The Northern Miner October 12 2015 Issue by The Northern Miner Group

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

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

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

905 841 5004 | geotech.ca

OCEANIC IRON ORE

Signs MOU with Sinohydro for Hopes Advance / 3

MASON GRAPHITE

TIMMINS GOLD

Tables Lac Guéret feasibility study / 11

Picks up processing plant in Mexico / 16

OCTOBER 12– 18, 2015 / VOL . 101 ISSUE 35 / GLOBAL MINING NEWS · SINCE 1915 / $3 .99 / WWW .NORTHERNMINER .COM

Morocco's OCP aims to dominate phosphate industry SITE VISIT

| Burgeoning fertilizer juggernaut undergoing US$20B expansion

Bullion bulls invest in Kaminak YUKON GOLD

| Canadian junior attracts New York fund By Trish Saywell tsaywell@northernminer.com

The terminal station at Jorf Lasfar for OCP’s 187 km slurry pipeline in Morocco, which can move 38 million tons of phosphate per year.

By Matthew Keevil mkeevil@northernminer.com MARRAKESH, MOROCCO

t's hard not to be struck by the juxtaposition of tradition and progress when sitting in the back of a worn taxi cab winding its way through the maze-like confines of the medina quarter in the high-profile tourist destination of Marrakesh, Morocco . The sprawling, walled-off section of the city is an anachronistic call to the Berber markets and nomadic trading centres of the past, though it is now populated by European tour buses and flashy sports cars, en route to modern shopping malls and golf resorts . The medina is in many ways a microcosm of Morocco, with its clashes between the old ways and industrialism, the resulting political fallout .

But make no mistake: the big money in the North African nation is in phosphate rock, which is why its state-owned fertilizer entity — Oﬃce Chérifien des Phosphates Group (OCP) — hosts a major conference every two years called the International Symposium on Innovation and Technology in the Phosphate Industry, or Symphos . There are a few things that stand out at the conference . First, OCP has a monopoly on the phosphate business in Morocco, so there are virtually no representatives from international fertilizer competitors, junior exploration companies or major financial institutions . Most of the corporate attendees are supply-chain outfits that either have contracts with OCP, or want a relationship . Second, since OCP is not publicly listed, it has no requirement to disclose

much about its business . So discussions about mining operations, financial results and capital projects are scarce . The company’s management is in a way guarded at the event, and seems more willing to talk about technological innovation and sustainable farming than its business unit . “One of the focuses here is on the science of the industry, and the growing demand in Africa,” OCP of research and development director Rachid Boulif said on the floor of the conference . “We have many attendees and speakers from high-level technical committees, and we’re interested in contributions on new fertilizer products, by-product innovations and regional population growths and product demand .” OCP reported revenues over the first half of 2015 totalling US$2 .5 billion, with second-quarter adjusted earnings pegged at US$479 million . The

OCP

company offset a temporary decline in Brazilian imports by almost doubling its sales within Africa . Boulif highlighted that OCP is in the middle of a US$20-billion-plus expansion to double mining output and triple fertilizer production, and increase domestic demand . The company will assemble African producers of raw materials and feedstock, and circumvent the historic presence of Western companies in the value-add chain . Phosphates from Morocco, along with resources from other African countries, could make fertilizers at a “more affordable price for local farmers .” Part of the regional expansion includes a $600-million facility at Jorf Lasfar, which lies an hour drive south of the industrial city of Casablanca .

pooled investment fund associated with billionaire mining magnate Thomas Kaplan — an Oxford-educated historian, who spends much of his spare time trying to save the world’s big cats from extinction — has become the latest investor in Kaminak Gold (TSX: KAM; US-OTC: KMKGF) . Kaplan is a director of Electrum Strategic Opportunities Fund L .P ., one of the investment arms of his privately held Electrum Group, a New York-based global natural resources investment management company . The fund is joining Kaminak’s existing big shareholders, Ross Beaty and Zebra Holdings and Investments S .a .r .l . Luxembourg in a private placement that will give Electrum a 10 .3% stake in the junior mining company . See KAMINAK / 13 PM40069240

See MOROCCO / 2

MINERAL EXPLORATION ROUNDUP 2016 JANUARY 25 – 28 • CANADA PLACE, VANCOUVER, BC REGISTER TODAY AT amebc.ca/roundup

111137869-3_AMEBC_RoundUp Ad_8x1.5.indd 1 CREATION DATE: 10/05/15 MODIFICATION DATE: October 5, 2015 3:22 PM OUTPUT DATE: 10/05/15

EDITORIAL: GLENCORE TAKES 111137869-3 AME BC Round Up Ad

4 INVESTORS PROOF #

Prod Mgr.:

FILE NAME: 111137869-3_AMEBC_RoundUp Ad_8x1.5.indd

Acct Exec.:

TRIM: 8" x 1.5" BLEED: 0.125"

Art Director:

IMAGE RES: 300 dpi

Copywriter:

NOTES:

Assoc. Creative Dir.: --

DOCKET #:

CLIENT:

Software: InDesign _TNM_Oct 12 2015_v3.indd 1 C M Y K Version: CS6

DESCRIPTION:

SPOT

Creative Dir:

2015-10-05 3:53 PM

ON A WILD RIDE / 4 APPROVALS

Producer: Accounts: Copywriter: Senior Copywriter: Art Director:

15-10-06 7:45 PM

WWW.NORTHERNMINER.COM

OCTOBER 12–18, 2015 / THE NORTHERN MINER

I N SIDE

OCP's US$20B expansion underway

DEPARTMENTS Careers. . . . . . . . . . . . . . . . . 13 Editorial. . . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . . 5 Meetings. . . . . . . . . . . . . . . . . 5

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

COMPANY INDEX Agrium. . . . . . . . . . . . . . . . . . 2 Arianne Phosphate. . . . . . . . . 2 BHP Billiton. . . . . . . . . . . . . . 3 Cliffs Natural Resources . . . 11 Electrum Group. . . . . . . . . . . 1 Focus Ventures. . . . . . . . . . . . 2 Fortescue Metals Group. . . . . 3 Gabriel Resources. . . . . . . . . 13 Goldcorp. . . . . . . . . . . . 5,14,16 Kaminak Gold . . . . . . . . . . . . 1 Mason Graphite. . . . . . . . . . 11 Mosaic. . . . . . . . . . . . . . . . . . . 2

NovaGold Resources . . . . . . 13 Oceanic Iron Ore. . . . . . . . . . 3 Office ChÈrifien des Phosphates Group. . . . . . . . 1 Potash Corp. of Saskatchewan. . . . . . . . . . . . 2 Rio Tinto . . . . . . . . . . . . . . . . 3 Sinohydro. . . . . . . . . . . . . . . . 3 Stonegate Agricom. . . . . . . . . 2 Timmins Gold . . . . . . . . . . . 16 University of Arizona. . . . . . . 5 OCP’s Merah phosphate washing plant in Khouribga, Morocco.

OCP

MOROCCO From pg 1

GLOBAL MINING NEWS

· SINCE 1915

www.northernminer.com

EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com

Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com

EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA ahiyate@northernminer.com

COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com

SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com

PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com

STAFF WRITERS: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com

WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com

Lesley Stokes, BSC (GEOL) lstokes@northernminer.com

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com

PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com

ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com

CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com

Dave Chauvin (416) 510-6824 dchauvin@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Reprints: (416) 510-6768 moliveira@northernminer.com Western Bureau: 580 Hornby Street Suite 900 Vancouver, BC, V6C 3B6 (604) 688-9908 ART DIRECTOR: Sharon Malbon

CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5

SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NB, NF orders 15% H.S.T. to NS orders. 14% H.S.T. to PEI orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164)

Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

Publication Mail Agreement #40069240

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

_TNM_Oct 12 2015_v3.indd 2

The strategy is to give the company an operational hub on the coast for better access to African fertilizer markets. Internationally, the supply and demand dynamic for phosphate and related fertilizers is dominated by a few major companies and developing nations. OCP previously sold 1.5 million tonnes of fertilizer per quarter, but has brought another 1 million tonnes of capacity online, and aims to crank out 2 million tonnes next year. The company said on its quarterly conference call that fertilizer production will hit 10 million tonnes in 2017, which would make it the world’s top producer. BMO Capital Markets analyst Joel Jackson, who directs fertilizer and chemicals research, said "the problem is that China accounts for a lot of the world’s phosphate production, though much of it stays ‘in house.’ There’s a lot of global trade, but the big markets are places like India — which accounts for anywhere from 30–50% of anything phosphate-related, in terms of trade and imports — and Brazil." With respect to exports, Jackson said, "you see most coming out of China, Florida and Morocco. India has a lot of domestic production as well, but they lack sources of phosphate rock, so they are both competitors and customers of the Moroccan and North American suppliers. It’s a bit of a strange dynamic, and the marginal costs of production, or where prices fall, is the Indian non-integrated cost curve. How much does it cost India to make phosphate fertilizer by importing all the raw material?” Phosphate rock prices sat at US$115 per tonne in August, which is a big drop from the US$440-per-tonne level seen in 2008. The nature of fertilizer production means that most of the major mining centres are near shipping ports, so that ammonia and sulphur can be imported for upgrading phosphate rock. Morocco simply owns the most product — as well as the highest-quality rock. Because it's expensive to develop integrated fertilizer processing centres, some North American companies have relied on importing Morocco’s phosphate rock. For example, Western Sahara Resource Watch reported that Canada’s Agrium (TSX: AGU; NYSE: AGU) was the largest importer from OCP’s PhosBoucraa mine in 2014, when it shipped over 779,000 tonnes of the material. The practice is viewed as suspect by certain international organizations, since parts of the West Sahara claim independence from Morocco — such as the indigenous Sahrawis population. U.S.-based Mosaic (NYSE: MOS) stopped importing Morocco’s phosphate rock five years ago due to sociopolitical concerns. Boulif did not comment on any underlying social issues, but said OCP is committed to sustainable and re-

A presentation at the 2015 Symphos phosphate conference in Marrakesh, Morocco. PHOTO BY MATTHEW KEEVIL

sponsible growth in Africa. OCP CEO Mostafa Terrab said in the company’s quarterly conference call that it believes the global phosphate market is poised for an “upswing” due to fundamentals that should counter “market volatility.” Jackson points to the “down part of the cycle,” which is “marked by a global commodity malaise ... and weak currencies, lower demand for a lot of nutrients and an oversupplied fertilizer dynamic. “Prices really spiked over the past decade, which triggered a big expansion in capacity to the point that we’re now outstripping demand. So there’s a threat of disruption in the current markets. You saw Potash Corp. of Saskatchewan (TSX: POT; NYSE: POT) try to acquire K+S in a bid to control certain emerging supply centres ... a lot of the mergers and acquisitions activity has been driven by a tough market with tough macro conditions, and some of the larger industry leaders are trying to control new supply,” he added. Despite phosphate’s domination by big players, there are a few smaller companies with projects in the Americas. Stonegate Agricom (TSX: ST; US-OTC: SNRCF) is attempting to permit its Paris Hills phosphate project in Idaho, though its share price is down 87% year-on-year to 2¢ per share. In Quebec, Arianne Phosphate (TSXV: DAN; US-OTC: DRRSF) is hoping to finance development at its Lac à Paul phosphate rock project in the Saguenay–Lac-St-Jean region. The company is one of the more promising stories in the junior fertilizer space, with shares up 58% this year en route to an 84¢ close at press time. Meanwhile, Vancouver-based Focus Ventures (TSXV: FCV) is tackling the market from a different angle at its Bayovar 12 project, 80 km south of Piura, Peru. The company is looking

at a small-scale development based on producing phosphate rock concentrate as direct-application fertilizer. “We’re looking at a highly reactive rock that won’t require grinding or flotation, since under Brazilian export classifications, it is natural rock phosphate,” president and director David Cass said during an interview. “It’s a relatively small part of the larger market picture, best for perennial crops that grow over multiple years, like palm trees. That’s because it has a steady, slow-release profile. It tends to be something that’s produced locally and sold locally, and because it’s an organic product, it appeals to more of a niche market,” he added. “What we’ve learned is that its real value is in reinvigorating the nutrient richness in soils. In that way it’s sort of an investment in the ground, because it isn’t just ‘one hit’ like liquid fertilizers, so you get an incremental buildup in nutrient value in soils,” Cass continued. Jackson is more skeptical about phosphate developments, arguing the world “isn’t short on phosphate rock.” He notes there have been projects in the works for a decade, but capital barriers and product concerns have kept production relatively reserved for the major players. And based on the luxurious surroundings of Symphos, it’s clear that OCP is flush in cash. A conference attendee representing a major European integrated engineering firm, who requested anonymity, said Morocco well earns the moniker, the “Saudia Arabia of phosphate.” But the plush, air-conditioned interior of the conference halls still seem at odds with the rustic earthwork walls of the medina quarter, and the fact that many Moroccan farmers can’t afford the fertilizers that drive so much domestic wealth. TNM

15-10-06 7:45 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 12–18, 2015

Oceanic’s creative Sinohydro deal keeps Ungava project alive IRON ORE

| Chinese state-owned major helps with financing in return for EPC contracts

BY TRISH SAYWELL

tsaywell@northernminer.com

inohydro, one of China’s oldest state-owned enterprises set up shortly after chairman Mao Zedong’s Communist party swept to power in 1949, says it is “willing and ready” to become an equity shareholder in Oceanic Iron Ore’s (TSXV: FEO; US-OTC: FEOVF) Hopes Advance project “when the time is ripe .” The industrial powerhouse is responsible for 65% of China’s large and medium hydropower stations as well as major infrastructure projects in transportation, civil works, mining and real estate worldwide . Sinohydro has 524 projects in more than 74 countries, and has now signed a memorandum of understanding (MOU) outlining the ways in which it can cooperate with the Oceanic to advance the junior's iron ore project in the northernmost extension of Canada’s Labrador Trough in Quebec's Nunavik region . The Chinese juggernaut has agreed to help arrange project financing for Oceanic Iron Ore in exchange for engineering, procurement and construction (EPC) work . The two companies expect the non-binding agreement will merge project financing and EPC agreements .

“IN APRIL I MET WITH VIRTUALLY EVERY STEEL PRODUCER OF ANY CONSEQUENCE IN JAPAN, AND EVERY SINGLE ONE WAS VOICING CONCERN ABOUT THE QUALITY OF IRON ORE AVAILABLE ON THE SEABORNE MARKET.” ALAN GORMAN PRESIDENT AND CEO, OCEANIC IRON ORE

“The basis for the relationship would be that they would arrange construction fi nancing in exchange for EPC work,” Oceanic president andCEO Alan Gorman says, adding that the deal took half a year to forge . “Their objective is to build their international pipeline of major infrastructure projects, and we qualify because we need to build a port and we need to build a power plant . “The way we envision this coming together is that there would be some joint-venture partner or consortium that was led by Sinohydro, but that would involve local EPC companies as well,” Gorman says . Oceanic’s financing efforts since July 2013 have been directed almost exclusively at finding strategic investments or partnerships in Asia . But a government crackdown in China on corruption within the state-run sector

_TNM_Oct 12 2015_v3.indd 3

A helicopter at Oceanic Iron Ore’s Hopes Advance iron ore project in northern Quebec's Ungava Bay region. OCEANIC IRON ORE

has stalled talks with some Chinese state-owned enterprises, he says, while at the same time declining iron ore prices have made raising money for large iron ore projects harder . Gorman is optimistic about finding a partner, however, given the high grade of the Hopes Advance project, and what he believes will be growing demand among Asian steel producers for higher quality iron ore to make cars and consumer goods . “China’s steel production is transforming from construction steel to consumer steel, and that requires higher-quality iron ore feed,” he says, adding that the same trend is true of Japan . “In April I met with virtually every steel producer of any consequence in Japan, and every single one voiced concern about the quality of iron ore on the seaborne market . It’s causing problems in their steel production process, so I think we’ll see a higher interest in Canadian iron ore .” The Hopes Advance project’s proven and probable reserves of 1 .4 billion tonnes grading 32 .2% iron would make a high-grade concentrate averaging 66 .5% iron . Major change on horizon? Gorman is the first to admit there have been some hefty increases in iron ore supply from major producers Fortescue Metals Group, Rio Tinto (NYSE: RIO; LSE: RIO) and BHP Billiton (NYSE: BHP), but he doesn’t see that continuing . “There doesn’t appear to be a big appetite by the majors to expand,” he says . “That whole scenario was like a race to the bottom with those guys, and I think they’ve determined that they were shipping a lot less product several years ago and making a lot more money, so I don’t think they’re going to continue to flood the market beyond the current point of saturation .” He also argues that the quality of seaborne iron ore has declined globally, and has done so over the last decade . “In particular, it’s the deleterious elements that create problems in the blast furnace — the phosphorus, alumina and silica levels have all gotten worse over the last decade or so,” he explains . “So in the future, we believe that there will be some marked and

significant premiums for high-quality iron ore products, and the Labrador Trough’s iron ore really is among the best quality product globally . . . Canadian iron ore is going to be much more of a niche market .” Hopes Advance is also low cost, he argues . A prefeasibility study completed in mid-2013 outlined life-of-mine operating costs of $30 per tonne over a 31-year mine life . Since then, oil prices and shipping rates have dropped, while U .S . and Canadian exchange rates that had been on par now favour Canadian exporters, which could lower operating costs even more . The next step for management, either with Sinohydro or other investors, is to raise $15 million, which would take it through the permitting process and a bankable feasibility study . The company has already secured a commitment, subject to further approvals, from the Quebec government for 25% of that amount, leaving Oceanic to find the other 75% . Gorman says that despite the downturn in commodity markets, he’s optimistic Oceanic can raise the money it needs . “Not everybody wants to do this type of deal, but by no means am I resigned that we’ve turned over every stone and explored every opportunity,” he says . “We’re at the bottom of the cycle, and that’s the time to invest .” Oceanic has tried to lower its burn rate and stretch its cash by reducing salaries and benefit costs, trimming the number of people on the team, slowing down environmental and feasibility work, and lowering site expenses, effectively putting the project on care and maintenance . “One hundred percent of our attention is focused on bringing in strategic investment and partnerships — that’s the whole game,” Gorman says, adding that he thinks the MOU with Sinohydro will open some doors . “That’s absolutely our hope for sure,” he says . “When you’re trying to raise $11 .3 million to pair up with the Quebec government commitment, investors take comfort in understanding there are large, reputable state-owned enterprises like Sinohydro who are getting themselves involved . I’m hopeful that this'll provide investor confidence that will move this forward the next step or two .” TNM

Oceanic Iron Ore’s Hopes Advance iron ore project in Quebec’s Far North.

Court Bailiff Sale of Mineral Tenures Located in Northern B.C. For Sale: Mineral Tenures formerly held by Lowprofile Ventures Ltd. (the “Mineral Tenures”) pursuant to a Supreme Court of British Columbia Writ of Seizure and Sale filed on July 8, 2015 in BC Supreme Court Action No. 050003. Approximately 8 Mineral Tenures, near the Imperial Metals Huckleberry Mine in Houston, British Columbia. A complete list of Mineral Tenures, Terms and Bid Documents may be obtained from the Court Bailiff. Warning: This property is offered for mining purposes only and ownership of the title to it does not include ownership of the surface rights or the right to use the surface for residential or recreational purposes. Bidding Ends: Noon, PDT on Friday, November 6, 2015 Terms/Conditions: 1. Bids may be received by the Court Bailiff up to Noon, PDT on Friday, November 6, 2015. 2. Bids must be accompanied by proof of a free miner’s license held in the bidder’s name. 3. Bids may be submitted for any or all of the Mineral Tenures, at the bidders’ discretion. 4. Each bid must be accompanied by a bank draft payable to the Court Bailiff equal to 10% of the bid submitted (the “bid security deposit”). 5. Only Lowprofie’s prior interest in the Mineral Tenures is offered for sale. There are no warranties or representations as to title or the interest to be acquired by a successful bidder. It is the bidder’s responsibility to determine what interest would be acquired by acquiring Lowprofile’s interest in each of the Mineral Tenures. 6. Successful bidders will be notified by the Court Bailiff and will be required to submit a payment to the Court Bailiff by way of bank draft which is equal to the balance of the amount of the bid (the “payment”). The payment must be received by the Court Bailiff within 96 hours of the Court Bailiff’s notice or the bid will be deemed to be withdrawn. Payments will be held by the Court Bailiff pending Court approval. Acceptance by the Court Bailiff of any bid is subject to Court approval. 7. Successful bidders are responsible for all costs, taxes and/or fees associated with any purchase or transfer of Mineral Tenures. 8. The highest bid will not necessarily be accepted. The Court Bailiff has complete discretion to accept whichever bids are necessary to recover the outstanding sum.

Global Leader

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

9. If a bid is not accepted by the Court Bailiff, the bid security deposit and payment will be fully refunded without delay. However, the bid security deposit and payment are not refundable if a bidder defaults on closing of the purchase after the bidder’s bid has been accepted. In such an instance, the bid security deposit and payment would be forfeited to the Court Bailiff. 10. The Court Bailiff reserves the right to withdraw some or all of the Mineral Tenures from sale at any time. 11. Successful bids must be approved by Court Order before transfer of any Mineral Tenures can proceed. For further information about the Mineral Tenures and/or to obtain a bid form please contact the Court Bailiff: Phone: 604.526.2253

Email: support@aebailiffs.com

15-10-06 7:45 PM

WWW .NORTHERNMINER .COM

OCTOBER 12–18, 2015 / THE NORTHERN MINER

E D I T O R IA L

Glencore stock crash reverberates across mining sector DEBT WOES

| Top story of week 40

ELECTION 2015

ing arm relies on the wider fi rm ack in May 2013, as we edikeeping investment-grade debt torialized about the stillratings in order to make the most fresh merger of trading house profitable trades . Glencore and mining major Xstrata Front and centre through it all — a deal creating a US$70-billion has been Glencore’s hard-nosed company that still ranks as the chief executive Ivan Glasenberg, largest M&A move in mining hiswho hasn’t let up in his criticism tory — we pondered about “the By John Cumming inherent contradictions of this jcumming@northernminer.com of his rivals for not reining in production to strengthen commodity merger, which is attempting to prices . Glencore has already done so — most fuse a trader’s short-term, amoral, zero-sum notably at its copper mines in Zambia and the game ethic with a mining company’s much Democratic Republic of the Congo — and has longer time horizon and ever-increasing resuspended its dividend, sold non-core assets, quirements to be a good corporate citizen in its host countries .” and raised US$2 .5 billion in a share offering to Th is month we know the inherent contraget its debt under control . It is now pledging to dictions couldn't hold up even three years . cut its debt by a third to avert a debt downgrade . Plummeting commodity markets over the past Glasenberg himself has been on a highpaced world tour in recent months, visiting year — particularly for copper and thermal coal — have evaporated Glencore’s profits operations and trying to reassure key investors from its too-oft en marginal asset base, and that the company “remains operationally and exposed for all to see the fi rm’s worryingly fi nancially robust,” and is only going through large debt levels . a temporary rough patch . The worst day for Glencore shareholders Glencore has just revealed more details was the nadir of Sept . 28, when shares on the about its finances, stating that it would survive London Stock Exchange dropped 29% in a day a downgrade two notches to “junk” status, to close at just 68 .62 pence, compared to 298p which would increase its payments by 1 .25% on on Dec . 31, 2014 (a 73% decline), and 530p at US$4 .5 billion in bonds, or a relatively modest the fi rm’s initial public offering in 2011 (an US$56 million a year . 87% decline) . Still, Glencore investors worry the fi rm has However, at press time on Oct . 6, Glencore been less forthcoming about the financial situshares had roared back to 118p for a stunning ation at its secretive trading business, which 72% return in eight days for anyone smart, is assumed to regularly use highly levered brave or lucky enough to have jumped into derivative products that could leave the entire the stock at the perfect time . Glencore’s marfi rm vulnerable to wide swings in commodity ket capitalization is US$20 .6 billion at the prices . Glencore has stated that it had US$9 .8 moment, up from US$11 .6 million only eight billion in gross derivatives in June 2015, comdays earlier, but still a far cry from the US$70 pared to US$19 billion six months earlier, and billion enjoyed in May 2013 . that its trading unit posted adjusted earnings Beyond that crazy rollercoaster ride for the of US$1 .1 billion in the fi rst half of 2015 . It stock price lie some sobering fi nancials . Over further emphasized on Oct . 6 that its trading the fi rst half of 2015, Glencore lost US$676 credit lines are still available, with no special million and passed the half-year mark carrying conditions attached, and that its trading unit’s US$29 .6 billion in net debt, not including debt derivative positions are settled with cash on a daily basis — and so not to worry . inside its trading arm . That compares with the net debt of US$24 .4 billion for BHP Billiton The surge in Glencore stock in early October and US$13 .7 billion for Rio Tinto . indicates the market is buying Glasenberg's Glencore has particularly pressing reasons pitch that the fi rm could soon have its debt for keeping its debt under control, as its tradproblems under control, with better days ahead .

A worker in the copper smelter at Glencore’s Altonorte copper mine in northern Chile.

_TNM_Oct 12 2015_v3.indd 4

NDP Q&A on mining in Canada

GLENCORE

| NDP says better partnerships with First Nations needed

BY JOHN CUMMING

ith Canadians look ing ahead to a federal election on Oct . 19, The Northern Miner asked mining-related questions to the leaders of the four major political parties running across Canada . Last week, we published the answers from the Liberal Party of Canada leader Justin Trudeau and Green Party of Canada leader Elizabeth May and their parties . This week we present the answers from New Democratic Party of Canada leader Tom Mulcair and his party (The Conservative Party of Canada did not respond .) .

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 one we saw at Mount Polley in B.C. in 2014? Tom Mulcair/New Democratic Party: Mining and mineral processing employs 380,000 people in this country — those are 380,000 good-paying, middle-class jobs . Not only that, it has contributed more than $70 billion in taxes and royalties to federal and provincial governments over the last decade alone . We need a robust and complete environmental assessment that will protect the environment, while helping important mining projects acquire a social licence to proceed . We are concerned with the divisive approach that Conservatives have taken to alter environmental assessment process without adequate consultation or respect for the rights of First Nations . Streamlining processes and working collaboratively with provinces can be worthy goals, but abdicating federal responsibilities to protect the public and the environment are not acceptable and will hurt the industry’s reputation . The NDP understand that mining done within a sustainable development framework is a win-win for the economy, environment, First Nations and our communities . 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? NDP: The fact is, in the 21st century, mining projects simply won’t move forward without meaningful consultation and accommodation of First Nations . The Conservatives’ environmental assessment changes are sidelining community and First Nations groups, leading to more court challenges, and costing mining companies and taxpayers millions of dollars . The federal government will not win court battles fighting First Nations rights, and we need a new approach . The Conservative approach has been

“THE FEDERAL GOVERNMENT WILL NOT WIN COURT BATTLES FIGHTING FIRST NATIONS RIGHTS, AND WE NEED A NEW APPROACH.” TOM MULCAIR LEADER OF THE NEW DEMOCRATIC PARTY OF CANADA

to shut out community voices, and it fails to fulfi ll the Crown’s obligation to consult and accommodate Aboriginal and treaty rights in the course of reviewing development proposals . For important mining projects to proceed, the federal government needs to take more responsibility for the Crown’s duty to consult . Some provinces have shown leadership and have pursued partnerships with First Nations, including sharing resource royalties . We applaud provincial initiatives such as Quebec’s Paix des Braves agreement providing for the sharing of revenues with the Grand Council of the Crees and providing employment opportunities for the local Cree people . TNM: What is the proper role of the federal government in supporting mining-related infrastructure, geological research and job-training in remote parts of Canada, such as the Arctic? NDP: The NDP will make it a priority to invest in northern roads, bridges and ports, which will be vital for northern and Arctic mining projects to safely and cost-effectively get their products to global markets . 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 (i.e., flow-through tax credit)? NDP: The NDP has long supported the Mineral Exploration Tax Credit, and we will ensure that it remains in place in the years to come . An NDP government will give junior mining companies more certainty by extending the credit for multiple years, instead of the Conservative approach of waiting until the last minute every year before giving mining companies the certainty they need to make meaningful investments in mining exploration . TNM: Over the past decade, Canadian resource companies have received critiSee NDP / 5

15-10-06 7:45 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 12–18, 2015

Industry applauds Trans-Pacific Partnership TRADE DEAL

| Promise of market access, investment security excites miners

Trans-Paciﬁc Partnership Signatories • • • • • •

Australia Brunei Canada Chile Japan Malaysia

• • • • • •

Mexico New Zealand Peru Singapore U.S. Vietnam

q TPP represents 800 million individuals and a combined GDP of $28.5 trillion. Ministers at a 2014 Trans-Pacific Partnership meeting in Sydney, Australia, including Ed Fast (second from left), Canada’s Minister of International Trade. TPP MEDIA AUSTRALIA

epresentatives of the Canadian mining industry have come out in support of the TransPacific Partnership (TPP), after the trade deal’s dozen partnering national governments, including Canada's, reached an agreement on Oct . 4 . The deal could increase market access for Canadian exports, and be a boon to the Canadian resource sector, Prospectors & Developers Association of Canada (PDAC) president Rod Thomas said . “Access to international markets is vital for Canada’s mineral exploration and mining industry,” Thomas said in a statement . “Canada’s exports of metals and minerals to TPP countries topped $158 .6 billion per year from 2012 to 2014 . Such a partnership is not only important for our industry, but also for Canada’s entire economy to have secure trading relationships with these countries .” The PDAC supports aspects of the deal that will promote two-way investment, singling out investor protections that provide greater clarity, certainty and transparency . Echoing the PDAC, the Mining Association of Canada released a similar message in support of the TPP . “Canada’s mining industry has been a strong advocate for liberalized trade and investment flows for many years,” MAC president and CEO Pierre

Gratton said . “NAFTA, free-trade agreements with Chile, Peru, Colombia and other countries in Latin America, Africa, and Asia have all helped to increase Canadian exports and investment, supporting jobs for Canadians here and abroad .” “TPP, representing such a massive trade block, including critical emerging markets, is a trading partnership Canada must not risk being left out of,” Gratton said . MAC said Canadian producers

would gain from the TPP’s reduced tariffs, which hit Canadian natural resources when they are shipped overseas . “The rest of the world looks to Canada as a leader when it comes to mining,” Gratton said . “Part of maintaining that global leadership i s en su r i ng t hat t he C a nad i a n mining and supply sectors have access to modern and comprehensive trade and investment vehicles to meet the world where it does business .” TNM

Miners, lawyers to learn from each other in Arizona EDUCATION

| Global Mining Law Center launched

cism 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? NDP: New Democrats believe in taking leadership to end the trade of conflict minerals, which have financed decades of war and violence against civilians . We believe that the Government of Canada, in cooperation with key stakeholders, should adopt an effective, legal corporate accountability framework for Canadian companies operating abroad, including clear standards with robust sanctions for non-compliance . We need stronger oversight and promotion of high CSR standards to ensure that Canadian mining companies maintain Canada’s reputation abroad and respect human rights . — For more information on the NDP platform, please visit www .ndp .ca . tnm

_TNM_Oct 12 2015_v3.indd 5

q The average per capita GDP in TPP countries is $35,000. q The Asia-Paciﬁc region could represent two-thirds of the world’s middle class by 2030, and one-half of global GDP by 2050. Source: Foreign Affairs, Trade and Development Canada

EVENTS Nov 4-5 World Mining Summit Toronto, ON lawrence .smithson@ americanleaders .com 312-582-4273 www .worldminingsummit .com Nov 18-20 Manitoba Mining & Minerals Convention Winnipeg, MA convention@gov .mb .ca 204-945-2691; 1-800-223-5215 manitoba .ca/iem/convention Jan 25-28 Mineral Exploration Roundup Vancouver, BC info@amebc .ca 604-689-5271; 1-877689-5554 www .amebc .ca Mar 6-9 PDAC 2016 Toronto, ON info@pdac .ca 416-362-1969 www .pdac .ca For more event information, please go to: www.northernminer.com/events/

MEETINGS Oct 13 Oct 13 Oct 14 Oct 14 Oct 15 Oct 15 Oct 15 Oct 15 Oct 16 Oct 22 Oct 22 Oct 23 Oct 27 Oct 28 Oct 29 Oct 29 Oct 30 Nov 02 Nov 03 Nov 05 Nov 05 Nov 06 Nov 06 Nov 06 Nov 09 Nov 10

Alphamin Resources EMED Mining Public Denison Mines Fission Uranium Canterra Minerals GTA Resources and Mining Norvista Capital Rogue Resources Kettle River Resources Tristar Gold Kirkland Lake Gold Colt Resources Centurion Minerals Discovery Harbour Resources Nouveau Monde Mining Ent . Taipan Resources Platinex Mineral Mountain Resources Antipodes Gold Bullion Gold Resources Great Thunder Gold Gold Canyon Resources Los Andes Copper PC Gold Velocity Minerals Novo Resources

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

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

BOOK EARLY TO AVOID DISAPPOINTMENT! The Canadian Mining Hall of Fame 28th Annual Induction Banquet Fairmont Royal York Hotel, Toronto Thursday, January 14, 2016

2016 Inductees

NDP Q&A NDP From 4

q 81% of Canada’s total exports already go to TPP members.

The University of Arizona’s James E. Rogers College of Law.

he James E . Rogers College of Law at the University of Arizona has launched the Global Mining Law Center, with the goal of educating “lawyers on mining issues and miners on legal issues .” “We are the first academic institution with a global mining law centre of this magnitude,” dean Marc Miller said . The school offers degree and nondegree programs online and in residence, including: Master’s degrees with a mining law and policy focus for both lawyers and non-lawyers; a certificate in mining law and policy, as part of the Juris Doctor degree; and certificate courses for executives, lawyers, engineers, managers and government oﬃcials . The GMLC is headed up by John Lacy, a longtime law professor at the university whose career has focused on international mining deals . “The University of Arizona is in a remarkable position of combining its

UNIVERSITY OF ARIZONA

long-standing strengths in law, policy, geological engineering, geosciences and natural resource economics, along with many other science and social science disciplines, to make an impact in mining education, research and industry,” Lacy said . The school plans to host annual conferences and workshops for those in the mining and energy sector . Online programs will begin in early 2016 . “The program has had an enthusiastic response from the mining industr y and from law yers who practice mineral law, and we expect more activity,” Lacy said . “We have also heard from a number of mining lawyers who have reviewed the curriculum and offered suggestions for additions or clarification of the course coverage .” Goldcorp (TSX: G; NYSE: GG) CEO Charles Jeannes is a graduate of the law school, and one of the lead donors and advocates for the GMLC . TNM

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

Diamond Sponsor:

Dinner Wine Sponsor: Platinum Sponsors:

15-10-06 7:45 PM

WWW.NORTHERNMINER.COM

OCTOBER 12-18, 2015 / THE NORTHERN MINER

MA R K E T N EWS TORONTO STOCK EXCHANGE / SEPTEMBER 25–OCTOBER 1 The S&P/TSX Composite Index had a turbulent week, falling 0.3% to 13,339.74, despite cutting some of its earlier losses, after positive Canadian data. The country’s gross domestic product number for July came in at 0.3%, after two quarters of negative growth. This strengthened the loonie, which jumped higher on the back of a weak U.S. jobs report, to finish at US76.02¢. Th e U.S. economy added 142,000 jobs in September, below the expected 200,000. The unemployment rate remained at 5.1%. The Labor Department also lowered its job numbers for the previous two months. It estimated employers added 136,000 positions in August, instead of 173,000, and 223,000 positions in July, instead of 245,000. The slowed growth raises the question of whether the U.S. Federal Reserve will hike up interest rates as expected by year-end. Meanwhile, the S&P/TSX Global Mining Index rose 2.1% to 49.15. The S&P/TSX Global Gold Index advanced 1.4% to 128.89, though the spot gold price lost US$7.90 per oz. to fi nish at US$1,138.40. The S&P/TSX Capped Diversified Metals & Mining Index, however, dipped 0.6% to 373.06. Spot prices for copper and nickel rose, while dipping for lead, and staying relatively flat for zinc and aluminum. On Sept. 30, Karnalyte Resources clarified a release on the behalf of Canadian billionaire

Erwin Singh Braich, regarding a non-binding proposal earlier that month. The proposal shows Braich’s group of companies looks to invest in Karnalyte, which would give Braich most of the fertilizer fi rm. Karnalyte clarified that the proposal is non-binding and that its board is considering it along with other fi nancing options, including its largest shareholder, Gujarat State Fertilizers and Chemicals Ltd., arranging a potential debt. Karnalyte shares climbed 65% to 94¢. Brazil-focused MBAC Fertilizer updated its fi nancings, noting it is negotiating with an investment fund in the fertilizer industry. Th e parties have extended their exclusivity deadline and maturity date of a bridge loan to MBAC from Sept. 30 to Oct. 30. MBAC, which aims to become a significant integrated TSX MOST ACTIVE ISSUES VOLUME

WEEK (000s)

First Quantum Teck Res B Romarco Mnrls B2Gold Eldorado Gold Barrick Gold Goldcorp Kinross Gold Yamana Gold Potash Cp Sask

FM TCKB R BTO ELD ABX G K YRI POT

HIGH

33289 5.62 24053 6.92 18824 0.52 18341 1.57 16592 4.37 16286 8.83 13883 18.02 13553 2.35 12868 2.40 12591 28.29

LOW

CLOSE CHANGE

4.52 4.89 5.87 6.09 0.43 0.44 1.35 1.38 3.88 4.05 8.10 8.19 15.99 16.09 2.13 2.24 2.13 2.15 26.01 26.08

0.65 0.72 0.08 0.20 0.20 0.53 1.88 0.03 0.11 1.92

producer of phosphate fertilizers, rose 60% to 4¢ per share. The company, however, cautions there is no guarantee that a deal will come from these talks. Pretium Resources reported a fourth batch of results from its 40,000-metre underground infi ll program at the Brucejack project’s Valley of the Kings deposit in northern B.C. The results “confi rm the style and grade distribution of the gold mineralization in the area

currently being tested,” Pretium says. Recent highlights include 74.62 grams gold per tonne over 18 metres, including a half metre of 2,570 grams gold, and 93.49 grams gold over 14 metres, including a half metre of 2,600 grams. (The intercepts do not represent true widths.) Pretium aims to build a high-grade underground mine at Brucejack, with commercial production targeted for 2017. It ended up 17¢ at $7.92 per share.

TSX GREATEST PERCENTAGE CHANGE VOLUME

Karnalyte Res MBAC Fertilizr Frontier Rr Er Northcliff Res Yellowhead Mng Renaissance Gd Silver Bull Re Aquila Res Avnel Gold Black Iron Cardero Res Jayden Res Energizer Res Redhawk Res Argex Titanium Century Iron M PolyMet Mng Geologix Ex Freegold Vent Canadn Zinc

KRN MBC FRO NCF YMI REN SVB AQA AVK BKI CDU JDN EGZ RDK RGX FER POM GIX FVL CZN

WEEK (000s)

HIGH

LOW

732 7603 721 402 119 74 116 54 205 76 159 32 4294 100 1168 27 360 445 50 2046

1.08 0.05 0.13 0.08 0.05 0.26 0.11 0.15 0.25 0.04 0.03 0.05 0.06 0.09 0.10 0.21 1.12 0.03 0.11 0.08

0.52 0.02 0.08 0.06 0.05 0.17 0.07 0.13 0.21 0.03 0.02 0.03 0.03 0.07 0.07 0.17 0.76 0.03 0.09 0.06

TSX GREATEST VALUE CHANGE

CLOSE CHANGE

0.94 0.04 0.13 0.08 0.05 0.24 0.11 0.15 0.24 0.04 0.02 0.03 0.04 0.07 0.07 0.21 0.79 0.03 0.09 0.07

+ + + + + + + + + + -

64.9 60.0 56.2 25.0 25.0 23.0 16.6 16.0 14.6 14.2 40.0 40.0 36.3 35.0 30.0 30.0 28.8 28.5 25.0 23.5

Horizns G Bear Altius Mnrls Karnalyte Res Dominion Diam Russell Metals Pretium Res North Am En Pa Mountain Prov Labdr I-Ore Ro Nevsun Res Agrium Royal Gold Franco-Nevada Potash Cp Sask Goldcorp Agnico-Eagle Silver Wheaton Imperial Metal Teck Res A Tahoe Res

HGD ALS KRN DDC RUS PVG NOA MPV LIF NSU AGU RGL FNV POT G AEM SLW III TCKA THO

WEEK VOLUME

2734297 773404 731763 1987216 714865 3092073 78958 2380299 1500983 1617913 3250226 14050 2829815 12590619 13883451 5755790 7989882 142552 13610 3684142

16.14 12.29 0.94 13.74 21.55 7.92 3.00 3.70 14.00 3.94 116.42 61.31 56.81 26.08 16.09 32.75 15.27 6.14 7.78 10.20

CHANGE

+ + + + + + + + + + -

1.75 0.65 0.37 0.34 0.22 0.17 0.10 0.08 0.07 0.07 5.43 3.73 2.50 1.92 1.88 1.53 1.39 1.09 0.96 0.93

TSX VENTURE EXCHANGE / SEPTEMBER 25–OCTOBER 1 The S&P/TSX Venture Composite Index fell for the second week, losing nearly 3%, or 15.94 points, en route to a 525.56-point close. The U.S. Labor Department reported surprisingly poor economic data, as the economy added just 142,000 workers in September, and the American unemployment rate stayed at 5.1%. Oil and copper futures gained slightly, though factory activity in China reportedly declined in September. Gold futures gained traction after the underwhelming U.S. economic news, but December contracts for bullion still closed down US$9.20 at US$1,137.10 per oz. Crude oil futures also rallied late to finish up US14¢ at US$45.54 per barrel, while December contracts for copper jumped 2%, or US4.6¢, en route to a US$2.33 per lb. close. Technology outfit Titanium Corp. led the value-added category after announcing a coownership agreement on its bitumen recovery technology, with one of the major producers in Canada’s oilsands. The company gained 55¢ on 1.4 million shares traded, before finishing at $1.40 per share. On Oct. 1 Titanium announced an agreement with Syncrude Canada, where it will keep first right “to propose commercial recovery of heavy minerals at Syncrude sites.” The deal provides for co-ownership of Titanium’s patent “Recovery of Bitumen from Froth Treatment Tailings.”

Syncrude (and its joint-venture partners) have an exclusive right to practice the patent at oilsands projects, while Titanium has the right to the patent at all other oilsands sites. Kennady Diamonds saw its share price decline after an update on financing. The company dropped 23¢ on 96,700 shares traded, before finishing at $2.92 per share. On Oct. 1 Kennady announced it had closed the first tranche of a proposed $48-million nonbrokered private placement, where it issued nearly 3.7 million shares priced at $2.75 per share, and 1.4 million flow-through shares priced at $3.40 each. The gross proceeds of the initial tranche total $15 million. The company intends to use the capital for more bulk sampling and drilling at its Kennady North project in the Northwest Territories, where it is TSX-V MOST ACTIVE ISSUES VOLUME

Malbex Res Gold Canyon Metanor Res Equitas Res Superior Coppr Nevada Sunrise Discovery Vent Stans Energy Goldcliff Res Graphite One R

MBG GCU MTO EQT SPC NEV DVN HRE GCN GPH

WEEK (000s)

HIGH

LOW

CLOSE CHANGE

13106 7889 7326 5259 5248 5042 4817 4685 3695 3340

0.03 0.32 0.07 0.21 0.02 0.20 0.18 0.04 0.02 0.09

0.02 0.27 0.05 0.16 0.02 0.15 0.15 0.01 0.01 0.07

0.03 0.00 0.28 - 0.01 0.07 + 0.02 0.16 - 0.02 0.02 - 0.01 0.20 + 0.03 0.15 - 0.02 0.03 + 0.01 0.01 - 0.01 0.08 - 0.01

focused on the Kelvin, Faraday, MZ and Doyle kimberlites. The bulk sampling will include the Kelvin north lobe and the Faraday kimberlites. Equitas Resources had a busy week after updating exploration at its Garland nickel-copper project in Labrador. The company saw nearly 9 million shares traded before closing up 14%, or 2.5¢, at 20.5¢ per share. Equitas recently closed a $2-million non-

brokered private placement, and reported that due to results of recent ground geophysical work at Garland, it has acquired more claims around the property. The company has identified three conductive signatures, and completed geological mapping and prospecting. Equitas reported that recent interpretation of the multi-kilometre Southern Response Trend at Garland has shifted exploration focus.

TSX-V GREATEST PERCENTAGE CHANGE VOLUME

Galore Res Sonora Gld & S Williams Creek RT Minerals Maudore Minls ValGold Res Xmet Noram Vent Saville Res Golden Goliath Goldbank Mng Granite Ck Gld Phoenix Gold Valterra Res Western Pac Rs Copper One Ultra Lithium Homestake Res Orex Minls GWR Res

GRI SOC WCX RTM MAO VAL XME NRM SRE GNG GLB GCX PXA VQA WRP CUO ULI HSR REX GWQ

WEEK (000s)

HIGH

LOW

1624 135 100 92 66 14 382 458 73 559 656 59 1340 515 22 1291 119 141 105 484

0.03 0.02 0.03 0.01 0.01 0.01 0.01 0.02 0.04 0.01 0.04 0.01 0.01 0.01 0.01 0.01 0.09 0.02 0.22 0.03

0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.03 0.01 0.03 0.01 0.01 0.01 0.01 0.01 0.05 0.02 0.12 0.03

TSX-V GREATEST VALUE CHANGE WEEK VOLUME

CLOSE CHANGE

0.03 0.02 0.03 0.01 0.01 0.01 0.01 0.01 0.04 0.01 0.04 0.01 0.01 0.01 0.01 0.01 0.05 0.02 0.12 0.03

+ 200.0 + 200.0 + 150.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 58.8 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 41.1 - 40.0 - 38.4 - 37.5

Titanium Corp Gold Reserve Pac Booker Min Timberline Res Sierra Iron Or MacMillan Mnls Reservoir Capt Camino Mnls Midland Expl First Lithium Reservoir Mnls Ascot Res Kennady Diam Zenyatta Vent Nevada Expl Golden Hope Oceanus Res Northern Graph Taipan Res Karmin Expl

TIC GRZ BKM TBR NAA MMX REO COR MD MCI RMC AOT KDI ZEN NGE GNH OCN NGC TPN KAR

1390157 26349 23983 39880 75000 40500 41800 21000 84500 41357 49308 105907 96668 452506 55500 91569 66671 369424 109453 202745

1.40 3.55 2.49 0.64 0.43 0.20 0.39 0.14 0.55 0.34 4.23 1.20 2.92 1.17 0.19 0.35 0.21 0.26 0.19 0.23

CHANGE

+ + + + + + + + + + -

0.55 0.14 0.09 0.09 0.08 0.06 0.06 0.06 0.05 0.04 0.32 0.24 0.23 0.19 0.11 0.09 0.09 0.09 0.09 0.09

U.S. MARKETS / SEPTEMBER 25–OCTOBER 1 Employment data from the U.S. Labor Department showing that 142,000 new non-farm jobs were created in September — far less than the 203,000 forecast — furthered expectations that the U.S. Federal Reserve would delay raising interest rates. Figures from Bank of America Merrill Lynch showed that investors pulled US$22 billion out of U.S. equities in the third quarter of the year and put US$17 billion into U.S. Treasury funds. For the week, the Dow Jones Industrial Average rose 0.97% to 16,472.37 and the S&P 500 Index climbed 1.04% to 1,951.36. The Philadelphia Gold & Silver Index advanced 3.7% to 49.02 and the spot gold price fell US$7.90 per oz. to US$1,138.40 per oz. With potash prices declining from US$307 to US$303 per tonne in September, it’s been a rough time for producers of the crop nutrient, and the outlook doesn’t look any better. In September, Macquarie Bank forecast average potash prices would fall to US$254 per tonne in 2016. Agrium’s shares dropped US$3.56 to US$87.96, while Potash Corp. of Saskatchewan’s shares lost US$1.31 to US$19.70 — both on no news. Potash Corp announced that it withdrew its €41-per-share oﬀer in May to acquire K+S Aktiengesellschaft of Germany. “Since that time,

TNM Mkt Stories_Mining Tables.indd 6

challenging macroeconomic conditions have contributed to a significant decline of global commodity and equity markets, with potash peer stocks down almost 40%,” Jochen Tilk, the company’s CEO, said in a news release. “In light of these market conditions and a lack of engagement by K+S management, we have concluded that continued pursuit of a combination is no longer in the best interests of our shareholders.” Shares of Mosaic also fell, losing US$2.13 to US$30.14. On Oct. 1 the company announced that it had reached settlements with federal and state environmental agencies to resolve claims about how it had managed on-site waste materials U.S. MOST ACTIVE ISSUES VOLUME

WEEK (000s)

HIGH

Alcoa* AA 232639 9.85 Freeport McMo* FCX 195953 10.14 Barrick Gold* ABX 87147 6.63 Goldcorp* GG 49333 13.53 Teck Res B* TCK 47335 5.19 Kinross Gold* KGC 43362 1.78 Newmont Mng* NEM 36101 16.67 Potash C Sask* POT 34697 21.21 Peabody Enrgy* BTU 33714 21.97 Consol Energy* CNX 33116 11.04

LOW

8.96 8.62 6.04 11.95 4.39 1.59 15.56 19.61 1.15 8.68

CLOSE CHANGE

9.26 + 0.08 9.82 - 0.17 6.19 - 0.37 12.14 - 1.37 4.60 - 0.53 1.68 - 0.03 15.84 - 0.94 19.70 - 1.31 17.73 - 3.00 9.14 - 1.74

at its fertilizer facilities in Florida and Louisiana. When the settlements become eﬀective, Mosaic will invest at least US$170 million at its manufacturing facilities to modify on-site waste management and implement new procedures to recover and use resources. The company will

also place US$630-million cash into a trust to support the closure and long-term care of its phosphogypsum stack systems. As part of the agreements, Mosaic will pay an US$8-million penalty and conduct two environmental projects valued at US$2.2 million.

U.S. GREATEST PERCENTAGE CHANGE VOLUME

General Moly* Almaden Mnls* Mechel* North Am En P* Stillwater Mg* Vista Gold* Dominion Diam* Pretium Res* Nevsun Res* Alcoa* Hi-Crush Part* PolyMet Mng* Entree Gold* US Energy* Thompson Crk* US Silica Hld* Consol Energy* Northern Dyn* Peabody Enrgy* Harmony Gold*

GMO AAU MTL NOA SWC VGZ DDC PVG NSU AA HCLP PLM EGI USEG TC SLCA CNX NAK BTU HMY

WEEK (000s)

408 285 356 21 12318 594 1014 2888 563 232639 1036 3009 136 383 475 2438 33116 709 33714 12337

HIGH

LOW

0.34 0.25 0.60 0.51 0.94 0.82 2.31 2.03 10.60 9.87 0.31 0.27 10.89 9.62 6.21 5.63 3.02 2.80 9.85 8.96 10.20 7.04 0.85 0.55 0.35 0.25 0.57 0.41 0.52 0.40 16.49 13.53 11.04 8.68 0.39 0.30 21.97 1.15 0.69 0.57

U.S. GREATEST VALUE CHANGE WEEK VOLUME

CLOSE CHANGE

0.32 0.57 0.90 2.31 10.41 0.30 10.39 5.98 2.96 9.26 7.39 0.61 0.27 0.41 0.40 13.78 9.14 0.31 17.73 0.58

+ + + + + + + + + + -

14.2 7.1 5.8 4.7 4.5 3.8 3.2 2.4 2.0 0.8 30.8 28.2 24.7 22.6 20.0 18.5 15.9 14.7 14.4 13.8

Stillwater Mg* Dominion Diam* Pretium Res* MDU Res* North Am En P* Alcoa* Nevsun Res* Mechel* General Moly* Almaden Mnls* Agrium* Hi-Crush Part* US Silica Hld* Peabody Enrgy* Royal Gold* Alliance Rs P* Mosaic* Randgold Res* Consol Energy* Franco-Nevada*

SWC DDC PVG MDU NOA AA NSU MTL GMO AAU AGU HCLP SLCA BTU RGLD ARLP MOS GOLD CNX FNV

12317752 1013510 2888468 5162405 21331 232639131 563315 355782 408122 285015 720192 1036300 2438138 33714092 3459435 2072433 22351131 3902464 33115998 4356116

CHANGE

10.41 10.39 5.98 16.85 2.31 9.26 2.96 0.90 0.32 0.57 87.96 7.39 13.78 17.73 46.19 21.53 30.14 58.73 9.14 42.91

+ + + + + + + + + + -

0.45 0.33 0.14 0.12 0.11 0.08 0.06 0.05 0.04 0.04 3.56 3.29 3.14 3.00 2.74 2.34 2.31 2.07 1.74 1.66

15-10-06 7:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 12-18, 2015

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

PRODUCER AND DEALER PRICES

Tuesday, October 6, 2015 Precious Metals Price (US$/oz.) Gold $1136.90 Silver $15.67 Platinum $922.00 Palladium $709.00

Change +12.30 +1.11 -4.00 +54.00

Base Metals Nickel Copper Lead Zinc

Change +10.00 +8.00 +3.50 -9.00

Price (US$/tonne) $9910.00 $5185.50 $1625.00 $1653.00

Thermal Coal CAPP: US$42.23 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$42.13; Dec. 2015: US$42.13 Cobalt: US$12.58/lb. Copper: US$2.33/lb. Copper: CME Group Futures Nov. 2015: US$2.367/lb.; Nov. 2015: US$2.364/lb Ferro-Chrome: US$2.12/kg Ferro Titanium: US$4.93/kg FerroTungsten: US$26.69/kg Ferrovanadium: US$18.18/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$54.00/tonne Iron Ore Fines: US$55.73/tonne Iron Ore Pellets: US$61.26/tonne Lead: US$0.74/lb. Magnesium: US$2.07/kg Manganese: US$1.75/kg Molybdenum Oxide: US$5.35/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$15.59 per oz.; Handy & Harman Fabricated: US$19.48 per oz. Tantalite Ore: : US$170.28/kg Tin: US$7.11/lb. Uranium: U3O8, Trade Tech spot price: US$37.00/lb.; The UX Consulting Company spot price: US$36.50/lb. Zinc: US$0.75/lb. Prices current Oct. 6, 2015

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, October 5, 2015 (change from September 28, 2015 in brackets): Aluminium Alloy 12140 (-200) Aluminium 3163125 (-39125) Copper 317600 (-7000) Lead 160000 (-4575) Nickel 453450 (+1164) Tin 4675 (-225) Zinc 592700 (-1450)

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

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

Oct 5 13552.20 529.91 794.23 132.50 404.92 51.28 120.66

Oct 2 13339.74 525.56 784.44 128.89 373.06 49.02 114.69

Oct 1 13241.89 525.89 780.41 120.10 348.30 45.20 105.88

Sept 30 13306.96 524.58 784.51 124.16 353.40 46.25 108.42

Sept 29 13036.96 523.63 767.00 121.55 344.64 44.84 105.22

High 15524.75 883.42 905.09 195.63 832.42 82.19 211.23

Low 12705.17 509.03 750.26 114.48 339.80 42.72 101.28

DAILY METAL PRICES Date Oct 5 Oct 2 Oct 1 Sept 30 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1690/1700 1700/1710 1710/1720 1675/1690 Aluminum 1546.50/1555.50 1544.50/1552.50 1578/1587.50 1560/1571 Copper 5144/5134 5080.50/5075 5177/5165 5092.50/5070 Lead 1623/1640 1617/1635 1661/1675 1655/1668 Nickel 9930/9995 9925/9975 10385/10450 10065/10100 Tin 15675/15520 15695/15450 15670/15450 15540/15400 Zinc 1652/1675.50 1655/1675 1690/1710 1656.50/1675 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1134.35 1106.30 1114.20 Gold PM 1139.75 1140.75 1119.00 Silver 15.25 14.43 14.55 Platinum 915.00 912.00 912.00 Palladium 706.00 694.00 659.00

1122.50 1114.00 14.65 908.00 661.00

Sept 29 1675/1690 1548.50/1561 5009.50/4994 1650/1663 9870/9890 15775/15500 1632/1645

1124.60 1132.10 14.56 911.00 650.00

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Oct 5 Oct 2 US$ in C$ 1.3085 1.3214 C$ in US$ 0.7642 0.7568 EXCHANGE RATES (Bank of Canada, October 5, 2015) Currency Aus $ Euro In C$ 0.9272 1.4653 In US$ 0.7086 1.1198

Oct 1 1.3242 0.7552

Japan 0.01087 0.00831

Sept 30 1.3394 0.7466

Sept 29 1.3413 0.7455

Mex P 0.07834 0.05987

SA Rand 0.09637 0.07365

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

LEGEND

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.

25 New Highs Adroit Res AMI Res Antofagasta Gd Canadn Plat Ethos Gold Frontline Gold Gensource Pot Goldcliff Res Goldeye Expl Karnalyte Res Knick Expl MacMillan Mnls Majescor Res Metalcorp Midasco Cap MPH Vent Northquest Pac Iron Ore PC Gold Rapier Gold Saint Jean Car SGX Res Tearlach Res Troymet Expl Victory Vent

348 New Lows Adroit Res African Gold G Aldershot Res Aldrin Res Alexandria Mnl Altai Res Altan Nev Mnls Altima Res Altitude Res Alto Vent Amador Gold Anconia Res AndeanGold Anfield Nickel Anglo-Can Mng AQM Copper Arctic Star Rs Argex Titanium Argus Metals Armistice Res ASA (Bermuda)* Athabasca Mnls Atico Mng Augen Gold Auramex Res AurCrest Gold Avalon Rare M* Avalon Rare Mt Avino Silver* Azimut Expl Azincourt Res Baja Mng Balmoral Res Bandera Gold Bannerman Res Barisan Gold Barker Mnrls Baroyeca Go&Si BCGold Bellhaven Cp&G Benton Cap BHP Billi-BBL* BHP Billi-BHP* Bitterroot Res Bold Vent Buccaneer Gold Bullman Mnls Cabot Corp* Cadillac Vent Cameco Corp* Cameco Corp Canada Zinc Mt Canadn Arrow Canadn Orebods Canadn Plat Canadn Zinc Candente Coppr CaNickel Mng Canyon Copper Capstone Mng Caracara Silvr Carlin Gold Cassidy Gold Cassius Vent Century Iron M Champion Bear

Chesapeake Gld China Mnls Mng Claim Post Res Cloud Peak En* CMC Metals Colombia Crest Commander Res Compass Mnls* Condor Res Confedertn Mls Consol Energy* Contl Precious Copper Mtn Mng Copper North M Copper One Corex Gold Coro Mining Coronado Res Corsa Coal Corvus Gold Currie Rose Rs Cypress Dev Dalton Res Ltd Decade Res Denison Mines Denison Mines* Diamcor Mng Discovery Harb Dominion Diam* Dominion Diam Duncan Park H Dynasty Met&Mn Eagle Plains Eastfield Res Ecuador G & C Edgewater Expl El Nino Vent El Tigre Silvr Endurance Gold Energizer Res Energy Fuels Europn Uran Rs Eurotin Excellon Res Exeter Res* Exeter Res Fairmont Res Falco Res Fancamp Expl Fieldex Expl First Quantum Focus Vnt Foran Mng Frontline Gold Full Metal Mnl Gabriel Res Galore Res Galway Mtls GAMCO Glb Gld* General Moly* Geodex Mnrls Geologix Ex Geomega Res Gitennes Expl Gold Bulln Dev Gold Mtn Mng Goldbank Mng Goldcorp Goldcorp* Golden Band Golden Goliath Grande Portage Granite Ck Gld Great Atlantic Great Quest Me Green Swan Cap Handa Copper Hansa Res Harmony Gold* Harvest Gold Heatherdale Rs Hi-Crush Part* Highbank Res HiHo Silver Horizonte Mnls HudBay Minls HudBay Mnls* IC Potash Imperial Metal Inca One Res Independence G Inspiration Mg Intl Montoro R Intrepid Pots*

Iron South Mng Ivernia J.A.G. Mines Jayden Res Karmin Expl Karnalyte Res Kennady Diam Kermode Res Kettle River Kincora Copper Kings Bay Gold Kivalliq Enrgy Laramide Res Latin Am Mnls Lincoln Mng Lomiko Mtls Lundin Mng Lydian Intl MacDonald Mns Magellan Minls Mandalay Res Manson Creek Marengo Mng Marlin Gold Maudore Minls Mawson West McChip Res Megastar Dev Melior Res Melkior Res Mesa Expl Midas Gold Midland Expl Midnight Sun M Migao Millrock Res Milner Con Slv Mindoro Res Mines Managem* Mkango Res Monarques Res Monument Mng Mosaic* Mountain Boy M Mountain Prov Musgrove Mnls Namibia Rare E Nautilus Minls Network Expl Nevada Copper Nevado Res New Millennium New Milln Iron NGEx Res Nighthawk Gold Noble Metal Gr Noble Mnl Expl Nortec Mnls North Am Nickl North Am Tung North Arrow Mn Northcliff Res Northern Abiti Northern Gld M Northern Graph Northisle C&G NQ Expl NSGold NSX Silver Nunavik Nickel NV Gold Oceanic Iron O Oracle Mng Orex Minls Orezone Gold Oronova Res Orosur Mng Paladin Energy Pan Global Res Pele Mtn Res Phoenix Gold Pinetree Cap Planet Mng Platinex Platinum Gp M* Platinum Gp Mt PolyMet Mng* PolyMet Mng Potash C Sask* Potash Cp Sask Precipitate Gl Puma Expl Purepoint U QMC Quantum Ml

Quest Rare Mnl Radius Gold Rambler Mg&Mtl Ratel Grp Red Tiger Mng Reliant Gold Rio Tinto* RJK Explor Rock Tech Lith RockBridge Res Rockhaven Res Romulus Res Royal Nickel Running Fox Rs Sage Gold Samco Gold Sanatana Diam Sandspring Res Santacruz Silv Saturn Minls Savant Expl Sego Res Selwyn Res Sennen Res Serengeti Res Sherritt Intl Shore Gold Signature Res Silver Bear Rs Silver Bull Re Silver Mtn Mns Silver Range R Silvermet Solitario Ex&R Solitario Ex&* Sonoro Mtls Source Expl SouthGobi Res Sprott Res St Augustine Stakeholdr Gld Standard Graph Stans Energy Stockport Expl Strike Graph Sulliden Mng C Sultan Mnrls SunCoke Engy* Suparna Gold Superior Coppr Taipan Res Tanzania Mnls Teck Res A Teck Res B* Teck Res B Tembo Gold Teras Res Teuton Res Thompson Creek Thompson Crk* Tirex Res Trevali Mng Trueclaim Expl Turquoise HIl* TVI Pacific Typhoon Expl U3O8 Corp UEX Corp Ultra Lithium Ur-Energy Ur-Energy* Uracan Res US Silica Hld* Vale* Valterra Res Vantex Res Vena Res Vendome Res Verde Potash Victory Nickel VMS Vent West Af Iron O Western Copper Western Coppr* Western Lithiu Western Melv M Western Pac Rs Westridge Res Wolverine Mnls Xmet Xtierra Yanzhou Coal* Zazu Metals Zena Mng

For daily mining news, visit www.northernminer.com UK £ 1.9843 1.5165

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

Supplied by TMX Group.

NEW 52-WEEK HIGHS AND LOWS — SEPTEMBER 25-OCTOBER 1, 2015

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

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

GLOBAL MINING NEWS · SINCE 1915

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.$

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.

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

Reprints Reprints of any article published in The Northern Miner or on our website are available. We will provide them in a PDF format for $350.

905 841 5004 | geotech.ca

SPECIAL FOCUS: QUEBEC / 7–10

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

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

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

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

Contact: moliveira@northernminer.com or 416-510-6768 See ELECTION / pg. 3

COAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4

TNM_Oct 05 2015 Issue.indd 1

TNM Mkt Stories_Mining Tables.indd 7

15-09-29 8:10 PM

15-10-06 7:36 PM

WWW.NORTHERNMINER.COM

OCTOBER 12-18, 2015 / THE NORTHERN MINER

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: SEPTEMBER 25 â&#x20AC;&#x201C; OCTOBER 1, 2015 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 2987 0.07 0.07 0.07 - 0.01 0.09 0.03 Abcourt Mines V 3930 0.04 0.03 0.04 0.00 0.07 0.03 ABE Res V 76 0.03 0.03 0.03 0.00 0.07 0.03 Aben Res V 21 0.08 0.08 0.08 + 0.02 0.30 0.06 Aberdeen Intl T 900 0.12 0.11 0.12 + 0.01 0.20 0.11 Abitibi Royalt V 39 2.45 2.31 2.31 - 0.07 5.10 1.53 Actus Mnls V 20 0.02 0.02 0.02 0.00 0.12 0.01 Adamera Mnls V 430 0.03 0.03 0.03 + 0.01 0.07 0.03 Adanac Moly V 47 0.19 0.19 0.19 0.00 0.20 0.15 Adriana Res V 988 0.09 0.08 0.08 - 0.01 0.19 0.08 Adroit Res V 8800 0.01 0.01 0.01 0.00 0.01 0.01 Adventure Gold V 948 0.14 0.12 0.14 + 0.02 0.17 0.06 African Gold G V 959 0.04 0.04 0.04 0.00 0.10 0.04 African Metals V 25 0.05 0.05 0.05 0.00 0.29 0.03 African Queen V 5230 0.02 0.02 0.02 + 0.01 0.03 0.01 Agnico-Eagle* N 172081 26.14 24.21 24.71 - 1.05 34.89 21.00 Agnico-Eagle T 57557 34.82 32.39 32.75 - 1.53 43.70 25.05 Agrium* N 7201 93.27 86.60 87.96 - 3.56 116.77 82.04 Agrium T 32502 124.29 115.38 116.42 - 5.43 146.51 92.81 Alabama Graph V 7615 0.20 0.17 0.19 - 0.01 0.35 0.14 Alacer Gold T 39824 3.01 2.80 2.83 - 0.16 3.23 1.77 Alamos Gold* N 40244 4.10 3.51 3.62 - 0.57 9.07 2.98 Alamos Gold T 23336 5.46 4.71 4.78 - 0.80 10.31 3.90 Alberta Star V 3722 0.05 0.03 0.04 0.00 0.07 0.02 Alcoa* N 2326391 9.85 8.96 9.26 + 0.08 17.75 7.97 Alderon Irn O* X 450 0.15 0.13 0.14 - 0.01 0.85 0.13 Alderon Iron O T 933 0.22 0.18 0.18 - 0.02 0.94 0.17 Aldershot Res V 1070 0.02 0.01 0.02 + 0.01 0.05 0.01 Aldridge Minls V 1246 0.17 0.16 0.17 0.00 0.28 0.16 Aldrin Res V 3695 0.15 0.11 0.14 + 0.03 0.27 0.11 Alexander Nubi V 200 0.09 0.08 0.08 - 0.01 0.28 0.06 Alexandria Mnl V 4325 0.03 0.03 0.03 0.00 0.06 0.03 Alexco Res T 1916 0.62 0.51 0.54 - 0.08 0.92 0.34 Alexco Res* X 7435 0.47 0.38 0.42 - 0.05 0.78 0.26 Alita Res V 1867 0.15 0.10 0.10 - 0.02 0.47 0.08 Alix Res V 3140 0.06 0.05 0.06 + 0.01 0.20 0.03 Alliance Mng V 250 0.01 0.01 0.01 0.00 0.06 0.01 Alliance Rs P* Q 20724 24.10 21.42 21.53 - 2.34 50.02 19.95 Alloycorp V 7063 0.03 0.02 0.03 + 0.01 0.10 0.02 Almaden Mnls* X 2850 0.60 0.51 0.57 + 0.04 1.24 0.48 Almaden Mnls T 519 0.80 0.69 0.75 + 0.03 1.57 0.65 Almonty Ind V 832 0.65 0.51 0.58 - 0.03 0.86 0.47 Alpha Gold V 82 0.05 0.05 0.05 - 0.01 0.06 0.03 Alphamin Res V 550 0.21 0.18 0.21 0.00 0.32 0.11 Altai Res V 735 0.06 0.05 0.05 - 0.01 0.12 0.05 Altair Vent V 330 0.12 0.12 0.12 0.00 0.60 0.06 Altan Nev Mnls V 2423 0.01 0.01 0.01 0.00 0.05 0.01 Altan Rio Mnls V 3027 0.03 0.02 0.02 0.00 0.06 0.02 Altima Res V 2296 0.02 0.01 0.02 0.00 0.06 0.01 Altitude Res V 185 0.11 0.09 0.09 - 0.03 0.30 0.09 Altius Mnrls T 7734 12.45 11.70 12.29 + 0.65 15.47 9.86 Alto Vent V 1253 0.04 0.03 0.04 0.00 0.10 0.03 Alum Cp China* N 842 7.95 7.53 7.85 - 0.14 17.44 7.20 Am Creek Res V 1290 0.05 0.04 0.04 - 0.01 0.10 0.03 Amador Gold V 21 0.01 0.01 0.01 0.00 0.01 0.01 Amarc Res V 425 0.10 0.09 0.10 + 0.01 0.18 0.07 Amarillo Gold V 508 0.11 0.08 0.10 - 0.01 0.15 0.04 Amato Expl V 75 0.02 0.02 0.02 0.00 0.03 0.01 American Vanad V 3746 0.09 0.07 0.09 0.00 0.50 0.05 Amerigo Res T 1428 0.29 0.27 0.29 + 0.02 0.45 0.22 Amex Expl V 2710 0.04 0.03 0.04 + 0.01 0.09 0.03 AMI Res V 100 0.06 0.06 0.06 + 0.01 0.06 0.01 Anaconda Mng T 2490 0.04 0.04 0.04 0.00 0.07 0.04 Anconia Res V 1060 0.01 0.01 0.01 0.00 0.04 0.01 AndeanGold V 2195 0.02 0.01 0.02 + 0.01 0.04 0.01 Anfield Nickel V 241 0.77 0.65 0.70 - 0.02 1.02 0.65 Anfield Res V 321 0.13 0.11 0.11 - 0.02 0.52 0.07 Angel Gold V 318 0.06 0.05 0.05 0.00 0.10 0.02 Angkor Gold V 699 0.45 0.40 0.45 + 0.01 0.64 0.33 Anglo-Can Mng V 4111 0.01 0.01 0.01 0.00 0.02 0.01 AngloGold Ash* N 186768 8.35 7.32 7.97 - 0.41 13.12 5.64 Antioquia Gold V 130 0.04 0.04 0.04 0.00 0.07 0.01 Antofagasta Gd V 15530 0.25 0.22 0.24 - 0.02 0.25 0.09 Apogee Silver V 95 0.41 0.34 0.34 - 0.10 0.65 0.18 AQM Copper V 5940 0.04 0.04 0.04 0.00 0.10 0.04 Aquila Res T 540 0.15 0.13 0.15 + 0.02 0.19 0.09 Arch Coal* N 127194 4.23 2.71 3.38 - 0.43 29.30 1.00 Arco Res V 23 0.06 0.06 0.06 - 0.02 0.09 0.03 Arctic Hntr Ur V 1350 0.04 0.03 0.04 + 0.01 0.06 0.02 Arctic Star Rs V 15135 0.03 0.02 0.03 0.00 0.07 0.02 Argentex Mng V 2005 0.05 0.04 0.04 0.00 0.08 0.02 Argentum Silvr V 20 0.05 0.05 0.05 - 0.01 0.09 0.02 Argex Titanium T 11680 0.10 0.07 0.07 - 0.03 0.72 0.07 Argonaut Gold T 36043 1.40 1.25 1.31 - 0.04 4.15 1.14 Argus Metals V 47 0.03 0.02 0.02 0.00 0.11 0.02 Arian Silver V 1869 0.18 0.16 0.17 - 0.03 0.75 0.14 Arianne Phosph V 2303 0.90 0.80 0.84 - 0.04 0.98 0.51 Armistice Res T 3177 0.25 0.22 0.24 - 0.02 0.52 0.22 Aroway Mnls V 5270 0.02 0.01 0.01 0.00 0.22 0.01 ASA (Bermuda)* N 2258 8.15 7.00 7.57 - 0.56 12.31 7.00 Asanko Gold T 25450 2.04 1.83 1.93 - 0.15 2.55 1.50 Asanko Gold* X 464 1.51 1.38 1.45 - 0.10 2.18 1.26 Ascot Res V 1059 1.47 1.14 1.20 - 0.24 2.13 1.01 Ashburton Vent V 13493 0.02 0.02 0.02 0.00 0.03 0.01 AsiaBaseMetals V 210 0.05 0.05 0.05 0.00 0.16 0.04 Asian Minl Res V 9660 0.04 0.04 0.04 - 0.01 0.08 0.03 Aston Bay V 305 0.14 0.12 0.13 - 0.01 0.16 0.08 Astur Gold V 213 0.02 0.02 0.02 + 0.01 0.22 0.01 Atac Res V 2847 0.48 0.41 0.43 - 0.04 0.78 0.31 Athabasca Mnls V 6422 0.29 0.20 0.26 - 0.03 2.28 0.20 Atico Mng V 1731 0.37 0.33 0.35 - 0.02 0.76 0.33 Atlanta Gold V 569 0.07 0.06 0.07 0.00 0.25 0.05 Atna Res Ltd T 1726 0.07 0.06 0.06 - 0.01 0.12 0.06 Augen Gold V 121 0.01 0.01 0.01 - 0.01 0.06 0.01 Augyva Mng V 285 0.11 0.11 0.11 + 0.01 0.15 0.07 Aura Mnls T 2560 0.08 0.08 0.08 0.00 0.12 0.06 Aura Silver Rs V 3374 0.02 0.01 0.02 0.00 0.03 0.01 Auramex Res V 1000 0.01 0.01 0.01 0.00 0.03 0.01 Aurcana Corp V 3530 0.15 0.14 0.14 - 0.01 0.44 0.13 AurCrest Gold V 3787 0.01 0.01 0.01 0.00 0.06 0.01 Aureus Mng T 40 0.35 0.35 0.35 - 0.04 0.83 0.27 Aurion Res V 1560 0.06 0.04 0.06 + 0.01 0.08 0.03 Aurvista Gold V 4915 0.08 0.05 0.05 - 0.03 0.11 0.03 Avala Res V 1272 0.04 0.03 0.03 - 0.01 0.20 0.03 Avalon Rare M* X 12650 0.11 0.09 0.09 - 0.01 0.40 0.09 Avalon Rare Mt T 4906 0.14 0.12 0.13 - 0.01 0.48 0.12 Avino Silver V 52 1.32 1.21 1.26 - 0.09 2.40 1.15 Avino Silver* X 3887 1.01 0.89 0.92 - 0.11 1.97 0.89 Avnel Gold T 2054 0.25 0.21 0.24 + 0.03 0.31 0.14 Avrupa Mnls V 803 0.15 0.14 0.14 + 0.01 0.40 0.07 Axmin Inc V 35 0.01 0.01 0.01 0.00 0.03 0.01 Azimut Expl V 217 0.16 0.13 0.15 0.00 0.31 0.13 Azincourt Res V 1120 0.07 0.03 0.07 0.00 0.72 0.03

B B2Gold* X 77850 B2Gold T 183406 Bacanora Mnls V 157 Baja Mng V 5843 Balmoral Res T 5861 Bama Gold V 580 Bandera Gold V 38 Banks Island G V 8717 Bannerman Res T 190 Banro T 9267 Banro* X 42290 Banyan Gold V 350 Barisan Gold V 30538 Barker Mnrls V 40 Barkerville Go V 4565 Baroyeca Go&Si V 2000 Barrick Gold* N 871467 Barrick Gold T 162862 Batero Gold V 1054 Bayswater Uran V 739 BCGold V 5034 BCM Res V 420 Bear Creek Mng V 2771 Beaufield Res V 354 Bell Copper V 2210 Bellhaven Cp&G V 131 Belo Sun Mng T 10889 Belvedere Res V 290 Benton Cap V 2265 Benton Res V 4411 BHP Billi-BBL* N 82385

1.18 1.00 1.05 - 0.13 2.38 0.98 1.57 1.35 1.38 - 0.20 2.88 1.30 1.84 1.66 1.80 - 0.02 2.05 0.56 0.03 0.02 0.03 + 0.01 0.06 0.02 0.52 0.48 0.49 - 0.02 1.64 0.48 0.10 0.06 0.06 - 0.02 0.23 0.00 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.02 0.02 - 0.01 0.40 0.02 0.03 0.03 0.03 0.00 0.09 0.03 0.25 0.21 0.22 - 0.02 0.47 0.13 0.18 0.15 0.17 - 0.01 0.40 0.12 0.03 0.03 0.03 0.00 0.10 0.02 0.05 0.02 0.03 + 0.01 0.16 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.25 0.23 0.23 + 0.01 0.40 0.11 0.01 0.01 0.01 0.00 0.02 0.01 6.63 6.04 6.19 - 0.37 15.62 5.91 8.83 8.10 8.19 - 0.53 17.36 7.89 0.08 0.07 0.08 + 0.01 0.11 0.06 0.03 0.03 0.03 - 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.03 0.01 0.05 0.05 0.05 0.00 0.06 0.02 0.75 0.62 0.68 + 0.02 2.00 0.58 0.05 0.04 0.05 + 0.01 0.07 0.03 0.04 0.03 0.04 + 0.02 0.05 0.01 0.12 0.10 0.12 + 0.02 0.45 0.10 0.19 0.17 0.18 - 0.01 0.30 0.11 0.05 0.04 0.04 0.00 0.17 0.04 0.02 0.02 0.02 - 0.01 0.04 0.02 0.05 0.04 0.05 0.00 0.06 0.03 31.74 29.19 31.27 - 0.34 54.52 29.19

TNM Mkt Stories_Mining Tables.indd 8

S TO C K TA BLES

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

BHP Billi-BHP* N 196689 Big North Grap V 160 BioteQ Env T 2000 Bison Gold Res V 9970 Bitterroot Res V 5140 Black Iron T 761 Black Isle Res V 700 Blind Crk Res V 20 Blue Rvr Res V 78 Blue Sky Uran V 120 BMO Jr Gld ETF T 438 Bold Vent V 17520 Bonterra Res V 9454 Bowmore Expl V 2857 Bravada Gold V 400 Brazil Res V 7270 Brionor Res V 1270 Brixton Mtls V 60 Buccaneer Gold V 10 Bullman Mnls V 20 Burnstone Vent V 1991

32.71 30.15 32.09 - 0.20 57.86 30.15 0.04 0.04 0.04 0.00 0.60 0.03 0.03 0.03 0.03 0.00 0.06 0.02 0.02 0.01 0.02 + 0.01 0.04 0.01 0.01 0.01 0.01 0.00 0.15 0.01 0.04 0.03 0.04 + 0.01 0.12 0.02 0.04 0.04 0.04 + 0.01 0.09 0.02 0.05 0.05 0.05 0.00 0.10 0.04 0.05 0.04 0.05 - 0.01 0.06 0.03 0.06 0.06 0.06 - 0.02 0.26 0.05 5.09 4.74 4.76 - 0.39 7.65 4.45 0.03 0.02 0.03 - 0.01 0.07 0.02 0.21 0.17 0.20 + 0.03 0.43 0.09 0.03 0.03 0.03 0.00 0.11 0.03 0.03 0.03 0.03 - 0.01 0.07 0.02 0.58 0.50 0.56 0.00 0.87 0.43 0.01 0.01 0.01 0.00 0.03 0.01 0.11 0.09 0.11 - 0.01 0.24 0.06 0.02 0.02 0.02 - 0.01 0.04 0.02 0.04 0.04 0.04 - 0.01 0.23 0.04 0.02 0.02 0.02 0.00 0.04 0.01

Cabot Corp* N 14895 Cache Expl V 593 Cadillac Vent V 5429 Caledonia Mng T 3655 Calibre Mng V 1030 Calico Res V 1350 Callinex Mines V 473 Cameco Corp* N 92539 Cameco Corp T 55365 Camino Mnls V 210 Canada Carbon V 12649 Canada Rare Ea V 2120 Canada Zinc Mt V 1788 Canadn Arrow V 870 Canadn Int Mnl V 642 Canadn Mining V 1761 Canadn Orebods V 10421 Canadn Plat V 3850 Canadn Zinc T 20461 Canaf Group V 1220 Canamex Res V 4881 Canarc Res T 320 Canasil Res V 375 Cancana Res V 1560 Candente Coppr T 1449 CaNickel Mng T 1498 Cannon Pnt Res V 200 Canoe Mng Vnt V 300 Canstar Res V 1459 Canterra Mnls V 290 Cantex Mn Dev V 206 Canyon Copper V 10 Cap-Ex Vent V 1510 Capstone Mng T 48677 Caracara Silvr V 99 Cardero Res T 1586 Cariboo Rose V 470 Caribou King R V 2821 Carlin Gold V 2244 Carlisle Goldf T 4149 Carmax Mng V 260 Cascadero Copp V 2895 Cassidy Gold V 186 Cassius Vent V 17 Caza Gold V 150 CB Gold V 2800 Centamin T 953 Centerra Gold T 27748 Central Fund* X 27377 Central Fund T 1824 Central Gold-T T 6 Central GoldT* X 2394 Centurion Mnls V 850 Century Iron M T 270 Chalice Gold M T 486 Challenger Dee V 2101 Champion Bear V 1283 Champion Iron T 1422 Chesapeake Gld V 1187 Chiboug Ind Mn V 189 Chilean Gold V 3641 Chimata Gold V 260 China Gold Int T 5262 China Mnls Mng V 403 Claim Post Res V 110 Claude Res T 13041 Cliffs Nat Rs* N 192759 Clifton Star V 348 Cloud Peak En* N 20724 CMC Metals V 17665 Codrington Res V 3609 Coeur Mng* N 97827 Colibri Res V 3167 Colombia Crest V 45 Colombian Mins V 10 Colonial Coal V 2869 Colorado Res V 280 Colt Res V 5210 Columbus Gold V 1978 Commander Res V 445 Commerce Res V 20217 Compass Mnls* N 3174 Comstock Mng* X 5172 Comstock Mtls V 220 Condor Res V 6047 Confedertn Mls V 3245 Cons Woodjam C V 1035 Consol Energy* N 331159 Constant Mtl R V 780 Contintl Gold T 35249 Contl Precious T 515 Copper Ck Gold V 163 Copper Fox Mtl V 4090 Copper Mtn Mng T 41011 Copper North M V 2763 Copper One V 12910 Coral Gold V 21 Corazon Gold V 6 Cordoba Mnls V 140 Corex Gold V 4935 Cornerstone Ca V 7322 Coro Mining T 13400 Coronado Res V 7 Coronet Mtls V 416 Corsa Coal V 3315 Corvus Gold T 649 Crazy Horse Rs V 603 Critical Elem V 11263 Crown Gold V 810 Currie Rose Rs V 180 CVR Partners* N 2214 Cypress Dev V 20

32.52 30.70 31.77 - 0.48 52.90 30.70 0.15 0.13 0.15 + 0.03 0.27 0.05 0.03 0.02 0.02 - 0.01 0.15 0.02 0.80 0.75 0.80 + 0.03 1.12 0.54 0.11 0.10 0.10 - 0.01 0.20 0.08 0.12 0.08 0.10 + 0.01 0.19 0.06 0.36 0.32 0.32 - 0.04 0.40 0.16 12.52 11.60 12.06 - 0.22 19.97 11.60 16.65 15.50 15.99 - 0.34 22.46 15.50 0.15 0.09 0.14 + 0.06 0.26 0.03 0.27 0.25 0.25 - 0.02 0.32 0.18 0.03 0.03 0.03 0.00 0.11 0.03 0.22 0.17 0.20 + 0.01 0.49 0.17 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 + 0.01 0.05 0.01 0.09 0.08 0.09 + 0.01 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 0.08 0.06 0.07 - 0.02 0.29 0.06 0.06 0.05 0.06 - 0.02 0.09 0.04 0.05 0.04 0.04 + 0.01 0.20 0.04 0.06 0.06 0.06 - 0.01 0.10 0.03 0.04 0.04 0.04 0.00 0.07 0.03 0.25 0.22 0.25 + 0.03 0.32 0.15 0.05 0.05 0.05 - 0.01 0.21 0.05 0.10 0.08 0.08 - 0.02 0.37 0.08 0.16 0.16 0.16 - 0.01 0.25 0.10 0.04 0.04 0.04 0.00 0.24 0.02 0.07 0.07 0.07 + 0.01 0.10 0.03 0.05 0.05 0.05 0.00 0.11 0.04 0.04 0.04 0.04 0.00 0.09 0.03 0.03 0.03 0.03 0.00 0.12 0.03 0.02 0.02 0.02 0.00 0.05 0.01 0.49 0.43 0.44 - 0.05 2.38 0.43 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.02 0.02 - 0.01 0.07 0.01 0.04 0.04 0.04 + 0.01 0.07 0.02 0.11 0.10 0.11 0.00 0.22 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.24 0.20 0.23 + 0.01 0.42 0.13 0.03 0.03 0.03 0.00 0.10 0.03 0.03 0.02 0.03 0.00 0.05 0.02 0.02 0.02 0.02 0.00 0.06 0.02 0.02 0.02 0.02 - 0.01 0.07 0.02 0.05 0.04 0.05 + 0.02 0.09 0.03 0.07 0.07 0.07 + 0.01 0.14 0.03 1.29 1.23 1.23 - 0.07 1.35 0.80 7.85 7.22 7.29 - 0.53 7.98 3.96 11.14 10.53 10.64 - 0.55 13.73 10.15 14.83 14.01 14.10 - 0.77 16.89 12.52 53.85 53.69 53.85 - 0.85 57.25 42.50 41.04 39.40 39.60 - 1.32 46.73 37.22 0.02 0.02 0.02 0.00 0.08 0.01 0.21 0.17 0.21 - 0.09 0.44 0.17 0.10 0.10 0.10 - 0.01 0.15 0.08 0.20 0.16 0.17 - 0.02 0.22 0.05 0.06 0.05 0.05 - 0.02 0.19 0.05 0.16 0.14 0.15 - 0.01 0.25 0.07 1.52 1.39 1.48 - 0.03 3.05 1.39 0.03 0.02 0.02 0.00 0.05 0.02 0.04 0.03 0.03 - 0.01 0.09 0.02 0.05 0.05 0.05 - 0.02 0.19 0.01 2.03 1.87 1.88 - 0.17 3.40 1.30 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.13 0.01 0.65 0.61 0.63 - 0.01 0.78 0.19 2.77 2.33 2.36 - 0.37 12.45 2.28 0.15 0.12 0.15 + 0.01 0.25 0.06 2.76 2.42 2.57 - 0.09 13.95 2.42 0.04 0.03 0.04 + 0.01 0.08 0.03 0.12 0.04 0.06 0.00 0.15 0.03 3.15 2.67 2.75 - 0.37 7.45 2.52 0.04 0.03 0.03 + 0.01 0.23 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.05 0.05 0.05 + 0.01 0.19 0.04 0.07 0.04 0.04 0.00 0.16 0.04 0.08 0.07 0.07 - 0.01 0.18 0.06 0.15 0.13 0.15 - 0.02 0.30 0.05 0.39 0.38 0.38 0.00 0.55 0.31 0.02 0.02 0.02 - 0.01 0.04 0.02 0.08 0.07 0.08 0.00 0.25 0.07 79.37 77.13 78.82 - 0.11 95.68 77.13 0.70 0.61 0.62 - 0.08 1.36 0.35 0.02 0.02 0.02 - 0.01 0.04 0.01 0.02 0.02 0.02 - 0.01 0.09 0.02 0.04 0.03 0.04 0.00 0.12 0.03 0.06 0.04 0.04 + 0.01 0.09 0.02 11.04 8.68 9.14 - 1.74 42.26 8.68 0.12 0.11 0.11 0.00 0.23 0.07 1.99 1.63 1.65 - 0.33 3.39 1.61 0.38 0.30 0.30 - 0.01 0.71 0.30 0.06 0.06 0.06 + 0.01 0.07 0.03 0.16 0.15 0.15 - 0.01 0.37 0.10 0.49 0.38 0.39 - 0.11 2.54 0.38 0.04 0.04 0.04 0.00 0.09 0.04 0.01 0.01 0.01 - 0.01 0.07 0.01 0.09 0.09 0.09 - 0.02 0.21 0.06 0.18 0.18 0.18 0.00 0.38 0.09 0.12 0.10 0.12 + 0.01 0.34 0.08 0.05 0.03 0.05 + 0.02 0.09 0.03 0.03 0.03 0.03 0.00 0.11 0.02 0.02 0.02 0.02 - 0.01 0.08 0.02 0.20 0.20 0.20 - 0.05 1.02 0.20 0.03 0.03 0.03 - 0.01 0.18 0.02 0.06 0.05 0.05 - 0.01 0.27 0.05 0.40 0.37 0.40 - 0.02 1.29 0.37 0.02 0.02 0.02 - 0.01 0.03 0.01 0.22 0.19 0.20 - 0.02 0.37 0.16 0.05 0.04 0.05 0.00 0.10 0.03 0.02 0.01 0.02 + 0.01 0.02 0.01 10.20 9.25 9.75 - 0.40 16.12 8.52 0.03 0.03 0.03 - 0.01 0.40 0.03

D-F Dajin Res V 31320 Dalradian Res T 12922 Dalton Res Ltd V 120 Darnley Bay V 17 Decade Res V 17690 Defiance Silvr V 1531 Dejour Enterp T 136 Dejour Enterp* X 1497 Denison Mines T 23888 Denison Mines* X 4589 Desert Gold V 1160 Desert Star V 158 Detour Gold T 47135 Diagnos V 7556 Diamcor Mng V 3053 Diamond Fields V 197 Dios Expl V 832 Discovery Harb V 1422 Discovery Vent V 48172 Discovery-Corp V 32

0.12 0.10 0.12 0.00 0.16 0.04 0.77 0.66 0.68 - 0.10 1.16 0.46 0.15 0.10 0.14 - 0.01 0.38 0.10 0.02 0.02 0.02 + 0.01 0.13 0.02 0.02 0.02 0.02 - 0.01 0.14 0.02 0.08 0.07 0.07 - 0.01 0.19 0.07 0.13 0.12 0.13 - 0.01 0.31 0.11 0.10 0.09 0.09 - 0.00 0.28 0.08 0.55 0.48 0.51 - 0.02 1.39 0.48 0.41 0.36 0.38 - 0.02 1.22 0.36 0.13 0.11 0.12 + 0.03 0.90 0.08 0.13 0.13 0.13 - 0.01 0.22 0.12 14.45 13.60 14.03 - 0.26 16.37 6.02 0.07 0.05 0.05 - 0.01 0.11 0.04 0.97 0.80 0.88 - 0.02 1.45 0.80 0.02 0.01 0.02 0.00 0.05 0.01 0.08 0.06 0.07 - 0.03 0.10 0.04 0.03 0.02 0.02 - 0.01 0.11 0.02 0.18 0.15 0.15 - 0.02 0.29 0.09 0.05 0.04 0.04 0.00 0.14 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

DNI Metals V 1892 Dolly Vard Sil V 1940 Dominion Diam* N 10135 Dominion Diam T 19872 Doubleview Cap V 2147 Duncan Park H V 1500 Dundee Prec Mt T 5119 Duran Vent V 3355 Durango Res V 1000 Dynacor Gold M T 875 Dynasty Met&Mn T 2266 Eagle Plains V 65 East Asia Mnls V 5170 Eastern Platin T 5970 Eastfield Res V 10304 Eastmain Res T 2787 Eco Oro Mnls T 199 Ecuador G & C V 4150 Edgewater Expl V 130 El Nino Vent V 80 El Tigre Silvr V 290 Eldorado Gold* N 63544 Eldorado Gold T 165920 Electra Gold V 250 Eloro Minls V 50 Ely Gold & Mnl V 810 Emed Mining T 150 Emerick Res V 14 Emgold Mng V 250 Encanto Potash V 13379 Endeavour Mng T 30422 Endeavr Silver T 1752 Endeavr Silve* N 3437 Endurance Gold V 35 Energizer Res T 42936 Energold Drill V 540 Energy Fuels T 5157 Entourage Mtls V 170 Entree Gold* X 1360 Entree Gold T 268 Equitas Res V 52594 Equitorial Exp V 2440 Erdene Res Dev T 191 Erin Ventures V 5786 Eskay Mng V 1249 Ethos Gold V 5382 Eurasian Minls V 115 Eurasian Mnls* X 1565 EurOmax Res V 234 Europn Uran Rs V 34 Eurotin V 500 Everton Res V 770 Evolving Gold C 312 Evrim Res V 10 Excalibur Res C 80 Excellon Res T 1065 Excelsior Mng V 4290 Exeter Res* X 1084 Exeter Res T 921 Explor Res V 1445 Faircourt Gold T 2740 Fairmont Res V 950 Falco Res V 4315 Falcon Gold V 10 Fancamp Expl V 23230 Fieldex Expl V 2000 Firebird Res V 1500 First Bauxite V 901 First Lithium V 413 First Majesti* N 32644 First Majestic T 22757 First Mexican V 560 First Point T 892 First Quantum T 332885 Fission 3.0 V 9296 Fjordland Exp V 100 Flinders Res V 1185 Focus Graphite V 8037 Focus Vnt V 7640 Foraco Intl T 5 Foran Mng V 5604 Formation Mtls T 1871 Forsys Metals T 147 Fortuna Silver T 12564 Fortuna Silvr* N 9591 Fortune Bay T 1229 Fortune Mnrls T 9556 Forum Uranium V 430 Franco-Nevada* N 43561 Franco-Nevada T 28298 Freegold Vent T 498 Freeport McMo* N 1959534 Frontier Rr Er T 7210 Frontline Gold V 7304 Full Metal Mnl V 101

0.09 0.08 0.09 0.00 0.45 0.06 0.19 0.17 0.19 - 0.01 1.10 0.11 10.89 9.62 10.39 + 0.33 20.30 9.62 14.41 12.81 13.74 + 0.34 24.60 12.81 0.11 0.09 0.09 - 0.02 0.22 0.07 0.01 0.01 0.01 0.00 0.03 0.01 2.33 2.11 2.19 - 0.19 4.93 1.93 0.02 0.02 0.02 - 0.01 0.04 0.01 0.04 0.03 0.03 - 0.01 0.08 0.03 1.58 1.46 1.46 - 0.06 2.59 1.30 0.45 0.39 0.40 - 0.05 1.31 0.39 0.05 0.05 0.05 - 0.01 0.08 0.05 0.02 0.01 0.02 0.00 0.04 0.01 1.11 0.96 1.07 - 0.01 2.26 0.79 0.03 0.02 0.02 0.00 0.05 0.02 0.34 0.31 0.31 - 0.02 0.62 0.17 0.60 0.57 0.57 - 0.07 0.95 0.14 0.02 0.01 0.02 0.00 0.08 0.01 0.01 0.01 0.01 0.00 0.06 0.01 0.02 0.02 0.02 0.00 0.05 0.02 0.07 0.06 0.06 0.00 0.30 0.06 3.29 2.90 3.05 - 0.15 7.99 2.45 4.37 3.88 4.05 - 0.20 9.68 3.26 0.08 0.06 0.07 + 0.01 0.14 0.05 0.11 0.11 0.11 0.00 0.20 0.04 0.06 0.05 0.06 0.00 0.10 0.03 0.07 0.07 0.07 - 0.01 0.14 0.06 0.14 0.14 0.14 + 0.01 0.30 0.13 0.01 0.01 0.01 0.00 0.03 0.01 0.08 0.07 0.07 - 0.01 0.16 0.04 0.60 0.54 0.55 - 0.04 0.77 0.38 2.18 2.01 2.14 - 0.03 5.20 1.64 1.64 1.50 1.62 - 0.02 4.68 1.25 0.02 0.02 0.02 - 0.01 0.08 0.02 0.06 0.03 0.04 - 0.02 0.22 0.03 0.71 0.56 0.60 - 0.01 1.56 0.51 4.22 3.68 3.73 - 0.48 9.00 3.68 0.07 0.06 0.06 - 0.01 0.22 0.03 0.35 0.25 0.27 - 0.09 0.51 0.08 0.44 0.38 0.40 - 0.04 0.66 0.18 0.21 0.16 0.16 - 0.02 0.22 0.03 0.09 0.08 0.08 - 0.01 0.26 0.07 0.12 0.12 0.12 + 0.01 0.17 0.09 0.06 0.05 0.06 - 0.01 0.08 0.04 0.13 0.09 0.12 + 0.02 0.20 0.01 0.23 0.18 0.20 - 0.01 0.23 0.11 0.66 0.64 0.66 + 0.03 0.97 0.53 0.50 0.44 0.47 - 0.01 0.89 0.40 0.40 0.30 0.35 0.00 0.57 0.17 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.10 0.02 0.04 0.03 0.04 + 0.01 0.07 0.02 0.06 0.06 0.06 + 0.01 0.21 0.01 0.14 0.14 0.14 0.00 0.29 0.11 0.01 0.01 0.01 0.00 0.05 0.01 0.40 0.34 0.36 - 0.04 1.22 0.34 0.24 0.22 0.23 0.00 0.39 0.19 0.35 0.30 0.31 - 0.03 0.79 0.30 0.46 0.41 0.43 - 0.04 0.90 0.41 0.06 0.05 0.05 0.00 0.09 0.04 2.62 2.51 2.55 - 0.07 4.38 2.42 0.05 0.05 0.05 - 0.02 0.28 0.05 0.32 0.26 0.26 - 0.05 0.69 0.26 0.04 0.04 0.04 - 0.01 0.24 0.03 0.04 0.03 0.03 - 0.01 0.06 0.03 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.03 0.03 + 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.10 0.04 0.34 0.30 0.34 + 0.04 0.48 0.18 3.35 2.95 3.12 - 0.17 8.27 2.66 4.46 3.94 4.13 - 0.24 9.23 3.54 0.04 0.04 0.04 - 0.01 0.05 0.02 0.08 0.07 0.08 + 0.01 0.09 0.04 5.62 4.52 4.89 - 0.65 22.40 4.52 0.08 0.07 0.07 - 0.01 0.14 0.06 0.02 0.02 0.02 - 0.01 0.05 0.01 0.28 0.23 0.24 - 0.02 0.72 0.12 0.15 0.12 0.12 - 0.01 0.55 0.10 0.19 0.15 0.15 - 0.04 0.27 0.15 0.22 0.22 0.22 - 0.03 0.77 0.15 0.12 0.10 0.11 - 0.01 0.48 0.10 0.13 0.12 0.12 0.00 0.22 0.09 0.14 0.13 0.13 - 0.03 0.36 0.12 3.23 2.83 2.87 - 0.29 6.30 2.65 2.42 2.12 2.18 - 0.20 5.25 2.00 0.31 0.30 0.31 0.00 0.43 0.24 0.04 0.04 0.04 + 0.01 0.26 0.02 0.06 0.06 0.06 + 0.01 0.14 0.05 44.89 41.89 42.91 - 1.66 58.84 38.20 59.80 56.04 56.81 - 2.50 74.10 49.96 0.11 0.09 0.09 - 0.03 0.24 0.07 10.14 8.62 9.82 - 0.17 32.78 7.76 0.13 0.08 0.13 + 0.05 0.35 0.00 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.03 0.03 0.00 0.35 0.03

Gabriel Res T 11651 Galane Gold V 301 Galantas Gold V 562 Galore Res V 16238 Galway Gold V 130 Galway Mtls V 453 GAMCO Glb Gld* X 22515 Garibaldi Res V 2090 Gem Intl Res V 81 General Moly* X 4081 Gensource Pot V 1392 Geodex Mnrls V 993 Geodrill T 202 Geologix Ex T 4452 Geomega Res V 1967 Georox Res V 50 Getty Copper V 50 GFK Res V 130 GGL Res V 179 Gitennes Expl V 800 Giyani Gold V 882 Glen Eagle Res V 1995 Global Hunter V 714 Globex Mng T 1394 GoGold Res T 1066 Gold Bulln Dev V 3735 Gold Canyon V 78890 Gold Fields* N 203653 Gold Mtn Mng V 5418 Gold Reach Res V 69 Gold Reserve V 263 Gold Resource* X 22740 Gold Std Vnt V 2475 Gold Std Vnt* X 2481 Goldbank Mng V 6560 Goldcliff Res V 36945 Goldcorp T 138834 Goldcorp* N 493327 Golden Arrow R V 1480 Golden Band V 201 Golden Dawn Ml V 3990 Golden Goliath V 5589 Golden Hope V 915 Golden Mnls T 223 Golden Mnls* X 1676 Golden Peak Mn V 300 Golden Predatr V 253 Golden Queen T 399 Golden Reign R V 1602 Golden Share M V 584 Golden Star T 412 Golden Star* X 12462 Golden Tag V 2000 Golden Val Min V 900 Goldex Res V 81 Goldeye Expl V 510 Goldfield* X 1917 Goldgroup Mng T 40951 GoldQuest Mng V 6748 Goldrock Mines V 644 Goldrush Res V 13830

0.27 0.23 0.26 - 0.01 1.09 0.23 0.11 0.09 0.11 - 0.01 0.24 0.08 0.13 0.10 0.13 + 0.03 0.18 0.05 0.03 0.01 0.03 + 0.02 0.04 0.01 0.08 0.08 0.08 0.00 0.12 0.05 0.10 0.09 0.10 + 0.01 0.16 0.09 5.30 4.90 4.90 - 0.43 9.60 4.90 0.10 0.08 0.09 - 0.01 0.24 0.05 0.07 0.07 0.07 + 0.01 0.26 0.05 0.34 0.25 0.32 + 0.04 1.00 0.25 0.07 0.06 0.07 0.00 0.07 0.04 0.01 0.01 0.01 0.00 0.06 0.01 0.60 0.50 0.60 + 0.05 0.99 0.46 0.03 0.03 0.03 - 0.01 0.07 0.03 0.08 0.07 0.08 0.00 0.29 0.07 0.07 0.06 0.07 0.00 0.14 0.05 0.02 0.02 0.02 0.00 0.07 0.02 0.10 0.06 0.10 0.00 0.20 0.03 0.03 0.03 0.03 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.10 0.07 0.08 - 0.01 0.20 0.05 0.07 0.05 0.05 - 0.02 0.20 0.03 0.03 0.02 0.03 - 0.01 0.08 0.02 0.32 0.28 0.31 + 0.01 0.35 0.14 1.29 1.21 1.25 - 0.04 1.80 1.18 0.02 0.02 0.02 0.00 0.06 0.02 0.32 0.27 0.28 - 0.01 0.33 0.09 2.75 2.46 2.56 - 0.13 6.01 2.35 0.05 0.03 0.04 - 0.02 0.14 0.03 0.18 0.17 0.17 - 0.01 0.50 0.13 3.61 3.18 3.55 + 0.14 5.39 2.48 2.76 2.27 2.51 - 0.24 5.42 1.99 0.59 0.51 0.51 - 0.08 0.80 0.40 0.44 0.38 0.39 - 0.06 0.72 0.26 0.04 0.03 0.04 - 0.05 0.09 0.03 0.02 0.01 0.01 - 0.01 0.02 0.01 18.02 15.99 16.09 - 1.88 30.95 15.99 13.53 11.95 12.14 - 1.37 25.00 11.95 0.30 0.25 0.27 - 0.01 0.50 0.17 0.01 0.01 0.01 0.00 0.02 0.01 0.19 0.18 0.19 + 0.01 0.30 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.43 0.29 0.35 - 0.09 0.64 0.08 0.40 0.34 0.34 - 0.05 0.91 0.31 0.30 0.25 0.28 + 0.00 0.78 0.23 0.06 0.05 0.05 - 0.02 0.17 0.04 0.14 0.12 0.12 + 0.01 0.15 0.07 1.05 0.98 0.99 - 0.03 1.68 0.65 0.08 0.07 0.08 + 0.01 0.19 0.05 0.06 0.05 0.06 + 0.02 0.08 0.03 0.31 0.27 0.27 - 0.03 0.51 0.20 0.23 0.20 0.20 - 0.02 0.45 0.16 0.02 0.02 0.02 0.00 0.10 0.02 0.10 0.09 0.10 - 0.02 0.21 0.08 0.03 0.03 0.03 - 0.01 0.08 0.02 0.06 0.05 0.06 + 0.01 0.06 0.03 1.75 1.64 1.65 - 0.04 2.85 1.20 0.07 0.06 0.06 + 0.01 0.24 0.05 0.12 0.09 0.11 0.00 0.20 0.07 0.24 0.20 0.20 - 0.03 0.40 0.15 0.02 0.02 0.02 0.00 0.03 0.01

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

V 1042 Goldsource Min V 3758 Goldstrike Res Gonzaga Res V 300 Gossan Res V 500 Gowest Gold V 1939 T 3582 Gran Colombia V 1910 Grande Portage 585 Granite Ck Gld V Graphite One R V 33402 Great Atlantic V 173 X 5988 Great Panther* Great Panther T 2450 Great Quest Me V 1158 830 Green Swan Cap V V 40 Greencastle Rs Grenville Gold V 80 Gresham Res V 11794 Grizzly Discvr V 1320 339 GTA Res & Mng V Gunpoint Expl V 18 T 22744 Guyana Gldflds 385 Guyana Prec Mt V GWR Res V 4839 Handa Copper V 180 Hansa Res V 183 415 Happy Ck Minls V 123374 N Harmony Gold* Harte Gold T 4637 Harvest Gold V 1841 V 8642 Heatherdale Rs 279246 Hecla Mining* N Helio Res V 1990 Hi-Crush Part* N 10363 Highbank Res V 2883 Highland Res V 264 500 Highway 50 Gld V HiHo Silver C 6940 Hinterland Mtl V 312 V 1405 Homestake Res Horizns G Bear T 27342 Horizns G Bull T 82841 T 210 Horizonte Mnls Hornby Bay Mnl V 1010 Houston Lake V 1175 HudBay Minls T 69294 963 HudBay Mnls* N Hudson Res V 279 Hunt Mng V 914

0.13 0.17 + 0.01 0.26 0.17 0.16 0.05 0.12 - 0.02 0.21 0.15 0.12 0.02 0.03 0.00 0.15 0.03 0.03 0.01 0.02 0.00 0.05 0.02 0.02 0.05 0.07 - 0.01 0.10 0.07 0.07 0.18 0.23 - 0.01 1.06 0.23 0.19 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.01 - 0.01 0.10 0.01 0.09 0.07 0.08 - 0.01 0.15 0.07 0.05 0.05 + 0.01 0.30 0.05 0.05 0.30 0.40 - 0.03 1.17 0.43 0.38 0.40 0.53 - 0.03 1.29 0.58 0.52 0.26 0.23 0.24 + 0.01 1.38 0.23 0.01 0.01 0.01 0.00 0.06 0.01 0.05 0.06 + 0.01 0.09 0.06 0.06 0.04 0.06 0.00 0.15 0.06 0.06 0.46 0.64 - 0.03 0.95 0.68 0.60 0.02 0.06 - 0.02 0.10 0.06 0.06 0.05 0.05 0.05 0.00 0.10 0.04 0.14 0.17 - 0.01 0.20 0.17 0.17 2.15 3.53 - 0.55 4.48 4.14 3.47 0.14 0.13 0.13 - 0.01 0.33 0.08 0.01 0.03 - 0.02 0.05 0.03 0.03 0.06 0.06 - 0.01 0.12 0.07 0.06 0.01 0.01 - 0.01 0.03 0.01 0.01 0.11 0.09 0.11 + 0.02 0.17 0.08 0.57 0.58 - 0.09 3.18 0.69 0.57 0.04 0.06 0.00 0.10 0.06 0.05 0.01 0.02 0.00 0.06 0.02 0.01 0.02 0.02 - 0.01 0.07 0.02 0.02 1.77 1.90 - 0.25 3.54 2.20 1.87 0.02 0.03 - 0.01 0.07 0.03 0.03 10.20 7.04 7.39 - 3.29 56.38 7.04 0.07 0.07 - 0.01 0.31 0.08 0.07 0.10 0.15 0.00 0.54 0.15 0.12 0.15 0.12 0.15 + 0.03 0.51 0.10 0.01 0.01 0.00 0.03 0.01 0.01 0.01 0.02 - 0.01 0.04 0.02 0.02 0.01 0.02 - 0.01 0.06 0.02 0.02 16.50 14.42 16.14 + 1.75 24.65 8.50 3.39 2.94 2.98 - 0.42 8.86 2.75 0.04 0.04 0.00 0.09 0.04 0.04 0.04 0.04 0.04 + 0.01 0.10 0.03 0.09 0.15 + 0.02 0.20 0.16 0.13 5.68 4.82 5.01 - 0.55 12.61 4.82 4.25 3.62 3.70 - 0.47 10.37 3.62 0.22 0.48 - 0.03 0.55 0.50 0.48 0.02 0.02 0.00 0.40 0.02 0.02

I-Minerals V 3828 50967 Iamgold* N T 70949 Iamgold IBC Adv Alloys V 8929 IC Potash T 634 Iconic Mnls V 202 IMPACT Silver V 3054 Imperial Metal T 1425 Inca One Res V 8461 V 1195 Independence G Indico Res V 343 Inspiration Mg T 544 Integra Gold V 7185 Intigold Mines V 1565 Intl Bethl Mng V 7820 Intl Lithium V 580 Intl Montoro R V 1700 Intl Northair V 895 Intl Tower Hi* X 2256 T 1354 Intl Tower Hil 80 Intl Vestr Res V Intrepid Pots* N 9655 INV Metals T 606 20 Iron South Mng V 52 ISh COMEX G Tr T Ivanhoe Mines T 41340 T 2955 Ivernia J.A.G. Mines V 400 Jaguar Mng V 693 Jasper Mng V 20 Jaxon Mnls V 500 Jayden Res T 321 Jiulian Res V 10 Kaminak Gold V 11904 Karmin Expl V 2027 Karnalyte Res T 7317 Katanga Mng T 1290 Kennady Diam V 966 Kermode Res V 100 Kesselrun Res V 20 Kestrel Gold V 20 Kettle River V 1040 Khalkos Expl V 483 Khan Res C 4621 V 1407 Kilo Goldmines V 840 Kincora Copper 80 Kings Bay Gold V 135529 Kinross Gold T 433623 Kinross Gold* N Kirkland Lk Gd T 13020 Kivalliq Enrgy V 6153 Klondex Mns T 8653 Klondike Gold V 12610 Klondike Silv V 3439 Knick Expl V 50 Kobex Mnls V 2070 V 6965 Kombat Copper V 220 Kootenay Gold

0.14 0.19 - 0.02 0.31 0.19 0.16 1.16 1.55 - 0.16 3.39 1.72 1.48 1.50 0.21 4.09 2.05 - 2.30 1.99 0.13 0.11 0.11 - 0.02 0.18 0.09 0.10 0.10 - 0.01 0.31 0.11 0.10 0.03 0.04 + 0.01 0.10 0.04 0.03 0.14 0.15 - 0.02 0.42 0.17 0.14 7.28 6.10 6.14 - 1.09 13.69 6.10 0.11 0.09 0.11 + 0.01 0.29 0.09 0.07 0.07 0.00 0.11 0.08 0.07 0.02 0.07 - 0.03 0.16 0.08 0.07 0.04 0.04 - 0.01 0.43 0.04 0.04 0.14 0.28 - 0.01 0.36 0.29 0.27 0.03 0.12 - 0.01 0.32 0.12 0.10 0.02 0.01 0.01 - 0.01 0.03 0.01 0.02 0.07 - 0.01 0.09 0.08 0.07 0.05 0.04 0.05 + 0.01 0.10 0.04 0.04 0.05 + 0.01 0.12 0.05 0.05 0.36 0.30 0.32 - 0.03 0.62 0.20 0.47 0.39 0.43 - 0.04 0.75 0.26 0.03 0.03 0.03 0.00 0.20 0.02 6.05 5.34 5.38 - 0.61 15.69 5.34 0.08 0.12 + 0.01 0.30 0.13 0.11 0.05 0.05 0.05 0.00 0.18 0.05 14.83 14.22 14.22 - 0.67 15.78 12.61 0.62 0.64 - 0.11 1.36 0.75 0.64 0.01 0.01 0.00 0.11 0.01 0.01 0.02 0.02 0.00 0.06 0.02 0.02 0.12 0.20 + 0.04 0.84 0.21 0.15 0.03 0.04 0.00 0.08 0.04 0.04 0.01 0.05 + 0.01 0.06 0.05 0.04 0.03 0.03 - 0.02 0.16 0.05 0.03 0.02 0.03 0.00 0.06 0.03 0.03 0.53 0.80 - 0.04 1.15 0.83 0.76 0.21 0.23 - 0.09 0.50 0.32 0.21 0.52 0.94 + 0.37 1.08 1.08 0.52 0.14 0.16 - 0.03 0.44 0.18 0.16 2.80 2.92 - 0.23 8.14 3.37 2.80 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.03 0.00 0.06 0.03 0.03 0.02 0.03 - 0.02 0.07 0.03 0.03 0.01 0.01 0.00 0.02 0.01 0.01 0.06 0.09 - 0.01 0.12 0.09 0.08 0.33 0.46 - 0.03 0.80 0.50 0.46 0.04 0.05 0.00 0.16 0.05 0.04 0.02 0.02 - 0.01 0.05 0.03 0.02 0.01 0.01 0.01 0.00 0.01 0.01 1.79 2.24 - 0.03 4.48 2.35 2.13 1.35 1.68 - 0.03 3.71 1.78 1.59 5.97 5.39 5.55 - 0.35 6.88 2.79 0.06 0.07 - 0.01 0.22 0.08 0.06 1.68 3.08 - 0.25 3.87 3.35 3.01 0.08 0.10 - 0.01 0.28 0.11 0.08 0.02 0.02 0.00 0.05 0.02 0.02 0.01 0.02 0.00 0.02 0.02 0.02 0.46 0.55 0.00 0.65 0.57 0.51 0.03 0.06 0.00 0.11 0.06 0.05 0.20 0.23 - 0.03 0.56 0.26 0.23

80 La Quinta Res V Labdr I-Ore Ro T 15009 25 Lago Dourado M V Lake Shore Gd* X 13407 Lake Shore Gld T 57608 Lara Expl V 223 Laramide Res T 3315 Largo Res V 5152 Latin Am Mnls V 1100 Legend Gold V 100 Lexam VG Gold T 1533 Lincoln Mng V 85 360 Lion One Mtls V Lomiko Mtls V 5557 Loncor Res T 1450 V 931 Lorraine Coppr Los Andes Copp V 2807 Lowell Copper V 20 Lucara Diam T 12328 Luna Gold T 1184 117272 Lundin Mng T Lydian Intl T 356

0.01 0.01 0.01 0.00 0.02 0.01 14.75 13.26 14.00 + 0.07 23.95 10.81 0.06 0.06 0.06 - 0.01 0.15 0.05 0.87 0.80 0.82 - 0.05 1.14 0.60 1.16 1.07 1.07 - 0.10 1.38 0.70 0.20 0.25 - 0.02 0.67 0.28 0.25 0.17 0.17 - 0.04 0.51 0.21 0.17 0.29 0.32 - 0.06 2.80 0.40 0.31 0.02 0.01 0.01 - 0.01 0.16 0.01 0.03 0.04 0.00 0.14 0.04 0.04 0.09 0.07 0.08 0.00 0.12 0.06 0.03 0.03 - 0.01 0.20 0.04 0.03 0.32 0.28 0.29 + 0.01 0.60 0.17 0.03 0.03 0.00 0.09 0.03 0.03 0.03 0.05 - 0.01 0.13 0.06 0.05 0.03 0.04 - 0.01 0.08 0.04 0.04 0.14 0.10 0.11 + 0.01 0.23 0.05 0.21 0.27 + 0.02 0.52 0.27 0.27 1.42 1.51 - 0.02 2.41 1.53 1.45 0.05 0.06 - 0.01 0.80 0.07 0.06 3.68 3.85 - 0.19 6.46 4.07 3.68 0.26 0.27 - 0.01 0.85 0.27 0.26

V 25222 MacDonald Mns V 405 MacMillan Mnls T 5715 Mag Silver Mag Silver* X 250 V 263 Magellan Minls Majescor Res V 201 Majestic Gold V 3926 Major Drilling T 6751 Makena Res V 5230 131055 Malbex Res V Mandalay Res T 21332 Manson Creek V 880 T 843 Marathon Gold Marengo Mng T 1200 210 Margaret Lk Di V Marifil Mines V 760 Maritime Res V 2405 Marlin Gold V 1150 V 4488 Mason Graphite Matamec Expl V 3780 V 660 Maudore Minls Mawson Res T 265

0.01 0.01 0.00 0.02 0.01 0.01 0.05 0.20 + 0.06 0.24 0.24 0.17 9.95 9.12 9.24 - 0.53 11.00 6.56 5.60 7.00 - 0.32 9.17 7.47 6.84 0.05 0.05 0.00 0.12 0.05 0.05 0.03 0.06 + 0.01 0.06 0.06 0.06 0.03 0.04 - 0.02 0.08 0.05 0.04 3.75 4.22 - 0.08 7.49 4.66 4.10 0.02 0.03 0.00 0.06 0.03 0.03 0.01 0.03 0.00 0.06 0.03 0.02 0.69 0.73 - 0.04 1.05 0.79 0.69 0.01 0.01 - 0.01 0.03 0.02 0.01 0.18 0.22 - 0.02 0.45 0.23 0.20 0.01 0.01 0.00 0.02 0.01 0.01 0.12 0.09 0.09 - 0.03 0.26 0.08 0.01 0.02 + 0.01 0.02 0.02 0.02 0.08 0.10 0.00 0.24 0.13 0.10 0.25 0.27 + 0.01 1.09 0.27 0.25 0.36 0.44 + 0.03 0.75 0.48 0.42 0.02 0.04 0.00 0.07 0.04 0.03 0.01 0.01 + 0.01 0.02 0.01 0.01 0.15 0.20 - 0.03 0.34 0.25 0.20

I-J-K

15-10-06 7:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 12-18, 2015

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

Week

12-month

Exc Volume High Low Last Change High Low

Mawson West T 2983 Max Res V 10 Maya Gold & Si V 4496 MBAC Fertilizr T 76032 McChip Res V 120 McEwen Mng* N 16732 McEwen Mng T 1852 MDN Inc T 1926 MDU Res* N 51624 Meadow Bay Gd T 3042 Mechel* N 3557 Medallion Res V 7009 Mega Uranium T 10131 Megastar Dev V 257 Melior Res V 430 Melkior Res V 850 Merrex Gold V 2071 Mesa Expl V 73 Mesabi Trust* N 1204 Metalcorp V 50 Metalex Vent V 1005 Metallis Res V 400 Metalore Res T 14 Metals Ck Res V 392 Metanor Res V 73260 Micrex Devel V 1980 Midas Gold T 3506 Midasco Cap V 80 Midland Expl V 845 Midnight Sun M V 225 Migao T 410 Millrock Res V 235 Millstream Min V 60 Milner Con Slv V 20 Minas Buenavn* N 64939 Minaurum Gold V 380 Minco Gold* X 2543 Minco Gold T 963 Minco Silver T 6372 Mindoro Res V 6950 Mineral Mtn Rs V 4491 Mines Managem* X 1589 Mines Managmnt T 55 Miranda Gold V 1440 Mirasol Res V 194 Mkango Res V 280 Monarques Res V 1870 Moneta Porcpn T 2946 Monster Uran V 287 Montero Mg&Ex V 20 Monument Mng V 6046 Mosaic* N 223511 Mountain Boy M V 280 Mountain Prov T 23802 MPH Vent V 4307 MPVC V 183 Mundoro Cap V 130 Musgrove Mnls V 180 Mustang Minls V 270

0.02 0.01 0.02 0.00 0.25 0.01 0.07 0.07 0.07 0.00 0.20 0.04 0.21 0.17 0.17 - 0.05 0.31 0.11 0.05 0.02 0.04 + 0.02 0.18 0.01 0.83 0.83 0.83 - 0.07 1.26 0.83 0.95 0.85 0.86 - 0.07 2.19 0.65 1.26 1.14 1.15 - 0.10 2.47 0.84 0.03 0.03 0.03 - 0.01 0.08 0.02 17.58 16.38 16.85 + 0.12 28.51 16.15 0.16 0.13 0.16 0.00 0.31 0.10 0.94 0.82 0.90 + 0.05 1.88 0.42 0.03 0.02 0.02 - 0.01 0.12 0.01 0.09 0.07 0.08 - 0.01 0.25 0.07 0.02 0.02 0.02 0.00 0.07 0.02 0.02 0.02 0.02 - 0.01 0.12 0.02 0.03 0.02 0.02 - 0.01 0.06 0.02 0.17 0.14 0.14 - 0.04 0.23 0.05 0.02 0.02 0.02 - 0.01 0.04 0.02 13.13 11.76 11.83 - 1.15 21.35 9.08 0.01 0.01 0.01 0.00 0.01 0.01 0.07 0.05 0.06 + 0.01 0.12 0.03 0.04 0.04 0.04 - 0.01 0.14 0.01 3.25 2.85 3.19 + 0.49 3.72 2.41 0.09 0.07 0.07 - 0.02 0.28 0.05 0.07 0.05 0.07 + 0.02 0.11 0.04 0.02 0.02 0.02 + 0.01 0.05 0.01 0.32 0.29 0.29 - 0.03 0.65 0.29 0.12 0.09 0.12 + 0.03 0.12 0.05 0.55 0.47 0.55 + 0.05 0.89 0.47 0.11 0.08 0.10 - 0.01 0.25 0.08 0.55 0.50 0.55 + 0.03 1.59 0.50 0.21 0.19 0.19 - 0.02 0.60 0.19 0.02 0.02 0.02 0.00 0.07 0.01 0.02 0.02 0.02 0.00 0.07 0.02 6.29 5.75 6.09 - 0.13 12.66 5.73 0.07 0.05 0.05 - 0.01 0.10 0.05 0.19 0.15 0.17 - 0.02 0.40 0.15 0.24 0.21 0.22 - 0.03 0.45 0.20 0.42 0.37 0.39 - 0.02 1.02 0.32 0.01 0.01 0.01 0.00 0.05 0.01 0.02 0.02 0.02 - 0.01 0.06 0.02 0.34 0.26 0.30 - 0.03 0.74 0.26 0.42 0.36 0.37 - 0.04 0.85 0.34 0.08 0.08 0.08 0.00 0.14 0.07 0.89 0.83 0.86 + 0.01 1.21 0.82 0.02 0.01 0.02 0.00 0.24 0.01 0.09 0.07 0.08 - 0.01 0.14 0.07 0.10 0.08 0.08 - 0.01 0.10 0.04 0.05 0.05 0.05 + 0.01 0.12 0.02 0.01 0.01 0.01 0.00 0.03 0.01 0.13 0.08 0.13 + 0.04 0.21 0.08 32.80 29.92 30.14 - 2.31 53.83 29.92 0.01 0.01 0.01 0.00 0.02 0.01 3.72 3.38 3.70 + 0.08 5.80 3.38 0.10 0.08 0.08 + 0.01 0.10 0.04 0.02 0.02 0.02 0.00 0.10 0.02 0.09 0.08 0.08 - 0.01 0.26 0.07 0.08 0.04 0.08 - 0.02 0.35 0.04 0.01 0.01 0.01 0.00 0.02 0.01

N-O Namibia Rare E T 1820 Natural Rs Pt* N 2367 Nautilus Minls T 5460 Nemaska Lith V 15746 Network Expl V 26 Nevada Clean M V 3235 Nevada Copper T 2285 Nevada Expl V 555 Nevada Sunrise V 50423 Nevado Res V 8930 Nevsun Res T 16179 Nevsun Res* X 5633 New Carolin Gd V 2160 New Destiny Mg V 60 New Dimen Res V 607 New Gold T 68173 New Gold* X 145148 New Millennium V 4897 New Milln Iron T 9467 New Nadina V 790 New Oroperu Rs V 16 New Pac Metals T 125 Newmont Mng* N 361013 Newport Expl V 3019 Newstrike Res V 300 NGEx Res T 793 Nighthawk Gold V 930 Niogold Mng V 3793 Nippon Dragon V 1412 Nitinat Mnls V 120 Noble Metal Gr V 32 Noble Mnl Expl V 750 Noka Res V 5810 Nomad Ventures V 2500 Noram Vent V 4580 Nordex V 264 Noront Res V 2769 Nortec Mnls V 13 North Am En P* N 213 North Am En Pa T 789 North Am Nickl V 1485 North Am Pall T 287 North Am Tung V 4780 North Arrow Mn V 3601 North Country V 2035 Northcliff Res T 4024 Northern Abiti V 255 Northern Dyn* X 7086 Northern Dyn M T 1606 Northern Freeg V 515 Northern Gld M V 3492 Northern Graph V 3694 Northern Iron V 550 Northern Lion V 122 Northern Shiel V 8184 Northern Sun M V 41 Northern Sup R V 2584 Northern Vertx V 230 Northisle C&G V 2744 Northquest V 3515 NovaCopper T 95 NovaCopper* X 4033 NovaGold Res T 11113 NovaGold Res* X 62706 NQ Expl V 540 NSGold V 125 NSX Silver V 165 NuLegacy Gold V 9296 Nunavik Nickel V 10 NV Gold V 1800 Oban Mng T 4654 OceanaGold T 48194 Oceanic Iron O V 366 Oceanus Res V 666 Olivut Res V 286 Olympic Res V 1455 OM Group* N 33501 Omineca Mg&Mtl V 90 Opawica Expl V 1780 Opta Minls T 5 Oracle Mng V 1025 Orbit Garant D T 5 Orbite Alumnae T 28173 Orca Gold V 1638 Orefinders Res V 1280 Orestone Mng V 10 Orex Minls V 1054 Orezone Gold T 3228 Oroco Res V 940 Orocobre T 666 Orofino Mnls V 27 Oronova Res V 101 Orosur Mng T 1435 Orvana Mnrls T 1385 Otis Gold V 1810

0.07 0.06 0.06 - 0.01 0.22 0.06 2.64 2.30 2.46 - 0.20 13.79 2.21 0.33 0.27 0.31 - 0.04 0.56 0.27 0.30 0.26 0.28 - 0.01 0.35 0.12 0.03 0.02 0.02 - 0.01 0.06 0.02 0.04 0.03 0.04 0.00 0.06 0.03 0.95 0.75 0.90 - 0.09 2.03 0.75 0.33 0.17 0.19 - 0.11 0.40 0.05 0.20 0.15 0.20 + 0.03 0.68 0.13 0.02 0.02 0.02 + 0.01 0.07 0.02 4.03 3.75 3.94 + 0.07 5.35 3.41 3.02 2.80 2.96 + 0.06 4.51 2.57 0.05 0.05 0.05 - 0.01 0.08 0.02 0.01 0.01 0.01 + 0.01 0.05 0.01 0.06 0.06 0.06 0.00 0.11 0.04 3.30 2.87 2.89 - 0.34 6.40 2.52 2.48 2.15 2.18 - 0.23 5.61 1.90 0.13 0.10 0.11 - 0.03 0.41 0.10 0.09 0.08 0.08 - 0.01 0.30 0.08 0.01 0.01 0.01 0.00 0.03 0.01 0.10 0.09 0.10 0.00 0.20 0.07 0.16 0.15 0.16 + 0.02 0.28 0.14 16.67 15.56 15.84 - 0.94 27.90 15.39 0.25 0.21 0.24 - 0.01 0.49 0.20 0.06 0.05 0.05 - 0.01 0.08 0.02 0.58 0.50 0.51 - 0.09 1.91 0.50 0.06 0.06 0.06 - 0.01 0.55 0.06 0.35 0.29 0.31 - 0.04 0.43 0.22 0.05 0.04 0.04 + 0.01 0.12 0.03 0.05 0.05 0.05 - 0.01 0.09 0.03 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.04 0.04 0.00 0.35 0.03 0.03 0.02 0.02 + 0.01 0.07 0.02 0.02 0.01 0.01 + 0.01 0.03 0.01 0.14 0.12 0.13 - 0.01 0.45 0.06 0.35 0.32 0.33 - 0.01 0.67 0.25 0.02 0.02 0.02 0.00 0.09 0.02 2.31 2.03 2.31 + 0.11 6.60 1.60 3.13 2.80 3.00 + 0.10 7.44 2.10 0.15 0.12 0.15 0.00 0.28 0.12 4.80 4.15 4.19 - 0.31 188.00 3.87 0.01 0.01 0.01 0.00 0.07 0.01 0.34 0.27 0.29 - 0.05 1.34 0.27 0.12 0.11 0.11 - 0.02 0.14 0.00 0.08 0.06 0.08 + 0.02 0.27 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.39 0.30 0.31 - 0.05 0.72 0.28 0.51 0.40 0.40 - 0.08 0.83 0.37 0.05 0.05 0.05 + 0.01 0.30 0.04 0.02 0.01 0.02 0.00 0.04 0.01 0.38 0.26 0.26 - 0.09 0.99 0.26 0.01 0.01 0.01 0.00 0.05 0.01 0.05 0.05 0.05 + 0.01 0.40 0.03 0.03 0.02 0.02 - 0.01 0.04 0.01 0.15 0.10 0.10 - 0.01 0.30 0.03 0.03 0.03 0.03 - 0.01 0.04 0.02 0.20 0.18 0.18 - 0.03 0.26 0.09 0.02 0.02 0.02 - 0.01 0.07 0.02 0.19 0.12 0.18 + 0.02 0.19 0.07 0.52 0.48 0.49 - 0.08 1.11 0.45 0.42 0.36 0.38 - 0.03 1.06 0.35 5.13 4.58 4.60 - 0.52 5.22 2.65 3.85 3.45 3.46 - 0.37 4.25 2.33 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.04 0.04 - 0.01 0.65 0.04 0.03 0.03 0.03 - 0.02 0.07 0.03 0.11 0.09 0.11 + 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 0.24 0.02 1.31 1.18 1.19 - 0.11 3.40 1.15 2.19 1.79 1.84 - 0.36 3.15 1.70 0.10 0.08 0.08 - 0.01 0.30 0.08 0.26 0.17 0.21 - 0.09 0.49 0.14 0.12 0.10 0.12 + 0.01 0.19 0.08 0.13 0.09 0.11 - 0.02 0.32 0.03 33.56 32.66 32.99 - 0.39 35.00 21.87 0.05 0.03 0.05 + 0.03 0.11 0.01 0.01 0.01 0.01 - 0.01 0.04 0.01 0.35 0.35 0.35 + 0.02 2.35 0.25 0.01 0.01 0.01 0.00 0.09 0.01 0.92 0.92 0.92 + 0.02 1.50 0.79 0.27 0.24 0.26 + 0.02 0.49 0.20 0.20 0.18 0.18 - 0.02 0.49 0.16 0.02 0.01 0.01 - 0.01 0.10 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.22 0.12 0.12 - 0.08 0.36 0.12 0.25 0.22 0.23 - 0.02 0.76 0.22 0.03 0.03 0.03 - 0.01 0.06 0.02 1.61 1.50 1.52 - 0.02 2.88 1.38 0.10 0.10 0.10 + 0.04 0.30 0.05 0.03 0.03 0.03 0.00 0.04 0.03 0.12 0.10 0.10 - 0.01 0.24 0.10 0.19 0.18 0.18 - 0.01 0.49 0.15 0.10 0.08 0.08 - 0.02 0.14 0.02

TNM Mkt Stories_Mining Tables.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

P-Q Pac Bay Mnrls V 100 Pac Booker Min V 239 Pac Booker Mn* X 74 Pac Iron Ore V 1038 Pac North West V 220 Pac Potash V 350 Pac Ridge Expl V 157 Paladin Energy T 7132 Pan Am Silver T 12829 Pan Am Silver* Q 99977 Pan Global Res V 130 Pancontl Uran V 270 Panoro Minls V 310 Parlane Res V 375 PC Gold V 23882 Peabody Enrgy* N 337140 Pelangio Expl V 1544 Pele Mtn Res V 7841 Peregrine Diam T 20672 Perseus Mng T 26381 Pershimco Res V 605 Peruvian Prc M V 19930 Phoenix Gold V 13400 Pilot Gold T 3878 Pinecrest Res V 56 Pinetree Cap T 5963 PJX Res V 170

0.05 0.05 0.05 0.00 0.07 0.02 2.50 2.33 2.49 + 0.09 6.90 1.02 1.85 1.75 1.84 + 0.03 5.75 1.04 0.39 0.28 0.28 - 0.01 0.39 0.10 0.02 0.02 0.02 - 0.01 0.05 0.01 0.04 0.04 0.04 0.00 0.45 0.04 0.02 0.02 0.02 0.00 0.04 0.02 0.18 0.15 0.16 - 0.02 0.43 0.15 8.85 8.10 8.16 - 0.66 15.06 7.77 6.65 6.10 6.16 - 0.47 12.05 5.85 0.01 0.01 0.01 0.00 0.08 0.01 0.02 0.02 0.02 0.00 0.04 0.01 0.14 0.12 0.13 + 0.01 0.43 0.10 0.12 0.10 0.12 - 0.02 0.23 0.03 0.08 0.07 0.07 0.00 0.08 0.02 21.97 1.15 17.73 - 3.00 186.15 0.99 0.02 0.02 0.02 0.00 0.05 0.02 0.04 0.03 0.03 - 0.01 0.09 0.03 0.18 0.16 0.16 - 0.02 0.39 0.14 0.30 0.28 0.29 - 0.01 0.48 0.18 0.15 0.14 0.14 - 0.02 0.31 0.13 0.14 0.08 0.10 + 0.02 0.19 0.06 0.01 0.01 0.01 - 0.01 0.05 0.01 0.39 0.34 0.36 - 0.01 1.27 0.33 0.08 0.07 0.08 + 0.01 0.50 0.06 0.07 0.06 0.07 - 0.01 0.28 0.06 0.18 0.16 0.18 - 0.02 0.29 0.10

ADVANTAGE

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Royal Cdn Mint T 1054 Royal Gold T 140 Royal Gold* Q 34594 Royal Nickel T 5614 RPT Uranium V 73 RT Minerals V 920 Rubicon Mnls* X 18135 Rubicon Mnrls T 22866 Rugby Mng V 630 Running Fox Rs V 402 Rupert Res V 30 Rusoro Mng V 24192 Russell Metals T 7148 Rye Patch Gold V 6128

16.34 15.73 15.73 - 0.60 17.41 13.87 64.79 61.10 61.31 - 3.73 95.64 57.21 48.88 45.66 46.19 - 2.74 77.20 42.21 0.25 0.22 0.23 - 0.01 0.59 0.22 0.35 0.30 0.30 - 0.03 0.55 0.22 0.01 0.01 0.01 + 0.01 0.07 0.01 0.80 0.72 0.73 - 0.05 1.45 0.66 1.06 0.95 0.95 - 0.11 1.63 0.88 0.09 0.07 0.07 0.00 0.27 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 0.00 0.11 0.03 0.06 0.05 0.05 - 0.01 0.07 0.01 21.97 20.76 21.55 + 0.22 35.91 18.23 0.13 0.12 0.12 - 0.01 0.20 0.11

Sabina Gd&Slvr T 11104 Sage Gold V 711 Saint Jean Car V 7964 Salazar Res V 487 Sama Res V 240 Samco Gold V 5 San Marco Res V 934 Sanatana Diam V 6009 Sandspring Res V 9071 Sandstorm Gld* X 17383 Sandstorm Gold T 4800 Santa Fe Metls V 1925

0.40 0.37 0.39 + 0.01 0.69 0.28 0.05 0.04 0.05 + 0.01 0.20 0.04 0.04 0.03 0.03 + 0.01 0.04 0.01 0.05 0.05 0.05 - 0.01 0.20 0.04 0.14 0.13 0.14 + 0.02 0.30 0.10 0.13 0.13 0.13 0.00 0.80 0.13 0.03 0.02 0.03 - 0.02 0.13 0.02 0.03 0.02 0.03 + 0.01 0.15 0.02 0.20 0.13 0.15 - 0.05 0.72 0.13 2.89 2.56 2.57 - 0.33 4.65 2.20 3.85 3.41 3.42 - 0.45 5.30 2.80 0.02 0.02 0.02 0.00 0.03 0.01

ESSENTIAL MINING NEWS

IN YOUR INBOX EVERY DAY

Donâ&#x20AC;&#x2122;t miss a beat! Get the most up-to-date mining news delivered directly to your in-box. Stay ahead of the competition by being the first to access the latest industry intelligence. Simply provide us with your e-mail address and you will be automatically signed up for free access to our round-the-clock Daily eNews service.

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

www.northernminer.com

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

SunCoke Engy* N 13675 Sunridge Gold V 3823 Suparna Gold V 7680 Superior Coppr V 52475 Sutter Gold V 250

8.54 7.66 8.37 - 0.01 24.09 7.66 0.19 0.18 0.18 - 0.01 0.24 0.12 0.02 0.02 0.02 - 0.01 0.16 0.02 0.02 0.02 0.02 - 0.01 0.09 0.02 0.06 0.05 0.05 - 0.01 0.15 0.04

Tahoe Res* N 18320 Tahoe Res T 36841 Taipan Res V 1094 Tajiri Res V 6062 Takara Res V 720 Talon Metals T 4953 Tanz Roy Exp T 467 Tanz Roy Exp* X 4443 Tanzania Mnls V 14990 Taseko Mines* X 9206 Taseko Mines T 3190 Tasman Metals V 682 Tasman Mtls* X 1574 Tearlach Res V 390 Teck Res A T 136 Teck Res B* N 473353 Teck Res B T 240530 Tembo Gold V 147 Teranga Gold T 19094 Teras Res V 1054 Terraco Gold V 1959 Terrax Minls V 1618 Teuton Res V 1630 Themac Res V 410 Thompson Creek T 5534 Thompson Crk* N 4745 Thor Expl V 170 Tiger Intl V 30 Tiller Res V 58 Timberline Res V 398 Timberline Rs* X 1210 Timmins Gold* X 24413 Timmins Gold T 55945 Tinka Res V 2071 Tintina Res V 26470 Tirex Res V 1428 Titanium Corp V 13901 TNR Gold V 70 TomaGold V 15200 Torex Gold T 50911 Transition Mtl V 260 Treasury Metal T 1357 Tres-Or Res V 1540 Trevali Mng T 101303 Tri Origin Exp V 10270 Tri-River Vent V 30 Tribute Res V 500 TriMetals Mng T 553 Troymet Expl V 9297 True Gold Mng V 9651 True North Gem V 4424 Trueclaim Expl V 120 Tsodilo Res V 30 Turquoise HIl* N 31395 Turquoise Hill T 58235 TVI Pacific T 3608 Typhoon Expl V 110

8.34 7.42 7.69 - 0.66 21.70 7.33 11.12 9.93 10.20 - 0.93 24.43 9.66 0.23 0.18 0.19 - 0.09 3.75 0.18 0.02 0.01 0.02 0.00 0.04 0.01 0.03 0.02 0.02 - 0.01 0.06 0.01 0.12 0.09 0.10 0.00 0.39 0.08 0.42 0.39 0.40 - 0.02 2.45 0.32 0.32 0.30 0.30 - 0.00 2.22 0.25 0.01 0.01 0.01 0.00 0.07 0.01 0.46 0.40 0.44 - 0.01 1.80 0.32 0.61 0.53 0.58 - 0.01 2.01 0.51 0.40 0.37 0.38 - 0.02 0.99 0.36 0.30 0.27 0.28 - 0.01 0.79 0.25 0.10 0.07 0.10 + 0.04 0.10 0.02 8.70 7.74 7.78 - 0.96 23.21 7.74 5.19 4.39 4.60 - 0.53 19.77 4.39 6.92 5.87 6.09 - 0.72 22.31 5.87 0.02 0.02 0.02 0.00 0.06 0.02 0.60 0.54 0.55 - 0.04 0.82 0.38 0.05 0.05 0.05 - 0.01 0.16 0.05 0.08 0.07 0.07 - 0.01 0.20 0.07 0.42 0.35 0.35 - 0.08 0.44 0.23 0.07 0.05 0.06 - 0.01 0.55 0.05 0.03 0.02 0.02 - 0.01 0.04 0.01 0.68 0.53 0.53 - 0.13 2.66 0.53 0.52 0.40 0.40 - 0.10 2.39 0.40 0.03 0.03 0.03 + 0.01 0.08 0.02 0.20 0.20 0.20 + 0.01 0.30 0.15 0.04 0.04 0.04 - 0.01 0.19 0.04 0.66 0.63 0.64 + 0.09 1.02 0.35 0.50 0.44 0.46 - 0.01 1.07 0.26 0.27 0.24 0.26 - 0.00 1.38 0.20 0.36 0.32 0.34 - 0.01 1.56 0.26 0.21 0.17 0.21 + 0.02 0.43 0.15 0.06 0.04 0.05 + 0.01 0.17 0.04 0.15 0.13 0.14 0.00 0.35 0.13 1.50 0.77 1.40 + 0.55 1.75 0.60 0.01 0.01 0.01 0.00 0.03 0.01 0.05 0.05 0.05 0.00 0.13 0.04 1.38 1.20 1.22 - 0.11 1.73 0.85 0.08 0.07 0.08 + 0.01 0.27 0.06 0.49 0.43 0.45 0.00 0.62 0.25 0.02 0.02 0.02 - 0.01 0.03 0.01 0.42 0.31 0.33 - 0.07 1.24 0.31 0.03 0.03 0.03 - 0.01 0.04 0.01 0.06 0.06 0.06 + 0.01 0.07 0.03 0.05 0.05 0.05 + 0.01 0.12 0.04 0.07 0.07 0.07 - 0.01 0.18 0.04 0.03 0.02 0.02 0.00 0.03 0.01 0.18 0.16 0.17 - 0.01 0.38 0.15 0.14 0.12 0.12 - 0.01 0.19 0.07 0.02 0.02 0.02 - 0.01 0.08 0.02 1.03 1.03 1.03 0.00 1.20 0.68 2.73 2.41 2.48 - 0.19 4.73 2.41 3.63 3.22 3.27 - 0.28 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 2451 UC Res V 990 Ucore Rare Mtl V 2754 UEX Corp T 15351 Ultra Lithium V 1186 Unigold V 34 Unity Energy V 390 Ur-Energy T 1370 Ur-Energy* X 1958 Uracan Res V 546 Uragold Bay Rs V 8874 Uranium Ener* X 16031 Uranium Partic T 11897 Uranium Res* Q 3207 Uravan Minls V 665 US Energy* Q 3829 US Silica Hld* N 24381 Vale* N 247806 ValGold Res V 140 Valterra Res V 5150 Vanstar Mng Rs V 410 Vantex Res V 200 Vena Res T 1270 Vendetta Mng V 90 Vendome Res V 6410 Verde Potash T 792 Victoria Gold V 3956 Victory Nickel T 3381 Victory Res V 154 Victory Vent V 4981 Vior Mining V 10 Viscount Mng V 2153 Visible Gold M V 2245 Vista Gold T 392 Vista Gold* X 5940 VMS Vent V 1809 VVC Expl V 10

0.03 0.03 0.03 0.00 0.08 0.03 0.02 0.02 0.02 0.00 0.03 0.01 0.27 0.24 0.25 - 0.02 0.44 0.20 0.13 0.11 0.12 - 0.01 0.37 0.11 0.09 0.05 0.05 - 0.04 0.40 0.05 0.10 0.10 0.10 - 0.01 0.40 0.09 0.06 0.06 0.06 0.00 0.10 0.03 0.80 0.72 0.74 - 0.03 1.35 0.72 0.61 0.53 0.57 - 0.01 1.07 0.53 0.01 0.01 0.01 0.00 0.08 0.01 0.05 0.04 0.04 - 0.01 0.07 0.03 1.11 0.98 1.00 - 0.09 3.00 0.90 5.12 4.88 5.00 - 0.11 5.76 4.82 0.85 0.75 0.80 - 0.01 2.67 0.60 0.14 0.13 0.14 0.00 0.17 0.03 0.57 0.41 0.41 - 0.12 3.38 0.36 16.49 13.53 13.78 - 3.14 64.80 13.53 4.75 4.03 4.26 - 0.42 11.95 4.03 0.01 0.01 0.01 + 0.01 0.04 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.07 0.05 0.07 + 0.02 0.09 0.03 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.03 0.03 - 0.01 0.17 0.03 0.11 0.11 0.11 + 0.01 0.22 0.08 0.01 0.01 0.01 0.00 0.04 0.01 0.28 0.24 0.26 - 0.02 0.70 0.24 0.14 0.12 0.13 - 0.01 0.24 0.09 0.03 0.02 0.03 0.00 0.54 0.02 0.05 0.05 0.05 - 0.01 0.09 0.03 0.03 0.02 0.02 0.00 0.03 0.01 0.06 0.06 0.06 - 0.01 0.13 0.05 0.38 0.32 0.34 - 0.04 0.47 0.15 0.05 0.05 0.05 - 0.01 0.27 0.04 0.41 0.36 0.41 + 0.03 0.56 0.29 0.31 0.27 0.30 + 0.01 0.46 0.24 0.12 0.10 0.11 0.00 0.32 0.10 0.03 0.03 0.03 + 0.01 0.04 0.02

Wallbridge Mng T 3210 War Eagle Mg V 10 Waseco Res V 200 Wealth Minls V 776 Wesdome Gold T 1170 West Af Iron O V 80 West High Yld V 560 West Kirkland V 30 Westcore Energ V 540 Western Copper T 1399 Western Coppr* X 436 Western Lithiu T 30244 Western Melv M V 300 Western Pac Rs V 220 Western Potash T 3446 Westkam Gold V 2334 Westridge Res V 30 WGI Heavy Mnl T 1730 Williams Creek V 1000 Wolfden Res V 2710 Wolverine Mnls V 20 WPC Res V 472 Xmet V 3821 Xtierra V 2680 Xtra-Gold Res T 97 Yamana Gold* N 82154 Yamana Gold T 128676 Yanzhou Coal* N 2697 Yellowhead Mng T 1190 Zadar Vent V 4272 Zazu Metals T 635 Zena Mng V 1000 Zenyatta Vent V 4525 Zephyr Mnls V 30 Zimtu Capital V 145 Zinco Mng V 1250 Zonte Mtls V 250

0.04 0.04 0.04 0.00 0.08 0.03 0.03 0.03 0.03 + 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.06 0.02 0.20 0.18 0.18 - 0.07 0.42 0.03 1.02 0.95 0.99 - 0.03 1.40 0.62 0.02 0.02 0.02 0.00 0.15 0.02 0.35 0.30 0.31 0.00 0.43 0.11 0.05 0.05 0.05 0.00 0.12 0.05 0.03 0.02 0.03 0.00 0.04 0.01 0.44 0.34 0.41 - 0.03 0.78 0.34 0.32 0.27 0.30 - 0.03 0.68 0.27 0.34 0.27 0.30 - 0.03 0.96 0.27 0.04 0.03 0.03 - 0.01 0.30 0.03 0.01 0.01 0.01 - 0.01 0.18 0.01 0.28 0.26 0.26 + 0.01 0.37 0.20 0.04 0.03 0.03 0.00 0.06 0.03 0.01 0.01 0.01 - 0.01 0.05 0.01 0.24 0.22 0.23 + 0.03 0.78 0.00 0.03 0.02 0.03 + 0.02 0.11 0.01 0.07 0.06 0.06 - 0.01 0.32 0.06 0.03 0.03 0.03 0.00 0.11 0.03 0.05 0.04 0.05 + 0.01 0.08 0.03 0.01 0.01 0.01 + 0.01 0.07 0.01 0.01 0.01 0.01 0.00 0.09 0.01 0.19 0.19 0.19 - 0.01 0.30 0.10 1.81 1.59 1.64 - 0.05 6.44 1.43 2.40 2.13 2.15 - 0.11 7.32 1.89 4.66 4.28 4.46 - 0.16 12.24 4.28 0.05 0.05 0.05 + 0.01 0.18 0.04 0.02 0.01 0.01 0.00 0.08 0.01 0.15 0.12 0.14 0.00 0.52 0.12 0.07 0.06 0.06 - 0.03 0.12 0.06 1.35 1.13 1.17 - 0.19 2.61 1.05 0.15 0.15 0.15 - 0.01 0.22 0.09 0.21 0.20 0.20 0.00 0.50 0.19 0.03 0.03 0.03 + 0.01 0.09 0.02 0.04 0.04 0.04 0.00 0.08 0.03

U-V Planet Mng V 40 Plate Res V 70 Platinex V 900 Platinum Gp M* X 1815 Platinum Gp Mt T 4013 Plato Gold V 850 Playfair Mng V 844 Polaris Minls T 1219 PolyMet Mng* X 30086 PolyMet Mng T 3599 Potash C Sask* N 346973 Potash Cp Sask T 125906 Precipitate Gl V 1250 Premier Gold M T 9999 Pretium Res* N 28884 Pretium Res T 30920 Prime Merid Rs V 50 Primero Mng T 24970 Primero Mng* N 7311 Probe Mines V 1999 Prophecy Coal T 7744 Prospero Silve V 299 Puma Expl V 1731 Purepoint U V 8001 Q-Gold Res V 82 QMC Quantum Ml V 100 QMX Gold V 1004 Quartz Mtn Res V 700 Quaterra Res V 536 Quest Rare Mnl T 9395

0.03 0.03 0.03 0.00 0.06 0.03 0.02 0.02 0.02 - 0.01 0.07 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.27 0.22 0.24 - 0.02 0.94 0.22 0.36 0.29 0.32 - 0.04 1.10 0.29 0.01 0.01 0.01 - 0.01 0.02 0.01 0.06 0.04 0.05 + 0.01 0.08 0.01 2.00 1.75 1.78 - 0.22 2.83 1.65 0.85 0.55 0.61 - 0.24 1.37 0.55 1.12 0.76 0.79 - 0.32 1.75 0.76 21.21 19.61 19.70 - 1.31 37.60 19.61 28.29 26.01 26.08 - 1.92 47.10 26.01 0.10 0.07 0.07 - 0.03 0.24 0.07 2.51 2.18 2.21 - 0.28 2.93 1.61 6.21 5.63 5.98 + 0.14 7.56 4.07 8.23 7.49 7.92 + 0.17 9.05 4.60 0.08 0.08 0.08 + 0.01 0.19 0.06 3.34 2.91 2.99 - 0.35 6.06 2.66 2.51 2.18 2.26 - 0.26 5.32 2.00 0.37 0.36 0.36 + 0.02 0.56 0.12 0.05 0.04 0.05 - 0.01 0.08 0.03 0.08 0.07 0.07 - 0.01 0.25 0.05 0.08 0.06 0.06 - 0.01 0.18 0.06 0.03 0.02 0.02 - 0.01 0.07 0.02 0.03 0.03 0.03 0.00 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 0.02 0.02 0.02 + 0.01 0.06 0.01 0.08 0.07 0.08 + 0.01 0.15 0.04 0.09 0.07 0.08 - 0.01 0.29 0.07

Rackla Mtls V 59 Radisson Mng V 210 Radius Gold V 3797 Rainy Mtn Royl V 12 Rambler Mg&Mtl V 160 Randgold Res* Q 39024 Range Engy Res C 700 Rapier Gold V 4298 Rare Elemnt Rs T 1120 Rare Elemt Re* X 4060 Ratel Grp T 22 Rathdowney Res V 300 Red Eagle Mng V 2317 Red Pine Expl V 2414 Red Tiger Mng V 425 Redhawk Res T 998 Redhill Res V 53 Redstar Gold V 75 Redstar Res V 183 Regal Res C 1200 Regulus Res V 360 Reliant Gold V 100 Renaissance Gd T 738 Reservoir Capt V 418 Reservoir Mnls V 493 Reunion Gold V 29767 Revolver Res V 110 Rhino Res* N 139 Richmond Mnls V 3715 Richmont Mines T 2787 Richmont Mine* X 4817 Rio Novo Gold T 920 Rio Silver V 400 Rio Tinto* N 50985 Riverside Res V 1116 RJK Explor V 865 Robex Res V 860 Rochester Res V 20 Rock Tech Lith V 2704 RockBridge Res V 10 Rockhaven Res V 1025 Rockridge Cap V 40 Rockwell Diam T 3634 Rodinia Lithm V 6509 Rogue Iron Ore V 8957 Rokmaster Res V 2210 Romarco Mnrls T 188242 Rome Res V 655 Romios Gold Rs V 270 Romulus Res V 5 Roxgold V 2916

0.01 0.01 0.01 - 0.01 0.13 0.01 0.13 0.12 0.12 - 0.01 0.15 0.08 0.08 0.06 0.07 0.00 0.11 0.06 0.03 0.03 0.03 - 0.01 0.11 0.02 0.15 0.13 0.13 - 0.03 0.49 0.13 60.79 57.37 58.73 - 2.07 85.84 54.88 0.04 0.04 0.04 0.00 0.10 0.01 0.08 0.04 0.05 + 0.01 0.08 0.01 0.41 0.36 0.40 - 0.02 1.31 0.30 0.35 0.28 0.30 - 0.00 1.06 0.24 0.47 0.40 0.47 - 0.01 1.00 0.40 0.15 0.14 0.15 0.00 0.35 0.11 0.31 0.28 0.28 - 0.03 0.36 0.18 0.08 0.06 0.07 - 0.01 0.18 0.03 0.03 0.02 0.02 - 0.01 0.30 0.02 0.09 0.07 0.07 - 0.04 0.15 0.04 0.10 0.09 0.10 + 0.01 0.57 0.07 0.04 0.04 0.04 + 0.01 0.06 0.03 0.03 0.03 0.03 0.00 0.15 0.02 0.08 0.08 0.08 0.00 0.15 0.04 0.25 0.23 0.23 - 0.02 0.54 0.00 0.01 0.01 0.01 - 0.01 0.06 0.01 0.26 0.17 0.24 + 0.05 0.42 0.14 0.39 0.30 0.39 + 0.06 0.62 0.21 4.64 4.20 4.23 - 0.32 5.31 3.30 0.02 0.01 0.02 + 0.01 0.10 0.01 0.04 0.04 0.04 0.00 0.08 0.02 0.87 0.75 0.77 - 0.01 12.19 0.63 0.14 0.10 0.11 - 0.01 0.14 0.03 4.09 3.50 3.59 - 0.44 4.55 2.07 3.03 2.62 2.68 - 0.37 3.68 1.86 0.11 0.10 0.11 - 0.01 0.16 0.06 0.02 0.02 0.02 0.00 0.04 0.01 34.45 31.97 33.76 - 0.26 56.81 31.97 0.17 0.16 0.16 - 0.01 0.40 0.15 0.01 0.01 0.01 0.00 0.01 0.01 0.08 0.07 0.07 - 0.01 0.19 0.04 0.03 0.03 0.03 + 0.01 0.15 0.03 0.04 0.03 0.03 - 0.01 0.10 0.03 0.02 0.02 0.02 0.00 0.09 0.02 0.17 0.14 0.16 - 0.02 0.27 0.14 0.05 0.05 0.05 0.00 0.18 0.04 0.20 0.19 0.20 0.00 0.37 0.19 0.04 0.03 0.03 - 0.01 0.05 0.01 0.13 0.09 0.09 - 0.03 0.16 0.02 0.02 0.02 0.02 - 0.01 0.07 0.01 0.52 0.43 0.44 - 0.08 0.82 0.30 0.04 0.03 0.03 + 0.01 0.17 0.02 0.03 0.03 0.03 + 0.01 0.07 0.02 0.10 0.10 0.10 - 0.06 0.24 0.10 0.61 0.56 0.57 - 0.05 0.79 0.39

Santacruz Silv V 2984 Satori Res V 32 Saturn Minls V 2400 Savant Expl V 650 Saville Res V 725 Scorpio Gold V 2303 Scorpio Mining T 10024 Seabridge Gld* N 22241 Seabridge Gold T 1924 Search Mnls V 2330 Secova Mtls V 17 Sego Res V 2900 Selwyn Res V 41 Semafo T 36818 Sennen Res V 1397 Sentry Sl PrmM T 828 Serabi Gold T 3930 Serengeti Res V 50 SG Spirit Gold V 10 SGX Res V 1610 Sherritt Intl T 70056 Shore Gold T 7227 Sienna Res V 8730 Sierra Iron Or V 750 Sierra Metals T 46 Signature Res V 3463 Silver Bear Rs T 12639 Silver Bull Re T 1155 Silver Grail R V 1438 Silver Mtn Mns V 1100 Silver Predatr V 35 Silver Pursuit V 35 Silver Range R V 1061 Silver Spruce V 446 Silver Std Res T 21988 Silver Std Re* Q 64222 Silver Wheatn* N 242650 Silver Wheaton T 79898 Silvercorp Mtl T 9686 SilverCrest M* X 6956 SilverCrest Mn T 5059 Silvermet V 1429 Sirios Res V 907 Skeena Res V 1146 Skyharbour Res V 1955 Slam Exploratn V 860 SnipGold V 20 SNS Silver V 1465 Soc Quim&M Ch* N 34661 Softrock Mnrl V 20 Solitario Ex&R T 79 Solitario Ex&* X 2793 Solvista Gold V 9078 Sonora Gld & S V 1350 Sonoro Mtls V 1800 Source Expl V 2604 Southern Arc V 8460 Southern Silvr V 3243 SouthGobi Res T 7043 Spanish Mtn Gd V 770 Sparton Res V 1035 Sprott Ph Silv T 467 Sprott Res T 3583 Spruce Ridge R V 1050 St Andrew Gldf T 6440 St Augustine T 801 St-Georges Plt C 4200 Stakeholdr Gld V 1142 Standard Graph V 627 Stans Energy V 46851 Starcore Int V T 3565 Stellar Pac Vt V 10 Stelmine Can V 180 Stillwater Mg* N 123177 Stina Res V 290 Stockport Expl T 285 Stonegate Agri T 155 Stornoway Diam T 11579 Strategic Metl V 1928 Strike Graph V 933 StrikePoint Gd V 4820 Strongbow Expl V 653 Sulliden Mng C T 4915 Sultan Mnrls V 610

0.14 0.11 0.13 - 0.02 0.83 0.11 0.05 0.04 0.05 0.00 0.45 0.02 0.13 0.11 0.12 - 0.01 0.24 0.11 0.01 0.01 0.01 0.00 0.05 0.01 0.04 0.03 0.04 + 0.02 0.13 0.02 0.10 0.09 0.09 - 0.02 0.20 0.08 0.18 0.15 0.16 - 0.02 0.28 0.14 6.12 5.31 5.66 - 0.45 9.89 3.31 8.10 7.13 7.49 - 0.64 12.12 4.34 0.06 0.05 0.06 + 0.02 0.13 0.03 0.06 0.06 0.06 - 0.01 0.09 0.03 0.02 0.02 0.02 - 0.01 0.03 0.02 1.25 1.20 1.20 0.00 3.75 1.20 3.12 2.76 2.77 - 0.30 4.49 2.39 0.17 0.12 0.12 - 0.05 1.35 0.12 2.28 2.09 2.11 - 0.13 3.60 2.01 0.07 0.07 0.07 0.00 0.10 0.06 0.02 0.02 0.02 - 0.01 0.08 0.02 0.20 0.20 0.20 0.00 0.38 0.06 0.02 0.02 0.02 0.00 0.02 0.01 0.81 0.70 0.72 - 0.07 3.77 0.70 0.15 0.13 0.14 + 0.01 0.31 0.13 0.03 0.02 0.02 - 0.01 0.05 0.01 0.45 0.35 0.43 + 0.08 0.62 0.07 1.20 1.00 1.15 + 0.17 2.13 0.84 0.02 0.01 0.01 - 0.01 0.04 0.01 0.04 0.03 0.03 - 0.01 0.13 0.03 0.11 0.07 0.11 + 0.02 0.30 0.07 0.04 0.03 0.04 + 0.01 0.05 0.02 0.01 0.01 0.01 - 0.01 0.06 0.01 0.02 0.02 0.02 - 0.01 0.05 0.01 0.03 0.03 0.03 0.00 0.06 0.02 0.04 0.04 0.04 - 0.01 0.11 0.04 0.09 0.08 0.09 + 0.01 0.10 0.02 8.93 8.08 8.12 - 0.74 9.46 4.47 6.70 6.09 6.15 - 0.52 7.23 3.92 12.57 11.46 11.53 - 1.00 24.22 11.03 16.74 15.20 15.27 - 1.39 29.86 14.62 0.91 0.82 0.85 - 0.03 2.00 0.75 0.94 0.82 0.86 - 0.06 1.64 0.65 1.25 1.10 1.16 - 0.06 1.97 0.87 0.04 0.02 0.03 - 0.02 0.11 0.02 0.12 0.11 0.12 + 0.01 0.13 0.06 0.08 0.07 0.07 - 0.01 0.13 0.06 0.03 0.03 0.03 0.00 0.07 0.02 0.02 0.02 0.02 0.00 0.07 0.01 0.06 0.06 0.06 - 0.01 0.11 0.04 0.29 0.26 0.27 - 0.02 0.50 0.05 15.88 14.25 14.98 - 0.68 28.32 12.65 0.02 0.02 0.02 0.00 0.03 0.01 0.65 0.60 0.60 - 0.03 1.37 0.60 0.49 0.40 0.46 - 0.01 1.27 0.40 0.05 0.03 0.04 - 0.01 0.12 0.02 0.02 0.02 0.02 + 0.01 0.03 0.01 0.07 0.06 0.06 - 0.01 0.22 0.06 0.02 0.02 0.02 - 0.01 0.10 0.02 0.06 0.04 0.04 - 0.01 1.00 0.03 0.08 0.06 0.07 - 0.01 0.13 0.03 0.41 0.39 0.39 - 0.04 1.25 0.39 0.03 0.03 0.03 0.00 0.05 0.02 0.02 0.02 0.02 - 0.01 0.03 0.01 5.92 5.66 5.70 - 0.23 7.43 5.31 0.62 0.59 0.60 0.00 2.88 0.59 0.03 0.02 0.03 + 0.01 0.04 0.01 0.32 0.28 0.31 - 0.02 0.39 0.21 0.09 0.07 0.08 - 0.01 0.18 0.07 0.02 0.02 0.02 0.00 0.05 0.01 0.03 0.02 0.03 0.00 0.28 0.02 0.02 0.01 0.02 + 0.01 0.04 0.01 0.04 0.01 0.03 + 0.01 0.23 0.01 0.09 0.08 0.09 0.00 0.18 0.08 0.02 0.02 0.02 + 0.01 0.14 0.01 0.01 0.01 0.01 0.00 0.05 0.01 10.60 9.87 10.41 + 0.45 15.99 8.36 0.16 0.14 0.15 - 0.03 0.25 0.04 0.02 0.02 0.02 0.00 0.06 0.02 0.02 0.02 0.02 0.00 0.12 0.02 0.74 0.65 0.69 - 0.05 0.85 0.46 0.29 0.27 0.27 0.00 0.37 0.26 0.05 0.04 0.04 - 0.02 0.15 0.04 0.05 0.04 0.04 - 0.01 0.08 0.01 0.11 0.11 0.11 0.00 0.18 0.06 0.23 0.19 0.20 - 0.02 0.72 0.19 0.01 0.01 0.01 0.00 0.02 0.01

W-Z

15-10-06 7:36 PM

WWW.NORTHERNMINER.COM

OCTOBER 12-18, 2015 / THE NORTHERN MINER

BID-ASK — SEPTEMBER 25-OCTOBER 1, 2015 12-MONTH STOCK

Abzu Gold Acme Res Adex Mining Advance Gold Aegean Metals Afferro Mng Africo Res Aftermath Silv AgriMinco Aguila Am Res Alder Res Alhambra Res Allana Potash Allied Gold Allied Nevada Allied Nevada* Alpha Mnls Altiplano Mnls Alturas Minls Am Cons Minls AM Gold Amara Mng Amcol Intl* American Bonan American Manga Anglo Pac Grp Anglo-Bomarc Archon Mineral Arcturus Res Arcus Dev Grp Armadillo Res Arrowstar Res Asher Res Astar Mnls Astorius Res Atacama Pac Gd Augusta Res Aurania Res AuRico Gold* AuRico Gold Azumah Res Bard Vent Bayfield Vent BE Res Bear Lake Gold Bearclaw Cap Bearing Res Belmont Res Berkwood Res Besra Gold Black Widow Rs Blackstone Ven Blue Gold Mng Bluestone Res Bonaparte Res Bralorne Gold Brazilian Gold Cadan Res Calvista Gold Canada Fluorsp Canadn Silvr H Cancor Mines Cangold Canuc Res Carrie Arran R Castillian Res Castle Peak Mg Catalyst Coppr Cavan Vent Cayden Res Celeste Copper Central Iron O Chalice Diam Channel Res CIC Energy Citation Res Clear Mtn Res Cliffmont Res Cline Mng CMQ Res Coalspur Mines Cobriza Mtls Coeur Mng Colossus Minls Columbus Expl Comet Inds Compliance Eny Conquest Res Cons Richland Contintl Nickl Cortez Gold Cougar Mnls Creso Expl Cresval Cap Crosshair Eny* Cuervo Res Curis Res Darwin Res Diamonds North Dominion Mnls* Dorex Minls Duluth Metals Dunav Res DV Res Dynasty Gold E-Energy Vent Eagle Hill Exp Eagle Mtn Gold Eastern Merid Elemental Mnls Elgin Mng Elissa Res Esperanza Res Estrella Gold Eureka Res Extorre Gold M Feronia Ferrum Am Mng Finlay Minrls Firesteel Res

BID

ASK

LAST

HIGH

LOW

STOCK

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

0.03 0.02 0.01 0.02 0.03 1.10 0.37 0.01 0.01 0.05 0.01 0.02 0.50 2.25 0.16 0.86 5.55 0.04 0.01 0.04 0.05 0.20 45.74 0.02 0.01 1.25 0.19 1.75 0.01 0.01 0.01 0.04 0.02 0.09 0.01 0.15 3.15 0.30 2.87 3.58 0.02 0.01 0.24 0.02 0.03 0.02 0.03 0.03 0.01 0.02 0.03 0.04 0.46 0.06 0.05 0.19 0.10 0.05 1.09 0.35 0.01 0.01 0.03 0.07 0.05 0.03 0.01 0.14 0.02 2.40 0.01 0.01 0.07 0.04 1.99 0.07 0.01 0.01 0.01 0.02 0.02 0.12 12.03 0.02 0.13 1.00 0.08 0.01 0.01 0.40 0.18 0.05 0.12 0.04 0.02 0.01 0.68 0.05 0.02 0.08 0.02 0.45 0.01 0.04 0.01 0.01 0.60 0.14 0.03 0.18 0.41 0.14 1.01 0.03 0.07 4.27 0.12 0.01 0.03 0.02

0.03 0.03 0.01 0.03 0.05 2.50 0.41 0.01 0.01 0.06 0.01 0.03 0.50 2.29 0.16 0.86 5.68 0.05 0.01 0.04 0.07 0.29 45.75 0.02 0.02 1.90 0.25 2.00 0.02 0.02 0.05 0.07 0.03 0.15 0.02 0.17 3.50 0.45 2.88 3.73 0.03 0.02 0.25 0.35 0.04 0.03 0.05 0.04 0.01 0.02 0.03 0.15 0.49 0.15 0.12 0.19 0.10 0.09 1.10 0.35 0.02 0.02 0.04 0.11 0.06 0.04 0.01 0.19 0.02 2.49 0.01 0.01 0.07 0.06 2.00 0.08 0.01 0.01 0.01 0.04 0.02 0.13 12.64 0.02 0.25 1.75 0.09 0.01 0.02 0.90 0.32 0.07 0.12 0.05 0.03 0.01 0.72 0.05 0.03 0.18 0.03 0.45 0.02 0.04 0.02 0.01 0.65 0.17 0.10 0.25 0.42 0.14 1.03 0.04 0.08 4.28 0.19 0.02 0.03 0.03

0.03 0.03 0.01 0.02 0.03 1.57 0.41 0.01 0.01 0.05 0.01 0.02 0.50 2.25 1.08 0.86 5.45 0.05 0.01 0.04 0.05 0.21 45.74 0.02 0.01 1.50 0.20 1.98 0.01 0.02 0.02 0.06 0.03 0.10 0.02 0.18 3.55 0.45 2.86 3.58 0.02 0.02 0.24 0.35 0.04 0.03 0.03 0.03 0.01 0.02 0.03 0.01 0.47 0.09 0.05 0.20 0.11 0.06 1.09 0.35 0.02 0.01 0.03 0.06 0.05 0.03 0.01 0.15 0.02 2.40 0.01 0.01 0.07 0.05 1.99 0.07 0.01 0.01 0.01 0.02 0.02 0.12 12.09 0.04 0.19 1.20 0.08 0.01 0.02 0.40 0.32 0.05 0.12 0.05 0.02 0.01 0.70 0.05 0.02 0.01 0.03 0.45 0.02 0.04 0.02 0.01 0.65 0.13 0.05 0.20 0.42 0.14 1.01 0.03 0.08 4.27 0.21 0.01 0.03 0.01

0.08 0.06 0.02 0.08 0.11 2.40 0.43 0.03 0.01 0.11 0.05 0.09 0.50 3.70 4.45 6.70 7.60 0.06 0.02 0.07 0.08 1.72 47.09 0.06 0.04 3.48 0.30 2.05 0.03 0.04 0.02 0.25 0.08 0.16 0.05 0.60 4.18 0.45 4.69 5.12 0.11 0.05 0.41 0.35 0.06 0.05 0.07 0.09 0.07 0.07 0.08 0.20 0.95 0.25 0.11 0.45 0.25 0.16 1.10 0.35 0.07 0.05 0.15 0.35 0.07 0.20 0.05 0.54 0.04 3.49 0.01 0.01 0.08 0.09 2.45 0.10 0.04 0.03 0.84 0.05 0.08 0.16 20.14 3.40 0.20 1.75 0.40 0.02 0.05 1.12 1.00 0.30 0.13 0.06 0.26 0.01 0.99 0.20 0.08 0.09 0.10 1.00 0.14 0.06 0.03 0.01 0.93 0.42 0.11 0.55 0.45 0.25 1.70 0.08 0.16 11.27 0.70 0.05 0.05 0.08

0.02 0.02 0.01 0.02 0.00 0.00 0.30 0.01 0.01 0.03 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.02 0.01 0.00 0.02 0.00 0.00 0.00 0.01 1.00 0.02 0.77 0.01 0.01 0.01 0.04 0.02 0.09 0.02 0.14 0.00 0.30 0.00 0.00 0.00 0.01 0.00 0.35 0.00 0.02 0.02 0.03 0.01 0.00 0.01 0.10 0.00 0.05 0.00 0.00 0.00 0.04 0.00 0.00 0.01 0.00 0.00 0.06 0.05 0.01 0.01 0.11 0.02 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.10 1.00 0.04 0.01 0.01 0.00 0.00 0.03 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.04 0.01 0.01 0.00 0.00 0.04 0.00 0.00 0.06 0.00 0.00 0.02 0.00 0.07 0.01 0.02 0.01

Firestone Vent First Nickel Fort St J Nick Freeport Res Gentor Res Geocom Res* Geomark Expl Global Met Cl Global Ur Fund GMV Minerals Gobimin Gold Finder Ex Gold Ridge Exp Golden Harp GoldMountain* Goldrea Res Goldstar Mnls Gray Rock Res Great Bear Res Green Valley M Groundstar Res Gryphon Gold GTO Res Hawkeye Gld&Di Highbury Proj Highvista Gold Honey Badger E Hudson River M Huntington Exp ICN Res IEMR Res Indigo Expl Inform Res Inova Res Inter-Citic Mn Inter-Rock Mnl Intl Enexco Intl Millm Mng Intl Minls Crp Intl Samuel Ex Intrepid Mns Iron Tank Res Jazz Res Jet Gold Jourdan Res Kazax Mnls Kimber Res Kiska Metals KWG Res Labdr Iron Mns Lachlan Star Laurion Mnl Ex Letho Res Liberty Silver Lipari Energy Lithium Americ Lithium One Logan Res Long Harbour E Lornex Cap Lovitt Res Lucky Mnls MagIndustries Magma Metals Mahdia Gold Mainstream Mnl Mammoth Res Manado Gold Manitou Gold Marklnd AGF PM Masuparia Gold McVicar Res Mega Copper Mega Precs Mtl Menika Mining Mercator Mnls Messina Minls Midway Gold Midway Gold* Minemakers Minera IRL Mineral Depost Mineral Hill Minfocus Expl Minsud Res Mirabela Nickl Moly Mines Monster Mng Mountain Lake Murgor Res Nebu Res New Dawn Mng New World Res Newcrest Mng Newmac Res Newmont Mng Newstrike Cap Nikos Expl NMC Res North Am Pot D Nubian Res Nuinsco Res NWM Mng NWT Uranium Odin Mng & Exp Open Gold Oremex Silver Orex Expl Orko Silver Orsa Vent Otterburn Res Pac Arc Res Pac Casc Minls Pac Coal Res Pac Imp Mines Pac Rim Mining Pac Wildcat Re Paget Mnls Palmer Res Pantheon Vent

Published by:

12-MONTH

EXC

BID

ASK

LAST

HIGH

LOW

STOCK

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

0.01 0.01 0.01 0.02 0.03 0.05 0.96 0.01 1.64 0.08 0.39 0.02 0.02 0.04 0.04 0.04 0.02 0.03 0.05 0.01 0.05 0.01 0.10 0.04 0.10 0.12 0.01 0.01 0.01 0.06 0.01 0.01 0.01 0.16 2.04 0.02 0.41 0.01 2.80 0.01 0.25 0.03 0.18 0.04 0.04 0.02 0.15 0.02 0.02 0.02 0.01 0.01 0.07 0.05 0.46 0.29 1.15 0.05 0.07 0.10 0.04 0.07 0.10 0.09 0.01 0.01 0.01 0.03 0.02 5.86 0.04 0.47 0.03 0.08 0.10 0.01 0.06 0.13 0.07 0.09 0.07 5.00 0.04 0.01 0.09 0.02 0.06 0.01 0.32 0.02 0.02 0.10 0.02 12.10 0.11 26.37 0.66 0.03 0.17 0.01 0.01 0.01 0.01 0.02 0.24 0.01 0.02 0.01 1.94 0.10 0.09 0.01 0.01 0.01 0.01 0.07 0.01 0.01 0.01 0.11

0.01 0.01 0.02 0.03 0.04 0.09 1.00 0.01 1.67 0.10 0.40 0.02 0.02 0.06 0.05 0.08 0.03 0.03 0.05 0.01 0.06 0.01 0.16 0.06 0.24 0.15 0.01 0.01 0.01 0.07 0.01 0.02 0.01 0.20 2.05 0.03 0.41 0.02 2.83 0.01 0.26 0.04 0.25 0.06 0.05 0.05 0.16 0.03 0.03 0.02 0.01 0.01 0.09 0.08 0.49 0.30 1.18 0.05 0.09 0.18 0.09 0.11 0.04 0.09 0.17 0.01 0.01 0.03 0.03 8.25 0.07 0.49 0.04 0.09 0.23 0.01 0.10 0.13 0.08 0.13 0.07 5.09 0.14 0.01 0.10 0.02 0.07 0.01 0.35 0.02 0.02 0.16 0.03 12.90 0.19 26.90 0.70 0.04 0.17 0.01 0.02 0.01 0.01 0.02 0.30 0.01 0.03 0.02 1.99 0.10 0.25 0.01 0.02 0.02 0.01 0.08 0.01 0.01 0.02 0.11

0.01 0.01 0.01 0.02 0.03 0.02 0.98 0.01 1.64 0.09 0.40 0.02 0.02 0.04 0.05 0.05 0.02 0.04 0.04 0.01 0.05 0.01 0.11 0.05 0.19 0.17 0.01 0.01 0.01 0.06 0.01 0.01 0.03 0.15 2.04 0.02 0.41 0.04 2.83 0.01 0.26 0.04 0.18 0.04 0.07 0.02 0.15 0.02 0.02 0.02 0.02 0.01 0.08 0.04 0.47 0.30 1.15 0.05 0.07 0.10 0.05 0.13 0.13 0.09 0.01 0.01 0.01 0.03 0.02 5.82 0.04 0.49 0.03 0.08 0.13 0.03 0.06 0.09 0.04 0.09 0.08 4.75 0.14 0.01 0.09 0.02 0.06 0.01 0.32 0.02 0.02 0.13 0.02 12.11 0.11 26.25 0.70 0.03 0.19 0.01 0.01 0.01 0.01 0.05 0.24 0.01 0.03 0.01 1.99 0.10 0.20 0.01 0.01 0.01 0.01 0.07 0.02 0.01 0.02 0.10

0.02 0.03 0.03 0.03 0.14 0.03 1.00 0.03 2.05 0.26 0.51 0.07 0.03 0.07 0.35 0.10 0.05 0.05 0.09 0.01 0.18 0.13 0.11 0.08 0.40 0.28 0.05 0.01 0.03 0.30 0.01 0.03 0.07 0.60 2.05 0.03 0.55 0.04 4.92 0.03 0.31 0.14 0.23 0.15 0.15 0.06 0.40 0.07 0.09 0.14 0.28 0.03 0.18 0.13 0.49 0.49 1.46 0.06 0.15 0.20 0.06 0.16 0.26 0.28 0.03 0.01 0.07 0.08 0.04 10.41 0.10 0.52 0.05 0.13 0.15 0.12 0.13 1.30 1.17 0.11 0.21 6.95 0.14 0.04 0.09 0.62 0.15 0.01 0.82 0.03 0.05 1.10 0.12 31.00 0.29 44.66 1.22 0.15 0.19 0.02 0.03 0.03 0.01 0.05 0.58 0.02 0.03 0.02 2.63 0.15 0.20 0.01 0.04 0.38 0.02 0.11 0.05 0.01 0.08 0.13

0.01 0.00 0.01 0.02 0.03 0.00 0.00 0.01 0.00 0.05 0.36 0.02 0.02 0.03 0.00 0.02 0.02 0.02 0.02 0.01 0.03 0.00 0.00 0.02 0.15 0.06 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.00 0.01 0.00 0.04 0.00 0.01 0.00 0.02 0.03 0.03 0.03 0.02 0.00 0.02 0.00 0.00 0.00 0.01 0.05 0.00 0.00 0.00 0.00 0.03 0.04 0.00 0.03 0.08 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.04 0.00 0.02 0.00 0.05 0.00 0.00 0.00 0.00 0.06 0.04 0.00 0.07 0.01 0.03 0.00 0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.00 0.10 0.00 0.00 0.03 0.00 0.01 0.01 0.00 0.01 0.05 0.21 0.01 0.02 0.01 0.00 0.00 0.20 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.03

Paragon Minls Parallel Mng Paramount Gold Passprt Potash Peat Res Penteco Res Petaquilla Mnl Philippine Mtl Pitchstone Exp Plata Latina M PMI Gold PNG Gold Polar Star Mng Portage Mnls Portola Res Premier Roy Proam Expl Providence Res PVR Partners* Quia Res Rainy River Rs Randsburg Intl REBgold Red Cresc Res Red Moon Potsh Red Rock Enrgy Redzone Res Reliance Res Remington Res Remo Res Resolve Vent Reva Res Revett Mnls Rhyolite Res Ridgemont Ir O Rio Alto Mng Rio Alto Mng* Roca Mines Rockcliff Res Rockex Mng Rockgate Cap Rockland Mnls Rotation Mnls Royal Coal RX Gold & Silv Ryan Gold Sable Res Sandstorm Mt&E Sarama Res Senator Minls Senior Gld Prd Silvercorp Mt* Silvermex Res Silvore Fox Ml Sirocco Mng Slater Mng Sniper Res Soltoro Sona Res Southern Hemis Stikine Energy Strata Mnls Stratabd Mnr Strategic Res Stratton Res Stroud Res Sunset Cove Mg Sunward Res TAD Mnl Expl Taranis Res Tasca Res Tawsho Mng Temex Res Teryl Res Corp Theia Res Thelon Cap Thunder Mtn Gd Tigray Res Tintina Mines Tolima Gold Trend Mng* TriAusMin Trio Gold Corp Troy Res Tyhee Gold United Silver Uranerz Energy Uranium One Uranium Valley US SIlver & Go Vaaldiam Mng Vangold Res Venerable Vent Veris Gold Viking Gold Virginia Engy Virginia Mines Volcanic Mtls Volta Res Vulcan Mnrls Walter Energy* Walter Energy Waymar Res WCB Res Wescan Goldfie West Cirque Rs Western Areas Western Troy C Westhaven Vent Westminster Rs Whetstone Mnls White Pine Res Wildcat Expl Windarra Minls Windstorm Res Witwatersrand World Vent* Xemplar Energy Xinergy

EXC

BID

ASK

LAST

HIGH

LOW

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

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

0.07 0.09 1.20 0.02 0.02 0.06 0.03 0.05 0.09 0.02 0.50 0.01 0.02 0.02 0.01 0.76 0.02 0.09 27.46 0.01 3.37 0.01 0.14 0.02 0.05 0.02 0.23 0.02 0.03 0.08 0.10 0.95 0.65 0.14 0.02 3.51 2.48 0.03 0.03 0.04 0.35 0.04 0.20 0.01 0.24 0.12 0.02 1.37 0.09 0.15 4.88 0.65 0.55 0.03 0.36 0.04 0.15 0.30 0.03 0.06 0.01 0.01 0.01 0.02 0.14 0.01 0.01 0.18 0.01 0.09 0.02 0.02 0.12 0.02 0.09 0.10 0.12 0.13 0.06 0.01 0.05 0.07 0.01 0.44 0.02 0.01 1.44 2.86 0.05 0.35 0.27 0.01 0.02 0.10 0.01 0.10 15.22 0.05 0.34 0.02 0.17 7.82 0.13 0.10 0.03 0.26 8.54 0.01 0.08 0.02 0.01 0.01 0.04 0.07 0.05 1.18 0.51 0.02 0.02

0.06 0.04 1.52 0.02 0.01 0.05 0.03 0.03 0.09 0.02 0.48 0.01 0.01 0.02 0.20 0.76 0.01 0.05 27.44 0.01 3.42 0.01 0.16 0.01 0.05 0.02 0.01 0.02 0.01 0.05 0.05 0.02 0.57 0.11 0.02 3.48 2.47 0.03 0.03 0.04 0.30 0.03 0.05 0.01 0.24 0.12 0.01 1.36 0.07 0.29 4.78 0.65 0.53 0.03 0.35 0.03 0.06 0.32 0.03 0.04 0.01 0.01 0.01 0.02 0.10 0.01 0.01 0.18 0.01 0.05 0.02 0.01 0.12 0.02 0.07 0.05 0.11 0.10 0.05 0.01 0.01 0.07 0.01 0.43 0.01 0.02 1.44 2.85 0.04 0.35 0.26 0.01 0.01 0.15 0.01 0.10 14.99 0.04 0.33 0.02 0.16 7.15 0.10 0.10 0.02 0.26 4.00 0.01 0.07 0.02 0.01 0.01 0.03 0.06 0.05 1.08 0.02 0.02 0.02

0.12 0.07 1.88 0.05 0.03 0.06 0.31 0.07 0.21 0.14 0.72 0.02 0.17 0.03 0.20 2.60 0.02 0.12 29.22 0.04 6.10 0.02 0.16 0.11 0.09 0.06 0.50 0.02 0.05 0.13 0.08 0.06 1.42 0.32 0.28 3.99 3.18 0.03 0.07 0.30 0.53 0.06 0.15 0.21 0.60 0.16 0.09 3.54 0.12 0.17 7.48 1.81 0.88 0.11 0.89 0.05 0.09 0.34 0.07 0.20 0.02 0.12 0.07 0.08 0.18 0.01 0.06 0.24 0.01 0.15 0.08 0.05 0.13 0.03 0.20 0.17 0.11 0.15 0.07 0.04 0.11 0.08 0.02 1.27 0.10 0.14 1.70 2.86 0.10 0.67 0.27 0.02 0.03 0.95 0.01 0.10 17.20 0.16 0.57 0.04 6.84 21.20 0.20 0.33 0.05 0.54 6.11 0.02 0.14 0.15 0.04 0.09 0.12 0.09 0.19 1.50 0.10 0.05 0.48

0.00 0.03 0.00 0.01 0.01 0.00 0.00 0.03 0.00 0.01 0.00 0.01 0.00 0.00 0.20 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.02 0.01 0.01 0.01 0.01 0.04 0.05 0.02 0.00 0.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.01 0.00 0.00 0.00 0.01 0.00 0.03 0.02 0.00 0.00 0.00 0.00 0.00 0.02 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.02 0.06 0.01 0.01 0.00 0.01 0.03 0.01 0.01 0.00 0.01 0.06 0.00 0.04 0.00 0.02 0.01 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.04 0.00 0.00 0.01 0.01 0.00 0.01 0.03 0.00 0.04 0.00 0.02 0.00 0.00 0.00 0.10 0.01 0.00 0.00 0.01 0.05 0.01 0.00 0.01 0.02 0.00 0.00 0.00 0.00 0.02 0.00

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

Now Available in Spanish

TNM Mkt Stories_Mining Tables.indd 10

Order Your Copy Today!

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

15-10-06 7:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 12–18, 2015

Study shows Lac Guéret could be low-cost mine for Mason Graphite QUEBEC DEVELOPMENT

| Junior says processing and distribution are key in the graphite space “GRAPHITE IN THE GROUND IS JUST RAW MATERIAL TO MAKE GRAPHITE PRODUCTS.”

BY SALMA TARIKH

starikh@northernminer.com

roduction at Mason Graphite’s (TSXV: LLG; US-OTC: MGPHF) potentially high-margin Lac Guéret graphite project in northeastern Quebec could start as early as 2017. A new feasibility study shows an open-pit mine at Lac Guéret could produce 51,900 tonnes of graphite concentrate a year for 25 years. Production costs would average $376 per tonne, compared to an average selling price of $1,905 per tonne. “Mason is looking to be one of the lowest-cost producers in the world, and by a significant margin,” says Simon Marcotte, Mason Graphite's vicepresident of corporate development. The mine’s life is based on only 4.7 million tonnes of the total reserves of 62.8 million tonnes grading 17.2% graphitic carbon, allowing for a pit with a high head grade of 27.8% graphitic carbon, and a low stripping ratio of 0.8-to-1. Workers would crush the mill feed on site before trucking it to BaieComeau, some 285 km away, for processing. The concentrator can achieve purities of up to 97.5%. But a graphite project is more of a processing operation than a mining operation, Marcotte says. “Everything is in the processing knowledge and having the distribution capacity, because graphite in the ground is just raw material to make graphite products. It really comes down to: ‘Do you know what to produce? Do you know how to do it?’ And, ‘Do you know who to sell it to?’” Mason’s management team can readily check off those boxes, with its track record of producing, developing and marketing graphite for various applications, including the valueadded markets. CEO Benoit Gascon previously ran Stratmin Graphite, which operated Lac des Îles in Quebec, the only graphite mine in North America. Gascon helped improve operations and widen the fi rm’s product offerings, before merging in 1996 with Timcal Graphite & Carbon (now Imerys Graphite & Carbon), a division of the Paris-based industrial minerals firm Imerys. After the acquisition, Gascon headed up Timcal, where his team completed due diligence on graphite projects worldwide, while Lac des Îles ran out of resources. They were keen on buying Lac Guéret due to its high-grade nature, Marcotte says. While plans fell through after the 2008–09 market downturn, Gascon kept an eye on the deposit. He joined Mason Graphite soon after the firm acquired Lac Guéret from Cliffs Natural Resources (NYSE: CLF) in 2012. Other Timcal veterans at Mason include chief financial officer Luc Veilleux and process development manager Jean L’Heureux. Since buying Lac Guéret, Mason has advanced the project to the feasibility stage, two years after fi ling a preliminary economic assessment (PEA). Anticipated production costs are nearly 4% lower than in the PEA, largely due to relocating the proposed concentrator from the mine site to Baie-Comeau, where Mason can connect it to the power grid, eliminating the need to buy diesel generators, and lowering its overall carbon footprint. Other benefits include a smaller camp and lower capital to build the camp, as Mason would hire most of its staff locally in Baie-Comeau. This will also improve employee retention. The main drawback, however, is trucking cost, accounting for over 30%

_TNM_Oct 12 2015_v3.indd 11

SIMON MARCOTTE MASON GRAPHITE , VP OF CORPORATE DEVELOPMENT

Benoit Gascon, Mason Graphite CEO.

of the production costs. “It’s big, but it is much less than the cost of running the operation on diesel,” Marcotte says. The project’s total costs are $169.5 million, slightly higher than in the PEA, owing to details that went into the feasibility study to yield an 80%

confidence factor. “We have been late a few months on this publication, and the only reason is that we didn’t cut any corners. We did absolutely everything. And this is designed to be built and operated successfully,” Marcotte says. The study highlights the project’s robust economics. Using an 8% discount rate, Lac Guéret has a $352-million post-tax net present value and a 34.3% internal rate of return, with a 2.6-year payback. Marcotte says the firm is confi-

dent it can fund the project using its key shareholders, and will also look at alternative fi nancings, including royalties and strategic partnerships. Mason has 25 institutional shareholders, including the governmentsponsored firms Ressources Québec, a subsidiary of Investissement Québec; Sodémex, a subsidiary of the Caisse de dépôt et placement du Québec; and the Fonds de solidarité FTQ/Fonds régionaux de solidarité FTQ. Its largest shareholder Fidelity (at 11.4%) is also the second-largest share-

holder of Tesla, after Elon Musk. While it’s too early to say when the full financing will be in place, Mason expects to build in 2016. It should take 13 to 16 months to fi nish, with production kicking off in 2017. Environmental and social impact assessments for the project should be out shortly. Meanwhile, the firm is working on a second feasibility study to make more purified and micronized products for the value-added graphite market, including lithium ion batteries, electronics and brake pads. The study is due out in 2016. “Our guys have the experience to enter that business as well,” Marcotte says, explaining that in 2002, Mason’s management built and commissioned a plant for value-added graphite product that supplied a large battery manufacturer. TNM

GET ON BOARD with a Leading Source of

2014 - 2015

Mining Company & Property Data

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

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

Order Your Copy Today!

$120 + S/H

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

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

15-10-06 7:47 PM

WWW.NORTHERNMINER.COM

OCTOBER 12-18, 2015 / THE NORTHERN MINER

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

www.nardellagroup.com

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

In-House Processing XDS VLF-EM

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

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

GEOPHYSICS

GENETIC MODELLING

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

www.micon-international.com

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

INSTRUMENTATION

Your Exploration Advantage.

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

www.gdd.ca

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

Tel.: +1 418-877-4249

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 Mkt Stories_Mining Tables.indd 12

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

15-10-06 7:37 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 12–18, 2015

CAREER OPPORTUNITIES

PROFESSIONAL DIRECTORY MINERAL PROCESSING

CAREERS ADVERTISING RATES $12.65 per agate line. Minimum size 2 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

columns x 1” $354.20. Closing date is 10 days prior to publication date. All Cdn. orders subject to applicable taxes. For further Careers advertising

SURVEYORS & CORE SYSTEMS

information contact:

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

LEGAL

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

Joe Crofts (416) 510-6816, jcrofts@northernminer.com,

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

Dave Chauvin (416) 510-6824, dchauvin@northernminer.com

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

Toll free North America:

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

1-888-502-3456, (ext. 43729 / 43730)

rvi

Also, Magnetic probe surveys

Fax: (416) 447-7658

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

Latest Jobs

Full Time

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

Fresh funds pour into Coffee project KAMINAK From pg 1

Under a non-brokered private placement, Kaminak will issue 27.4 million shares to Electrum Strategic Opportunities Fund, Beaty and Zebra Holdings for $22.5 million, which the junior will use to advance its high-grade Coffee gold project in the Yukon. Beaty’s latest investment in the company will keep his pro rata stake at 7.3%, he says, noting in an email to The Northern Miner that he likes “the project, the stage it’s at and the company management.” “I also like gold,” he continued, “and have invested in a number of similar companies lately. I don’t know when the gold price will rise — and in fact it could fall much lower — but if it does it won’t be for long, and I expect to see much higher gold prices by the end of the decade.” Eira Thomas, Kaminak’s president and CEO, said in a press release that the funds “will ensure that our Coffee gold project stays on the fast track right through to construction — targeted for 2018 — in support of Kaminak’s larger goal of becoming a Yukon gold producer by 2019.” Investors who follow the money in the gold sector will know of Kaplan as the chairman and chief investment officer of the New York-based Electrum Group. Over the years, investment funds associated with Kaplan’s Electrum Group have built strategic stakes in gold mining companies, including Gabriel Resources (TSX: GBU; US-OTC: GBRRF) and NovaGold Resources (TSX: NG; NYSEMKT: NG), where Kaplan serves as chairman of the board. Other historic

_TNM_Oct 12 2015_v3.indd 13

Workers in the field at Kaminak Gold’s Coffee gold project in the Yukon.

investments include stakes in Sunshine Silver Mines, Moto Goldmines, Mantra Mining and Tintina Gold. “I’ve reached a point where I feel the only asset I have confidence in is gold,” Kaplan told The Wall Street Journal in a 2010 interview at the Manhattan headquarters of his family office, Tigris Financial Group. The billionaire has also made astute investments in the oil and gas business. In 2003, he founded Leor Exploration & Production LLC — a natural gas exploration and development company with wells in Texas — which he sold in 2007 to EnCana Oil & Gas USA Inc., a subsidiary of Encana Corp., for $2.6 billion. In 2006, Kaplan branched out into philanthropy, co-founding Panthera Corp., a nonprofit organization dedicated to saving wild cats and protecting them from human and environmental threats. The group’s conservation efforts focus on panthers, jaguars, pumas, lions, leopards and cheetahs.

KAMINAK GOLD

“I EXPECT TO SEE MUCH HIGHER GOLD PRICES BY THE END OF THE DECADE.” ROSS BEATY INVESTOR, KAMINAK GOLD

Kaplan’s Electrum Strategic Opportunities Fund was incorporated in the Cayman Islands earlier this year. Kaplan is listed as a director, according to a form D-filed with the U.S. Securities and Exchange Commission. The minimum investment allowed in the fund is US$5 million. As part of the private placement

in Kaminak, Electrum Strategic Opportunities Fund will have the right to nominate one person to the company’s board of directors, and has the right to participate in any future proposed equity offering, so that it can keep its pro rata shareholding. Kaminak describes Coffee as one of the highest-grade, undeveloped

heap-leach projects in the world. The project has 10 known deposits, and the property has untested targets outside the resource. A preliminary economic assessment of the project last year outlined a $330-million after-tax net present value at a 5% discount rate, and a 26% after-tax internal rate of return. The PEA was based on a US$1,250 per oz. gold price and a US95¢ Canadian dollar. The study outlined a mining operation that would produce 167,000 oz. gold a year over an 11-year mine life at all-in-sustaining costs of US$687.50 per oz. Total capital costs are projected to run to $304.8 million, and the after-tax payback would come in just two years. The PEA was based on indicated resources of 14 million tonnes grading 1.56 grams gold per tonne for 719,000 contained oz. gold, and inferred resources of 79 million tonnes grading 1.36 grams gold for 3.43 million contained oz. gold. The company updated the resource estimate on Sept. 23, however, and now the project’s indicated resource stands at 52.4 million tonnes at an average grade of 1.68 grams gold per tonne for 2.82 million contained oz. gold, and inferred resources measure 42.7 million tonnes at a grade of 1.52 grams gold for 2.09 million contained oz. gold. The estimate represents an 8% increase in the resource grade for Coffee’s indicated resources and a 12% increase in the grade of the project’s inferred resource. In March, the company approved a $21-million feasibility study of the project, 130 km south of Dawson City. The study is on track for completion in early 2016.

15-10-06 7:48 PM

WWW.NORTHERNMINER.COM

OCTOBER 12–18, 2015 / THE NORTHERN MINER

Goldcorp's Chuck Jeannes ‘not worried about Éléonore’ RAMP-UP

oldcorp (TSX: G; NYSE: GG) is highlighting the potential at Éléonore in northern Quebec, despite recently lowering the gold mine’s 2015 production forecast, partly due to higher-than-expected mining dilution. “Looking forward, I’m not worried about Éléonore — it’s a great plant, it’s a great orebody,” Charles Jeannes, the company’s president and CEO, said in a Sept. 22 presentation at the Denver Gold Forum. The underground mine reached commercial production on April 1, 2015, after Goldcorp poured first gold last October. The slower-than-anticipated start-up came from commissioning issues in the first half of 2015 relating to the tailings fi lter press and primary crusher feeder. Jeannes said the issues have been resolved.

“WE ADDED 1 MILLION OZ. OF RESERVES LAST YEAR, AND STILL HAVEN’T SEEN THE BOTTOM OF THE DEPOSIT.” CHARLES JEANNES CEO, GOLDCORP

In Aug ust, t he Éléonore mi l l achieved nameplate capacity of 7,000 tonnes per day, with 2,000 tonnes of the feed coming from low-grade stockpiles. While the stockpiles should diminish by year-end, Goldcorp is confident mining rates will reach 7,000 tonnes per day by the first half of 2018, despite the recent hiccup, when it uncovered unexpected dilution in the initial stopes at the Horizon 4 level. Goldcorp reduced Éléonore’s annual production guidance by 15% on Sept. 8. The horizon is in the “deepest part of the mine, and when we got there and opened it up, there was folding and faulting that wasn’t expected, based on what we saw higher in the mine,” Jeannes said, adding that this condition affects 10% of the orebody. The estimated mining dilution has increased from 10% to 25%, leading to lower head grades and lower production. Éléonore is set to churn out 250,000 to 270,000 oz. gold in 2015, down from 290,000 to 330,000 oz. previously. (The guidance includes 32,500 oz. of pre-commercial production.) Goldcorp, however, is keeping its company-wide output guidance and expects to reach up to 3.6 million oz. After a September site visit, BMO analyst Andrew Kaip wrote that “Éléonore is typical of a mine that is in the initial stages of commercial production and ramping up towards full production rates ... it is apparent that the mine is built for the long-term.” Raymond James analyst Phil Russo added the dilution issue may have taken away from the mine’s progress, but said it is “heading towards free cash

_TNM_Oct 12 2015_v3.indd 14

| Mine heads towards free cash flow to reach full potential in 2018

flow status nonetheless.” Goldcorp has sunk a production shaft at Éléonore and will commission it by next September, which should lower mining costs and improve efficiency. The miner is also on track to fi nish a prefeasibility study on the viability of mining the crown pillar at Éléonore by year-end. It is confident it can extract near-surface ounces near the end of the mine life. Éléonore has reserves in six geological horizons, of which four have seen extraction. At the end of last year, the 10-year mine had gold reserves of 4.97 million oz. from 24.6 million tonnes grading 6.30 grams gold per tonne. “We added 1 million oz. of reserves last year, and still haven’t seen the bottom of the deposit. We think there is strong reserve growth potential here,” Jeannes said. TNM

Goldcorp’s Éléonore gold mine, 320 km northeast of the town of Matagami in Quebec’s James Bay region.

GOLDCORP

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

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

* Powered by:

15-10-06 7:48 PM

THE NORTHERN OCTOBER 12-18, 2015 THE NORTHERN MINERMINER / OCTOBER 12-18, 2015

GLOBAL MINING NEWS

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

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 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.

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.

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

One listing is all you need Print Edition.

Circulated to TNM 20K+ readership

4 INDUSTRY JOB BOARDS

19 15

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.

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.

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

Precambrian Geoscientist Sudbury, Ontario Online Reference No: 62437

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

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.

START RECRUITING SMARTER TODAY.

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.

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.

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.

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. President & CEO Online Reference No: 62172 Global Copper Group Inc. is a junior mining exploration company seeking to fill the position of President & CEO. The recently restructured company aims to develop mining projects from, potentially, the green-field stage, through to feasibility. This is a permanent full-time position.

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 Mkt Stories_Mining Tables.indd 15

15-10-06 7:37 PM

WWW.NORTHERNMINER.COM

OCTOBER 12–18, 2015 / THE NORTHERN MINER

Timmins Gold: Ana Paula is ‘great downside insurance’ | Junior picks up second-hand equipment in Mexico from Goldcorp

BARGAIN HUNTING BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

immins Gold (TSX: TMM; NYSE-MKT: TGD) is one step closer to production its highgrade Ana Paula gold project in Guerrero, Mexico, after a deal with major Goldcorp (TSX: G; NYSE: GG) for a mill and processing facility that could cut development costs for the mine by as much as US$60 million. The deal could be a major win for the company, since it is picking up most of Ana Paula’s processing infrastructure at a fraction of the price. Under the deal, Timmins will acquire equipment from Goldcorp’s El Sauzal plant for an $8-million cash-and-share consideration. The company will pay $1 million in cash upfront; $3 million by issuing 10 million shares at 30¢; and another $4 million in cash in a year. Timmins will relocate a nominal 6,000-tonne-per-day milling and pro-

cessing facility with a cyanide circuit and a carbon-in-pulp circuit, which reflects the flowsheet outlined in Ana Paula’s preliminary economic assessment (PEA). Timmins picked up the project via a $140-million merger with Newstrike Capital in mid-February. “After we wrapped up the Newstrike deal, we looked for ways to optimize our expenses at Ana Paula. The one thing that stood out to us was the development costs, and how we might bring those down,” Bruce Bragagnolo said during his final interview before being removed as CEO by the board. “It just so happened that we were looking for used equipment and Goldcorp was decommissioning, and it came together perfectly. Our team in Mexico checked it out and gave us the green light to make an offer, and we had a good idea of the value, since there aren’t a lot of people building mines right,” he added. Newstrike released a PEA on Ana Paula in late 2014, which models a

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

F O R M

Save Over 40 %

o of th e cover price!

ff 3 Easy Ways to Order:  Fax this form to: 416-447-7658  Call Toll Free: 1-888-502-3456  Order online at www.northernminer.com

PLEASE SEND MY SUBSCRIPTION OPTION AS INDICATED BELOW

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

PRINT* 

DIGITAL 

The Northern Miner

BASIC

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

$114 $114 $114

The Northern Miner

EXECUTIVE

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

$229 $229 $229

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

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

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

*Add $6 for shipping and handling SUBSCRIBER INFORMATION

Name Email (Required for Daily News Service) Company

Title

Address City

Prov/State

Tel

Postal/Zip Code

Country

Fax

MY PAYMENT PREFERENCE IS:

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

Expiry Date

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

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

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

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

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

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

_TNM_Oct 12 2015_v3.indd 16

“ANA PAULA IS AN ASSET THAT CAN REALLY WITHSTAND THESE LOWER GOLD PRICES.” BRUCE BRAGAGNOLO FORMER CEO, TIMMINS GOLD

6,000-tonne-per-day operation that would crank out 116,000 oz. gold annually over eight years, at all-in sustaining costs of US$567 per oz. The study was based on measured and indicated resources of 41 million tonnes grading 1.5 equivalent grams gold for 1.86 million contained oz. gold, and 7.1 million contained oz. silver. Based on US$1,300 per oz. gold and US$20 per oz. silver, Ana Paula features a US$232-million after-tax net present value (NPV) at a 5% discount rate, and a 32.8% internal rate of return. The Guerrero gold belt (GGB) hosts skarn-porphyry mineralization related to an early Tertiary intrusive event. Ana Paula is along the northwesterly trend of the GGB, where it straddles a boundary between two older tectonic subterranes, a volcanicvolcaniclastic arc assemblage to the west and a thick carbonate platform sequence, overlain by younger marine deposits to the east. Mineralization on the property is associated with arsenopyrite and pyrite. The dominant mineralization is epithermal, with brecciation observed at contact zones. Initial estimates had pegged Ana Paula’s development costs at nearly US$165 million, but thanks to the plant acquisition, Timmins figures it can slash that figure by between US$40 million and US$60 million. Timmins is also in the midst of a metallurgical drill program it hopes will boost recoveries, and cut estimated operating costs. “As the markets get worse, we really want to assure we can bring the mine into production. We’ve stresstested the proposed mine plan, and determined Ana Paula is an asset that can withstand these lower gold prices,” Bragagnolo said. “The project is great downside insurance, because it’s a high-grade, low-cost open-pit mine. The only thing that we viewed as a risk was the capital expenditure, because the market is sensitive to that sort of burden.” The project gives Timmins upside at a time that it’s hard to turn a profit at its San Francisco heap-leach operation, 150 km north of Hermosillo. The company saw quarterly gold production drop 31% year-on-year during the second quarter due to declining grades, and is assessing the potential for a higher-grade, underground operation. In mid-February the company reported it had delineated three mineralized veins near the south wall of the San Francisco pit averaging 4 metres wide, with grades ranging between 2.5 grams and 5 grams gold per tonne. Timmins is working on an underground pilot phase at the mine, which involves drifting 90 metres into the south wall of the pit to access the veins, followed by 200 metres of lateral drifting to extract 14,000 tonnes of ore.

Some of the equipment Timmins Gold bought from the El Sauzal gold mine in Mexico, which Goldcorp suspended in 2014, from top: milling equipment, leaching tanks and generators. TIMMINS GOLD.

“We’re assessing things in light of gold prices. We just have to ensure the mine is viable and improve costs to improve cash flows. We’re not making any price assumptions right now, because I don’t think anyone knows where gold is going,” Bragagnolo elaborated. “If it drops any lower, we might have to push even harder — and we’re pushing pretty hard right now. Th is year wasn’t the best part of the mine plan in any event, but we should get into much better territory over the next twelve months, in terms of grade and strip ratio.” Timmins produced 22,869 oz. gold during the second quarter at all-in sustaining costs of US$1,134 per oz. The company had a 34% year-on-year drop in quarterly metal revenues, and registered a US$1.9-million operational loss. Given the volatile gold price, Timmins is adjusting San Francisco’s operating schedule to mine the lowest strip areas of the pit as early as possible to maximize near-term cash flow. The company expects to crank out between 100,000 and 110,000 oz. gold this year. “We can move quickly down at Ana Paula now that we have the equipment,” Bragagnolo added. “We’re hoping to accelerate our timelines at this point, and we can get the mine into production cheaper and faster than some people expect. There’s a small footprint on the equipment and we have the environmental advantage

of drystack tailings, so it should be a tight design.” The Ana Paula plant acquisition will also see Goldcorp take a larger share position in Timmins via a $6-million private placement, wherein the major will pick up another 20 million units at 30¢ each. The units consist of a share and half a warrant, exercisable at 35¢ for two years. Goldcorp will hold a 9.9% stake in the company. BMO Capital Markets analyst Brian Quast had a “market perform” rating on Timmins and a 40¢-per-share price target before the CEO change. BMO Research said the $50 million estimated savings from the Goldcorp deal will boost Ana Paula’s modelled NPV by US$28 million to US$188 million. “We were already modelling a [6,000-tonne-per-day] mining operation at Ana Paula, implying that the processing plant is a good fit for Timmins,” Quast wrote on Sept. 20. “Although BMO Research views this deal as positive, Ana Paula is not expected to pour first gold for approximately four years. We view Goldcorp’s [stake] in the company as a vote of confidence on [the project].” Timmins has traded within a 52week range of 26¢ to $1.53, and closed at 33.5¢ per share at press time. The company reported US$22 million in cash and equivalents at the end of June, and has 285 million shares outstanding for a $98-million market capitalization. TNM

15-10-06 7:49 PM