The Northern Miner November 16 2015 Issue by The Northern Miner Group

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Teck the latest major to join Arena in Atacama COPPER

| Miner to spend $19.5M, after Arena's similar deals with JOGMEC, B2Gold

TAILINGS DAM BREACH |

BY TRISH SAYWELL

Four killed, dozens injured in Brazil

tsaywell@northernminer.com

eck Resources (TSX: TCK.B; NYSE-MKT: TCK) has become the third company this year to sign a joint-venture option agreement with prospect developer Arena Minerals (TSXV: AN) on its Atacama property in Chile, 50 km from the port of Antofagasta. The October transaction with Teck follows similar joint-venture option agreements with Japan Oil, Gas and Metals National Corp. (JOGMEC) in July, and B2Gold (TSX: BTO; NYSEMKT: BTG) in February. The option deals cover 85% of the Atacama property, which Arena Minerals picked up from industrial minerals producer Sociedad Quimica y Minera de Chile (NYSE: SQM) in July 2013. SQM had held the land package for several decades and mined nitrates from the top five to 10 metres of overburden on various parts of the property, rather than exploring for copper, despite the district’s known copper porphyry systems. The Atacama property, for instance, is just 3 km from KGHM’s Sierra Gorda mine; 8 km from BHP Billiton’s Spence mine (which ranks among the top-20 copper producers in the world); 16 km from Antofagasta’s El Tesoro and Esperanza mines; 11 km from Glencore’s Lomas Baya mine; and 27 km from Anglo American’s Mantos Blancos mine. One feature that has attracted so many companies to Arena’s 920 sq. km property, CEO William Randall says, is that it is close to the Antofagasta Calama Lineament, an area famous for porphyry clusters such as Chuquicamata, Codelco’s main asset, and the

BHP, Vale scramble to cope with Samarco disaster

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

ining giants BHP Billiton (NYSE: BHP; LSE: BLT) and Vale (NYSE: VALE) haven’t offered much detail about a large-scale tailings dam breach at the Samarco iron ore joint venture in Brazil’s Minas Gerais state, but reports already show it could be one of the largest-ever mining-related disasters in terms of area of impact. It was near dusk on Nov. 5 when residents in the nearby town of Bento Rodrigues reportedly heard a thundering boom, followed by a flood of mud and tailings waste that levelled See SAMARCO / 15 PM40069240

Drillers exploring the Atacama copper project in Chile, as part of Arena Minerals and JOGMEC's joint venture.

Spence and Sierra Gorda porphyries. (The porphyries form where the lineament intersects major north–south structural features.) The ground has also seen little, if any, exploration for copper and gold. “There is a big gap of known copper porphyry deposits, despite the favourable setting,” Randall says, “because it has been in the hands of industrial minerals giant SQM for several decades.” After discovering the Spence deposit more than a decade ago, a number of companies approached SQM to acquire land nearby, but no deals

were made. “Our property missed a lot of exploration that resulted from the Spence discovery, so it was basically undrilled and untested before us,” Randall says. Under Arena’s latest deal, Teck can acquire up to a 60% interest in two claim blocks: the Solitario and Paciencia North prospects. Teck will need to spend up to US$19.5 million on exploration in two stages over six years. Teck will also finish two equity financings in Arena at 27¢ per share (a premium to the market), for a total C$1.5 million (C$1 million on signing and C$500,000 before July 26, 2016).

ARENA MINERALS

It also has to make a US$450,000 onetime cash payment and a US$100,000 recurring annual payment. Teck will have a second option to acquire another 11.3% interest by spending an extra US$15 million on exploration before July 26, 2021, or by delivering a feasibility study before July 26, 2023. Arena’s management team thought it would look for partners for Atacama when the company sat at less than a $15-million market capitalization. “We realized that to properly drill See ARENA MINERALS / 2

Expertise in all aspects of mining. Contact Wayne Egan at (416) 947-5086 or at wegan@weirfoulds.com Financings • Joint ventures • IPOs, RTOs and listings • Corporate governance • Purchase and sale of mines • Litigation • www.weirfoulds.com

COMMENTARY: EXTENDED DOWNTURN LEADING TO BRAIN DRAIN / 4

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NOVEMBER 16–22, 2015 / THE NORTHERN MINER

Teck to join Arena in Atacama

A drill site operating under the joint-venture agreement between Arena Minerals and JOGMEC at the Atacama copper property in Chile. ARENA MINERALS

“WE HAD MET WITH ROSS BEATY ON PREVIOUS OCCASIONS, AND HE WAS IMPRESSED WITH OUR LAND PACKAGE IN CHILE.”

ARENA MINERALS From 1

these areas that we had defined, we’d probably have to raise US$10 to US$20 million, and at that market cap it would be highly punitive to our shareholders,” he says. “We contacted a long list of companies, focusing — given the market — on large companies with good financial resources, and with exploration teams that could do the work properly. We also had to juggle areas of interest, but it was these three that fit all of our requirements, because they wanted different pieces of land that didn’t overlap.” The first option deal Arena did with B2Gold was for two claim blocks: Pampa Paciencia and Cerro Barco. The second, with JOGMEC, was for three claim blocks: Carmen Alto, Pampa Union and Cerro Guacate Sur. The claims under option to JOGMEC and B2Gold are contiguous, while Teck’s claims are north and south of B2Gold’s Pampa Paciencia. Arena and its partners are targeting large porphyry deposits, Randall says, “and discovering one would be

Arena Minerals (TSXV:AN)

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WILLIAM RANDALL CEO, ARENA MINERALS

of a magnitude that majors would be interested in.” Together, the three deals result in roughly US$56 million that could be directed towards exploration on Arena ground. In addition to the 790 sq. km covered by the option agreements, Arena has 130 sq. km of ground remaining — on which it has identified three prospects so far — that could be available for future deals. The company has 79.5 million shares outstanding, with insiders holding 14%; mining entrepreneur Ross Beaty, 12%; SQM, 5%; and Teck Resources, 4%. “We had met with Ross Beaty on previous occasions, and he was impressed with our land package in Chile” Randall says. “He acquired his 12%

stake post the B2Gold transaction.” Randall adds that despite poor market conditions and the possible risk that Arena couldn’t finance the property, finishing the first jointventure option showed that the company “had the ability to execute the plan and complete the SQM option agreement” He says that “since then we have completed the other two deals, which takes out the risk completely. We won’t need to finance for the next couple of years, so Beaty has gained exposure and has been a supportive shareholder — evidenced by his recent participation in the Teck private placement, which was done at a premium to market.” TNM

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Arena Minerals’ Atacama copper property in northern Chile.

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Rubicon halts trial mining at Phoenix in Red Lake GOLD

| Underground work suspended, 310 laid off as miner rethinks 'complex' geology

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

hares of developer Rubicon Minerals (TSX: RMX; NYSE-MKT: RBY) saw heavy losses after the company suspended underground development at its Phoenix gold deposit in Ontario’s prolific Red Lake district. The move stemmed from trial mining that revealed an unexpectedly “geologically complex” main F2 gold deposit. Mineralization at Phoenix comprises vein- and breccia-hosted, high-grade gold and gold-bearing sulphide replacement zones. Gold is associated with pyrrhotite, pyrite and lesser chalcopyrite and local arsenopyrite. The gold mineralization at Phoenix is spatially associated with intense potassic alteration assemblies, often from pervasive bioitite or sericite alteration. Rubicon has spent nearly $400 million at Phoenix over the past four years, and hoped for commercial production at the mine in the first quarter of 2016. The development plan was based on a revised preliminary economic assessment (PEA) from almost three years ago, which modelled total capital expenses of $420 million. Rubicon was operating the trial mining on resource estimates calculated in October 2013, which featured gold ounces mostly delineated in the inferred category. Total indicated resources were 4.1 million tonnes of 8.5 grams gold per tonne for 1.13 million contained oz., while inferred resources were 9.2 million tonnes of 9.26 grams gold for 2.22 million contained oz. “We’ve discovered that the mineralization at the project is much more geologically complex than what we’ve seen during surface drilling. This isn’t uncommon in terms of high-grade, narrow-vein deposits in Red Lake,” interim CEO Michael Winship said during a conference call. “The effect of the geological complexity has been to mine tonnes and grades generally lower than expected. After an initial assessment after my appointment, I believe the best path forward is to better understand the deposit, and pursue an optimized implementation plan.” Since commissioning in May 2015, Rubicon has produced 3,700 oz. gold. The company has a stockpiled 11,000 tonnes of mineralized material at an estimated 4 grams gold, which it expects

“THE MINERALIZATION AT THE PROJECT IS MUCH MORE GEOLOGICALLY COMPLEX THAN WHAT WE’VE SEEN DURING SURFACE DRILLING.” MICHAEL WINSHIP INTERIM CEO, RUBICON MINERALS

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Rubicon Minerals’ Phoenix gold project in Red Lake, Ontario, which has produced 3,700 oz. gold since May 2015. RUBICON MINERALS

to process in November. Along with the operational suspension came the “temporary layoff” of 200 employees and 110 contractors, which represents 87% of Phoenix’s workforce. Trial stoping revealed the complexity of F2, with gold mineralization mostly hosted near two rock types: hightitanium basalts and felsic intrusive. Although the milling results from the first trial stope matched previous models, later trial stopes highlighted “local variability” in the high-titanium, basalt unit continuity. The company has 11 test stopes in “various stages of development and drawdown.” Winship added that “we certainly understood the main geological controls with the lithology. However, as we’ve gotten into the trial stoping areas, we’ve come to realize the structure is more complex than we initially understood, and the gold mineralization is more variable. We had a number of planned sections through the orebody, and you can see the mineralization moves around from sublevel to sublevel ... we need to apply an optimal mining method, because that’s the base of the pyramid for successful gold operations. We had intended to go with bulk long-hole mining, but when we applied those methods ... there’s been too much variability. It may be we go for higher-grade, more selective mining.” Rubicon reported $23 million of working capital in October, which could see it through geological reassessments that won’t be complete until the second quarter of 2016. Winship said the company would need more capital before restarting Phoenix’s march toward production. Rubicon’s case highlights the problem when companies adopt mine plans based only on preliminary scoping studies and inferred resources. Scotia Capital analyst Craig Johnston noted that “this is a prime example of the risks of going into production with only a PEA ... the company, under new management, is making a prudent decision to hit the pause button until they have a better understanding of the geological model. That said, we expect the stock to underperform ... and we remain on the sidelines.” Rubicon’s stock fell 55%, or 33¢, on 21 million shares traded after the news, en route to a 26¢ close at press time. The firm holds $65 million in debt, and has 395 million shares outstanding for a $103-million market capitalization. TNM

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Trans-Pacific Partnership details bring fresh round of scrutiny TRADE DEAL | Intellectual

property, environmental concerns raised

etails of the proposed Trans-Pacific Partnership (TPP) trade agreement have been released by the 12 nations that signed its terms on Oct. 5, 2015, after seven years of negotiation. The TPP would be one of the largest trade deals in decades. Among its many features, it By John Cumming is being touted as removing 98% of the tariffs jcumming@northernminer.com between the 12 signatory countries that represent many of the biggest and most advanced countries on the Pacific Rim, including Canada, the U.S., Mexico, Peru, Chile, New Zealand, Australia, Singapore, Malaysia, Brunei, Vietnam and Japan — with the notable exceptions of China as the world’s second-largest economy, as well as South Korea, Russia, and emerging economies in Southeast Asia and elsewhere. The preamble to the TPP document states the goal is to establish a comprehensive regional agreement that promotes economic integration to liberalize trade and investment, bring economic growth and social benefits, create opportunities for workers and businesses, raise living standards, benefit consumers, reduce poverty and promote sustainable growth. The deal still needs to be ratified by all 12 member countries — which could take at least a couple of years. Mining industry associations and other mining proponents in Canada and beyond supported the TPP as soon as the deal was announced in October, and little has changed now that the details — all 30 chapters and 6,000 pages’ worth — are available online. Most metals and minerals moving between the 12 countries already have low or no tariffs. There are plenty of little-known exceptions though, with the TPP lifting tariffs such as 11.7% on Japanese metals and minerals, 40% on Vietnamese iron and steel, and 50% on Malaysian chemical products. More opportunities for miners and mining contractors may arise from new TPP restrictions on state-owned enterprises that would force them to act more like private enterprises, and be less preferential in hiring contractors from their own countries. There is also the intention in the TPP to better harmonize labour laws and worker safety requirements between the signatory nations. The reaction to the TPP has been much more critical from groups representing environmentalists, health care providers and high-tech industries. Environmentalists are furious that climate change-related measures are barely incorporated into the deal, and health care proponents see little harmonization between the members, while high-tech professionals see weaker intellectual property laws. One of Canada’s best known high-tech entrepreneurs, Jim Balsillie of Research in Motion and Blackberry fame, has come out with a scorching indictment of the TPP after studying large sections of the deal. The Canadian Press reported that he concludes the TPP “will harm Canadian innovators by forcing them to play by rules set by the treaty’s most dominant partner: the U.S.” Balsillie told the CP he’s “not a partisan actor, but I actually think this is the worst thing that the Harper government has done for Canada … I think 10 years from now, we’ll call the signature the worst thing in policy that Canada’s ever done ... it’s a treaty that structures everything forever — and we can’t get out of it.” He added that “I think our trade negotiators have profoundly failed Canadians and our future innovators. I really lament it,” and said the government should have sent a more sophisticated negotiating team. The new Liberal government has not yet reacted to release of the TPP details, and has been careful to point out the deal was negotiated by Stephen Harper’s defeated Conservative government. In Canada at the federal level, the TPP is in the hands of the newly appointed International Trade Minister Chrystia Freeland, who says she will review it, and asks for Canadians to send her comments on it. TNM

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DEPARTMENTS Careers.............................................15 Editorial..............................................4 Events...............................................15 Meetings..........................................15

Metal Prices........................................7 Mining Jobs......................................16 Professional Directory................. 14-15 Stock Tables............................ 6, 11-13

The great mining brain drain COMMENTARY

| Talented professionals fleeing sector for steady paycheques

e are in the skilled, mid-level promidst of a fessionals that have historic no choice but to leave bear market, whose the industry in search bite is clamping down of a stable pay cheque. harder with each passA portion will return ing year, squeezing when things get betthe last remnants of BY ANDREW POLLARD ter, but, as with other Special to The Northern Miner optimism from those downturns, we know working within the that many will never mining sector. The only real comfort come back. Regardless, profescomes from knowing the cyclical sional skills development has been nature of the industry and that, replaced by professional survival. inevitably, the lights will shine We will soon witness an entire bright once again. layer of industry retreat (our survey Having run for nearly a decade in the fourth quarter of 2014 showed the Mining Recruitment Group 39% of mining executives had plans Ltd., an executive search firm fo- to retire from full-time employment cused on the resource industry, I within five years), at the time those have had a unique lens through positioned to fill their shoes are which to view the sector, and de- absorbed into other sectors. spite the coverage the industry A recent survey sent out to my and its demons continues to get, mining professional database has I’m here to tell you that there is an highlighted this issue in plain terms. elephant in the room that has yet to A full 25% of respondents classibe addressed. And the longer the fied themselves as unemployed. downturn continues, the bigger Another 21% rated themselves as and angrier it gets. underemployed. Let that soak in for a second. Of those, when asked if they were considering leaving the industry permanently in favour of a new line of work, 31% indicated that they were. Another 34% indicated they were considering leaving the industry, but were open to returning when things showed signs of improvement. If the mining industry was illprepared to deal with the ramifications of the impending wave of executive and technical professional retirements in the best of times, how can it possibly cope in the wake of a mass exodus of mid-level professionals that have no choice but to leave the sector in search of work? At a time the sector should foWe are entering uncharted territory, and though we have seen cus on developing new leaders countless boom and bust cycles, and grooming them for executive we are at a demographic inflection office, the talent pool is in fact point that can’t be outrun. No, thinning. Skills aren’t being put this isn’t another baby boomer to use and expertise isn’t being retirement-wave issue (well, partly passed down. it is), which has already been well Previous downturns already make covered. If anything, the market mining professionals between the unravelling has st y mied many ages 38 to 50 a rarity, as few opted mining professionals’ plans for to enter the industry during the retirement, as fortunes have been previous down cycle. Now the layer wiped out, and many frankly can’t beneath them is disappearing and afford to consider it at this point. disengaged, leaving an unfathomable But one can only outrun father skill gap for the sector to grapple time for so long, and retirements with. will cascade eventually. The longer Just as the extended downturn has this takes to play out, the mightier made many executives push retirethe wave will be when it finally ment off for a few years — which will strikes. intensify the wave when it finally This wave is coming. It’s been does strike — the brain drain of well documented already and is an mid-level talent to other sectors will issue that by nature, will only get only exasperate with each passing worse with time. It’s old news at quarter, setting the sector up for this point (no pun intended). This a perfect storm scenario, just as it is something the industry has had turns the corner on the one passing a long time to prepare for, though it through right now. TNM mostly hasn’t — less than one-third — Based in Vancouver, Andrew of mining companies have any sort Pollard is president of the Mining of succession planning in place. Recruitment Group Ltd., a boutique But here’s where it gets real messy. executive search firm focused on the Due to the prolonged nature of this resource sector. Please visit www. cyclical bear, we are now witnessing miningrecruitmentgroup.com for a brain drain of talented, highly more information.

A FULL 25% OF RESPONDENTS CLASSIFIED THEMSELVES AS UNEMPLOYED. ANOTHER 21% RATED THEMSELVES AS UNDEREMPLOYED. LET THAT SOAK IN FOR A SECOND.

COMPANY INDEX Areva............................................ 9,10 B2Gold.............................................. 1 BHP Billiton........................................ 1 Cameco........................................ 9,10 Denison Mines................................... 7 Fission Uranium................................. 7 JCU Exploration................................. 9 Kinross Gold...................................... 5

Lundin Gold....................................... 5 Odin Mining and Exploration............. 5 Potash Corp. of Saskatchewan........... 7 Rubicon Minerals............................... 3 Sociedad Quimica y Minera de Chile.... 1 Teck Resources.................................. 1 UEX................................................... 9 Vale................................................... 1

2015-11-10 6:25 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 16–22, 2015

Diego Benalcazar (far right), Odin Mining’s vice-president of exploration and corporate development, in the field in Ecuador.

ODIN MINING

‘Ecuador is the place to be,’ Odin geologist says SECOND LOOK BY TRISH SAYWELL tsaywell@northernminer.com QUITO, ECUADOR

iego Benalcazar has worked all over Latin America — from Chile and Peru to Venezuela, Colombia and Mexico — but since mid2013, the geologist has concentrated on finding projects in Ecuador as Odin Mining and Exploration’s (TSXV: ODN) vice-president of exploration and corporate development. “Ecuador is the place to be,” he says over lunch at the Marriott Hotel in Quito, where he is attending a governmentsponsored investment forum. “Four or five years ago Colombia was, but it got saturated so fast once AngloGold let go of a good part of its concessions. Colombia started changing legislation, and all the juniors came in.” By the time Benalcazar arrived in Colombia to look for projects in 2011 and 2012, he says, “there was nothing. The good stuff was taken.” Benalcazar says Ecuador enjoys many of the same geological attributes as Colombia, without the security issues related to the country’s history of guerrillas and drug wars. “When the juniors went to Colombia, they had to be friends with the military in order to have assistance,” he says. “In Ecuador we only need to tweak a couple of things in the mining law and the fiscal treatment of the mining sector for this country to be full of mining companies, and I think that time is coming. I can sense it.” The mining executive — and former president of the Board of Directors of the Ecuadorian Chamber of Mines — is also convinced that the small Andean nation is on the verge of “incredible change” over the next two years, because the country’s leaders are hungry for foreign investment. “The government realizes that it needs a change in attitude,” he explains. “They’re going to have to pay a lot of attention to public expenditure.

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| Country's leaders aim to lure back mineral investment after Kinross departure

“SOME PEOPLE WILL REGRET THAT THEY’RE NOT HERE NOW, BECAUSE IF THEY COME LATER, THEY’LL EITHER NEED EARLY STAGE EXPLORATION, OR PAY TWO OR THREE TIMES MORE.” DIEGO BENALCAZAR VICE-PRESIDENT OF EXPLORATION AND CORPORATE DEVELOPMENT, ODIN MINING

The cost of oil production here is almost the same as the current price of crude, and this is likely to continue over the next couple of years, so they have to pay attention to other sources of income.” Quito officials are fully aware of this, and of the promising geology the country has to offer, he adds. “The continuity of these Andean mineralized belts is so rich — what the country needs is more exploration,” Benalcazar says, pointing out that the seven major discoveries that were treated as “strategic projects” after the 2008 moratorium on exploration and mining lifted came from exploration in the 1990s and early 2000s. “Imagine if Ecuador had continued exploration for another decade,” he muses. “We’d have seven or 10 more projects.” Benalcazar forecasts that over the next five to eight years, Ecuador could have as many as 15 large-scale projects at over 1,000 tonnes per day, in what he describes as the country’s “first generation” of mines. The next stage, or “second generation,” he speculates, would include medium mines of between 200,000 and 500,000 oz. gold. “You’ll find multiple deposits within a small area that could be easily combined for a 2 million to 3 million oz. project, or a stand-alone 500,000 oz. deposit. We haven’t seen that yet.” Among Ecuador’s many attributes, he says, are abundant water; cheap electricity from the country’s six hydroelectric projects, expected on-stream in

2016; and inexpensive labour. Because Ecuador is one-quarter the size of Peru, most mining projects are also relatively easy to reach from major population centres. “You can be in and out within a day,” he says. “In Peru and Chile it can take forever to get to some of these projects — a couple of days in some cases. For companies with cash-on-hand in the current downturn, Ecuador is more attractive than some Latin American countries like Chile, he argues, where you can buy the same quality of project as you’d find in Ecuador, but “you’ll pay many times more.” Benalcazar isn’t naive about the challenges of developing Ecuador’s mining industry, and is the first to admit that foreign investors have been patient over the last decade, as the government’s policy on mining evolves. “It’s only been in the past two or two and a half years that they realized mining could become a source of income, without really knowing that it takes eight to 10 years to develop a mine,” he says. “They thought by signing contracts and bringing in companies they’d have mining production in two years. With that initial level of understanding, you can imagine they were totally lost about how the industry works.” The government is also aware that Kinross Gold’s (TSX: K; NYSE: KGC) decision in 2013 to abandon Ecuador and its Fruta del Norte project over concerns about high tax rates at the

time meant that the country “missed the upside of commodity prices and strong markets,” and “harmed Ecuador’s reputation, turning it into a “no-go destination.” Lundin Gold’s (TSX: LUG) acquisition of Fruta del Norte in December 2014 gives Ecuador another chance, and the mining company and the government are close to making a fiscal stability agreement. “There is an opportunity for Lundin Gold, as the government of Ecuador can’t fail a second time,” Benalcazar notes. Other things have changed, too, making the country an easier place to do business, he argues, such as simplified and faster permitting processes. In the past, companies would wait two years for an environmental license. Now, if an institution doesn’t respond within a certain number of

days, the answer is usually positive. There are “clear rules of the game” and provincial institutions that help companies solve problems, and engage with local communities. “Some people will regret that they’re not here now, because if they come later, they’ll either need early stage exploration, or pay two or three times more,” he says. “For companies that are waiting to see if there are going to be any more, or drastic, changes in the law — that’s not going to happen fast. It is what it is, and they’re not going to do anything to the mining law this year. Soon enough the adverse conditions of declining economic growth will demand more flexibility to the fiscal regime — forcing Ecuador to become a competitive destination for risk investment, and the development of mines.” TNM

2015-11-10 6:25 PM

WWW.NORTHERNMINER.COM

NOVEMBER 16–22, 2015 / THE NORTHERN MINER

MA R K E T N EWS TORONTO STOCK EXCHANGE / OCTOBER 30–NOVEMBER 5 Canada’s main stock index fell after U.S. Federa l Reser ve Cha ir Ja net Yel len sa id there was a “live possibility” of a rate hike in December. But the S&P/TSX Composite Index still eked out a small gain — up 0.22% to 13,558.78 — heartened perhaps by news that Canada’s trade def icit in September ($1.7 billion) had narrowed more than expected, with monthly exports rising 0.7%. L ower com mod it y pr ices weig hed on resource stocks, with the S&P/TSX Capped Diversified Metals & Mining Index sliding 1.2% to 421.02, the S&P/TSX Global Mining Index dropping 2.5% to 48.73, and the S&P/ TSX Global Gold Index tumbling 6.1% to 125.83. The New York spot price for gold lost 3.3% to finish at US$1,103.60 per oz. Sha res of Rubicon Minera ls were t he most traded, dropping 66% from 39¢ to 20¢ apiece, after the company suspended underground development at its Phoenix gold mine project in Ontario. The company said trial mining had shown that the main F2 gold deposit was "more complex" geolog ica l ly t ha n a nt icipated. It has spent a lmost $40 0 mi l lion on t he project over the last four years, with commissioning in May. Before the suspension, Rubicon had expected to reach commercial production in

the first quarter of 2016. The company said the suspended operations will lay off 87% of its workforce. Agrium topped the list of value gainers, ju mpi ng $2 .08 per sha re to $126.83 per share. The company reported third-quarter net earnings of US$99 million — or US72¢ di luted earnings per share — compared to US$91-million, or US63¢ per share, for the same quarter of 2014. T he i ncrea se c a me f rom h ig her sa les volumes of wholesale nutrients and lower production costs in the wholesale business unit, while earnings in the retail segment were similar to the previous year, despite weaker market conditions. Ag riu m a nt icipates st rong crop input demand before the new year. TSX MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Rubicon Mnrls First Quantum Teck Res B Yamana Gold Goldcorp Eldorado Gold B2Gold Barrick Gold Lundin Mng OceanaGold

RMX 33088 0.62 0.19 0.20 - 0.39 FM 28750 8.25 6.66 7.13 + 0.47 TCKB 25227 8.52 6.98 7.32 - 0.06 YRI 21948 3.01 2.51 2.55 - 0.46 G 20662 17.62 15.98 16.02 - 1.30 ELD 19570 4.97 4.22 4.38 - 0.47 BTO 19465 1.47 1.37 1.38 - 0.01 ABX 18272 10.52 9.50 9.70 - 0.61 LUN 17161 4.57 4.06 4.07 - 0.15 OGC 16206 2.61 2.40 2.43 - 0.09

News of a $22 million non-dilutive debt faci lit y lif ted sha res of Mont rea l-based Orbite Technologies 16% to 41¢. The company said the secured debt financing from MidCap Financial consisted of an $8.5-million revolving credit facility and two term loans: one worth $0.6 million, and the other $13 million. Orbite is finishing its first commercial high-purity alumina production plant in

Quebec, and has completed basic engineering for a proposed smelter-grade alumina production plant, which would use clay mined from the junior’s Grande-Vallée deposit. Sha re s of Lu nd i n M i n i ng fel l 15¢ to $4.07. The company reported a net loss in the third quarter of US$35.3 million, or a net loss attributable to Lundin shareholders (after deducting non-controlling interests) of US$34.6 million (5¢ per share).

TSX GREATEST PERCENTAGE CHANGE

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WEEK VOLUME CLOSE CHANGE

Northcliff Res TVI Pacific St Augustine Stockport Expl Forsys Metals MDN Inc Stonegate Agri Vena Res Paladin Energy PolyMet Mng Rubicon Mnrls Loncor Res Silver Bear Rs Golden Mnls MBAC Fertilizr Black Iron Timmins Gold Formation Mtls Victory Nickel Cardero Res

Agrium Horizns G Bear Dominion Diam Imperial Metal First Quantum Major Drilling Turquoise Hill PolyMet Mng Potash Cp Sask Sandstorm Gold Royal Gold Franco-Nevada Agnico-Eagle Cameco Corp Goldcorp Russell Metals Silver Std Res Silver Wheaton Labdr I-Ore Ro Pan Am Silver

NCF TVI SAU SPT FSY MDN ST VEM PDN POM RMX LN SBR AUM MBC BKI TMM FCO NI CDU

284 490 379 114 29 282 185 37 2320 119 33088 2340 2200 426 3244 59 11610 466 156 57

0.14 0.02 0.13 0.02 0.20 0.03 0.03 0.03 0.27 1.30 0.62 0.04 0.04 0.36 0.05 0.04 0.29 0.12 0.03 0.24

0.07 0.01 0.08 0.02 0.15 0.02 0.02 0.02 0.21 1.03 0.19 0.02 0.02 0.26 0.03 0.03 0.20 0.09 0.02 0.15

0.14 0.02 0.11 0.02 0.19 0.03 0.03 0.03 0.27 1.30 0.20 0.03 0.02 0.31 0.03 0.03 0.20 0.09 0.02 0.20

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

75.0 50.0 46.6 33.3 31.0 25.0 25.0 25.0 23.2 21.5 66.1 37.5 33.3 32.2 25.0 25.0 24.5 21.7 20.0 20.0

AGU HGD DDC III FM MDI TRQ POM POT SSL RGL FNV AEM CCO G RUS SSO SLW LIF PAA

2166262 126.83 6991963 13.72 1063959 13.98 96584 8.06 28750073 7.13 363415 4.49 5894864 3.74 118937 1.30 15596637 27.47 1093985 3.59 33840 53.01 2826913 63.81 5428218 34.76 5944992 17.08 20662127 16.02 1954589 19.12 2327548 8.17 8376239 17.08 1035498 14.35 1650460 9.37

+ 2.08 + 2.03 + 0.59 + 0.50 + 0.47 + 0.28 + 0.27 + 0.23 + 0.15 + 0.13 - 10.74 - 3.91 - 2.24 - 1.64 - 1.30 - 1.28 - 1.12 - 1.03 - 0.92 - 0.79

TSX VENTURE EXCHANGE / OCTOBER 30–NOVEMBER 5 The S&P/TSX Venture Composite Index lost ground despite promising North American job reports, dropping 1.4%, or 7.75 points, en route to a 534.28-point close. Canadian employment rose by 44,400 positions in October, though most of the increase came from temporary work during the federal election. Meanwhile, U.S. payrolls registered the largest jump this year, as the economy added 271,000 jobs last month. But markets couldn’t overcome struggling commodity prices, and future contracts for energy and metals were down across the board. December contracts for gold dropped 4.7%, or US$53.90, before finishing at US1,087.60 per oz. December contracts for West Texas Intermediate crude oil lost nearly 5%, or US$2.30, en route to a US$44.29-per-barrel close. December contracts for copper finished down 3.1%, or US7.2¢, at US$2.24 per lb. Explorer Integra Gold led the volume-traded category after tabling assays from infill drilling on the Parallel zone at its Lamaque gold project near Val-d’Or, Que. The company saw over 9 million shares change hands before they closed down 1¢ at 33¢ per share. On Nov. 3 Integra released results from nine drill holes at Parallel, which it says support a “high level of confidence in both the continuity and grade of the gold mineralization.” The

company envisions the deposit as another source of mill feed for its Sigma-Lamaque mill. Highlights include: 1 metres grading 482.26 grams gold per tonne from 164 metres deep in hole 15-6, and 2 metres of 47.26 grams gold from 306 metres deep in hole 15-12. Shares in Abitibi Royalties lost ground after the company updated the status of its interests in the Canadian Malartic gold mine in Quebec. Shares dropped 15¢ before closing at $2.45. Abitibi holds a 3% net smelter return (NSR) royalty on Malartic’s Odyssey North zone, where it joint-venture partners Agnico Eagle Mines and Yamana Gold reported results from a $3.5-million drill program that Abitibi said is “meeting expectations.” Drilling is expected to continue at the target through the year. TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Integra Gold StrikePoint Gd Majestic Gold Discovery Vent Golden Band Melkior Res Metanor Res PC Gold Equitas Res Wolfden Res

ICG SKP MJS DVN GBN MKR MTO PKL EQT WLF

9092 6503 6015 5871 5645 5545 4927 4273 3927 3752

0.37 0.06 0.09 0.19 0.01 0.02 0.05 0.09 0.13 0.09

0.32 0.04 0.05 0.17 0.01 0.01 0.04 0.08 0.10 0.07

0.33 - 0.05 + 0.07 + 0.18 + 0.01 0.02 - 0.04 - 0.09 + 0.11 - 0.09 +

0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.02

Abitibi updated shareholders on its Barnat Extension and Jeffrey gold deposit holdings, where it holds a 3% NSR on certain minera l concessions. Agnico expects to receive operating permits at the sites by the end of 2016. Discovery Ventures had a busy week after receiving a bulk sample permit for its Willa project near Silverton, B.C. The company saw

nearly 6 million shares change hands before they closed up 1¢ at 18¢ per share. On Nov. 5 Discovery announced that the B.C. Ministry of Energy & Mines had granted a permit to remove up to 10,000 tonnes of ore from Willa, where the company will test metallurgical properties of the deposit, as well as equipment at its Max Mill processing facility in Trout Lake, B.C.

TSX-V GREATEST PERCENTAGE CHANGE

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WEEK VOLUME CLOSE CHANGE

Noram Vent Metalcorp Western Pac Rs Kings Bay Gold Anconia Res Western Troy C Fjordland Exp NQ Expl BCGold Randsburg Intl Emgold Mng Maracote Intl SG Spirit Gold New World Res Phoenix Gold Kettle River ValGold Res Trio Gold Corp White Pine Res Anglo-Can Mng

Pac Booker Min Tsodilo Res Reservoir Mnls Arianne Phosph Titanium Corp Viscount Mng Almonty Ind Gold Std Vnt Noront Res Nevada Sunrise Gold Reserve Kennady Diam Abitibi Royalt Senator Minls SG Spirit Gold Bear Creek Mng Nevada Expl Zenyatta Vent Chesapeake Gld Northern Graph

NRM MTC WRP KBG ARA WRY FEX NQE BCG RGZ EMR MCE SG NW PXA KRR VAL TGK WPR URA

300 39 191 60 230 233 177 100 75 70 34 915 37 318 37 45 24 195 149 562

0.02 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.01 0.03 0.12 0.03 0.01 0.01 0.01 0.01 0.01 0.01

0.02 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.08 0.01 0.01 0.01 0.01 0.01 0.01 0.01

0.02 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.01 0.02 0.08 0.02 0.01 0.01 0.01 0.01 0.01 0.01

+ 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 66.6 - 62.5 - 62.5 - 57.1 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

BKM TSD RMC DAN TIC VML AII GSV NOT NEV GRZ KDI RZZ SNR SG BCM NGE ZEN CKG NGC

28150 23125 88041 167391 119675 550568 44105 470450 1348906 152002 20005 127170 40630 35000 36500 421848 260402 358627 41566 484514

2.34 0.80 4.44 0.90 1.13 0.49 0.50 0.59 0.44 0.28 3.75 2.75 2.45 0.15 0.08 0.61 0.48 0.90 2.17 0.23

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

0.39 0.10 0.09 0.08 0.06 0.06 0.05 0.05 0.05 0.05 0.26 0.15 0.15 0.14 0.13 0.11 0.10 0.10 0.08 0.07

U.S. MARKETS / OCTOBER 30–NOVEMBER 5 U.S. equities stayed in positive territory, as investors waited for the monthly jobs report and possible reasons for the Federal Reserve to hike interest rates in December. The Dow Jones Industrial Average rose 107.63 points, or 0.6%, to 17,863.43. The S&P 500 Index climbed 10.52 points, or 0.5%, to 2,099.93, and the Nasdaq Composite Index rose 53.47 points, or 1%, to 5,127.74. The spot gold price fell US$43.20 per oz. to US$1,103.60. Hi-Crush Partners shares climbed US$3.51, or 64%, to close at US$8.96. The week before, the large frac sand producer reported adjusted third-quarter earnings of US$5.6 million, or US15¢ per share. That amount excluded US$23.7 million of one-time expenses related to the writedown of assets from D&I Silica LLC in June 2013, as well as costs related to reducing headcount. Including those, the quarterly net loss was US$18.1 million, or US$49 per share, compared to earnings of US$1 per share in the same period last year. Revenues fell 20% to US$81.5 million on sales of 1.4 million tons of frac sand, as sand prices have dropped due to declining rigs and oil prices. Hi-Crush has temporarily halted its Augusta, Wis., production plant. Year-to-date, its shares have lost US$20,

TNM_Nov16_Pgs 6 11 12 13.indd 6

or 69% of its value. Golden Minerals shares declined after the company said on Oct. 29 that it would suspend mining and processing at its Velardena mine and sulphide mill in Mexico in November, citing weak silver and gold prices, and lower-than-planned mill feed grades. Instead of operating at a loss, Golden Minerals estimates the shutdown will improve its net cash flow by US$1.5 million a year, excluding employee severance and other related costs. Shares lost 29% to finish at US22¢ per share, down 58% year-to-date. Timmins Gold had a rough trading period, after announcing a third-quarter loss of US63¢ U.S. MOST ACTIVE ISSUES VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 146404 12.75 11.21 11.48 - 0.15 Alcoa* AA 134214 9.58 8.87 9.20 + 0.28 Barrick Gold* ABX 96660 8.00 7.21 7.36 - 0.46 Consol Energy* CNX 64919 8.65 6.38 8.45 + 1.68 Goldcorp* GG 59800 13.38 12.13 12.16 - 0.98 Teck Res B* TCK 51248 6.50 5.28 5.55 - 0.08 Potash C Sask* POT 49231 22.37 19.94 20.89 + 0.17 Kinross Gold* KGC 46665 2.15 1.82 1.88 - 0.22 Newmont Mng* NEM 40454 20.13 17.26 17.50 - 2.39 Rubicon Mnls* RBY 36199 0.48 0.14 0.15 - 0.35

per share, compared to last year’s earnings of US1¢ per share. It also lowered its full-year gold production guidance to 90,000 oz. — down from 100,000 to 110,000 oz. — citing lower-thanplanned grades to the leach pads and slightly lower crusher throughput. The firm also plans to

shut its sole operating mine — San Francisco in Mexico — in mid-2016, instead of 2022. Given the low gold price and the earlier shutdown, Timmins Gold took a US$226.5-million writedown in the third quarter. It shares fell 23% to US16¢, down 84% year-to-date.

U.S. GREATEST PERCENTAGE CHANGE VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Hi-Crush Part* Consol Energy* PolyMet Mng* Peabody Enrgy* Natural Rs Pt* Cloud Peak En* Cabot Corp* US Silica Hld* Arch Coal* Turquoise HIl* Rubicon Mnls* Golden Mnls* Rhino Res* Timmins Gold* Royal Gold* Minas Buenavn* Yamana Gold* Primero Mng* Iamgold* Banro*

HCLP CNX PLM BTU NRP CLD CBT SLCA ACI TRQ RBY AUMN RNO TGD RGLD BVN AUY PPP IAG BAA

1049 9.51 64919 8.65 1122 0.99 7761 15.75 579 2.40 2412 3.71 4262 41.98 2710 21.41 13689 2.05 2234 2.99 36199 0.48 2145 0.28 41 0.90 3083 0.22 7602 49.18 11397 6.93 9480 2.28 815 2.37 4380 1.84 3725 0.21

5.32 6.38 0.80 11.75 1.62 2.86 35.46 16.94 1.48 2.65 0.14 0.19 0.64 0.16 39.20 5.86 1.91 2.00 1.54 0.18

8.96 8.45 0.99 15.49 1.91 3.60 40.47 19.47 1.61 2.86 0.15 0.22 0.64 0.16 40.26 5.93 1.95 2.01 1.55 0.18

+ 64.4 + 24.8 + 22.2 + 17.4 + 16.8 + 13.9 + 11.4 + 9.4 + 8.7 + 7.5 - 69.4 - 29.0 - 25.9 - 23.3 - 16.5 - 15.4 - 15.2 - 14.4 - 12.4 - 12.1

U.S. GREATEST VALUE CHANGE

WEEK VOLUME CLOSE CHANGE

Cabot Corp* CBT Hi-Crush Part* HCLP Compass Mnls* CMP Peabody Enrgy* BTU Consol Energy* CNX US Silica Hld* SLCA Agrium* AGU Alliance Rs P* ARLP MDU Res* MDU Cloud Peak En* CLD Royal Gold* RGLD Randgold Res* GOLD Franco-Nevada* FNV Newmont Mng* NEM Mosaic* MOS Central GoldT* GTU Agnico-Eagle* AEM Cameco Corp* CCJ Minas Buenavn* BVN Goldcorp* GG

4261757 40.47 1049170 8.96 357680 83.68 7761153 15.49 64918673 8.45 2710012 19.47 689044 96.29 1221371 21.48 6109140 19.39 2411637 3.60 7602307 40.26 4412928 62.46 6165600 48.46 40454254 17.50 30420609 32.67 112124 39.17 15333164 26.39 11658451 12.96 11397115 5.93 59799740 12.16

+ 4.16 + 3.51 + 2.60 + 2.30 + 1.68 + 1.68 + 1.54 + 0.89 + 0.66 + 0.44 - 7.98 - 4.54 - 2.94 - 2.39 - 1.99 - 1.80 - 1.71 - 1.25 - 1.08 - 0.98

2015-11-10 6:01 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 16–22, 2015

CANADIAN PRAIRIES SPECIAL FOCUS

Fission powers forward after Denison deal dies

PotashCorp cuts supply to match demand

MERGER MELTDOWN

Q3 RESULTS

| Miner lowers its full-year earnings guidance

| Shareholders scuttle deal, planning proxy battle

BY SALMA TARIKH starikh@northernminer.com

otash Corp. of Saskatchewan (TSX: POT; NYSE: POT) is lowering its potash production levels in response to weaker demand and fertilizer prices for the second half of 2015. The Saskatoon-based fertilizer giant will permanently close its Penobsquis mine in New Brunswick by the end of November, and plans a three-week shutdown in December at three of its Saskatchewan mines — Cory, Allan and Lanigan. PotashCorp has two nearby potash operations in New Brunswick: the old, high-cost Penobsquis mine and the new, low-cost Picadilly mine. “The plan had been to phase out the Penobsquis operation over time, beginning next year. But with the current market conditions, the company decided it would be better to close it now and accelerate the ramp-up at Picadilly,” Randy Burton, PotashCorp’s director of public relations and communications, says in an interview.

“OUR GENERAL CORPORATE APPROACH IS TO MATCH SUPPLY TO DEMAND. AND SO THOSE MINES ARE GOING TO TAKE A BREAK.” RANDY BURTON DIRECTOR OF PUBLIC RELATIONS AND COMMUNICATIONS, POTASHCORP

“While this will reduce available production levels in New Brunswick by 800,000 tonnes annually, until we have Piccadilly fully ramped up, it aligns with market conditions, as we expect it will help improve our overall costs,” Jochen Tilk, PotashCorp’s CEO, commented on a recent earnings call. Burton adds that the production levels in New Brunswick should “climb back to current levels in 2017.” Meanwhile, the one-time shutdowns at Cory, Allan and Lanigan should lower inventories, given the softer demand, Burton says. “Our general corporate approach is to match supply to demand. And so those mines are going to take a break.” These breaks, coupled with the Penobsquis closure, should lower PotashCorp’s fourth-quarter production by nearly 500,000 tonnes, but no layoffs are expected. Elsewhere in Saskatchewan, the producer is expanding its Rocanville See POTASHCORP / 10

TNM_Nov16_Pgs 7 8 9 10.indd 7

SMSJ_Sept 2012_Pro_TH_PC

Mobile Equipment for Safety and Productivity

Re-Located to a 50,000 sq.ft. PLant!

SMSJ_Sept SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC

Mobile Equipment for Safety and Productivity Re-Located to a 50,000 sq.ft. PLant! Drill rigs on barges at Fission Uranium’s Patterson Lake South uranium project in northern Saskatchewan.

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

he dust is settling for Fission Uranium (TSX: FCU; US-OTC: FCUUF) after a failed merger with Lukas Lundin’s Denison Mines (TSX: DML; NYSE-MKT: DNN), but the company can’t move on just yet, Authorized Landcruiser due toToyota an activist retail shareholder Dealer group intent on a proxy battle.

FISSION URANIUM

Denison and Fission scuppered their The merger fell through despite Lundin friendly, proposed all-share deal after making a trip to Toronto in October Fission could not generate enough to sell the concept. shareholder support to meet two-thirds “Honestly, I had a pretty good idea of approval. the deal wasn’t going to go through Fission’s main asset is the high- early on. I think the preliminary grade Patterson Lake South (PLS) economic assessment (PEA) had a uranium discovery in Saskatchewan’s big impact simply because it was so strong,” Randhawa said during Athabasca basin. According to CEO Dev Randhawa, an interview. “It’s an independent Fission got into the “mid-50%” range of document, and you have to wait until votes, but could not clear the hurdle due it’s finished to really get a look at the the project. to oppositionGeotech_AD_NorthernMiner_CDNPrairies2015.pdf from retail shareholders. details1 of 2015-11-03 3:02:47 PMSuddenly we

had perhaps the cheapest producing uranium asset in the world, based on operating costs.” Fission released the PEA two months after announcing its intentions to merge with Denison. The study indicated that PLS could be production at a cost of US$14 per lb. U3O8, which would put it in the lowest-cost quartile for uranium assets. The project would require $1.1 billion to develop, and See FISSION / 8

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2015-11-10 6:02 PM

NOVEMBER 16–22, 2015 / THE NORTHERN MINER

CANADIAN PRAIRIES

WWW.NORTHERNMINER.COM

Fission powers forward after Denison deal dies “IT’S BUSINESS AS USUAL. WE’VE NEVER STOPPED DRILLING AT PLS. WE’RE AN EXPLORATION COMPANY, AND THAT’S HOW YOU SHOULD MEASURE OUR SUCCESS.” DEV RANDHAWA CEO, FISSION URANIUM

FISSION From 7

A field camp at Fission Uranium’s Patterson Lake South uranium project in northern Saskatchewan. FISSION URANIUM

features a $1-billion post-tax net present value and a 34.2% internal rate of return, assuming an optimistic US$64 per lb. uranium oxide.

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“Had the merger gone through, we would have been a bigger and better company, and a go-to name in the uranium space. After Cameco there quite simply are not that many options for investors and institutions looking for exposure to our business,” Randhawa added. After the Fission–Denison merger collapse, an activist retail shareholder collective emerged that called itself “FCU OverSight.” The group has only released two names from its membership: Blair Lockhart, a former legal counsel at the B.C. Securities Commission who lists as an advisor; and Jim Gifford, a retail shareholder and spokesperson. Fission’s board adopted an advanced-notice bylaw, which says any nominations to the company’s board of directors must be filed within 30 days of its annual general meeting (AGM). Since Fission’s AGM is scheduled for Dec. 15, FCU OverSight must get its proxy details in order by Nov. 15 to force a vote. The Northern Miner contacted Gifford by phone and email, but received no details on FCU OverSight’s intentions or strategy. Gifford did say the group is trying to put together more director nominees in time for the deadline. Randhawa hasn’t received any more details or shareholder lists from the dissident group, but added that FCU OverSight had little do with the “no” vote that defeated the Denison merger. “It’s business as usual — nothing has changed on the ground,” Randhawa continued. “We’ve never stopped drilling at PLS, and we’ve continued to have a steady stream of assays. There’s a new structure we really like along a parallel conductor, 500 metres north of the main deposit. We can’t expect anything more from our technical team, and we’re an exploration company — so that’s how people should measure our success.” In October Fission released its latest assays from PLS, which included two holes on the core R600W deposit and six holes at the R780E zone. Highlights include: 5 metres of 11.1% U3O8 from 137 metres deep in hole 15-408 at R600W, and 6 metres of 9% U3O8 from 234 metres deep in hole 15-416 at R780E. Fission shares have traded within a 52-week window of 57¢ to $1.38, and closed at 60¢ per share at press time. The company reported working capital of $19 million at the end of June, and has 386 million shares outstanding for a $231.7-million market capitalization. “Markets have been frustrating,” Randhawa said. “I was surprised with how little traction our PEA generated in terms of share price. Now that the Denison situation is in our rearview, we can hopefully get full attention for the quality of PLS as an asset.” TNM

Seiter&Miller 001223 Pub. The Northern Miner Size. 8 x 10 Issue April 2014 Art Director: sd/lg Copywriter: ms Account Executive: wt Date 03/05/14 TNM_Nov16_Pgs 7 8 9 10.indd 8

2015-11-10 6:02 PM

CANADIAN PRAIRIES

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 16–22, 2015

UEX casts new light on Christie Lake uranium property ATHABASCA BASIN BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

hen Japanese-owned JCU Exploration sought a partner for its Christie Lake property, 9 km along strike of Cameco’s (TSX: CCO; NYSE: CCJ) McArthur River — the world’s largest uranium mine in Saskatchewan’s Athabasca basin — Roger Lemaitre, president and CEO of junior explorer UEX (TSX: UEX), knew he had to have it. “The whole time I was overseeing exploration for Cameco I always had my eyes on Christie Lake. I was interested in seeing what’s there,” he tells The Northern Miner during a phone interview. “And it’s the first time JCU has been looking for a partner, so we’re fortunate to get in.” Under a new letter of intent (LOI), UEX could earn up to a 70% interest in the project by making cash payments of $7 million, and funding $15 million in exploration over five years. Lemaitre says UEX is keen to explore the property, which has sat idle since 1997 — long before explorers recognized the potential for basement-hosted uranium deposits in the district. “What we’re excited about the property more than anything else is that back in the early days, explorers were focused on the classic unconformity model approach, which is a successful model,” he says. “But they wouldn’t chase mineralization into the basement — it was really rare to do that. It wasn’t until the mid-2000s that a lot of work changed focus, and none of that has been applied here.” Basement-hosted deposits in the basin formed when uranium-enriched fluids migrated through steeply dipping structures, which was the case at Fission uranium’s Triple R deposit — host to 79.6 million lb. uraniumoxide (U3O8) in 2.3 million indicated tonnes at 1.6% U3O8 , and 25.8 million lb. U3O8 within 901,000 inferred tonnes at 1.3% U3O8 . The structures pierce the unconformable contact with overlying sediments and the radioactive fluids plume outwards through the permeable strata, forming flat-lying deposits such as those seen at McArthur River. The McArthur River mine — which has operated since 1999, and is licensed until at least 2023 — hosts total reserves of 1.1 billion tonnes at 14.9% U3O8 , for 345.2 million lb. U3O8 . Based on geophysical data, UEX says McArthur’s main plumbing structure, the P2 fault, extends onto the Christie Lake tenements for a 1.5 km strike through a series of enechelon steps. The structure hosts the property’s Paul Bay and Ken Pen deposits, which

“IT’S RARE TO HAVE A PROPERTY THAT HAS BIG, MINERALIZED ZONES THAT HAVEN’T BEEN TESTED TO THEIR FULL EXTENT — NOT TO MENTION A SUITE OF OTHER TARGETS IN AND AROUND IT.” ROGER LEMAITRE PRESIDENT AND CEO, UEX

| Junior partners with JCU to probe project's basement-hosted potential

were reported in 1997 to have a nonNational Instrument 43-101 compliant resource of 20.87 million lb. U3 O 8 , within 9.5 million tonnes at 3.2% U3O8 . The mineralization sits at the base of the prospective unconformity under 420 metres of cover, and occurs as “ blow outs” along the main structure, likely caused by intersecting faults, which Lemaitre says is “extremely common” in the Athabasca. “That comes into play at every deposit without exception. You’ll see it at a regional scale, deposit scale and stope scale,” he says, adding that neither of the ore shoots have been tested downdip or down-plunge. “It’s rare to have a property that has big, mineralized zones that haven’t been tested to their full extent, not to mention a suite of other targets in and around it,” he says. Once UEX finalizes the terms of

the joint-venture agreement, Lemaitre says the company will consider a $2.5-million program to delineate the resource in the new year, subject to financing. Once that is complete, the company could explore the rest of the 79 sq. km property. “To the south we know the depth to the unconformity is significantly shallower — less than 350 metres — coupled with a number of conductors that light up in geophysics,” he says. “But it’s never been drill tested, and that’s extraordinary to see in this district.” The Christie Lake property is one of 16 projects in the Athabasca basin the junior has built into its portfolio, since it publically listed in 2002. Although Lemaitre says Christie will “take most of our attention” over the next couple of years, the company is still advancing the wholly owned

new production on board is going to be north of US$60 lb. U3O8 .” With uranium sitting at US$35 per lb. U3O8 , a run up in prices is exactly what explorers will need to regain momentum in share value. UEX has seen its share price drop 59% to 12¢ per share since May. “The start in the downward migration of uranium prices is pretty coincident with the changing oil price,” he says. “People tie energy together — whether it’s oil or nuclear power — and that’s really hurt a lot of companies, and we’re not an exception. But everything is coming together, so our medium-term outlook for uranium is extremely positive.” UEX shares have traded within a 52-week price range of 10¢ to 37¢, and closed at 12¢ at press time. The company has 246 million shares outstanding for a $29.5-million market capitalization. TNM

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Hidden Bay project in northeast Saskatchewan and its Shea Creek project in northwest Saskatchewan, with 51% joint venture partner AREVA Resources Canada, a subsidiary of French nuclear giant Areva. “Quite frankly, our strategy is to bring in as many advanced projects into our portfolio as we can handle, in advance to what we believe will be a run-up in the uranium price,” he says. “I look at the fundamentals that are driving the uranium sector, and even the most pessimistic people predict a supply shortfall between 2020 and 2022,” he says. “Since 2009 — and postFukushima, particularly — utilities haven’t had to buy uranium because they’ve been covered, but those contracts start to roll over next year, and massively so in 2018. Even the biggest players out there are telling the world that the incentivized price to bring

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NOVEMBER 16–22, 2015 / THE NORTHERN MINER

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PotashCorp's Q3 POTASHCORP From 7

potash mine, where it is converting the service headframe to a production headframe. Rocanville cash costs per tonne are estimated at US$40 to US$45 per tonne. “With the Penobsquis shutdown and Rocanville ramp-up in 2016, potash cost per tonne is expected to be lower year-over-year,” CIBC analyst Jacob Bout writes in a note. PotashCorp, which produces potash, nitrogen and phosphate, reported third-quarter earnings of US34¢ per share, slightly missing analysts’ estimates of US37¢ per share. Gross margins fell 14% year-overyear to US$505 million, mainly due to weaker nitrogen and phosphate contributions of US$161 million and US$50 million. The potash segment generated US$294 million in gross margin, relatively flat from a year ago. Shipments came in at 2.2 million tonnes, including offshore shipments of 1.5 million. The cost of goods sold fell 14% to US$113 per tonne, partly offsetting the 11% year-over-year drop in the average realized potash price of US$250 per tonne. Macroeconomic headwinds — including lower gross domestic product

growth in emerging markets and the stronger U.S. dollar relative to other currencies — helped weaken the global fertilizer environment, Tilk noted on the call. The company has kept its 2015 global potash shipment expectations at 58 million to 60 million tonnes. But to reflect the weaker volumes and pricing, it has trimmed its full-year potash sales volume guidance by 5% to 9.2 million tonnes. It expects a potash gross margin of US$1.5 million, and a combined nitrogen and phosphate gross margin of US$1.1 billion, both slightly reduced from previous estimates. As result, full-year earnings per share should come in at US$1.55 to US$1.65, down from US$1.75 to US$1.95. “While we see some short-term pain associated with potash shutdowns, the longer-term benefit is a potash price above the marginal costs of production,” Bout said. He rates the stock as a “sector outperformer,” with a $28 price target. Meanwhile, Raymond James analyst Steve Hanson has cut his US$25 target to US$23 per share to reflect “the persistent macro challenges weighing on global potash fundamentals.” He rates the stock as “market perform.” TNM

Cameco’s Cigar Lake uranium mine in Saskatchewan’s Athabasca basin. CAMECO

Cameco hits the right notes at Cigar Lake URANIUM

Potash Corp. of Saskatchewan’s Rocanville potash mine. POTASH CORP. OF SASKATCHEWAN

VANCOUVER

t’s a tough time to be in the uranium business, but Canadian producer Cameco (TSX: CCO; NYSE: CCJ) believes it is well positioned for a market recovery due to strong operating leverage and a rock-solid contract portfolio. According to president and CEO Tim Gitzel, the company’s cornerstone Cigar Lake asset in northern Saskatchewan is a “key to the strategy,” and a promising quarterly performance indicates the mine is on track to deliver. Cameco had expected to crank out between 25.3 million and 26.3 million lb. U3O8 in 2015, but boosted its production guidance to 27.3 million lb. after the third quarter. The company attributed the increase to a strongerthan-expected performance at Cigar Lake, which hit commercial production in May. The mine lies 660 km north of Saskatoon and is a joint venture between operator Cameco and France's Areva. Cigar Lake was supposed to cost $450 million to develop and be in production by 2007, but delays saw costs balloon to over $2.5 billion.

| Miner boosts production guidance The main problems at the large-scale mine involved ground conditions and dewatering, and it wasn’t until early 2014 that the joint-venture partners solved an issue related to underground storage tanks. Over the past nine months, however, Cigar Lake has produced over 8 million lb. packaged uranium oxide, and has become a major contributor to Areva’s McClean Lake mill. Gitzel said during a conference call that the partners are “firmly on track” to hit an 18 million lb. target at McClean Lake by 2018. “The most important news for Cameco this quarter is just how well Cigar Lake is performing. As you all know, this is a project that was a long time in the making, and the challenges to bring it on have been significant,” Gitzel said. “We are on track to deliver on our sales guidance for the year, and thanks to the better-than-expected ramp up, our overall production guidance is higher as well. We’re obviously delighted with the way [the mine and mill] have performed this year.” Cigar Lake hosts underground proven and probable reserves of 597

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‘THE MOST IMPORTANT NEWS IS JUST HOW WELL CIGAR LAKE IS PERFORMING.’ TIM GITZEL President and CEO, Cameco

million tonnes grading 17.84% U3O8 , for 235 million contained lb. Despite signs that Cameco will hit its growth targets, the struggling uranium market is a major challenge. The company reported year-to-date net earnings of $75 million — or 19¢ per share at the end of October, which compares to earnings of $113 million, or 28¢ per share over the same period in 2014. Financials were bolstered by lower-than-expected quarterly cash costs of US$17.56 per lb. U3O8 . Cameco noted the third quarter brought no “significant change” to uranium markets in terms of contract volumes or price. The company estimates that quantities in the spot market were at “normal levels,” while prices remain stuck under the US$40 per lb. U3O8 ceiling. Longer-term conditions could help uranium prices out of the doldrums, however, with an estimated 65 reactors under construction globally. “The one piece we have been watching that has returned some good news is reactor restarts in Japan. [Kyushu Electric]’s Sendai reactor started up in the second half of the year, and another reactor is expected to come online in early 2016,” Gitzel pointed out. “Of course, there need to be more restarts to move sentiment in the markets, so we haven’t seen the needle move much in reaction to those events. When the market does turn, we expect to be more than just a price play.” Bank of America Merrill Lynch analyst Oscar Cabrera called Cameco’s third-quarter earnings “weak,” but said that full-year guidance implies a strong financial year-end. Cabrera has a “buy” recommendation on the company and a $27-pershare price objective. He wrote in a research note that Cameco “should continue to benefit from a strong longterm contract portfolio through 2018, after which point long-term uranium fundamentals should improve.” Cameco shares have traded within a 52-week range of $15.50 to $22.46, and closed at $17.34 per share at press time. The company has 396 million shares outstanding for a $6.9-billion market capitalization. TNM

2015-11-10 6:02 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 16–22, 2015

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

PRODUCER AND DEALER PRICES

Tuesday, November 10, 2015 Precious Metals Price (US$/oz.) Change $1092.50 -38.40 Gold Silver $14.55 -0.83 Platinum $936.00 -38.00 Palladium $606.00 -53.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $9515.00 -65.00 $4926.50 -37.00 $1635.00 -23.50 $1604.00 -38.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, Novemberr 9, 2015 (change from November 2, 2015 in brackets): Aluminium Alloy 122740 (-40) Aluminium 3010250 (-29325) Copper 266100 (-1750) Lead 143975 (-3250) Nickel 424188 (+312) Tin 5140 (+125) Zinc 567600 (-2350)

TSX SHORT POSITIONS

Thermal Coal CAPP: US$41.88 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$12.02/lb. Copper: US$2.27/lb. Copper: CME Group Futures Dec. 2015: US$2.22/lb.; Jan. 2016: US$2.22/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$47.70/tonne Iron Ore Fines: US$55.73/tonne Iron Ore Pellets: US$61.26/tonne Lead: US$0.74/lb. Magnesium: US$2.07/kg Manganese: US$1.75/kg Molybdenum Oxide: US$4.99/lb. Phosphate Rock: US$115.00/tonne Potash: US$303.00/tonne Rhodium: Mid-mkt US$740.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$14.52 per oz.; Handy & Harman Fabricated: US$18.14 per oz. Tantalite Ore: : US$170.28/kg Tin: US$6.67/lb. Uranium: U3O8, Trade Tech spot price: US$35.75/lb.; The UX Consulting Company spot price: US$36.00/lb. Zinc: US$0.74/lb. Prices current Nov. 10, 2015

TSX VENTURE SHORT POSITIONS

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ US$29.48 to Aug 30/18. Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17. Crocodile Gold (CRK.WT) - Wt buys sh @ $2.25 to Mar 24/16. Dalradian Resources (DNA.WT) - Wt buys sh @ $1.50 to Jul 31/17. Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov. 20/15. Franco-Nevada (FNV.WT.A) - Wt buys sh @ $75 to Jun 16/17. Gran Colombia Gold (GCM.WT) - Wt buys sh @ $65.00 to Aug 24/15. (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19. Hudbay Minerals (HBM.WT) - Wt buys sh @ $15.00 to Jul 20/18. IMX Resources (IXR.WT) - Wt buys sh @ C$0.62 or A$0.60 to Sep 14/15. Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.80 to Dec 10/15. MBAC Fertilizer (MBC.WT) - Wt buys sh @$1.00 to Apr 17/19. New Gold A (NGD.WT.A) - Wt buys sh @ $15 to June 28/17. Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.50 to Feb 18/22 Primero Mining (P.WT) - Wt buys sh @ $8 to July 20/15 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $.40 to Jul 17/17. Royal Nickel (RNX.WT) - Wt buys sh @ $.80 to Jul 11/16. RTG Mining (RTG.WT) - Wt buys sh @ $1.50 to Jun 4/17. Rubicon Minerals (RMX.WT) – Wt buys sh @$2 to Mar 12/15. Sandstorm Gold (SSI.WT.A) Wt buys 1/5 sh @ US$5 to Oct 19/15. (SSI.WT.B) Wt buys sh @ US$14 to Sep 7/17. (SSI.WT.C) Wt entitles holder to receive 0.145 of a sh to Oct 7/14. Stonegate Agricom (ST.WT.A) - Wt buys sh @ $0.40 to Jul 24/15.

DML 4810650 -1948581 OGC 2798958 -1764659

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NMX GOM

13400 1200

-278100 -239500

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Nov 9 Nov 6 Nov 5 Nov 4 Nov 4 High Low Date TSX Composite 13482.62 13553.30 13558.78 13661.82 13710.31 15524.75 12705.17 S&P/TSX-Ven Comp 533.72 534.28 539.58 542.16 541.28 792.70 509.03 S&P TSX 60 790.83 795.18 794.97 802.92 804.91 905.09 750.26 125.05 121.80 125.83 131.08 133.72 195.63 114.48 Global Gold TSX Metals & Mining 411.48 420.05 421.02 439.04 443.03 832.42 339.80 83.22 42.72 Gold & Silver XAU 47.05 46.01 48.24 50.49 51.85 Arca Gold Bugs 112.21 109.46 114.24 119.38 123.03 248.85 146.80

DAILY METAL PRICES Date Nov 9 Nov 6 Nov 5 Nov 4 Nov 3 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1550/1555 1570/1575 1600/1605 1605/1610 1595/1595 Aluminum 1505.50/1518 1491/1507 1472.50/1496 1472/1502 1500/1537 Copper 4089.50/4978 4995/4994 5052.50/5039 5165/5155 5127/5100 1651/1662 1638.50/1652.50 1646.50/1660 1677/1691.50 1686.50/1717 Lead Nickel 9590/9600 9720/9745 9685/9700 9960/9990 10030/10065 Tin 14550/14530 14690/14550 14700/14575 14875/14800 149975/N/A Zinc 1639/1665 1626.50/1654 1635/1662 1674/1699 1680/1720 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1095.60 1107.70 1107.30 1118.00 1130.90 Gold PM 1089.60 1088.90 1106.30 1114.70 1123.10 15.08 15.02 15.26 15.38 Silver 14.78 Platinum 918.00 939.00 954.00 971.00 960.00 Palladium 603.00 606.00 612.00 648.00 644.00

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Nov 9 Nov 6 Nov 5 Nov 4 Nov 3 Date US$ in C$ 1.3275 1.3308 1.3167 1.3164 1.3106 C$ in US$ 0.7533 0.7514 0.7595 0.7596 0.7630

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 30–NOVEMBER 5, 2015 33 New Highs

African Queen Short positions outstanding at Oct. 31/15 (with changes from Alturas Minls Short positions outstanding at Oct.31/15 (with changes from Anglo-Bomarc Oct.15/15). Oct.15/15). Antioquia Gold Antofagasta Gd Largest short positions Largest short positions Canadn Plat First Mining Finance FF 3047400 1130700 Lundin Mining LUN 38967708 -358896 Copper Ck Gold Nippon Dragon Res. NIP 1675000 1675000 First Quantum FM 34091110 735284 Erin Ventures Majestic Gold MJS 1339000 969000 New Gold NGD 31294087 916534 First Mexican PC Gold PKL 988000 867900 PotashCorp POT 30436931 15333825 Frontline Gold Equitas Resources EQT 511700 -387700 Kinross Gold K 27409453 -1280113 Gensource Pot Gold Reserve GRZ 489800 15900 B2Gold BTO 25121451 169279 Globex Mng Bonterra Res. BTR 450000 449700 Golden Share M Teck Resources TCK.B 18950143 -117624 GWR Res Nexgen Energy NXE 371000 57282 Yamana Gold YRI 17568555 -971883 Harte Gold Zenyatta Ventures ZEN 303000 6200 Barrick Gold ABX 15432689 1978004 Integra Gold Falco Resources FPC 285000 285000 Thompson Crk Mtl TCM 12262962 -253475 Kings Bay Gold Alabama Graphite ALP 268800 268600 Eldorado Gold ELD 11199801 -2200892 Knick Expl Storm Resources SRX 242818 -102000 Paramount Res. POU 9914738 -2659978 Majestic Gold Gold Canyon Res. GCU 238729 112625 Detour Gold DGC 9660056 -994007 Marifil Mines Georox Resources GXR 233200 177000 Copper Mountain CUM 8673842 -38352 Menika Mining Integra Gold ICG 227258 167200 Torex Gold Res. TXG 8059003 4184268 Metalcorp Largest increase in short position Largest increase in short position Noram Vent Nippon Dragon Res. NIP 1675000 1675000 Orex Expl POT 30436931 15333825 PotashCorp Pac Imp Mines First Mining Finance FF 3047400 1130700 Torex Gold Res. TXG 8059003 4184268 Randsburg Intl Majestic Gold MJS 1339000 969000 Lake Shore Gold LSG 4461969 3101795 Saint Jean Car PC Gold PKL 988000 867900 Barrick Gold ABX 15432689 1978004 Sparton Res Bonterra Res. BTR 450000 449700 Sandstorm Gold SSL 5040666 1727745 TAD Mnl Expl Largest decrease in short position Largest decrease in short position Tearlach Res Indico Resources IDI 0 -584300 Alamos Gold AGI 2773209 -3754828 Thunder Mtn Gd Equitas Resources EQT 511700 -387700 Paramount Res. POU 9914738 -2659978 Victory Vent Impact Silver IPT 0 -307500 Eldorado Gold ELD 11199801 -2200892 Viscount Mng

Denison Mines OceanaGold

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.

274 New Lows Acme Res Adamera Mnls Adroit Res African Gold G Alderon Iron O Aldershot Res Alexandria Mnl Alita Res Alloycorp Almonty Ind Altima Res Alto Vent Alturas Minls Anglo-Can Mng AQM Copper Arctic Star Rs Argentum Silvr Arian Silver Astur Gold Atna Res Ltd Augen Gold Auramex Res Azincourt Res Baja Mng Balmoral Res Barisan Gold Barker Mnrls Bayswater Uran BCGold Belmont Res Belvedere Res Benton Cap Berkwood Res Big North Grap Brionor Res Bullman Mnls Burnstone Vent Cadan Res Cadillac Vent Calibre Mng Canada Rare Ea Canada Zinc Mt

Canadn Arrow Canadn Int Mnl Canadn Plat CaNickel Mng Canterra Mnls Canyon Copper Carlin Gold Carmax Mng Castle Peak Mg Centurion Mnls China Mnls Mng Claim Post Res Clear Mtn Res CMC Metals Commander Res Confedertn Mls Conquest Res Consol Energy* Contintl Gold Copper North M Copper One Coro Mining Coronado Res Corsa Coal Dalton Res Ltd Decade Res Desert Star Discovery Harb Duncan Park H Dundee Prec Mt Durango Res Dynasty Met&Mn East Asia Mnls Eastern Platin Ecuador G & C Electra Gold Emgold Mng Energy Fuels Europn Uran Rs Excellon Res Fancamp Expl Fieldex Expl Firesteel Res Firestone Vent Fission 3.0 Fjordland Exp Focus Graphite Focus Vnt Foran Mng Forum Uranium Freeport Res Frontline Gold Full Metal Mnl Gabriel Res Gentor Res Geodex Mnrls Geologix Ex Getty Copper Gold Finder Ex Goldcorp Golden Band Golden Mnls Golden Mnls* Grande Portage Great Quest Me Green Valley M GTA Res & Mng Heatherdale Rs Highbank Res Hinterland Mtl Honey Badger E Horizonte Mnls IBC Adv Alloys IC Potash Intl Montoro R Intl Samuel Ex Intl Vestr Res Intrepid Pots*

QMC Quantum Ml Rambler Mg&Mtl Randsburg Intl Red Moon Potsh Redstar Gold Redstar Res Reva Res RJK Explor Rochester Res RockBridge Res Rockland Mnls Royal Gold Royal Gold* Royal Nickel RT Minerals Rubicon Mnls* Rubicon Mnrls Running Fox Rs Sage Gold Salazar Res Saturn Minls Savant Expl Scorpio Gold Sego Res Signature Res Silver Bear Rs Silver Bull Re Silver Grail R Silver Mtn Mns Skyharbour Res Sonora Gld & S Source Expl Spruce Ridge R Stakeholdr Gld Standard Graph Strata Mnls Strategic Metl Strike Graph Strongbow Expl Sultan Mnrls Suparna Gold TAD Mnl Expl Taipan Res Tanzania Mnls Tasman Metals Tasman Mtls* Tembo Gold Thor Expl Timmins Gold* Timmins Gold TNR Gold Trio Gold Corp Trueclaim Expl TVI Pacific Typhoon Expl Ur-Energy Ur-Energy* Uracan Res Uragold Bay Rs ValGold Res Valterra Res Vena Res Vendome Res Verde Potash Victory Nickel Visible Gold M VMS Vent Vulcan Mnrls WCB Res Western Pac Rs Western Troy C White Pine Res Williams Creek Xmet Zadar Vent Zenyatta Vent

J.A.G. Mines Karmin Expl Kazax Mnls Kennady Diam Kettle River Kincora Copper Kings Bay Gold Kiska Metals Laramide Res Largo Res Latin Am Mnls Laurion Mnl Ex Legend Gold Lincoln Mng Lomiko Mtls Loncor Res Luna Gold MacDonald Mns Maracote Intl Marengo Mng Marifil Mines Mason Graphite Maudore Minls McChip Res MDN Inc Mega Uranium Melkior Res Mesabi Trust* Metalcorp Metalore Res Micrex Devel Mindoro Res Minfocus Expl Miranda Gold Mirasol Res Monarques Res Monster Mng Mountain Boy M MPVC Mustang Minls Namibia Rare E Natural Rs Pt* Nebu Res Network Expl New Destiny Mg New Millennium New Milln Iron New World Res Noble Metal Gr Nomad Ventures Nortec Mnls North Am Nickl North Am Pall Northern Abiti Northern Graph NSX Silver Nubian Res Oban Mng Orbit Garant D Orestone Mng Orex Minls Pac Coal Res Paget Mnls Palmer Res Pan Global Res Panoro Minls Peabody Enrgy* Peat Res Pele Mtn Res Philippine Mtl Phoenix Gold Platinex Plato Gold Polaris Minls Primero Mng Primero Mng* Puma Expl Purepoint U

For daily mining news, visit www.northernminer.com

EXCHANGE RATES (Bank of Canada, November 9, 2015) Currency Aus $ Euro Japan Mex P SA Rand UK £ In C$ 0.9353 1.4293 0.01079 0.07875 0.09279 2.0074 In US$ 0.7046 1.0767 0.00813 0.05932 0.06990 1.5122

Geotech_Earlug_2015_VTEM_Colour3.pdf 1 2015-09-25 9:59:47 AM

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

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.$

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

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GOLDCORP'S JEANNES

CEO sees bear market in gold ending / 3

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

ENERGY & MINES SUMMIT

FREEPORT-MCMORAN

Conference eyes renewable energy / 5

Endures rough Q3 / 14

NOVEMBER 9–15, 2015 / VOL. 101 ISSUE 39 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Wolfden hunts for nickel in Manitoba

Netolitzky's Skeena seeks high grade at GJ EXPLORATION

RESULTS

| Junior drilling where Vale left off at Rice Island

| Skeena acquires property in BC’s most prospective metals district

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

hen nickel giant Vale (NYSE: VALE) dropped its claims over the Rice Island nickel and copper project in the highly prolific Flin Flon–Snow Lake mining district of Manitoba in May, junior explorer Wolfden Resources (TSXV: WLF) was keen to step in and resuscitate some much-needed exploration on the dormant property. “It’s a property that we’ve had our eyes on for quite some time,” CEO George Topping tells The Northern Miner during a phone interview. “It’s an area we know has the potential to host high-grade nickel mineralization, and it hasn’t seen any exploration since the 1940s.” Within a month after announcing its acquisition, Wolfden mobilized a drill rig into the property, 10 km southeast of the town of Snow Lake, to confirm historical drilling on the magmatic nickel-copper target across 250 metres at surface to 500 metres deep. All seven drill holes hit the Main zone — a blanket of massive to semimassive sulphides at the base of a gabbroic intrusion — returning intercepts of 36.2 metres of 1.5% nickel and 0.6% copper, and 7.7 metres of 2.8% nickel and 1.1% copper. Topping says the company is pleased with the results, but also intrigued by a sediment-hosted massive sulphide hit 50 metres below the mineralization, which returned an intercept of 4.6 metres of 3.97% nickel and 0.95% copper. “We think there’s a good potential here for stacked zones of great, high-grade mineralization,” he says. “Inco [now Vale] never recognized that — most of their holes stopped just after the main zone, and never went deep enough to test those lower horizons.” He reckons that Vale has focused on building tonnes at its other properties in the nearby Thompson nickel belt — such as the T-1, T-3 and Birchtree mines

Skeena Resources chairman Ron Netolitzky at the Spectrum gold project — next to the GJ gold property — in northwestern British Columbia. BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

t’s taken NGEx Resources (TSX: NGQ; US-OTC: NGQRF) over three decades to bid farewell to its GJ porphyry copper-gold property, 60 km south of Dease Lake, B.C., but now the Chilean-focused explorer, along with majority partner Teck Resources (TSX: TCK.B; NYSE: TCK), is selling it all to the high-grade gold hunter Skeena Resources (TSXV: SKE; US-OTC: SKREF). “The GJ property is something that I’ve been after for a lot of years and always said that one day I’ll get back up there,” famed explorer and Skeena chairman Ron Netolitzky tells The Northern Miner from his home in Victoria. “It’s something that’s worth chasing in the whole district.” The company picked up GJ from Teck and NGEx for $500,000 cash-inhand and $1-million worth of Skeena shares, with more share payments totalling $3 million on or before the second and fift h anniversary. For Netolitzky, the deal was a “bargain,” considering the property lies

“IF YOU HAVE A LARGE MINERALIZING SYSTEM LIKE THAT … MAKE SURE YOU UNDERSTAND THE OPPORTUNITY THAT YOU MAY FIND ON ITS PERIPHERY. IT WORKED FOR BRUCEJACK.”

SKEENA RESOURCES

PM40069240

Contact: moliveira@northernminer.com or 416-510-6768 See WOLFDEN / 13

RON NETOLITZKY

CHAIRMAN, SKEENA RESOURCES

25 km northeast on trend of Imperial Metals’ (TSX: III; US-OTC: IPMLF) behemoth Red Chris copper-gold mine, and that Teck “spent a lot of money getting ready to do the job, but never actually did it.” “I think Teck started on GJ with a concept of looking for a deep Red Chris, but if you looked at the money they spent, they did a heck of a lot of geophysics, but not a whole lot of drilling,” he says. MINFILE data from B.C.’s Ministry of Energy and Mines indicate that Teck ran 50 line km of ground magnetic survey, 76.6 line km of induced polarization survey and only 4,300 metres of drilling during its joint venture with NGEx, which earned the major a 51% interest in the property in 2014.

Netolitzky says despite Teck’s $12-million investment, the GJ deposit remains “largely untested.” “It’s similar to Red Chris, and worthy of a follow-up,” he says. “It has a of the same signatures, and it remains open to depth.” Since 1964, Netolitzky and other explorers outlined a large porphyry system at GJ, highlighted by drill intercepts of 47 metres grading 0.8% copper and 1.3 grams gold per tonne, within a broader intercept of 131 metres that graded 0.4% copper and 0.65 gram gold. Over the years, the property exchanged hands until Curator Resources emerged as a sole owner in 1983, before changing names to See SKEENA / 2

BARRICK AND AGNICO: IMPRESSIVE QUARTERLY RESULTS / 11

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TNM_Nov16_Pgs 6 11 12 13.indd 11

15-11-03 6:44 PM

2015-11-10 6:01 PM

WWW.NORTHERNMINER.COM

NOVEMBER 16–22, 2015 / THE NORTHERN MINER

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: OCTOBER 30–NOVEMBER 5, 2015 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 7797 0.07 0.06 0.06 - 0.01 0.09 0.03 Abcourt Mines V 4083 0.04 0.04 0.04 - 0.01 0.07 0.03 ABE Res V 200 0.04 0.04 0.04 - 0.01 0.08 0.03 Aben Res V 719 0.08 0.07 0.07 - 0.03 0.30 0.06 Aberdeen Intl T 2513 0.15 0.12 0.13 - 0.01 0.20 0.11 Abitibi Royalt V 406 2.74 2.30 2.45 - 0.15 5.10 1.53 Acme Res V 16 0.02 0.02 0.02 - 0.01 0.06 0.02 Adamera Mnls V 320 0.02 0.02 0.02 0.00 0.05 0.02 Adanac Moly V 20 0.18 0.18 0.18 + 0.01 0.20 0.15 Adex Mining V 560 0.01 0.01 0.01 0.00 0.02 0.01 Adriana Res V 831 0.10 0.10 0.10 - 0.01 0.19 0.08 Adroit Res V 11239 0.01 0.01 0.01 0.00 0.01 0.01 Adventure Gold V 885 0.15 0.14 0.15 - 0.01 0.20 0.06 African Gold G V 1180 0.04 0.04 0.04 + 0.01 0.07 0.04 African Queen V 975 0.03 0.02 0.03 0.00 0.03 0.01 Africo Res T 137 0.43 0.40 0.43 - 0.01 0.44 0.30 Agnico-Eagle* N 153331 29.12 26.16 26.39 - 1.71 34.89 21.00 Agnico-Eagle T 54282 38.02 34.43 34.76 - 2.24 43.70 25.05 Agrium* N 6890 99.93 92.82 96.29 + 1.54 116.77 86.60 T 21662 131.54 121.32 126.83 + 2.08 146.51 105.57 Agrium Aguila Am Res V 180 0.06 0.04 0.04 0.00 0.11 0.04 Alabama Graph V 19250 0.19 0.15 0.19 + 0.02 0.35 0.14 Alacer Gold T 36861 2.76 2.49 2.59 - 0.06 3.23 1.77 Alamos Gold* N 10020 4.04 3.84 3.84 - 0.14 8.54 2.98 Alamos Gold T 3384 5.28 5.03 5.03 - 0.23 10.31 0.00 Alberta Star V 4036 0.04 0.03 0.03 0.00 0.05 0.02 Alcoa* N 1342135 9.58 8.87 9.20 + 0.28 17.75 7.97 Alderon Iron O T 2485 0.19 0.16 0.16 - 0.03 0.58 0.16 Aldershot Res V 1136 0.02 0.01 0.01 - 0.01 0.05 0.01 Aldridge Minls V 790 0.18 0.17 0.17 - 0.01 0.26 0.16 Aldrin Res V 2879 0.14 0.12 0.12 - 0.02 0.26 0.11 Alexander Nubi V 20 0.10 0.10 0.10 + 0.02 0.28 0.06 Alexandria Mnl V 5151 0.03 0.03 0.03 0.00 0.06 0.03 Alexco Res T 318 0.65 0.59 0.60 - 0.04 0.81 0.34 Alexco Res* X 5289 0.50 0.44 0.46 - 0.03 0.68 0.26 Alita Res V 3072 0.08 0.06 0.07 - 0.02 0.47 0.06 Alix Res V 17404 0.05 0.04 0.05 + 0.01 0.10 0.03 Alliance Mng V 10520 0.01 0.01 0.01 0.00 0.06 0.01 Alliance Rs P* Q 12213 21.82 20.99 21.48 + 0.89 50.02 19.95 Alloycorp V 8590 0.02 0.01 0.02 0.00 0.07 0.01 Almaden Mnls* X 6601 0.58 0.55 0.55 - 0.03 1.11 0.48 Almaden Mnls T 1131 0.76 0.72 0.75 - 0.01 1.57 0.65 Almonty Ind V 441 0.55 0.45 0.50 + 0.05 0.86 0.45 Alpha Gold V 20 0.05 0.05 0.05 - 0.01 0.06 0.03 Alphamin Res V 8510 0.19 0.17 0.17 - 0.02 0.32 0.11 Altan Rio Mnls V 100 0.03 0.02 0.02 0.00 0.06 0.02 Altima Res V 2090 0.02 0.01 0.02 0.00 0.06 0.01 Altitude Res V 170 0.10 0.09 0.10 + 0.03 0.30 0.07 Altius Mnrls T 2053 12.95 12.20 12.25 - 0.46 15.47 9.86 Alto Vent V 310 0.04 0.03 0.04 + 0.01 0.10 0.03 Alturas Minls V 600 0.01 0.01 0.01 0.00 0.01 0.01 Alum Cp China* N 1105 8.41 7.78 8.05 - 0.08 17.44 7.20 Am Creek Res V 16616 0.06 0.04 0.05 + 0.01 0.10 0.03 AM Gold V 10 0.04 0.04 0.04 - 0.02 0.07 0.02 Amarc Res V 130 0.10 0.09 0.09 - 0.02 0.18 0.07 Amato Expl V 120 0.02 0.02 0.02 0.00 0.03 0.01 American Manga V 17805 0.04 0.03 0.04 0.00 0.05 0.01 American Vanad V 4044 0.08 0.08 0.08 - 0.01 0.37 0.05 Amerigo Res T 1272 0.32 0.29 0.32 + 0.01 0.45 0.22 Amex Expl V 893 0.04 0.03 0.03 - 0.01 0.09 0.03 AMI Res V 145 0.06 0.06 0.06 + 0.01 0.06 0.01 Anaconda Mng T 1398 0.05 0.04 0.05 0.00 0.07 0.04 Anconia Res V 2300 0.02 0.02 0.02 + 0.01 0.03 0.01 Anfield Nickel V 182 0.70 0.68 0.68 0.00 0.96 0.65 Anfield Res V 285 0.11 0.10 0.10 - 0.01 0.52 0.07 Angel Gold V 100 0.07 0.05 0.06 + 0.01 0.10 0.02 Angkor Gold V 3214 0.44 0.39 0.43 - 0.01 0.64 0.34 Anglo-Bomarc V 158 0.30 0.15 0.20 - 0.01 0.30 0.02 Anglo-Can Mng V 5620 0.01 0.01 0.01 - 0.01 0.02 0.01 AngloGold Ash* N 246130 8.76 7.51 7.57 - 0.71 13.12 5.64 Antioquia Gold V 85 0.10 0.08 0.10 0.00 0.10 0.01 Antofagasta Gd V 7209 0.29 0.22 0.25 - 0.01 0.29 0.09 Apogee Silver V 42 0.31 0.30 0.30 + 0.01 0.65 0.18 AQM Copper V 5480 0.05 0.04 0.04 0.00 0.08 0.04 Aquila Res T 2340 0.15 0.13 0.13 - 0.02 0.19 0.09 Arch Coal* N 136893 2.05 1.48 1.61 + 0.13 29.30 1.00 Archon Mineral V 10 1.55 1.55 1.55 - 0.05 2.09 0.95 Arco Res V 10 0.06 0.06 0.06 0.00 0.09 0.03 Arctic Star Rs V 755 0.02 0.02 0.02 0.00 0.07 0.02 Arcus Dev Grp V 510 0.02 0.02 0.02 0.00 0.04 0.01 Argentex Mng V 1976 0.05 0.03 0.04 0.00 0.08 0.02 Argentum Silvr V 260 0.02 0.02 0.02 - 0.01 0.07 0.02 Argex Titanium T 16732 0.07 0.06 0.07 0.00 0.67 0.06 Argonaut Gold T 23490 1.41 1.24 1.28 - 0.08 3.25 1.14 Arian Silver V 1571 0.15 0.13 0.13 - 0.01 0.75 0.13 Arianne Phosph V 1673 0.90 0.82 0.90 + 0.08 0.98 0.51 Armistice Res T 3550 0.31 0.27 0.28 - 0.02 0.52 0.22 Aroway Mnls V 5080 0.02 0.01 0.02 0.00 0.17 0.01 Arrowstar Res V 25 0.04 0.04 0.04 - 0.01 0.20 0.04 ASA (Bermuda)* N 6692 8.11 7.52 7.54 - 0.45 12.31 7.00 Asanko Gold T 15578 2.33 2.06 2.11 - 0.20 2.55 1.50 Asanko Gold* X 801 1.77 1.57 1.57 - 0.18 2.06 1.26 Ascot Res V 616 1.35 1.20 1.21 - 0.05 2.02 1.01 Ashburton Vent V 7020 0.01 0.01 0.01 0.00 0.03 0.01 Asian Minl Res V 2900 0.04 0.04 0.04 - 0.01 0.08 0.03 Aston Bay V 938 0.19 0.15 0.15 - 0.06 0.20 0.08 Astur Gold V 510 0.01 0.01 0.01 - 0.01 0.15 0.01 Atac Res V 2875 0.41 0.38 0.38 - 0.02 0.78 0.31 Atacama Pac Gd V 45 0.15 0.15 0.15 + 0.01 0.52 0.14 Athabasca Mnls V 1176 0.32 0.28 0.29 + 0.01 1.66 0.20 Atico Mng V 935 0.44 0.39 0.39 - 0.03 0.70 0.33 Atlanta Gold V 790 0.07 0.06 0.07 + 0.01 0.25 0.05 Atna Res Ltd T 7767 0.07 0.05 0.05 - 0.01 0.12 0.05 Augen Gold V 1556 0.01 0.01 0.01 0.00 0.06 0.01 Augyva Mng V 10040 0.11 0.09 0.11 + 0.01 0.15 0.07 Aura Mnls T 962 0.09 0.08 0.08 0.00 0.12 0.06 Aura Silver Rs V 280 0.02 0.02 0.02 0.00 0.03 0.01 0.01 0.00 0.02 0.01 Auramex Res V 280 0.01 0.01 Aurcana Corp V 6906 0.16 0.13 0.15 + 0.01 0.44 0.09 AurCrest Gold V 4710 0.03 0.02 0.03 + 0.01 0.06 0.01 Aureus Mng T 94 0.35 0.32 0.32 - 0.03 0.83 0.27 Aurion Res V 310 0.05 0.05 0.05 - 0.01 0.08 0.03 Aurvista Gold V 1267 0.05 0.04 0.04 0.00 0.11 0.03 Avala Res V 750 0.04 0.03 0.04 + 0.01 0.10 0.03 Avalon Rare M* X 22922 0.10 0.09 0.09 0.00 0.40 0.08 0.13 0.12 0.12 - 0.01 0.48 0.11 Avalon Rare Mt T 14213 Avino Silver V 194 1.36 1.27 1.30 - 0.05 2.40 1.15 Avino Silver* X 3008 1.03 0.96 0.98 - 0.05 1.97 0.89 Avnel Gold T 1256 0.26 0.23 0.24 - 0.01 0.31 0.15 Avrupa Mnls V 839 0.16 0.14 0.14 - 0.03 0.40 0.07 Axmin Inc V 924 0.01 0.01 0.01 0.00 0.03 0.01 Azimut Expl V 330 0.15 0.14 0.14 0.00 0.25 0.10 Azincourt Res V 303 0.05 0.05 0.05 - 0.01 0.48 0.05

B B2Gold* X 97829 B2Gold T 194647 Bacanora Mnls V 468 Baja Mng V 4126 Balmoral Res T 8089 Banks Island G V 4240 Bannerman Res T 775 Banro T 8491 Banro* X 37254 Barisan Gold V 3640 Barker Mnrls V 270 Barkerville Go V 19676 Barrick Gold* N 966602 Barrick Gold T 182716 Batero Gold V 100 Bayswater Uran V 6595 BCGold V 750 BCM Res V 3000 Bear Creek Mng V 4218 Beaufield Res V 1145 Bell Copper V 879 Bellhaven Cp&G V 288 Belmont Res V 900 Belo Sun Mng T 37417 Belvedere Res V 1071 Benton Cap V 425 Benton Res V 1980 Berkwood Res V 2397

TNM_Nov16_Pgs 6 11 12 13.indd 12

1.12 1.04 1.05 - 0.01 2.38 0.98 1.47 1.37 1.38 - 0.01 2.88 1.30 1.80 1.70 1.72 + 0.02 2.05 0.56 0.02 0.02 0.02 - 0.01 0.06 0.02 0.51 0.44 0.45 - 0.05 1.37 0.44 0.03 0.03 0.03 - 0.01 0.28 0.02 0.03 0.03 0.03 - 0.01 0.09 0.03 0.27 0.23 0.24 - 0.04 0.47 0.14 0.21 0.18 0.18 - 0.03 0.40 0.12 0.03 0.02 0.03 0.00 0.15 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.26 0.24 0.24 0.00 0.40 0.11 8.00 7.21 7.36 - 0.46 13.70 5.91 10.52 9.50 9.70 - 0.61 16.54 7.89 0.07 0.07 0.07 0.00 0.11 0.06 0.02 0.02 0.02 - 0.01 0.08 0.02 0.01 0.01 0.01 + 0.01 0.03 0.01 0.05 0.04 0.04 - 0.01 0.06 0.02 0.74 0.60 0.61 - 0.11 1.94 0.58 0.04 0.04 0.04 - 0.01 0.06 0.03 0.04 0.03 0.04 + 0.01 0.05 0.01 0.07 0.07 0.07 - 0.01 0.45 0.03 0.02 0.02 0.02 - 0.01 0.09 0.02 0.29 0.26 0.29 + 0.02 0.30 0.11 0.02 0.02 0.02 - 0.01 0.17 0.02 0.02 0.02 0.02 0.00 0.04 0.02 0.04 0.04 0.04 0.00 0.06 0.03 0.01 0.01 0.01 - 0.01 0.06 0.01

S TO C K TA BLE S

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

BHP Billi-BBL* N 75467 BHP Billi-BHP* N 123053 Big North Grap V 1850 BioteQ Env T 194 Bison Gold Res V 55 Bitterroot Res V 297 Black Iron T 587 Black Isle Res V 430 Black Widow Rs V 1630 Blind Crk Res V 200 Blue Rvr Res V 1600 Blue Sky Uran V 35 BMO Jr Gld ETF T 2133 Bold Vent V 340 Bonterra Res V 17151 Bowmore Expl V 455 Bravada Gold V 105 Brazil Res V 3766 Brionor Res V 25 Brixton Mtls V 160 Bullman Mnls V 460 Burnstone Vent V 17

33.65 31.34 31.54 - 0.42 51.20 29.19 34.34 32.21 32.44 - 0.28 57.18 30.15 0.03 0.02 0.02 - 0.01 0.55 0.02 0.03 0.03 0.03 0.00 0.06 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.06 0.05 0.05 + 0.01 0.15 0.04 0.04 0.03 0.03 - 0.01 0.08 0.02 0.05 0.04 0.05 + 0.01 0.09 0.02 0.02 0.02 0.02 0.00 0.08 0.01 0.05 0.05 0.05 0.00 0.07 0.04 0.04 0.03 0.04 0.00 0.05 0.03 0.07 0.05 0.07 + 0.01 0.26 0.05 5.31 4.80 4.82 - 0.45 7.65 4.45 0.03 0.03 0.03 0.00 0.06 0.02 0.29 0.23 0.24 0.00 0.43 0.09 0.09 0.06 0.09 + 0.03 0.11 0.03 0.04 0.04 0.04 0.00 0.07 0.02 0.55 0.50 0.51 - 0.06 0.85 0.43 0.01 0.01 0.01 0.00 0.03 0.01 0.10 0.07 0.09 + 0.01 0.22 0.06 0.04 0.04 0.04 - 0.01 0.23 0.04 0.01 0.01 0.01 - 0.01 0.04 0.01

Cabot Corp* N 42617 Cache Expl V 11 Cadan Res V 450 Cadillac Vent V 46 Caledonia Mng T 363 Calibre Mng V 7919 Calico Res V 478 Callinex Mines V 3562 Cameco Corp* N 116584 Cameco Corp T 59449 Camino Mnls V 15 Canada Carbon V 10282 Canada Rare Ea V 507 Canada Zinc Mt V 1083 Canadn Arrow V 40 Canadn Int Mnl V 10485 Canadn Mining V 410 Canadn Plat V 490 Canadn Zinc T 5700 Canamex Res V 5737 Canarc Res T 2709 Canasil Res V 1600 Cancana Res V 1563 Candente Coppr T 1682 CaNickel Mng T 272 70 Canoe Mng Vnt V Canstar Res V 737 Canterra Mnls V 472 Cantex Mn Dev V 159 Canyon Copper V 1310 Cap-Ex Vent V 1515 Capstone Mng T 21274 Cardero Res T 574 Cariboo Rose V 350 Caribou King R V 3901 Carlin Gold V 3440 Carlisle Goldf T 6982 Carmax Mng V 540 Cassidy Gold V 4029 Castle Peak Mg V 850 Catalyst Coppr V 808 Caza Gold V 139 V 278 CB Gold Centamin T 516 Centerra Gold T 32392 Central Fund* X 34849 Central Fund T 1771 Central Gold-T T 8 Central GoldT* X 1121 Centurion Mnls V 3133 20 Century Iron M T Challenger Dee V 1433 Champion Bear V 426 Champion Iron T 4520 Chesapeake Gld V 415 Chiboug Ind Mn V 466 Chilean Gold V 2022 China Gold Int T 7846 China Mnls Mng V 739 Claim Post Res V 220 Claude Res T 10181 Clear Mtn Res V 1005 Cliffs Nat Rs* N 268722 Clifton Star V 422 Cloud Peak En* N 24116 CMC Metals V 7645 Codrington Res V 1645 Coeur Mng* N 143968 Colibri Res V 40 Colombian Mins V 40 Colonial Coal V 7910 Colorado Res V 740 Colt Res V 11534 Columbus Gold V 2336 Commander Res V 500 Commerce Res V 3058 Compass Mnls* N 3576 Compliance Eny V 437 Comstock Mng* X 5894 Comstock Mtls V 2252 Condor Res V 3440 Confedertn Mls V 10605 Conquest Res V 79 Cons Richland V 26 Cons Woodjam C V 350 Consol Energy* N 649186 Constant Mtl R V 2835 Contintl Gold T 19825 Contl Precious T 323 Copper Ck Gold V 1610 Copper Fox Mtl V 9590 Copper Mtn Mng T 14502 Copper North M V 1834 Copper One V 3355 Coral Gold V 770 Corazon Gold V 22 Cordoba Mnls V 3028 Corex Gold V 10240 Cornerstone Ca V 310 Coro Mining T 994 Coronado Res V 929 Corsa Coal V 748 Corvus Gold T 1087 Cougar Mnls V 1170 Crazy Horse Rs V 105 Critical Elem V 6262 Crown Gold V 306 Currie Rose Rs V 934 CVR Partners* N 2097 Cypress Dev V 425

41.98 35.46 40.47 + 4.16 48.00 30.70 0.10 0.10 0.10 - 0.01 0.21 0.05 0.05 0.04 0.05 - 0.01 0.16 0.04 0.02 0.01 0.01 - 0.01 0.11 0.01 0.85 0.78 0.78 - 0.05 1.06 0.59 0.09 0.08 0.08 - 0.01 0.19 0.08 0.13 0.11 0.13 + 0.02 0.19 0.06 0.32 0.25 0.25 - 0.05 0.40 0.16 14.27 12.84 12.96 - 1.25 19.97 11.60 18.80 16.92 17.08 - 1.64 22.46 15.50 0.10 0.10 0.10 + 0.01 0.26 0.05 0.26 0.24 0.24 - 0.01 0.32 0.18 0.03 0.03 0.03 0.00 0.11 0.03 0.17 0.15 0.16 0.00 0.40 0.15 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 0.09 0.09 - 0.01 0.18 0.05 0.01 0.01 0.01 0.00 0.01 0.01 0.09 0.08 0.09 + 0.01 0.25 0.06 0.06 0.05 0.06 + 0.01 0.18 0.04 0.07 0.06 0.06 - 0.01 0.10 0.03 0.05 0.04 0.04 0.00 0.07 0.03 0.23 0.20 0.21 - 0.01 0.32 0.17 0.05 0.05 0.05 - 0.01 0.13 0.04 0.06 0.06 0.06 - 0.01 0.24 0.06 0.03 0.03 0.03 - 0.01 0.24 0.02 0.06 0.06 0.06 0.00 0.10 0.03 0.05 0.04 0.05 + 0.01 0.09 0.04 0.05 0.04 0.04 0.00 0.06 0.03 0.03 0.02 0.02 - 0.01 0.12 0.02 0.03 0.02 0.02 0.00 0.04 0.01 0.67 0.58 0.58 - 0.02 2.20 0.43 0.24 0.15 0.20 - 0.05 0.55 0.10 0.03 0.03 0.03 - 0.01 0.07 0.02 0.10 0.09 0.09 - 0.01 0.22 0.04 0.02 0.01 0.01 0.00 0.02 0.01 0.58 0.49 0.53 - 0.05 0.64 0.16 0.03 0.03 0.03 0.00 0.08 0.03 0.02 0.02 0.02 0.00 0.05 0.01 0.01 0.01 0.01 - 0.01 0.05 0.01 0.17 0.16 0.16 0.00 0.46 0.11 0.05 0.04 0.05 + 0.01 0.09 0.03 0.07 0.06 0.06 - 0.01 0.14 0.03 1.33 1.27 1.27 - 0.02 1.40 0.80 7.72 7.03 7.15 - 0.40 8.67 3.96 11.15 10.69 10.71 - 0.43 13.73 10.15 14.70 14.06 14.11 - 0.55 16.89 12.52 53.00 51.90 51.90 - 1.84 57.25 42.50 40.95 39.12 39.17 - 1.80 46.73 37.22 0.02 0.01 0.02 + 0.01 0.08 0.01 0.25 0.25 0.25 0.00 0.44 0.17 0.25 0.25 0.25 0.00 0.27 0.05 0.10 0.08 0.08 0.00 0.18 0.05 0.21 0.18 0.20 + 0.01 0.23 0.07 2.38 2.11 2.17 - 0.08 2.59 1.39 0.03 0.03 0.03 0.00 0.05 0.02 0.04 0.03 0.03 0.00 0.08 0.02 1.91 1.72 1.87 + 0.11 2.74 1.30 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.12 0.01 0.76 0.70 0.74 + 0.02 0.82 0.22 0.01 0.01 0.01 0.00 0.03 0.01 3.20 2.56 2.83 + 0.16 11.70 2.28 0.16 0.13 0.15 0.00 0.25 0.06 3.71 2.86 3.60 + 0.44 13.95 2.42 0.04 0.03 0.03 - 0.01 0.08 0.03 0.06 0.05 0.05 - 0.01 0.12 0.03 2.91 2.54 2.69 - 0.07 7.45 2.52 0.03 0.03 0.03 0.00 0.23 0.02 0.03 0.03 0.03 0.00 0.13 0.03 0.07 0.06 0.07 + 0.01 0.15 0.04 0.07 0.06 0.07 - 0.01 0.16 0.06 0.16 0.11 0.12 - 0.03 0.30 0.05 0.48 0.44 0.44 - 0.03 0.55 0.31 0.02 0.02 0.02 0.00 0.04 0.02 0.10 0.09 0.09 - 0.01 0.22 0.07 85.00 80.81 83.68 + 2.60 95.68 77.13 0.07 0.05 0.06 + 0.01 0.40 0.04 0.60 0.54 0.56 - 0.05 1.26 0.35 0.02 0.02 0.02 0.00 0.04 0.01 0.04 0.02 0.03 0.00 0.07 0.02 0.04 0.02 0.03 + 0.01 0.09 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.09 0.02 8.65 6.38 8.45 + 1.68 42.26 6.38 0.10 0.09 0.10 0.00 0.18 0.07 1.63 1.36 1.40 - 0.25 3.28 1.36 0.30 0.29 0.29 - 0.02 0.71 0.25 0.07 0.06 0.06 0.00 0.07 0.03 0.17 0.15 0.16 - 0.01 0.37 0.10 0.59 0.47 0.54 + 0.07 2.34 0.38 0.04 0.04 0.04 0.00 0.09 0.04 0.06 0.05 0.06 - 0.01 0.40 0.05 0.10 0.09 0.10 0.00 0.20 0.06 0.18 0.18 0.18 - 0.07 0.38 0.11 0.15 0.13 0.13 - 0.03 0.25 0.08 0.07 0.05 0.06 + 0.02 0.09 0.03 0.04 0.03 0.03 0.00 0.11 0.02 0.02 0.02 0.02 0.00 0.08 0.02 0.18 0.14 0.16 + 0.01 0.84 0.14 0.05 0.04 0.04 - 0.01 0.24 0.04 0.62 0.51 0.52 - 0.08 1.23 0.37 0.05 0.05 0.05 + 0.01 0.30 0.03 0.02 0.02 0.02 + 0.01 0.03 0.01 0.24 0.22 0.23 + 0.01 0.30 0.16 0.05 0.04 0.05 + 0.01 0.08 0.03 0.01 0.01 0.01 0.00 0.02 0.01 9.48 8.75 8.88 - 0.56 16.12 8.52 0.04 0.03 0.03 - 0.01 0.35 0.02

Dajin Res V 22902 Dalradian Res T 6691 Dalton Res Ltd V 621 Darnley Bay V 1109 Decade Res V 220 Defiance Silvr V 4070 Denison Mines T 36825 Denison Mines* X 1617 Desert Gold V 40 Desert Star V 2225 Detour Gold T 85571 Diagnos V 2841 Diamcor Mng V 1077 Diamond Fields V 1040 Dios Expl V 290 Discovery Harb V 1016 Discovery Vent V 58706 Discovery-Corp V 623

0.13 0.12 0.12 - 0.01 0.16 0.04 0.76 0.71 0.71 - 0.05 1.16 0.46 0.14 0.10 0.14 - 0.02 0.36 0.10 0.02 0.02 0.02 0.00 0.10 0.01 0.01 0.01 0.01 - 0.01 0.14 0.01 0.09 0.07 0.08 - 0.01 0.19 0.07 0.57 0.50 0.55 - 0.01 1.39 0.48 0.44 0.39 0.43 - 0.00 1.22 0.36 0.11 0.11 0.11 0.00 0.90 0.08 0.12 0.11 0.12 - 0.01 0.22 0.11 14.78 13.12 13.47 - 0.76 16.86 6.02 0.05 0.05 0.05 + 0.01 0.11 0.04 1.05 0.90 0.98 - 0.01 1.45 0.80 0.02 0.01 0.02 + 0.01 0.05 0.01 0.08 0.07 0.07 - 0.01 0.10 0.04 0.02 0.02 0.02 0.00 0.11 0.02 0.19 0.17 0.18 + 0.01 0.26 0.09 0.05 0.05 0.05 + 0.01 0.14 0.03

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

DNI Metals V 193 Dolly Vard Sil V 180 Dominion Diam* N 8452 Dominion Diam T 10639 Doubleview Cap V 4979 Duncan Park H V 1700 Dundee Prec Mt T 5036 Duran Vent V 1323 Durango Res V 2843 Dynacor Gold M T 810 Dynasty Gold V 422 Dynasty Met&Mn T 3063 Eagle Plains V 1120 East Asia Mnls V 495 Eastern Platin T 23532 Eastfield Res V 500 Eastmain Res T 4044 Eco Oro Mnls T 693 Ecuador G & C V 11595 V 1180 Edgewater Expl El Tigre Silvr V 327 Eldorado Gold* N 62601 Eldorado Gold T 195702 Electra Gold V 4375 Eloro Minls V 70 Ely Gold & Mnl V 1396 Emerick Res V 179 Emgold Mng V 340 V 8634 Encanto Potash Endeavour Mng T 26445 Endeavr Silver T 4397 Endeavr Silve* N 4179 Endurance Gold V 110 Energizer Res T 5008 Energold Drill V 415 Energy Fuels T 1934 V 6589 Entourage Mtls Entree Gold* X 1304 Entree Gold T 526 Equitas Res V 39270 Equitorial Exp V 30899 277 Erdene Res Dev T Erin Ventures V 4505 Eskay Mng V 227 Eurasian Minls V 900 Eurasian Mnls* X 3156 Eureka Res V 340 EurOmax Res V 375 10 Europn Uran Rs V Eurotin V 140 Everton Res V 1000 Evolving Gold C 101 Evrim Res V 165 Excalibur Res C 12 Excellon Res T 7323 Excelsior Mng V 1608 Exeter Res* X 1636 Exeter Res T 1554 Explor Res V 14551 Faircourt Gold T 1536 Fairmont Res V 50 Falco Res V 4875 Fancamp Expl V 10770 Feronia V 106 320 Ferrum Am Mng V Fieldex Expl V 16425 Finlay Minrls V 1160 Firebird Res V 570 Firesteel Res V 200 Firestone Vent V 96 First Bauxite V 1039 First Lithium V 2842 First Majesti* N 14299 First Majestic T 31650 First Mexican V 3154 First Point T 1650 First Quantum T 287500 Fission 3.0 V 8802 Fjordland Exp V 1771 Flinders Res V 493 Focus Graphite V 7025 Focus Vnt V 5440 Foraco Intl T 571 Foran Mng V 2962 Formation Mtls T 4663 Forsys Metals T 292 Fortuna Silver T 14805 Fortuna Silvr* N 10750 Fortune Bay T 1566 Fortune Mnrls T 11686 Forum Uranium V 1543 Franco-Nevada* N 61656 Franco-Nevada T 28269 Freegold Vent T 155 Freeport McMo* N 1464043 Freeport Res V 2400 Frontline Gold V 4011 Full Metal Mnl V 10

0.09 0.08 0.09 - 0.01 0.30 0.06 0.23 0.20 0.20 - 0.06 1.05 0.11 11.03 10.09 10.62 + 0.43 20.30 9.62 14.47 13.30 13.98 + 0.59 24.60 12.81 0.14 0.11 0.13 + 0.01 0.20 0.07 0.01 0.01 0.01 0.00 0.03 0.01 1.81 1.61 1.64 - 0.16 4.27 1.61 0.02 0.02 0.02 0.00 0.04 0.01 0.04 0.03 0.03 - 0.01 0.07 0.03 1.83 1.64 1.64 - 0.22 2.59 1.30 0.02 0.01 0.02 0.00 0.03 0.01 0.31 0.23 0.28 - 0.02 1.05 0.23 0.06 0.05 0.05 0.00 0.08 0.05 0.01 0.01 0.01 - 0.01 0.03 0.01 0.79 0.69 0.70 - 0.08 2.26 0.69 0.02 0.02 0.02 - 0.01 0.05 0.02 0.38 0.35 0.35 0.00 0.62 0.17 0.68 0.60 0.60 - 0.08 0.95 0.14 0.02 0.01 0.01 - 0.01 0.08 0.01 0.03 0.02 0.02 + 0.01 0.06 0.01 0.06 0.06 0.06 0.00 0.27 0.06 3.77 3.20 3.33 - 0.37 7.99 2.45 4.97 4.22 4.38 - 0.47 9.68 3.26 0.05 0.04 0.04 - 0.02 0.14 0.04 0.13 0.12 0.13 + 0.01 0.20 0.04 0.08 0.06 0.06 + 0.01 0.09 0.03 0.14 0.13 0.14 + 0.01 0.30 0.13 0.01 0.01 0.01 - 0.01 0.03 0.01 0.07 0.07 0.07 - 0.01 0.16 0.04 0.69 0.62 0.64 - 0.02 0.76 0.38 2.22 1.91 1.96 - 0.24 4.15 1.64 1.69 1.45 1.48 - 0.18 3.40 1.25 0.02 0.02 0.02 - 0.01 0.08 0.02 0.06 0.05 0.06 - 0.01 0.20 0.03 0.66 0.56 0.61 + 0.03 1.32 0.51 3.74 3.51 3.65 - 0.07 9.00 3.51 0.08 0.06 0.08 + 0.02 0.22 0.03 0.28 0.25 0.26 - 0.00 0.51 0.08 0.38 0.33 0.33 - 0.01 0.66 0.18 0.13 0.10 0.11 - 0.01 0.22 0.03 0.11 0.09 0.10 - 0.01 0.25 0.07 0.14 0.13 0.13 0.00 0.17 0.09 0.08 0.07 0.08 + 0.01 0.08 0.04 0.14 0.10 0.10 - 0.03 0.20 0.01 0.71 0.62 0.66 + 0.01 0.97 0.53 0.57 0.51 0.53 + 0.03 0.89 0.40 0.06 0.05 0.06 + 0.02 0.16 0.02 0.40 0.35 0.35 - 0.05 0.57 0.17 0.01 0.01 0.01 0.00 0.03 0.01 0.05 0.04 0.05 + 0.02 0.10 0.01 0.03 0.03 0.03 0.00 0.05 0.02 0.07 0.05 0.07 + 0.01 0.11 0.01 0.12 0.12 0.12 - 0.04 0.24 0.10 0.01 0.01 0.01 0.00 0.05 0.01 0.34 0.30 0.30 - 0.05 1.15 0.30 0.26 0.24 0.24 + 0.01 0.39 0.19 0.37 0.33 0.35 - 0.02 0.79 0.30 0.47 0.43 0.46 - 0.02 0.90 0.41 0.08 0.07 0.07 - 0.02 0.09 0.04 2.74 2.55 2.55 - 0.17 4.38 2.42 0.05 0.05 0.05 + 0.01 0.24 0.04 0.29 0.26 0.28 + 0.01 0.69 0.23 0.03 0.02 0.02 - 0.01 0.05 0.02 0.12 0.11 0.12 - 0.01 0.60 0.07 0.02 0.02 0.02 + 0.01 0.05 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.03 0.03 0.00 0.03 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.01 0.01 0.01 0.00 0.08 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.04 0.04 - 0.01 0.09 0.04 0.35 0.35 0.35 0.00 0.37 0.18 3.46 3.09 3.12 - 0.27 7.14 2.66 4.52 4.07 4.11 - 0.36 8.55 3.54 0.07 0.04 0.06 + 0.02 0.07 0.02 0.07 0.06 0.07 - 0.01 0.09 0.04 8.25 6.66 7.13 + 0.47 20.05 4.52 0.07 0.06 0.06 - 0.01 0.14 0.06 0.02 0.01 0.02 + 0.01 0.04 0.01 0.25 0.22 0.22 - 0.03 0.61 0.12 0.11 0.10 0.11 + 0.01 0.53 0.10 0.13 0.12 0.12 - 0.01 0.27 0.12 0.28 0.21 0.22 - 0.03 0.77 0.15 0.11 0.10 0.10 - 0.01 0.48 0.10 0.12 0.09 0.09 - 0.03 0.22 0.09 0.20 0.15 0.19 + 0.05 0.36 0.12 3.52 3.11 3.22 - 0.09 6.30 2.65 2.68 2.36 2.44 - 0.09 5.25 2.00 0.28 0.28 0.28 0.00 0.43 0.24 0.04 0.03 0.03 - 0.01 0.20 0.02 0.06 0.05 0.06 + 0.01 0.14 0.05 51.93 47.93 48.46 - 2.94 58.84 38.20 68.27 63.13 63.81 - 3.91 74.10 49.96 0.12 0.10 0.10 + 0.01 0.24 0.07 12.75 11.21 11.48 - 0.15 29.72 7.76 0.02 0.01 0.01 - 0.01 0.02 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.03 0.03 - 0.01 0.30 0.03

Gabriel Res T 18312 Galane Gold V 200 Galantas Gold V 1778 Galore Res V 50 Galway Gold V 186 Galway Mtls V 25 GAMCO Glb Gld* X 20952 Garibaldi Res V 8644 Gem Intl Res V 80 General Moly* X 4141 Gensource Pot V 490 Gentor Res V 20 Geodex Mnrls V 10 T 25 Geodrill Geologix Ex T 4383 Geomega Res V 3035 Georox Res V 51 Getty Copper V 650 GFK Res V 162 GGL Res V 1270 Glen Eagle Res V 2707 Global Hunter V 449 Globex Mng T 2770 Gobimin V 10 GoGold Res T 328 Gold Bulln Dev V 12171 Gold Canyon V 21804 252882 Gold Fields* N Gold Finder Ex V 10 Gold Reach Res V 175 Gold Reserve V 200 Gold Resource* X 14995 Gold Std Vnt V 4704 Gold Std Vnt* X 9329 Goldbank Mng V 300 Goldcorp T 206621 Goldcorp* N 597997 Golden Arrow R V 1361 Golden Band V 56450 Golden Dawn Ml V 11888 Golden Goliath V 2401 Golden Harp V 100 Golden Hope V 862 Golden Mnls T 4263 Golden Mnls* X 21446 Golden Peak Mn V 220 Golden Predatr V 66 Golden Queen T 708 Golden Reign R V 2497 Golden Share M V 1203 Golden Star T 411 Golden Star* X 36586 Golden Tag V 2500 Golden Val Min V 3577 Goldex Res V 515

0.21 0.16 0.19 - 0.01 0.86 0.16 0.10 0.09 0.09 - 0.01 0.22 0.08 0.10 0.08 0.08 - 0.01 0.18 0.05 0.01 0.01 0.01 0.00 0.04 0.01 0.09 0.08 0.09 0.00 0.12 0.05 0.12 0.11 0.12 - 0.01 0.16 0.09 5.73 5.45 5.49 + 0.02 8.75 4.90 0.14 0.11 0.14 + 0.02 0.23 0.05 0.08 0.08 0.08 + 0.02 0.26 0.05 0.30 0.27 0.28 0.00 1.00 0.25 0.07 0.07 0.07 0.00 0.07 0.04 0.03 0.03 0.03 - 0.01 0.14 0.03 0.01 0.01 0.01 - 0.01 0.06 0.01 0.60 0.55 0.55 - 0.04 0.99 0.46 0.03 0.03 0.03 0.00 0.06 0.03 0.09 0.07 0.07 - 0.01 0.29 0.07 0.05 0.05 0.05 + 0.01 0.14 0.04 0.02 0.02 0.02 0.00 0.07 0.02 0.09 0.06 0.09 - 0.02 0.18 0.03 0.03 0.02 0.02 - 0.01 0.06 0.02 0.04 0.04 0.04 - 0.01 0.20 0.03 0.03 0.02 0.03 - 0.01 0.07 0.02 0.37 0.28 0.28 - 0.02 0.37 0.14 0.41 0.41 0.41 - 0.03 0.51 0.35 1.25 1.24 1.24 - 0.01 1.69 1.18 0.04 0.03 0.03 - 0.01 0.06 0.02 0.37 0.33 0.36 0.00 0.42 0.09 2.72 2.47 2.49 - 0.04 6.01 2.35 0.02 0.02 0.02 0.00 0.07 0.02 0.14 0.14 0.14 + 0.01 0.50 0.13 4.14 3.65 3.75 - 0.26 5.39 2.48 2.84 2.40 2.44 - 0.12 4.55 1.99 0.63 0.50 0.59 + 0.05 0.70 0.40 0.47 0.39 0.44 + 0.03 0.60 0.26 0.08 0.08 0.08 + 0.02 0.09 0.03 17.62 15.98 16.02 - 1.30 30.95 15.98 13.38 12.13 12.16 - 0.98 25.00 11.95 0.27 0.22 0.22 - 0.04 0.50 0.17 0.01 0.01 0.01 0.00 0.01 0.01 0.15 0.13 0.15 + 0.02 0.30 0.02 0.02 0.01 0.01 0.00 0.02 0.01 0.04 0.04 0.04 0.00 0.07 0.03 0.30 0.23 0.23 - 0.07 0.64 0.08 0.36 0.26 0.31 - 0.15 0.91 0.26 0.28 0.19 0.22 - 0.09 0.70 0.19 0.07 0.07 0.07 0.00 0.14 0.04 0.12 0.12 0.12 0.00 0.15 0.07 0.90 0.78 0.80 - 0.10 1.68 0.65 0.09 0.08 0.09 + 0.01 0.19 0.05 0.08 0.07 0.07 - 0.01 0.08 0.03 0.30 0.28 0.29 + 0.01 0.51 0.20 0.24 0.21 0.22 0.00 0.42 0.16 0.02 0.02 0.02 0.00 0.08 0.02 0.12 0.11 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 5220 Goldfield* X 2163 T 20396 Goldgroup Mng V 8283 GoldQuest Mng Goldrea Res C 50 V 370 Goldrock Mines Goldrush Res V 3100 V 803 Goldsource Min V 4356 Goldstrike Res Gonzaga Res V 530 Gowest Gold V 2146 T 2462 Gran Colombia V 350 Grande Portage Graphite One R V 14973 Great Atlantic V 479 20 Great Bear Res V 29687 X Great Panther* Great Panther T 7280 Great Quest Me V 2806 Green Swan Cap V 1300 180 Green Valley M V V 1005 Greencastle Rs Gresham Res V 3999 Grizzly Discvr V 2095 750 GTA Res & Mng V Gunpoint Expl V 200 T 17957 Guyana Gldflds Guyana Prec Mt V 1475 GWR Res V 9565 Handa Copper V 100 Hansa Res V 1320 355 Happy Ck Minls V 63214 N Harmony Gold* Harte Gold T 29015 V 201 Hawkeye Gld&Di V 2507 Heatherdale Rs 258398 Hecla Mining* N Helio Res V 2997 Hi-Crush Part* N 10491 Highbank Res V 8764 Highland Res V 735 Hinterland Mtl V 150 V 205 Homestake Res Honey Badger E V 1000 Horizns G Bear T 69919 Horizns G Bull T 89363 T 611 Horizonte Mnls Houston Lake V 852 HudBay Minls T 72181 HudBay Mnls* N 1219 Hudson Res V 2526

0.03 0.04 0.00 0.06 0.04 0.04 1.20 1.86 + 0.13 2.85 1.88 1.73 0.05 0.07 + 0.01 0.24 0.07 0.07 0.07 0.15 + 0.01 0.20 0.17 0.13 0.02 0.05 - 0.01 0.10 0.05 0.05 0.15 0.28 - 0.03 0.40 0.30 0.27 0.01 0.02 0.00 0.03 0.02 0.02 0.13 0.18 - 0.01 0.26 0.19 0.17 0.05 0.07 - 0.01 0.21 0.09 0.07 0.02 0.03 0.00 0.15 0.03 0.03 0.05 0.07 - 0.01 0.10 0.08 0.07 0.18 0.21 + 0.02 0.71 0.23 0.18 0.01 0.01 0.00 0.02 0.01 0.01 0.10 0.09 0.09 0.00 0.14 0.07 0.04 0.05 - 0.01 0.30 0.06 0.05 0.04 0.04 0.04 + 0.01 0.09 0.02 0.30 0.07 0.91 0.48 - 0.60 0.45 0.40 0.62 - 0.08 1.05 0.78 0.60 0.21 0.15 0.18 - 0.01 1.07 0.15 0.04 0.03 0.04 + 0.02 0.06 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.05 0.06 - 0.02 0.09 0.07 0.06 0.46 0.61 - 0.02 0.95 0.63 0.61 0.02 0.09 0.00 0.10 0.10 0.08 0.04 0.04 0.04 0.00 0.10 0.04 0.14 0.17 0.00 0.20 0.17 0.17 2.15 3.05 - 0.32 4.48 3.39 2.91 0.17 0.15 0.16 - 0.01 0.33 0.08 0.01 0.07 + 0.02 0.08 0.08 0.05 0.05 0.06 - 0.01 0.12 0.06 0.06 0.01 0.02 - 0.01 0.03 0.02 0.02 0.12 0.11 0.11 + 0.01 0.17 0.08 0.57 0.68 0.00 3.18 0.73 0.61 0.04 0.09 + 0.01 0.10 0.10 0.08 0.02 0.05 + 0.01 0.08 0.05 0.04 0.01 0.02 0.00 0.05 0.02 0.01 1.77 2.11 0.00 3.54 2.27 2.02 0.02 0.02 - 0.01 0.07 0.03 0.02 9.51 5.32 8.96 + 3.51 50.00 5.09 0.07 0.07 - 0.01 0.28 0.08 0.07 0.10 0.14 - 0.01 0.45 0.17 0.14 0.01 0.01 - 0.01 0.03 0.02 0.01 0.01 0.02 0.00 0.06 0.02 0.02 0.01 0.01 0.01 0.00 0.05 0.01 13.90 11.42 13.72 + 2.03 24.65 8.50 3.88 3.14 3.19 - 0.60 8.86 2.75 0.03 0.03 0.00 0.08 0.03 0.03 0.09 0.14 - 0.02 0.20 0.15 0.13 7.06 6.36 6.46 - 0.14 12.61 4.82 5.39 4.84 4.89 - 0.13 10.37 3.62 0.22 0.39 - 0.01 0.55 0.44 0.34

I-Minerals V 1435 43800 Iamgold* N T 44060 Iamgold IBC Adv Alloys V 17911 IC Potash T 2089 IMPACT Silver V 1163 965 Imperial Metal T Inca One Res V 10125 V 6807 Independence G Indico Res V 500 Inspiration Mg T 10 Integra Gold V 90916 Intigold Mines V 545 50 Intl Bethl Mng V Intl Lithium V 4554 Intl Montoro R V 4912 Intl Northair V 600 250 Intl Samuel Ex V 502 Intl Tower Hi* X 696 T Intl Tower Hil 930 Intl Vestr Res V Intrepid Pots* N 27348 INV Metals T 242 143 ISh COMEX G Tr T Ivanhoe Mines T 26464 T 2594 Ivernia J.A.G. Mines V 206 Jaguar Mng V 1970 Jasper Mng V 86 Jazz Res V 70 Kaminak Gold V 5321 Karmin Expl V 360 Karnalyte Res T 1287 Katanga Mng T 461 Kazax Mnls V 750 Kennady Diam V 1271 Kesselrun Res V 20 Kettle River V 450 Khalkos Expl V 1224 Khan Res C 756 V 6220 Kilo Goldmines V 526 Kincora Copper 599 Kings Bay Gold V 126747 Kinross Gold T 466648 Kinross Gold* N Kirkland Lk Gd T 10399 Kiska Metals V 5100 Kivalliq Enrgy V 2526 Klondex Mns T 10807 Klondike Gold V 840 Klondike Silv V 63 Knick Expl V 1100 Kobex Mnls V 958 V 5055 Kombat Copper V 3994 Kootenay Gold

0.14 0.26 + 0.02 0.31 0.28 0.25 1.16 1.55 - 0.22 3.39 1.84 1.54 1.50 2.04 - 0.28 4.09 2.41 2.03 0.10 0.09 0.09 - 0.02 0.15 0.09 0.09 0.10 - 0.01 0.31 0.10 0.09 0.14 0.17 + 0.01 0.35 0.17 0.15 8.10 7.50 8.06 + 0.50 13.69 6.01 0.13 0.12 0.12 + 0.01 0.29 0.09 0.07 0.07 - 0.01 0.11 0.08 0.07 0.02 0.07 - 0.01 0.16 0.07 0.07 0.04 0.05 0.00 0.43 0.05 0.05 0.14 0.33 - 0.01 0.37 0.37 0.32 0.03 0.09 0.00 0.32 0.11 0.08 0.01 0.01 0.01 0.00 0.03 0.01 0.02 0.08 + 0.02 0.09 0.08 0.06 0.04 0.04 0.04 - 0.01 0.10 0.04 0.04 0.05 0.00 0.10 0.05 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.29 0.25 0.28 + 0.00 0.62 0.20 0.39 0.33 0.39 + 0.01 0.75 0.26 0.02 0.01 0.01 - 0.01 0.14 0.01 4.10 3.65 3.82 - 0.26 15.56 3.65 0.08 0.12 - 0.01 0.29 0.13 0.12 14.41 13.98 14.05 - 0.62 15.78 12.61 0.62 0.66 - 0.03 1.36 0.71 0.66 0.01 0.01 0.00 0.11 0.01 0.01 0.02 0.02 0.00 0.06 0.02 0.02 0.12 0.16 - 0.05 0.75 0.25 0.15 0.02 0.03 0.00 0.08 0.03 0.03 0.03 0.19 + 0.02 0.23 0.19 0.18 0.53 0.80 - 0.02 1.15 0.84 0.76 0.17 0.20 - 0.04 0.50 0.23 0.17 0.52 0.79 - 0.01 1.33 0.86 0.70 0.14 0.16 - 0.01 0.43 0.18 0.16 0.02 0.02 - 0.01 0.06 0.03 0.02 2.75 2.75 - 0.15 6.11 3.00 2.75 0.01 0.02 0.00 0.06 0.02 0.02 0.01 0.01 - 0.01 0.02 0.01 0.01 0.05 0.08 + 0.01 0.12 0.09 0.08 0.33 0.46 - 0.02 0.80 0.48 0.46 0.04 0.07 + 0.02 0.14 0.07 0.05 0.02 0.02 0.00 0.04 0.02 0.02 0.01 0.01 0.01 + 0.01 0.01 0.01 1.79 2.47 - 0.28 4.48 2.81 2.40 1.35 1.88 - 0.22 3.71 2.15 1.82 5.69 5.22 5.30 - 0.30 6.88 2.79 0.02 0.02 0.00 0.07 0.03 0.02 0.06 0.08 - 0.01 0.22 0.09 0.08 1.68 3.09 - 0.12 3.87 3.32 3.03 0.08 0.13 0.00 0.28 0.14 0.12 0.02 0.02 0.00 0.05 0.02 0.02 0.01 0.02 + 0.01 0.02 0.02 0.02 0.46 0.54 + 0.04 0.65 0.54 0.52 0.03 0.04 0.00 0.11 0.05 0.04 0.20 0.25 - 0.04 0.56 0.30 0.25

La Quinta Res V 4100 Labdr I-Ore Ro T 10354 10 Lago Dourado M V Lake Shore Gd* X 13134 Lake Shore Gld T 102239 Lara Expl V 94 Laramide Res T 1972 Largo Res V 1102 Latin Am Mnls V 18210 810 Laurion Mnl Ex V Legend Gold V 1505 Lexam VG Gold T 2432 Lincoln Mng V 20 703 Lion One Mtls V Lomiko Mtls V 13251 Loncor Res T 23396 V 990 Lorraine Coppr 765 Los Andes Copp V Lowell Copper V 120 Lucara Diam T 4195 Luna Gold T 6027 171607 Lundin Mng T Lydian Intl T 3405

0.02 0.01 0.02 + 0.01 0.02 0.01 15.56 14.17 14.35 - 0.92 20.26 10.81 0.08 0.08 0.08 + 0.01 0.15 0.05 0.91 0.80 0.81 - 0.09 1.14 0.60 1.18 1.06 1.06 - 0.14 1.38 0.70 0.20 0.24 + 0.01 0.50 0.24 0.24 0.15 0.15 - 0.00 0.51 0.16 0.15 0.25 0.28 + 0.03 2.28 0.32 0.25 0.02 0.01 0.01 0.00 0.13 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.03 0.04 + 0.01 0.14 0.04 0.03 0.09 0.08 0.08 0.00 0.11 0.06 0.03 0.03 0.00 0.13 0.03 0.03 0.38 0.33 0.37 - 0.02 0.60 0.17 0.03 0.03 0.00 0.09 0.03 0.03 0.02 0.03 - 0.02 0.13 0.04 0.02 0.03 0.05 0.00 0.08 0.05 0.05 0.14 0.10 0.14 + 0.01 0.23 0.05 0.21 0.25 0.00 0.50 0.30 0.22 1.42 1.70 + 0.02 2.41 1.71 1.65 0.05 0.05 - 0.01 0.45 0.06 0.05 3.68 4.07 - 0.15 6.46 4.57 4.06 0.26 0.28 - 0.02 0.70 0.30 0.27

V 2500 MacDonald Mns V 175 MacMillan Mnls T 6967 Mag Silver Mag Silver* X 506 V 85 Magellan Minls Majescor Res V 803 Majestic Gold V 60153 Major Drilling T 3634 Makena Res V 10570 Malbex Res V 3480 Mandalay Res T 3197 Manitou Gold V 20 Manson Creek V 711 Maracote Intl V 9150 T 4567 Marathon Gold Marengo Mng T 9395 Marifil Mines V 3160 Maritime Res V 200

0.01 0.01 0.00 0.02 0.01 0.01 0.05 0.18 - 0.04 0.24 0.21 0.18 9.63 8.79 9.06 - 0.56 11.00 6.56 5.60 6.87 - 0.43 9.17 7.31 6.68 0.04 0.07 - 0.01 0.12 0.07 0.07 0.03 0.05 0.00 0.06 0.05 0.04 0.03 0.07 + 0.01 0.09 0.09 0.05 3.75 4.49 + 0.28 7.49 4.90 4.10 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 0.78 - 0.02 1.04 0.82 0.77 0.01 0.02 0.00 0.04 0.02 0.02 0.01 0.02 + 0.01 0.03 0.02 0.01 0.02 0.02 - 0.03 0.25 0.03 0.02 0.18 0.19 - 0.02 0.39 0.22 0.19 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.02 0.00 0.02 0.02 0.01 0.10 0.16 + 0.04 0.24 0.16 0.16

I-J-K

2015-11-10 6:01 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 16–22, 2015

S TO C K TA BLE S (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Marlin Gold V 333 Mason Graphite V 9110 Matamec Expl V 1484 Maudore Minls V 855 Mawson Res T 795 Mawson West T 3432 Max Res V 285 Maya Gold & Si V 6238 MBAC Fertilizr T 32437 McChip Res V 60 McEwen Mng* N 7288 McEwen Mng T 4337 MDN Inc T 2817 MDU Res* N 61091 Meadow Bay Gd T 3112 Mechel* N 5155 Medallion Res V 11140 Mega Uranium T 11781 Megastar Dev V 232 Melior Res V 407 Melkior Res V 55446 Menika Mining V 500 Merrex Gold V 1640 Mesa Expl V 14 Mesabi Trust* N 5346 Metalcorp V 390 Metalex Vent V 1594 Metallis Res V 800 Metalore Res T 26 Metals Ck Res V 481 Metanor Res V 49267 Micrex Devel V 45 Midas Gold T 3580 Midland Expl V 524 Migao T 440 Millrock Res V 1045 Millstream Min V 150 Minas Buenavn* N 113971 Minaurum Gold V 29915 Minco Gold* X 2288 Minco Gold T 163 Minco Silver T 795 Mindoro Res V 4940 Mineral Mtn Rs V 5099 Mines Managem* X 1161 Mines Managmnt T 33 Minfocus Expl V 1000 Miranda Gold V 3560 Mirasol Res V 728 Mkango Res V 2070 Monarques Res V 1030 Moneta Porcpn T 8683 Monster Mng V 250 Montero Mg&Ex V 23295 Monument Mng V 5011 Mosaic* N 304206 Mountain Boy M V 150 Mountain Prov T 3796 MPH Vent V 30 MPVC V 1130 Mundoro Cap V 1700 Mustang Minls V 1012

0.28 0.26 0.27 + 0.01 1.09 0.25 0.40 0.36 0.40 0.00 0.73 0.36 0.04 0.03 0.03 - 0.01 0.07 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.21 0.18 0.21 + 0.02 0.30 0.15 0.02 0.02 0.02 0.00 0.18 0.01 0.10 0.07 0.07 - 0.04 0.20 0.04 0.19 0.15 0.17 + 0.01 0.31 0.11 0.05 0.03 0.03 - 0.01 0.17 0.01 0.85 0.80 0.80 - 0.03 1.26 0.80 0.93 0.82 0.84 - 0.08 1.69 0.65 1.22 1.09 1.10 - 0.08 1.91 0.84 0.03 0.02 0.03 + 0.01 0.08 0.02 19.66 18.11 19.39 + 0.66 28.51 16.15 0.15 0.12 0.13 + 0.01 0.31 0.10 1.01 0.92 0.94 + 0.02 1.88 0.42 0.04 0.02 0.04 + 0.01 0.09 0.01 0.07 0.07 0.07 - 0.01 0.25 0.07 0.04 0.03 0.04 + 0.01 0.06 0.02 0.02 0.02 0.02 0.00 0.12 0.02 0.02 0.01 0.02 - 0.01 0.06 0.01 0.15 0.15 0.15 0.00 0.15 0.05 0.17 0.14 0.16 + 0.01 0.23 0.05 0.03 0.03 0.03 + 0.01 0.04 0.02 9.68 8.15 8.80 - 0.20 19.80 8.15 0.01 0.01 0.01 + 0.01 0.01 0.01 0.07 0.06 0.07 + 0.01 0.12 0.03 0.04 0.03 0.03 - 0.01 0.14 0.01 2.45 2.40 2.40 - 0.20 3.72 2.40 0.07 0.06 0.07 + 0.01 0.28 0.05 0.05 0.04 0.04 - 0.01 0.10 0.04 0.02 0.01 0.01 0.00 0.05 0.01 0.31 0.28 0.28 - 0.01 0.60 0.27 0.64 0.54 0.59 - 0.05 0.80 0.47 0.64 0.55 0.63 + 0.08 1.49 0.50 0.25 0.20 0.24 0.00 0.55 0.19 0.03 0.03 0.03 0.00 0.07 0.01 6.93 5.86 5.93 - 1.08 12.51 5.73 0.05 0.04 0.05 + 0.01 0.10 0.04 0.18 0.16 0.16 - 0.01 0.38 0.15 0.22 0.21 0.22 - 0.03 0.43 0.20 0.43 0.38 0.39 - 0.05 0.84 0.32 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.02 0.03 + 0.01 0.06 0.02 0.32 0.27 0.27 - 0.03 0.74 0.26 0.40 0.36 0.36 0.00 0.85 0.34 0.01 0.01 0.01 0.00 0.04 0.01 0.08 0.07 0.08 + 0.01 0.14 0.07 0.78 0.74 0.74 - 0.02 1.16 0.74 0.03 0.02 0.03 + 0.01 0.19 0.01 0.08 0.07 0.08 + 0.01 0.14 0.07 0.13 0.11 0.11 - 0.01 0.15 0.04 0.01 0.01 0.01 0.00 0.01 0.01 0.05 0.03 0.03 0.00 0.06 0.01 0.13 0.09 0.10 - 0.01 0.17 0.08 36.95 32.48 32.67 - 1.99 53.83 29.61 0.01 0.01 0.01 0.00 0.02 0.01 3.94 3.55 3.78 + 0.10 5.50 3.38 0.08 0.08 0.08 - 0.01 0.10 0.04 0.02 0.02 0.02 0.00 0.10 0.02 0.09 0.07 0.07 0.00 0.20 0.06 0.01 0.01 0.01 0.00 0.02 0.01

N-O Namibia Rare E T 250 Natural Rs Pt* N 5790 Nautilus Minls T 14181 Nebu Res V 368 Nemaska Lith V 18858 Network Expl V 200 Nevada Clean M V 660 Nevada Copper T 2320 Nevada Expl V 2604 Nevada Sunrise V 1520 Nevado Res V 3455 Nevsun Res T 11800 Nevsun Res* X 6584 New Carolin Gd V 4406 New Destiny Mg V 100 New Dimen Res V 12 New Gold T 43262 New Gold* X 160863 New Millennium V 9887 New Milln Iron T 2385 New Nadina V 841 New Oroperu Rs V 10 New Pac Metals T 1423 New World Res V 3182 Newmont Mng* N 404542 Newport Expl V 1886 NGEx Res T 550 Nighthawk Gold V 1343 Niogold Mng V 1564 V 15099 Nippon Dragon Nitinat Mnls V 80 Noble Metal Gr V 3785 Noka Res V 5956 Nomad Ventures V 5457 Noram Vent V 3000 V 304 Nordex Noront Res V 13489 Nortec Mnls V 20 North Am En P* N 590 North Am En Pa T 725 North Am Nickl V 2444 North Am Pall T 198 North Am Tung V 2069 North Arrow Mn V 155 Northcliff Res T 2842 Northern Abiti V 570 Northern Dyn* X 5052 Northern Dyn M T 899 Northern Freeg V 305 Northern Gld M V 2060 Northern Graph V 4845 Northern Iron V 1000 Northern Lion V 523 Northern Shiel V 5200 Northern Sun M V 10 590 Northern Sup R V Northern Vertx V 5037 Northisle C&G V 1107 Northquest V 2167 NovaCopper T 239 NovaCopper* X 2794 NovaGold Res T 9953 NovaGold Res* X 80712 NQ Expl V 1000 NSGold V 150 NSX Silver V 900 Nubian Res V 20 NuLegacy Gold V 1770 NV Gold V 710 Oban Mng T 3867 OceanaGold T 162062 Oceanic Iron O V 5 Oceanus Res V 10 Odin Mng & Exp V 2770 Olivut Res V 286 Olympic Res V 645 Opawica Expl V 2480 Opta Minls T 5 Orbit Garant D T 130 Orbite Alumnae T 72073 Orca Gold V 1606 Orefinders Res V 22300 Orestone Mng V 37 Orex Expl V 3070 Orex Minls V 546 Orezone Gold T 5628 Oroco Res V 2210 Orocobre T 927 Orofino Mnls V 155 Orosur Mng T 3960

0.05 0.04 0.05 0.00 0.22 0.04 2.40 1.62 1.91 + 0.28 13.79 1.62 0.34 0.26 0.34 + 0.05 0.56 0.24 0.01 0.01 0.01 0.00 0.05 0.01 0.33 0.29 0.31 + 0.02 0.35 0.12 0.02 0.02 0.02 0.00 0.05 0.02 0.04 0.03 0.04 0.00 0.06 0.03 1.00 0.85 0.87 - 0.13 2.03 0.75 0.59 0.46 0.48 - 0.10 0.94 0.05 0.28 0.24 0.28 + 0.05 0.53 0.13 0.02 0.02 0.02 0.00 0.06 0.01 3.95 3.75 3.80 - 0.12 5.35 3.41 3.02 2.85 2.88 - 0.08 4.51 2.57 0.06 0.05 0.06 + 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.06 0.06 0.06 0.00 0.11 0.04 3.34 3.07 3.13 - 0.07 6.04 2.52 2.55 2.33 2.39 - 0.05 5.12 1.90 0.10 0.08 0.09 - 0.01 0.36 0.08 0.07 0.07 0.07 0.00 0.30 0.07 0.01 0.01 0.01 0.00 0.03 0.01 0.14 0.14 0.14 - 0.03 0.20 0.07 0.21 0.18 0.20 + 0.02 0.24 0.14 0.03 0.01 0.02 - 0.02 0.12 0.01 20.13 17.26 17.50 - 2.39 27.90 15.39 0.24 0.23 0.23 0.00 0.49 0.20 0.52 0.50 0.50 0.00 1.51 0.44 0.08 0.07 0.08 - 0.01 0.40 0.05 0.32 0.30 0.31 0.00 0.43 0.22 0.13 0.10 0.12 + 0.01 0.15 0.03 0.07 0.07 0.07 0.00 0.09 0.03 0.01 0.01 0.01 0.00 0.01 0.01 0.06 0.05 0.05 - 0.01 0.35 0.03 0.02 0.01 0.01 - 0.01 0.07 0.01 0.02 0.02 0.02 + 0.01 0.02 0.01 0.13 0.12 0.12 - 0.04 0.43 0.06 0.51 0.39 0.44 + 0.05 0.67 0.25 0.02 0.02 0.02 0.00 0.06 0.02 2.30 1.96 2.10 - 0.16 5.45 1.60 3.00 2.66 2.80 - 0.20 6.24 2.10 0.15 0.12 0.13 - 0.02 0.28 0.12 4.10 3.85 4.00 + 0.10 188.00 3.85 0.02 0.01 0.01 0.00 0.07 0.01 0.26 0.23 0.26 - 0.01 1.34 0.22 0.14 0.07 0.14 + 0.06 0.27 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.44 0.38 0.38 - 0.05 0.72 0.28 0.58 0.51 0.51 - 0.04 0.83 0.37 0.05 0.05 0.05 + 0.01 0.18 0.04 0.02 0.02 0.02 0.00 0.03 0.01 0.31 0.20 0.23 - 0.07 0.89 0.20 0.01 0.01 0.01 0.00 0.05 0.01 0.09 0.06 0.09 + 0.03 0.16 0.03 0.02 0.02 0.02 0.00 0.04 0.01 0.18 0.18 0.18 + 0.06 0.30 0.03 0.03 0.03 0.03 + 0.01 0.04 0.02 0.26 0.23 0.23 - 0.01 0.26 0.09 0.02 0.02 0.02 0.00 0.07 0.02 0.24 0.15 0.19 - 0.02 0.32 0.07 0.50 0.49 0.50 0.00 0.93 0.41 0.40 0.37 0.38 0.00 0.77 0.35 4.88 4.54 4.54 - 0.28 5.23 2.65 3.73 3.44 3.45 - 0.21 4.25 2.33 0.01 0.01 0.01 + 0.01 0.02 0.01 0.04 0.04 0.04 0.00 0.65 0.03 0.03 0.03 0.03 - 0.01 0.07 0.03 0.01 0.01 0.01 - 0.01 0.03 0.01 0.11 0.09 0.10 - 0.01 0.17 0.06 0.02 0.02 0.02 + 0.01 0.17 0.01 1.19 1.11 1.13 - 0.02 3.40 1.11 2.61 2.40 2.43 - 0.09 3.15 1.70 0.08 0.08 0.08 - 0.02 0.30 0.08 0.23 0.23 0.23 - 0.01 0.42 0.14 0.30 0.29 0.30 0.00 0.58 0.21 0.14 0.11 0.13 - 0.01 0.18 0.08 0.15 0.12 0.15 + 0.03 0.32 0.03 0.01 0.01 0.01 0.00 0.03 0.01 0.30 0.30 0.30 + 0.03 2.35 0.25 0.80 0.78 0.78 - 0.07 1.50 0.78 0.45 0.35 0.41 + 0.06 0.45 0.20 0.19 0.17 0.17 - 0.01 0.45 0.16 0.02 0.01 0.02 + 0.01 0.10 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 - 0.01 0.02 0.01 0.14 0.11 0.12 - 0.02 0.34 0.11 0.30 0.25 0.25 - 0.04 0.64 0.22 0.03 0.03 0.03 + 0.01 0.06 0.02 1.76 1.70 1.72 + 0.01 2.88 1.38 0.12 0.10 0.12 + 0.02 0.30 0.05 0.16 0.14 0.14 - 0.01 0.24 0.10

TNM_Nov16_Pgs 6 11 12 13.indd 13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Orvana Mnrls T 3119 0.20 0.17 0.18 - 0.01 0.49 0.15 0.08 - 0.02 0.14 0.02 Otis Gold V 1512 0.09 0.08

P-Q Pac Bay Mnrls V 39 281 Pac Booker Min V Pac Booker Mn* X 41 Pac Casc Minls V 210 17 Pac Coal Res V Pac Imp Mines V 10 V 356 Pac Iron Ore Pac North West V 680 Pac Potash V 616 Paget Mnls V 50 Paladin Energy T 23195 Palmer Res V 2120 Pan Am Silver T 16504 Pan Am Silver* Q 114739 Pan Global Res V 300 Panoro Minls V 1742 Parlane Res V 26 PC Gold V 42732 Peabody Enrgy* N 77611 Peat Res V 1250 Pelangio Expl V 3670 Pele Mtn Res V 2354 Peregrine Diam T 28821

0.08 0.08 0.08 - 0.02 0.10 0.02 2.45 2.00 2.34 + 0.39 6.90 1.02 1.84 1.60 1.76 + 0.19 5.75 1.04 0.01 0.01 0.01 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.36 0.01 0.01 0.01 0.01 + 0.01 0.01 0.01 0.35 0.34 0.34 0.00 0.39 0.10 0.02 0.02 0.02 0.00 0.05 0.01 0.05 0.04 0.05 + 0.02 0.45 0.03 0.01 0.01 0.01 0.00 0.01 0.01 0.27 0.21 0.27 + 0.05 0.43 0.15 0.01 0.01 0.01 0.00 0.07 0.01 10.26 9.27 9.37 - 0.79 15.06 7.77 7.83 7.03 7.11 - 0.61 12.05 5.85 0.01 0.01 0.01 - 0.01 0.08 0.01 0.13 0.09 0.13 + 0.02 0.30 0.09 0.07 0.07 0.07 - 0.02 0.23 0.03 0.09 0.08 0.09 + 0.01 0.10 0.02 15.75 11.75 15.49 + 2.30 179.40 11.75 0.01 0.01 0.01 - 0.01 0.03 0.01 0.03 0.02 0.02 0.00 0.05 0.02 0.04 0.03 0.03 - 0.01 0.09 0.03 0.18 0.16 0.18 0.00 0.39 0.14

ADVANTAGE

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Rogue Iron Ore V 10982 Rokmaster Res V 1120 Rome Res V 447 Romios Gold Rs V 3190 Roxgold V 5102 Royal Cdn Mint T 1035 Royal Gold T 338 Royal Gold* Q 76023 Royal Nickel T 4225 RPT Uranium V 266 RT Minerals V 28360 Rubicon Mnls* X 361993 Rubicon Mnrls T 330875 Rugby Mng V 280 Running Fox Rs V 53 Rupert Res V 460 Rusoro Mng V 3000 Russell Metals T 19545 Rye Patch Gold V 4038

0.11 0.10 0.10 0.00 0.16 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.03 0.03 0.03 + 0.01 0.12 0.02 0.03 0.03 0.03 0.00 0.07 0.02 0.70 0.62 0.64 - 0.04 0.77 0.39 16.09 15.46 15.46 - 0.62 17.41 13.87 63.54 52.11 53.01 - 10.74 95.64 52.11 49.18 39.20 40.26 - 7.98 77.20 39.20 0.22 0.21 0.21 - 0.01 0.59 0.21 0.32 0.28 0.28 + 0.01 0.41 0.22 0.01 0.01 0.01 0.00 0.03 0.01 0.48 0.14 0.15 - 0.35 1.35 0.14 0.62 0.19 0.20 - 0.39 1.63 0.19 0.07 0.07 0.07 + 0.01 0.27 0.06 0.01 0.01 0.01 - 0.01 0.02 0.01 0.04 0.04 0.04 0.00 0.11 0.03 0.05 0.04 0.05 0.00 0.07 0.01 20.83 18.92 19.12 - 1.28 34.14 18.23 0.15 0.12 0.14 + 0.01 0.20 0.11

Sabina Gd&Slvr T 23003 Sage Gold V 1681 Saint Jean Car V 12648 Salazar Res V 230 Sama Res V 1142 San Marco Res V 212

0.62 0.55 0.55 - 0.03 0.64 0.28 0.06 0.04 0.05 - 0.01 0.17 0.04 0.06 0.04 0.05 + 0.01 0.06 0.01 0.04 0.04 0.04 0.00 0.18 0.04 0.16 0.13 0.14 + 0.01 0.30 0.10 0.04 0.03 0.03 - 0.02 0.10 0.02

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www.northernminer.com Perseus Mng T 7177 Pershimco Res V 8037 Peruvian Prc M V 872 Philippine Mtl V 162 Phoenix Gold V 370 Pilot Gold T 2487 Pinecrest Res V 100 Pinetree Cap T 2270 PJX Res V 195 Plata Latina M V 350 Plate Res V 680 Platinex V 5750 Platinum Gp M* X 4993 Platinum Gp Mt T 16513 Plato Gold V 6930 Playfair Mng V 24 Polaris Minls T 990 PolyMet Mng* X 11221 PolyMet Mng T 1189 Potash C Sask* N 492307 Potash Cp Sask T 155966 Precipitate Gl V 1780 Premier Gold M T 10444 Pretium Res* N 36406 Pretium Res T 15028 Primero Mng T 30390 Primero Mng* N 8148 Probe Mines V 738 Prophecy Coal T 6679 Puma Expl V 21276 Purepoint U V 2788 QMC Quantum Ml V 100 QMX Gold V 507 Quaterra Res V 1134 Quest Rare Mnl T 3980

0.36 0.33 0.33 - 0.03 0.48 0.18 0.15 0.13 0.15 + 0.01 0.26 0.13 0.08 0.07 0.07 - 0.01 0.18 0.06 0.03 0.03 0.03 0.00 0.06 0.03 0.01 0.01 0.01 - 0.01 0.05 0.01 0.41 0.36 0.38 0.00 1.27 0.33 0.08 0.08 0.08 0.00 0.50 0.06 0.08 0.07 0.07 - 0.01 0.21 0.06 0.20 0.20 0.20 + 0.03 0.29 0.10 0.02 0.02 0.02 0.00 0.12 0.01 0.02 0.02 0.02 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.27 0.23 0.24 - 0.02 0.94 0.22 0.35 0.30 0.32 - 0.03 1.10 0.29 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.04 0.04 0.00 0.08 0.01 1.89 1.65 1.75 0.00 2.83 1.65 0.99 0.80 0.99 + 0.18 1.37 0.55 1.30 1.03 1.30 + 0.23 1.75 0.76 22.37 19.94 20.89 + 0.17 37.60 19.47 29.22 26.14 27.47 + 0.15 47.10 25.80 0.09 0.08 0.08 - 0.02 0.21 0.07 2.46 2.25 2.28 - 0.14 2.92 1.61 6.09 5.40 5.51 - 0.42 7.56 4.07 7.95 7.12 7.26 - 0.56 9.05 4.60 3.11 2.64 2.66 - 0.43 6.06 2.64 2.37 2.00 2.01 - 0.34 5.02 2.00 0.39 0.36 0.37 - 0.02 0.56 0.12 0.04 0.04 0.04 - 0.01 0.08 0.03 0.05 0.04 0.04 - 0.01 0.18 0.04 0.03 0.02 0.03 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.09 0.07 0.08 - 0.01 0.15 0.04 0.09 0.08 0.08 0.00 0.29 0.07

Radisson Mng V 320 Radius Gold V 330 Rainy Mtn Royl V 220 Rambler Mg&Mtl V 1575 Randgold Res* Q 44129 Randsburg Intl V 700 Range Engy Res C 4733 Rapier Gold V 105 Rare Elemnt Rs T 724 Rare Elemt Re* X 3906 Ratel Grp T 60 Rathdowney Res V 555 Red Eagle Mng V 1856 Red Moon Potsh V 492 Red Pine Expl V 1713 Red Rock Enrgy V 65 Red Tiger Mng V 15 Redhawk Res T 2277 Redhill Res V 120 Redstar Gold V 3510 Redstar Res V 1701 Regal Res C 20 Renaissance Gd T 788 Reservoir Capt V 255 Reservoir Mnls V 880 Reunion Gold V 6724 Reva Res V 200 Revolver Res V 200 Rhino Res* N 409 Richmond Mnls V 790 Richmont Mines T 3219 Richmont Mine* X 4323 Rio Novo Gold T 925 Rio Silver V 2792 Rio Tinto* N 46822 Riverside Res V 520 RJK Explor V 470 Robex Res V 8477 Rochester Res V 10 Rock Tech Lith V 180 RockBridge Res V 199 Rockhaven Res V 1092 Rockland Mnls V 1531 Rockwell Diam T 782 Rodinia Lithm V 14072

0.13 0.12 0.12 + 0.01 0.15 0.08 0.08 0.07 0.08 + 0.01 0.11 0.06 0.06 0.03 0.06 0.00 0.09 0.02 0.09 0.08 0.09 + 0.01 0.49 0.08 68.05 62.01 62.46 - 4.54 85.84 54.88 0.01 0.01 0.01 + 0.01 0.01 0.01 0.03 0.03 0.03 0.00 0.10 0.01 0.04 0.04 0.04 0.00 0.08 0.01 0.37 0.28 0.28 - 0.02 1.31 0.27 0.23 0.21 0.21 - 0.01 1.06 0.20 0.50 0.50 0.50 0.00 0.95 0.40 0.17 0.12 0.17 + 0.02 0.35 0.11 0.31 0.29 0.29 - 0.02 0.36 0.18 0.03 0.02 0.03 + 0.01 0.09 0.02 0.09 0.07 0.08 - 0.01 0.18 0.03 0.01 0.01 0.01 0.00 0.06 0.01 0.03 0.03 0.03 - 0.01 0.19 0.02 0.06 0.05 0.05 - 0.01 0.13 0.04 0.11 0.08 0.08 - 0.04 0.38 0.07 0.04 0.03 0.04 0.00 0.06 0.03 0.03 0.02 0.02 0.00 0.10 0.02 0.07 0.07 0.07 - 0.01 0.15 0.04 0.19 0.16 0.17 - 0.03 0.38 0.14 0.50 0.49 0.50 + 0.02 0.62 0.21 4.50 4.21 4.44 + 0.09 5.09 3.30 0.03 0.02 0.02 0.00 0.10 0.01 0.02 0.02 0.02 0.00 0.06 0.02 0.06 0.05 0.05 - 0.01 0.08 0.02 0.90 0.64 0.64 - 0.22 3.95 0.63 0.11 0.10 0.11 - 0.02 0.14 0.03 4.14 3.87 3.93 0.00 4.55 2.15 3.17 2.94 2.95 - 0.05 3.68 1.89 0.14 0.12 0.13 - 0.01 0.16 0.06 0.03 0.02 0.03 + 0.01 0.04 0.01 37.25 34.72 34.94 - 0.92 50.06 31.97 0.17 0.16 0.16 - 0.02 0.33 0.15 0.01 0.01 0.01 0.00 0.01 0.01 0.10 0.08 0.09 + 0.02 0.12 0.05 0.03 0.03 0.03 0.00 0.15 0.03 0.05 0.04 0.04 - 0.01 0.10 0.03 0.02 0.02 0.02 - 0.01 0.09 0.02 0.15 0.13 0.13 - 0.01 0.27 0.13 0.03 0.03 0.03 0.00 0.06 0.03 0.20 0.18 0.20 0.00 0.37 0.18 0.02 0.02 0.02 - 0.01 0.05 0.01

Sanatana Diam V 2992 Sandspring Res V 3963 Sandstorm Gld* X 56160 Sandstorm Gold T 10939 Santa Fe Metls V 4025 Santacruz Silv V 3609 Sarama Res V 1280 Satori Res V 432 Saturn Minls V 4543 Savant Expl V 590 Scorpio Gold V 2749 T 26283 Scorpio Mining Seabridge Gld* N 16590 Seabridge Gold T 2862 Search Mnls V 2057 Secova Mtls V 1678 Sego Res V 220 Semafo T 57754 Senator Minls V 350 Sennen Res V 1005 Sentry Sl PrmM T 2029 Serabi Gold T 2020 Serengeti Res V 287 SG Spirit Gold V 365 Sherritt Intl T 39696 Shore Gold T 4923 Sienna Res V 487 Sierra Iron Or V 485 Sierra Metals T 100 Signature Res V 790 Silver Bear Rs T 21997 Silver Bull Re T 1600 Silver Grail R V 624 Silver Mtn Mns V 1100 Silver Predatr V 320 Silver Range R V 94 Silver Spruce V 215 Silver Std Res T 23275 Silver Std Re* Q 85472 Silver Wheatn* N 307806 Silver Wheaton T 83762 Silvercorp Mtl T 8540 Silvermet V 1300 Silvore Fox Ml V 141 Sirios Res V 1642 Skeena Res V 7413 Skyharbour Res V 12658 Slam Exploratn V 6346 Sniper Res V 230 SnipGold V 291 SNS Silver V 4058 Soc Quim&M Ch* N 28675 Solitario Ex&* X 2462 Sonora Gld & S V 200 Sonoro Mtls V 372 Source Expl V 3940 Southern Arc V 232 Southern Silvr V 310 SouthGobi Res T 32 Spanish Mtn Gd V 5549 Sparton Res V 15041 Sprott Ph Silv T 137 Sprott Res T 3120 Spruce Ridge R V 4210 St Andrew Gldf T 18898 St Augustine T 3787 Stakeholdr Gld V 1380 Standard Graph V 2050 Stans Energy V 2152 Starcore Int V T 2721 Stellar Pac Vt V 50 Stelmine Can V 250 Stillwater Mg* N 108685 Stockport Expl T 1140 Stonegate Agri T 1847 Stornoway Diam T 5480 Strata Mnls V 400 Strategic Metl V 1919 Strategic Res V 83 Stratton Res V 156 Strike Graph V 1615 StrikePoint Gd V 65025

0.04 0.03 0.04 + 0.01 0.15 0.02 0.20 0.17 0.18 0.00 0.48 0.13 2.82 2.60 2.72 + 0.07 4.40 2.20 3.70 3.40 3.59 + 0.13 5.30 2.80 0.02 0.02 0.02 0.00 0.03 0.01 0.18 0.13 0.15 0.00 0.57 0.11 0.09 0.07 0.07 - 0.01 0.12 0.03 0.05 0.04 0.05 + 0.01 0.45 0.02 0.13 0.11 0.13 + 0.01 0.24 0.11 0.01 0.01 0.01 0.00 0.04 0.01 0.07 0.06 0.07 - 0.01 0.20 0.06 0.16 0.14 0.15 - 0.01 0.28 0.14 8.74 7.80 7.94 - 0.49 9.89 3.31 11.42 10.21 10.49 - 0.62 12.60 4.34 0.07 0.04 0.06 + 0.01 0.13 0.03 0.06 0.05 0.05 - 0.01 0.09 0.03 0.02 0.02 0.02 - 0.01 0.03 0.02 3.09 2.77 2.80 - 0.15 4.49 2.39 0.15 0.15 0.15 - 0.14 0.17 0.02 0.12 0.11 0.11 0.00 1.35 0.10 2.34 2.09 2.11 - 0.03 3.49 2.01 0.07 0.07 0.07 + 0.01 0.10 0.06 0.03 0.03 0.03 0.00 0.08 0.02 0.12 0.08 0.08 - 0.13 0.38 0.06 0.96 0.81 0.89 + 0.04 3.25 0.70 0.21 0.18 0.18 - 0.02 0.31 0.13 0.02 0.02 0.02 0.00 0.04 0.01 0.42 0.36 0.36 - 0.01 0.62 0.07 1.30 1.15 1.30 + 0.10 2.13 0.84 0.02 0.01 0.01 - 0.01 0.04 0.01 0.04 0.02 0.02 - 0.01 0.10 0.02 0.08 0.06 0.07 - 0.01 0.30 0.06 0.02 0.02 0.02 - 0.01 0.06 0.02 0.01 0.01 0.01 - 0.01 0.05 0.01 0.02 0.02 0.02 - 0.01 0.05 0.01 0.04 0.04 0.04 0.00 0.11 0.03 0.09 0.07 0.07 - 0.02 0.10 0.02 9.39 8.06 8.17 - 1.12 10.56 4.47 7.13 6.12 6.19 - 0.85 8.02 3.92 14.50 12.67 12.97 - 0.78 24.22 11.03 19.03 16.71 17.08 - 1.03 29.86 14.62 1.02 0.93 0.99 - 0.07 2.00 0.75 0.03 0.03 0.03 + 0.01 0.11 0.02 0.02 0.02 0.02 - 0.01 0.11 0.00 0.11 0.09 0.10 0.00 0.13 0.06 0.08 0.07 0.07 - 0.01 0.13 0.06 0.03 0.02 0.03 0.00 0.07 0.02 0.04 0.02 0.02 - 0.01 0.06 0.01 0.05 0.04 0.05 0.00 0.07 0.01 0.06 0.05 0.05 0.00 0.11 0.04 0.41 0.35 0.38 + 0.03 0.50 0.05 19.85 18.44 19.30 + 0.30 28.32 12.65 0.52 0.47 0.48 - 0.04 1.09 0.40 0.01 0.01 0.01 0.00 0.03 0.01 0.07 0.06 0.06 - 0.03 0.22 0.04 0.03 0.02 0.03 0.00 0.10 0.02 0.40 0.37 0.37 0.00 1.00 0.25 0.07 0.06 0.06 - 0.01 0.13 0.03 0.45 0.37 0.37 - 0.06 1.25 0.26 0.03 0.03 0.03 0.00 0.05 0.02 0.03 0.03 0.03 + 0.01 0.03 0.01 5.99 5.83 5.83 - 0.17 7.43 5.31 0.67 0.59 0.66 + 0.06 2.28 0.57 0.02 0.01 0.01 - 0.01 0.06 0.01 0.37 0.33 0.36 + 0.03 0.39 0.21 0.13 0.08 0.11 + 0.04 0.18 0.07 0.02 0.02 0.02 + 0.01 0.28 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.04 0.03 0.03 - 0.01 0.17 0.01 0.11 0.10 0.10 0.00 0.17 0.08 0.02 0.02 0.02 - 0.01 0.14 0.01 0.01 0.01 0.01 0.00 0.05 0.01 9.82 9.03 9.15 - 0.19 15.37 8.36 0.02 0.02 0.02 + 0.01 0.05 0.02 0.03 0.02 0.03 + 0.01 0.07 0.02 0.70 0.66 0.68 - 0.01 0.85 0.46 0.01 0.01 0.01 0.00 0.12 0.01 0.30 0.26 0.27 - 0.03 0.37 0.26 0.04 0.04 0.04 + 0.01 0.08 0.02 0.10 0.09 0.10 0.00 0.15 0.06 0.04 0.03 0.04 0.00 0.15 0.03 0.06 0.04 0.05 + 0.01 0.08 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Strongbow Expl V 140 Sulliden Mng C T 2439 Sultan Mnrls V 22700 SunCoke Engy* N 10557 Sunridge Gold V 6717 Suparna Gold V 850 Superior Coppr V 5130 Sutter Gold V 4175

0.10 0.05 0.10 0.00 0.18 0.05 0.26 0.23 0.26 + 0.03 0.49 0.19 0.02 0.01 0.01 0.00 0.02 0.01 5.30 4.83 4.92 + 0.01 24.09 4.62 0.18 0.17 0.17 - 0.01 0.24 0.12 0.02 0.01 0.02 + 0.01 0.16 0.01 0.02 0.02 0.02 0.00 0.06 0.01 0.07 0.05 0.06 - 0.04 0.15 0.04

TAD Mnl Expl V 4000 Tahoe Res* N 22170 Tahoe Res T 29937 Taipan Res V 666 Tajiri Res V 1150 Takara Res V 1216 Talon Metals T 400 Tanz Roy Exp T 828 Tanz Roy Exp* X 3581 Tanzania Mnls V 6630 Taranis Res V 20 Tasca Res V 140 Taseko Mines* X 6368 Taseko Mines T 2654 Tasman Metals V 654 Tasman Mtls* X 2076 Tearlach Res V 240 Teck Res A T 83 Teck Res B* N 512480 Teck Res B T 252270 Tembo Gold V 258 Teranga Gold T 24346 Teras Res V 6701 Terraco Gold V 2160 Terrax Minls V 1105 Teuton Res V 240 T 4658 Thompson Creek Thompson Crk* N 4793 Thor Expl V 277 Thunder Mtn Gd V 100 Tiller Res V 10 Timberline Res V 175 Timberline Rs* X 1116 Timmins Gold* X 30828 Timmins Gold T 116101 Tinka Res V 1859 Tintina Res V 1530 Tirex Res V 1382 Titanium Corp V 1196 TNR Gold V 340 TomaGold V 20614 Torex Gold T 53365 Transition Mtl V 1230 Treasury Metal T 1803 Tres-Or Res V 400 Trevali Mng T 40793 Tri Origin Exp V 100 Tri-River Vent V 40 TriMetals Mng T 2110 Trio Gold Corp V 1950 Troymet Expl V 7250 True Gold Mng V 12276 True North Gem V 3117 Trueclaim Expl V 50 Tsodilo Res V 231 Turquoise HIl* N 22340 Turquoise Hill T 58948 TVI Pacific T 4900 Typhoon Expl V 1082

0.01 0.01 0.01 0.00 0.01 0.01 8.76 7.81 7.95 - 0.47 20.14 7.33 11.47 10.28 10.47 - 0.63 24.04 9.66 0.20 0.16 0.16 - 0.03 3.05 0.16 0.02 0.01 0.02 + 0.01 0.04 0.01 0.04 0.03 0.03 + 0.01 0.06 0.01 0.14 0.14 0.14 0.00 0.39 0.08 0.50 0.45 0.45 - 0.01 1.83 0.32 0.38 0.34 0.35 - 0.00 1.60 0.25 0.01 0.01 0.01 0.00 0.07 0.01 0.05 0.05 0.05 0.00 0.15 0.03 0.02 0.02 0.02 + 0.01 0.08 0.01 0.52 0.45 0.47 - 0.02 1.48 0.32 0.67 0.61 0.61 - 0.03 1.68 0.51 0.35 0.33 0.34 - 0.02 0.99 0.33 0.28 0.24 0.26 - 0.01 0.79 0.24 0.14 0.10 0.14 0.00 0.14 0.02 10.95 9.52 9.75 - 0.10 22.64 7.74 6.50 5.28 5.55 - 0.08 17.88 4.39 8.52 6.98 7.32 - 0.06 20.58 5.87 0.02 0.02 0.02 0.00 0.06 0.02 0.55 0.51 0.53 0.00 0.82 0.38 0.08 0.07 0.07 + 0.01 0.15 0.05 0.10 0.09 0.10 + 0.01 0.19 0.07 0.35 0.31 0.33 + 0.01 0.44 0.23 0.05 0.05 0.05 0.00 0.43 0.04 0.68 0.59 0.61 - 0.03 2.57 0.53 0.50 0.45 0.45 - 0.02 2.26 0.40 0.04 0.02 0.04 0.00 0.07 0.02 0.12 0.12 0.12 + 0.01 0.12 0.04 0.05 0.05 0.05 + 0.01 0.16 0.04 0.66 0.60 0.61 - 0.04 0.96 0.35 0.53 0.43 0.48 - 0.02 0.94 0.26 0.22 0.16 0.16 - 0.05 1.27 0.16 0.29 0.20 0.20 - 0.07 1.53 0.20 0.18 0.17 0.17 - 0.01 0.43 0.15 0.09 0.07 0.08 + 0.01 0.15 0.04 0.15 0.12 0.12 - 0.03 0.35 0.12 1.24 1.06 1.13 + 0.06 1.55 0.60 0.01 0.01 0.01 0.00 0.03 0.01 0.07 0.05 0.06 0.00 0.13 0.04 1.28 1.18 1.20 - 0.05 1.65 0.85 0.09 0.07 0.09 + 0.01 0.27 0.06 0.50 0.47 0.48 - 0.02 0.62 0.25 0.02 0.02 0.02 - 0.01 0.03 0.01 0.53 0.47 0.51 - 0.01 1.24 0.31 0.03 0.03 0.03 + 0.01 0.04 0.01 0.07 0.07 0.07 - 0.10 0.17 0.05 0.10 0.09 0.09 - 0.01 0.15 0.04 0.01 0.01 0.01 - 0.01 0.02 0.01 0.02 0.02 0.02 0.00 0.03 0.01 0.25 0.22 0.22 - 0.02 0.30 0.15 0.16 0.14 0.16 + 0.01 0.19 0.07 0.02 0.02 0.02 0.00 0.06 0.02 0.84 0.70 0.80 + 0.10 1.19 0.68 2.99 2.65 2.86 + 0.20 4.73 2.41 3.92 3.47 3.74 + 0.27 5.80 3.17 0.02 0.01 0.02 + 0.01 0.03 0.01 0.04 0.03 0.04 - 0.02 0.08 0.03

U3O8 Corp T 5323 UC Res V 215 Ucore Rare Mtl V 5518 UEX Corp T 10076 Ultra Lithium V 475 Unigold V 593 Unity Energy V 60 Ur-Energy T 2666 Ur-Energy* X 1034 Uracan Res V 1486 Uragold Bay Rs V 6609 Uranium Ener* X 7969 T 6320 Uranium Partic Uranium Res* Q 2873 Uranium Valley V 14 Uravan Minls V 160 US Energy* Q 3807 US Silica Hld* N 27100 Vale* N 313870 ValGold Res V 244 Valterra Res V 590 Vanstar Mng Rs V 180 Vantex Res V 3816 Vena Res T 370 Vendetta Mng V 40 Vendome Res V 1040 Verde Potash T 899 Victoria Gold V 8127 Victory Nickel T 1563 Victory Res V 1205 Victory Vent V 4283 Vior Mining V 130 Virginia Engy V 204 Viscount Mng V 5505 Visible Gold M V 11521 Vista Gold T 145 Vista Gold* X 1672 VMS Vent V 6461 Vulcan Mnrls V 3775

0.03 0.03 0.03 0.00 0.07 0.02 0.02 0.02 0.02 0.00 0.03 0.01 0.26 0.22 0.26 + 0.03 0.44 0.20 0.13 0.12 0.12 0.00 0.37 0.11 0.08 0.07 0.07 - 0.01 0.35 0.05 0.10 0.09 0.09 - 0.01 0.35 0.08 0.08 0.08 0.08 + 0.01 0.10 0.03 0.75 0.70 0.72 - 0.03 1.35 0.70 0.57 0.53 0.55 - 0.02 1.07 0.53 0.01 0.01 0.01 0.00 0.08 0.01 0.04 0.03 0.03 - 0.01 0.07 0.03 1.13 1.06 1.11 + 0.01 3.00 0.90 5.22 5.05 5.16 - 0.01 5.76 4.82 0.84 0.74 0.76 - 0.03 2.67 0.60 0.04 0.04 0.04 - 0.01 0.10 0.04 0.13 0.12 0.13 0.00 0.17 0.03 0.43 0.37 0.38 - 0.01 2.82 0.36 21.41 16.94 19.47 + 1.68 50.82 13.50 4.85 4.21 4.39 + 0.20 10.10 4.03 0.01 0.01 0.01 - 0.01 0.02 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.06 0.06 0.06 + 0.01 0.09 0.04 0.02 0.02 0.02 0.00 0.04 0.01 0.03 0.02 0.03 + 0.01 0.17 0.02 0.09 0.09 0.09 0.00 0.18 0.08 0.01 0.01 0.01 + 0.01 0.03 0.01 0.27 0.23 0.24 - 0.01 0.70 0.23 0.15 0.13 0.14 + 0.01 0.24 0.09 0.03 0.02 0.02 - 0.01 0.51 0.02 0.04 0.04 0.04 - 0.01 0.09 0.03 0.03 0.02 0.03 - 0.01 0.03 0.01 0.05 0.05 0.05 0.00 0.13 0.04 0.06 0.06 0.06 0.00 0.10 0.03 0.55 0.44 0.49 + 0.06 0.55 0.15 0.05 0.04 0.04 - 0.01 0.27 0.04 0.39 0.38 0.38 - 0.01 0.56 0.29 0.30 0.28 0.29 0.00 0.45 0.24 0.10 0.08 0.09 - 0.01 0.32 0.08 0.02 0.02 0.02 - 0.01 0.04 0.02

Wallbridge Mng T 2694 War Eagle Mg V 65 Waseco Res V 10 WCB Res V 100 Wealth Minls V 580 Wesdome Gold T 8926 West Af Iron O V 640 West High Yld V 316 West Kirkland V 7737 Westcore Energ V 278 Western Copper T 1111 Western Coppr* X 770 Western Lithiu T 49394 Western Melv M V 10 Western Pac Rs V 1910 Western Potash T 9417 Western Troy C V 2330 Westhaven Vent V 68 Westkam Gold V 1450 Westminster Rs V 150 WGI Heavy Mnl T 4938 White Pine Res V 1490 Wildcat Expl V 725 Williams Creek V 600 Wolfden Res V 37524 V 25 Wolverine Mnls WPC Res V 950 Xmet V 3425 Xtra-Gold Res T 707 Yamana Gold* N 94803 Yamana Gold T 219484 Yanzhou Coal* N 3666 Yellowhead Mng T 1495 Zadar Vent V 5286 Zazu Metals T 100 Zenyatta Vent V 3586 Zimtu Capital V 1294 Zinco Mng V 1250 Zonte Mtls V 500

0.04 0.03 0.03 0.00 0.08 0.03 0.02 0.02 0.02 0.00 0.04 0.01 0.03 0.03 0.03 0.00 0.06 0.02 0.08 0.08 0.08 0.00 0.29 0.08 0.22 0.19 0.19 - 0.04 0.42 0.03 1.13 1.02 1.10 + 0.08 1.40 0.68 0.03 0.02 0.03 + 0.01 0.10 0.02 0.25 0.25 0.25 0.00 0.43 0.11 0.05 0.05 0.05 0.00 0.10 0.05 0.03 0.02 0.02 - 0.01 0.04 0.01 0.42 0.38 0.38 - 0.02 0.78 0.34 0.32 0.29 0.29 - 0.01 0.68 0.27 0.42 0.32 0.34 - 0.02 0.96 0.26 0.04 0.04 0.04 0.00 0.15 0.03 0.01 0.01 0.01 + 0.01 0.15 0.01 0.26 0.20 0.24 + 0.03 0.36 0.20 0.01 0.01 0.01 + 0.01 0.02 0.01 0.08 0.08 0.08 - 0.01 0.12 0.05 0.03 0.03 0.03 0.00 0.05 0.03 0.02 0.02 0.02 - 0.01 0.15 0.01 0.23 0.19 0.20 - 0.04 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 0.01 0.01 0.01 0.00 0.11 0.01 0.09 0.07 0.09 + 0.02 0.29 0.05 0.04 0.04 0.04 0.00 0.10 0.03 0.05 0.05 0.05 0.00 0.08 0.03 0.01 0.01 0.01 0.00 0.07 0.01 0.22 0.20 0.20 - 0.02 0.30 0.10 2.28 1.91 1.95 - 0.35 4.90 1.43 3.01 2.51 2.55 - 0.46 6.26 1.89 5.12 4.69 5.05 + 0.10 12.24 4.28 0.05 0.05 0.05 + 0.01 0.18 0.03 0.01 0.01 0.01 - 0.01 0.08 0.01 0.13 0.13 0.13 - 0.01 0.46 0.11 1.02 0.88 0.90 - 0.10 2.61 0.88 0.17 0.15 0.17 + 0.02 0.45 0.14 0.03 0.03 0.03 + 0.01 0.09 0.02 0.04 0.03 0.03 + 0.01 0.08 0.02

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BHP, Vale scramble to cope with Samarco disaster SAMARCO From 1

the community. Pictures released from the area reveal widespread devastation, and preliminary reports from Minas Gerais state authorities indicate that four people were killed and another 30 were injured. The population in the affected area is estimated to exceed 600. Meanwhile, BHP reported “at least one confirmed fatality,” with another 13 members of the workforce missing. Samarco’s dams are composed of four structures: Germano, Fundao, Santarem and Cava de Germano. The Brazilian company’s CEO, Ricardo Vescovi, released a video on social media soon after the disaster to report that the Fundao and Santarem dams had ruptured at the Germano complex. Samarco said that all people rescued were taken to emergency care in Mariana — a tourist centre 300 km north of Rio de Janeiro — and other nearby municipalities. “We still don’t know the full extent of the situation. It happened shortly before dusk, and we’re working close with Vale so that we can understand the circumstance better, as quickly as possible,” BHP CEO Andrew Mackenzie said at a press conference in Melbourne, Australia. “We have, of course, offered our full and complete assistance to the Samarco team and the local authorities. The first thing is to manage the immediate rescue efforts, and then the clean up and subsequent investigation. The mine is a fifty-fifty joint venture within a Brazilian company,” he added. Samarco said its operating licences were issued by the regional environmental office, which does recurring inspections of the integrity of the dam structures. The last inspection reportedly took place in July 2015. Samarco said it conducts its own inspections under the Federal Law of Dam Safety, and has operations teams rotating in 24-hour shifts. The operational mining licences were subsequently suspended. The Samarco mine has an annual production capacity of more than 21 million tonnes of iron ore pellets, and 1 million tonnes of concentrates. The complex includes open-pit mines, a concentration plant, two pellet plants, port facilities and a 400 km concentrate

TNM_Nov16_Pgs 1 2 3 4 5 15.indd 15

slurry pipeline. BHP reported that Samarco’s thirdquarter production jumped 9% yearon-year to 7.5 million tonnes of iron ore after the fourth pellet plant ramped up. The companies said the waste from the dam breach “consists mostly of silica [sand] from iron ore processing, and presents no chemical that is harmful to health.” Scotiabank Metals & Mining Analyst Mark Turner says Samarco was on track to produce 29.3 million tonnes of iron ore pellet product this year, and 30.4 million tonnes in 2016. This represents 24% of Vale’s attributable pellet production in 2015. Vale president and CEO Murilo Ferreira said that “we would like to

“THE FIRST THING IS TO MANAGE THE IMMEDIATE RESCUE EFFORTS, AND THEN THE CLEAN UP AND SUBSEQUENT INVESTIGATION.” ANDREW MACKENZIE CEO, BHP Billiton

express our solidarity to all affected by this accident at Samarco’s tailings dams in the state of Minas Gerais. We will do everything in our power to offer

all the necessary support to Samarco and the authorities at this sad time for employees, their family members and the neighbouring communities.” TNM

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Journeyperson Plumber / Gasfitter Key Lake Operation Online Reference No: 62663 POSITION AND RESPONSIBILITIES: Install, maintain and repair all gas fired equipment and piping systems • Maintenance of all plumbing related equipment • General camp and building repairs on site • Repair and troubleshoot of heat - ventilation, air conditioning (HVAC) and refrigeration systems • Have a good understanding of drawings, prints and applicable codes.

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.

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.

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.

Precambrian Geoscientist Sudbury, Ontario Online Reference No: 62437 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.

Mechanic (Heavy Equipment – Mining) Red Lake, Ontario Online Reference No: 62681 The primary role of the Mechanic is to perform preventive maintenance and repairs to diesel, electrical, hydraulic and air operated equipment. This includes mobile equipment hoists, compressors, drills, small tools and miscellaneous equipment of a similar nature.

Heavy Duty Mechanic McArthur River Operation Online Reference No: 62660 Cameco’s McArthur River operation, the world’s largest highgrade uranium mine, is looking for a motivated individual to contribute to our growing operations. As a valuable member of the maintenance team, you will be responsible for performing inspections and lubrication of heavy equipment, completing overhauls and routine repair work and servicing heavy equipment as specified by preventative maintenance work orders both on surface and underground.

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.

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.

Manager, Business Development North Bay, Ontario, Canada Online Reference No: 62653 Cementation provides mine development and production services for clients throughout the world. This position assists in developing new services and developing new geographical markets, including support of international operations and negotiations to close business deals.

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.

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.

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 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.

Electrician (Certified) Red Lake, Ontario Online Reference No: 62667 The primary role of an electrician is to install, wire, maintain & perform preventive maintenance and repairs to electric equipment some of which are noted below in all surface and underground areas:

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

MJobsNov16_2015_ pg 16.indd 16

2015-11-10 8:54 AM