 0.01 - 0.01 0.09 0.01 0.04 0.03 0.04 + 0.01 0.08 0.02 0.03 0.02 0.02 - 0.02 0.11 0.01 0.10 0.08 0.08 - 0.02 0.32 0.05 0.06 0.05 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 0.22 0.22 0.22 - 0.01 0.30 0.10 2.58 2.25 2.44 - 0.10 5.86 1.43 3.33 2.94 3.20 - 0.07 6.74 1.89 5.28 5.01 5.20 - 0.25 12.24 4.28 0.05 0.05 0.05 0.00 0.18 0.03 0.01 0.01 0.01 0.00 0.08 0.01 0.15 0.14 0.14 - 0.03 0.46 0.12 1.14 0.98 1.04 + 0.07 2.61 0.93 0.22 0.17 0.17 - 0.07 0.47 0.17 0.02 0.02 0.02 0.00 0.09 0.02

U-V

W-Z

15-10-27 7:12 PM

WWW.NORTHERNMINER.COM

NOVEMBER 2–8, 2015 / THE NORTHERN MINER

BID-ASK — OCTOBER 16–22, 2015 12-MONTH STOCK

ABE Res Abzu Gold Actus Mnls Adanac Moly Aegean Metals Afferro Mng African Metals Aftermath Silv AgriMinco Alder Res Aldershot Res Alexander Nubi Alhambra Res Allana Potash Allied Gold Allied Nevada Allied Nevada* Alpha Mnls Altitude Res Alturas Minls Am Cons Minls Amador Gold Amara Mng Amcol Intl* American Bonan AMI Res Anconia Res AndeanGold Anglo Pac Grp Anglo-Bomarc Arco Res Arctic Hntr Ur Arcturus Res Armadillo Res Asher Res AsiaBaseMetals Astar Mnls Aston Bay Astorius Res Augusta Res Auramex Res Aurania Res AuRico Gold* AuRico Gold Azumah Res Bama Gold Banyan Gold Bard Vent Baroyeca Go&Si Bayfield Vent BCGold BE Res Bear Lake Gold Bearing Res Bellhaven Cp&G Belvedere Res Berkwood Res Besra Gold Big North Grap Blackstone Ven Blue Gold Mng Blue Sky Uran Bluestone Res Bonaparte Res Bralorne Gold Brazilian Gold Brionor Res Buccaneer Gold Bullman Mnls Burnstone Vent Cadan Res Calvista Gold Canada Fluorsp Canadn Silvr H Canaf Group Cancor Mines Cangold Canyon Copper Caracara Silvr Cariboo Rose Carrie Arran R Cascadero Copp Cassius Vent Cavan Vent Cayden Res Caza Gold Celeste Copper Chalice Diam Channel Res CIC Energy Citation Res Claim Post Res Clear Mtn Res Cliffmont Res Cline Mng CMQ Res Coalspur Mines Cobriza Mtls Coeur Mng Colossus Minls Columbus Expl Comet Inds Contintl Nickl Coral Gold Coronado Res Coronet Mtls Cortez Gold Cougar Mnls Creso Expl Crosshair Eny* Cuervo Res Curis Res Darwin Res Desert Gold Diamonds North Dominion Mnls* Dorex Minls Duluth Metals Dunav Res DV Res E-Energy Vent Eagle Hill Exp Eagle Mtn Gold Eastern Merid Elemental Mnls Elgin Mng Elissa Res Emgold Mng Esperanza Res Estrella Gold Eurotin Evolving Gold Extorre Gold M Fairmont Res Ferrum Am Mng Finlay Minrls First Nickel Fjordland Exp

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

0.04 0.03 0.02 0.19 0.03 1.10 0.05 0.01 0.01 0.01 0.02 0.08 0.02 0.50 2.25 0.16 0.86 5.55 0.08 0.01 0.04 0.01 0.20 45.74 0.02 0.05 0.01 0.01 1.00 0.19 0.06 0.03 0.01 0.01 0.02 0.04 0.09 0.13 0.01 3.15 0.01 0.21 2.87 3.58 0.02 0.07 0.02 0.02 0.01 0.24 0.01 0.02 0.03 0.03 0.07 0.03 0.01 0.02 0.03 0.04 0.46 0.05 0.08 0.05 0.19 0.10 0.01 0.02 0.04 0.01 0.05 1.09 0.35 0.01 0.05 0.01 0.03 0.03 0.01 0.03 0.05 0.03 0.01 0.02 2.40 0.03 0.01 0.07 0.04 1.99 0.07 0.01 0.01 0.01 0.01 0.02 0.02 0.12 12.03 0.02 0.06 1.30 0.40 0.09 0.18 0.03 0.18 0.05 0.12 0.02 0.01 0.68 0.05 0.11 0.02 0.08 0.02 0.45 0.01 0.04 0.01 0.60 0.14 0.03 0.18 0.41 0.14 0.01 1.01 0.03 0.01 0.05 4.27 0.05 0.01 0.03 0.01 0.01

0.06 0.03 0.04 0.20 0.05 2.50 0.06 0.01 0.01 0.01 0.03 0.10 0.03 0.50 2.29 0.16 0.86 5.68 0.10 0.01 0.04 0.01 0.29 45.75 0.02 0.06 0.02 0.02 1.44 0.25 0.06 0.05 0.02 0.05 0.03 0.10 0.15 0.17 0.02 3.50 0.01 0.45 2.88 3.73 0.03 0.20 0.03 0.03 0.01 0.25 0.02 0.35 0.04 0.04 0.08 0.04 0.01 0.02 0.04 0.05 0.49 0.08 0.13 0.12 0.19 0.10 0.01 0.03 0.05 0.02 0.09 1.10 0.35 0.02 0.06 0.02 0.04 0.04 0.01 0.04 0.06 0.04 0.02 0.02 2.49 0.04 0.01 0.07 0.06 2.00 0.08 0.02 0.01 0.01 0.01 0.04 0.02 0.13 12.64 0.02 0.06 1.75 0.90 0.10 0.25 0.04 0.32 0.07 0.12 0.03 0.01 0.72 0.05 0.20 0.03 0.18 0.03 0.45 0.02 0.05 0.01 0.65 0.17 0.10 0.25 0.42 0.14 0.01 1.03 0.04 0.02 0.07 4.28 0.05 0.02 0.03 0.01 0.02

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0.05 0.03 0.02 0.19 0.03 1.57 0.05 0.01 0.01 0.01 0.02 0.09 0.02 0.50 2.25 1.08 0.86 5.45 0.11 0.01 0.04 0.01 0.21 45.74 0.02 0.05 0.01 0.02 1.50 0.20 0.06 0.05 0.01 0.02 0.03 0.05 0.10 0.15 0.02 3.55 0.01 0.30 2.86 3.58 0.02 0.06 0.03 0.03 0.01 0.24 0.01 0.35 0.04 0.03 0.07 0.03 0.01 0.02 0.03 0.01 0.47 0.05 0.08 0.05 0.20 0.11 0.01 0.02 0.04 0.02 0.06 1.09 0.35 0.01 0.06 0.01 0.03 0.03 0.01 0.04 0.05 0.03 0.01 0.02 2.40 0.03 0.01 0.07 0.05 1.99 0.07 0.01 0.01 0.01 0.01 0.02 0.02 0.12 12.09 0.04 0.19 1.20 0.40 0.09 0.25 0.03 0.32 0.05 0.12 0.02 0.01 0.70 0.05 0.11 0.02 0.01 0.03 0.45 0.02 0.04 0.01 0.65 0.13 0.05 0.20 0.42 0.14 0.01 1.01 0.03 0.02 0.06 4.27 0.05 0.01 0.03 0.01 0.01

0.07 0.05 0.12 0.20 0.11 2.40 0.29 0.03 0.01 0.05 0.05 0.28 0.08 0.50 3.70 4.45 6.70 7.60 0.30 0.01 0.07 0.01 1.72 47.09 0.06 0.06 0.04 0.04 2.05 0.30 0.09 0.06 0.03 0.02 0.08 0.14 0.16 0.16 0.05 4.18 0.02 0.45 4.69 5.12 0.11 0.23 0.10 0.05 0.01 0.41 0.03 0.35 0.06 0.07 0.45 0.17 0.07 0.07 0.60 0.20 0.95 0.26 0.25 0.11 0.45 0.25 0.03 0.04 0.23 0.04 0.16 1.10 0.35 0.07 0.09 0.05 0.15 0.12 0.01 0.07 0.07 0.05 0.07 0.04 3.49 0.09 0.01 0.08 0.09 2.45 0.10 0.12 0.04 0.02 0.84 0.05 0.08 0.16 20.14 3.40 0.20 1.75 1.12 0.20 0.98 0.18 1.00 0.30 0.13 0.26 0.01 0.99 0.20 0.90 0.08 0.09 0.10 1.00 0.14 0.06 0.01 0.93 0.42 0.10 0.55 0.45 0.25 0.03 1.70 0.08 0.10 0.14 11.27 0.24 0.05 0.03 0.03 0.05

0.03 0.02 0.01 0.15 0.00 0.00 0.05 0.01 0.01 0.00 0.01 0.06 0.02 0.00 0.00 0.00 0.00 0.00 0.07 0.01 0.00 0.01 0.00 0.00 0.00 0.01 0.01 0.01 1.00 0.02 0.03 0.02 0.01 0.01 0.02 0.04 0.09 0.08 0.02 0.00 0.01 0.30 0.00 0.00 0.00 0.00 0.02 0.01 0.01 0.00 0.01 0.35 0.00 0.02 0.03 0.03 0.01 0.00 0.03 0.10 0.00 0.05 0.05 0.00 0.00 0.00 0.01 0.02 0.04 0.01 0.04 0.00 0.00 0.01 0.04 0.00 0.00 0.03 0.01 0.02 0.05 0.02 0.01 0.02 0.00 0.03 0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.10 1.00 0.00 0.06 0.20 0.02 0.00 0.03 0.00 0.00 0.00 0.00 0.00 0.08 0.00 0.00 0.02 0.00 0.00 0.03 0.01 0.00 0.00 0.04 0.00 0.00 0.06 0.01 0.00 0.00 0.02 0.01 0.00 0.05 0.01 0.02 0.00 0.01

Fort St J Nick Freeport Res Frontier Rr Er Frontline Gold Galantas Gold Gentor Res Geocom Res* Geodrill Geomark Expl GFK Res Gitennes Expl Giyani Gold Global Hunter Global Met Cl Global Ur Fund Gold Ridge Exp Golden Harp GoldMountain* Gray Rock Res Green Valley M Groundstar Res Gryphon Gold GTO Res Gunpoint Expl Hansa Res Hawkeye Gld&Di Helio Res Highvista Gold Hinterland Mtl Honey Badger E Horizonte Mnls Hudson River M ICN Res IEMR Res Inform Res Inova Res Inter-Citic Mn Intl Enexco Intl Millm Mng Intl Minls Crp Intrepid Mns Iron South Mng Iron Tank Res Jasper Mng Jiulian Res Karmin Expl Kazax Mnls Kettle River Kimber Res Kincora Copper KWG Res Labdr Iron Mns Lachlan Star Lago Dourado M Liberty Silver Lipari Energy Lithium Americ Lithium One Logan Res Lornex Cap Lovitt Res Lucky Mnls MagIndustries Magma Metals Mahdia Gold Mainstream Mnl Mammoth Res Manado Gold Manitou Gold Marengo Mng Marklnd AGF PM Masuparia Gold Max Res McChip Res McVicar Res Mega Precs Mtl Mercator Mnls Messina Minls Metallis Res Midasco Cap Midway Gold Midway Gold* Milner Con Slv Minemakers Minera IRL Mineral Depost Mineral Hill Minsud Res Mirabela Nickl Moly Mines Mountain Lake Murgor Res Musgrove Mnls Nebu Res Network Expl New Dawn Mng New Dimen Res New Oroperu Rs Newcrest Mng Newmac Res Newmont Mng Newstrike Cap Newstrike Res NMC Res Noram Vent Nortec Mnls North Am Pot D North Country Northern Iron Northern Lion NQ Expl NSGold NSX Silver Nubian Res Nuinsco Res Nunavik Nickel NWM Mng NWT Uranium Open Gold Opta Minls Oracle Mng Oremex Silver Orko Silver Orofino Mnls Oronova Res Orsa Vent Otterburn Res Pac Arc Res Pac Imp Mines Pac Rim Mining Pac Wildcat Re Paget Mnls Pan Global Res Pantheon Vent Paragon Minls Parallel Mng Paramount Gold Peat Res

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

0.01 0.02 0.13 0.01 0.09 0.03 0.05 0.48 0.96 0.07 0.01 0.08 0.02 0.01 1.64 0.02 0.04 0.04 0.03 0.01 0.05 0.01 0.10 0.17 0.02 0.04 0.02 0.12 0.02 0.01 0.03 0.01 0.06 0.01 0.01 0.16 2.04 0.41 0.01 2.80 0.25 0.05 0.04 0.03 0.03 0.28 0.03 0.01 0.15 0.02 0.02 0.02 0.01 0.07 0.05 0.46 0.29 1.15 0.03 0.10 0.04 0.08 0.10 0.09 0.01 0.01 0.01 0.03 0.02 0.01 5.86 0.04 0.09 0.84 0.47 0.08 0.01 0.06 0.04 0.30 0.13 0.07 0.02 0.09 0.07 5.00 0.04 0.09 0.02 0.06 0.32 0.02 0.08 0.01 0.02 0.10 0.05 0.12 12.10 0.09 26.37 0.66 0.03 0.17 0.01 0.02 0.01 0.11 0.01 0.05 0.01 0.04 0.03 0.01 0.01 0.04 0.01 0.02 0.01 0.27 0.01 0.02 1.94 0.06 0.04 0.10 0.09 0.01 0.01 0.07 0.01 0.01 0.01 0.11 0.06 0.03 1.20 0.01

0.02 0.03 0.14 0.01 0.11 0.04 0.09 0.60 1.00 0.12 0.01 0.09 0.03 0.05 1.67 0.03 0.06 0.05 0.03 0.01 0.06 0.01 0.16 0.25 0.02 0.05 0.03 0.15 0.02 0.01 0.05 0.01 0.07 0.01 0.01 0.20 2.05 0.41 0.02 2.83 0.26 0.09 0.04 0.05 0.05 0.30 0.05 0.02 0.16 0.03 0.03 0.02 0.01 0.12 0.08 0.49 0.30 1.18 0.04 0.18 0.09 0.11 0.04 0.09 0.17 0.01 0.01 0.03 0.02 0.01 8.25 0.07 0.12 1.40 0.49 0.09 0.01 0.10 0.05 0.79 0.13 0.08 0.03 0.12 0.07 5.09 0.16 0.10 0.02 0.07 0.35 0.02 0.14 0.02 0.03 0.16 0.07 0.16 12.90 0.19 26.90 0.70 0.05 0.17 0.02 0.02 0.01 0.12 0.02 0.09 0.01 0.08 0.04 0.02 0.01 0.05 0.01 0.02 0.01 0.32 0.01 0.03 1.99 0.10 0.05 0.10 0.25 0.01 0.01 0.08 0.01 0.01 0.01 0.12 0.07 0.03 1.20 0.02

0.01 0.02 0.13 0.01 0.09 0.04 0.02 0.62 0.98 0.12 0.01 0.09 0.03 0.01 1.64 0.02 0.04 0.05 0.03 0.01 0.05 0.01 0.11 0.16 0.01 0.05 0.02 0.17 0.02 0.01 0.03 0.01 0.06 0.01 0.03 0.15 2.04 0.41 0.04 2.83 0.26 0.05 0.04 0.03 0.03 0.28 0.03 0.01 0.15 0.02 0.02 0.02 0.02 0.06 0.04 0.47 0.30 1.15 0.05 0.10 0.05 0.10 0.13 0.09 0.01 0.01 0.01 0.03 0.02 0.01 5.82 0.04 0.09 0.83 0.49 0.08 0.03 0.06 0.04 0.12 0.09 0.04 0.02 0.13 0.08 4.75 0.14 0.09 0.02 0.06 0.32 0.02 0.08 0.02 0.02 0.13 0.05 0.15 12.11 0.10 26.25 0.70 0.04 0.19 0.02 0.02 0.01 0.11 0.01 0.06 0.01 0.04 0.03 0.01 0.01 0.04 0.01 0.05 0.01 0.27 0.01 0.03 1.99 0.10 0.03 0.10 0.20 0.01 0.01 0.07 0.02 0.01 0.01 0.10 0.06 0.04 1.52 0.02

0.03 0.02 0.35 0.01 0.18 0.14 0.03 0.99 1.00 0.18 0.02 0.20 0.07 0.25 2.05 0.03 0.07 0.35 0.04 0.01 0.14 0.13 0.11 0.20 0.03 0.08 0.07 0.28 0.03 0.05 0.08 0.01 0.30 0.01 0.07 0.60 2.05 0.55 0.04 4.92 0.31 0.14 0.14 0.08 0.06 0.50 0.06 0.02 0.40 0.05 0.09 0.14 0.28 0.15 0.13 0.49 0.49 1.46 0.06 0.20 0.06 0.16 0.26 0.28 0.02 0.01 0.07 0.08 0.04 0.02 10.41 0.10 0.20 1.26 0.52 0.13 0.12 0.13 0.14 0.12 1.30 1.17 0.07 0.13 0.21 6.95 0.14 0.09 0.62 0.15 0.82 0.03 0.30 0.05 0.05 1.10 0.11 0.20 31.00 0.29 44.66 1.22 0.08 0.19 0.03 0.08 0.01 0.14 0.05 0.24 0.02 0.65 0.07 0.03 0.03 0.18 0.01 0.05 0.02 2.35 0.09 0.03 2.63 0.30 0.04 0.15 0.20 0.01 0.02 0.11 0.04 0.01 0.08 0.13 0.12 0.07 1.88 0.03

0.01 0.02 0.00 0.01 0.05 0.03 0.00 0.46 0.00 0.03 0.01 0.05 0.02 0.05 0.00 0.02 0.03 0.00 0.02 0.01 0.03 0.00 0.00 0.14 0.01 0.02 0.02 0.06 0.01 0.01 0.03 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.04 0.00 0.00 0.05 0.02 0.02 0.02 0.21 0.02 0.01 0.00 0.02 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.03 0.00 0.03 0.08 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.04 0.04 0.83 0.00 0.00 0.00 0.00 0.01 0.05 0.00 0.00 0.02 0.06 0.04 0.00 0.07 0.03 0.00 0.00 0.00 0.00 0.04 0.01 0.02 0.00 0.04 0.07 0.00 0.10 0.00 0.00 0.02 0.00 0.01 0.02 0.01 0.00 0.01 0.03 0.01 0.04 0.03 0.01 0.00 0.04 0.00 0.05 0.01 0.25 0.01 0.02 0.00 0.05 0.03 0.00 0.20 0.01 0.01 0.00 0.01 0.01 0.01 0.03 0.00 0.03 0.00 0.01

Penteco Res Petaquilla Mnl Philippine Mtl Pitchstone Exp Plate Res PMI Gold PNG Gold Polar Star Mng Portage Mnls Portola Res Premier Roy Prime Merid Rs Proam Expl Providence Res PVR Partners* Quia Res Rackla Mtls Rainy River Rs Randsburg Intl Ratel Grp Rathdowney Res REBgold Red Cresc Res Remington Res Remo Res Resolve Vent Reva Res Revett Mnls Rhyolite Res Ridgemont Ir O Rio Alto Mng Rio Alto Mng* Roca Mines RockBridge Res Rockcliff Res Rockex Mng Rockgate Cap Rockridge Cap Rokmaster Res Romarco Mnrls Romulus Res Rotation Mnls Royal Coal RT Minerals RX Gold & Silv Ryan Gold Sable Res Samco Gold Sandstorm Mt&E Saville Res Senator Minls Senior Gld Prd SG Spirit Gold Signature Res Silver Predatr Silvercorp Mt* SilverCrest M* SilverCrest Mn Silvermex Res Silvore Fox Ml Sirocco Mng Soltoro Sona Res Sonora Gld & S Southern Hemis SouthGobi Res St-Georges Plt Stelmine Can Strata Mnls Stratabd Mnr Stratton Res Sunset Cove Mg Sunward Res Suparna Gold Tanzania Mnls Tasca Res Tawsho Mng Temex Res Teryl Res Corp Theia Res Thelon Cap Thunder Mtn Gd Tigray Res Tiller Res Tintina Mines Trend Mng* Tri-River Vent TriAusMin Tribute Res Troy Res Trueclaim Expl Tyhee Gold United Silver Uranerz Energy Uranium One US SIlver & Go Vaaldiam Mng Vendome Res Venerable Vent Veris Gold Viking Gold Virginia Mines Volta Res Walter Energy* Walter Energy War Eagle Mg Waymar Res WCB Res West Cirque Rs Westcore Energ Western Areas Westhaven Vent Westridge Res Whetstone Mnls Windarra Minls Windstorm Res Witwatersrand Wolverine Mnls World Vent* Xemplar Energy Xinergy Zena Mng Zephyr Mnls Zonte Mtls

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

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0.05 0.03 0.03 0.09 0.02 0.48 0.01 0.01 0.01 0.20 0.74 0.05 0.01 0.04 27.44 0.01 0.06 3.37 0.01 0.37 0.12 0.13 0.02 0.01 0.05 0.04 0.02 0.56 0.07 0.02 3.47 2.46 0.03 0.02 0.03 0.03 0.30 0.06 0.01 0.46 0.10 0.02 0.03 0.01 0.23 0.11 0.01 0.13 1.20 0.03 0.08 4.78 0.10 0.01 0.02 0.65 0.83 1.33 0.50 0.03 0.34 0.30 0.02 0.01 0.04 0.41 0.02 0.01 0.01 0.01 0.08 0.01 0.17 0.02 0.01 0.01 0.01 0.12 0.01 0.05 0.10 0.05 0.09 0.05 0.05 0.05 0.07 0.06 0.05 0.43 0.02 0.01 0.01 1.41 2.85 0.34 0.26 0.01 0.01 0.10 0.01 14.65 0.33 0.16 7.10 0.02 0.09 0.10 0.23 0.02 3.75 0.06 0.01 0.01 0.05 0.04 1.08 0.03 0.01 0.02 0.02 0.06 0.15 0.03

0.06 0.03 0.05 0.09 0.03 0.50 0.01 0.02 0.02 0.01 0.76 0.08 0.02 0.09 27.46 0.01 0.09 3.37 0.01 0.65 0.15 0.14 0.02 0.03 0.08 0.07 0.06 0.65 0.14 0.02 3.51 2.48 0.03 0.02 0.03 0.04 0.35 0.07 0.02 0.48 0.13 0.25 0.01 0.01 0.24 0.12 0.02 0.28 1.37 0.06 0.11 4.88 0.85 0.02 0.02 0.65 1.11 1.43 0.55 0.03 0.36 0.30 0.03 0.02 0.06 0.46 0.02 0.02 0.01 0.01 0.14 0.01 0.18 0.02 0.01 0.02 0.02 0.12 0.02 0.09 0.10 0.12 0.13 0.07 0.05 0.05 0.11 0.07 0.06 0.44 0.03 0.02 0.01 1.44 2.86 0.35 0.27 0.01 0.02 0.10 0.01 15.22 0.34 0.17 7.82 0.03 0.13 0.19 0.26 0.03 8.54 0.08 0.02 0.01 0.07 0.05 1.18 0.04 0.51 0.02 0.02 0.10 0.16 0.05

0.05 0.03 0.03 0.09 0.02 0.48 0.01 0.01 0.02 0.20 0.76 0.08 0.01 0.05 27.44 0.01 0.09 3.42 0.01 0.50 0.15 0.16 0.01 0.01 0.05 0.05 0.02 0.57 0.11 0.02 3.48 2.47 0.03 0.02 0.03 0.04 0.30 0.06 0.02 0.46 0.13 0.05 0.01 0.01 0.24 0.12 0.01 0.13 1.36 0.04 0.29 4.78 0.20 0.01 0.02 0.65 0.86 1.40 0.53 0.03 0.35 0.32 0.03 0.02 0.04 0.40 0.02 0.01 0.01 0.01 0.08 0.01 0.18 0.02 0.01 0.01 0.01 0.12 0.02 0.07 0.05 0.11 0.10 0.04 0.04 0.01 0.17 0.07 0.06 0.43 0.02 0.01 0.02 1.44 2.85 0.35 0.26 0.01 0.01 0.15 0.01 14.99 0.33 0.16 7.15 0.03 0.10 0.10 0.26 0.03 4.00 0.07 0.01 0.01 0.06 0.05 1.08 0.03 0.02 0.02 0.02 0.06 0.16 0.04

0.06 0.31 0.07 0.21 0.07 0.72 0.02 0.17 0.03 0.20 2.60 0.19 0.02 0.12 29.22 0.04 0.13 6.10 0.02 0.95 0.35 0.16 0.11 0.05 0.13 0.07 0.06 1.42 0.23 0.28 3.99 3.18 0.03 0.09 0.07 0.30 0.53 0.18 0.05 0.82 0.24 0.15 0.21 0.04 0.60 0.16 0.07 0.80 3.54 0.13 0.17 7.48 0.38 0.04 0.05 1.81 1.64 1.97 0.88 0.11 0.89 0.34 0.06 0.03 0.20 1.25 0.05 0.05 0.12 0.07 0.15 0.06 0.24 0.16 0.07 0.08 0.05 0.13 0.02 0.20 0.17 0.11 0.15 0.16 0.06 0.11 0.17 0.08 0.12 1.27 0.08 0.09 0.14 1.70 2.86 0.67 0.27 0.03 0.03 0.95 0.01 17.20 0.57 6.84 21.20 0.04 0.20 0.30 0.54 0.04 6.11 0.12 0.04 0.04 0.09 0.19 1.50 0.11 0.10 0.05 0.48 0.12 0.20 0.08

0.00 0.00 0.03 0.00 0.02 0.00 0.01 0.00 0.00 0.20 0.00 0.06 0.01 0.00 0.00 0.00 0.03 0.00 0.01 0.40 0.11 0.00 0.00 0.01 0.04 0.05 0.02 0.00 0.11 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.04 0.01 0.00 0.10 0.01 0.00 0.01 0.00 0.00 0.01 0.13 0.00 0.02 0.02 0.00 0.06 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.26 0.01 0.01 0.01 0.01 0.06 0.01 0.00 0.02 0.01 0.01 0.01 0.00 0.01 0.06 0.00 0.04 0.00 0.04 0.02 0.00 0.03 0.00 0.04 0.00 0.02 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.10 0.00 0.01 0.00 0.05 0.01 0.00 0.00 0.00 0.00 0.03 0.00 0.02 0.00 0.06 0.09 0.02

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15-10-27 7:34 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 2–8, 2015

The camp at Lundin Gold’s Fruta del Norte gold project in southeastern Ecuador’s Zamora-Chinchipe province. LUNDIN GOLD

Lundin Gold CEO bullish on Fruta del Norte INTERVIEW

BY TRISH SAYWELL

tsaywell@northernminer.com QUITO, ECUADOR

undin Gold’s (TSX: LUG; USOTC: FTMNF) president and CEO Ron Hochstein sat down with The Northern Miner to discuss how he sees the prized Fruta del Norte gold project in Ecuador advancing in the months and years ahead. The Northern Miner: Ecuador’s Mines Minister, Javier Cordova, says Fruta del Norte will be in production in 2018. Do you agree with that estimate? Ron Hochstein: No. We’ve been saying 2019 … as we’re going through the feasibility study, we’re working through more of the mine development schedules ... there are some things that we could do in 2016 if the markets improved — we could do what we call “early works,” which could push us through to early 2019. But in terms of mine development, we don’t see production until 2019. TNM: The minister also hinted you’re close to signing a stability agreement, and that it might be in December. RH: Again, it’s a nuance there. What we’re saying is we’re going to agree to fiscal terms by December. We can’t actually sign the agreement because once we sign it, it triggers a bunch of other things in Ecuadorian law. Also there are two components to the exploitation agreement: there is the fiscal language — in terms of royalties and advanced royalty payments, that type of thing — and there is all the technical, which is the work plan, and what the mine is going to look like. The work plan we can’t do until we complete the feasibility study, which isn’t going to be until early secondquarter 2016. We’re going to negotiate the fiscal side of things, and largely the agreement, subject to tacking on the technical. TNM: Would you agree that the fiscal terms will be agreed upon by December? RH: That’s what we’re all working towards — to have that done by yearend. That enables us to go out and start working on the financing side of things, because the fiscal is known. That’s step one. Step two will be completing the feasibility study, which allows us to file our exploitation application. But we can work with the banks and everything with the fiscal terms first defined, and the feasibility study completed. TNM: The minister said there were other things that needed to be negotiated besides the royalties. For largescale mining, royalties are between 5% and 8%. What other things need to be negotiated? RH: There is the magnitude of advanced royalties. In Ecuador they have money put upfront — some of it is paid upon signing an exploitation agreement, and there are some other permits that are required.

TNM Pgs 1 2 3 4 5 11 13 14 16.indd 11

| Negotiations ongoing over complex Ecuadorian tax regime, production expected in 2019 All that money goes into local infrastructure and local economies, and we get a credit when we pay royalties on production. It’s a way to help prepare the local communities for eventual mine construction and operation ... the advanced royalties are payable early on. That’s the intent ... to help prepare the communities for all the employees. TNM: And that goes into a common pool, and the government decides where the money goes. RH: Yes. TNM: The taxation in Ecuador is quite complicated. Can you explain what the main components are? RH: It is not an easy thing to do. Value added tax (VAT) is still an issue. The VAT is 12%, and Ecuador is one of the few countries in the world that doesn’t reimburse VAT for companies that export ... there are still some things that we have to work on with the government, but the process is open, and negotiations are going well. TNM: What are the tax incentives? RH: The corporate income tax rate is 22%, which is lower. There is some work being done on relaxing duties for bringing in mining equipment that can’t be built here in Ecuador. They are still looking at the capital outflow tax ... going back outside for interest payments, and things like that. There are different things they are looking at. I don’t look at it as much as incentives, as I look at trying to develop a fiscal regime that is competitive with other mining regimes in Latin America. They’re looking at it as giving us some incentives, we’re looking at it as: “We need this in order for Ecuador to have a competitive fiscal regime going forward.” TNM: Minister Cordova said the taxation rate is 27%, which he said compares favourably with the regional average. RH: That’s a number they have calculated that the Chamber of Mines has a real issue with. When you compare all the taxes — because there are multiple levels of taxes, there’s profit sharing as well, part of that goes back to the government — it’s much closer to 50%. When you do a similar analysis for Chile and Peru, you’re looking at 42–48%. Ontario I think is 52%. TNM: Total all-in taxes are close to 50%? RH: Yes, total all-in sustaining taxes at the end of the day ... that’s all going to government. The 27% — we’re not sure actually where that number comes from. TNM: The minister said they hired Wood Mackenzie to look at Ecuador’s policies, and said the conclusion was that taxes were too high — so they lowered them to 27%, from 35%. RH: That’s the income tax rate, but they’re not taking into account royalties that you are paying. A 5% net smelter return royalty is not uncompetitive, but it’s not low. And then you look at profit sharing, and profit sharing is

“IF THEY’RE NOT SUCCESSFUL HERE, IT’S NOT JUST ANOTHER MINING COMPANY THAT WAS UNSUCCESSFUL, IT WAS THE LUNDIN FAMILY THAT WAS UNSUCCESSFUL. SO IT REALLY IS PUTTING ON A LOT OF PRESSURE.” RON HOCHSTEIN PRESIDENT AND CEO, LUNDIN GOLD

15% of your before-tax earnings. Three percent goes to employees and 12% goes to the government, but again, that’s going back into local governments. If you’re not helping to fund local governments, the federal government has to fund local governments. You have to look at it as payments to government. TNM: So you don’t think a 50% tax rate is all that bad? RH: I don’t think it’s unrealistic. Yes, there are jurisdictions that are lower, but at the end of the day, if you are essentially sharing the wealth of the natural resource development, that’s a pretty good position to be in. TNM: The tax burden isn’t prohibiting you from going forward with this project? RH: No. And what we are cognizant of is that Fruta del Norte is one of the best undeveloped gold deposits in the world. When we’re talking to government, we have to think about what’s competitive for the mining industry, not Fruta del Norte. Because it is a rich deposit. There are other potential projects here. There’s Mirador to the north, which is a large copper porphyry; there is a company called Odin Mining here, which is exploring … so we have to work with the government to make sure that we are creating a long-term, sustainable fiscal regime. TNM: The stability agreement is good for an initial 15 years, and can be renewed for another 15 years?

RH: We’re negotiating for a 25-year term that can be extended for another 25 years. TNM: The goal posts seem to change depending on who you talk to. RH: It’s new, so it’s at times challenging. But it’s rewarding as well to be first. TNM: The minister said Ecuador should sign this deal soon to prove that its mining sector is open for business. RH: Yes, we were at a meeting here recently with some other mining companies, and they said Lundin Gold is the one. It’s important because of the profile of the project and the profile of the company. The Lundins have a following [in the industry], so there’s one thing, I don’t want to sound arrogant about the family, but look at what they did in the Congo, what they did in Argentina ... what they’ve done in oil and gas in some parts of the world. They have been successful working with governments. If they’re not successful here, it’s not just another mining company that was unsuccessful, it was the Lundin family that was unsuccessful. So it really is putting on a lot of pressure — and not only pressure internally, but also pressure from outside. TNM: You have your hands full with Fruta del Norte, but would you look at acquiring more ground in the country? RH: No, we acquired a fairly large land package from Kinross. The Fruta del Norte project is 50 sq. km and there were 860 sq. km in total, and Kinross had done a lot of work on some of those, so we’re looking at that, but our focus is on the fiscal and regulatory regime, environmental permitting and feasibility study. We have done exploration work, but we’re putting that on hold until we get some of the key things done ... that’s probably the latter half of next year. TNM: All of the environmental applications submitted so far have been approved? RH: So far, and some are in progress, but we have worked with them. One of the things we’re working on with the Lundin Foundation is training of Ministry of Environment personnel, because a lot of them don’t understand mining. They understand oil and gas, but oil and gas and mining are not the same, and that’s part of the education we have to do here as well … but they are quick studies, and with the right people in the room, you can make things happen. TNM: The mines minister was quite critical of Kinross for abandoning the project, and Lundin paid just US$240 million for it. That was quite a good deal. RH: If you look at the market, yes, we got it for a pretty good deal. Kinross still owns 22% of the company, so they can still participate in the upside if we’re successful. They still have the potential to earn a lot more. The main thing that people forget is timing. When Kinross was here,

oil was high. This country was awash in fiscal inputs into the country. The gross domestic product was growing like crazy, and you had a good, solid leader — and you still do — who was putting money back into the country, so the country was really growing. You had countries all over the world — Australia, Mongolia, Chile — who were talking about windfall profit taxes. So what [President Rafael Correa] put in wasn’t all that unheard of. It was a combination of things, but most of it was timing. If you look at the environment we’re in today, it’s US$40 to US$50 per barrel of oil. I was in Guatemala last week to tour Escobal’s operations just as a benchmark, and they’re also nervous because El Niño this year has got a lot of people on this coast very concerned. They’ve looked at what else they can do to push the economy other than oil and gas. They’ve put a big push on tourism. Tourism has grown, but as we know, tourism is not big dollars. They realize mining is the only thing that they can really do here that can help backfill oil and gas. TNM: The minister said so far this year Ecuador has lost US$7 billion in revenue from the oil and gas sector, and pointed out there is no leverage, because the currency is tied to the U.S. dollar. RH: [Yes.] That’s the other aspect, the strong U.S. dollar. TNM: Can you explain the windfall profits tax? RH: There are two big things that have changed since Kinross was here. The first is that now you can recover all your capital before it kicks in. So that’s big. The other is that they have set the price on the Wood Mackenzie formula, which is a 10-year average, plus one standard deviation, and brought to today’s dollars. So you have inflation working for you. A lot of the modelling we have done would not have an impact. If you have, say, a gold company that is operating in Canada or Chile, or any place else, and you’ve got us that has this windfall profits tax, it puts us at a disadvantage, because the potential upside is limited ... the modelling we’ve done, you’d need a rapid spike in gold for it to kick in. Nevertheless, when investors look at it, they see a potential ceiling. So we continue to discuss this with the government. We’ve got bigger and more important things right now … but we continue to raise it. There is only one other country that has a windfall profits tax that I’m aware of, and it’s Bolivia. A lot of the countries walked away from it. Mongolia walked away from it. Australia walked away from it. As far as I can tell, it’s Bolivia and Ecuador that are left. Again, what we’re trying to do — not just Lundin Gold, but the government — is create a competitive, sustainable fiscal regime in the country. TNM

15-10-27 7:39 PM

NOVEMBER 2–8, 2015 / THE NORTHERN MINER

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Barkerville reborn after ‘massive housecleaning’ Frank Callaghan ﬁned by BCSC The British Columbia Securities Commission (BCSC) has reached a settlement agreement with James Francis (J. Frank) Callaghan, with his admitting he made statements that breached National Instrument 43-101 Standards of Disclosure for Mineral Projects. Callaghan is a B.C. resident and former oﬃcer and director of Barkerville Gold Mines (TSXV: BGM).

The historic Bonanza Ledge open-pit gold project at Barkerville Gold Mines’ Cariboo property in B.C. BARKERVILLE From 2

and development: Bonanza Ledge. Bonanza Ledge had operated between March 2014 and April 2015, producing 91,234 tonnes at 8.66 grams gold for 24,000 oz. gold, and the resource has only been defi ned to 107 metres deep. “We bottomed in ore, but we weren’t prepared to front the capital to enter into the second phase of the operation, which required us to push the pit wall back,” Geddes said. “Since our mining permit is still active, we’re entertaining different scenarios for the next phase, whether it be more economical to pursue it as an underground development, or continue with the open pit.” The company has commissioned JDS Energy & Mining to evaluate and optimize the mining method for the orebody, and Geddes hopes to return to production next year. Exposed in the small open pit are a number of steeply dipping, anastomosing rusty veins enveloped within a shear zone that has chewed its way through the black, carbonaceous shales.

TNM Pgs 1 2 3 4 5 11 13 14 16.indd 13

Geddes sifts through geology maps on the back of the truck and explains that the structure — known as the BC vein — is the main exploration target on the property. Marked as a thick red line across the paper, the mineralized BC vein has been traced by drilling for at least 1.4 km strike length at surface. Beyond that, it disappears beneath the forest floor. But within that window, BGM has systematically drilled the open-ended vein at 50-metre centres, to depths between 200 and 400 metres in hopes of calculating a resource estimate later next year. Results so far have returned hits such as 20.6 grams gold over 3.9 metres, 18 grams gold over 3.4 metres, 14.7 grams gold over 6 metres and 10.3 grams gold over 9.6 metres. Standing alongside the BC vein, Geddes points to a number of identical, parallel-trending structures along the open road-cuts in the distance that are caked with sulphides. The new discoveries, which include the KL and AG horizons, have returned intercepts of 6.4 grams gold over 7.3 metres, and 2.49 grams gold over 21.3

PHOTO BY LESLEY STOKES

The BCSC says the agreement states that in June and August 2012, Barkerville disclosed mineral resource estimates and a target for more exploration on a mineral property in a news release and in an independent technical report ﬁled with the BCSC. The BCSC says its staﬀ “determined that the initial report did not comply with NI 43-101.”

metres including 11.84 grams gold over 1.5 metres. Upon closer inspection, the deformation etched across the rock faces shows that these aren’t small, discontinuous structures of limited extent.

On Aug. 14, 2012, the BCSC issued a cease-trade order on Barkerville stock and required that the company ﬁle a revised compliant technical report prepared by another independent qualiﬁed person under NI 43-101.

‘Mind-boggling’ potential “The greatest thing [former CEO] Callaghan has ever done for this company was secure the entire district,” Geddes said, pointing to the 1,777 sq. km land package that sprawls over 101 placer-producing drainages and six past-producing mines for a 60 km strike. “We don’t have to worry about competitors because we essentially have a monopoly on the whole trend.” The source of the gold and how it manifests across BGM’s deposits is quite the enigma, considering it occurred 30 million years after porphyry mineralization in the region. Some reckon that the gold was stripped out of the host rock by regional metamorphism and found its way through the cracks, while others suggest the gold remobilized to higher parts of the crust from underlying gold-enriched replace

Barkerville ﬁled a revised technical report in June 2013, with reduced mineral resource estimates and targets for more exploration. The cease-trade order was revoked on July 15, 2013.

ment ores, such as those seen at Island Mountain. Geddes suspects the gold may have been transported from deep within the crust by a network of terrane-bounding faults and shear zones. In whichever case, he says the potential of the property is “mind-boggling.” “Between Bonanza Ledge and Island Mountain there’s over 6 km of gold deposits and occurrences,” he said. “Beyond that it’s all undercover, and every time we build a new road we uncover something new.”

The BCSC says that 2.5 months after Barkerville adopted the revised estimates and retracted the initial estimates, “Callaghan publicly repeated, and attempted to justify, the initial estimates in an online article, and at an investor presentation.” Callaghan acknowledges that his statements in the article and at the presentation contravened provisions of NI 43-101. The BCSC says Callaghan also agreed that certain facts aggravated his breaches of NI 43-101, including that BCSC staff cautioned him that attempting to justify, validate or compare the initial estimates to the revised estimates was misleading, and likely contrary to NI 43-101; his disclosure contradicted Barkerville’s previous disclosure adopting the revised estimates as the only current estimate; and he understood disclosing combined inferred and indicated resource estimates was prohibited. Callaghan must pay a $30,000 fine to the BCSC, and resign any position he holds as officer or director of a reporting issuer. He is banned for a year from acting as an officer, director or public relations person for any reporting issuer. He must also complete within a year a course on the requirements of NI 43-101.

At the end of the work day, Geddes and his team sit outside their apartments in what they jokingly refer to as their “sharing circle” to discuss the day's advances and challenges. “We want to stress to the industry that we’re all really focused on producing deliverables at the highest technical standards, and we’re not going to be promotional about it,” Geddes said. “We want people to realize the potential of this on their own, and let the results speak for themselves.” TNM

15-10-27 7:39 PM

WWW.NORTHERNMINER.COM

NOVEMBER 2–8, 2015 / THE NORTHERN MINER

NuLegacy earns 70% of Iceberg gold deposit in Nevada EXPLORATION

| Junior awaits Barrick’s decision on back-in right

uLegacy Gold (TSXV: NUG; US-OTC: NULGF) is standing at a crossroads, after fulfilling its 70% earn-in on the property in Nevada that hosts its flagship Iceberg gold deposit. The Reno, Nev.-based junior discovered the Carlin-type gold deposit on the coveted Cortez trend in June 2012, two years after it signed an earn-in agreement with Barrick Gold (TSX: ABX; NYSE: ABX).

“THIS IS SUCH A BIG FORK IN THE ROAD FOR THE COMPANY.” JAMES ANDERSON CEO, NULEGACY GOLD

Project geologist Garrett Frey (right) on a site tour of NuLegacy Gold and Barrick Gold’s Iceberg gold project in Nevada.

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Under the agreement, NuLegacy had to spend US$5 million exploring the 60 sq. km property by the end of 2015. It did this by September 2015, leaving Barrick with 90 days to decide whether to earn back 70% of the property by investing US$15 million over the next five years — giving NuLegacy a 30% carried interest to production — or stay as a 30% minority working-interest partner. Barrick has three world-class gold assets on the Cortez trend, including the low-cost producing Pipeline and Cortez Hills deposits, and the 15.5 million oz. Goldrush development project, just north of the Iceberg property. NuLegacy’s CEO and director James Anderson says the amount Barrick has to spend under the earnback option fits “comfortably” with the gold major’s annual global exploration budget of more than US$100 million. Two ways forward If Barrick picks the earn back option, NuLegacy will look at selling its 30% carried interest in a streaming or royalty agreement to an interested party. But if Barrick stays at the 30% level, NuLegacy will either try selling its majority interest, or buy Barrick’s minority interest to consolidate the ground. “This is such a big fork in the road for the company,” Anderson admits. The major’s 90 days are up at year-end. Once it responds, NuLegacy can pick which avenue to pursue. Anderson reveals that Barrick has sent a couple of representatives to examine NuLegacy’s core and rock chips from its recent drilling. It also has access to the junior’s electronic data room. On Sept. 30, NuLegacy reported the latest eight holes from its 2015, US$1.3-million drill program on Iceberg, of which seven holes hit gold mineralization. “That is a remarkably good hit-miss ratio in a Carlin-type deposit,” Anderson says. Six of the holes were drilled on the deposit’s North zone, with all but one returning encouraging gold results, including 5.11 grams gold over 13.7 metres, within 33.5 metres of 2.46 grams gold. The other two holes intersected slightly lower grades on the Central zone. Before this year’s drill program NuLegacy explored Iceberg’s Central and South zones, but this changed after it reported its best hole on the North zone in May. The hole returned 25.2 grams gold over 4.6 metres, within 41.2 metres of 3.9 grams gold. “That was a bit of a game changer,” Anderson says. Over the past three years, NuLegacy has completed a total of 74 holes along with numerous geophysical and chemical surveys on the Iceberg deposit, establishing a National Instrument 43-101 compliant exploration target of 90 to 110 million tonnes grading 0.9 to 1.1 grams gold per tonne. The junior aims to start a NI 43-101 compliant resource estimate on Iceberg next year, regardless of Barrick’s decision, Anderson says. “I think we will in either case. But, we would like to see the whites of the eyes of Barrick before we embark on that.” NuLegacy shares closed Oct. 23 at 12¢, up 33% from 2014’s close. With 160 million shares outstanding, the fi rm as a $19.2 million market capitalization. In the past 52 weeks the company's shares have traded between 6¢ and 17¢. TNM

15-10-27 7:39 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 1–8, 2015

Boom Truck Operator James Bay Region,QC,Canada Online Reference No: 62613 As a boom truck operator you will be required to perform lifts of varying nature in an approved manner consistent with current OH&S practices. Selected candidates will commit to work in accordance wit laws, regulations, procedures and policies. Workers have a duty to maintain a safe workplace an to correct any unsafe actions. Employees must also commit to strict principles of integrity, ethics, and respect for indigenous communities.

Closed Site Manager Granisle, BC Online Reference No: 62555 Responsible for directing all aspects of operations, maintenance and surveillance for the Granisle, BC and area closed sites, including Bell and Boss Mountain, as a hands-on working manager you will develop, implement, maintain and document all phases of the environmental and site management system and effectively manage and mitigate risks associated with the closed sites.

Facility Operations Manager Saskatoon, SK Online Reference No: 62548 In this leadership role you will supervise a team of internal and external resources by encouraging continuous improvement to ensure effective implementation of work processes including key performance indicator development, tracking and reporting. You will participate in the development and implementation of the Contractor Management Program (CMP) to manage contractor compliance and will coordinate the maintenance and repair programs for building systems, structure and infrastructure.

Electrician/Service Miner – North Mine Sudbury, Ontario, Canada Online Reference No: 62510 As an Electrician/Service Miner you will be responsible for servicing the mining equipment such as Jumbo’s and Maclean for approximately 3 hrs of the day and then assist on operating haulage truck, installation of pipes and other service mining components.

Construction Miner James Bay Region,QC,Canada Online Reference No: 62615 The primary role of the Construction Miner (Development) is to perform such work as shotcreeting, building refuge stations, crusher stations, muck bins, conveyor installation, timber and concrete work, sump installations, the installation of vent tubing (air, water and pumping lines), other construction work and maintenance jobs as required.

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

4 INDUSTRY JOB BOARDS

Are you interested in contributing your geoscience expertise to an organization that prides itself on providing opportunities for personal growth, continuous learning and work-life balance? If so, then consider joining our team at the Ontario Geological Survey.

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.

Supervisor, Canadian Payroll North Bay, ON, Canada Online Reference No: 62584 The Supervisor, Canadian Payroll is responsible for the accurate and timely payment of payroll while ensuring compliance with internal policies, federal and applicable provincial regulations. Duties and Responsibilities include Managing the daily preparation of a variety of payroll functions, ensuring timely and accurate payment of the hourly and staff employees of J.S. Redpath Limited, maintaining current legislative knowledg and Review and implement changes to payroll processes.

Radiation Technician Rabbit Lake Operation Online Reference No: 62551 You will assist in ensuring compliance for the radiation protection program. You will collect, maintain and record radiation data from the mine and mill facility as well as issue radiation work permits. You will also conduct routine monitoring and assess working conditions pertaining to radiation protection for the safety of all workers.

Exploration Manager Benga Mining Limited o/a Riversdale Resources Crowsnest Pass, Alberta, Canada Online Reference No: 62539 Full time Exploration Management position providing geological project management for coal exploration at Riversdale’s exploration project in Crowsnest Pass, Alberta. The role is primarily field based and the successful applicant is required to relocate to Blairmore, Alberta.

Mining and Screening Manager T.A.Dold Online Reference No: 62527

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

Precambrian Geoscientist Sudbury, Ontario Online Reference No: 62437

Drafter Sudbury, Ontario, Online Reference No: 62466 If you are a team-oriented individual with a strong mix of graphic design and GIS skills, we are interested in knowing more about what you can bring to the fast-paced environment at the Ontario Geological Survey, Ministry of Northern Development and Mines.

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.

Major Screening and Wear Lining Manufacturers with headquarters in the USA Midwest are currently looking for an enthusiastic team player to take over as a Territory Manager. This person will be responsible for the technical and commercial responsibilities for sales to the Aggregate Industry as well as Canadian mining operations.

Discipline Engineer – Civil/ Structural, North Bay, Ontario Online Reference No: 62341 Join our multi-discipline engineering group and be part of a team delivering design-build solutions for technically challenging underground mine projects around the world. This position requires experience designing heavy civil structures for the mining industry and a strong, effective communicator.

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.

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

MJobsNov02_2015_ pg 15.indd 15

15-10-23 12:44 PM

WWW.NORTHERNMINER.COM

NOVEMBER 2–8, 2015 / THE NORTHERN MINER

Star Mountain buys shuttered zinc mine from Hudbay

EVENTS Nov 4-5 World Mining Summit Toronto, ON lawrence.smithson@ americanleaders.com 312-582-4273 www.worldminingsummit.com Nov 18-20 Manitoba Mining & Minerals Convention Winnipeg, MA convention@gov.mb.ca 204-945-2691; 1-800-223-5215 manitoba.ca/iem/ convention Jan 25-28 Mineral Exploration Roundup Vancouver, BC info@amebc.ca 604-689-5271; 1-877-689-5554 www. amebc.ca Mar 6-9 PDAC 2016 Toronto, ON info@ pdac.ca 416-362-1969 www.pdac.ca

FRESH START

| Junior absorbs Northern Zinc and plans to restart Balmat mine in New York

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

MEETINGS Nov 02 Nov 03 Nov 05 Nov 05 Nov 06 Nov 06 Nov 06 Nov 09 Nov 10 Nov 12 Nov 13 Nov 13 Nov 13 Nov 16 Nov 17 Nov 17 Nov 17 Nov 18 Nov 18 Nov 19 Nov 19 Nov 19 Nov 19 Nov 20 Nov 20 Nov 20 Nov 20 Nov 20 Nov 23 Nov 24 Nov 25 Nov 25 Nov 26 Nov 27 Nov 27 Nov 30 Nov 30 Dec 01 Dec 03 Dec 03 Dec 03 Dec 03 Dec 04 Dec 04 Dec 07 Dec 08

Mineral Mountain Resources Antipodes Gold Bullion Gold Resources Great Thunder Gold Gold Canyon Resources Los Andes Copper PC Gold Velocity Minerals Novo Resources Iron Tank Resources New Pacific Metals Silver Spruce Resources Valencia Ventures Continental Precious Minerals Arrowhead Gold Ironside Resources Zorro Capital Orosur Mining West African Resources Elcora Resources Ely Gold & Minerals Mkango Resources Redstar Gold Perseus Mining Expedition Mining Fancamp Exploration Monument Mining Telson Resources Geomega Resources Indico Resources Brazil Resources Cornerstone Metals Red Hut Metals Manado Gold Gran Colombia Gold Diamond Fields Int’l First Mexican Gold Rouge Resources Clifton Star Resources Dorex Minerals Slater Mining Softrock Minerals Canyon Copper Stakeholder Gold Romios Gold Resources AsiaBaseMetals

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

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

A headframe at the past-producing Balmat zinc mine in upstate New York's St. Lawrence county, 30 km from the Canadian border. HUDBAY MINERALS

BY TRISH SAYWELL

tsaywell@northernminer.com

tar Mountain Resources (USOTC: SMRS) is acquiring a past-producing zinc mine and concentrator in New York state, which the company says will catapult it from explorer to producer in less than a year. The Balmat mine, owned by Hudbay Minerals (TSX: HBM; NYSE: HBM), has been on care and maintenance since 2008, mostly due to poor market conditions, low commodity prices, high operating costs associated with the deposit’s geology and changing business priorities. Last year, privately held Northern Zinc negotiated an exclusive purchase option with Hudbay to acquire 100% of Balmat, but like many companies in the mining sector, it struggled to follow through with its plans in the current downturn. “There are bucketfuls of junior explorers who are hanging on by their fingernails — we understand the situation they’re in,” Star Mountain president and COO Mark Osterberg says in a telephone

The Balmat zinc mine’s conveyor, pan feeder and loading pocket during production in 2006. HUDBAY MINERALS

“THE MINE PLAN WE HAVE IN PLACE RIGHT NOW HAS CASH FLOW AT US$1 TO US$1.10 PER LB. ZINC.” MARK OSTERBERG PRESIDENT AND COO, STAR MOUNTAIN RESOURCES

interview. “The acquisition/merger of Northern Zinc into Star Mountain brings both the right to purchase the Balmat mine from Hudbay, and the technical expertise to actually run it.” Under the deal, Star Mountain will acquire Northern Zinc and assume $1.39 million of its debt in exchange for 10 million shares of Star Mountain’s common stock. It will also pay Hudbay $17 million in cash and 550,000 in shares. Osterberg says management expects it can rein in operating costs by controlling dilution through modified mining plans, replacing underground equipment and making relatively

inexpensive modifications to the concentrator. “The mining plan will address some continuity issues caused by high-grade metamorphic ductile deformation of carbonate wall rocks and the enclosed sphalerite-bearing mineralized bodies,” he explains. “Smaller-profile underground equipment will allow smaller excavations, lessening the need to handle barren material.” One of the first priorities is to complete a compliant resource estimate, and confirm earlier estimates of an eight-and-a-half-year mine life. “Hudbay built a resource using 43-101

SAVE UP TO 50% OFF WITH SITE LICENSE THE NORTHERN MINER TEAM ACCOUNTS Save Up to 50% with

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TNM Pgs 1 2 3 4 5 11 13 14 16.indd 16

methodology, but they did not publish or report it, so we’re in the process of meeting the United States Securities and Exchange Commission’s Industry Guide 7, and that should be out in November,” Osterberg says. “We intend to use it as part of the audit stream that has to go with reporting requirements in the U.S.” Industry Guide 7 contains SEC’s basic disclosure policy for mining companies. According to Star Mountain, average grades at Balmat run 14% zinc, which Osterberg says makes Balmat “the third-highest grade zinc resource available in a developed mine around the world, as far as we know.” Balmat is a fully permitted and equipped mine, with a 5,000-ton-perday flotation mill, an office complex and infrastructure. It also has more than 202 sq. km of mineral rights, and the company says there could be a chance to expand mineralization with more surface and underground development and exploration. As for the physical state of the operation, which also sat on care and maintenance from 2001 to 2005, Osterberg says Hudbay “did a very good job” of keeping the complex in good shape and up to date. “It’s in outstanding condition for a care and maintenance mine,” he says. “We’re confident we’re going to make it a success.” As for the outlook for zinc, which is selling at US81¢ per lb., the company’s Arizona-based management says a looming supply deficit — due to the planned closures of several zinc mines, coupled with rising demand for the metal — should lift the price over US$1 per lb., sooner or later. “The mine plan we have in place right now has cash flow at US$1 to US$1.10 per lb. zinc,” Osterberg says. “At that price, it would give us positive cash flow, after paying back capital investment in 18–24 months from the start of redevelopment, or from the time the acquisition closes. And the zinc price sensitivity analysis in our model indicates solid cash basis profitability, even at current prices. Our modelled break-even point is a price well below the current price. The likely US$1 per lb. price generates outstanding results, not just profits in the black.” Looking ahead, he says adding key members of the Northern Zinc team will boost the depth and experience of Star Mountain’s board and management, so that Star Mountain “might have an opportunity to build a new company with other assets in addition to Balmat, obtained at relatively low cost during the current mining downturn.” TNM

15-10-27 7:39 PM

SPECIAL SUPPLEMENT TO THE NORTHERN MINER / NOVEMBER 2–8, 2015

PAGES B1 - B8

ROUNDUP 2016 PREVIEW AME BC’s Mineral Exploration Roundup 2016 is coming up soon— January 25 – 28 at Canada Place in Vancouver, BC. Once again, we will bring you another impressive lineup of speakers representing the best of our industry, who will share their stories and their ideas and inspire you. Roundup also features the Core Shack, Prospectors’ Tent, Poster Session and Rock Rooms, all of which display the geology of grassroots to advanced projects as well as areas that might contain the next discovery. Roundup is full of opportunities to network and connect with mineral exploration industry leaders and peers to learn about best practices and innovations in our industry, which could prove invaluable to your next project or your career. Registration for Roundup is now open! This year we’re offering all-access passes for either the full conference or single day attendance. Register early to take advantage of the most savings – up to 40%! We look forward to seeing you in January!

INVITATION FROM THE CHAIR

Kendra Johnston, Independence Gold Corp. Roundup 2016 Organizing Committee Chair

Geotech_AD_NorthernMiner_Nov2015.pdf 1 2015-10-22 12:03:26 PM

Welcome to Mineral Exploration Roundup 2016! This year’s conference will bring together geoscientists, prospectors, investors, suppliers and First Nation partners to share ideas that will help shape the future of mineral exploration and development. As the mineral exploration and development industry continues to work through the current downturn, we reflect on the importance of networking, professional development and relationship building with our partners, stakeholders and competitors. Mineral deposits are becoming harder to find; we must now travel to more remote locations, search deeper beneath cover, and sometimes settle for lower grades. These aspects, coupled with the challenging market conditions, remind us that we must be more creative and collaborative as we explore to discover and develop new mineral deposits.

GENERAL INFORMATION VENUE: Roundup 2016 will be held under the Canada Place sails at Vancouver Convention Centre East, 999 Canada Place, Vancouver, B.C ONLINE REGISTRATION: Visit amebc.ca/roundup to register and for conference, visitor and hotel information. REGISTRATION INQUIRIES: For registration questions, phone Conexsys Event Registration at 1.855.RUSAILS (1.855.787.2457) or email: roundup@conexsys.com.

Your Exploration Advantage Visit us at Roundup 2016 Booth #1019

Find out more @ geotech.ca

T: +1 905 841 5004 E: sales@geotech.ca

TNM Roundup Nov 2 2015.indd 1

15-10-23 12:33 PM

ROUNDUP 2016 / THE NORTHERN MINER / NOVEMBER 2-8, 2015

THANK YOU TO ALL OF THE ROUNDUP 2016 SPONSORS! The Association for Mineral Exploration British Columbia (AME BC) sincerely thanks the sponsors of Mineral Exploration Roundup 2016 confirmed at the time of printing for their support. ROUNDUP 2016 PATRON SPONSOR

APEGBC (Association of Professional Engineers & Geoscientists) Apex Diamond Drilling Ltd. Bank of Montreal Equity Exploration Consultants Ltd. Independence Gold Corp. Multi-Power Products Ltd. Peter E. Walcott & Associates Limited TerraLogic Exploration Inc.

MEDIA SPONSOR

Sponsorship opportunities are available for Roundup 2016. For more information, please contact Simone Hill, Director, Member Relations & Events, AME BC at 604.630.3921.

TNM Roundup Nov 2 2015.indd 2

15-10-23 12:33 PM

NOVEMBER 2-8, 2015 / THE NORTHERN MINER / ROUNDUP 2016

SHORT COURSES

TICKETED NETWORKING EVENTS Tickets are available for purchase through registration. CHAIR’S WELCOME DINNER Sunday, January 24

Presented by: Society of Economic Geologists (SEG) Saturday, January 23 Sunday, January 24

The course will provide an overview of geological principles and tools needed to work effectively with Granite-greenstone terranes, with examples from Precambrian shields and younger accretionary orogens. The recognition, in outcrop and drill core, of volcanic, sedimentary, and plutonic protoliths that have been altered, metamorphosed, and deformed is a recurring practical problem; the application of basic field criteria along with supporting data will be used to establish a framework for mineral exploration.

exercises, attendees will explore the practical and potentially challenging aspects of CSR and highlight practical scenarios for explorers in British Columbia - with potential applicability for projects elsewhere in the world.

SHORT COURSE 4 EXPLORING GLACIATED AND COVERED TERRAINS WITH INDICATOR MINERALS Presented by: Mineral Deposit Research Unit (MDRU), UBC Saturday, January 23 Sunday, January 24

This short course will provide the participants with several presentations and exercises including glacial materials and distributions, nature of

potential indicator minerals, porphyry indicator minerals, methods, sampling and survey strategies, and case studies. Presenters will include university, industry and government geologists.

SHORT COURSE 5 INDUSTRY ORIENTATION FOR STUDENTS Presented by: Andy Randell (SGDS Hive) Sunday, January 24

This highly interactive session is designed to arm students for successful entry into the exploration and development industry. The course will include presentations from industry specialists, small group exercises and an urban geohunt.

ICEBREAKER RECEPTION

CEO BREAKFAST

Sunday, January 24

Monday, January 25 Patrick Evans, President & CEO, Mountain Province Diamonds

STUDENT-INDUSTRY NETWORKING EVENT

AME BC FINANCE LUNCH

B.C. NIGHT

Monday, January 25 Randy Smallwood, President & CEO, Silver Wheaton

Monday, January 25

AME BC LUNCH SHORT COURSE 1 GEOLOGY OF GRANITEGREENSTONE TERRANES AND THEIR MINERAL DEPOSITS

GENERAL NETWORKING EVENTS

Tuesday, January 26 Hon. Bill Bennett, BC Minister of Energy and Mines

AME BC ENVIRONMENT, HEALTH & SAFETY AWARDS BREAKFAST Wednesday, January 27 Sean Kerklaan, CEO, Fatigue Science

INTERNATIONAL LUNCH

Sunday, January 24

EXHIBIT HALL HAPPY HOUR Monday, January 25 – Wednesday, January 27 (4 p.m. to 5 p.m. daily)

SPORTING EVENTS HOCKEY CHALLENGE Monday, January 25 (1 p.m. to 4 p.m.)

CURLING BONSPIEL Wednesday, January 27 (6:30 p.m. to 11 p.m.)

Wednesday, January 27 Ross Beaty, Chairman, Pan American Silver

AME BC CELEBRATION OF EXCELLENCE AWARDS GALA Wednesday, January 28

SHORT COURSE 2 APPLIED STRUCTURAL GEOLOGY OF HYDROTHERMAL GOLD DEPOSITS Presented by: David Rhys & Julie Rowland (Panterra Geoservices Inc.) Saturday, January 23 Sunday, January 24

This short course will review our current understanding of structural controls on the gold-silver ore-forming environment from the roots of mountain belts to hot springs. Using case studies, we will illustrate the variety of structural features that may be used to constrain deposit-scale geological models. Participants will learn the principles of structural control on mineralisation and examples of good practice in data acquisition and analysis. These principles and workflows are transferrable to other structurally-controlled, or modified mineral deposits.

SHORT COURSE 3 CONTINUOUS IMPROVEMENT IN CSR: KEEPING CURRENT AND ADVANCING YOUR SKILLS Presented by: AME BC Corporate Social Responsibility Committee Saturday, January 23

This course will provide an update on current developments in CSR involving a combination of presentation and group discussion questions. Using case studies and facilitated, interactive

TNM Roundup Nov 2 2015.indd 3

15-10-23 12:33 PM

ROUNDUP 2016 / THE NORTHERN MINER / NOVEMBER 2-8, 2015

EXHIBIT HALL The Exhibit Hall is a staple of Mineral Exploration Roundup and presents an unparalleled opportunity to visit a wide cross-section of companies working in the mineral exploration and development sector. The Exhibit Hall is also home to the Roundup Core Shack, Prospectors’ Tent and Poster Session. Date: Monday, January 25 to Thursday, January 28, 2016 Time: 9:00 a.m. to 4:00 p.m.

EXHIBITORS LISTING As of October 16, 2015

COMPANY NAME

EXHIBITING DAYS

BOOTH #

62 Degrees North Inc..................... Monday - Thursday..............................307 Abitibi Geophysics......................... Monday - Thursday..............................100 Aboriginal Affairs and Northern Development.............. Monday - Thursday............................1327 Acrow Limited............................... Monday - Thursday..............................101 Activation Laboratories Ltd. (Actlabs).......................... Monday - Thursday..............................801 AGAT Laboratories......................... Monday - Thursday.......................724/726 AGI-ENVIROTANK......................... Monday - Thursday............................1718 Agilent Technologies...................... Monday - Thursday..............................327 Agnico Eagle Mines Limited............ Monday - Thursday............................1010 Alaska Department of Commerce and Community Economic Development............ Monday - Thursday..........1119/1216/1218 Alaska Division of Geological & Geophysical Surveys ................ Monday - Thursday............................1117 Alaska Structures.......................... Monday-Thursday................. 107/109/111/ .........................................................................................206/208/210 Alberta Energy............................... Monday - Thursday............................1207 Almita Piling Inc........................... Monday - Thursday..............................421 ALS Global.................................... Monday-Thursday........... 809/811/908/910 AMC Mining Consultants (Canada) Ltd........................... Monday - Thursday............................1516 Amec Foster Wheeler..................... Monday - Thursday............................1202 Anachemia Science a VWR Company......................... Monday - Thursday..............................620 APEGBC....................................... Monday - Tuesday.............................1425 Armtec......................................... Wednesday - Thursday.......................1527 ASD Inc., a PANalytical company................................. Monday - Thursday............................1604 Association of Mineral Exploration BC (AME BC)......... Monday-Thursday...1317/1319/1416/1418 ATCO Structures & Logistics........... Monday - Thursday..............................608

TNM Roundup Nov 2 2015.indd 4

COMPANY NAME

EXHIBITING DAYS

BOOTH #

Atlas Drilling Ltd........................... Monday - Thursday..............................304 Auracle Geospatial Science............. Monday - Thursday..............................318 Aurora Geosciences Ltd.................. Monday - Thursday............................1209 Aurora Telenet............................... Monday - Thursday..............................703 AuTec Innovative Extractive Solutions................................ Monday - Thursday............................1305 Avino Silver & Gold Mines Ltd......... Monday - Thursday............................1005 Balmoral Resources....................... Monday - Thursday..............................607 BC Geological Survey, Ministry of Energy and Mines................... Monday - Thursday......... 617/619/716/718 BC Securities Commission.............. Monday - Tuesday...............................222 BCIT............................................ Monday - Thursday..............................704 BigSteelBox Structures.................. Monday - Thursday..............................402 Black Diamond Group.................... Monday - Thursday..............................219 Blue Coast Research Ltd................ Wednesday - Thursday.........................926 BMC Minerals............................... Monday - Thursday............................1124 Boart Longyear.............................. Monday - Thursday..............................410 Britannia Mine Museum................. Wednesday-Thursday...........................223 Britco LP...................................... Monday - Tuesday.............................1527 Britespan Building Systems Inc./SpanMaster Structures Ltd......................... Monday - Thursday............................1122 Bruker.......................................... Monday - Thursday..............................321 Bureau Veritas Minerals................. Monday - Thursday............................1311 Cabo Drilling Corp......................... Monday - Thursday..............................622 Camfil Farr APC............................. Monday - Thursday............................1204 Canada Revenue Agency................. Monday - Thursday..............................807 Canadian Diamond Drilling Association (CDDA).................. Monday - Thursday..............................625 Canadian Helicopters..................... Monday - Thursday..............................904 Canadian Institute of Mining, Metallurgy and Petroleum......... Monday - Tuesday...............................326 Canadian Zinc Corporation.............. Wednesday - Thursday.........................226

COMPANY NAME

EXHIBITING DAYS

BOOTH #

CanAus Coal Ltd............................ Monday - Thursday..............................311 Cancadd Imaging Solutions Ltd....... Monday - Thursday..............................200 CanNor......................................... Monday - Thursday............................1206 Cansel.......................................... Monday - Tuesday...............................224 Canterra Minerals Corporation......... Monday - Thursday............................1008 Carmana Plaza.............................. Monday - Thursday..............................221 Caron Business Solutions Inc.......... Monday - Thursday..............................403 CDN RESOURCE LABORATORIES LTD............... Monday - Thursday..............................621 CGG............................................. Monday - Thursday.......................907/909 Clean Harbors............................... Monday - Thursday............................1320 CME Consultants Inc..................... Monday - Thursday..............................911 Coast Mountain Geological Ltd........ Monday - Thursday..............................205 CODES......................................... Monday - Thursday............................1208 ColdBlock Technologies Inc............ Monday - Thursday............................1621 Colorado Resources Ltd.................. Monday - Thursday..............................520 Computational Geosciences Inc....... Monday - Thursday............................1126 Condor North Consulting ULC......... Monday - Thursday............................1520 Constantine Metal Resources Ltd.... Monday - Thursday............................1417 Copper Mountain Mining Corporation............................. Wednesday-Thursday...........................326 Corescan....................................... Monday - Thursday............................1118 Council of Yukon First Nations........ Monday - Thursday..............................120 Crone Geophysics & Exploration Ltd........................ Monday - Thursday............................1007 Customplan Financial Services Inc..Monday-Tuesday...............................1522 DataBC......................................... Monday - Tuesday...............................127 Datamine...................................... Monday - Thursday............................1006 DGI Geoscience Inc....................... Monday - Thursday............................1123 Diaset Products Ltd....................... Wednesday-Thursday.........................1626 Di-Corp......................................... Monday - Thursday.......................901/903 Discovery Int'l Geophysics Inc......... Monday - Thursday...................1502/1504 DJ Drilling (2004) Ltd.................... Monday - Thursday..............................308

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NOVEMBER 2-8, 2015 / THE NORTHERN MINER / ROUNDUP 2016

COMPANY NAME

EXHIBITING DAYS

BOOTH #

DMC Mining Services..................... Monday - Thursday............................1222 Doyon, Limited.............................. Wednesday - Thursday.........................123 DRIVING FORCE........................... Monday - Thursday............................1307 Dynamic Aviation Group, Inc........... Monday - Thursday............................1500 Eagle Mapping Ltd......................... Monday - Thursday..............................310 Eagle Plains Resources Ltd./ Terralogic Exploration Inc......... Monday - Thursday..............................603 Eastfield Resources Ltd.................. Monday - Thursday..............................805 Ecofish Research Ltd..................... Monday - Thursday............................1505 Elemental Controls........................ Monday - Tuesday...............................226 Energold Drilling............................ Wednesday - Thursday.........................224 EON Geosciences Inc..................... Monday - Thursday............................1619 Equity Exploration Consultants Ltd..Wednesday - Thursday.........................324 ERM............................................. Monday - Thursday..............................803 Esri Canada.................................. Wednesday - Thursday.........................125 Eurasian Minerals Inc.................... Monday - Thursday............................1221 Evrim Resources Corp.................... Monday - Tuesday.............................1427 Extreme Products / Talik Industrial.. Monday - Thursday...................1108/1110 FIRST AIR.................................... Monday - Tuesday.............................1423 Fladgate Exploration Consulting Corporation............................. Monday - Thursday............................1419 FORACO....................................... Monday - Thursday..............................404 FORDIA........................................ Monday - Thursday...................1103/1105 Foreman Equipment Ltd................. Wednesday - Thursday.......................1423 Foremost...................................... Monday - Thursday..............................303 Foundex Explorations Ltd............... Monday - Thursday..............................401 Frontier Power Products................. Monday - Thursday..............................417 Galaxy Broadband Communications Inc................ Monday - Thursday..............................405 Geoanalytical Laboratories - SRC..... Monday - Thursday..............................610 Geological Association of Canada.... Monday - Thursday..............................319 Geometrics................................... Monday - Thursday............................1227 Geophysics GPR International Inc... Monday - Tuesday.............................1622 Georeference Online Ltd................. Wednesday - Thursday.......................1026 Geoscience BC.............................. Monday - Tuesday.............................1526 Geosoft Inc................................... Monday - Tuesday...............................225 Geotech Drilling / ORIX.................. Monday - Thursday..................1217/1219/ ............................................................................................1316/1318 Geotech Ltd.................................. Monday - Thursday...................1019/1021 Globalstar..................................... Monday - Tuesday...............................123 Gold Sniffer Inc............................. Monday - Thursday............................1404 Goldak Airborne Surveys................. Wednesday - Thursday.........................227 Golden Arrow Resources................. Monday - Thursday............................1004 Golder Associates Ltd..................... Monday - Thursday..............................406 Government of Greenland............... Monday - Thursday.......................509/511 Government of South Australia........ Monday - Thursday............................1406 Great Slave Helicopters Ltd............ Monday - Thursday..............................624 GroundTech Solutions Ltd.............. Monday - Thursday..............................606 GroundTruth Exploration Inc........... Monday - Thursday..............................600 Hatfield Consultants...................... Wednesday - Thursday.......................1523 Hays Specialist Recruitment (Canada) Inc........................... Monday - Thursday............................1503 Hecla Mining Company.................. Wednesday - Thursday.......................1427 Helicopter Transport Services Canada Inc.............................. Monday - Thursday............................1102 High Power Exploration.................. Monday - Thursday..............................526 Horizon North................................ Monday - Thursday............................1027 Hunter Dickinson Inc..................... Monday - Tuesday...............................826 Hy-Tech Drilling Ltd....................... Monday - Thursday......... 517/519/616/618 Icefield Tools Corporation............... Monday - Tuesday...............................324 ICOM Canada................................ Monday - Thursday............................1104 IMP Automation Canada Ltd........... Monday - Thursday..............................203 Imperial Metals Corporation............ Monday - Thursday..............................611 InfoMine Inc................................. Monday - Thursday..............................601 Infosat Communications, LP........... Monday - Thursday.......................501/503 Instrumentation GDD Inc................ Monday - Thursday..............................710 IRL Supplies Ltd........................... Monday - Thursday............................1120 Kaizen Discovery........................... Monday - Thursday..............................306 Kaminak Gold Corporation.............. Monday - Thursday............................1205 Kemetco Research Inc................... Monday - Thursday..............................524 Kendra's First Aid Service Ltd......... Monday - Thursday..............................408 Kenn Borek Air Ltd........................ Monday - Thursday..............................126 Kiska Metals Corp.......................... Monday-Tuesday.................................223 Kivalliq Energy Corporation............. Monday - Thursday............................1017 Knight Piesold Consulting............... Monday - Tuesday...............................227 LandSea Camp Services................. Monday - Thursday..............................217

TNM Roundup Nov 2 2015.indd 5

COMPANY NAME

EXHIBITING DAYS

BOOTH #

Langara Island Lodge..................... Monday - Thursday............................1518 Laurentian Univ/CMIC Footprints Project.................... Monday - Thursday..............................103 Leapfrog Software (ARANZ Geo Canada Ltd)............................ Monday - Thursday............................1025 LiDAR Services International Inc..... Monday - Thursday..............................523 Lionsgate Geological Consulting Inc. (LGGC)............. Monday - Thursday............................1225 Lorax Environmental Services Ltd............................ Monday - Thursday..............................702 Loring Laboratories ( Alberta) Ltd............................. Monday - Thursday............................1401 Major Drilling Group International Inc...................... Monday - Thursday............................1002 Manitoba Mineral Resources........... Monday - Thursday............................1200 Manning Elliott LLP....................... Monday - Thursday..............................626 Maxwell Geoservices (Canada) Inc... Monday - Thursday............................1107 Maxxam Analytics.......................... Monday - Thursday............................1410 MBI Drilling Products..................... Monday - Thursday............................1618 McCue Engineering Contractors....... Monday - Thursday..............................106 McDowell B. Equipment................. Monday - Thursday............................1602 McElhanney Consulting Services Ltd............................ Monday - Thursday..............................900 MDRU Mineral Deposit Research Unit UBC.................. Monday - Thursday..............................700 Mercer Contracting........................ Monday - Thursday............................1306 Merjent......................................... Wednesday-Thursday.........................1425 Met-Solve..................................... Monday - Thursday..............................623 MICROMINE................................. Monday - Tuesday...............................322 MicroWatt LifeSafety Solutions....... Monday - Thursday..............................305 Midas Gold Corp............................ Monday - Tuesday.............................1026 Mining Association of BC / Mining Suppliers Association BC........................ Monday - Tuesday.............................1524 Mira Geoscience............................ Monday - Thursday..............................416 MS Analytical................................ Monday - Thursday..............................504 Mud Bay Drilling Co. Ltd................ Monday - Thursday............................1716 Multi-Power Products Ltd............... Monday - Thursday..............................209 National Compressed Air Canada Ltd............................. Monday - Thursday............................1310 Natural Resources Canada.............. Monday - Thursday.......................418/420 New Brunswick Department of Energy and Mines.................... Monday - Thursday..........1300/1302/1304 Newfoundland and Labrador Department of Natural Resources.................... Monday - Thursday.......................407/409 New-Sense Geophysics Ltd............. Monday - Thursday............................1109 Nilex Inc....................................... Wednesday - Thursday.......................1525 Nolinor Aviation............................. Monday - Thursday..............................604 North 60 Petro.............................. Monday - Thursday..............................627 North Arrow Minerals Inc................ Monday - Tuesday...............................827 Northern ANI Solutions.................. Monday - Thursday............................1616 Northern Superior Resources Inc..... Wednesday-Thursday.........................1624 Northern Thunderbird Air Inc.......... Monday - Thursday..............................605 Northspan Explorations Ltd............. Monday - Thursday..............................201 NORTHWEST TRUCK RENTALS..... Monday - Thursday..............................211 Northwestel Inc............................. Monday - Thursday..............................507 Nova Scotia Department of Natural Resources.................... Monday - Thursday..............................706 Nova Scotia Prospectors................. Monday - Thursday..............................708 Nunavut Tunngavik Incorporated..... Monday - Thursday............................1421 NWT & Nunavut Chamber of Mines. Monday - Thursday............................1426 Omega Communications Ltd........... Wednesday - Thursday.......................1524 Ontario Ministry of Northern Development and Mines........... Monday - Thursday.......................516/518 OrbitGarant Drilling........................ Monday - Thursday..............................720 Outland Camps.............................. Monday - Thursday..............................202 Overburden Drilling Management Limited............... Monday - Thursday..............................525 Pacific Geomatics Ltd.................... Monday - Thursday............................1326 PDAC (Prospectors & Developers Association of Canada)............. Monday - Thursday............................1001 PETER E. WALCOTT & ASSOCIATES LIMITED............. Monday - Thursday..............................317 PhotoSat....................................... Monday - Thursday..............................905 Placer Gold Design........................ Monday - Thursday............................1009

COMPANY NAME

EXHIBITING DAYS

BOOTH #

Porcupine Canvas.......................... Monday - Thursday............................1720 Pothier Enterprises Ltd................... Monday - Thursday..............................701 Precision GeoSurveys Inc............... Monday - Thursday..............................502 Precision Service & Pumps Inc....... Monday - Thursday..............................121 Prolenc Manufacturing Inc............. Monday - Thursday............................1201 Quantec Geoscience Ltd................. Monday - Thursday..............................427 Radius Drilling Corp....................... Monday - Thursday............................1003 Ramada Limited Downtown Vancouver............................... Monday - Thursday..............................325 Raven Rescue............................... Monday - Thursday..............................104 Raymac Environmental Services...... Wednesday - Thursday.........................826 Reflex Instrument North America Limited...................... Monday - Thursday..............................521 Regional District of Bulkley-Nechako...................... Wednesday - Thursday.......................1526 Rio Tinto...................................... Monday - Thursday..............................906 Robertson Geologging USA, Inc....... Monday - Thursday............................1226 RWDI........................................... Monday - Thursday............................1203 Sabina Gold & Silver Corp.............. Wednesday - Thursday.........................127 Sandvik Mining............................. Monday - Thursday..............................609 Saskatchewan Ministry of the Economy........................... Monday - Thursday..............................602 Scarlet Security Group................... Monday - Thursday............................1521 SciAps Inc.................................... Monday - Thursday..............................505 Secure-Rite Mobile Storage............ Monday - Thursday............................1600 SEI Industries Ltd......................... Wednesday - Thursday.......................1622 Selwyn Chihong Mining Ltd............ Monday - Thursday............................1220 SGS Minerals Services................... Monday - Thursday............................1116 Silver Standard Resources.............. Wednesday - Thursday.........................322 Sims Group................................... Wednesday - Thursday.........................927 SJ Geophysics Ltd......................... Monday - Thursday.......................800/802 Skyline Assayers & Laboratories...... Monday - Thursday............................1501 SkyTEM Canada Inc....................... Monday - Thursday..............................300 SLR Consulting............................. Monday - Thursday............................1308 Smithers Exploration Group & NWCC School of Mining........... Monday - Tuesday....................1624/1626 SNL Metals & Mining..................... Monday - Thursday..............................110 Society of Economic Geologists....... Monday - Thursday..............................316 Spatial Dimension......................... Monday - Thursday............................1224 Spatial Technologies...................... Monday - Thursday............................1517 Spectral Evolution......................... Monday - Thursday..............................423 Stewart World Port Services............ Monday - Thursday..............................419 Summit Air | Summit Helicopters.... Monday - Thursday............................1106 Summit Camps.............................. Monday - Thursday..............................320 SUPERIOR PROPANE.................... Wednesday - Thursday.........................222 Team Drilling LP........................... Monday - Thursday..............................527 TECH Directional Services.............. Monday - Thursday............................1322 Teck Resources Ltd....................... Monday-Thursday................. 707/709/711/ .........................................................................................806/808/810 Terra Remote Sensing Inc.............. Wednesday - Thursday.........................827 Terrace Economic Development Authority................................. Wednesday - Thursday.......................1522 TERRACORE................................. Monday - Thursday............................1223 Terraplus Inc................................. Monday - Thursday............................1100 Terraquest Ltd............................... Monday - Thursday..............................400 Tetra Tech.................................... Monday - Tuesday....................1523/1525 The Northern Miner....................... Monday - Thursday............................1101 Tintina Air.................................... Monday - Thursday..............................522 Tioga Air Heaters........................... Monday - Thursday............................1519 TRANS NORTH HELICOPTERS....... Monday - Tuesday...............................727 Triton Environmental Consultants Ltd....................... Monday - Tuesday...............................125 TSL Laboratories........................... Monday - Thursday..............................220 Tufport Industries Ltd.................... Monday - Thursday............................1309 Tundra Sales Inc........................... Monday - Thursday..............................301 Veolia Water Technologies Canada Inc.............................. Monday - Thursday..............................722 Vista Clara Inc............................... Monday - Thursday..............................105 Weatherhaven............................... Monday - Thursday............................1000 Wellgreen Platinum........................ Monday - Tuesday...............................926 Wink Vibracore Drill Company Ltd... Monday - Thursday..............................500 Yukon Chamber of Mines................ Monday - Thursday..............................118 Yukon College............................... Wednesday - Thursday.........................225 Yukon Government......................... Monday - Thursday......... 117/119/216/218 Zimtu Capital Corp......................... Monday - Thursday.......................422/424 Zonge International, Inc................. Monday - Thursday............................1023

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ROUNDUP 2016 / THE NORTHERN MINER / NOVEMBER 2-8, 2015

CORE SHACK

A cornerstone of Roundup, the Core Shack displays new discoveries, leading prospects, advanced projects and operating mines from around the world. Core Shack 2016 will feature core from projects in diverse countries and settings, and represent a broad array of deposit types and project stages. Commodities featured in 2015

included copper, gold, silver, lead, zinc, nickel, graphite, rare earths and platinum group elements. Each two days, a new suite of the sector’s most compelling projects will be displayed, with maps, cross‐ sections and the project’s technical representative on hand to answer questions.

PROSPECTORS’ TENT Every mine begins with a discovery, a prospect. While the mineral exploration and development industry continues to evolve, the role of the prospector is no less important today than it was a century ago. The Prospectors’ Tent provides an opportunity for independent prospectors

to present their hard-earned mineral properties and discoveries. Featuring displays of maps, rock samples, drill core, sketches, photographs and analyses, it is a great place to see properties with potential throughout BC and Yukon, and perhaps to make some discoveries of your own.

BC PAVILION

new bedrock and surficial maps and the findings of regional geochemical and metallogenic studies, as well as overviews of placer and hardrock exploration activity in the territory.

ROCK ROOMS

Location: East Meeting Level, Room 19/20 Organized By: The British Columbia Geological Survey

Sur vey geoscientists and representatives from government organizations will be available daily to d iscuss prog ra m hig h l ig hts, geoscience information, new exploration oppor tunities, and to assist delegates with permitting and tenuring information.

YUKON ROOM Location: East Meeting Level, Room 16 Organized By: Yukon Geological Survey

Yukon Geological Survey is showcasing recent research, including

NEVADA EXPLORER’S ROOM Location: East Meeting Level, Room 18 Organized By: Nevada Mineral Exploration Coalition

The NMEC Nevada room displays information on exploration companies, support companies, universities, federal and state geologic surveys, supporting coalitions, and societies all working around mineral exploration in Nevada. The room is a place to meet active Nevada explorers as well as a place to spread out data and talk about opportunities and projects.

POSTER SESSION

The Poster Session will display more than 90 posters featuring the latest results of geological mapping and economic geology studies from the BC Geological Survey, Geological Survey of Canada and Geoscience BC as well as numerous university student research projects. This session is particularly designed for one-on-one discussions

and information exchange with geoscientists most familiar with the geology within your area, or areas, of interest. There will be posters presenting the results of geological mapping, geophysical and geochemical surveys, as well as research on a wide variety of deposit types from across the Cordillera, other parts of Canada and the world.

MORE STUDENT PRESENTATION OPPORTUNITIES! In addition to presenting a poster in the Poster Session, we will be highlighting student research being done on mineral deposit and exploration-related projects in Brit-

ish Columbia and around the world. This session will be held Monday, January 25 from 12 noon -1 p.m. in the Poster Session. If you would like to present a techni-

PROVIDING THE SAFEST SOLUTIONS For 36 years we have been the foremost provider of mining services and solutions to the North American mining industry. • • • • • • • • •

University students are encouraged to submit poster presentations for display and prizes will be awarded: $600 for first prize, $400 for second prize and $200 for third prize. Be sure to join us Tuesday, January 26 from 1-4 p.m. for the Poster Session Reception. Authors will be available during this time for discussion.

Contract Mining Shaft Sinking Raise Boring and Raise Excavation Mine Construction and Infrastructure Mine Development and Rehabilitation Headframes and Hoisting Plants Ground Freezing and Grouting Programs Engineering Design and Feasibility Studies Property Development through Equity Investment, Partnerships or Joint Ventures

cal talk along with your poster, please choose this option when submitting your application for the Poster Session.

DISCOVERY DAY! Sunday, January 24 from 10 a.m. to 2 p.m.

Discovery Day is a free event for anyone to attend and learn about the excitement, beauty, and intrigue of mineral exploration in BC. Featuring multiple, interactive displays, presentations, and entertainment, Discovery Day is a great educational event that is sure to delight the inner explorer of children and adults alike Have a favourite rock (or few) that you’ve been holding on to and dying to know what it is? Bring it to Discovery Day and ‘Ask a Geologist’! Have a bit of gold fever and want to try your hand at gold panning? Yukon Dan will be there to show you how! Want to see a real woolly mammoth tusk along with other ice-age fossils discovered through mineral exploration activities? Discovery Day will have that too Discover y Day is going to be ROCK’in’!

Canada 1-800-892-8293 or USA 1-800-748-2375

www.dmcmining.com

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NOVEMBER 2-8, 2015 / THE NORTHERN MINER / ROUNDUP 2016

TECHNICAL SESSIONS

SHOW CASE SESSIONS HUMAN RESOURCES Monday, January 25 - Morning

OFFICIAL OPENING CEREMONIES AND 2015 REGIONAL REVIEWS Monday, January 25 - Morning 8:30 AM - 11:30 AM

The 2016 official opening ceremonies will be followed by overviews of exploration and development in BC, Yukon, Alaska and Nevada. In keeping with this year’s Innovation theme, presentations will focus on some of the key innovative approaches their jurisdictions have seen over the last year; whether it’s new applied exploration tools, innovative business partnerships or advanced green technologies.

INNOVATION IN EXPLORATION Monday, January 25 - Afternoon 2:00 PM - 5:00 PM

Innovations in exploration are fresh ideas that can be implemented to play key roles in providing geologists with new and improved strategies, tools and techniques in their pursuit for new ore deposits. These innovations have been widespread and variable, and include exploration vectoring based on zoned alteration assemblages, improved and deeper-looking geophysical techniques and inversions, rapid and cheap multielement geochemical techniques, and cheaper, deeper and directional drilling. Th is session will focus on recent exploration innovations by providing several notable examples from the fields of drilling, geophysics, and lithogeochemical modeling. Additionally, case studies will provide examples of the application of innovations in exploration and their translations to exploration success.

state of commodity supply, demand and future outlook. Topics discussed by industry economists, analysts and executives will include the world economy, China, USA, precious metals, base metals, bulk commodities, and alternative energy.

to extend the productive lives of existing mines.

INTERNATIONAL HIGHLIGHTS

Public geoscience provides fundamental knowledge of the geology framework necessary to identify areas with high mineral potential to support successful targeting of minerals related investments. Accessing public geoscience data reduces investment risk and encourages intelligent exploration. In the Canadian Cordillera, publicly-funded studies are conducted by geoscientists from the British Columbia Geological Survey, the Geological Survey of Canada, Geoscience BC and the Yukon Geological Survey. In this session, talks will highlight results from recent and ongoing projects that are of interest to the mineral exploration sector, and provide information on how to access new data and information.

COMMODITIES Tuesday, January 26 - Afternoon

Presenters from various disciplines will convey their views on the current

TNM Roundup Nov 2 2015.indd 7

AME BC’S THE GATHERING PLACE: WHERE ABORIGINAL AND INDUSTRY LEADERS MEET

Thursday, January 28 - Morning

Pressure from the commodity price cycle is pushing focus towards explorers who can potentially deliver Mobile Equipment for high margin assets. This session Wednesday, January 27 will highlight eight stories from Safety and Productivity Morning around the world that have captured Exploration and development this year by showing that e ocated to a of thesq interest ft Lant Cordillera of British Columbia, Yukon new high grade deposits are still and Alaska has a rich history with a out there to be found. wide range of deposit types. Recent exploration activity has focused on GOVERNMENT AND gold (epithermal, shear zone, Carlin INDUSTRY and intrusion related) and porphyry Thursday, January 28 (copper-gold and copper-molybde- Afternoon num) deposits as well as base and precious metal rich VMS, SEDEX The seventh annual BC Government and and coal. Presentations in this session Industry Session will be featured as the SMSJ_Sept SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC will highlight exploration progress closing session for Roundup 2016. This Equipment made for over session will bring together leaders and key Mobile advancements the pastSafety year. and Productivity from the mineral exploration and deRe-Located to a 50,000 sq.ft. PLant! velopment sector with key government CANADA HIGHLIGHTS agencies and their leaders. Discussion will be focused on priority areas as Wednesday, January 27 identified in AME BC’s Strategic Plan Afternoon and Objectives 2013-2017. Exploration success is difficult in the best of times. Advancing exploration and mining projects in the bottom of the market cycle is infinitely more challenging. In this session we have presentations ref lecting the success stories in our country over the past year, including creativity in financing and corporate structure, Authorizedand perseverance determination Toyota Landcruiser to reach production, and stamina 2012_Pro_TH_PC BC, YUKON, ANDSMSJ_Sept ALASKA HIGHLIGHTS

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50,000 . . P

Tuesday, January 26 Wednesday, January 27, 2016

The Gathering Pace at Roundup 2016 will once again offer participants a safe place to learn and to engage in dialogue surrounding new approaches to respectful, Aboriginal engagement practices that lead to positive outcomes for all. Come hear success stories including lessons learned from aboriginal and company leaders that all can learn from. The leaders will share their perspectives and experiences that enable industry, Aboriginal communities and individuals to learn how careful and effective relationship building leads to great mineral development opportunities. You will also gain insight into what are the Aboriginal issues. Each day will include a panel of leaders sharing their experiences, a one-on-one chat with an Aboriginal

CORPORATE SOCIAL RESPONSIBILITY Thursday, January 28 - Morning

Corporate Social Responsibility (CSR) is increasingly recognized as a key component to business planning and to successful operations during exploration and mining. But how do you measure your CSR performance, and how do you set goals? Within your operations and on the ground, what does CSR look like on a day to day basis? In a global setting, what are mineral exploration and development companies doing locally and internationally to integrate CSR values? In this interactive session, we will explore tools to measure performance, and provide examples of CSR success. Bring your questions as our panel will examine innovations in CSR. Join thought leaders in CSR innovation, and learn about Corporate Social Opportunities for success.

LAND ACCESS AND USE Thursday, January 28 -Afternoon

This session seeks to provide clarity to explorers, junior miners and investors looking to navigate the rapidly changing land use conditions in British Columbia. Following upon last year’s release of AME BC’s Land Use Report we will be providing an update on the impacts of conditional land use designations to the mineral exploration industry as well as perspectives from government and First Nations.

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PUBLIC GEOSCIENCE Tuesday, January 26 - Morning 8:30 AM - 11:30 AM

With mining operations and mineral exploration continuing to face a challenging landscape, creative and innovative approaches to attracting, retaining and managing people are paramount. Without the right people in the right roles at the right time, business suffers – both from a productivity and cost perspective. What is the industry doing to address these challenges? What can we learn from other industries? How can small and large businesses plan effectively in an unpredictable market? And how can we work together to provide solutions? Attend the HR Show Case session to hear from leading industry professionals, pose questions to a panel of experts, and network with colleagues over coffee.

leader and an industry leader, a focused shared success story and a specific learning opportunity. This fourth, great year of the Gathering Place at Roundup will build on the successes of past RoundupGathering Place achievements, and show that ‘Innovation in Exploration’ applies to engagement and relationship building.

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and installation of survey modifications for 30 years. Lake Central will design modifications to carry your survey equipment, and install and wire your equipment in your racks or ours.

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ROUNDUP 2016 / THE NORTHERN MINER / NOVEMBER 2-8, 2015

HIGHLIGHTS FROM ROUNDUP 2015

TNM Roundup Nov 2 2015.indd 8

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