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Editorial
Canadian Mining Hall of Fame
Discipline pays off / 4
Five new inductees / 5
OCTOBER 5–11, 2015 / VOL. 101 ISSUE 34 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM
Liberals, Greens Q&A on mining in Canada
Mining sector forced to innovate TECH CONFERENCE
| New technology stokes productivity gains, but ‘no silver bullet’
ELECTION 2015
| Credibility and accountability are top concerns
BY ALISHA HIYATE ahiyate@northernminer.com
T
he mining sector is facing a Darwinian moment, delegates at the first annual Technology and Innovation in Mining conference in Toronto heard in September. Just as species deal with changes in their climate, food sources or other circumstances, miners dealing with mounting cost, social and technical pressures must innovate if they want to survive, research group AMIRA International managing director Joe Cucuzza said. “If you look at Darwinian evolution, there are more species that go extinct than actually quickly adapt,” Cucuzza told the conference. “The point is that in our industry, we need to adapt quickly. Those that are slow to adapt, unfortunately, are going to go extinct.” The conference, organized by Dubai-
BY JOHN CUMMING jcumming@northernminer.com
W
ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across Canada. The following are the answers from the Liberal Party of Canada leader Justin Trudeau and Green Party of Canada leader Elizabeth May and their parties: The Northern Miner: In recent years the federal government has streamlined environmental permitting for miners by trying to avoid duplicating provincial efforts. Do you support this approach? Does the federal government have a unique role to play in avoiding catastrophic tailings dam failures, such as the Mount Polley spill in B.C. in 2014? Justin Trudeau/Liberal Party: The Harper government has eroded the credibility of Canada’s environmental reviews by narrowing their application, limiting public participation and slashing the capacity of the federal government to protect the environment. They have ended over 50 years of environmental oversight in Canada by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep environmental reviews of potentially harmful projects. Without public trust, Canada’s environmental assessment processes are increasingly paralyzed. Not only are we not doing a good enough job at protecting our environment, we are not getting our resources to market. We need clear and efficient processes that have reasonable, evenhanded rules, clear beginning and end points and decisions that can be relied on. We will launch an immediate, public review of Canada’s environmental assessment processes. Based on this review, a Liberal government will
See TECHNOLOGY / pg. 2 Autonomous haulage trucks on the move at Rio Tinto’s West Angelas iron ore mine in Australia’s Pilbara region.
RIO TINTO PM40069240
See ELECTION / pg. 3
COAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4
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OCTOBER 5-11, 2015 / THE NORTHERN MINER
WWW.NORTHERNMINER.COM
Miners forced to innovate
I N SIDE DEPARTMENTS Careers . . . . . . . . . . . . . . . . 15 Editorial . . . . . . . . . . . . . . . . 4 Mining Jobs . . . . . . . . . . . . 16
Metal Prices . . . . . . . . . . . . 13 Professional Directory . 14-15 Stock Tables . . . . . . . 6, 11-13
COMPANY INDEX Balmoral Resources . . . . . . . BHP Billiton . . . . . . . . . . . . . Dundee Precious Metals . . . Integra Gold . . . . . . . . . . . . . Kinross Gold. . . . . . . . . . . . .
9 2 2 7 2
Kirkland Lake Gold . . . . . . . Rio Tinto . . . . . . . . . . . . . . . Stornoway Diamond . . . . . . Teck Resources . . . . . . . . . . .
2 2 7 2
Rodrigo Marinho, Teck Resources’ technical director for reserve evaluation, addresses delegates at the Technology and Innovation in Mining conference in Toronto. INFORMATION EXCHANGE GROUP
TECHNOLOGY From pg. 1
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based Information Exchange Group, heard from experts on automation and IT, and vendors employing and selling new technology, along with examples of how different companies cope with challenges in an innovative way. In a panel discussion on robotics and automation, Luke Jalsevac, Kinross Gold’s (TSX: K; NYSE: KGC) director of business optimization, noted that innovation mostly happens when companies are forced to take risks. Kirkland Lake Gold (TSX: KGI), for example, needed to expand their underground mine in northern Ontario several years ago, but couldn’t afford the ventilation upgrades. The company found a solution by investing in (and helping develop) battery-powered equipment for underground mining. “It forced them into taking a risk on the innovation … and work through the challenges and the bugs,” Jalsevac said. “But they were in a corner — they had no choice. And to some degree, that’s where you’re seeing the research and development dollars and the organizations that are really pushing for it — often the choice of not doing it is certain failure, versus the choice of making it possibly work.” But even though the industry faces common challenges, it is clear that one size does not fit all when it comes to adopting new technology. Dundee Precious Metals (TSX: DPM), Jalsevac noted, is at the forefront of collecting and leveraging real-time information that has been credited with increasing productivity at its Chelopech underground mine in Bulgaria. “You need to be cautious,” Jalsevac
said. “If it was as easy as buying what [Dundee Precious Metals CEO] Rick Howes bought and putting that in place to get the results, everyone in the room would have bought it.” Jalsevac said decisions should consider the business, technical and IT divisions all together, and that technology investment decisions made in isolation by senior management, for example, would likely result in bad decisions. “It’s really important to make sure we focus on the value drivers of the business, understand them and relentlessly focus all the way through.” For those hoping to capitalize on the experiences of industry trailblazers such as Rio Tinto (NYSE: RIO; LSE: RIO) — a leader in automation, among other areas — the company’s head of emerging technology, Daniel Koffler, pointed out that even if a technology is proven at one site, it doesn’t mean adopting it at another will be smooth sailing. “Implementing the same technology in a different environment can often lead to a whole set of unexpected costs or challenges that need to be addressed,” Koffler said. “Don’t think you’re immune from the hidden costs or real total cost of ownership, just by being the second wave in implementing a technology.” Neither can technology replace the need for a clear business strategy. Scott Mcgowan, global mining practice director at Australia-based IT firm Wipro, stressed that technology can solve problems and bring change, rather than provide guidance for a company’s direction. “It’s a business challenge, not an IT challenge,” Mcgowan told the conference. “So if you expect your IT teams to come in here and change the way you do business and become a ‘digital mining’ enterprise, that’s not going to happen. It’s the business that has to decide on the use of technology ... your chief information officer and IT managers actually enable that change.” He noted that some companies are changing their business models with
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the help of new technology. In what Mcgowan calls a “digital mining revolution,” four years ago companies embraced disruptive technologies in order to deal with resource constraints, onerous regulatory regimes, fluctuating commodity prices and increasing stakeholder expectations. “Now we see it moving from revolution to evolution, so companies are adopting it, and now how they’re adopting it, how they’re evolving and how they’re changing and becoming more agile as a business.” BHP Billiton (NYSE: BHP; LSE: BLT), for example, has created a remote operations centre in Perth, changing the way it accesses, monitors and controls its operations. The new model takes people off mine sites and centralizes them. Rio Tinto, which Mcgowan calls the most advanced in the world, in terms of new technology with their Mine of the Future program, has a similar but different concept with the processing excellence centre they’ve set up in Brisbane. Rio spent a lot of time and money on automation, he says, but now they’re moving beyond operational automation and are centralizing their data scientists, process excellence experts and others, so that they can assess several different operations at once, and help management make better decisions. Roy Hill, a private iron ore company in Australia is adopting a demanddriven business model at their greenfield mine. “They’re actually establishing a demand capacity planning section, so again, it’s a totally different way of looking at the business, where they’re just focused on integrated planning and scheduling. How do they meet the demand and drive back through the demand chain? That is another way of a centralized model that they’re focused on.” One technological challenge the industry is facing is data management. More data is being collected via the Internet of Things, physical objects that are equipped with sensors and/or WiFi that can generate and exchange data. At mine sites, this includes sensors on equipment and personal safety gear. Data collected from different areas of the mine can be used to optimize operations and increase productivity. However, this involves dealing with sometimes messy data in several different software systems. “It’s crucial not just to store data, but to manage it,” technical director of reserve evaluation at Teck Resources (TSX: TCK.B; NYSE: TCK) Rodrigo Marinho said, who spoke about Teck’s efforts to integrate its geological modelling, resource modelling and mine planning software systems. Teck uses AcQuire’s Geoscientific Information Management Solution to integrate data and create a seamless workflow at its mines. In another presentation, Wipro’s Mcgowan noted that it’s not viable to replace existing data systems at a mine with one integrated software system. “Integration of vendor packages to harmonize information is the only option,” Marinho says, “because there’s no silver bullet.”TNM
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THE NORTHERN MINER / OCTOBER 5-11, 2015
GLOBAL MINING NEWS
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Liberals, Greens Q&A on mining in Canada ELECTION From pg. 1 replace Mr. Harper’s changes to the environmental assessment process with a comprehensive, timely and fair process that: • Restores robust oversight and thorough environmental assessments — which have been gutted by this Conservative government of areas under federal jurisdiction, while also working with provincial and territorial governments to ensure that processes are not duplicated; • Ensures decisions are based on science, facts and evidence, and serve the public’s interest; • Provides ways for interested Canadians to express their views and for experts to meaningfully participate in assessment processes; and • Requires project proponents to choose the best technologies available to reduce environmental impacts. Elizabeth May/Green Party: While avoiding duplication is important, we must ensure that our efforts to streamline environmental assessment do not compromise the process. The Green Party opposed the 2012 changes that seriously limited the federal government’s role in assessing the environmental integrity of industrial projects. Greens believe greener mining is possible and desirable, and that a strong Canadian environmental assessment process would help build a sustainable mining industry in Canada. The Mount Polley mine disaster showed just how vital a stringent environmental review process is to our economy, environment and well-being. As I said in a statement issued shortly following the Mount Polley mine disaster: “As extreme weather events become the new normal, we must either ensure that Canada’s tailings ponds are prepared for higher levels of rainfall, or face the devastating consequences of inaction.” Greens will work with the provinces, territories and industry to ensure a robust environmental assessment process, for the good of all parties and all Canadians. All mining operations should be insured for environmental liabilities, and have an adequate prefunded plan for remediation, both for the short and long term, when a mine closes. We are committed to facilitating effective monitoring of the impacts of mining on groundwater, agricultural lands and air quality. TNM: The June 2014 decision by the Supreme Court of Canada in the case of Tsilhqot’in Nation vs. British Columbia remakes the regulatory environment in B.C., and has ramifications across Canada where aboriginal land claims are unsettled. In short, for new mine development, the “duty to consult” becomes a “requirement for consent.” Going forward, how should this landmark decision affect the federal government’s regulation of mining projects? Liberals: The Liberal Party of Canada is committed to renewing the relationship between the federal government and Indigenous Peoples in Canada based on recognition, rights, respect for Treaties, the terms, spirit and intent of the original Treaty relationship, the right to self-government, the United Nations Declaration on the Rights of Indigenous Peoples and the decisions of our courts. As a part of this commitment, a Liberal government will undertake a full review of regulatory law, policies and operational practices — in full partnership and consultation with First Nations — to ensure that the Crown is fully executing its consultation, accommodation and consent obligations, in accordance with our constitutional and international human rights obligations. Greens: We support the spirit of the Supreme Court’s Tsilhqot’in decision. As B.C. Green leader Adam Olsen, a member of the Tsartlip First Nation, said: “The problem in many of the relationships between governments or corporations and First Nations is that First Nations are not treated as equal partners in a project. This ruling goes a long way to ensure that First Nations are respected as equal partners going forward.”
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“WITHOUT PUBLIC TRUST, CANADA’S ENVIRONMENTAL ASSESSMENT PROCESSES ARE INCREASINGLY PARALYZED.” JUSTIN TRUDEAU LEADER OF THE LIBERAL PARTY OF CANADA
“WE WILL PROMOTE THE CREATION OF AN INTERNATIONALLY RECOGNIZED ARCTIC PROTECTED ZONE WHERE NO MINERAL EXPLORATION WILL BE PERMITTED BY ANY COUNTRY.” ELIZABETH MAY LEADER OF THE GREEN PARTY OF CANADA
Greens support the June 2014 decision and will work with all levels of government to ensure that aboriginal and nonaboriginal communities share in the planning, decision-making and benefits associated with mining projects. We recognize that the mining sector has the highest rate of aboriginal employment of any sector, and applaud the industry for making these strides. TNM: What is the proper role of the federal government in supporting miningrelated infrastructure, geological research and job-training in remote parts of Canada such as the Arctic? Liberals: As part of the Liberal plan to nearly double federal infrastructure investment from the current $65 billion to almost $125 billion over the next decade, we will provide clearer project criteria and faster approval processes for applications to the New Building Canada Fund, which will focus on investments in roads, bridges, transportation corridors, ports and border gateways. We know that transportation infrastructure investments in Canada’s rural and remote regions are vital for getting our resources and other goods to market, and broadening prosperity for all. We will also invest $200 million more annually to create sector-specific strategies that support innovation and clean technologies in sectors like mining. These strategies will be developed in collaboration with the private sector, government and research institutions, with the objective of producing real innovations that can be deployed in our natural resources sectors, commercialized, brought to scale and exported. We will ensure the federal government rebuilds its capacity to deliver on evidence-based decision-making, and that government science is freely available to the public. Moreover, through a $750-million annual increase in funding for training programs delivered in partnership with the provinces and territories, we will increase investment in skills training. This will include a $500-million annual increase in funding to the Labour Market Development Agreements with provinces and territories; a $200-million annual increase in funding to be delivered by the provinces and territories, and focused on training for workers who are not currently eligible for federal training investment; and renewing the Aboriginal Skills and Employment Training Strategy, and expanding funding by $50 million. We will also help young people enter the workforce by investing $1.3 billion over three years to create jobs and opportunity for young Canadians. These investments include 35,000 positions with the Canada Summer Jobs program each year and a $40-million annual investment to create thousands more co-op placements for students in science, technology, engineering, mathematics and business programs to help employers create placement opportunities for students. Greens: The North is already experiencing development pressure from oil, gas and mining. These are expected to increase as the ice melts, with additional pressures arising from commercial shipping, fishing and tourism. We must be careful that mining development in the North does not ir-
reversibly change the northern environment and the unique way of life enjoyed by Indigenous and northern peoples. Greens will reinforce Canada’s Arctic sovereignty through community infrastructure development, job training, regional sustainability projects, northern research, northern culture and other regional socioeconomic activities. We will promote the creation of an internationally recognized Arctic Protected Zone where no mineral exploration will be permitted by any country, similar to the internationally recognized Antarctic Protected Area. As a member of the all-party Cleantech Caucus, Elizabeth May wrote recently that while the mining sector has improved the energy efficiency of mining, we must do more to support innovation, while ensuring a triple bottom line analysis: measuring social, environmental, and economic costs and benefits. We must act now to embrace the 21st century economic revolution of clean technology. TNM: Do you support maintaining current corporate tax rates and personal tax rates relating to mining investments, and extending the 15% Mineral Exploration Tax Credit? Liberals: The Liberal Party of Canada opposes the New Democratic Party’s job-killing corporate tax hike. A Liberal government will keep the current corporate tax rates. The 15% Mineral Exploration Tax Credit for flow-through share investors was first introduced in 2000 by the previous Liberal government, and we support this important tax measure to encourage investment in the mining industry. Greens: We support a review of flowthrough shares, especially their benefits in some unlikely places, i.e., where it is unlikely that mineralization is present. The Green Party is open to discussing other fiscal levers in support of mineral exploration and development. We are committed to full cost accounting and will work to ensure return on investments by the government. TNM: Over the past decade, Canadian resource companies have received criticism of their activities overseas. The federal government has responded with the creation of the Office of the Extractive Sector Corporate Social Responsibility (CSR) Counsellor, the Corruption of Foreign Public Officials Act and the Extractive Sector Transparency Measures Act. Are these steps enough? Liberals: The Liberal Party of Canada shares Canadians’ concerns about the actions of some Canadian mining companies operating overseas, and has long fought for transparency, accountability and sustainability in the mining sector. Canadians expect our business practices to reflect our values. The success of Canadian business relies, in part, on Canada’s good reputation. When a company — or individuals associated with a company — act in a way that damages our reputation, it hurts all international Canadian business. The Liberal Party of Canada is proud of the work our candidate for Scarborough-Guildwood, the Hon. John McKay, has done promoting this issue on behalf of the Liberal Party of Canada. His Private Members’ Bill, An Act Respecting Corporate Accountability for Mining, Oil
and Gas Corporations in Developing Countries, called for the promotion of responsible environmental practices and international human rights standards on the part of Canadian mining, oil and gas corporations in developing countries. Its purpose was to ensure that corporations engaged on mining, oil or gas activities, and received support from the government in a manner consistent with international environmental best practices, and with Canada’s commitments to international human rights standards. In 2007, a corporate social responsibility (CSR) advisory group representing the mining industry, labour, civil society and academics reached a consensus on these important issues. Unfortunately, the Harper government has done nothing on these recommendations, nor have they taken any other meaningful action on CSR. A Liberal government will act on the Advisory Group’s recommendations, including adopting Canadian CSR standards. Greens: While we support these initia-
tives, they still fall short of true accountability. There is a need for more accountability for Canadian mining, gas and oil companies operating abroad. These companies should not be allowed to wreak havoc on the environment, human rights and politics of communities abroad, especially in Africa and Latin America. There needs to be a mechanism to hold Canadian companies accountable if they leave behind environmental degradation and conflict when they mine for resources. They must have proper regard for the local people. We need to be sure that we are not benefitting from conflict resources and that crimes are not committed in our name. This means ensuring that Canadian companies are not exploiting the land and communities where they extract. We cannot allow Canadian companies to violate precious local resources and international standards of human rights, fearing no justice from Canadian courts. For this reason, the Green Party is calling for the creation of an ombudsman to ensure that Canadian companies engage in responsible extractive activities. We must ensure that Canadian companies are not unaccountable for environmental or human rights abuses abroad. We need oversight and we need legal recourse for those who have been wronged. This would be an important measure in ensuring that our companies engage only in mutually beneficial activities with local people. Canadian companies should have a positive place in the world economy, and these measures would strengthen our international reputation. — For more information on the Liberal Party’s policy proposals and priorities, visit www.realchange.ca. For the Green Party’s election platform, visit www. greenparty.ca. TNM
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Stewart L. Blusson J. Keith Brimacombe Robert M. Friedland Louis Gignac Harold (Hank) Williams Details available at: www.mininghalloffame.ca reservations@mininghalloffame.ca 1-888-308-8803
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OCTOBER 5-11, 2015 / THE NORTHERN MINER
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E D I TO R I A L
World’s biggest gold miners reap benefits of renewed discipline DENVER GOLD FORUM
COAL OUTLOOK
| TOP STORY OF WEEK 39
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istening to the CEOs of the world’s create and maintain that long-term largest gold miners at this year’s optionality, which will be needed when annual Denver Gold Forum in the market turns,” he said. “Our focus September, you couldn’t help but nois on quality and not quantity of protice they all sang off the same songsheet, duction, and that is sacrosanct in this despite the challenges of their indibusiness.” vidual companies. Venkatakrishnan noted that Anglo’s BY JOHN CUMMING The top-four gold miners by produccurrency leverage has been “a natural tion — Barrick Gold, Newmont Min- jcumming@northernminer.com shield” for the company, which is on ing, AngloGold Ashanti and Goldcorp track for 3.8 million to 4.1 million oz. — are all seeing tangible benefits in 2015 from the gold production this year, with a 10% improvement past three years of management turnover, layoffs, in AISC to US$924 per oz. asset sales, capital-expense deferrals, operational Improving safety has been a concern for Angloreviews and hard-won productivity gains. They’re Gold, and the company has lowered the injury also getting a big tailwind from falling oil prices frequency rate by 65% since 2007 to a plateau of and falling currencies of gold-mining countries 7.5 per million hours in the first half of 2015. like Canada, Australia and South Africa. He described the Obuasi mine in Ghana as havGold prices have fallen 45% from their peak three ing been “one of the hardest self-help measures” years ago — seeming to have bottomed in the for AngloGold, as it “took a 120-year-old operation US$1,100 per oz. range — but all four majors have into snooze mode,” by retrenching the workforce made their operations more resilient to low gold and transitioning to limited operations at the end prices. of 2014, even though it still has a high-grade, 27 Kelvin Dushnisky, co-president of Barrick Gold, million oz. resource. said his company’s restructuring “hasn’t been an exercise in tweaking around the edges … we’re a leaner and faster company now.” Barrick started the process, he said, “by making free cash flow the key metric of this business. We also realized a strong balance sheet was one of the critical features underpinning Barrick’s early success, and we strayed from that in recent years.” KELVIN DUSHNISKY Barrick has cut US$2 billion from its expenses
“WE STARTED BY MAKING FREE CASH FLOW THE KEY METRIC OF THIS BUSINESS.”
in 2015–16, and is 90% of the way to achieving its 2015 goal of trimming US$3 billion in debt by selling non-core assets, entering joint ventures and other partnerships, and building on free cash flow from operations. Dushnisky said Barrick’s head office workforce has been cut 60% since 2013, from 370 to 150 people today, and management layers have been removed between head office and operations — or as Dushnisky describes it, there was an “unclogging of the arteries,” so that “the Barrick of today looks more and more like the Barrick of 15 to 20 years ago.” Barrick is on track this year to produce 6.1–6.4 million oz. gold plus 480–520 million lb. copper, at all-in sustaining costs (AISC) of US$840–880 per oz. He highlighted ongoing pit optimization at the Veladero mine in Argentina and increasing underground development at Cortez in Nevada, and noted Barrick considers its core assets to be Cortez, Goldstrike, Lagunas Norte, Pueblo Viejo, Veladero and Turquoise Ridge — accounting for 4 million oz. gold produced in 2014. Gary Goldberg, president & CEO of Newmont Mining, said his firm’s strategy has been threefold for the last three years: delivering cost and efficiency improvements; lifting the portfolio value and balance sheet; and outperforming the sector in free cash flow and shareholder returns. Having produced a steady 5 million oz. gold per year since 2012, Newmont has “delivered free cash flow for the last five quarters running,” Goldberg said, generating US$850 million. Newmont’s AISC is at US$879 per oz. year-to-date, down 20% since 2012, thanks to the company’s “Full Potential” operational improvement program. Capex is also under control, with sustaining capital costs down 43% since 2012. Goldberg says Newmont has lowered net debt by 35% since 2012, and raised US$1.3 billion by selling non-core assets. Newmont still has its eye on growth, though, and is building two mines — Merian in Suriname and Long Canyon in Nevada — and has bought Cripple Creek and Victor in Colorado from AngloGold Ashanti. Newmont is committed to keeping its dividend, with Goldberg noting that “Newmont has paid a dividend longer than most of its competitors have been in business.” Srinivasan Venkatakrishnan, CEO of AngloGold Ashanti, said his company has used the low gold price as “an opportunity to reshape and transform the company”, which has 19 operations in nine countries, with a quarter of its production coming from South Africa. “Mining is a long-term game, and we need to
TNM_Oct 05 2015 Issue.indd 4
Wood Mackenzie goes long on met coal
CO-PRESIDENT, BARRICK GOLD
AngloGold has invited Randgold Resources to become a joint-venture partner at Obuasi, which Venkatakrishnan said “needs a new, radical approach” to be redeveloped as a modern, mechanized operation. He added that AngloGold is still looking for a partner for its Colombia portfolio. Chuck Jeannes, president & CEO of Goldcorp, was perhaps the sunniest presenter, highlighting his firm’s growing production this year, declining AISC costs, lower capex and attractive portfolio of young mines and organic growth opportunities. He noted Goldcorp is making free cash flow at current prices and has “one of the strongest balance sheets in the business,” with the only BBB+ rating. “We’ve made good decisions on how to finance the company, and the result is that we’re left with a strong balance sheet, with low net debt. And because we’re generating free cash flow today, that balance sheet is getting stronger every day.” Since bringing on two new mines, Goldcorp has boosted production 20% year-over-year this year, with full-year production in 2015 estimated at 3.3–3.6 million oz. gold — up from 2.4 million oz. gold in 2012 — plus significant by-product credits. AISC should be US$850–US$900 per oz. in 2015, down from the US$1,031 per oz. peak in 2013. Jeannes highlighted the HG Young discovery at Goldcorp’s Red Lake mine. “We think it has significant potential — it’s about 2 km strike length traced so far. Its proximity to our existing infrastructure makes it exciting ... we could impact production in the medium term without having to build a new mill and shafts.” TNM
New look! Welcome to our redesigned Northern Miner! For this effort, Glacier Media design guru Jim Emerson in Vancouver and Ron White from Farm Business Communications in Winnipeg combined their talents to produce a clean and modern refresh of the paper. This issue also marks our return to the newsstand in select stores across Canada, as part of our commitment to maintaining a strong print edition for our subscribers and advertisers. Enjoy the read!
| US producers most at risk
BY LESLEY STOKES lstokes@northernminer.com VANCOUVER
J
oe Aldina, principal research analyst for metal and energy consultant Wood Mackenzie, says that supply for metallurgical coal should level with demand by 2023, and although he expects met coal prices will rise, global producers “are not out of the woods yet.” “Our forecast is not for prices to jump — we don’t see those catalysts — but we see them incrementally improving,” he said during a September presentation at the annual Coal Association of Canada conference in Vancouver. Aldina predicts that met coal could bounce back to US$90 per tonne by the end of next year, and over US$100 per tonne in 2017. But with current benchmark prices near US$90 per tonne, he said that U.S. producers are “overwhelmingly most at risk” for being in the red. “They’ve just been crushed by the strength of their dollar,” he added, predicting that 11 million tonnes could drop out of the country’s exports this year from production cuts. But the strengthening U.S. dollar has given other exporters a competitive advantage. Aldina predicts Russia will increase its met coal exports to 22 million tonnes this year, although rising domestic prices and swinging exchange rates could slow momentum. “Russia is moving more PCI coal into the market, which is the lowest-quality material you’d put in a blast furnace,” he said. “But they’re losing their currency edge, and even though we think that Russian exports will grow incrementally, it won’t be as fast as we first thought.” Global met coal prices maxed out at US$330 per tonne in 2012, but retreated to the low US$80 range this year — driven by a saturated market. Adding to the oversupply woes, China has cut 20 million tonnes from imports this year, turning to domestic production rather than overseas sellers. “China dwarfs everyone — it’s the world’s second-biggest economy and the biggest coal market, which is why we have to pay attention to what they do,” he said. “Their stockpiles are bursting, so there’s less need at the moment, which is pushing down demand and prices.”
With lower seaborne demand from China, top coal producer BHP Billiton could send its product elsewhere. “BHP has been one of the most aggressive players at increasing exports of met coal, and is credited with contributing to the oversupply in the industry,” Aldina said. “They have one of the best highquality coals and best costs, so combined with decreasing freight rates, we’re seeing their coal pop up internationally, where they haven’t been competitive before — and that is taking business away from other players.” BHP announced it would cut 3 million tonnes of met coal production next year, and Aldina predicts that overall production in Australia will cap off at current levels. Other companies could also align production and inventories with market conditions, with over 38 million tonnes of production cuts scheduled this year, Aldina says. Canada’s top met coal producer Teck Resources shed 1.5 million tonnes off its production by introducing three-week closures across its five operations in B.C. and one in Alberta. The company has also shaved cash costs by 15% — down to $45 per tonne — according to a second-quarter report, with 25 to 26 million tonnes of met coal production this year. “When you look around the world at coal exporters, especially outside of Australia, I think everyone should be proud of Teck and where Canada sits in this market.” Aldina said. “We think Teck is a competitive player, if not the most competitive player outside of Australia, and a few mines in Russia.” Despite drops in global production, there’s still a large supply overhang in the market. Aldina says that even the growing market in India — which could import 3 million tonnes this year — isn’t enough to “trim the fat,” although the country’s growth represents a “bright spot” for the coal industry. “India has to rely almost entirely on imports to satisfy its needs,” he said. “If you give India time to grow, we forecast their demand to increase to 120 million tonnes by 2030, and they’ll overtake China as a met coal importer sometime in the mid-2020s. So we do see things getting better — it just takes a little time.” TNM
BC COAL FACTS Coal resources • B.C. has 12.9 billion tonnes of potentially mineable coal resources, with 8 billion tonnes located in the East Kootenay coalfields in southeast B.C., and 4.9 billion tonnes in the Peace River coalfield in northeast B.C. • B.C. has 10 permitted coal mines in the northeast (Peace River area) and the southeast (Kootenay area), and Vancouver Island. • When in operation, nine of these mines produce metallurgical coal for making steel, while one mine on Vancouver Island produces thermal coal. Economic and social impacts • B.C.’s coal-mining industry contributes $3.2 billion in valueadded GDP to the provincial economy. • In 2011, the value of provincial coal production reached $5.7 billion. • Total tax payments made by the coal mining industry to all levels of government in 2011
was $715.2 million — this includes $399 million in tax revenue generated by economic activity and $316.2 million in mineral taxes paid to the B.C. government. Production and exports • In 2012, B.C.’s 10 operating mines produced 28.8 million tonnes of coal. • Export sales for metallurgical and thermal coal were $7.1 billion in 2011, representing 22% of total exports from B.C. • Canada is the third-largest exporter of metallurgical coal after Australia and the U.S., and 89% of Canadian metallurgical coal comes from B.C. • Coal exports are a major contributor to B.C.’s export activity, making up 21.8% of total provincial exports in 2011. • Japan and South Korea consumed the largest share of B.C.’s total metallurgical coal exports, but China’s demand for B.C. coal has been on the rise. Source: Coal Association of Canada
15-09-29 8:10 PM
THE NORTHERN MINER / OCTOBER 5-11, 2015
GLOBAL MINING NEWS
5
Canadian Mining Hall of Fame names Class of 2016 INDUSTRY LEGENDS
| Quintet of trailblazers made their mark on metallurgy, exploration, finance and development
The Canadian Mining Hall of Fame will induct mining-industry leaders Stewart L. Blusson, J. Keith Brimacombe, Robert M. Friedland, Louis Gignac and Harold (Hank) Williams at its twenty-eighth annual induction ceremony and dinner on Jan. 14, 2016, at the Fairmont Royal York hotel in Toronto. The Northern Miner is a co-founding sponsor of the Hall of Fame, along with the Canadian Institute of Mining, Metallurgy and Petroleum, the Mining Association of Canada and the Prospectors & Developers Association of Canada. For more information and tickets to the event, please visit www.mininghalloffame.ca.
Stewart L. Blusson (b. 1938) ew events in mining history have generated as much excitement or public attention as the Lac de Gras diamond discoveries in Canada’s North during the early 1990s. Stewart (Stu) Blusson was an intellectual catalyst for this transformative event, which led to the development of Ekati, Canada’s first diamond mine, and other significant discoveries. Along with fellow Canadian Mining Hall of Fame inductees Charles Fipke and Hugo Dummett, Blusson advanced the science of diamond exploration and laid the foundation for Canada to become the world’s thirdlargest producer (by value) of highquality diamonds. Blusson also contributed to science and society as one of the most generous and farsighted philanthropists in Canadian history. Born in Vancouver, Blusson earned a BSc degree from the University of British Columbia (UBC) in 1960, and a doctorate in geology at the University of California, Berkley, in 1964. He spent the next 16 years with the Geological Survey of Canada (GSC), leading regional mapping and research programs in the Yukon and Northwest Territories. In 1981, he left the GSC to explore for diamonds, ignoring conventional wisdom that such efforts often failed. Financing the quest became a challenge after Falconbridge and Superior Oil withdrew initial funding. Blusson found cost-effective ways to keep searching the Northwest Territories, including flying fixed-wing planes and helicopters for sampling programs. He also studied high-altitude aerial photos and sampled areas of glacial movement. In the streamdeficient Slave craton, Blusson focused on mounds of sand and gravel caused by subglacial rivers called "eskers," and rebuilt sample sites where esker stream tributaries came together, and where modern beaches gave access to small float planes and concentrated heavy minerals in meltwater sands a second time. He reasoned that if diamond indicator minerals were not found in a sizable esker catchment area, crews could proceed to a similar target many miles away. By using these methods, Blusson and Fipke sampled 850 km from the Mackenzie Valley eastward to Lac de Gras. In 1985, Fipke sampled one of Blusson’s designated targets, but the contents weren’t processed until 1988, because of a lack of funds. The key sample yielded more than 10,000 diamond indicator grains, with large quantities of G10 garnets and two diamonds. The partners took their exciting results to Dummett, a BHP Minerals executive and former manager of the Falconbridge/Superior Oil diamond hunt. BHP developed the Ekati mine, which officially opened in 1998. In 2013, Dominion Diamond Corp. acquired BHP’s 88.9% interest in Ekati and 65.3% interest in the Buffer zone surrounding the mine. Blusson holds an 11.1% stake in
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TNM_Oct 05 2015 Issue.indd 5
Ekati, while his public company Archon Minerals holds 34.7% of the Buffer zone. As a philanthropist Blusson has made generous donations, which combined with matching government grants total $468.5 million. The beneficiaries include UBC ($250 million), Simon Fraser University ($60 million) and Quest University Canada ($100 million), Canada’s first private, secular, not-for-profit university. Blusson was appointed as an officer of the Order of Canada in 2004. He was also awarded the Logan Medal, the Geological Association of Canada’s highest honour, and the Queen Elizabeth II Diamond Jubilee Medal.
J. Keith Brimacombe (1943–1997) ajor advances in metallurgical engineering and metals processing can be traced to the intellectual prowess of a few giants, and Keith Brimacombe is unquestionably one of them. As a researcher, he pioneered the application of computerized mathematical modelling to analyze and design processes to extract metals from their ores and convert them into useful products. His efforts led to metallurgical processes and processing advancements that helped the materials industry lower costs, make new products and improve productivity and quality control.
M
Brimacombe was a strong advocate of cooperation between universities and industry, and his vision helped make Canada a leader in value-added metals processing. As an educator and lecturer, he inspired a generation of professionals who embraced the materials revolution, and managed the technological change that sustained it. Brimacombe was born in Nova Scotia and raised in Alberta, and earned a BASc degree in metallurgical engineering from UBC in 1966. He returned to UBC as an assistant professor in 1970, after completing his doctorate at Imperial College in London, England. He became a full professor in 1979. At UBC, Brimacombe established a research program that combined mathematical modelling with pilot-plant measurements and testing metals and material processes in-plant, with remarkable success. Using computers and information technology, his research roamed the broad flowsheets of metal production and shed light on complex metallurgical processes spanning both ferrous and non-ferrous industries. Brimacombe became a world leader in the field of continuous casting. His innovative research, initiated in the early 1970s, improved the design and energyefficiency of continuous-casting machines and the quality of metal produced. His work has been applied in steel plants in North America and abroad. In 1975, he collaborated on developing a process for roasting molybdenite to produce molybdenum oxide, used as an alloy for steel. Brimacombe developed methods to enhance the productivity and lower the operating costs of Pierce-Smith convertors used worldwide to convert copper/ iron sulphide to copper. Other achievements include improvements to reducing metal oxides from slags to recover metal values such as zinc, optimizing the operation of rotary kilns used globally for many purposes and developing remedial measures for direct-chill casting zinc, which improved cast quality. Brimacombe’s dream of building a world-class research facility came true
when the $21-million Advanced Materials and Process Engineering Laboratory opened at UBC in 1995. In 1997, he became the founding CEO of the Canada Foundation for Innovation, which funds Canadian science and engineering research. He also advanced industry knowledge by publishing research papers, lecturing in Canada and around the world and taking part in numerous industry associations. Brimacombe received global recognition for his pioneering efforts and achievements, which, in addition to serving as an Officer of the Order of Canada and a Fellow of the Royal Society of Canada, included the Canada Gold Medal in Science and Engineering.
Robert M. Friedland (b. 1950) obert Friedland has been a dynamic, transformative force in the Canadian and international mining industries for more than 25 years. The entrepreneur, financier and companymaker is one of the most recognized mining personalities and achievers in the world. With his leadership, executives and companies affiliated with his Ivanhoe Capital Corp. have raised more than US$10 billion on world capital markets to advance natural resource exploration and development projects and leadingedge exploration and communications technologies in more than 30 nations. In Canada, Friedland cofounded Diamond Fields Resources in 1992 and became co-chairman in 1994, handling financing after a hunt for diamonds and base metals by contracted geologists discovered nickel and copper at Voisey’s Bay in Newfoundland and Labrador.
R
Encouraged by Friedland’s “stake-tothe-horizon” mantra, and his capacity to secure investment commitments, Diamond Fields’ intensive exploration left little for the rush of latecomers. Inco won the big-league bidding orchestrated by Friedland, paid $4.3 billion for the Voisey’s Bay discoveries in 1996 and began production in 2005. Chicago-born Friedland graduated with a political science degree from Reed College, Ore., in 1974. Flashlight inspection of an abandoned drift at the inactive Warner gold mine on Oregon timberland from an investment partnership with college pal (and Apple cofounder) Steve Jobs provided the first glint of Friedland’s mining destiny in 1978. He found only fool’s gold (pyrite), but it sparked an innate curiosity and lifelong desire to understand earth’s mineral riches. Distinguished B.C. geologist and minefinder Victor Hollister became his first mining mentor when Friedland entered Vancouver’s frenetic junior mining scene in 1980. Warner was a founding asset in Galactic Resources, with an early 1980s listing debut on the VSE and TSX. Galactic’s ill-fated and regretted Summitville gold mine in Colorado imprinted Friedland with respect for fulfilling environmental obligations, and, he adds, made him wary of tactics by governmental agencies. Friedland founded and financed Fairbanks Gold, whose Fort Knox discovery was sold to Amax Gold (now Kinross) for US$152 million in 1992, and remains Alaska’s largest gold mine. Holding U.S. and Canadian citizenships, Friedland made Singapore home base for Ivanhoe Capital and assembled Asia Pacific projects in Canada-based Ivanhoe Mines, a flagship launched in Toronto in 1996. Ivanhoe Mines explored its Oyu Tolgoi prospect in Mongolia in 2000, which revealed a 12 km chain of copper-goldsilver deposits that today ranks among the world’s biggest mineral discoveries. Rio Tinto acquired majority control of See HALL OF FAME / pg. 15
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15-09-29 8:10 PM
6
OCTOBER 5-11, 2015 / THE NORTHERN MINER
WWW.NORTHERNMINER.COM
MA R K E T N EWS TORONTO STOCK EXCHANGE / SEPTEMBER 18–24 Anxiety about global growth soured investor appetite for risk, with data showing Chinese factory activity shrank to a six-and-a-half-year low in September, while U.S. manufacturing growth in the same month stayed at a two-year low. Meanwhile, U.S. Federal Reserve Chair Janet Yellen said the U.S. central bank could raise rates later this year if U.S. inflation and employment remained stable. Commodities continued their volatile run. Gold rose 0.6% to finish at US$1,146.30 per oz. and nickel climbed 2.8% to US$4.50 per lb., but copper fell 4.5% to US$2.28 per lb., zinc dropped 3.5% to 73¢ per lb. and lead declined 1.7% to 75¢ per lb. West Texas Intermediate crude finished relatively flat at US$45.59 per barrel. A scandal over rigged diesel emission tests at German carmaker Volkswagen hurt platinum — which is used in diesel catalysts to clean exhaust emissions — and boosted palladium, the main metal in gasoline catalysts. Platinum plunged 3.7% to US$947 per oz., and palladium soared 8.8% to US$665 per oz. Canada’s benchmark index fell 1.97% to 13,378.57, the S&P/TSX Capped Diversified Metals & Mining Index dropped 13.7% to 375.47 and the S&P/TSX Global Gold Index fell 0.98% to 127.14. Agnico Eagle Mines gained $2.29 to $34.59, mainly due to strong drill results from its El Barqueno project in Mexico’s Jalisco state.
Highlights from prospects at El Barqueno include intercepts of 8.04 grams gold over 5 metres, 2.25 grams gold over 3.6 metres, 15.49 grams over 3 metres, 10.82 grams over 4.9 metres and 2.69 grams over 27.5 metres. Agnico aims to finish a resource on El Barqueno by February 2016, and is studying conceptual design for an open-pit heap leach operation. The company has reported potential to extend reserves and resources at its Creston Mascota deposit and its La India mine, which are also in Mexico. Shares of Timmins Gold advanced 33.3% to 36¢ per share, buoyed by a $6-million investment by Goldcorp, and news that the junior would acquire a process plant and equipment from Goldcorp’s El Sauzal mine in Chihuahua state for $8 million. Timmins Gold says the El Sauzal plant could save TSX MOST ACTIVE ISSUES VOLUME
Timmins Gold Perseus Mng Romarco Mnrls First Quantum Yamana Gold Barrick Gold Teck Res B Eldorado Gold Kinross Gold Sherritt Intl
TMM PRU R FM YRI ABX TCKB ELD K S
WEEK (000s)
HIGH
LOW
36072 35944 35231 35106 27218 24394 23657 22034 19961 19883
0.37 0.36 0.56 7.40 2.38 9.16 8.64 4.26 2.46 0.99
0.27 0.28 0.50 5.23 2.15 7.89 6.42 3.83 2.11 0.77
CLOSE CHANGE
0.35 0.29 0.52 5.54 2.28 8.72 6.81 4.25 2.27 0.79
+ + + + -
0.05 0.04 0.03 2.05 0.03 0.27 1.90 0.26 0.03 0.21
US$60 million in initial capital expenses when it builds its Ana Paula project in Guerrero state, and reduce the risk of equipment capex overruns and delays in scheduling equipment deliveries. Timmins Gold’s CEO Bruce Bragagnolo adds that “the El Sauzal flowsheet is similar to the base case flowsheet outlined in the Ana Paula preliminary economic assessment and require all of the items we have acquired. Some additional items such as a gravity circuit may be required based on ongoing metallurgical studies.”
Goldcorp will acquire 20 million units of Timmins Gold at 30¢ per unit (one share and one half of a warrant). Once completed, Goldcorp will own 9.9% of Timmins Gold’s outstanding shares. The El Sauzal plant is a nominal 6,000-tonneper-day milling and processing facility, with a cyanide circuit and a carbon-in-pulp circuit. The company say developming Ana Paula would need US$100 million in preproduction capital.
TSX GREATEST PERCENTAGE CHANGE VOLUME
Intl Tower Hil CaNickel Mng Cardero Res Redhawk Res MDN Inc Fortune Mnrls Geologix Ex Minco Gold Aura Mnls Timmins Gold Stockport Expl First Quantum Trevali Mng Mawson West UEX Corp Teck Res B Sherritt Intl Capstone Mng Northcliff Res Stonegate Agri
ITH CML CDU RDK MDN FT GIX MMM ORA TMM SPT FM TV MWE UEX TCKB S CS NCF ST
WEEK (000s)
47 10 276 242 141 1143 491 17 201 36072 554 35106 6237 1494 3405 23657 19883 8194 123 890
HIGH
0.48 0.14 0.03 0.10 0.03 0.04 0.04 0.25 0.08 0.37 0.02 7.40 0.58 0.03 0.16 8.64 0.99 0.60 0.08 0.03
LOW
0.33 0.10 0.02 0.07 0.03 0.03 0.03 0.25 0.07 0.27 0.02 5.23 0.39 0.02 0.12 6.42 0.77 0.48 0.06 0.02
TSX GREATEST VALUE CHANGE
CLOSE CHANGE
0.47 0.10 0.03 0.10 0.03 0.04 0.04 0.25 0.08 0.35 0.02 5.54 0.40 0.02 0.12 6.81 0.79 0.49 0.06 0.02
+ + + + + + + + + + -
27.4 25.0 25.0 25.0 20.0 16.6 16.6 16.6 15.3 15.0 40.0 27.0 25.9 25.0 22.5 21.8 21.0 20.4 20.0 20.0
Agnico-Eagle Royal Gold Franco-Nevada Pretium Res ISh COMEX G Tr Royal Cdn Mint Centerra Gold Silver Std Res Kirkland Lk Gd Central Fund Agrium Potash Cp Sask Labdr I-Ore Ro First Quantum Teck Res B Cameco Corp Teck Res A Russell Metals HudBay Minls Dominion Diam
AEM RGL FNV PVG IGT MNT CG SSO KGI CEFA AGU POT LIF FM TCKB CCO TCKA RUS HBM DDC
WEEK VOLUME
CLOSE
CHANGE
5331573 33502 3014996 1551499 13484 63652 7137866 1865173 2243400 264731 3559706 18306585 2349359 35106335 23657085 7896234 18177 1061836 3961031 1734895
34.28 65.34 59.31 7.75 14.89 16.33 7.82 8.86 5.90 14.87 123.02 28.00 14.18 5.54 6.81 16.43 8.74 21.33 5.56 13.40
+ 2.32 + 1.94 + 1.86 + 0.56 + 0.53 + 0.49 + 0.48 + 0.38 + 0.33 + 0.26 - 11.63 - 5.06 - 2.39 - 2.05 - 1.90 - 1.63 - 1.58 - 1.33 - 1.32 - 1.09
TSX VENTURE EXCHANGE / SEPTEMBER 18–24 The S&P/TSX Venture Composite Index dropped 1.5%, or 8.41 points, before closing at 541.50 points. The Canadian dollar hit an 11-year low during the trading period at US$74.76, while oil and base metal futures also finished in the red. Federal Reserve Chair Janet Yellen said the U.S. central bank was on track to raise interest rates in the near term, while Chinese manufacturing dropped the most in over six years in September, as orders and production contracted. November contracts for West Texas Intermediate crude oil lost nearly 2.1%, or US98¢, en route to a US$45.70-per-barrel close, while December contracts for copper plummeted 4.4%, or US10.6¢, before finishing at US$2.29 per lb. Gold futures were the bright spot, as December contracts for bullion jumped US$9.30 en route to a US$1,146 per oz. close. Pacific Iron Ore was a big riser after news of a cash influx, thanks to selling its Ontario gold portfolio to a privately owned, B.C.-based exploration company. The company gained 200%, or 26¢, on 478,400 shares traded, before finishing at 39¢ per share. On Sept. 21, Pacific Iron reported an agreement wherein it will sell the St. Anthony’s gold project — as well as other Ontario properties containing copper and lithium, within the Kenora Patricia mining district — to St. Anthony Exploration
and Mining for $3.5 million in cash and a 2% net smelter return royalty. Pacific Iron’s flagship asset is the Pearson iron ore project on Vancouver Island. Gold producer Metanor Resources led the volume-traded category on the exchange after announcing assays from a surface drill program at its Bachelor gold complex, 225 km northeast of Val-d’Or, Que. The company saw 8.1 million of its shares change hands before it closed up 2¢ at 6¢ per share. On Sept. 22 Metanor released results from drilling collared at surface, 925 metres south of its Bachelor underground mine. The result is part of an exploration campaign following up on a geophysical survey in late 2014. Hole 15-14 cut 26 metres grading 10.1 grams gold TSX-V MOST ACTIVE ISSUES VOLUME
Graphite One R Ashburton Vent Metanor Res Discovery Vent Equitas Res Gold Canyon PC Gold Troymet Expl Caracara Silvr Skyharbour Res
GPH ABR MTO DVN EQT GCU PKL TYE CSV SYH
WEEK (000s)
HIGH
LOW
10620 7928 7740 7581 7575 4647 3299 3164 3000 2977
0.09 0.02 0.06 0.17 0.20 0.29 0.07 0.02 0.01 0.03
0.08 0.02 0.05 0.14 0.16 0.24 0.06 0.01 0.01 0.03
CLOSE CHANGE
0.08 0.02 0.05 0.16 0.18 0.29 0.07 0.02 0.01 0.03
- 0.01 0.00 + 0.01 - 0.01 + 0.01 + 0.05 + 0.01 + 0.01 0.00 - 0.01
per tonne from 6.4 metres deep. The company has mobilized a second drill rig at the target, where it has identified a “large, induced-polarization anomaly.” In financing news, junior Pacific Booker Minerals topped the value-added column after completing a non-brokered private placement valued at $555,600. The company gained 39¢ on 14,600 shares traded, en route to a $2.40-per-
share close. On Sept. 21 Pacific Booker announced it had completed financing after amending conditions due to a sharp fall in share price. The company issued 277,800 units priced at $2 per unit, with each unit consisting of one share and one purchase warrant exercisable at $2.50 for two years. Pacific Booker had initially proposed a financing at $5 per share.
TSX-V GREATEST PERCENTAGE CHANGE VOLUME
Taipan Res Ultra Lithium Tajiri Res Goldcliff Res Argentum Silvr Pac Iron Ore Virginia Engy AsiaBaseMetals Galore Res Berkwood Res Colibri Res China Mnls Mng Trio Gold Corp Randsburg Intl Tanzania Mnls Anglo-Can Mng Kettle River Sonora Gld & S Fieldex Expl Tribute Res
TPN ULI TAJ GCN ASL POC VUI ABZ GRI BKR CBI CMV TGK RGZ TZM URA KRR SOC FLX TRB
WEEK (000s)
HIGH
LOW
80 45 10 1026 92 428 36 12 198 170 196 663 111 40 654 498 11 10 582 18
0.34 0.15 0.02 0.02 0.06 0.34 0.10 0.05 0.01 0.01 0.03 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.06
0.21 0.09 0.02 0.01 0.03 0.18 0.06 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.05
TSX-V GREATEST VALUE CHANGE WEEK VOLUME
CLOSE CHANGE
0.27 0.09 0.02 0.02 0.05 0.29 0.10 0.05 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.05
+ 800.0 + 750.0 + 200.0 + 200.0 + 150.0 + 123.0 + 122.2 + 100.0 + 100.0 + 100.0 - 75.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 43.7
Reservoir Mnls Kennady Diam Taipan Res Pac Iron Ore Nevada Expl Wealth Minls Terrax Minls Ultra Lithium Arianne Phosph Avino Silver Gold Reserve Selwyn Res Diamcor Mng Energold Drill Tasman Metals Bacanora Mnls Flinders Res West High Yld Great Quest Me Colibri Res
RMC KDI TPN POC NGE WML TXR ULI DAN ASM GRZ SWN DMI EGD TSM BCN FDR WHY GQ CBI
88481 172767 80315 428388 91255 226250 570150 45353 736701 33150 26780 20889 22075 74529 124275 290714 131402 62500 27500 196333
CLOSE
4.55 3.15 0.27 0.29 0.29 0.24 0.43 0.09 0.88 1.35 3.41 1.20 0.90 0.61 0.40 1.82 0.26 0.31 0.23 0.02
CHANGE
+ + + + + + + + + + -
0.25 0.25 0.24 0.16 0.13 0.08 0.08 0.08 0.06 0.06 0.15 0.15 0.12 0.09 0.08 0.08 0.07 0.07 0.06 0.06
U.S. MARKETS / SEPTEMBER 18–24 U.S. Federal Reserve Chair Janet Yellen reiterated increasing interest rates later this year, if the labour market improves and inflation returns to 2%. The U.S. Commerce Department reported that the country’s gross domestic product (GDP) expanded at a 3.9% annual rate from April to June, up from the expected 3.7%. In comparison, Canada’s GDP shrank by 0.5% in the second quarter. The Dow Jones Industrial Average fell 0.4% to 16,314.67, while the broader S&P 500 Index retreated for the second straight week, closing down 1.4% to 1,931.34. Both indexes felt the impact of the news from Caterpillar, the world’s largest mining and construction equipment maker, which reported that it might cut up to 10,000 jobs by 2018, as part of its restructuring and cost-reduction plan, given the poor market conditions. Caterpillar expects this will reduce operating costs by US$1.5 billion a year. The stock closed the week down 9.6%, or US$6.88, at US$71.86. The technology-heavy Nasdaq Composite Index dropped 2.9% to close at 4,686.50, and the spot gold price added US$6.40 per oz. to finish at US$1,146.30. This was not enough to boost the Philadelphia Gold & Silver Index, which tracks
TNM_Oct 05 2015 Issue.indd 6
precious metals mining companies, and fell 2.9% to 47.27. Timberline Resources climbed 7.7% to US49¢ per share, after closing the previously announced non-brokered private placement of 1.3 million shares at US37.5¢ per share with Waterton Precious Metals Fund II Cayman, LP, for nearly US$500,000 in proceeds. Timberline intends to use the funds to advance its gold projects in Nevada and for general working capital purposes. In September, Waterton offered to acquire Timberline for US58¢ per share in cash, representing a 76% premium to its Sept. 11 close. It also agreed to the recent private placement to de-risk the U.S. MOST ACTIVE ISSUES VOLUME
WEEK (000s)
HIGH
Freeport McMo* FCX 283559 11.43 Alcoa* AA 118650 10.10 Barrick Gold* ABX 112651 7.01 Harmony Gold* HMY 57408 0.96 Newmont Mng* NEM 55770 17.65 Kinross Gold* KGC 53981 1.87 Peabody Enrgy* BTU 53406 1.48 Teck Res B* TCK 53233 6.62 Potash C Sask* POT 50318 24.99 Goldcorp* GG 45231 14.06
LOW
CLOSE CHANGE
9.57 9.99 - 2.06 8.86 9.18 - 0.77 5.91 6.56 - 0.28 0.64 0.67 - 0.22 15.40 16.78 - 0.46 1.58 1.71 + 0.02 1.09 1.41 0.00 4.80 5.13 - 1.50 20.50 21.01 - 4.08 12.50 13.51 - 0.02
company financially if the transaction does not go through. Uranium Resources dropped 43% to US76¢ per share, after soaring 81% on Sept. 18 to finish at $1.34 per share on no corporate news. The company is closing a merger with Australia’s uranium firm
Anatolia Energy. Under the proposed June 3 deal, Uranium will exchange 0.06579 of its share for each Anatolia share, with its shareholders owning 59.4% of the combined company. On Sept. 23, Uranium shareholders voted in favour of the merger.
U.S. GREATEST PERCENTAGE CHANGE VOLUME
Intl Tower Hi* Mines Managem* Entree Gold* Timmins Gold* Minco Gold* Comstock Mng* Uranium Res* Stillwater Mg* Pretium Res* Vista Gold* General Moly* Harmony Gold* Teck Res B* Rare Elemt Re* Rhino Res* HudBay Mnls* Consol Energy* SunCoke Engy* Hi-Crush Part* Avalon Rare M*
THM MGN EGI TGD MGH LODE URRE SWC PVG VGZ GMO HMY TCK REE RNO HBM CNX SXC HCLP AVL
WEEK (000s)
HIGH
LOW
68 0.36 0.25 270 0.39 0.27 284 0.40 0.30 5046 0.27 0.22 208 0.19 0.17 787 0.70 0.61 885 1.34 0.72 12841 9.97 8.36 3869 5.87 5.32 477 0.29 0.25 1432 0.49 0.26 57408 0.96 0.64 53233 6.62 4.80 526 0.39 0.30 21 1.02 0.75 87 5.10 3.94 34715 13.29 10.38 1606 10.60 8.25 913 12.80 10.05 1493 0.12 0.10
U.S. GREATEST VALUE CHANGE
CLOSE CHANGE
0.35 0.33 0.36 0.26 0.19 0.70 0.81 9.96 5.84 0.29 0.28 0.67 5.13 0.30 0.78 4.17 10.88 8.38 10.68 0.10
+ + + + + + + + + + -
25.7 20.3 13.2 12.6 12.0 10.1 9.4 7.1 7.1 7.0 36.3 24.9 22.6 22.3 20.1 19.9 19.5 19.5 18.5 17.8
Central GoldT* Randgold Res* Agnico-Eagle* Royal Gold* Franco-Nevada* Stillwater Mg* Pretium Res* Silver Std Re* Arch Coal* Eldorado Gold* Agrium* Mosaic* Compass Mnls* Potash C Sask* BHP Billi-BHP* BHP Billi-BBL* Rio Tinto* Consol Energy* Hi-Crush Part* Cabot Corp*
GTU GOLD AEM RGLD FNV SWC PVG SSRI ACI EGO AGU MOS CMP POT BHP BBL RIO CNX HCLP CBT
WEEK VOLUME
CLOSE
CHANGE
343470 5984080 19586494 4650454 6146972 12841303 3868739 8163900 13478207 9681503 968407 40092191 299458 50317509 13274821 8080597 6628591 34715465 912776 1687538
40.92 60.80 25.76 49.15 44.57 9.96 5.84 6.67 3.81 3.20 92.39 32.45 78.93 21.01 32.29 31.61 34.02 10.88 10.68 32.25
+ + + + + + + + + + -
1.98 1.52 1.46 0.97 0.94 0.66 0.39 0.22 0.19 0.18 9.88 6.38 6.00 4.08 3.09 2.99 2.74 2.65 2.43 2.28
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THE NORTHERN MINER / OCTOBER 5-11, 2015
GLOBAL MINING NEWS
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Arianne Phosphate’s Lac à Paul phosphate project, 200 km north of Saguenay, Quebec.
ARIANNE PHOSPHATEE
Integra Gold issues million-dollar challenge DATA MINING
Stornoway’s resource rises at Renard | Life of Quebec’s first diamond mine to exceed 11 years MINE BUILDING
| Junior offers prizes for discoveries at Sigma-Lamaque
BY TRISH SAYWELL tsaywell@northernminer.com
S
Looking southeast at Integra Gold’s historic Sigma gold project in Val-d’Or, Quebec. BY LESLEY STOKES lstokes@northernminer.com VANCOUVER
I
ntegra Gold’s (TSXV: ICG; US-OTC: ICGQF) historical dataset for the former Sigma-Lamaque gold mines — in the town of Val-d’Or, Que. — has been cast open to the masses, and the rush is on for challengers across the globe to data-mine their way to discovery in exchange for a total of $1 million in cash prizes. The Northern Miner visited Integra at its corporate office in Vancouver, and spoke with chairman George Salamis about the challenge and what makes the property's geology unique. “We’re looking to unlock the value of these historic datasets,” Salamis said. “We’re hoping it will serve as a conceptual guide towards finding another multimillion ounce gold deposit elsewhere on our property, because the potential is there, now we’re just after the best ideas on where to dig.” Salamis, who cut his teeth as a geologist working for Placer Dome in 1988 at the Sigma mine, said he was spoiled in his early career by the “gangbuster” grades and the deposit's intriguing geology. “The main focus back then was structure, drilling and that’s it,” he said. “Drill for structure, drift for grade — that’s what you do in this district.” He notes the Sigma-Lamaque property lies along the eastern end of the Abitibi Greenstone Belt — a 2.8-billion-year-old, Archean-age volcanic arc that spans 750 km long and 250 km wide across the Ontario-Quebec border. The belt shares geological similarities with other world-class camps, he added, such as Kalgoorlie, Granny-Wallaby and Sunrise Dam in Australia's Yilgarn Craton. “They’re not so different from each
TNM_Oct 05 2015 Issue.indd 7
folds from its peak to trough. During the waning stages of its tumultuous history, gold seeped its way up from great crustal depths, onwards through the Cadillac fault and smeared its yellow mark within the surrounding branches of fractures and shears. After the big endowment, tectonism ceased and the gold-rich veins have been
tornoway Diamond (TSX: SWY; US-OTC: SWYDF) is halfway through building its Renard diamond mine in Quebec — the first diamond mine in the province, and one of only two currently being built in Canada — but already the project is showing that an extended mine life might be possible. Results from a drill campaign late last year suggest that more resources could extend Renard’s mine life beyond the 11 years outlined in a 2013 feasibility study. The company says there is exploration potential at the Renard 2 and Renard 3 kimberlite pipes at a depth of 1,250 metres, where both kimberlites could have sizable widths and remain open. Drilling has shown that while Renard 2 has a smaller cross section at 600 metres deep than the company expected, it continues to a depth and scale that makes it “unique” among Canadian kimberlites, president and CEO Matt Manson says. “What is remarkable about Renard 2 is that at 1,000 metres deep, we’re still drilling through a sizable orebody — something that we’ve established is between 0.62 and 1.38 ... we had one drill hole that after exiting Renard 2 went back into kimberlite at 1,000 metres deep, and went for 120 metres of kimberlite intersection — and
See INTEGRA / pg. 10
See STORNOWAY / pg. 8
INTEGRA GOLD
other, except perhaps it’s much colder here in Canada,” he joked. Since 1901, the Abitibi belt has produced 156 million oz. gold from camps that include Kirkland Lake (24 million oz.), Timmins (71 million oz.) and Vald’Or (14 million oz.). Most of the gold deposits cluster around an easterly trending deformation zone called the “Cadillac fault.” “The Cadillac is the big kahuna in the
district,” he said. “It’s the major crustal suture zone that formed during the accretion of what is now North America onto an Archean core.” And the deformation it imposed was extensive. The impacted volcanics were tilted onto their side, shot through with countless shear zones, flushed green from metamorphism, and folded so extensively into an east–west grain that it would be impossible to trace their
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OCTOBER 5-11, 2015 / THE NORTHERN MINER
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Stornoway's resource rises at Renard STORNOWAY From pg. 7
The crusher under construction at Stornoway Diamond’s Renard diamond project in Quebec’s James Bay region.
STORNOWAY DIAMOND
then we lost the hole,” he says. “But that intersection on a horizontal basis is 47 metres across, and we realized that the intersection was actually from Renard 3. We had rediscovered Renard 3 at 1,000 metres. Now we have it at 1,000 metres and at almost twice the size than it was higher up ... we don’t know where Renard 3 is going, so now we’ll chase that.” For the first time, Stornoway has incorporated more than 4 million tonnes of lower-grade country rock breccia (CRB) from Renard 2 into the indicated category. “There is CRB at the top of the kimberlite that forms a big, high-tonnage halo that wraps around the kimberlite,” Manson explains. “The material is a highly diluted breccia that surrounds the kimberlite and forms part of the kimberlite emplacement event, and it has diamonds in it, but at a lower grade of 21 carats per hundred tonnes ... and by way of reference, that grade would be high-grade material in the context of an African mine, although it’s lower grade in the Canadian context. “We knew the stuff was there and that it had diamonds in it, and most of the 4 million tonnes is in the pit, and we’re already paying to take it out, it’s part of the stripping waste,” he says. “It also
“Each project – and each location – comes with its own set of regulations.”
represents a large part of the mining dilution that we expect to incur in the underground mine. Now that we’ve got a big enough data set to convert it from inferred to indicated, we can talk about it as incremental production.” The latest drill results have increased Renard’s total indicated resource by 11% to 30 million carats, and the company will incorporate the numbers into an updated mine plan. (Inferred resources stand at 13.35 million carats, and the company has classified another 27.8 million carats to 58.7 million carats as non-resource exploration upside.) Located 350 km north of Chibougamau in the James Bay region of northcentral Quebec, Renard is fully financed and permitted for developing an openpit and underground diamond mine. The operation could produce an average of 1.6 million carats a year (representing 2% of global diamond supply by value) at US$190 per carat, based on an assessment in March 2014 by WWW International Diamond Consultants. Stornoway is on schedule to commission the plant in the second half of 2016, with commercial production to follow in the second quarter of 2017, and full production in mid-2017. Prestripping at Renard 2 and Renard 3 kicked off in March, with concretepouring on major facilities in April. By the end of July, the company had developed 500 metres of the underground mine. “We’re the only major mine under construction in Eastern Canada,” Manson says, “and our ability to keep it on budget and on schedule [is based on] building it in a downcycle. We have the first pick of suppliers and we have the first pick of contractors.”
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Stornoway says total construction costs could come to $811 million, including all direct and indirect costs, escalation and contingency. The processing plant will operate at 6,000 tonnes per day, or 2.2 million tonnes per year, but could expand to 7,000 tonnes per day, or 2.6 million tonnes per year. The mine will be powered with liquefied natural gas generators. According to an optimized 2013 feasibility study and based on 17.9 million reserve carats, Renard’s after-tax net present value at a 7% discount rate works out to $391 million, with a 16.3% aftertax internal rate of return. Renard will be Canada’s first diamond mine with year-round road access, which will help lower costs, reduce operating risk and develop lower grade material later in its mine life. The road was developed between 2011 and 2014, under the auspices of Quebec’s Plan Nord. As for mining in Quebec, Manson says, it’s “a terrific jurisdiction for doing business, and we’ve always had great institutional support in the province.” 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_Oct 05 2015 Issue.indd 8
15-09-29 8:10 PM
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THE NORTHERN MINER / OCTOBER 5-11, 2015
9
Balmoral offers a new way to play the Detour trend ON THE GOLDEN TRAIL
| ‘Super flow-through’ financing keeps junior active in the Abitibi
BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER
A
ny investor on the lookout for a junior explorer offering base and precious metal exposure via emerging in-situ metal resources and strategic land positions, might take a second glance at Balmoral Resources (TSX: BAR; US-OTC: BALMF). The junior is just such a dual threat, thanks to a pair of discoveries on a land package that exceeds 700 sq. km across the Detour trend in west-central Quebec. The company is in the midst of a 20,000-metre drill program that encompasses its Grasset nickel-platinum group metals project and Bug Lake gold project, and it hopes to have resources out for both deposits next year. Balmoral had been mostly a gold play due to its Martiniere property, which hosts shear-fault style mineralization at its Bug Lake and West zones typical of gold deposits throughout the Abitibi region of Ontario and Quebec. The Bug Lake trend — discovered by the company in 2012 — features several subparallel gold-bearing zones along an early, frequently activated north–south fault system. Like deposits throughout the Abitibi, the discovery is characterized by higher grades, variable widths and silica-carbonate alteration. “The big shift for us has come in terms of making a decision on how to allocate our resources. We’ve been really fortunate to stay well financed and active,” said president and CEO Darin Wagner, who helmed West Timmins Mining before Lake Shore Gold (TSX: LSG; NYSEMKT: LSG) aquired it for $424 million in late 2009. “This decision has evolved as we determine whether to focus on high-grade gold, or the fairly rare beast that is our nickel sulphide discovery. We’ve opted to be more aggressive in the nickel space, because you look at the backdrop and see how few large projects there are in good jurisdictions with strong infrastructure,” he said. “We love our gold portfolio, but there is simply more competition with good gold projects, and we think we can move nickel faster so that the dollars in the ground generate better returns.” Exploration through early 2015 at Grasset has outlined a “significant zone” of nickel-copper-platinum-palladium mineralization at the southern end of the 16 km long Grasset ultramafic complex (GUC). Balmoral has drilled 35,000 metres at the project over the past 18
Balmoral Resources president and CEO Darin Wagner inspects core samples from the Detour Trend gold project in Quebec. BALMORAL RESOURCES
“WE HAVE TO KEEP THE ELEPHANT HUNT GOING.” DARIN WAGNER PRESIDENT AND CEO BALMORAL RESOURCES
months, and outlined the promising Horizon 3 (H3) zone that remains open to depth. The company recently wrapped up an infill and expansion drill initiative at Grasset that includes nearly 6,000 metres of drilling. The program initially focused on the outer margins of H3, though testing below previously defined lower margins has confirmed that the zone is open to depth, with “several broad intervals of sulphide mineralization” intercepted. Assays released in early September increased the down-plunge extent of H3 by over 30%, and hint at higher base and precious metal grades at depth within the larger system. Two holes drilled along the projected plunge of H3 cut nickel sulphide mineralization over down-hole widths of 119 metres and 86 metres. Highlights include: 43 metres grading 1.1% nickel, 0.1% copper, 0.2 gram
platinum per tonne and 0.49 gram palladium per tonne from 477 metres deep in hole 15-87; and 23 metres of 0.98% nickel, 0.1% copper, 0.16 gram platinum and 0.41 gram palladium from 562 metres deep in hole 15-90a. “It’s a traditional nickel sulphide system, so Grasset is akin to what you would see in the Raglan and Thompson belts,” Wagner said. “In terms of resource work the focus has really been on drilling out the edges, but we’ve also had good luck down underneath the core expanding the zone deeper. If we had 30 to 40 metres less overburden at H3, I don’t doubt we’d be looking at an open-pit mining scenario. At the moment, however, you’re likely dealing with a largertonnage underground, with good longhole potential.” The other priority at Grasset is metallurgical testing to determine the logistics and marketability of a polymetallic bulk concentrate, though Wagner wouldn’t rule out a separate, gold-rich concentrate due to the gold-bearing vein systems in the hanging and footwall. The property also hosts the lower-grade Horizon 1 (H1) zone, though the company’s initial resource will focus on the higher grades at H3. Balmoral isn’t turning its back on its exploration heritage, however, and will hunt for more ultramafic-hosted targets
along the GUC, since nickel sulphide discoveries like Grasset “rarely occur in isolation.” The company has drilled 1,400 metres to test more targets northwest of H3 and H1. Assay results are pending on three holes collared on a coincident magnetic and electromagnetic anomaly at the northwestern end of the Grasset trend on Balmoral’s Jeremie property, while another two holes were drilled on other geophysical targets. “We already know that 8 km away along trend from the infill area at H3 there are a cluster of nickel, copper and platinum group occurrences of similar metal tenure that indicate part-andparcel the same magmatic system,” Wagner said. “We drilled six holes up there ... and we’ve actually seen some sulphide mineralization in historic holes that weren’t sampled. Clearly that’s the next target area for us, and we’ve done the airborne and ground geophysics, so it’s set up for drilling. Once things are frozen it’s a nice, quick and cheap program to run,” he continued. Balmoral hasn’t lost its taste for gold either, and has completed a 5,000-metre drill program at Martiniere focused on the infill and expansion of the shallow part of four principal sub-parallel highgrade zones that comprise the Bug Lake gold trend. Highlights from that work included 38 metres of 4.16 grams gold per tonne from 74 metres deep in hole 15-184 and 9 metres of 17.7 grams gold from 119 metres deep in hole 15-188. Balmoral will test several geophysical targets that share similarities with the Bug Lake zones and the nearby Detour gold deposit. The work will follow up on a gold discovery in late 2014, 2 km northwest of Bug Lake. “We have two projects under delineation, but we’ve stuck to our guns to keep 10% of the budget towards exploration,”
Wagner said. “We refuse to give up on it, because we came up with the premise that on pretty much every major gold break on the Abitibi belt, there is at least one 5 million oz. high-grade deposit. If you look at similar geological settings around Hemlo and Red Lake, and even into Australia, that’s just the reality. We control so much ground up there that we have to keep the elephant hunt going, given the probability for discovery.” Balmoral has stayed busy despite tough markets partly because of Quebec’s “super flow-through” financing program. Provincial legislation gives investors up to a 150% deduction for certain qualifying exploration expenses. In late 2014 the company completed a $10-million private placement, issuing 5.9 million flow-through shares priced at $1.70 per share. Wagner says operating in Quebec offers a “huge advantage,” since the financing system gives Balmoral access to capital and controls dilution. He adds that the flow-through placements also help the company get shares into “more stable hands,” compared to traditional forms of equity financing. “We have at least two significant shareholders who are attached to the gold side of the equation, and long-term that’s definitely where we have the most upside, given where we are in the Abitibi,” Wagner said. “We can satisfy that desire and offer exposure with the precious metals, but we also have this base metal discovery that can drive value. It hasn’t taken a lot of money to advance Grasset, and if you look at the economics in terms of discovery costs for metal in the ground, the return has been really good.” Balmoral has traded within a 52-week window of 49¢ to $1.64, and closed at 51¢ per share at press time. The company had $7 million in working capital at press time, and has 110.4 million shares outstanding for a $56.3-million market capitalization. TNM
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TNM_Oct 05 2015 Issue.indd 9
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QUEBEC
OCTOBER 5-11, 2015 / THE NORTHERN MINER
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Integra Gold issues million-dollar challenge GOLD RUSH CHALLENGE
Integra Gold’s historic Sigma gold mine and processing plant in Val-d’Or, Quebec.
INTEGRA From pg. 7 undisturbed ever since — at least up until the turn of the 20th century, when miners stumbled upon the bounty of its low-hanging fruit. At the Val-d’Or district — French for the “Valley of Gold” — Teck Cominco dug out 4.6 million oz. gold within 24.2 million tonnes at grades of 5.9 grams gold per tonne between 1935 to 1985. At the adjacent Sigma mine, Placer Dome mined most of the 4.5 million oz. gold from 23.9 million tonnes at 5.8 grams gold down to 1,830 metres deep from 1937 to 1997. Another 488,293 oz. gold were produced until the mine was placed on care and maintenance in 2012. During these years, inquisitive geologists joined the miners in the march underground to map rock tunnels, collect samples and study veins to unravel the enigmatic formation of the deposits. Integra inherited 6 terabytes of data — including a drill hole database and
Schedule
Capsule geology
Release date: Sept. 16, 2015 Registrants to date: 750 from 60+ countries Partners: HeroX, LeapFrog, WSP, Amazon Web Services, Society of Economic Geologists Timeline: g Dec. 1, 2015, first-round submissions due g Jan. 15, 2016, top-20 finalists announced g Feb. 15, 2016, top-five finalists announced g PDAC 2016, winners awarded Prize Structure: g 1st place — $500,000 g 2nd place — $150,000 g 3rd place — $80,000 g 4th & 5th place — $50,000 g 6–20th place — $10,000 g Additional award for top-five non-finalists — $20,000
Tectonic belt: Abitibi greenstone belt Rock age: Archean, ~2.75 b.y.a. Stratigraphy: Malartic group Commodity: Gold Deposit Type: Orogenic gold Host: Metavolcanics/Intrusives Metamorphism: Greenschist, bt isograd, 1 km deep Deformation: 2.68 to 2.66 b.y.a. g D1: Tilting/folding of units g D2: Crustal shortening, N–S shortening, upright folds g D3: Transcurrent, NW–SE trending, asymmetric fold Fabric/Lineation: Subvertical E–W foliation/stretching downdip Gangue: +qtz, tm, cb +/- ser, py, po, sch, chl/bt, tellurides Alteration: Ca, CO2, Na, B, S, P Source: Gold Rush Challenge data
INTEGRA GOLD
underground workings — after acquiring the property out of bankruptcy in 2014. Over the past century, geologists have found that most mineralization at SigmaLamaque is within either ellipticalshaped intrusive plugs, or a network of dykes and sills “punching” up through the volcanics — all of which are cut by large-scale and steep, southern-dipping shear zones. “Rocks are certainly not homogenous, and they will shift, bend or break differently when subjected to strain,” Salamis said, adding that the intrusives were more prone to “shattering” than folding like the volcanics, "and that is a big control on how gold is distributed within the system.” Mineralized veins within the intrusives are shallowly dipping and run oblique to the large-trending shear zones, forming what’s called a classic “riedel” fracture pattern. Gold and quartz were also trapped and deposited along irregularities within
the shear zones, as fluids made their way through the system — though Salamis says the most “phenomenal” grades are seen where the two structures intersect. “When we were mining at Sigma, the 2012_Pro_TH_PC intersections betweenSMSJ_Sept the shears and the riedels were like jewellery boxes Equipment — there would beMobile gold hanging off the for walls underground,” he said. “There’s Safety and Productivity no way to know they were there until you drifted them, theysq ft Lant e into ocated tobecause a have limited strike and volume. When we drifted into one, the mine captain would come down, seal it off, put up a big padlock door and lock off the stope. You can literally make up a month’s work of production just from one of these stopes by sending a guy in there with a bucket and a hammer.” In more recent years, operators at the mines struggled with low grades as they SMSJ_Sept SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC battled against dilution and trying to Equipment forthe upper profitablyMobile mine via open pits Safety and Productivity reaches of the underground deposits. But Integra is focusing on larger Re-Located to a 50,000 sq.ftthe . PLant ! The core shack at Integra Gold’s Lamque gold project. INTEGRA GOLD mineralized shears at its Triangle zone deposit, 3 km south of the Lamaque mill. “The shear zones have been a real game-changer at the property — they’re a single structure with better continuity, and are well mineralized,” he said. “They’re beautiful from a mine perspective because you can long-hole stope it, whereas the riedel veins are more labour intensive because they’re flat.” GEORGE SALAMIS Since starting exploration at Triangle, CHAIRMAN, INTEGRA GOLD the company has outlined at least five He added that geochemistry is also a parallel-trending mineralized shears have returned 12.86 grams gold over Authorized that extend for 625 metres outside a 6 metres on a 125-metre step-out from struggle, considering that any alteration Toyota Landcruiser northern-dipping intrusive plug to a1.3-million tonne indicated resource associated with gold is mostly limited Dealerof 900 metres. at 10.4 grams gold per tonne for 441,580 to the veins themselves. vertical depths “There’s no massive alteration zone Recent drill results on the C4 shear oz. gold, and a 429,300-tonne inferred resource at 11 grams gold for 152,370 leading up to the vein … you only know oz. gold (using a 5-gram gold cut-off). you’re at the veins when you’ve literally But what George finds peculiar is the hit them,” he said. “If you could use Authorized Authorized gold distribution along subvertical by-product elements as a vector it’d be Toyota Toyota Landcruiser Landcruiser Dealer great, but it’s really tough.” shear zones. Dealer He underscored that what happens “The shears are well mineralized before they hit the intrusive, but above in one place doesn’t necessarily happen that they’re sort of average,” he said, in another. “It’s a large property and there’s a lot tracing his finger along a map. “It’s INTRODUCING THE NEWEST kind of like a weather system that hits of data that contradicts itself, so there’s a mountain range — on the lee side potential to find targeting criteria,” he MID-RANGE UTILITY VEHICLE the air has been stripped of its moisture, said. “We’re casting open the dataset whereas here the gold was fed into the because it’ll get some fresh eyes on the INTRODUCING THE NEWEST science.” intrusive by the shears.” MID-RANGE UTILITY VEHICLE He says another exploration strategy Participants can submit a “highwill be to follow the mineralized shears conviction” exploration plan to Integra to where they intersect more intrusive by Dec. 1. After this, a panel of judges bodies, in the hopes of finding more will determine the winners and the deposits like Sigma-Lamaque. Fortu- results will be presented at the ProspecFIVE TON nately, he said, that kind of intrusive tors & Developers Association of FIVE TON pops up in a geophysical survey like a Canada convention held next March FIVE YEAR WARRANTY FIVE YEAR WARRANTY in Toronto. bullseye. Sales & Serviceis proving to be one of the Sales && Rental Rental && Service ServiceSales & Rental Salamis says contestants should “stick “Magnetics Phone: Phone: (705) (705) 476-4500 476-4500 Phone: (705) 476-4500 Email: Email: mtsales@millertechnology.com mtsales@millertechnology.com with submitting an idea.” few useful tools for exploration on the Email: mtsales@millertechnology.com Website: www.millertechnology.com Website: www.millertechnology.com Website: www.millertechnology.com property,” he said. “Induced polarization “When Goldcorp did a similar chaldoesn’t work because there’s little to no lenge in 2000, there were just a few Sales & Rental & Service Phone: (705) 476-4500 sulphide, and resistivity doesn’t work submissions,” he said. “The odds could Email: mtsales@millertechnology.com either, because there’s not enough quartz be in your favour — so give us your Website: www.millertechnology.com to show up as an anomaly.” best ideas.” TNM
R -L
50,000 . . P
!
“THE INTERSECTIONS BETWEEN THE SHEARS AND THE RIEDELS WERE LIKE JEWELLERY BOXES — THERE WOULD BE GOLD HANGING OFF THE WALLS UNDERGROUND.”
x 5 5x5 5
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THE NORTHERN MINER / OCTOBER 5-11, 2015
GLOBAL MINING NEWS
MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: SEPTEMBER 18 - 24, 2015
A Abacus Mng&Ex V 7624 0.08 0.07 0.07 0.00 0.09 0.03 Abcourt Mines V 19861 0.04 0.04 0.04 - 0.01 0.07 0.03 Aben Res V 1521 0.07 0.06 0.07 - 0.01 0.33 0.06 Aberdeen Intl T 146 0.12 0.11 0.12 + 0.01 0.20 0.11 Abitibi Royalt V 325 2.50 2.31 2.38 - 0.01 5.10 1.53 Adamera Mnls V 1833 0.03 0.03 0.03 0.00 0.07 0.03 Adriana Res V 2468 0.09 0.08 0.09 0.00 0.19 0.08 Adventure Gold V 1623 0.14 0.11 0.13 - 0.01 0.18 0.06 African Gold G V 2901 0.05 0.04 0.04 - 0.01 0.10 0.04 African Queen V 2030 0.03 0.02 0.02 - 0.01 0.03 0.01 Africo Res T 75 0.41 0.37 0.41 0.00 0.43 0.30 Agnico-Eagle* N 195864 25.87 22.75 25.76 + 1.46 34.89 21.00 Agnico-Eagle T 53315 34.44 30.22 34.28 + 2.32 43.70 25.05 Agrium* N 9684 101.54 89.35 92.39 - 9.88 116.77 82.04 Agrium T 35597 132.83 119.43 123.02 - 11.63 146.51 92.81 Aguila Am Res V 1290 0.08 0.05 0.05 - 0.01 0.13 0.03 Alabama Graph V 4294 0.23 0.19 0.19 - 0.02 0.35 0.14 Alacer Gold T 89345 3.23 2.88 2.99 - 0.07 3.23 1.77 Alamos Gold* N 104044 4.78 3.89 4.19 - 0.35 9.07 2.98 Alamos Gold T 32117 6.21 5.17 5.58 - 0.36 10.31 3.90 Alberta Star V 1227 0.04 0.03 0.04 + 0.01 0.08 0.02 Alcoa* N 1186496 10.10 8.86 9.18 - 0.77 17.75 7.97 Alderon Irn O* X 1447 0.16 0.15 0.15 - 0.01 0.93 0.13 Alderon Iron O T 1012 0.21 0.19 0.20 0.00 1.03 0.17 Aldershot Res V 200 0.01 0.01 0.01 0.00 0.05 0.01 Aldridge Minls V 445 0.17 0.16 0.17 - 0.01 0.29 0.16 Aldrin Res V 961 0.14 0.11 0.11 - 0.03 0.30 0.11 Alexander Nubi V 180 0.09 0.08 0.09 + 0.01 0.28 0.06 Alexandria Mnl V 1231 0.03 0.03 0.03 0.00 0.07 0.03 Alexco Res T 2482 0.64 0.55 0.62 + 0.01 1.09 0.34 Alexco Res* X 10257 0.49 0.42 0.46 - 0.03 0.91 0.26 Alix Res V 755 0.05 0.05 0.05 - 0.01 0.20 0.03 Alliance Mng V 5416 0.01 0.01 0.01 0.00 0.06 0.01 Alliance Rs P* Q 14140 25.36 23.65 23.87 - 0.85 50.02 19.95 Alloycorp V 3782 0.03 0.02 0.02 0.00 0.10 0.02 Almaden Mnls* X 2373 0.56 0.52 0.53 - 0.00 1.37 0.48 Almaden Mnls T 797 0.74 0.67 0.72 + 0.03 1.76 0.65 Almonty Ind V 1321 0.69 0.47 0.61 + 0.05 0.86 0.47 Alphamin Res V 480 0.21 0.21 0.21 - 0.01 0.32 0.11 Altair Vent V 26 0.12 0.12 0.12 + 0.04 0.60 0.06 Altima Res V 2525 0.02 0.02 0.02 - 0.01 0.06 0.01 Altiplano Mnls V 140 0.06 0.05 0.05 - 0.01 0.06 0.02 Altius Mnrls T 2837 11.86 11.43 11.64 - 0.09 15.47 9.86 Alto Vent V 164 0.04 0.04 0.04 0.00 0.10 0.04 Alum Cp China* N 764 8.57 7.85 7.99 - 0.54 17.44 7.20 Am Creek Res V 6767 0.05 0.04 0.04 - 0.01 0.10 0.03 Amarc Res V 1975 0.10 0.09 0.09 + 0.01 0.18 0.07 Amarillo Gold V 743 0.13 0.09 0.10 - 0.03 0.15 0.04 American Manga V 529 0.02 0.01 0.01 0.00 0.04 0.01 American Vanad V 1056 0.09 0.08 0.09 0.00 0.57 0.05 Amerigo Res T 1466 0.27 0.23 0.27 + 0.02 0.45 0.22 Amex Expl V 509 0.04 0.03 0.03 - 0.01 0.09 0.03 AMI Res V 48 0.06 0.06 0.06 - 0.01 0.06 0.01 Anaconda Mng T 5001 0.04 0.04 0.04 0.00 0.07 0.04 Anfield Nickel V 175 0.75 0.72 0.72 0.00 1.02 0.65 Anfield Res V 140 0.17 0.13 0.13 - 0.03 0.52 0.07 Angel Gold V 88 0.06 0.05 0.05 0.00 0.10 0.02 Angkor Gold V 5636 0.45 0.38 0.45 - 0.01 0.64 0.33 Anglo Pac Grp T 3 1.50 1.50 1.50 + 0.25 3.48 1.00 Anglo-Can Mng V 4978 0.02 0.01 0.01 - 0.01 0.02 0.01 AngloGold Ash* N 183729 8.60 7.82 8.38 + 0.13 13.37 5.64 Antioquia Gold V 755 0.05 0.04 0.04 0.00 0.07 0.01 Antofagasta Gd V 2461 0.25 0.23 0.25 + 0.02 0.25 0.09 Apogee Silver V 43 0.58 0.41 0.43 - 0.04 0.65 0.18 AQM Copper V 1400 0.04 0.04 0.04 - 0.01 0.10 0.04 Aquila Res T 820 0.14 0.13 0.13 - 0.01 0.19 0.09 Arch Coal* N 134782 4.43 2.74 3.81 + 0.19 29.30 1.00 Arctic Hntr Ur V 3130 0.05 0.03 0.03 - 0.01 0.06 0.02 Arctic Star Rs V 3380 0.03 0.03 0.03 0.00 0.07 0.03 Arcturus Res V 37 0.01 0.01 0.01 0.00 0.03 0.01 Arcus Dev Grp V 760 0.02 0.02 0.02 0.00 0.04 0.01 Argentex Mng V 866 0.05 0.04 0.04 0.00 0.08 0.02 Argentum Silvr V 915 0.06 0.03 0.05 + 0.03 0.09 0.02 Argex Titanium T 9043 0.12 0.09 0.10 0.00 0.72 0.09 Argonaut Gold T 27684 1.43 1.26 1.35 - 0.01 4.27 1.14 Argus Metals V 10 0.02 0.02 0.02 - 0.01 0.11 0.02 Arian Silver V 2339 0.20 0.17 0.19 0.00 0.75 0.14 Arianne Phosph V 7367 0.93 0.81 0.88 + 0.06 1.02 0.51 Armistice Res T 7765 0.29 0.23 0.25 - 0.04 0.52 0.22 Aroway Mnls V 1840 0.01 0.01 0.01 0.00 0.22 0.01 ASA (Bermuda)* N 1836 8.46 7.58 8.13 - 0.08 12.77 7.15 Asanko Gold T 56353 2.23 1.93 2.08 - 0.08 2.80 1.50 Asanko Gold* X 658 1.70 1.45 1.55 - 0.10 2.50 1.26 Ascot Res V 640 1.47 1.32 1.44 + 0.04 2.13 1.01 Ashburton Vent V 79284 0.02 0.02 0.02 0.00 0.03 0.01 Asher Res V 142 0.03 0.02 0.03 0.00 0.08 0.02 AsiaBaseMetals V 120 0.05 0.05 0.05 + 0.03 0.20 0.04 Asian Minl Res V 31 0.04 0.04 0.04 - 0.01 0.08 0.03 Aston Bay V 300 0.15 0.14 0.14 - 0.01 0.17 0.08 Astur Gold V 2700 0.02 0.01 0.01 - 0.01 0.26 0.01 Atac Res V 3641 0.49 0.41 0.47 - 0.03 0.79 0.31 Atacama Pac Gd V 48 0.18 0.17 0.18 + 0.03 0.71 0.14 Athabasca Mnls V 908 0.30 0.28 0.29 - 0.01 2.44 0.28 Atico Mng V 1748 0.38 0.35 0.37 + 0.01 0.79 0.35 Atlanta Gold V 110 0.08 0.07 0.07 - 0.01 0.30 0.05 Atna Res Ltd T 2262 0.07 0.06 0.07 0.00 0.12 0.06 Augen Gold V 371 0.02 0.01 0.02 + 0.01 0.06 0.01 Augyva Mng V 615 0.10 0.09 0.10 0.00 0.15 0.07 Aura Mnls T 2013 0.08 0.07 0.08 + 0.01 0.12 0.06 Aurcana Corp V 2834 0.15 0.14 0.15 0.00 0.47 0.13 Aureus Mng T 298 0.40 0.38 0.38 + 0.01 0.83 0.27 Aurion Res V 5360 0.05 0.05 0.05 0.00 0.08 0.03 Aurvista Gold V 1664 0.09 0.07 0.08 + 0.02 0.11 0.03 Avala Res V 20 0.04 0.04 0.04 + 0.01 0.20 0.03 Avalon Rare M* X 14933 0.12 0.10 0.10 - 0.02 0.41 0.10 Avalon Rare Mt T 5430 0.17 0.13 0.14 - 0.03 0.48 0.13 Avino Silver V 331 1.39 1.25 1.35 + 0.06 2.40 1.15 Avino Silver* X 3080 1.06 0.94 1.02 + 0.04 1.97 0.90 Avnel Gold T 84 0.23 0.20 0.21 - 0.03 0.31 0.14 Avrupa Mnls V 3450 0.14 0.11 0.13 + 0.02 0.40 0.07 Azimut Expl V 224 0.18 0.15 0.15 - 0.01 0.32 0.13 Azincourt Res V 497 0.04 0.04 0.04 0.00 0.36 0.03
B B2Gold* X 173511 B2Gold T 147537 Bacanora Mnls V 2907 Baja Mng V 930 Balmoral Res T 5920 Bandera Gold V 360 Banks Island G V 7941 Bannerman Res T 204 Banro T 10245 Banro* X 34400 Banyan Gold V 360 Bard Vent V 121 Barisan Gold V 606 Barkerville Go V 3060 Barrick Gold* N 1126514 Barrick Gold T 243939 Batero Gold V 595 Bayswater Uran V 735 BCGold V 805 BCM Res V 940 Bear Creek Mng V 5767 Beaufield Res V 940 Bell Copper V 1050 Belmont Res V 127 Belo Sun Mng T 26437 Benton Res V 3580 Berkwood Res V 1700 BHP Billi-BBL* N 80805 BHP Billi-BHP* N 132748 Big North Grap V 1050
TNM_Oct 05 2015 Issue.indd 11
1.27 1.11 1.18 - 0.04 2.38 0.98 1.66 1.48 1.58 - 0.04 2.88 1.30 2.04 1.65 1.82 - 0.08 2.05 0.56 0.02 0.02 0.02 0.00 0.06 0.02 0.57 0.50 0.51 - 0.04 1.67 0.49 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.02 0.03 - 0.01 0.42 0.02 0.03 0.03 0.03 0.00 0.09 0.03 0.26 0.24 0.24 - 0.01 0.47 0.13 0.20 0.18 0.18 - 0.01 0.40 0.12 0.03 0.03 0.03 - 0.01 0.10 0.02 0.02 0.02 0.02 + 0.01 0.05 0.01 0.02 0.02 0.02 0.00 0.17 0.02 0.24 0.21 0.23 0.00 0.40 0.11 7.01 5.91 6.56 - 0.28 16.32 5.91 9.16 7.89 8.72 - 0.27 18.20 7.89 0.08 0.07 0.07 0.00 0.11 0.06 0.03 0.03 0.03 + 0.01 0.08 0.02 0.01 0.01 0.01 - 0.01 0.03 0.01 0.05 0.05 0.05 - 0.01 0.06 0.02 0.71 0.58 0.66 + 0.04 2.58 0.58 0.05 0.04 0.04 0.00 0.08 0.03 0.04 0.03 0.03 - 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.10 0.03 0.19 0.17 0.19 + 0.01 0.30 0.11 0.05 0.05 0.05 - 0.01 0.06 0.03 0.01 0.01 0.01 + 0.01 0.07 0.01 34.48 31.02 31.61 - 2.99 56.71 30.24 35.23 31.61 32.29 - 3.09 61.08 31.59 0.04 0.04 0.04 - 0.01 0.70 0.03
11
S TO C K TA BL E S BioteQ Env T 148 Bison Gold Res V 680 Bitterroot Res V 600 Black Iron T 4430 Blue Rvr Res V 3130 Blue Sky Uran V 1282 Bluestone Res V 15 BMO Jr Gld ETF T 938 Bold Vent V 1030 Bonterra Res V 1648 Bowmore Expl V 12811 Bravada Gold V 240 Brazil Res V 2310 Brixton Mtls V 90 Burnstone Vent V 26564
0.03 0.03 0.03 0.00 0.06 0.02 0.01 0.01 0.01 + 0.01 0.04 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.04 0.04 - 0.01 0.12 0.02 0.05 0.04 0.05 + 0.01 0.06 0.03 0.08 0.05 0.08 + 0.02 0.26 0.05 0.09 0.09 0.09 + 0.02 0.25 0.05 5.25 4.85 5.15 + 0.05 7.65 4.45 0.03 0.03 0.03 0.00 0.07 0.03 0.21 0.17 0.17 - 0.03 0.43 0.09 0.03 0.03 0.03 0.00 0.11 0.03 0.03 0.03 0.03 0.00 0.07 0.02 0.56 0.50 0.56 + 0.05 0.87 0.43 0.12 0.08 0.12 + 0.04 0.26 0.06 0.02 0.01 0.02 + 0.01 0.04 0.01
Cabot Corp* N 16875 Cache Expl V 744 Cadillac Vent V 5492 Caledonia Mng T 2478 Calibre Mng V 3440 Calico Res V 430 Callinex Mines V 1304 Cameco Corp* N 104598 Cameco Corp T 78962 Camino Mnls V 165 Canada Carbon V 7455 Canada Rare Ea V 7363 Canada Zinc Mt V 1854 Canadn Int Mnl V 90 Canadn Mining V 2501 Canadn Orebods V 518 Canadn Plat V 3210 Canadn Zinc T 9747 Canaf Group V 1000 Canamex Res V 910 Canarc Res T 1353 Canasil Res V 5730 Cancana Res V 3354 Candente Coppr T 7315 CaNickel Mng T 100 Canoe Mng Vnt V 60 Canstar Res V 129 Canterra Mnls V 520 Cantex Mn Dev V 51 Canuc Res V 350 Capstone Mng T 81939 Caracara Silvr V 30000 Cardero Res T 2760 Caribou King R V 4819 Carlin Gold V 10733 Carlisle Goldf T 2116 Carmax Mng V 100 Cassidy Gold V 2625 Castillian Res V 32 Catalyst Coppr V 34 Caza Gold V 100 CB Gold V 11465 Centamin T 1625 Centerra Gold T 71378 Central Fund* X 25713 Central Fund T 2647 Central Gold-T T 74 Central GoldT* X 3434 Central Iron O V 920 Centurion Mnls V 240 Chalice Gold M T 730 Challenger Dee V 2050 Champion Bear V 250 Champion Iron T 1884 Chesapeake Gld V 226 Chiboug Ind Mn V 30 Chilean Gold V 210 Chimata Gold V 11 China Gold Int T 15158 China Mnls Mng V 6630 Claim Post Res V 150 Claude Res T 14095 Cliffs Nat Rs* N 246373 Clifton Star V 155 Cloud Peak En* N 41856 CMC Metals V 22400 Codrington Res V 346 Coeur Mng* N 293723 Colibri Res V 1963 Colombia Crest V 192 Colombian Mins V 380 Colonial Coal V 4600 Colorado Res V 943 Colt Res V 733 Columbus Gold V 1508 Commander Res V 1170 Commerce Res V 11104 Compass Mnls* N 2994 Compliance Eny V 430 Comstock Mng* X 7870 Comstock Mtls V 1340 Condor Res V 100 Confedertn Mls V 4730 Conquest Res V 80 Cons Woodjam C V 520 Consol Energy* N 347154 Constant Mtl R V 1919 Contintl Gold T 29140 Contl Precious T 31 Copper Ck Gold V 96 Copper Fox Mtl V 5024 Copper Mtn Mng T 31568 Copper North M V 1767 Copper One V 1000 Coral Gold V 415 Corazon Gold V 8 Cordoba Mnls V 2557 Corex Gold V 40 Cornerstone Ca V 6099 Coro Mining T 2968 Coronado Res V 58 Corsa Coal V 1400 Corvus Gold T 466 Cougar Mnls V 150 Crazy Horse Rs V 2740 Cresval Cap V 810 Critical Elem V 6724 Crown Gold V 1605 Currie Rose Rs V 1230 CVR Partners* N 3679
34.50 31.13 32.25 - 2.28 55.68 31.10 0.15 0.13 0.13 - 0.02 0.27 0.05 0.03 0.03 0.03 + 0.01 0.20 0.02 0.78 0.72 0.77 0.00 1.12 0.54 0.11 0.09 0.11 + 0.01 0.20 0.08 0.12 0.09 0.09 - 0.03 0.19 0.06 0.37 0.31 0.36 - 0.01 0.40 0.16 13.75 11.94 12.35 - 1.36 19.97 11.94 17.95 15.97 16.43 - 1.63 22.46 15.97 0.09 0.07 0.09 - 0.01 0.26 0.03 0.28 0.25 0.27 + 0.01 0.32 0.18 0.04 0.03 0.03 0.00 0.11 0.03 0.23 0.18 0.19 + 0.01 0.49 0.18 0.02 0.01 0.01 - 0.01 0.05 0.01 0.12 0.08 0.08 - 0.02 0.24 0.05 0.03 0.02 0.02 + 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.09 0.08 0.09 + 0.01 0.32 0.08 0.07 0.07 0.07 0.00 0.09 0.04 0.05 0.04 0.04 - 0.01 0.20 0.04 0.07 0.06 0.07 + 0.01 0.10 0.03 0.04 0.03 0.04 + 0.01 0.08 0.03 0.24 0.20 0.23 + 0.02 0.32 0.15 0.05 0.05 0.05 - 0.01 0.22 0.05 0.14 0.10 0.10 + 0.02 0.44 0.08 0.04 0.04 0.04 0.00 0.24 0.02 0.06 0.06 0.06 0.00 0.10 0.03 0.05 0.05 0.05 - 0.01 0.11 0.04 0.04 0.04 0.04 0.00 0.09 0.03 0.08 0.06 0.06 - 0.02 0.35 0.06 0.60 0.48 0.49 - 0.13 2.57 0.48 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.02 0.03 + 0.01 0.07 0.01 0.11 0.10 0.11 + 0.01 0.22 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.24 0.21 0.22 - 0.01 0.42 0.13 0.03 0.03 0.03 0.00 0.11 0.03 0.02 0.02 0.02 - 0.01 0.06 0.02 0.03 0.03 0.03 0.00 0.20 0.01 0.23 0.14 0.15 - 0.01 0.54 0.11 0.03 0.03 0.03 0.00 0.09 0.03 0.07 0.06 0.06 - 0.01 0.14 0.03 1.34 1.27 1.30 + 0.03 1.35 0.80 7.87 7.12 7.82 + 0.48 7.98 3.96 11.23 10.87 11.19 + 0.10 13.73 10.15 14.95 14.45 14.87 + 0.26 16.89 12.52 55.00 51.87 54.70 + 3.95 57.25 42.50 41.26 39.61 40.92 + 1.98 46.73 37.22 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.02 0.02 + 0.01 0.08 0.01 0.10 0.10 0.10 - 0.02 0.15 0.08 0.22 0.18 0.19 - 0.03 0.22 0.05 0.07 0.05 0.07 + 0.01 0.19 0.05 0.17 0.15 0.16 + 0.01 0.27 0.07 1.51 1.40 1.51 + 0.01 3.12 1.40 0.03 0.02 0.02 - 0.01 0.05 0.02 0.04 0.04 0.04 - 0.01 0.09 0.02 0.06 0.06 0.06 + 0.02 0.19 0.01 2.08 1.86 2.05 - 0.01 3.40 1.30 0.01 0.01 0.01 - 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.13 0.01 0.65 0.60 0.64 + 0.01 0.78 0.19 3.17 2.48 2.73 - 0.47 15.15 2.28 0.15 0.14 0.14 - 0.01 0.25 0.06 2.95 2.49 2.66 - 0.37 13.95 2.49 0.04 0.03 0.03 - 0.01 0.08 0.03 0.07 0.04 0.06 - 0.01 0.15 0.03 3.37 2.71 3.12 - 0.16 7.45 2.52 0.03 0.01 0.02 - 0.06 0.23 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.04 0.04 - 0.01 0.19 0.04 0.05 0.04 0.04 - 0.01 0.16 0.04 0.08 0.07 0.08 + 0.01 0.18 0.06 0.17 0.13 0.17 + 0.02 0.30 0.05 0.40 0.35 0.38 + 0.04 0.55 0.31 0.02 0.02 0.02 + 0.01 0.04 0.02 0.10 0.08 0.08 - 0.02 0.27 0.07 84.62 77.69 78.93 - 6.00 95.68 77.69 0.09 0.08 0.08 - 0.01 0.40 0.04 0.70 0.61 0.70 + 0.06 1.36 0.35 0.03 0.03 0.03 - 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.09 0.02 0.04 0.04 0.04 - 0.01 0.12 0.03 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.03 0.03 - 0.01 0.09 0.02 13.29 10.38 10.88 - 2.65 42.26 10.38 0.13 0.11 0.11 + 0.01 0.23 0.07 2.11 1.86 1.98 - 0.07 3.72 1.61 0.31 0.30 0.31 + 0.01 0.71 0.30 0.07 0.06 0.06 0.00 0.07 0.03 0.17 0.15 0.16 0.00 0.37 0.10 0.60 0.45 0.49 - 0.10 2.77 0.45 0.04 0.04 0.04 + 0.01 0.09 0.04 0.01 0.01 0.01 + 0.01 0.07 0.01 0.12 0.09 0.11 - 0.01 0.21 0.06 0.18 0.18 0.18 - 0.01 0.38 0.09 0.11 0.10 0.11 0.00 0.39 0.08 0.03 0.03 0.03 0.00 0.09 0.03 0.03 0.03 0.03 0.00 0.11 0.02 0.03 0.03 0.03 0.00 0.08 0.02 0.25 0.20 0.25 + 0.05 1.16 0.20 0.06 0.05 0.06 + 0.01 0.27 0.05 0.46 0.39 0.42 - 0.03 1.35 0.38 0.05 0.05 0.05 + 0.01 0.30 0.03 0.02 0.02 0.02 0.00 0.03 0.01 0.05 0.05 0.05 0.00 0.06 0.01 0.26 0.22 0.22 - 0.04 0.40 0.16 0.05 0.04 0.05 + 0.02 0.14 0.03 0.02 0.01 0.01 0.00 0.02 0.01 11.35 9.87 10.15 - 1.21 16.12 8.52
Dajin Res V 17574 Dalradian Res T 8947 Dalton Res Ltd V 460 Darnley Bay V 180 Decade Res V 3500 Defiance Silvr V 3090 Dejour Enterp T 232 Dejour Enterp* X 1461 Denison Mines T 25752 Denison Mines* X 3089 Desert Star V 1655 Detour Gold T 70958 Diagnos V 5037 Diamcor Mng V 220 Diamond Fields V 30 Dios Expl V 1457 Discovery Harb V 390
0.13 0.11 0.12 0.00 0.16 0.04 0.80 0.72 0.78 - 0.01 1.16 0.46 0.15 0.13 0.15 0.00 0.38 0.11 0.02 0.02 0.02 0.00 0.13 0.02 0.03 0.02 0.02 - 0.01 0.14 0.02 0.09 0.07 0.08 0.00 0.19 0.07 0.14 0.14 0.14 0.00 0.31 0.11 0.11 0.10 0.10 - 0.01 0.28 0.08 0.59 0.52 0.53 - 0.05 1.39 0.52 0.45 0.39 0.40 - 0.04 1.26 0.39 0.13 0.13 0.13 0.00 0.24 0.12 14.89 13.36 14.29 + 0.09 16.37 6.02 0.07 0.06 0.06 - 0.01 0.11 0.04 1.05 0.90 0.90 - 0.12 1.45 0.90 0.02 0.02 0.02 + 0.01 0.05 0.01 0.10 0.06 0.09 + 0.02 0.10 0.04 0.03 0.03 0.03 0.00 0.11 0.02
C
D-F
Discovery Vent V 75809 Discovery-Corp V 2885 DNI Metals V 104 Dolly Vard Sil V 738 Dominion Diam* N 7630 Dominion Diam T 17348 Dorex Minls V 1750 Doubleview Cap V 2194 Dundee Prec Mt T 7121 Duran Vent V 5080 Durango Res V 475 Dynacor Gold M T 685 Dynasty Met&Mn T 865 Eagle Plains V 952 East Asia Mnls V 5826 Eastern Platin T 3855 Eastfield Res V 521 Eastmain Res T 4544 Eco Oro Mnls T 211 Ecuador G & C V 9464 El Nino Vent V 1000 El Tigre Silvr V 1520 Eldorado Gold* N 96815 Eldorado Gold T 220343 Electra Gold V 3019 Eloro Minls V 10 Ely Gold & Mnl V 421 Emed Mining T 170 Emerick Res V 307 Emgold Mng V 60 Encanto Potash V 5857 Endeavour Mng T 51844 Endeavr Silver T 2972 Endeavr Silve* N 6932 Energizer Res T 5631 Energold Drill V 745 Energy Fuels T 1308 Entourage Mtls V 1995 Entree Gold* X 2836 Entree Gold T 7454 Equitas Res V 75754 Equitorial Exp V 265 Erdene Res Dev T 507 Erin Ventures V 1740 Eskay Mng V 1780 Ethos Gold V 1746 Eurasian Minls V 189 Eurasian Mnls* X 915 EurOmax Res V 523 Everton Res V 68 Evolving Gold C 58 Evrim Res V 370 Excalibur Res C 1002 Excellon Res T 876 Excelsior Mng V 3080 Exeter Res* X 1176 Exeter Res T 1493 Explor Res V 2327 Faircourt Gold T 2147 Fairmont Res V 450 Falco Res V 4144 Falcon Gold V 100 Fancamp Expl V 1010 Fieldex Expl V 5821 Finlay Minrls V 300 Firebird Res V 80 Firestone Vent V 20 First Bauxite V 20 First Lithium V 65 First Majesti* N 160496 First Majestic T 36390 First Mexican V 5411 First Point T 180 First Quantum T 351063 Fission 3.0 V 5762 Flinders Res V 1314 Focus Graphite V 6034 Focus Vnt V 784 Foraco Intl T 35 Foran Mng V 2225 Formation Mtls T 753 Forsys Metals T 484 Fortuna Silver T 66203 Fortuna Silvr* N 14153 Fortune Bay T 82 Fortune Mnrls T 11432 Forum Uranium V 2569 Franco-Nevada* N 61469 Franco-Nevada T 30149 Freegold Vent T 31 Freeport McMo* N 2835585 Frontier Rr Er T 2510 Frontline Gold V 8200
0.17 0.14 0.16 - 0.01 0.34 0.09 0.04 0.04 0.04 + 0.01 0.14 0.03 0.10 0.09 0.09 0.00 0.45 0.06 0.19 0.15 0.19 0.00 1.25 0.11 11.05 9.92 10.06 - 0.96 20.30 9.92 14.55 13.23 13.40 - 1.09 24.60 13.23 0.03 0.03 0.03 0.00 0.10 0.02 0.13 0.11 0.11 0.00 0.25 0.07 2.48 2.25 2.38 - 0.09 5.31 1.93 0.03 0.02 0.02 - 0.01 0.04 0.01 0.04 0.04 0.04 - 0.01 0.08 0.03 1.65 1.50 1.52 - 0.08 2.59 1.30 0.47 0.42 0.45 - 0.01 1.37 0.40 0.05 0.05 0.05 + 0.01 0.08 0.05 0.02 0.01 0.02 0.00 0.04 0.01 1.27 0.98 1.08 - 0.20 2.26 0.79 0.02 0.02 0.02 0.00 0.05 0.02 0.35 0.32 0.33 - 0.02 0.62 0.17 0.64 0.59 0.64 + 0.02 0.95 0.14 0.02 0.01 0.02 + 0.01 0.08 0.01 0.02 0.02 0.02 0.00 0.06 0.02 0.07 0.06 0.06 - 0.02 0.30 0.06 3.20 2.87 3.20 + 0.18 7.99 2.45 4.26 3.83 4.25 + 0.26 9.68 3.26 0.08 0.06 0.06 - 0.02 0.14 0.05 0.11 0.11 0.11 - 0.01 0.20 0.04 0.06 0.05 0.06 0.00 0.10 0.03 0.07 0.07 0.07 0.00 0.14 0.06 0.14 0.13 0.13 - 0.01 0.30 0.13 0.01 0.01 0.01 0.00 0.03 0.01 0.08 0.07 0.08 0.00 0.16 0.04 0.63 0.57 0.59 - 0.03 0.87 0.38 2.23 2.01 2.17 + 0.02 5.84 1.64 1.70 1.51 1.64 0.00 5.02 1.25 0.06 0.05 0.06 + 0.01 0.22 0.05 0.70 0.59 0.61 - 0.09 1.60 0.51 4.58 4.03 4.21 - 0.30 9.00 3.74 0.08 0.06 0.07 + 0.01 0.22 0.03 0.40 0.30 0.36 + 0.04 0.51 0.08 0.53 0.41 0.44 + 0.03 0.66 0.18 0.20 0.16 0.18 + 0.01 0.22 0.03 0.09 0.09 0.09 + 0.01 0.26 0.07 0.12 0.11 0.11 0.00 0.17 0.09 0.06 0.06 0.06 + 0.01 0.10 0.04 0.15 0.10 0.11 + 0.01 0.20 0.01 0.23 0.18 0.20 + 0.01 0.23 0.11 0.66 0.59 0.63 0.00 0.97 0.53 0.51 0.43 0.48 - 0.03 0.89 0.40 0.40 0.35 0.35 0.00 0.57 0.17 0.03 0.03 0.03 0.00 0.07 0.02 0.06 0.06 0.06 - 0.01 0.21 0.01 0.14 0.12 0.14 - 0.02 0.29 0.11 0.01 0.01 0.01 + 0.01 0.07 0.01 0.43 0.38 0.40 - 0.04 1.22 0.34 0.24 0.22 0.23 + 0.01 0.39 0.19 0.38 0.33 0.35 - 0.02 0.79 0.33 0.50 0.42 0.46 - 0.04 0.90 0.42 0.05 0.05 0.05 + 0.01 0.09 0.04 2.70 2.52 2.64 + 0.02 4.38 2.42 0.07 0.06 0.06 0.00 0.30 0.05 0.33 0.29 0.31 - 0.01 0.70 0.29 0.04 0.04 0.04 0.00 0.25 0.03 0.04 0.04 0.04 0.00 0.06 0.03 0.01 0.01 0.01 - 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.05 0.02 0.02 0.02 0.02 - 0.01 0.05 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.05 0.05 0.00 0.10 0.04 0.30 0.30 0.30 0.00 0.48 0.18 3.37 2.94 3.29 + 0.10 8.97 2.66 4.40 3.93 4.37 + 0.16 10.16 3.54 0.05 0.03 0.04 0.00 0.05 0.02 0.08 0.07 0.07 - 0.01 0.09 0.04 7.40 5.23 5.54 - 2.05 23.20 5.23 0.09 0.07 0.08 - 0.01 0.14 0.06 0.34 0.25 0.26 - 0.07 0.76 0.12 0.13 0.11 0.13 + 0.01 0.55 0.10 0.20 0.18 0.18 - 0.01 0.29 0.16 0.24 0.24 0.24 + 0.02 0.77 0.15 0.14 0.12 0.12 - 0.02 0.48 0.10 0.13 0.12 0.12 - 0.01 0.22 0.09 0.16 0.12 0.16 + 0.01 0.36 0.12 3.25 3.00 3.16 + 0.10 6.30 2.65 2.45 2.25 2.38 + 0.03 5.25 2.00 0.31 0.31 0.31 0.00 0.43 0.24 0.04 0.03 0.04 + 0.01 0.29 0.02 0.07 0.05 0.05 0.00 0.16 0.05 44.79 41.77 44.57 + 0.94 58.84 38.20 59.50 55.49 59.31 + 1.86 74.10 49.96 0.12 0.12 0.12 - 0.01 0.24 0.07 11.43 9.57 9.99 - 2.06 34.42 7.76 0.09 0.08 0.08 - 0.01 0.35 0.08 0.01 0.01 0.01 0.00 0.01 0.01
Gabriel Res T 116610 Galane Gold V 725 Galantas Gold V 682 Galore Res V 1980 Galway Gold V 1680 Galway Mtls V 1696 GAMCO Glb Gld* X 24118 Garibaldi Res V 3552 General Moly* X 14322 Gensource Pot V 2330 Geodex Mnrls V 172 Geodrill T 15 Geologix Ex T 4910 Geomega Res V 4156 Georox Res V 820 Getty Copper V 100 GFK Res V 70 GGL Res V 417 Giyani Gold V 1612 Glen Eagle Res V 605 Global Hunter V 100 Globex Mng T 2522 Gobimin V 4220 GoGold Res T 1024 Gold Bulln Dev V 25698 Gold Canyon V 46465 Gold Fields* N 321428 Gold Finder Ex V 340 Gold Reach Res V 5 Gold Reserve V 267 Gold Resource* X 18670 Gold Std Vnt V 2542 Gold Std Vnt* X 3537 Goldbank Mng V 211 Goldcliff Res V 10264 Goldcorp T 139425 Goldcorp* N 452310 Golden Arrow R V 2291 Golden Band V 1900 Golden Dawn Ml V 3026 Golden Goliath V 60 Golden Hope V 142 Golden Mnls T 32 Golden Mnls* X 2260 Golden Predatr V 1309 Golden Queen T 754 Golden Reign R V 290 Golden Share M V 244 Golden Star T 1287 Golden Star* X 26094 Golden Val Min V 1505
0.33 0.24 0.26 - 0.06 1.09 0.24 0.12 0.09 0.12 + 0.02 0.26 0.08 0.11 0.09 0.11 + 0.02 0.18 0.05 0.01 0.01 0.01 + 0.01 0.04 0.01 0.09 0.08 0.08 - 0.01 0.12 0.05 0.11 0.10 0.10 - 0.01 0.17 0.09 5.35 5.08 5.33 + 0.07 10.21 5.00 0.10 0.09 0.10 0.00 0.27 0.05 0.49 0.26 0.28 - 0.16 1.00 0.26 0.07 0.07 0.07 + 0.01 0.08 0.04 0.01 0.01 0.01 0.00 0.07 0.01 0.55 0.55 0.55 - 0.03 0.99 0.46 0.04 0.03 0.04 + 0.01 0.07 0.03 0.10 0.07 0.08 - 0.02 0.29 0.07 0.07 0.07 0.07 - 0.01 0.14 0.05 0.04 0.02 0.02 0.00 0.07 0.02 0.10 0.08 0.10 - 0.01 0.20 0.03 0.03 0.03 0.03 - 0.01 0.07 0.02 0.09 0.07 0.09 + 0.01 0.20 0.05 0.07 0.07 0.07 - 0.01 0.20 0.03 0.03 0.03 0.03 + 0.01 0.08 0.02 0.35 0.26 0.30 - 0.01 0.35 0.14 0.42 0.40 0.40 + 0.04 0.51 0.36 1.31 1.28 1.29 - 0.02 1.84 1.18 0.02 0.02 0.02 - 0.01 0.06 0.02 0.29 0.24 0.29 + 0.05 0.33 0.09 2.90 2.47 2.69 - 0.11 6.01 2.35 0.03 0.02 0.02 - 0.01 0.07 0.02 0.17 0.17 0.17 - 0.01 0.50 0.13 3.65 3.12 3.41 - 0.15 5.39 2.48 2.82 2.50 2.75 + 0.10 5.92 1.99 0.59 0.55 0.59 + 0.05 0.80 0.40 0.45 0.41 0.44 + 0.02 0.72 0.26 0.09 0.08 0.09 0.00 0.09 0.03 0.02 0.01 0.02 + 0.01 0.02 0.01 18.37 16.67 17.97 + 0.16 30.95 16.16 14.06 12.50 13.51 - 0.02 25.00 12.19 0.28 0.25 0.28 0.00 0.50 0.17 0.01 0.01 0.01 0.00 0.02 0.01 0.19 0.17 0.18 - 0.01 0.30 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.44 0.39 0.44 + 0.02 0.64 0.08 0.41 0.35 0.38 - 0.04 0.91 0.31 0.32 0.27 0.28 - 0.03 0.78 0.23 0.15 0.12 0.12 + 0.01 0.17 0.07 1.12 0.99 1.02 + 0.06 1.68 0.65 0.08 0.08 0.08 0.00 0.19 0.05 0.05 0.04 0.04 0.00 0.09 0.03 0.31 0.27 0.30 + 0.01 0.55 0.20 0.23 0.20 0.22 - 0.00 0.49 0.16 0.11 0.10 0.11 0.00 0.21 0.08
G-H
Goldex Res V 360 Goldeye Expl V 1300 Goldfield* X 1426 T 20 Goldgroup Mng V 1375 GoldQuest Mng Goldrea Res C 100 V 953 Goldrock Mines Goldrush Res V 2850 V 1040 Goldsource Min V 5748 Goldstrike Res Gossan Res V 225 Gowest Gold V 1080 T 540 Gran Colombia V 2441 Grande Portage Granite Ck Gld V 1150 Graphite One R V 106200 Great Atlantic V 291 15138 X Great Panther* Great Panther T 4021 275 Great Quest Me V V 500 Greencastle Rs Gresham Res V 8949 Grizzly Discvr V 3090 590 GTA Res & Mng V Gunpoint Expl V 125 T 36255 Guyana Gldflds Guyana Prec Mt V 5275 GWR Res V 2780 Handa Copper V 63 70 Happy Ck Minls V 574079 N Harmony Gold* Harte Gold T 5706 Harvest Gold V 1220 V 4927 Heatherdale Rs 323915 Hecla Mining* N Helio Res V 1550 Hi-Crush Part* N 9127 Highbank Res V 3008 Highland Res V 525 Highway 50 Gld V 1540 49240 HiHo Silver C Hinterland Mtl V 480 V 1321 Homestake Res Honey Badger E V 27610 Horizns G Bear T 22270 Horizns G Bull T 85729 454 Hornby Bay Mnl V Houston Lake V 260 HudBay Minls T 39610 873 HudBay Mnls* N Hudson Res V 363 Hunt Mng V 236
0.02 0.03 - 0.01 0.08 0.04 0.03 0.03 0.05 + 0.01 0.07 0.05 0.04 1.20 1.69 - 0.10 2.85 1.81 1.68 0.05 0.06 - 0.01 0.24 0.06 0.06 0.07 0.01 0.20 0.11 - 0.11 0.10 0.02 0.05 0.00 0.10 0.05 0.05 0.15 0.23 0.00 0.40 0.24 0.20 0.01 0.02 0.00 0.03 0.02 0.02 0.13 0.16 - 0.01 0.26 0.17 0.16 0.05 0.14 + 0.01 0.21 0.15 0.14 0.01 0.02 0.00 0.05 0.02 0.02 0.05 0.08 + 0.01 0.10 0.08 0.07 0.18 0.23 + 0.03 1.06 0.23 0.20 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.10 0.01 0.09 0.08 0.08 - 0.01 0.17 0.07 0.05 0.05 0.00 0.30 0.06 0.05 0.30 0.42 + 0.01 1.19 0.44 0.38 0.40 0.56 + 0.01 1.39 0.58 0.51 0.27 0.23 0.23 - 0.06 1.52 0.23 0.05 0.06 - 0.02 0.10 0.06 0.06 0.46 0.67 + 0.03 0.95 0.69 0.64 0.02 0.08 + 0.02 0.10 0.09 0.06 0.05 0.05 0.05 0.00 0.10 0.04 0.14 0.18 + 0.02 0.25 0.18 0.18 2.15 4.08 - 0.31 4.48 4.44 3.85 0.15 0.11 0.14 + 0.04 0.33 0.08 0.01 0.04 + 0.01 0.05 0.04 0.03 0.06 0.07 + 0.01 0.12 0.07 0.07 0.09 0.09 0.09 + 0.01 0.17 0.08 0.63 0.67 - 0.22 3.18 0.96 0.64 0.04 0.06 0.00 0.14 0.06 0.06 0.02 0.02 + 0.01 0.06 0.02 0.02 0.02 0.02 0.00 0.07 0.02 0.02 1.77 2.15 + 0.01 3.54 2.26 1.97 0.02 0.03 + 0.01 0.07 0.03 0.03 10.05 10.68 - 2.43 64.92 12.80 10.05 0.07 0.08 - 0.01 0.31 0.09 0.08 0.10 0.15 + 0.02 0.56 0.15 0.15 0.17 0.10 0.12 + 0.02 0.51 0.10 0.01 0.01 - 0.01 0.03 0.01 0.01 0.01 0.02 0.00 0.04 0.02 0.01 0.01 0.03 0.00 0.06 0.03 0.02 0.01 0.01 0.01 + 0.01 0.05 0.01 16.77 14.18 14.39 - 0.50 24.65 8.50 3.56 2.98 3.40 + 0.01 8.86 2.75 0.04 0.03 0.03 - 0.01 0.10 0.03 0.09 0.13 - 0.02 0.20 0.16 0.13 6.79 5.25 5.56 - 1.32 12.61 5.25 5.10 3.94 4.17 - 1.04 10.37 3.94 0.22 0.50 + 0.03 0.55 0.50 0.48 0.02 0.02 0.00 0.40 0.03 0.02
I-Minerals V 1013 79736 Iamgold* N T 73222 Iamgold IBC Adv Alloys V 5483 IC Potash T 737 Iconic Mnls V 1550 IMPACT Silver V 2098 Imperial Metal T 1912 Inca One Res V 5008 V 9715 Independence G Indigo Expl V 350 Inspiration Mg T 396 Integra Gold V 9653 Intigold Mines V 1390 Intl Bethl Mng V 1222 Intl Lithium V 4830 90 Intl Montoro R V Intl Northair V 4303 680 Intl Tower Hi* X 472 T Intl Tower Hil 50 Intl Vestr Res V Intrepid Pots* N 12482 INV Metals T 900 134 ISh COMEX G Tr T Ivanhoe Mines T 64624 T 8804 Ivernia J.A.G. Mines V 560 Jaguar Mng V 155 Jaxon Mnls V 1799 V 90 Jet Gold Kaminak Gold V 11263 Karmin Expl V 300 Karnalyte Res T 1155 Katanga Mng T 859 Kazax Mnls V 60 Kennady Diam V 1727 Kesselrun Res V 1350 Kestrel Gold V 69 Kettle River V 110 Khalkos Expl V 204 Khan Res C 1733 V 3310 Kilo Goldmines 757 Kings Bay Gold V 199614 Kinross Gold T 539814 Kinross Gold* N Kirkland Lk Gd T 22434 Kiska Metals V 3467 Kivalliq Enrgy V 4397 Klondex Mns T 12939 Klondike Gold V 3314 Klondike Silv V 835 Kobex Mnls V 2500 V 2212 Kombat Copper V 2978 Kootenay Gold
0.14 0.20 - 0.01 0.31 0.22 0.18 1.16 1.71 0.00 3.39 1.80 1.56 1.50 2.26 + 0.01 4.09 2.39 2.09 0.14 0.12 0.12 - 0.01 0.20 0.09 0.10 0.11 0.00 0.31 0.12 0.11 0.03 0.03 0.00 0.10 0.03 0.03 0.14 0.16 - 0.01 0.43 0.17 0.15 7.80 7.14 7.23 - 0.30 13.69 7.07 0.11 0.09 0.11 + 0.02 0.29 0.09 0.07 0.07 - 0.01 0.11 0.08 0.07 0.01 0.01 0.00 0.03 0.01 0.01 0.04 0.04 - 0.01 0.55 0.05 0.04 0.14 0.29 + 0.01 0.36 0.29 0.27 0.03 0.13 - 0.01 0.32 0.14 0.12 0.02 0.01 0.02 0.00 0.03 0.01 0.02 0.07 - 0.01 0.09 0.08 0.06 0.04 0.04 0.04 - 0.01 0.10 0.04 0.04 0.05 0.00 0.13 0.05 0.04 0.36 0.25 0.35 + 0.07 0.62 0.20 0.48 0.33 0.47 + 0.10 0.75 0.26 0.03 0.03 0.03 0.00 0.24 0.02 7.06 5.42 5.99 - 1.15 16.75 5.42 0.08 0.11 - 0.01 0.31 0.12 0.11 14.90 14.30 14.89 + 0.53 15.78 12.61 0.62 0.75 + 0.04 1.37 0.92 0.67 0.01 0.01 0.00 0.13 0.01 0.01 0.02 0.02 - 0.01 0.06 0.02 0.02 0.12 0.17 - 0.02 0.84 0.17 0.14 0.01 0.04 0.00 0.06 0.05 0.04 0.03 0.04 0.00 0.15 0.05 0.04 0.53 0.84 + 0.02 1.15 0.87 0.81 0.21 0.32 + 0.01 0.50 0.32 0.32 0.57 0.57 - 0.05 1.05 0.63 0.57 0.14 0.18 + 0.01 0.45 0.19 0.17 0.02 0.02 0.00 0.06 0.02 0.02 2.80 3.15 + 0.25 8.14 3.30 2.80 0.01 0.03 - 0.01 0.06 0.03 0.03 0.02 0.04 + 0.01 0.07 0.04 0.03 0.01 0.01 - 0.01 0.02 0.01 0.01 0.06 0.09 0.00 0.12 0.09 0.09 0.33 0.49 0.00 0.80 0.50 0.48 0.04 0.05 + 0.01 0.16 0.05 0.04 0.01 0.01 0.01 0.00 0.01 0.01 1.79 2.27 + 0.03 4.48 2.46 2.11 1.35 1.71 + 0.02 3.72 1.87 1.58 6.00 5.34 5.90 + 0.33 6.88 2.79 0.02 0.02 - 0.01 0.07 0.03 0.02 0.07 0.07 - 0.01 0.22 0.08 0.07 1.68 3.33 + 0.03 3.87 3.43 3.19 0.08 0.11 + 0.03 0.28 0.11 0.08 0.02 0.02 0.00 0.05 0.02 0.02 0.46 0.55 0.00 0.65 0.60 0.55 0.03 0.06 0.00 0.11 0.06 0.05 0.20 0.26 + 0.01 0.56 0.26 0.21
Labdr I-Ore Ro T 23493 143 Lago Dourado M V Lake Shore Gd* X 13914 Lake Shore Gld T 93045 Lakeland Res V 2308 Lara Expl V 1055 Laramide Res T 2126 Largo Res V 5666 Laurion Mnl Ex V 1303 Legend Gold V 80 Lexam VG Gold T 1743 Lion One Mtls V 1163 Lomiko Mtls V 8149 Loncor Res T 1800 V 240 Lorraine Coppr Los Andes Copp V 10639 Lowell Copper V 30 Lucara Diam T 16633 Luna Gold T 2913 104257 Lundin Mng T Lydian Intl T 925
16.60 13.68 14.18 - 2.39 26.81 10.81 0.07 0.06 0.07 + 0.02 0.15 0.05 0.94 0.82 0.87 + 0.02 1.14 0.60 1.22 1.10 1.17 - 0.01 1.38 0.70 0.03 0.04 0.00 0.16 0.04 0.03 0.20 0.27 + 0.03 0.72 0.27 0.24 0.19 0.20 - 0.04 0.55 0.25 0.20 0.29 0.38 0.00 2.90 0.39 0.29 0.01 0.01 0.01 0.00 0.03 0.01 0.03 0.04 - 0.02 0.18 0.04 0.04 0.08 0.08 0.08 - 0.01 0.12 0.06 0.32 0.26 0.28 - 0.03 0.60 0.17 0.03 0.03 0.00 0.09 0.03 0.03 0.03 0.06 0.00 0.13 0.06 0.06 0.03 0.04 0.00 0.08 0.04 0.04 0.14 0.05 0.10 - 0.05 0.23 0.05 0.21 0.25 0.00 0.52 0.25 0.25 1.42 1.53 + 0.08 2.41 1.55 1.42 0.05 0.06 - 0.01 0.84 0.07 0.06 3.68 4.04 - 0.32 6.46 4.28 3.74 0.26 0.28 - 0.01 0.85 0.29 0.26
V 19538 MacDonald Mns V 50 MacMillan Mnls T 4956 Mag Silver Mag Silver* X 239 V 1201 Magellan Minls Majescor Res V 101 Majestic Gold V 3052 Major Drilling T 40842 Makena Res V 12500 Malbex Res V 200 Mandalay Res T 8184 Manitou Gold V 2480
0.01 0.01 0.00 0.02 0.01 0.01 0.05 0.14 - 0.05 0.22 0.14 0.14 9.95 9.28 9.77 + 0.18 11.00 6.56 5.60 7.32 + 0.01 9.17 7.49 6.99 0.05 0.05 0.00 0.12 0.05 0.05 0.03 0.06 + 0.01 0.06 0.06 0.04 0.03 0.06 + 0.01 0.08 0.06 0.05 3.75 4.30 - 0.01 7.49 4.78 4.23 0.02 0.03 - 0.01 0.06 0.03 0.03 0.01 0.03 - 0.01 0.06 0.03 0.03 0.70 0.77 - 0.01 1.06 0.80 0.75 0.01 0.02 - 0.01 0.04 0.03 0.02
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OCTOBER 5-11, 2015 / THE NORTHERN MINER
WWW.NORTHERNMINER.COM
S TO C K TA BLE S Manson Creek V 1010 Marathon Gold T 759 Margaret Lk Di V 2000 Marifil Mines V 470 Maritime Res V 50 Marlin Gold V 2511 Mason Graphite V 3407 Matamec Expl V 1070 Maudore Minls V 167 Mawson Res T 633 Mawson West T 14944 Max Res V 107 Maya Gold & Si V 7826 MBAC Fertilizr T 41486 McEwen Mng* N 35663 McEwen Mng T 2828 MDN Inc T 1413 MDU Res* N 48261 Meadow Bay Gd T 9202 Mechel* N 21761 Medallion Res V 7410 Mega Uranium T 15967 Melior Res V 14965 Melkior Res V 150 Merrex Gold V 1457 Mesa Expl V 431 Mesabi Trust* N 1096 Metalex Vent V 1430 Metallis Res V 260 Metalore Res T 11 Metals Ck Res V 682 Metanor Res V 77399 Micrex Devel V 70 Midas Gold T 7732 Midland Expl V 1105 Midnight Sun M V 455 Migao T 1395 Millrock Res V 34 Millstream Min V 200 Minas Buenavn* N 91790 Minaurum Gold V 2596 Minco Gold* X 2078 Minco Gold T 170 Minco Silver T 3760 Mindoro Res V 1160 Mineral Mtn Rs V 3324 Mines Managem* X 2702 Mines Managmnt T 45 Miranda Gold V 4994 Mirasol Res V 699 Monarques Res V 510 Moneta Porcpn T 720 Monster Mng V 520 Montero Mg&Ex V 3670 Monument Mng V 750 Mosaic* N 400921 Mountain Boy M V 450 Mountain Prov T 7026 MPH Vent V 2490 MPVC V 3360 Mustang Minls V 6500
0.02 0.02 0.02 0.00 0.09 0.01 0.24 0.22 0.24 0.00 0.47 0.18 0.13 0.12 0.12 + 0.03 0.27 0.08 0.02 0.02 0.02 0.00 0.02 0.01 0.10 0.10 0.10 - 0.01 0.24 0.08 0.30 0.25 0.27 - 0.02 1.09 0.25 0.44 0.36 0.41 + 0.02 0.76 0.36 0.04 0.04 0.04 - 0.01 0.07 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.23 0.17 0.22 - 0.01 0.35 0.15 0.03 0.02 0.02 - 0.01 0.26 0.02 0.07 0.07 0.07 + 0.01 0.20 0.04 0.22 0.18 0.22 + 0.03 0.34 0.11 0.03 0.02 0.03 - 0.01 0.19 0.01 0.99 0.87 0.93 - 0.02 2.43 0.65 1.30 1.17 1.25 + 0.01 2.71 0.84 0.03 0.03 0.03 + 0.01 0.08 0.02 17.52 16.34 16.73 - 0.82 29.31 16.15 0.20 0.15 0.16 - 0.01 0.31 0.10 0.91 0.82 0.86 - 0.05 1.88 0.42 0.04 0.03 0.03 - 0.01 0.12 0.01 0.10 0.07 0.08 + 0.01 0.25 0.07 0.04 0.02 0.03 - 0.01 0.12 0.02 0.02 0.02 0.02 0.00 0.06 0.02 0.18 0.15 0.18 + 0.02 0.23 0.05 0.02 0.02 0.02 0.00 0.04 0.02 13.55 12.75 12.98 + 0.09 21.93 9.08 0.06 0.06 0.06 0.00 0.12 0.03 0.05 0.04 0.05 + 0.01 0.14 0.01 2.90 2.70 2.70 - 0.06 3.72 2.41 0.09 0.07 0.08 + 0.01 0.28 0.05 0.06 0.05 0.05 + 0.01 0.12 0.04 0.02 0.02 0.02 0.00 0.05 0.01 0.37 0.30 0.32 - 0.05 0.70 0.30 0.53 0.47 0.50 0.00 0.90 0.47 0.11 0.10 0.11 - 0.02 0.25 0.10 0.61 0.52 0.52 - 0.09 1.70 0.52 0.23 0.21 0.21 - 0.03 0.60 0.20 0.03 0.02 0.02 - 0.01 0.08 0.01 6.98 5.90 6.22 - 0.52 12.95 5.73 0.06 0.06 0.06 + 0.01 0.10 0.05 0.19 0.17 0.19 + 0.02 0.42 0.15 0.25 0.25 0.25 + 0.04 0.45 0.20 0.42 0.38 0.40 - 0.02 1.02 0.32 0.01 0.01 0.01 0.00 0.06 0.01 0.03 0.02 0.03 + 0.01 0.06 0.02 0.39 0.27 0.33 + 0.06 0.74 0.26 0.48 0.39 0.40 + 0.05 0.86 0.34 0.08 0.08 0.08 0.00 0.15 0.07 0.92 0.83 0.85 - 0.01 1.22 0.82 0.09 0.08 0.08 0.00 0.14 0.07 0.09 0.08 0.09 - 0.01 0.10 0.04 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.10 0.10 0.10 0.00 0.21 0.09 38.38 31.12 32.45 - 6.38 53.83 31.12 0.01 0.01 0.01 0.00 0.02 0.01 3.98 3.53 3.62 - 0.20 5.80 3.53 0.08 0.07 0.07 + 0.01 0.08 0.04 0.02 0.02 0.02 0.00 0.10 0.02 0.01 0.01 0.01 0.00 0.02 0.01
Namibia Rare E T 5375 Natural Rs Pt* N 2147 Nautilus Minls T 1980 Nebu Res V 20 Nemaska Lith V 17244 Nevada Clean M V 1840 Nevada Copper T 2273 Nevada Expl V 912 Nevada Sunrise V 2557 Nevado Res V 2045 Nevsun Res T 13613 Nevsun Res* X 6398 New Carolin Gd V 3082 New Dimen Res V 50 New Gold T 89501 New Gold* X 224570 New Millennium V 930 New Milln Iron T 3640 New Nadina V 340 New Pac Metals T 188 Newmac Res V 16 Newmont Mng* N 557695 Newport Expl V 561 Newstrike Res V 161 NGEx Res T 2843 Nighthawk Gold V 1390 Niogold Mng V 709 Nippon Dragon V 4335 Noka Res V 4474 Nomad Ventures V 960 Nordex V 1070 Noront Res V 3470 North Am En P* N 214 North Am En Pa T 1696 North Am Nickl V 1955 North Am Pall T 423 North Am Tung V 4610 North Arrow Mn V 300 North Country V 10531 Northcliff Res T 1231 Northern Abiti V 50 Northern Dyn* X 3659 Northern Dyn M T 1471 Northern Freeg V 1496 Northern Gld M V 5141 Northern Graph V 1051 Northern Iron V 3600 Northern Lion V 59 Northern Shiel V 758 Northern Sup R V 21963 Northern Vertx V 360 Northisle C&G V 620 Northquest V 16 NovaCopper T 118 NovaCopper* X 1592 NovaGold Res T 16107 NovaGold Res* X 56495 NuLegacy Gold V 3755 Nunavik Nickel V 50 NV Gold V 336 Oban Mng T 6447 OceanaGold T 84526 Oceanic Iron O V 30 Oceanus Res V 200 Odin Mng & Exp V 3180 Olivut Res V 260 Olympic Res V 1055 OM Group* N 11284 Omineca Mg&Mtl V 25 Opta Minls T 100 Oracle Mng V 2875 Orbit Garant D T 330 Orbite Alumnae T 21786 Orca Gold V 801 Orefinders Res V 2460 Orestone Mng V 500 Orex Expl V 2711 Orex Minls V 2090 Orezone Gold T 1569 Oroco Res V 250 Orocobre T 939 Orosur Mng T 1366 Orvana Mnrls T 2367
0.08 0.06 0.07 - 0.01 0.22 0.06 3.08 2.55 2.66 - 0.52 14.90 2.21 0.34 0.30 0.34 + 0.04 0.56 0.30 0.02 0.02 0.02 0.00 0.05 0.01 0.31 0.28 0.29 + 0.01 0.35 0.12 0.04 0.03 0.04 + 0.01 0.06 0.03 1.09 0.90 0.99 - 0.08 2.15 0.90 0.29 0.19 0.29 + 0.13 0.40 0.05 0.18 0.16 0.18 + 0.02 0.72 0.13 0.03 0.02 0.02 - 0.01 0.07 0.02 4.03 3.74 3.92 - 0.04 5.35 3.41 3.08 2.82 2.94 - 0.08 4.51 2.57 0.05 0.04 0.05 0.00 0.08 0.02 0.06 0.06 0.06 - 0.01 0.11 0.04 3.44 2.95 3.23 + 0.03 6.73 2.52 2.64 2.21 2.41 - 0.02 6.03 1.90 0.14 0.12 0.14 0.00 0.46 0.10 0.09 0.08 0.09 - 0.01 0.32 0.08 0.01 0.01 0.01 0.00 0.03 0.01 0.15 0.15 0.15 - 0.01 0.28 0.14 0.11 0.11 0.11 0.00 0.29 0.10 17.65 15.40 16.78 - 0.46 27.90 15.39 0.25 0.22 0.25 0.00 0.49 0.20 0.06 0.06 0.06 0.00 0.08 0.02 0.62 0.59 0.60 - 0.02 1.95 0.57 0.07 0.06 0.07 + 0.01 0.55 0.06 0.36 0.34 0.35 + 0.01 0.43 0.22 0.04 0.04 0.04 0.00 0.13 0.03 0.04 0.04 0.04 - 0.01 0.40 0.03 0.02 0.02 0.02 - 0.01 0.07 0.02 0.14 0.13 0.14 + 0.01 0.45 0.06 0.37 0.33 0.33 - 0.02 0.67 0.25 2.28 1.88 2.22 0.00 6.69 1.60 3.00 2.48 2.92 + 0.03 7.44 2.10 0.17 0.14 0.15 - 0.02 0.28 0.14 4.70 4.35 4.50 - 0.20 188.00 3.87 0.01 0.01 0.01 0.00 0.07 0.01 0.38 0.31 0.34 + 0.02 1.34 0.31 0.12 0.11 0.12 + 0.01 0.14 0.03 0.08 0.06 0.06 - 0.02 0.27 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.44 0.36 0.37 - 0.03 0.72 0.28 0.54 0.48 0.48 - 0.05 0.83 0.37 0.05 0.04 0.04 0.00 0.35 0.04 0.02 0.01 0.02 + 0.01 0.04 0.01 0.40 0.31 0.35 + 0.02 1.01 0.28 0.02 0.01 0.01 0.00 0.05 0.01 0.05 0.04 0.04 + 0.01 0.40 0.03 0.03 0.03 0.03 0.00 0.04 0.01 0.04 0.03 0.04 + 0.01 0.04 0.02 0.21 0.19 0.21 + 0.01 0.29 0.09 0.02 0.02 0.02 0.00 0.09 0.02 0.16 0.16 0.16 0.00 0.18 0.07 0.56 0.51 0.56 + 0.01 1.18 0.45 0.44 0.40 0.40 - 0.03 1.06 0.35 5.16 4.64 5.12 + 0.25 5.22 2.65 3.86 3.49 3.83 + 0.16 4.25 2.33 0.10 0.08 0.10 + 0.01 0.18 0.06 0.05 0.05 0.05 0.00 0.18 0.05 0.02 0.02 0.02 0.00 0.26 0.02 1.37 1.22 1.30 - 0.06 3.40 1.15 2.40 2.15 2.20 - 0.13 3.15 1.70 0.09 0.09 0.09 + 0.01 0.30 0.08 0.30 0.26 0.29 - 0.04 0.52 0.14 0.25 0.24 0.24 - 0.01 0.58 0.21 0.12 0.08 0.11 + 0.01 0.19 0.08 0.12 0.09 0.12 + 0.02 0.32 0.03 33.74 33.26 33.38 - 0.19 35.00 21.87 0.03 0.03 0.03 0.00 0.11 0.01 0.35 0.25 0.33 - 0.03 2.35 0.25 0.01 0.01 0.01 0.00 0.09 0.01 0.90 0.90 0.90 0.00 1.50 0.79 0.25 0.24 0.25 + 0.01 0.49 0.20 0.20 0.18 0.20 + 0.02 0.49 0.16 0.02 0.01 0.02 0.00 0.10 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.01 - 0.01 0.02 0.01 0.20 0.18 0.20 + 0.01 0.40 0.14 0.27 0.23 0.25 - 0.01 0.86 0.23 0.04 0.03 0.04 + 0.01 0.06 0.02 1.63 1.52 1.54 + 0.08 2.97 1.38 0.12 0.11 0.11 - 0.01 0.24 0.11 0.20 0.17 0.19 + 0.02 0.49 0.15
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TNM_Oct 05 2015 Issue.indd 12
Otis Gold
V 2068 0.11 0.09 0.09 - 0.01 0.14 0.02
P-Q Pac Bay Mnrls V 301 Pac Booker Min V 130 Pac Booker Mn* X 80 Pac Coal Res V 71 Pac Iron Ore V 4283 Pac North West V 3481 Pac Potash V 270 Pac Ridge Expl V 80 Paladin Energy T 11687 Palmer Res V 810 Pan Am Silver T 18225 Pan Am Silver* Q 146379 Pan Global Res V 70 Pancontl Uran V 420 Panoro Minls V 3352 Parlane Res V 800 PC Gold V 32989 Peabody Enrgy* N 534059 Pelangio Expl V 1175 Pele Mtn Res V 391 Peregrine Diam T 2766 Perseus Mng T 359438 Pershimco Res V 1391 Peruvian Prc M V 8888 Phoenix Gold V 1870 Pilot Gold T 10119
0.05 0.05 0.05 0.00 0.07 0.02 2.50 2.01 2.40 0.00 6.90 1.02 1.90 1.66 1.81 - 0.01 5.75 1.04 0.01 0.01 0.01 - 0.01 0.38 0.01 0.34 0.18 0.29 + 0.16 0.35 0.10 0.02 0.02 0.02 0.00 0.05 0.01 0.05 0.04 0.04 - 0.02 0.45 0.04 0.02 0.02 0.02 0.00 0.04 0.02 0.20 0.17 0.18 - 0.02 0.43 0.15 0.02 0.02 0.02 0.00 0.08 0.01 9.47 8.31 8.82 - 0.30 15.06 7.77 7.24 6.23 6.63 - 0.30 12.66 5.85 0.01 0.01 0.01 - 0.01 0.10 0.01 0.02 0.02 0.02 0.00 0.04 0.01 0.14 0.12 0.12 - 0.01 0.44 0.10 0.14 0.13 0.13 + 0.01 0.23 0.03 0.07 0.06 0.07 + 0.01 0.07 0.02 1.48 1.09 1.41 0.00 13.85 0.99 0.02 0.02 0.02 - 0.01 0.05 0.02 0.04 0.04 0.04 0.00 0.09 0.03 0.19 0.17 0.18 0.00 0.39 0.14 0.36 0.28 0.29 - 0.04 0.48 0.18 0.16 0.14 0.16 + 0.02 0.31 0.13 0.10 0.07 0.09 - 0.02 0.19 0.06 0.01 0.01 0.01 0.00 0.09 0.01 0.42 0.35 0.37 - 0.02 1.31 0.33
ADVANTAGE
Rogue Iron Ore V 9506 Rokmaster Res V 2645 Romarco Mnrls T 352314 Romios Gold Rs V 903 Roxgold V 8445 Royal Cdn Mint T 636 Royal Gold T 335 Royal Gold* Q 46504 Royal Nickel T 2390 RPT Uranium V 68 Rubicon Mnls* X 34317 Rubicon Mnrls T 31859 Rugby Mng V 10 Running Fox Rs V 2685 Rupert Res V 130 Rusoro Mng V 4822 Russell Metals T 10618 Rye Patch Gold V 3342
0.13 0.11 0.12 + 0.01 0.16 0.02 0.02 0.02 0.02 - 0.01 0.10 0.01 0.56 0.50 0.52 - 0.03 0.83 0.30 0.03 0.02 0.02 0.00 0.07 0.02 0.63 0.55 0.62 - 0.01 0.79 0.39 16.50 15.88 16.33 + 0.49 17.41 13.87 65.51 60.94 65.34 + 1.94 95.64 57.21 49.98 45.75 49.15 + 0.97 77.20 42.21 0.26 0.24 0.24 - 0.01 0.59 0.22 0.37 0.32 0.32 - 0.05 0.55 0.22 0.87 0.75 0.77 - 0.05 1.45 0.66 1.13 0.99 1.06 - 0.01 1.63 0.88 0.07 0.07 0.07 0.00 0.27 0.06 0.02 0.01 0.01 - 0.01 0.02 0.01 0.04 0.03 0.03 + 0.01 0.11 0.03 0.07 0.06 0.06 - 0.01 0.07 0.01 22.78 20.94 21.33 - 1.33 37.11 18.23 0.14 0.12 0.13 - 0.01 0.20 0.11
Sabina Gd&Slvr T 10776 Sage Gold V 1693 Saint Jean Car V 5143 Salazar Res V 235 Sama Res V 2170 San Marco Res V 290 Sanatana Diam V 6610 Sandspring Res V 2605 Sandstorm Gld* X 27307
0.42 0.36 0.38 + 0.02 0.73 0.28 0.07 0.04 0.04 0.00 0.20 0.04 0.03 0.03 0.03 + 0.01 0.03 0.01 0.06 0.05 0.06 + 0.01 0.20 0.04 0.13 0.13 0.13 0.00 0.30 0.10 0.04 0.03 0.04 0.00 0.13 0.02 0.03 0.02 0.02 0.00 0.15 0.02 0.21 0.19 0.20 - 0.02 0.72 0.15 2.98 2.69 2.90 + 0.03 4.93 2.20
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Strategic Metl V 3165 Strategic Res V 78 Stratton Res V 210 Strike Graph V 1852 StrikePoint Gd V 26087 Sulliden Mng C T 7532 SunCoke Engy* N 16061 Sunridge Gold V 7739 Superior Coppr V 5280 Sutter Gold V 1735
0.29 0.26 0.27 + 0.01 0.37 0.26 0.02 0.02 0.02 0.00 0.08 0.02 0.10 0.10 0.10 0.00 0.22 0.06 0.05 0.04 0.05 + 0.01 0.15 0.04 0.06 0.05 0.05 0.00 0.08 0.01 0.24 0.19 0.22 + 0.01 0.72 0.19 10.60 8.25 8.38 - 2.04 24.09 8.25 0.21 0.18 0.19 - 0.02 0.24 0.12 0.03 0.02 0.02 0.00 0.09 0.02 0.06 0.04 0.06 + 0.02 0.15 0.04
Tahoe Res* N 32777 Tahoe Res T 34192 Taipan Res V 803 Tajiri Res V 100 Takara Res V 124 Talon Metals T 2761 Tanz Roy Exp T 786 Tanz Roy Exp* X 5936 Tanzania Mnls V 6535 Taseko Mines* X 7961 Taseko Mines T 5889 Tasman Metals V 1242 Tasman Mtls* X 1165 Tearlach Res V 300 Teck Res A T 181 Teck Res B* N 532329 Teck Res B T 236570 Tembo Gold V 40 Temex Res V 13141 Teranga Gold T 25299 Teras Res V 5235 Terraco Gold V 2965 Terrax Minls V 5701 Teuton Res V 1908 Thompson Creek T 10832 Thompson Crk* N 10471 Timberline Res V 377 Timberline Rs* X 2233 Timmins Gold* X 50457 Timmins Gold T 360723 Tinka Res V 705 Tintina Mines V 75 Tintina Res V 2690 Tirex Res V 1791 Titanium Corp V 299 TNR Gold V 1400 TomaGold V 10975 Torex Gold T 69245 Transition Mtl V 846 Treasury Metal T 2352 Tres-Or Res V 1500 Trevali Mng T 62374 Tri Origin Exp V 132 Tribute Res V 175 TriMetals Mng T 717 Trio Gold Corp V 1106 Troymet Expl V 31638 True Gold Mng V 21841 True North Gem V 1879 Trueclaim Expl V 346 Tsodilo Res V 65 Turquoise HIl* N 32893 Turquoise Hill T 50160 TVI Pacific T 4340 Typhoon Expl V 39
8.61 7.88 8.35 0.00 22.80 7.33 11.25 10.50 11.13 + 0.13 25.40 9.66 0.34 0.21 0.27 + 0.24 3.90 0.20 0.02 0.02 0.02 + 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.06 0.01 0.12 0.08 0.10 + 0.01 0.42 0.08 0.46 0.40 0.42 + 0.01 2.70 0.32 0.33 0.30 0.30 - 0.01 2.45 0.25 0.01 0.01 0.01 - 0.01 0.07 0.01 0.50 0.43 0.45 - 0.04 1.98 0.32 0.66 0.57 0.59 - 0.05 2.17 0.51 0.48 0.40 0.40 - 0.08 0.99 0.36 0.38 0.29 0.30 - 0.06 0.79 0.25 0.06 0.05 0.06 + 0.02 0.07 0.02 10.27 8.22 8.74 - 1.58 24.61 8.22 6.62 4.80 5.13 - 1.50 21.56 4.80 8.64 6.42 6.81 - 1.90 23.81 6.42 0.02 0.02 0.02 - 0.01 0.06 0.02 0.13 0.12 0.12 0.00 0.13 0.00 0.64 0.56 0.59 - 0.04 0.84 0.38 0.06 0.05 0.06 - 0.01 0.16 0.05 0.08 0.07 0.08 + 0.01 0.20 0.07 0.43 0.35 0.43 + 0.08 0.44 0.23 0.06 0.05 0.06 + 0.01 0.55 0.05 0.75 0.65 0.66 - 0.10 2.98 0.56 0.58 0.49 0.50 - 0.10 2.67 0.42 0.68 0.52 0.55 - 0.03 1.02 0.35 0.55 0.40 0.47 + 0.02 1.07 0.26 0.27 0.22 0.26 + 0.03 1.51 0.20 0.37 0.27 0.35 + 0.05 1.69 0.26 0.22 0.19 0.19 - 0.02 0.43 0.15 0.05 0.04 0.05 + 0.02 0.07 0.02 0.04 0.04 0.04 0.00 0.17 0.04 0.17 0.14 0.14 - 0.04 0.35 0.13 0.90 0.80 0.85 + 0.02 1.75 0.60 0.01 0.01 0.01 0.00 0.03 0.01 0.05 0.04 0.05 + 0.01 0.13 0.04 1.39 1.20 1.33 - 0.02 1.73 0.85 0.13 0.07 0.07 - 0.05 0.29 0.06 0.47 0.42 0.45 + 0.02 0.62 0.25 0.02 0.02 0.02 + 0.01 0.03 0.01 0.58 0.39 0.40 - 0.14 1.31 0.39 0.04 0.03 0.04 + 0.01 0.04 0.01 0.06 0.05 0.05 - 0.04 0.12 0.04 0.08 0.07 0.07 - 0.01 0.18 0.04 0.01 0.01 0.01 - 0.01 0.02 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 0.18 0.15 0.17 + 0.02 0.40 0.15 0.14 0.13 0.13 - 0.01 0.19 0.07 0.03 0.02 0.03 + 0.01 0.08 0.02 1.03 0.78 1.03 + 0.11 1.23 0.68 3.01 2.64 2.67 - 0.34 4.73 2.64 3.98 3.53 3.55 - 0.40 5.80 3.17 0.01 0.01 0.01 0.00 0.03 0.01 0.04 0.03 0.04 - 0.01 0.09 0.03
U3O8 Corp T 4064 UC Res V 398 Ucore Rare Mtl V 3460 UEX Corp T 34050 Ultra Lithium V 453 Unigold V 327 Ur-Energy T 2926 Ur-Energy* X 1107 Uracan Res V 3305 Uragold Bay Rs V 2328 Uranium Ener* X 6028 Uranium Partic T 3429 Uranium Res* Q 8852 Uranium Valley V 20 Uravan Minls V 1625 US Energy* Q 4434 US Silica Hld* N 22429 Vale* N 244479 ValGold Res V 10 Valterra Res V 30 Vangold Res V 300 Vanstar Mng Rs V 30 Vantex Res V 1480 Vena Res T 420 Vendetta Mng V 5000 Verde Potash T 406 Victoria Gold V 11308 Victory Nickel T 6202 Victory Res V 2080 Victory Vent V 8946 Vior Mining V 574 Virginia Engy V 361 Viscount Mng V 3320 Visible Gold M V 2560 Vista Gold T 313 Vista Gold* X 4772 VMS Vent V 5988 Volcanic Mtls V 150 Vulcan Mnrls V 180 VVC Expl V 1500
0.04 0.03 0.03 - 0.01 0.09 0.03 0.03 0.02 0.02 0.00 0.03 0.01 0.29 0.25 0.27 - 0.01 0.44 0.20 0.16 0.12 0.12 - 0.04 0.39 0.12 0.15 0.09 0.09 + 0.08 0.40 0.05 0.11 0.10 0.11 + 0.01 0.40 0.09 0.81 0.75 0.77 - 0.03 1.35 0.73 0.62 0.57 0.58 - 0.02 1.13 0.56 0.01 0.01 0.01 - 0.01 0.08 0.01 0.05 0.05 0.05 + 0.01 0.07 0.03 1.18 1.07 1.09 - 0.11 2.99 0.90 5.19 5.09 5.11 - 0.02 5.76 4.82 1.34 0.72 0.81 + 0.07 2.82 0.60 0.04 0.04 0.04 - 0.01 0.10 0.04 0.15 0.12 0.14 + 0.02 0.17 0.03 0.58 0.46 0.53 + 0.02 3.88 0.36 18.59 15.96 16.92 - 1.92 73.03 15.96 5.24 4.39 4.68 - 0.47 12.44 4.13 0.01 0.01 0.01 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.05 0.05 0.00 0.09 0.03 0.02 0.01 0.01 - 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.17 0.03 0.10 0.10 0.10 0.00 0.24 0.08 0.30 0.26 0.28 - 0.01 0.70 0.26 0.14 0.12 0.14 + 0.02 0.24 0.09 0.03 0.03 0.03 0.00 0.60 0.02 0.06 0.04 0.06 + 0.01 0.09 0.03 0.02 0.02 0.02 + 0.01 0.03 0.01 0.07 0.05 0.06 - 0.01 0.13 0.05 0.10 0.06 0.10 + 0.06 0.10 0.03 0.39 0.35 0.38 - 0.01 0.47 0.15 0.05 0.05 0.05 + 0.01 0.27 0.04 0.38 0.34 0.38 + 0.02 0.56 0.29 0.29 0.25 0.29 + 0.02 0.47 0.24 0.15 0.11 0.11 - 0.04 0.32 0.11 0.05 0.04 0.04 - 0.01 0.16 0.04 0.02 0.02 0.02 0.00 0.04 0.02 0.03 0.03 0.03 - 0.01 0.05 0.02
Wallbridge Mng T 4436 Wealth Minls V 2262 Wescan Goldfie V 250 Wesdome Gold T 1846 West Af Iron O V 544 West High Yld V 625 West Kirkland V 3240 Westcore Energ V 960 Western Copper T 903 Western Coppr* X 760 Western Lithiu T 9602 Western Melv M V 250 Western Pac Rs V 420 Western Potash T 4381 Westhaven Vent V 130 Westkam Gold V 1550 Westminster Rs V 1440 WGI Heavy Mnl T 430 Wildcat Expl V 1215 Williams Creek V 40 Wolfden Res V 770 Wolverine Mnls V 70 Xmet V 9920 Xtierra V 21 Xtra-Gold Res T 510 Yamana Gold* N 164118 Yamana Gold T 272176 Yanzhou Coal* N 2305 Yellowhead Mng T 2047 Zazu Metals T 216 Zenyatta Vent V 4136 Zimtu Capital V 211 Zinco Mng V 139 Zonte Mtls V 10
0.04 0.04 0.04 0.00 0.08 0.03 0.24 0.16 0.24 + 0.08 0.42 0.03 0.02 0.02 0.02 + 0.01 0.05 0.01 1.02 0.91 1.02 + 0.11 1.40 0.62 0.02 0.02 0.02 0.00 0.15 0.02 0.37 0.31 0.31 - 0.07 0.43 0.11 0.05 0.05 0.05 0.00 0.13 0.05 0.03 0.02 0.03 - 0.01 0.04 0.01 0.48 0.40 0.43 - 0.04 0.78 0.36 0.35 0.29 0.33 - 0.01 0.68 0.27 0.36 0.33 0.33 - 0.01 0.96 0.33 0.04 0.04 0.04 + 0.01 0.30 0.03 0.01 0.01 0.01 0.00 0.18 0.01 0.28 0.26 0.26 - 0.02 0.37 0.20 0.07 0.06 0.07 + 0.01 0.14 0.05 0.04 0.03 0.03 - 0.01 0.07 0.03 0.02 0.02 0.02 0.00 0.20 0.01 0.24 0.23 0.23 0.00 0.78 0.00 0.05 0.03 0.03 + 0.01 0.17 0.02 0.01 0.01 0.01 - 0.01 0.11 0.01 0.07 0.07 0.07 + 0.01 0.32 0.06 0.03 0.03 0.03 0.00 0.13 0.03 0.01 0.01 0.01 0.00 0.07 0.01 0.01 0.01 0.01 0.00 0.09 0.01 0.20 0.20 0.20 + 0.02 0.30 0.10 1.80 1.61 1.70 - 0.01 7.14 1.43 2.38 2.15 2.28 + 0.03 8.03 1.89 4.97 4.55 4.62 - 0.43 12.24 4.28 0.05 0.04 0.04 - 0.01 0.18 0.04 0.15 0.14 0.14 - 0.02 0.55 0.14 1.40 1.23 1.36 + 0.04 2.61 1.05 0.22 0.20 0.20 - 0.04 0.52 0.19 0.02 0.02 0.02 0.00 0.09 0.02 0.04 0.04 0.04 0.00 0.08 0.03
T
U-V Pinecrest Res V 10 Pinetree Cap T 6652 PJX Res V 1050 Planet Mng V 50 Plata Latina M V 950 Plate Res V 100 Platinex V 861 Platinum Gp M* X 1264 Platinum Gp Mt T 9073 Plato Gold V 2220 Playfair Mng V 1030 Polaris Minls T 581 PolyMet Mng* X 4699 PolyMet Mng T 450 Potash C Sask* N 503175 Potash Cp Sask T 183065 Precipitate Gl V 1250 Premier Gold M T 19335 Pretium Res* N 38687 Pretium Res T 15514 Primero Mng T 38989 Primero Mng* N 133633 Proam Expl V 10 Probe Mines V 2025 Prophecy Coal T 5812 Prospero Silve V 136 Puma Expl V 1365 Purepoint U V 6000 Q-Gold Res V 12 QMC Quantum Ml V 320 QMX Gold V 826 Quartz Mtn Res V 4095 Quaterra Res V 1875 Quest Rare Mnl T 4774
0.07 0.07 0.07 + 0.01 0.50 0.06 0.07 0.07 0.07 0.00 0.31 0.06 0.20 0.18 0.19 - 0.01 0.29 0.10 0.03 0.03 0.03 0.00 0.06 0.03 0.02 0.02 0.02 0.00 0.20 0.01 0.03 0.02 0.03 + 0.01 0.07 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.29 0.25 0.26 + 0.00 1.02 0.24 0.40 0.32 0.35 + 0.01 1.12 0.32 0.02 0.01 0.02 + 0.01 0.02 0.01 0.05 0.03 0.05 + 0.02 0.08 0.01 2.25 1.99 2.00 - 0.10 2.83 1.65 0.88 0.83 0.85 - 0.01 1.37 0.82 1.15 1.08 1.11 - 0.03 1.75 1.08 24.99 20.50 21.01 - 4.08 37.60 20.50 32.61 27.41 28.00 - 5.06 47.10 27.41 0.10 0.07 0.10 + 0.02 0.25 0.07 2.50 2.35 2.49 + 0.11 3.02 1.61 5.87 5.32 5.84 + 0.39 7.56 4.07 7.84 7.07 7.75 + 0.56 9.05 4.60 3.64 3.13 3.34 - 0.07 6.75 2.66 2.72 2.34 2.52 - 0.07 6.04 2.00 0.01 0.01 0.01 0.00 0.02 0.01 0.39 0.34 0.34 - 0.03 0.56 0.12 0.05 0.05 0.05 + 0.01 0.08 0.03 0.10 0.08 0.08 0.00 0.25 0.05 0.09 0.07 0.07 - 0.02 0.18 0.07 0.03 0.02 0.03 + 0.01 0.07 0.02 0.03 0.03 0.03 + 0.01 0.07 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.01 0.01 0.01 0.00 0.06 0.01 0.07 0.06 0.07 - 0.01 0.15 0.04 0.11 0.09 0.09 - 0.02 0.29 0.09
Radisson Mng V 72 Radius Gold V 200 Rambler Mg&Mtl V 430 Randgold Res* Q 59840 Randsburg Intl V 400 Range Engy Res C 1000 Rapier Gold V 3201 Rare Elemnt Rs T 343 Rare Elemt Re* X 5259 Rathdowney Res V 200 Red Eagle Mng V 1621 Red Moon Potsh V 176 Red Pine Expl V 6299 Red Rock Enrgy V 83 Red Tiger Mng V 77 Redhawk Res T 2420 Redstar Gold V 1390 Redstar Res V 153 Redzone Res V 200 Regal Res C 1500 Reliance Res V 1500 Renaissance Gd T 480 Reservoir Capt V 208 Reservoir Mnls V 884 Reunion Gold V 270 Rhino Res* N 213 Richmond Mnls V 1835 Richmont Mines T 2977 Richmont Mine* X 7901 Rio Novo Gold T 1701 Rio Tinto* N 66285 Riverside Res V 1237 RJK Explor V 1000 Robex Res V 1286 Rock Tech Lith V 627 RockBridge Res V 30 Rockhaven Res V 345 Rockridge Cap V 66 Rockwell Diam T 2249 Rodinia Lithm V 3721
0.13 0.12 0.13 0.00 0.15 0.08 0.08 0.07 0.07 0.00 0.11 0.07 0.15 0.15 0.15 - 0.01 0.49 0.15 60.98 56.57 60.80 + 1.52 85.84 54.88 0.01 0.01 0.01 - 0.01 0.02 0.01 0.04 0.04 0.04 - 0.01 0.10 0.01 0.04 0.03 0.04 + 0.01 0.06 0.01 0.51 0.42 0.42 - 0.09 1.31 0.30 0.39 0.30 0.30 - 0.09 1.06 0.24 0.15 0.13 0.15 + 0.02 0.35 0.11 0.31 0.29 0.31 + 0.01 0.36 0.18 0.05 0.02 0.05 + 0.02 0.09 0.02 0.09 0.06 0.08 + 0.02 0.18 0.03 0.02 0.02 0.02 - 0.01 0.06 0.01 0.03 0.03 0.03 0.00 0.30 0.03 0.10 0.07 0.10 + 0.02 0.18 0.04 0.04 0.04 0.04 - 0.01 0.06 0.03 0.04 0.03 0.03 0.00 0.15 0.02 0.01 0.01 0.01 - 0.01 0.05 0.01 0.08 0.08 0.08 0.00 0.15 0.04 0.02 0.01 0.02 + 0.01 0.02 0.01 0.20 0.16 0.20 + 0.03 0.43 0.14 0.33 0.32 0.33 + 0.04 0.80 0.21 4.61 4.20 4.55 + 0.25 5.48 3.30 0.01 0.01 0.01 0.00 0.10 0.01 1.02 0.75 0.78 - 0.20 12.23 0.63 0.13 0.11 0.12 + 0.01 0.14 0.03 4.11 3.77 4.03 + 0.04 4.55 2.04 3.10 2.84 3.05 + 0.01 3.68 1.86 0.13 0.11 0.12 0.00 0.16 0.06 36.17 33.29 34.02 - 2.74 56.81 33.29 0.16 0.16 0.16 0.00 0.41 0.15 0.01 0.01 0.01 0.00 0.01 0.01 0.08 0.07 0.08 0.00 0.19 0.04 0.05 0.04 0.04 + 0.01 0.10 0.03 0.02 0.02 0.02 - 0.01 0.09 0.02 0.19 0.17 0.18 + 0.03 0.29 0.14 0.05 0.05 0.05 0.00 0.20 0.04 0.21 0.19 0.20 0.00 0.40 0.19 0.04 0.04 0.04 0.00 0.05 0.01
R
Sandstorm Gold T 7484 Santa Fe Metls V 2512 Santacruz Silv V 1984 Sarama Res V 570 Satori Res V 280 Saturn Minls V 1243 Savant Expl V 150 Scorpio Gold V 2414 Scorpio Mining T 4645 Seabridge Gld* N 21807 Seabridge Gold T 2234 Search Mnls V 1209 Secova Mtls V 1022 Sego Res V 350 Selwyn Res V 208 Semafo T 76560 Sentry Sl PrmM T 1469 Serabi Gold T 1280 Serengeti Res V 640 SG Spirit Gold V 10 SGX Res V 7170 Sherritt Intl T 198830 Shore Gold T 13181 Sienna Res V 1036 Sierra Iron Or V 490 Sierra Metals T 252 Signature Res V 313 Silver Bear Rs T 8790 Silver Bull Re T 164 Silver Grail R V 515 Silver Mtn Mns V 450 Silver Predatr V 3870 Silver Pursuit V 90 Silver Range R V 750 Silver Spruce V 2095 Silver Std Res T 18651 Silver Std Re* Q 81639 Silver Wheatn* N 244624 Silver Wheaton T 69164 Silvercorp Mtl T 29755 SilverCrest M* X 6941 SilverCrest Mn T 10770 Silvermet V 25 Silvore Fox Ml V 640 Sirios Res V 984 Skeena Res V 3660 Skyharbour Res V 29774 Slam Exploratn V 2673 SnipGold V 5470 SNS Silver V 678 Soc Quim&M Ch* N 27201 Solitario Ex&R T 901 Solitario Ex&* X 4065 Solvista Gold V 24174 Sona Res V 20 Sonora Gld & S V 100 Sonoro Mtls V 2100 Source Expl V 6514 Southern Arc V 2505 Southern Silvr V 1369 SouthGobi Res T 3395 Spanish Mtn Gd V 5605 Sparton Res V 1330 Sprott Ph Silv T 528 Sprott Res T 14002 St Andrew Gldf T 6286 St Augustine T 2855 St-Georges Plt C 17290 Stakeholdr Gld V 2461 Stans Energy V 5915 Starcore Int V T 2593 Stillwater Mg* N 128413 Stina Res V 210 Stockport Expl T 5538 Stonegate Agri T 8902 Stornoway Diam T 4903
3.90 3.60 3.87 + 0.07 5.69 2.80 0.03 0.02 0.02 + 0.01 0.04 0.01 0.15 0.13 0.14 0.00 0.99 0.13 0.08 0.07 0.07 - 0.02 0.12 0.03 0.05 0.03 0.05 + 0.01 0.45 0.02 0.13 0.12 0.13 0.00 0.24 0.11 0.01 0.01 0.01 0.00 0.05 0.01 0.10 0.09 0.10 + 0.01 0.20 0.08 0.18 0.15 0.17 + 0.01 0.28 0.14 6.64 5.87 6.11 - 0.29 9.89 3.31 8.65 7.83 8.13 - 0.26 12.12 4.34 0.06 0.04 0.05 - 0.01 0.13 0.03 0.06 0.05 0.06 + 0.01 0.09 0.03 0.02 0.02 0.02 - 0.01 0.03 0.02 1.35 1.20 1.20 - 0.15 3.75 1.20 3.24 2.83 3.07 - 0.10 4.49 2.39 2.29 2.16 2.25 + 0.05 3.65 2.01 0.07 0.07 0.07 0.00 0.11 0.06 0.03 0.02 0.03 + 0.01 0.08 0.02 0.20 0.10 0.20 + 0.10 0.40 0.06 0.02 0.02 0.02 + 0.01 0.02 0.01 0.99 0.77 0.79 - 0.21 3.84 0.77 0.16 0.13 0.14 - 0.01 0.31 0.13 0.03 0.02 0.03 0.00 0.05 0.01 0.35 0.32 0.35 + 0.03 0.62 0.07 1.01 0.98 0.98 0.00 2.13 0.84 0.02 0.02 0.02 0.00 0.04 0.01 0.04 0.03 0.04 0.00 0.13 0.03 0.11 0.09 0.09 - 0.02 0.30 0.08 0.05 0.03 0.03 + 0.01 0.05 0.02 0.02 0.02 0.02 + 0.01 0.06 0.01 0.02 0.02 0.02 0.00 0.06 0.01 0.03 0.03 0.03 0.00 0.06 0.02 0.05 0.04 0.04 - 0.01 0.13 0.04 0.08 0.05 0.08 + 0.02 0.10 0.02 9.29 8.21 8.86 + 0.38 9.46 4.47 7.07 6.15 6.67 + 0.22 7.23 3.92 12.85 11.54 12.53 + 0.02 24.22 11.03 16.77 15.39 16.66 + 0.18 29.86 14.62 1.02 0.85 0.88 - 0.09 2.00 0.75 0.94 0.81 0.92 + 0.04 1.71 0.65 1.24 1.09 1.22 + 0.05 1.97 0.87 0.05 0.05 0.05 - 0.01 0.11 0.03 0.03 0.03 0.03 0.00 0.11 0.00 0.13 0.11 0.12 + 0.01 0.13 0.06 0.08 0.07 0.08 + 0.01 0.13 0.06 0.03 0.03 0.03 - 0.01 0.07 0.02 0.02 0.02 0.02 + 0.01 0.08 0.01 0.06 0.06 0.06 - 0.02 0.11 0.04 0.33 0.28 0.28 - 0.01 0.50 0.05 17.26 14.87 15.66 - 1.65 28.32 12.65 0.68 0.61 0.63 0.00 1.37 0.61 0.55 0.46 0.47 - 0.05 1.40 0.44 0.06 0.02 0.04 + 0.02 0.13 0.02 0.03 0.03 0.03 0.00 0.08 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.09 0.06 0.06 - 0.01 0.22 0.06 0.02 0.02 0.02 0.00 0.11 0.02 0.05 0.04 0.05 + 0.01 0.10 0.03 0.09 0.05 0.08 + 0.03 0.13 0.03 0.44 0.42 0.43 + 0.03 1.25 0.39 0.03 0.03 0.03 0.00 0.05 0.02 0.02 0.02 0.02 0.00 0.03 0.01 5.99 5.78 5.93 + 0.02 7.79 5.31 0.63 0.60 0.60 0.00 3.17 0.59 0.33 0.30 0.33 + 0.02 0.39 0.21 0.09 0.08 0.08 - 0.02 0.18 0.08 0.03 0.02 0.02 + 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.28 0.03 0.03 0.02 0.02 - 0.01 0.23 0.02 0.10 0.09 0.09 - 0.02 0.19 0.08 9.97 8.36 9.96 + 0.66 17.06 8.36 0.18 0.16 0.18 - 0.02 0.25 0.04 0.02 0.02 0.02 - 0.01 0.06 0.02 0.03 0.02 0.02 - 0.01 0.14 0.02 0.77 0.72 0.74 - 0.01 0.85 0.46
W-Z
15-09-29 8:11 PM
THE NORTHERN MINER / OCTOBER 5-11, 2015
GLOBAL MINING NEWS
13
M E TAL S, MI N I N G A N D MONEY MA RK ETS SPOT PRICES COURTESY OF SCOTIABANK
PRODUCER AND DEALER PRICES
Tuesday, September 22, 2015 Precious Metals Price (US$/oz.) Gold $1124.60 Silver $14.56 Platinum $926.00 Palladium $655.00
Change -4.70 -0.38 -54.00 +54.00
Base Metals Nickel Copper Lead Zinc
Change +19.50 +19.50 +11.00 +27.00
Price (US$/tonne) $4984.00 $4984.00 $1667.00 $1656.50
Thermal Coal CAPP: US$42.50 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$48.65 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.90 Coal: CME Group Futures Nov. 2015: US$42.25; Dec. 2015: US$42.25 Cobalt: US$12.70/lb. Copper: US$2.29/lb. Copper: CME Group Futures Oct. 2015: US$2.258/lb.; Nov. 2015: US$2.257/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$510/tr oz. Iron Ore 62% Fe CFR China-S: US$56.00/tonne Iron Ore Fines: US$55.73/tonne Iron Ore Pellets: US$61.26/tonne Lead: US$0.76/lb. Magnesium: US$2.07/kg Manganese: US$1.75/kg Molybdenum Oxide: US$5.58/lb. Phosphate Rock: US$115/tonne Potash: US$303.00/tonne Rhodium: Mid-mkt US$760.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$14.58 per oz.; Handy & Harman Fabricated: US$18.22 per oz. Tantalite Ore: : US$170.28/kg Tin: US$6.96/lb. Uranium: U3O8, Trade Tech spot price: US$37.25/lb.; The UX Consulting Company spot price: US$37.25/lb. Zinc: US$0.74/lb. Prices current Sept. 29, 2015
LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, September 28, 2015 (change from September 21, 2015 in brackets): Aluminium Alloy 12340 (-400) Aluminium 3202250 (-22175) Copper 324600 (-11250) Lead 164575 (-875) Nickel 452286 (-1836) Tin 4900 (-205) Zinc 594150 (-11525)
TSX SHORT POSITIONS
TSX VENTURE SHORT POSITIONS
Short positions outstanding at Aug. 31/15 (with changes from Aug. 15/15).
Short positions outstanding at Aug. 31/15 (with changes from Aug. 15/15).
Largest short positions Lundin Mining LUN 39684608 New Gold NGD 31277766 Kinross Gold K 27563908 B2Gold BTO 25203872 PotashCorp POT 23158758 First Quantum FM 21991455 Teck Res. TCK.B 17781827 Yamana Gold YRI 13860366 Barrick Gold ABX 12788932 Denison Mines DML 12510711 Thompson Crk Mtl TCM 12372436 OceanaGold OGC 11812346 Detour Gold DGC 9546321 Copper Mountain Min. CUM 8637104 Goldcorp G 8455478 Largest increase in short position Alamos Gold AGI 5161156 Goldcorp G 8455478 OceanaGold OGC 11812346 First Quantum FM 21991455 Klondex Mines KDX 2352655 Largest decrease in short position Eldorado Gold ELD 5137077 First Maj. Silver FR 4987826 Detour Gold DGC 9546321 Hudbay Mining HBM 3715226 Mcewen Mining MUX 2876877
Largest short positions Equitas Res. EQT 3286400 Integra Gold ICG 663415 Bonterra Res. BTR 522000 Gold Reserve GRZ 463100 Nemaska Lithium NMX 428000 Arian Res. ARC 301000 Gowest Gold GWA 295000 Zenyatta Vent. ZEN 291700 CB Gold CBJ 260000 Minaurum Gold MGG 238000 Roxgold ROG 189981 Dajin Res. DJI 146500 Georox Res. GXR 127400 Northern Graphite NGC 111434 Pure Energy Min. PE 103958 Largest increase in short position Equitas Res. EQT 3286400 Bonterra Res. BTR 522000 Arian Res. ARC 301000 Gowest Gold GWA 295000 CB Gold CBJ 260000 Largest decrease in short position Dajin Res. DJI 146500 Ximen Mining XIM 0 Nippon Dragon Res. NIP 0 Emerita Res. EMO 0 Canasil Res. CLZ 300
528455 523662 -254215 -158188 532311 1361723 241866 710511 720217 903701 -42739 1485033 -1362572 -142981 3697531 3706736 3697531 1485033 1361723 1044019 -3068260 -1989815 -1362572 -779624 -720033
3208900 -44331 522000 252500 -66695 301000 295000 16200 260000 236400 -25019 -1835500 -22600 2800 85658 3208900 522000 301000 295000 260000 -1835500 -930000 -717000 -255000 -199700
NORTH AMERICAN STOCK EXCHANGE INDICES 52-week
Date TSX Composite S&P/TSX-Ven Comp S&P TSX 60 Global Gold TSX Metals & Mining Gold & Silver XAU Arca Gold Bugs
Sept 28 13004.58 526.62 763.96 121.32 340.77 44.63 105.28
Sept 25 13378.57 541.50 786.39 127.14 375.47 47.27 111.37
Sept 24 13338.67 544.19 783.83 128.78 380.59 47.89 112.92
Sept 23 13383.69 545.21 786.03 119.83 379.90 44.61 104.74
Sept 22 13491.09 541.34 792.44 120.38 392.94 45.23 106.19
High 15524.75 919.45 905.09 195.63 832.42 82.19 211.23
Low 12705.17 509.03 750.26 114.48 339.80 42.72 101.28
DAILY METAL PRICES Date Sept 28 Sept 25 Sept 24 Sept 23 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1680/1690 1675/1690 1675/1690 1680/1695 Aluminum 1536.50/1548.50 1566/1577 1560/1572 1571.50/1582 Copper 1536.50/1548.50 5097.50/5070 5044/5035 5111/5105 Lead 4960/4943 1680/1689 1668/1680 1679/1692 Nickel 1623/1637 9815/9875 9710/9725 9805/9835 Tin 9835/9900 15320/15050 15345/15195 15075/14900 Zinc 15390/15065 1645/1661 1634.50/1653 1653.50/1672 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1137.50 1145.50 1134.45 Gold PM 1131.05 1146.65 1154.50 Silver 14.70 14.99 14.79 Platinum 922.00 945.00 935.00 Palladium 651.00 672.00 650.00
1124.60 1131.35 14.80 937.00 632.00
Sept 22 1685/1700 1578/1588 5130/5125 1670/1680 9675/9705 15045/14925 1619/1633
1129.30 1122.90 14.94 946.00 595.00
EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Sept 28 Sept 25 US$ in C$ 1.3361 1.3325 C$ in US$ 0.7484 0.7505
Sept 24 1.3351 0.7490
Sept 23 1.3315 0.7510
Sept 22 1.3278 0.7531
EXCHANGE RATES (Bank of Canada, September 28, 2015) Currency Aus $ Euro Japan In C$ 0.9358 1.5010 0.01115 In US$ 0.7004 1.1234 0.00835
Mex P 0.07851 0.05876
SA Rand 0.09560 0.07155
LEGEND A – Australian Stock Exchange C – CNSX Canadian National Stock Exchange J – Johannesburg Stock Exchange L – London Stock Exchange M – Mexico Stock Exchange N – New York Stock Exchange O – U.S. over-the-counter Q – NASDAQ or U.S. OTC T – Toronto Stock Exchange V – TSX Venture Exchange X – NYSE Alternext U.S. * – Denotes price in U.S.$
TNM_Oct 05 2015 Issue.indd 13
Alamos Gold (AGI.WT) - Wt buys sh @ US$29.48 to Aug 30/18. Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17. Crocodile Gold (CRK.WT) - Wt buys sh @ $2.25 to Mar 24/16. Dalradian Resources (DNA.WT) - Wt buys sh @ $1.50 to Jul 31/17. Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov. 20/15. Franco-Nevada (FNV.WT.A) - Wt buys sh @ $75 to Jun 16/17. Gran Colombia Gold (GCM.WT) - Wt buys sh @ $65.00 to Aug 24/15. (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19. Hudbay Minerals (HBM.WT) - Wt buys sh @ $15.00 to Jul 20/18. IMX Resources (IXR.WT) - Wt buys sh @ C$0.62 or A$0.60 to Sep 14/15. Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.80 to Dec 10/15. MBAC Fertilizer (MBC.WT) - Wt buys sh @$1.00 to Apr 17/19. New Gold A (NGD.WT.A) - Wt buys sh @ $15 to June 28/17. Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.50 to Feb 18/22 Primero Mining (P.WT) - Wt buys sh @ $8 to July 20/15 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $.40 to Jul 17/17. Royal Nickel (RNX.WT) - Wt buys sh @ $.80 to Jul 11/16. RTG Mining (RTG.WT) - Wt buys sh @ $1.50 to Jun 4/17. Rubicon Minerals (RMX.WT) – Wt buys sh @$2 to Mar 12/15. Sandstorm Gold (SSI.WT.A) Wt buys 1/5 sh @ US$5 to Oct 19/15. (SSI.WT.B) Wt buys sh @ US$14 to Sep 7/17. (SSI.WT.C) Wt entitles holder to receive 0.145 of a sh to Oct 7/14.
Stonegate Agricom (ST.WT.A) - Wt buys sh @ $0.40 to Jul 24/15. Stornoway Diamond (SWY.WT.A) - Wt buys sh @ $0.90 to Jul 3/16. Vista Gold (VGZ.WT.U) - Wt buys sh @ US$5 to Oct 22/15. Supplied by TMX Group.
TSX VENTURE EXCHANGE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.60 to Aug 20/18. Avala Resources (AVZ.WT) - Wt buys sh @ $4.80 to Mar 6/16. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18. Cornerstone Capital Resources (CGP.WT) - Wt buys sh @ $0.35 to Apr 7/19. Delta Gold (DLT.WT) - Wt buys sh @ $0.17 to Sep 14/17. Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19. Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 30/16. Monarques Resources (MQR.WT) - Wt buys sh @ $0.20 to Dec 14/15. (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17. NexGen Energy (NXE.WT) – Wt buys sh @ $o.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15. (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15. Sunridge Gold (SGC.WT) – Wt buys sh @ $0.35 to Oct 18/17. West African Resources (WAF.WT) - Wt buys sh @ $0.40 to Jan 17/17. West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.30 to Apr 17/19. Supplied by TMX Group Inc.
NEW 52-WEEK HIGHS AND LOWS — SEPTEMBER 18-24, 2015 25 New Highs African Queen Alacer Gold Altiplano Mnls Antofagasta Gd Challenger Dee Dios Expl Ethos Gold First Mexican Globex Mng Goldbank Mng Goldcliff Res Kings Bay Gold MPH Vent Orex Expl PC Gold Plato Gold Reliance Res Running Fox Rs Rusoro Mng Silver Grail R Temex Res Tri Origin Exp Troymet Expl UC Res Virginia Engy
259 New Lows Aben Res Aberdeen Intl Adamera Mnls African Gold G Aldershot Res Aldrin Res Alexandria Mnl Alloycorp Almonty Ind Alto Vent AQM Copper Arctic Star Rs Arcturus Res Argex Titanium Argus Metals Asher Res Astur Gold Athabasca Mnls Atico Mng Augen Gold Avalon Rare M* Avalon Rare Mt Baja Mng Bandera Gold Bannerman Res Barisan Gold Barrick Gold* Barrick Gold BCGold Bear Creek Mng Bitterroot Res Bowmore Expl Burnstone Vent Cameco Corp* Cameco Corp Canada Rare Ea Canada Zinc Mt Canadn Int Mnl Canadn Orebods Canadn Plat Canamex Res Canasil Res Candente Coppr Canuc Res
Capstone Mng Caracara Silvr Cassidy Gold Central Iron O Champion Bear Chesapeake Gld China Mnls Mng Claim Post Res Cloud Peak En* CMC Metals Colibri Res Colombia Crest Colombian Mins Colonial Coal Commander Res Compass Mnls* Conquest Res Consol Energy* Contl Precious Copper Mtn Mng Copper North M Corex Gold Coronado Res Corsa Coal Darnley Bay Decade Res Defiance Silvr Denison Mines Denison Mines* Diamcor Mng Dominion Diam* Dominion Diam Eagle Plains Eastfield Res Ecuador G & C El Nino Vent El Tigre Silvr Emerick Res Exeter Res* Exeter Res Falco Res Fieldex Expl Firestone Vent First Quantum Forsys Metals Forum Uranium Frontline Gold Gabriel Res Galore Res General Moly* Geodex Mnrls Geologix Ex Geomega Res Gold Bulln Dev Gold Finder Ex Goldcliff Res Golden Band Golden Goliath Grande Portage Granite Ck Gld Great Atlantic Great Quest Me Heatherdale Rs Hi-Crush Part* Highway 50 Gld HiHo Silver Hinterland Mtl Honey Badger E HudBay Minls HudBay Mnls* Iconic Mnls Inca One Res
Independence G Intl Montoro R Intrepid Pots* Ivernia J.A.G. Mines Karnalyte Res Kennady Diam Kettle River Kings Bay Gold Klondike Gold Klondike Silv Largo Res Laurion Mnl Ex Lomiko Mtls Los Andes Copp Lucara Diam Lydian Intl MacDonald Mns Magellan Minls Marlin Gold Mason Graphite Maudore Minls Mawson West Melior Res Mesa Expl Midas Gold Midland Expl Midnight Sun M Migao Mindoro Res Monster Mng Mosaic* Mountain Boy M Mountain Prov Mustang Minls Namibia Rare E Nautilus Minls Nevada Copper Nevado Res New Milln Iron Nomad Ventures North Am Nickl North Am Tung North Arrow Mn Northcliff Res Northern Abiti Northern Freeg Northern Gld M Northisle C&G Nunavik Nickel NV Gold Opta Minls Oracle Mng Orestone Mng Orezone Gold Orosur Mng Pac Coal Res Pan Global Res Phoenix Gold Planet Mng Platinex PolyMet Mng Potash C Sask* Potash Cp Sask Precipitate Gl Proam Expl Puma Expl Purepoint U QMC Quantum Ml Quartz Mtn Res Quest Rare Mnl Radius Gold
Rambler Mg&Mtl Randsburg Intl Red Moon Potsh Red Tiger Mng Redzone Res Rio Tinto* RJK Explor RockBridge Res Rockwell Diam Romios Gold Rs Running Fox Rs Sage Gold Sanatana Diam Savant Expl Selwyn Res Serengeti Res Sherritt Intl Shore Gold Silver Bear Rs Silver Range R Solitario Ex&R Solvista Gold Sonora Gld & S Source Expl St Augustine Stakeholdr Gld Stans Energy Stillwater Mg* Stockport Expl Strategic Metl Sulliden Mng C SunCoke Engy* Sutter Gold Talon Metals Tanzania Mnls Teck Res A Teck Res B* Teck Res B Tembo Gold Teras Res Teuton Res TNR Gold Trevali Mng Trio Gold Corp Trueclaim Expl Turquoise HIl* TVI Pacific Typhoon Expl UEX Corp Uracan Res Uranium Valley US Silica Hld* ValGold Res Vangold Res Vantex Res Vena Res Verde Potash Vior Mining VMS Vent Volcanic Mtls Vulcan Mnrls West Af Iron O West Kirkland Western Lithiu Williams Creek Wolverine Mnls Xmet Xtierra Yellowhead Mng Zazu Metals Zinco Mng
For daily mining news, visit www.northernminer.com UK £ 2.0318 1.5207
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
TSX WARRANTS
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
GLOBAL MINING NEWS · SINCE 1915
Reprints Reprints of any article published in The Northern Miner or on our website are available. We will provide them in a PDF format for $350.
Contact: moliveira@northernminer.com or 416-510-6768
15-09-29 8:11 PM
14
OCTOBER 2015 / THE NORTHERN MINER OCTOBER 5, 5-11, 2015 / THE NORTHERN MINER
WWW.NORTHERNMINER.COM WWW.NORTHERNMINER.COM
PROFESSIONAL DIRECTORY srk consulting
ASSAYERS
GOLDAK AIRBORNE SURVEYS TRI-MAXIAL MAGNETIC GRADIOMETER
Consulting services from exploration through to mine closure
1024 channel radiometrics Full 4 sensor - 3 axis gradiometry 3D attitude correction system True gradient guided gridding process
www.srk.com
2 Hangar Road Saskatoon, SK S7L 5X4 tel 306 249 4474 - www.goldak.ca
Providing geophysical services for over 20 years
APPLIED STRUCTURAL ECONOMIC GEOLOGY
.com
CONSTRUCTION MANAGEMENT
Project and Construction Management
Structural Vectoring Adds Value to Exploration and Targeting
PETROS EIKON Worldwide experience in sedimentary and hardrock
Processing through final Interpretation PETROSEIKON.COM
services@petroseikon.com
1.519.943.0001
New, Rebuilds Fast Track Greenfield
CORE BOXES LNA provides construction management services to assure industrial facility owners realize cost efficiency and quality of their projects within the project schedule, budgets and safety objectives. L. NARDELLA ASSOCIATES LTD.
2292 blvd. Industriel, Suite 207, Laval (Quebec) H7 S 1P9 Telephone: (450) 967-1000 Fax: (450) 967-4445 Tel. CALGARY: (403) 254-4851 Tel MISSISSAUGA: (905) 381-0415
Mapping Structure? Ask us about our proprietary XDS VLF-EM!
PHONE: 807:854:2283 416 Main Street EMAIL: info@imexko.ca Geraldton.ON CUSTOM WORK • INSTALLATION CORE RACKS & BOXES FENCING • SUPPLIES • DELIVERY
PHONE: 807-854-2283 FAX: 807-854-0554 EMAIL: info@imexko.ca
416 Main St. Geraldton, ON P0T 1M0
FULL RANGE SERVICES
CUSTOM WORK • INSTALLATION FENCING • SUPPLIES • DELIVERY
Horizontal Gradient Magnetics Digital Radiometrics
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CONSULTING A.C.A. HOWE INTERNATIONAL LIMITED MINING & GEOLOGICAL CONSULTANTS Toronto, Canada Tel: 1-416-368-7041 London, UK Tel: 011-44-1442-873398 Email: howe@acahowe.ca www.acahowe.ca
COMPLETE RANGE OF INTEGRATED EXPLORATION SERVICES minerals@sgs.com www.sgs.com/mining
Tel: 905.477.2800 info@terraquest.ca terraquest.ca
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SGS IS THE WORLD’S LEADING INSPECTION, TESTING, VERIFICATION AND CERTIFICATION COMPANY
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Toronto Vancouver Norwich Cornwall Canada: mail@micon-international.com United Kingdom: office@micon-international.co.uk
INSTRUMENTATION
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- 3D / 32 channels IP Receivers - 4800V / 10,000W IP Transmitters - MPP - SCIP - Chain+Level - Beep Mat
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International Exploration & Mining Consultants Project generation, design, management Independent reporting|Geophysics|GIS
www.mphconsulting.com +1.416.365.0930
Toronto Denver London Vancouver Quebec City Geological and Mining Consultants www.rpacan.com +1 (416) 947-0907
TNM_Oct 05 2015 Issue.indd 14
VTEM™ | ZTEM™ | Gravity | Magnetics | Radiometrics | Data Processing | Interpretation
905 841 5004 | geotech.ca
TDEM New ! GPRTEM System Magnetics Gradiometer HELIMAGER Heliborne & Fixed-wing Magnetics, Radiometrics and Gravity 450-679-2400 info@gprmtl.com www.geophysicsgpr.com
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OCTOBER 5, 2015 / THE NORTHERN MINER THE NORTHERN MINER / OCTOBER 5-11, 2015
GLOBAL MINING NEWS SINCE 1915 GLOBAL MINING NEWS
15 15
CAREER
PROFESSIONAL DIRECTORY
OPPORTUNITIES G6 55º Development Corporation
MINERAL PROCESSING
A Community-owned Inuit Enterprise
We are a newly-formed company seeking to maximize the economic return from mining and mineral exploration activity in the Ungava Bay region for the benefit of our six communities. We are seeking an energetic and highly motivated individual to act as our:
Business Development/Finance Officer
Rentals and Sales Sales and Rentals: of instruments for:
TERRAPLUS INC. 52 W. Beaver Creek Rd., Unit 12 Richmond Hill, Ontario L4B 1L9 (Canada) Tel: Fax: e-mail: Website:
(905) 764-5505 (905) 764-8093 sales@terraplus.ca www.terraplus.ca
Magnetometers/VLF Magnetics/VLF Gamma-Ray Spectrometers IP, Radiation Infrared Spectrometers Resistivity TDEM and HLEM (Multi-electrodes) Resistivity (ERT) Susceptibility Full Wave Form IP Conductivity Borehole Gyro GPR/ GPS Borehole Logging Gravity Magnetic Susceptibility Seismics Conductivity Borehole Logging GPR Seismic
Based in Kuujjuaq, Quebec you will be responsible for identifying business opportunities, forming strategic partnerships with other service providers active in mineral exploration and mining, developing business plans, liaison with shareholders, and managing the financing of the corporation. Relevant qualifications include: • a university undergraduate degree in a relevant program • a minimum of 7 years’ management or development experience in the mining and/or mineral exploration sector • a solid knowledge of activity in the Ungava Bay and Labrador Trough regions • fluency and literacy in English and either Inuktitut or French
SURVEYORS & CORE SYSTEMS JEAN-LUC CORRIVEAU, Q.L.S., CLS
LEGAL
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litigate
CONTRACTUAL & MINING DISPUTES CONSTRUCTION DISPUTES PRODUCT LIABILITY DISPUTES INQUESTS: OCCUPATIONAL/SAFETY DEFENCE
Excellence in Commercial Litigation and Competition Law agmlawyers.com • thelitigator.ca
Affleck Greene McMurtry LLP 365 Bay Street, Suite 200, Toronto Canada M5H 2V1 T 416.360.2800
Land & Mining Surveyors – 3D Scanning GYRO-THEODOLITE, UNDERGROUND CONTROL PHOTOGRAMMETRIC MAPPING (AIRBORNE LIDAR AND DRONE), CAVITY SCANNING, BOREHOLE AND BATHYMETRIC SURVEYS 1085, 3rd Avenue West, Val-d’Or (Quebec) J9P 1T5 Tel: (819) 825-3702 Fax: (819) 825-2863 E-mail: bureau@corriveaujl.com www.corriveaujl.com
This is a one-year contract position with a possiblity of renewal. We offer a competitive salary, housing, 4-weeks annual leave with airfare to point of departure, cost-of-living differential and other benefits. Please send your resumé to: v.president@g655dc.com
GYRO BOREHOLE SURVEYING CORRIVEAU J.L. & ASS. INC.
Also, Magnetic probe surveys
Se
rvi
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Val-d’Or (Quebec) Tel: (819)825-3702 Fax: (819)825-2863 E-mail: bureau@corriveaujl.com
CAREERS ADVERTISING RATES $12.65 per agate line. Minimum size 2 columns x 1” $354.20. Closing date is 10 days prior to publication date.
To reserve space for your advertisement in the Professional Directory contact:
JOE CROFTS: 416-510-6816, DAVE CHAUVIN: 416-510-6824
All Cdn. orders subject to applicable taxes. For further Careers advertising information contact: Joe Crofts (416) 510-6816 - jcrofts@northernminer.com, Dave Chauvin (416) 510-6824 - dchauvin@northernminer.com
Toll free North America: 1-888-502-3456, (ext. 43729 / 43730), Fax: 416-447-7658
Toll free North America: 1-888-502-3456, (ext. 43729 / 43730) Fax: (416) 447-7658
Canadian Mining Hall of Fame names Class of 2016 HALL OF FAME From pg 5 Oyu Tolgoi in 2012 and began open-pit production in 2013 — and plans a giant underground mine. Also in 2000, Friedland’s African Minerals explored Sub-Saharan Africa, adopting the name "Ivanhoe Mines" in 2013. In 2014, construction began for a mechanized, underground mine on the site of a major discovery of platinum-group elements, nickel, copper and gold on South Africa’s Platreef. In the Democratic Republic of the Congo, Ivanhoe’s 2009 Kamoa copper discovery — the DRC’s largest in a century — is recognized as the world’s largest undeveloped high-grade copper deposit. Friedland’s industry recognitions include Canada’s Developer of the Year (1996) and Northern Miner Mining Person of the Year (2006); Australia’s Dealmaker of the Year (2011); and Hong Kong’s inaugural Mining Personality of the Year (2012).
Louis Gignac (b. 1950) ouis Gignac contributed to the stature of Canada’s mining industry during his exemplary career as a company builder, mine operator and developer, and advocate of the industry's best practices. He is known for building Quebec-based Cambior into an intermediate gold producer and mentoring a new generation of mining talent. Louis Gignac has developed and operated more than 20 domestic and international mines since the 1980s, and applies his expertise to mine development projects managed by his independent consulting firm, G Mining Services Inc. Born in Sherbrooke, Que., Gignac holds a degree
L
TNM_Oct 05 2015 Issue.indd 15
in mining engineering from Laval University (1973), a master's degree in mineral engineering from the University of Minnesota (1974) and a doctor of engineering degree from the University of MissouriRolla (1979). In 1986, Gignac was appointed CEO of Cambior with a mandate to privatize mining assets held by SOQUEM, a Quebec government corporation. He led Cambior through a $157.5-million initial public offering and the acquisition of SOQUEM’s mining assets. Next, Gignac focused on building an operating company. The 1987 acquisitions of Aiguebelle Resources and Sullivan Mines marked the start of a journey that saw Cambior’s gold production grow from 52,000 oz. to 694,100 oz. in 2004. Cambior produced 9.2 million oz. gold over 20 years period while reliably making niobium for the steel industry. In 1992, Cambior developed the Omai mine in Guyana, a partnership with Golden Star Resources. Omai became one of South America’s largest gold mines, with 3.8 million oz. produced in 12 years. In 1995, a tailings spill forced Omai's closure. Gignac flew to the site to implement corrective measures that helped Omai reopen with a tailings pond half a year later. His competence and accountability during this time helped Cambior keep its reputation as a reliable and responsible operator. In 1999, Cambior came under pressure caused by declining gold prices and the inability to renew forward sales commitments. In response, Gignac sold base metal assets, restructured its balance sheet and refocused its operating plan. Cambior pushed ahead with building the $100-million Rosebel gold mine in Suriname in late 2002, and initiated commercial production 15 months later. Rosebel has produced 3.9 million oz. gold. After 20 years, Cambior merged with Iamgold in 2006. The transaction valued Cambior at US$1.3 billion, and the merged entity at US$3 billion. Louis Gignac has been a teacher and a mentor throughout his career. He is committed to give learning opportunities to individuals through job
challenges. Many former Cambior employees pursued careers in senior positions in Canada and internationally, in a testament to Gignac’s ability to develop minds, as well as mines. Among other honours, Louis Gignac received the Viola MacMillan Award for Mine Development in 1992, was named The Northern Miner’s “Mining Man of the Year” in 1994 and received a Doctorate Honoris Causa from the Université de Montréal in 1998.
Harold (Hank) Williams (1934–2010) he island of Newfoundland inspired Harold (Hank) Williams during his fruitful years with the GSC and prolific career at Memorial University of Newfoundland and Labrador in St. John’s. A GSC mapping program on the island led to his seminal 1964 paper, The Appalachians in Northeastern Newfoundland: A Two-Sided Symmetrical System, which advanced the groundbreaking concept of plate tectonics for the first time. His landmark paper and 1967 geological compilation map of Newfoundland represented the first on-land syntheses of an orogenic belt in a tectonic framework. Williams continued his work at Memorial to international acclaim. One of his greatest achievements was synthesizing the Appalachian mountain chain from Alabama to Newfoundland, which interpreted terrane divisions across the Atlantic. The implications for mineral exploration were exciting, and plate tectonics, once hotly debated, became widely accepted around the world. Born and raised on the Rock, Williams was in
T
the right place for his life’s work, with the island considered to have some of the best preserved tectonic elements than any other part of the Appalachian chain. He was a stellar student at Memorial University, where he obtained a diploma in engineering and a BSc in geology in 1956, followed by a MSc degree in 1958. Williams joined the Appalachian section of the GSC after earning his PhD from the University of Toronto in 1961. He became known as an expert decoder of complex geology and as a meticulous mapmaker, with a prodigious ability to integrate and synthesize data. He was also a visionary thinker, as reflected in his influential paper published by the American Journal of Science in 1964. This much cited paper and his 1967 Newfoundland map were keystones to J. Tuzo Wilson's recognition of the concept of an opening and closing proto-Atlantic (Iapetus) Ocean. Williams returned to Memorial as an associate professor in 1968, and became a professor in 1971. In 1978, he produced a tectonic map of the entire North American Appalachian chain entitled "Tectonic lithofacies map of the Appalachian orogen." It was a gargantuan feat and a best seller, with 10,000 copies sold worldwide. The map provided a regional framework for geologists to focus their search for specific types of deposits, which led to discoveries such as the Duck Pond mine in central Newfoundland. It was also used to understand the relationships between various terranes in the Appalachians and their equivalents across the Atlantic Ocean. Williams helped establish plate tectonics as a unifying theory for the drift of continents, the evolution of mountain belts and the formation of related mineral deposit types. He also inspired a generation of geologists and helped establish Memorial as a leader in earth science research. Williams became one of the youngest fellows of the Royal Society of Canada in 1972, and received many other awards, including the Logan Medal of the Geological Association of Canada. TNM
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THE NORTHERN MINER
OCTOBER 5-11, 2015 / THE NORTHERN MINER
Radiation Technician Rabbit Lake Operation Online Reference No: 62551
You will assist in ensuring compliance for the radiation protection program. You will collect, maintain and record radiation data from the mine and mill facility as well as issue radiation work permits. You will also conduct routine monitoring and assess working conditions pertaining to radiation protection for the safety of all workers.
Exploration Manager Benga Mining Limited o/a Riversdale Resources Crowsnest Pass, Alberta, Canada Online Reference No: 62539 Full time Exploration Management position providing geological project management for coal exploration at Riversdale’s exploration project in Crowsnest Pass, Alberta. The role is primarily field based and the successful applicant is required to relocate to Blairmore, Alberta.
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.
RECRUIT SMARTER WITH MINING JOBS The Northern Miner’s new section dedicated to recruiting in mining
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.
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SEPTEMBER 28-OCTOBER 4, 2015
WWW.NORTHERNMINER.COM
Project Engineering General Foreman Java,Indonesia Online Reference No: 62497 The Project Engineering General Foreman is responsible for the overall management, control, monitoring and development of the Engineering Department, his direct reports and the additional departmental staff under his management. The incumbent is responsible for setting and maintaining engineering systems, standards and controls in keeping with sound project engineering practices, Indonesian mining regulations, PTFI and PTRI standards.
Sr. Technician, Mine Rabbit Lake Operation Online Reference No: 62522
Reporting to the senior mine engineer, you will provide technical support duties within the mine engineering department at the Rabbit Lake operation. You will be responsible for development and production surveying, mine ventilation monitoring, data collection and monitoring instrumentation while ensuring quality work is being produced in a safe and efficient manner.
Mining and Screening Manager T.A.Dold Online Reference No: 62527
One listing is all you need Print Edition.
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.
Circulated to TNM 20K+ readership
Precambrian Geoscientist Sudbury, Ontario Online Reference No: 62437
+
4 INDUSTRY JOB BOARDS
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.
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.
CANADIAN Mining Journal Global Copper Group Inc. President & CEO Online Reference No: 62172
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.
Environmental Specialist Rainy River, ON Online Reference No: 62226 Environmental stewardship is a critical piece of our company culture and values. We are looking for an outstanding individual to join our environmental management team, as an Environmental Specialist. A number of short-term temporary roles during construction are also available.
EMAIL sales@mining-jobs.net or CALL 416-510-6772 AND START RECRUITING SMARTER TODAY.
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.
Global Copper Group Inc. is a junior mining exploration company seeking to fill the position of President & CEO. The recently restructured company aims to develop mining projects from, potentially, the green-field stage, through to feasibility. This is a permanent full-time position.
Regional Supervisor, Mineral Exploration & Development, Timmins, ON Online Reference No: 62160
Are you looking for an opportunity to further develop your leadership skills while using your knowledge of the mining and exploration industry in leading the delivery of the Mineral Exploration and Development Program? If so, consider this opportunity to further advance mineral exploration and development in the North.
For full job details visit MINING-JOBS.NET and enter the Online Reference No. in the search field
TNM_Oct 05 2015 Issue.indd 16
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