The Northern Miner October 19 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 905 841 5004 | geotech.ca

FOCUS: SILVER & PGMS

Wellgreen, Silver Standard, NA Palladium / 7–10

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

AMERIGO RESOURCES

PALLADIUM SET TO RISE?

Digs into more El Teniente tailings / 3

Scotiabank's Patricia Mohr offers her view / 4

OCTOBER 19–25, 2015 / VOL. 101 ISSUE 36 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Industry leaders debate new finance frontiers ROUNDTABLE

| Charity flow-through, streaming, crowdfunding among topics tackled

Suncor goes hostile on Canadian Oil Sands OILSANDS M&A

| Low oil prices drive dealmaking BY MATTHEW KEEVIL

L Mining industry players at the Northern Miner's "New Frontiers in Mining Finance" roundtable discussion on Oct. 5 in Toronto.

“THE BOTTOM LINE IS MILLENNIALS ARE READY. AND THEY ARE GOING TO BE AN IMPORTANT PART OF THE FUNDING FOR MINING IN THE FUTURE.”

By Salma Tarikh starikh@northernminer.com

ndustry leaders weighed in on alternative financing at The Northern Miner’s roundtable discussion titled “New Frontiers in Mining Finance,” held in the oﬃces of Newport Private Wealth in Toronto in early October. The roundtable, sponsored by PearTree Securities and moderated by Northern Miner publisher Anthony Vaccaro, augments the Miner’s independent research on this topic that will be published in full next month. Vaccaro kicked off the discussion by asking about the new realities for mining companies when it comes to raising funds. “The normal is gone,” said Oscar Jofre, CEO and founder of KoreConX, which provides an infrastructure platform for equity crowdfunding. “You can’t look at the same way you

PHOTOS BY STEPHEN FERRIE

CHAD WILLIAMS CEO, RED CLOUD MINING CAPITAL

did business before. You have to look at it differently.” Rod Thomas, president of the Prospectors & Developers Association of Canada, maintains the framework for juniors to access capital is “somewhat broken.” PDAC is urging the Canadian government to encourage investments in the mining sector through contin-

ued and more robust tax breaks for exploration companies and investors, among other initiatives. Given the structurally challenged capital markets, Haywood Securities’ vice-president and senior analyst Kerry Smith says companies will get more creative with financings. “Crowdfunding or these smaller fi-

nancings, I think, will have to be a way for guys to get capital to be able to commit to a project in the development stage or concept.” Crowdfunding, which allows companies to raise capital by accessing a large group of people via the Internet, raised $65 billion worldwide in 2014. It’s time for mining companies to capitalize on this opportunity, Jofre said. But as recent history in mine finance shows, change takes time. Silver Wheaton (TSX: SLW; NYSE: SLW) CEO Randy Smallwood spent a decade promoting streaming as a financing option, with the idea only recently catching on in a big way. “It’s been ten years of trying to convince everyone that this isn’t a magic black box,” Smallwood said. “It’s been a battle.” He lamented the mining industry is traditional in its ways, making it tough to introduce new ideas. However, once these notions are

mkeevil@northernminer.com VANCOUVER

ow crude oil prices have driven market valuations in the energy industry to historic lows, and Suncor Energy (TSX: SU; NYSE: SU) is hoping to take advantage of the downcycle with a hostile bid for Canadian Oil Sands (TSX: COS; USOTC: COSWF). On Oct. 5 Suncor offered 0.25 of a share for each Canadian Oil share tendered, which equates to $8.83 per share, or $4.3 billion. Suncor president and CEO Steve Williams revealed on a conference call that he had tried to discuss a takeover in March and April, but Canadian Oil See SUNCOR / 3

PM40069240

See FINANCE / 2

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

NATIONAL MINING HALL OF FAME: FIVE INDUCTEES ANNOUNCED / 5

TNM Oct 19 2015 Front.indd 1

15-10-13 7:40 PM

WWW.NORTHERNMINER.COM

OCTOBER 19–25, 2015 / THE NORTHERN MINER

New ﬁnance frontiers

Taking part in the discussion, from front left: Andrew Farncomb, Cairn Merchant Partners managing partner; Kerry Smith, Haywood Securities vice-president and senior analyst; and Ian Ball, Abitibi Royalties president and CEO. PHOTO BY STEPHEN FERRIE FINANCE From 1

Randy Smallwood (left), Silver Wheaton president and CEO, and David Harquail, Franco-Nevada president and CEO, at the New Frontiers in Mining Finance discussion in Toronto in October. PHOTO BY STEPHEN FERRIE

“THAT HEROIN [SHORT-TERM CAPITAL] ALWAYS LEADS TO BAD OUTCOMES.” DAVID HARQUAIL PRESIDENT AND CEO, FRANCO-NEVADA

accepted, people might wonder what took so long. Referring to crowdfunding, Chad Williams, Red Cloud Mining Capital’s CEO, said that “in some ways, it sort of reminds me of the Wright brothers. Nobody was sure that the plane was going to fly. But when it did, it seemed obvious to everyone in retrospect.” However, Franco-Nevada (TSX: FNV; NYSE: FNV) CEO David Harquail was less enthusiastic about shortterm fi nancings. The mining sector, he said, needs “long-term, patient capital” brought in by such vehicles as royalties to develop mining projects through the commodities cycle. He

believes pension funds may become more involved in the industry as a long-term source of capital. Harquail pointedly described shortterm capital as “heroin,” explaining that it will leave the industry in worse shape after the initial euphoria, recalling the last time institutional capital flooded into the sector on the back of higher commodity prices, and many companies took on expensive, nowuneconomic projects. “That heroin always leads to bad outcomes,” he said. Balmoral Resources (TSX: BAR; US-OTC: BALMF) CEO Darin Wagner noted this boom period is over, and the mining industry is back to where “there is no easy money.” But now companies have more financing alternatives. Expounding on the array of options, Ian Ball, CEO of Abitibi Royalties (TSXV: RZZ; US-OTC: ATBYF), suggested firms could pay more attention to rights offerings as a source of nondilutive capital, explaining the Toronto Stock Exchange has made it easier to do so. “If you want to go raise a little bit of capital, I think you should go to your shareholders first, who have been supportive of the company,” he said. Andrew Farncomb, managing partner at Cairn Merchant Partners, says private equity firms will likely play an important role in funding projects, as they will often finance a project to production. Vaccaro noted the Miner's new reader survey found participants had the most confidence in private equity, and used this alternative the most in the past 12 months. Respondents expected capital raised through private equity would increase the most after royalties and streaming. While firms like the idea of accessing long-term funds from a small group of individuals, David Thomas, managing director of the Canadian arm of

THE DREAM TEAM OF MINING. MEET MIKE HENDERSON, TROY MEYER, AND TEAM DOWL’s team of internationally recognized mining pros are ready to take on your engineering challenges. Our experts specialize in geotechnical engineering, all things tailings and heap leach, civil infrastructure, plant upgrades, and pre-feasibility/feasibility studies. We pride ourselves on assembling the right team to complete all aspects of mine development projects. Experience world-class talent and skill coupled with the kind of personalized attention you won’t find anywhere else.

PEOPLE WHO MAKE IT HAPPEN.

TNM Oct 19 2015 Front.indd 2

dowl.com

Resource Capital Funds, cautioned that private equity may not suit all firms or their management teams. He said private equity fi rms are active investors and often take seats on boards, modify management teams, provide input on budgets and have rights to protect their investments from dilution. “At the end of the day, there’s not one solution that fits all,” Iamgold’s (TSX: IMG; NYSE: IAG) executive vice-president and chief financial officer Carol Banducci said. “It’s great that you have different opportunities to look at your business, and look at what makes sense for you, whether it’s traditional debt, equity or alternative financing arrangements.” Earlier this year, Iamgold raised $50 million through a charity flow-through with PearTree Securities for its new Westwood gold mine in Quebec. “It was a great opportunity to access at a very attractive level that marketplace,” Banducci said. Quebec-focused junior Balmoral has also made use of flow-through and charity flow-through financings, Wagner noted. The Northern Miner survey, however, revealed participants thought charity flow-through financing was the alternate financing method least suited for mining, followed by crowdfunding, while private equity and flow-through financing ranked as the best two options in terms of perception. Trent Mell, PearTree Securities’ president and head of mining, commented such views are likely due to the lack of familiarity about charity flow-through financing, as also shown in the survey. “If you love traditional f lowthrough, you’re going to love charity f low-through,” Mell said. “It’s the same product but better,” as it benefits companies, investors and charities. Under this structure, an investor/donor subscribes to flow-through shares, with both the company and donor receiving tax credits. The donor then gifts the shares to a registered charity, which sells them to an institutional investor to receive its funds, and write a tax receipt for the original donor. Over the past three months, Liam Fitzgerald, PwC’s Canadian mining leader, said he has had over 60 conversations with clients about alternative financings, because they want to understand the different models. “It’s a big education process that we’re going through,” he said, explaining clients want to make sure the method is tax neutral before they get to the advantages. Another challenge in raising funds is the mining industry’s relatively limited investor base. Demographics play a role in the sector’s current malaise, Red Cloud’s Williams argued. “As baby boomers get older, they are conserving capital and are unwilling to risk capital in more speculative industries like mining.” Market research on Canadian millennials, currently aged 18 to 35, shows that the group is open to investing in mining, but don’t know a lot about the industry, Williams said. “The bottom line is that millennials are ready. And they are going to be an important part of the funding for mining in the future.” TNM

15-10-13 7:41 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 19–25, 2015

Suncor goes hostile SUNCOR From 1

Sands rebuffed his overtures. The offer represents a 43% premium based on the companies’ closing prices at the time of the offer, and a 35% premium to Canadian Oil Sands’ 30-day, volume-weighted average trading price. Suncor also pointed out it would absorb $2.3 billion in debt, which would boost the transaction value to $6.6 billion. If the deal closes, Canadian Oil Sands shareholders would own 7.7% of the combined company, while Suncor would also boost its ownership in the Syncrude Canada joint venture from 12% to nearly 49%. Syncrude is a Canadian oilsands partnership that also includes Imperial Oil (TSX: IMO; NYSE-MKT: IMO), Mocal Energy, Murphy Oil (NYSE: MUR), Nexen Energy (TSX: NXY; NYSE: NXY) and China’s Sinopec Oil Sands. “The industry has experienced a significant deterioration of market fundamentals, with crude futures pricing declining,” Williams pointed out. “The futures curve for oil would suggest that it may be several years before we regain the pricing levels we anticipated at the time of the first offer. In light of this structural change in the market, we believe the current offer represents a full and fair value. The outlook for markets is challenging, particularly for standalone producers such as [Canadian Oil Sands].

“WE BELIEVE THE CURRENT OFFER REPRESENTS A FULL AND FAIR VALUE.” STEVE WILLIAMS PRESIDENT AND CEO SUNCOR ENERGY

Canadian Oil Sands’ share price had dropped 53%, or $10.28, since early 2014 en route to a $6.19 close at the time of the takeover offer. Suncor is already the leading integrated energy producer in Alberta, and the deal would boost its output from 580,000 barrels per day (bpd) of oil to nearly 690,000 bpd, with over 80% of production from oilsands. CFO Allister Cowan pointed out that Suncor has increased its dividend

every year since 2002, and generated over $700 million in free cash flow over the first half of 2015, despite investing $1.9 billion in “growth opportunities.” The company is attempting to woo share tenders with the promise of a healthier balance sheet, as it keeps a net debt to capitalization ratio of 17%, compared to Canadian Oil’s 36% ratio. “When oilsand prices are discounted, Suncor’s integrated downstream benefits through the purchase of discounted feedstock into its refineries,” Williams added to the pitch. “By processing the discounted crude into f inished transpor tation fuels and selling those fuels at market price, [we] effectively capture a global price for oilsands crude production. In this way, our integrated downstream acts as a hedge against crude price differentials that hurt non-integrated oil producers such as [Canadian Oil Sands].” BMO Capital Markets analyst Randy Ollenberger and CIBC analyst Arthur Grayfer both speculated that a competing bid could emerge due to the heavy discount on the offer. Ollenberger noted that Imperial Oil may be the “most logical” candidate, though a number of the members of the Syncrude partnership could step forward. On Oct. 5 Canadian Oil Sands’ board called Suncor’s offer “opportunistic,” and unanimously rejected it for “not being in the best interests of the company.” Canadian Oil adopted a shareholder rights plan — or so-called “poison pill” — that will trigger if any party acquires 20% or more of its shares, while allowing current shareholders to buy stock at a discount. The company also added a condition wherein it will have 120 days to consider any further offers. Suncor shares have traded within a 52-week window of $30.89 to $40.93, and closed at 34.83 at press time. The company has 1.5 billion shares outstanding for a $50.7-billion market capitalization. Meanwhile, shares of Canadian Oil jumped 41%, or $2.72, after news of the offer en route to a $9.30 close. The company has 484 million shares outstanding for a $4.6-billion market capitalization. TNM

Bitumen upgrading facilities at the Syncrude oilsands project in Alberta, which is jointly owned by Canadian Natural Resources, Suncor, Imperial Oil Resources, Mocal Energy, Murphy Oil, Nexen Energy and Sinopec Oil Sands. SYNCRUDE

TNM Oct 19 2015 Front.indd 3

Amerigo secures new resource in old tailings CHILE COPPER

| Opex to fall below US$2 per lb

Amerigo Resources’ Cauquenes copper tailings project in Chile. AMERIGO RESOURCES

BY TRISH SAYWELL

tsaywell@northernminer.com

merigo Resources (TSX: ARG; US-OTC: ARREF) hasn’t lost much time since it cut a deal with Codelco in April 2014 to treat a new source of tailings from the miner’s El Teniente mine — the world’s largest underground copper operation — near Santiago, Chile. Until now, the Vancouver-based company had processed fresh tailings from El Teniente and historic tailings from the mine’s Colihues tailings deposit. But on Sept. 24, after half a year of construction, Amerigo’s Chilean subsidiary, Minera Valle Central S.A. (MVC), started processing historic tailings from El Teniente’s Cauquenes storage area, next to Colihues, at a rate of 30,000 tonnes per day. That number should rise to 60,000 tonnes per day, management predicts, after expanding the processing facility in the first phase for US$71 million, scheduled for this year's fourth quarter. The company’s annual production from all three tailings sources at El Teniente will increase to 70 million lb. copper, Klaus Zeitler, Amerigo’s chairman and CEO, tells The Northern Miner. “The agreement on Cauquenes and the extension of the fresh tailings contract is a game changer for Amerigo, because it allows MVC to double production and due to higher metal grades reduce operating costs to well below US$2 per lb. copper,” Zeitler writes in an email. Cash costs are expected to decrease from US$2.08 per lb. in 2014 to US$1.75 per lb., according to a corporate presentation in July. (MVC trimmed cash costs from US$2.48 per lb. in 2012 to US$2.08 per lb. in 2014.) After all phases of the expansion, the company estimates that annual copper production could rise to 90 million lb. at cash costs of US$1.50 per lb. Over the next 15 to 20 years, Zeitler says, Cauquenes could add value to the company, which can process tailings from El Teniente until Dec. 31, 2037. The MVC operation, in Region IV, 90 km south of Santiago and 8 km east of the city of Rancagua, produces copper and molybdenum concentrates by reprocessing El Teniente’s tailings. The operation has generated positive cash flow every year since the plant was built in 1992. Cauquenes contains 338 million tonnes grading 0.3% copper, which is higher grade than the nearby Colihues’ tailings, which average 0.2%. Cauquenes’ material is also higher grade than the mine’s fresh tailings, which average 0.1% copper. The Cauquenes expansion project is fully funded by a debt financing from a syndicate of banks led by Banco

“THE AGREEMENT ON CAUQUENES AND THE EXTENSION OF THE FRESH TAILINGS CONTRACT IS A GAME CHANGER FOR AMERIGO.” KLAUS ZEITLER EXECUTIVE CHAIRMAN, AMERIGO RESOURCES

Bilbao Vizcaya Argentaria (a multinational group providing financial services in over 31 countries), and Export Development Canada. The financing, completed in March, held up to US$64.4 million for construction, and another US$9 million in a value-added tax loan in Chilean pesos. “The financing is a major achievement in the present market environment, and was done without diluting Amerigo’s shareholders,” says Zeitler, who resigned as CEO on Oct. 1, but remains the company’s executive chairman. Raymond Goldie of Salman Partners has a 95¢-per-share target price on the

stock, which he says is “based on the assumptions that Amerigo produces 16.2 million lb. copper in the first half of 2015 from fresh tailings and 49.6 million lb. copper in 2016 from fresh tailings and from Cauquenes, reaching a full-year rate of 70 million lb., only by 2017.” Goldie conceded in a research note that “these assumptions now look conservative, but we are retaining them to allow for possible hiccups, as Amerigo learns how to cope with a new orebody.” At press time Amerigo’s shares traded at 26.5¢, within a 52-week range of 22¢ to 45¢ per share. TNM

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. 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

15-10-13 7:41 PM

WWW.NORTHERNMINER.COM

OCTOBER 19–25, 2015 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com STAFF WRITERS: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Dave Chauvin (416) 510-6824 dchauvin@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com 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 PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NB, NF orders 15% H.S.T. to NS orders. 14% H.S.T. to PEI orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 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

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 business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

TNM Oct 19 2015 Front.indd 4

E D I T O R IA L

Navigating the new terrain of mine ﬁnancing

Scotiabank’s Mohr: Palladium ‘oversold’ METALS COMMENTARY

| Rising car ownership and emission standards in China should boost palladium prices

ROUNDTABLE

| Charity, streaming, crowdfunding and more vie for attention

n early October, The Northern Miner was privileged to play host to a roundtable discussion bringing together some of the heaviest hitters and nimblest minds on Bay and Howe streets to hash out the state of alternate finance methods in the mining industry. Sponsored by flow-through financing specialists By John Cumming PearTree Securities and held in the chic oﬃces of jcumming@northernminer.com Newport Private Wealth, the roundtable was titled “New Frontiers in Mining Finance” and moderated by Northern Miner publisher Anthony Vaccaro. Some of the fodder for the discussion were the results of new data generated by The Northern Miner’s polling of its readers on their attitudes and understanding of alternate mine financing. The roundtable participants were a dream team of experts on the matter: David Harquail, president and CEO of royalty king Franco-Nevada; Randy Smallwood, president and CEO of streaming pioneer Silver Wheaton; Carol Banducci, executive vice-president and chief financial oﬃcer at cash-rich gold miner Iamgold; Rod Thomas, president of the Prospectors & Developers Association of Canada; Kerry Smith, vice-president and senior mining analyst at independent investment firm Haywood Securities; Chad Williams, president and CEO of capital markets advisory firm Red Cloud Mining Capital; David Thomas, managing director (Canada) of mining-focused private equity fund Resource Capital Funds; Andrew Farncomb, managing partner at independent merchant bank Cairn Merchant Partners; Liam M. Fitzgerald, accounting powerhouse PwC's mining leader in Canada; Darin Wagner, president and CEO of the fi nancially savvy gold junior Balmoral Resources; Ian Ball, the innovative president and CEO of Abitibi Royalties; industry veteran Trent Mell, PearTree Securities’ president and head of mining; and crowdfunding evangelist Oscar Jofre, CEO and founder of KoreConX. Through our research, The Northern Miner is seeking to gauge the mining industry’s need for alternate fi nancing methods that encompass royalties, flow-through fi nancing (including charity flow-through fi nancing), private equity, streaming and the strange new kid on the block, equity crowdfunding. Royalties have been a lucrative business for Franco-Nevada, the former upstart company of the 1990s that has now settled into its status as an established industry player. Franco’s Harquail took the most sober approach during the discussion, warning of the dark side of money that comes too easily — as inferred by advocates of crowdfunding — but holding out hope that more long-term money could enter the mining sector from pension funds that see royalties as a particularly good fit. In contrast, Silver Wheaton’s Smallwood was more curious about the possibilities of equity crowdfunding, and looked straight at KoreConX’s Jofre, and told him, “I listen to you and I see myself ten years ago” — back in the days when Smallwood spent much of his time trying to convince people that streaming was a viable fi nancing vehicle for mining. He noted streaming only hit its stride after several breakthrough deals were sealed with majors Glencore, Vale and Barrick Gold. The concept of equity crowdfunding also got approval from Balmoral’s Wagner, who likened it to grubstaking of old, and Red Cloud’s Williams, who said crowdfunding will replace the retail investor in mining. In some quarters, private equity has been held out as a financial saviour for the mining industry, but RCF’s David Thomas said the story isn’t that simple, as many general interest private equity firms may not have the in-house technical expertise to invest in mining companies. Charity flow-through financing got a hearty endorsement from Wagner — who noted Balmoral has made use of it — and from Iamgold’s Banducci, who underscored that her firm raised $50 million this way for the new Westwood gold mine in Quebec. PearTree also helped Pretium Resources raise $75 million using charity flow-though financing. But this, and our front-page story on new finance frontiers, are only a taste of what will come out in our full stand-alone report, which we'll include in a regular issue of The Northern Miner next month.

DEPARTMENTS Careers . . . . . . . . . . . . . . . . . 15 Editorial . . . . . . . . . . . . . . . . . 4 Mining Jobs . . . . . . . . . . . . . 16

Metal Prices . . . . . . . . . . . . . 11 Professional Directory . 14-15 Stock Tables . . . . . . . . 6, 11-13

COMPANY INDEX Abitibi Royalties . . . . . . . . . . 2 Amerigo Resources . . . . . . . . 3 Balmoral Resources . . . . . . . 2 Cairn Merchant Partners . . . 2 Canadian Oil Sands . . . . . . . 1 Codelco . . . . . . . . . . . . . . . . . 3 Franco-Nevada . . . . . . . . . . . 2 Golden Arrow Resources . . . 7 Haywood Securities . . . . . . . 1 Hudbay Minerals . . . . . . . . . . 7 Iamgold . . . . . . . . . . . . . . . . . 2 Imperial Oil . . . . . . . . . . . . . . 3 KoreConX . . . . . . . . . . . . . . . 1 Mocal Energy. . . . . . . . . . . . . 3

Murphy Oil . . . . . . . . . . . . . . 3 Nexen Energy . . . . . . . . . . . . 3 North American Palladium . 9 NovaGold Resources. . . . . . . 8 PearTree Securities . . . . . . . . 1 Prospectors & Developers Association of Canada . . . . 1 Resource Capital Funds . . . . 2 Silver Standard Resources . . 7 Silver Wheaton . . . . . . . . . . . 1 Sinopec Oil Sands . . . . . . . . . 3 Suncor Energy . . . . . . . . . . . . 1 Wellgreen Platinum . . . . . . . 7

Drivers wait for a traffic signal in Shanghai, China. BY TRISH SAYWELL

tsaywell@northernminer.com

cotiabank economist and commodity specialist Patricia Mohr says palladium offers the greatest upside within the platinum group metals (PGMs) due to rising demand for car ownership in China and the central government’s wish to improve controls on car emissions. Palladium is the main metal used in catalytic converters to control exhaust emissions in gasolinedriven automobiles, while platinum is used more widely in catalytic converters employed in diesel-run vehicles, which in China are less popular, Mohr says. “China adopted what it calls the China IV emission standards, which are equivalent to Euro IV in the European Union, and has given itself until 2016 to implement them fully,” Mohr says. “However, they’re going to have to move to even tighter emission standards in the future, and as they do, this will require higher PGM loadings in the catalytic converters to reduce pollution.” (The China V standard, roughly the equivalent of Euro V, must be implemented in China for gasoline and diesel vehicles, as of Jan. 1, 2018.) The average catalytic converter in China has 2.4 grams of PGMS, of which 2 grams are palladium and 0.4 gram is platinum, Mohr says. In contrast, North American catalytic converters contain 3.7 grams of PGMs, 2.9 grams are palladium and 0.8 gram is platinum. “There is a lot of growth that can occur in palladium use, if standards are tightened in China, and I’m sure they will be tightened,” the strategist says. (Under Euro IV, emissions have been tightened to a maximum sulphur content of 50 parts per million.) While car sales in China have declined during the last three months, the slowdown was largely due to the stock market rout and will be shortlived, she says. “I think that will just be a near-term correction, and motor vehicle sales will get going again fairly soon and will do well in the medium-term, particularly SUVs, which are so popular in China ... I

PHOTO BY CARLOS ZGZ

“THERE IS A LOT OF GROWTH THAT CAN OCCUR IN PALLADIUM USE, IF STANDARDS ARE TIGHTENED IN CHINA.” PATRICIA MOHR VICE-PRESIDENT, ECONOMICS AND COMMODITY MARKET SPECIALIST, SCOTIABANK

can’t imagine that car ownership is going to stall for long.” One reason she is so optimistic about the China car market is that it is starting from a low base compared to most G7 countries. Last year, for instance, car ownership per 1,000 people in China was just 104, compared to 803 in the U.S. “Over the medium-term, auto sales will continue to be a leading sector in China’s economy,” she says. “And as the economy shifts gradually from being oriented towards heavy industry and a reliance on exports, to a more service-oriented economy, cars and particularly SUVs, are going to be a big factor and a growth sector, as they have been in recent years.” Mohr also points out that the recent scandal at Volkswagen, where management misled the public about emissions, could also affect demand for diesel cars and platinum use in Europe. “The whole controversy at Volkswagen is quite extraordinary,” she says, “and I think there could be some shift away from diesel-run cars, even in the G7 countries, towards gasolinedriven vehicles.” Recent concerns over the health of the Chinese economy and its demand for commodities has pushed metal prices lower, but Mohr believes palladium was “oversold in the last month, relative to its medium-term fundamentals.” Mohr contends t hat US$750 to US $8 0 0 per oz . pa l lad iu m “would be quite conceivable, and it should be there right now.” At press time palladium was selling for US$706 per oz. TNM

Palladium price in 2015 (LBMA PM fix, US$)

$1,000

$800

$600

$400 Jan 2015

Feb 2015

Mar 2015

Apr 2015

May 2015

Jun 2015

Jul 2015

Aug 2015

Sep 2015

Oct 2015

15-10-13 7:41 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 19–25, 2015

National Mining Hall of Fame to induct five more INDUSTRY EXCELLENCE U.S. mining industry leaders TS Ary, Frank F Aplan, Ralph E Bailey, John Campbell Greenway and Edward Steidle will be inducted into the National Mining Hall of Fame at a banquet on Oct. 23, 2015, in Pittsburgh, Pa. Based in Leadville, Colo., the institution will also honour the Powell River Project Research & Education Center this year. For more information visit www. mininghalloffame.org.

T.S. Ary 1925–2009 T.S. Ary was a leader in mineral exploration and a champion of economically and environmentally sustainable mineral policies for the nation. A mining engineering graduate from Stanford University with graduate studies in mineral law, land management, international studies and business, Ary served as a U.S. navy carrier pilot in World War II before starting his professional career in 1951 with the Anaconda Mining in Butte, Mont. He was a shift boss and assistant superintendent at several mines before moving into Anaconda’s geology department. He joined Union Carbide in 1953 as a mining engineer and superintendent of a vanadium mine in Rifle, Colorado and named vice-president of Union Carbide Exploration in 1967. In 1975, he joined Utah International as vicepresident of exploration and director of development. He was appointed president of Kerr-McGee’s Minerals Exploration division in Oklahoma City, Okla., in 1980. While at Kerr-McGee, he was responsible for worldwide hard mineral and coal exploration, as well as land acquisition and management functions of all operating divisions except oil and gas. A prolific author and advocate for the mining industry, Ary was a recognized authority on mineral policy. He served on the U.S. State Department Task Force to the United Nations Law of the Sea Convention and the Mineral Advisory Committee to the Department of Commerce. He chaired both the Minerals Availability Committee of the American Mining Congress and the Natural Resources Committee of the National Association of Manufacturers. He served four years on the National Strategic Materials and Minerals Program Advisory Committee to the Secretary of the Interior. He also served as director of the American Indian Science and Engineering Society, chairman of the Colorado Plateau Section of the American Institute of Mining, Metallurgical and Petroleum Engineers, and director of the Colorado Public Expenditures Council. He was recognized for his leadership in the industry through receipt of the AIME Robert Earl McConnell Award in 1993, and the SME President’s Citation in 1992. In 1988, Ary was sworn in as the eighteenth director of the U.S. Bureau of Mines in 1988, serving under U.S. presidents Reagan and Bush. Under his leadership, the Bureau of Mines advanced a number of technologies that advanced the industry: self-rescue equipment that allowed miners to breathe when caught in underground disasters; production processes for specialty metals; techniques to recover strategic and critical minerals to reduce U.S. vulnerability to import block-

TNM Oct 19 2015 Front.indd 5

| US institution set to honour mining industry leaders

ages; making man-made wetlands to limit pollution of waterways by acid mine drainage; methods to minimize subsidence impacts; improved recycling of metals, plastic and paper from municipal wastes; and using bacteria to remove arsenic and cyanide from wastewater.

Frank F. Aplan (b. 1923) Frank Aplan is among the most influential mineral processing leaders in industry and academia. His studies of the processes involved in the preparation of coal and ores are acknowledged worldwide for their broad applicability. An authority on flotation, Aplan is especially known for his studies of wetting solids and their control through the adsorption of surfactant fi lms, and for his work on the effects of atomic defects on properties, and behavior of solidliquid interfaces. Born in Boulder, Colo., in 1923, Aplan acquired an interest in the chemistry of paints at the age of 10. He enrolled in the South Dakota School of Mines and Technology in 1941, but his studies were interrupted by four years serving his country as an army combat infantryman during World War II. He was awarded the Combat Infantryman Badge and the Bronze Star, and was discharged in 1946, returning to complete his studies at “Mines” in 1948. He went on to earn master’s and doctorate degrees from Montana School of Mines in 1950 and the Massachusetts Institute of Technology in 1957. Working at the Homestake, Climax, and Day mines grew the skills for which Aplan is now recognized: integrating theory with practice in processing coal, ores and industrial minerals. From 1957 to 1968, he rose from research engineer to group manager of research and development for Union Carbide. He later came to chair the Mineral Processing Department at Pennsylvania State University in 1968. Aplan has made outstanding contributions to education in minerals and solid fuels processing. He supervised over 50 graduate students in mineral processing and introduced thousands of undergraduates to the concepts of solids processing. He authored over 150 publications in prestigious journals and symposia that continue to illuminate mineral processing aspirants with his findings and knowledge. His excellence in teaching was affirmed when he received the student-nominated Wilson Outstanding Teaching Award at Penn State. He was awarded the Distinguished

Professor Emeritus of Metallurgy and Mineral Processing for Penn State in 1999. He has received prestigious awards of the American Institute of Mining, Metallurgical and Petroleum Engineers (AIME) and the Society for Mining, Meta llurg y and Exploration (SME): Richards Award, SME Distinguished Member, Taggart Award, AIME Honorary Member, Gaudin Award and Percy Nichols Award. In 1989, the United Engineering Foundation created the Frank F. Aplan Award in his name “to recognize engineering and scientif ic contributions that further the understanding of the processing of minerals.” That same year, Aplan was elected to the National Academy of Engineering, the highest recognition that an engineer can achieve for his “contributions to education and research in the mineral industry through the integration of theory and practice covering metallic ores, industrial minerals and coal.”

Ralph E. Bailey (b. 1924) Ralph E. Bailey is a distinguished veteran of the coal industry. The former chairman and CEO of Conoco, Bailey helped mastermind the largest corporate merger of its day when Conoco was acquired by DuPont in 1981. He is regarded not only for his impressive accomplishments as an executive, but also for his staunch commitment to safety, engineering and improving mine operations. Born in Indiana on March 23, 1924, Bailey married Bettye J. Holder of Elberfeld, Ind., in 1945. He graduated from Purdue University with a BS in Mechanical Engineering in 1949 and joined Peabody Coal (formerly Northern Illinois Coal) as an engineer in 1949, eventually becoming executive vice-president in 1964. While at Peabody, his leadership and creativity paved the way for a new generation of giant shovels and draglines. In 1965 he joined Consolidation Coal (Consol) as vice-president, and became its president and CEO in 1975. During his tenure at Consol, Bailey implemented many new concepts, including the first longwall system to operate in eastern bituminous coal at the Shoemaker Mine in 1973. Longwall mining was an advance in underground mine productivity and is now the standard for eﬃcient underground mining. Bailey’s namesake the Bailey mine and its nearby sister mine Enlow Fork in southwestern Pennsylvania are among the most productive and higher-volume underground coal mines in the U.S.

Bailey championed a grassroots program at Consol to greatly improve the health and safety of both underground and surface miners. The dramatic results achieved stimulated industry efforts to do the same. Losttime accidents, serious injuries and fatalities were all reduced, and fi res, floods and explosions were virtually eliminated in most mines. Consol’s “Ralph E. Bailey Safety Trophy” — awarded to operations that worked a million man-hours without a lost time accident — is a reminder of Bailey’s commitment to the safety of his miners. Consol was acquired by Continental Oil (Conoco) in 1966. Bailey was named vice-chairman and a director of the parent company, and became Conoco’s chairman and CEO in 1979. He led Conoco in 1981 when it was acquired by E.I. duPont de Nemours & Co. for US$7 billion, the largest corporate acquisition of its time. Bailey retired from his executive positions at DuPont and Conoco in 1987. During his career, he was the president of the American Mining Congress (AMC) and received AMC’s Distinguished Service Award for his industry contributions. He also served as chairman of the National Petroleum Council, chairman of the Environmental Task Force of the Business Roundtable and director of the American Petroleum Institute. Purdue University awarded him an honorary Doctorate in Engineering in 1979.

John Campbell Greenway (1872–1926) John Campbell Greenway was a man of unique engineering ability, managerial talent, perseverance and a reputation for completing tough jobs. A mining, steel and railroad executive, Greenway also had a distinguished career as a soldier. Born in Huntsville, Ala., in 1872, Greenway graduated from Yale University with a PhD in engineering and was a celebrated athlete. His early mining employment was cut short when he joined Roosevelt’s Rough Riders in the Spanish-American War and earned a Silver Star for courageous service at the Battle of San Juan Hill. After the war, Greenway resumed his mining career with US Steel, where he led the development of the Western Masabe Iron Ore Range in Minnesota. Asked to move to Bisbee, Ariz., in 1910, he became General Manager of Calumet & Arizona Copper. He was later named General Manager of New Cornelia Copper (NCC) and the Cornelia & See HALL OF FAME / 15

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

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:

Global Leader

Your Technical Services Partner in Geochemistry and Metallurgy

Platinum Sponsors:

For more information, scan this QR code or visit www.alsglobal.com Phone: +1 604-984-0221 RIGHT SOLUTIONS RIGHT PARTNER

15-10-13 7:41 PM

WWW.NORTHERNMINER.COM

OCTOBER 19–25, 2015 / THE NORTHERN MINER

MA R K E T N EWS TORONTO STOCK EXCHANGE / OCTOBER 2–8 Stocks gained ground as higher oil prices lifted the energy-heavy Toronto Stock Exchange, while the prospects of an interest rate increase in the U.S. receded further into the background. Brent crude futures posted four straight closes above US$50 per barrel last week, while the U.S. Federal Reserve released minutes from its September meeting, during which the central bank said it would wait to see how slowing global economic growth might impact the U.S. economy. The S&P/TSX Composite Index jumped 5.6% to 13,978.66, while the S&P/TSX Capped Diversified Metals & Mining Index surged 40% to 487.74, and the S&P/TSX Global Mining Index advanced 15.5% to 54.19. Gold rose 2.3% — or US$25.50 per oz. to finish at US$1,139 per oz. — lifting the S&P/TSX Global Gold Index by 12.6% to 135.20. Shares of First Quantum Minerals jumped 75% to $8.56, and were the most traded after the company announced its actions to combat low commodity prices. After a detailed review and reappraisal of capital costs at its Cobre Panama project, First Quantum estimates total project costs of US$5.95 billion, down 7% from its previous estimates, with potential for improvements. The lower estimate was due to “better construction efficiency, continued optimization of detailed design and lower costs for equipment and bulk materials, such as rebar and structured steel,” the company said,

as well as better clarity on costs now that the project is 35% complete. First Quantum said the remaining costs to completion will be met by another contribution from partner KPMG of US$666 million, US$1 billion payable from Franco-Nevada under a recent stream agreement and US$1.7 billion from First Quantum. Other planned capital programs across the company have been “reduced or rephased” by US$700 million. Among other measures, it has hedged 170,000 tonnes of copper production at US$2.41 per lb. over the rest of 2015 and well into 2016, cut the workforce by 644 and reduced salaries by up to 20%. It has also committed to reduce net debt by over US$ 1 billion by the end of the fi rst quarter of 2016 “through a combination of asset sales and other strategic initiatives.” TSX MOST ACTIVE ISSUES VOLUME

WEEK (000s)

First Quantum Teck Res B Rubicon Mnrls Lundin Mng Yamana Gold Capstone Mng B2Gold Eldorado Gold Barrick Gold Potash Cp Sask

FM TCKB RMX LUN YRI CS BTO ELD ABX POT

HIGH

44490 8.93 36068 9.57 29762 1.00 27087 4.69 24436 3.22 20427 0.63 20002 1.68 17460 5.21 17151 9.77 16114 29.01

LOW

CLOSE CHANGE

4.71 8.56 6.08 9.53 0.57 0.70 3.83 4.65 2.22 3.05 0.44 0.62 1.43 1.64 4.13 4.87 8.50 9.33 25.80 28.53

+ + + + + + + + +

3.67 3.44 0.25 0.80 0.90 0.19 0.26 0.82 1.14 2.95

Copper Mountain Mining surged 58% to 61¢. The company reported that its Copper Mountain copper mine in southern B.C. near Princeton produced 20.4 million lb. copper in the third quarter of 2015. Concentrate shipped during the quarter contained 21.9 million lb. copper, plus gold and silver, and generated an estimated US$60 million in gross revenue. In the third quarter the mill achieved an

average record throughput of 37,400 tonnes per day for a 22% increase over the comparative period of 2014. The ore grade averaged 0.4% copper for the quarter. In addition, the company received approval during the quarter for various amendments to its permits, such as including the Virginia Pit in the mine plan, which has a higher-thanaverage head grade.

TSX GREATEST PERCENTAGE CHANGE VOLUME

First Quantum Copper Mtn Mng Corvus Gold Teck Res B TVI Pacific Teck Res A Sherritt Intl Verde Potash Minemakers Energizer Res Rubicon Mnrls First Point Fortune Mnrls Horizns G Bear Gran Colombia Silver Bull Re Namibia Rare E U3O8 Corp Nautilus Minls Horizonte Mnls

WEEK (000s)

FM CUM KOR TCKB TVI TCKA S NPK MAK EGZ RMX FPX FT HGD GCM SVB NRE UWE NUS HZM

HIGH

LOW

44490 8.93 4.71 5074 0.63 0.38 110 0.67 0.39 36068 9.57 6.08 881 0.02 0.01 23 11.50 8.14 9505 1.09 0.72 39 0.38 0.25 87 0.13 0.13 3303 0.05 0.04 29762 1.00 0.57 203 0.08 0.06 888 0.04 0.03 5587 15.13 11.52 127 0.23 0.18 55 0.09 0.08 430 0.06 0.05 3158 0.03 0.03 845 0.30 0.24 30 0.03 0.03

TSX GREATEST VALUE CHANGE

CLOSE CHANGE

8.56 0.61 0.63 9.53 0.02 11.50 1.06 0.38 0.13 0.05 0.70 0.06 0.03 12.55 0.18 0.09 0.05 0.03 0.26 0.03

+ + + + + + + + + + -

75.0 58.4 57.5 56.4 50.0 47.8 47.2 46.1 44.4 42.8 26.3 25.0 25.0 22.2 20.0 19.0 16.6 16.6 16.3 14.2

Agrium Franco-Nevada Teck Res A First Quantum Teck Res B Royal Gold Silver Wheaton Agnico-Eagle Potash Cp Sask Cameco Corp Horizns G Bear Rubicon Mnrls North Am Pall Sierra Metals North Am En Pa China Gold Int Golden Queen Dundee Prec Mt Nautilus Minls Entree Gold

AGU FNV TCKA FM TCKB RGL SLW AEM POT CCO HGD RMX PDL SMT NOA CGG GQM DPM NUS ETG

WEEK VOLUME

2124008 3526547 22839 44489622 36068052 21497 11010433 7382545 16114273 6083795 5587225 29761969 22753 699610 99769 1561074 13616 949547 844675 278700

124.38 62.42 11.50 8.56 9.53 64.60 18.47 35.78 28.53 18.43 12.55 0.70 4.01 1.00 2.87 1.78 0.93 2.13 0.26 0.35

CHANGE

+ + + + + + + + + + -

7.96 5.61 3.72 3.67 3.44 3.29 3.20 3.03 2.95 2.44 3.59 0.25 0.18 0.15 0.13 0.10 0.06 0.06 0.05 0.05

TSX VENTURE EXCHANGE / OCTOBER 2–8 The S&P/TSX Venture Composite Index rose 4.1%, or 21.5 points, en route to a 547.04-point close. Gold rose US$1.6, or 0.1%, to US$1,142.5 per oz. gold, whereas copper spot prices gained slightly, up 0.1%, to US$2.40 per lb. The Toronto-based junior, Roxgold, gained 4% to 61¢ after announcing the results from its 55 zone infi ll drilling program at its Yaramoko gold project, located in the Houndé greenstone region of Burkina Faso, West Africa. The program confirmed high-grade gold mineralization continued within the upper reaches of the deposit, as the company advances the project towards production for the second quarter of 2016. Highlights include 73.9 grams per tonne gold over 4.4 metres true width, 91.2 grams gold over 2.1 metres true width and 24.3 grams gold over 3.6 metres true width. The underground mine is scheduled to produce 99,500 oz. gold annually for an initial 7.4 years, at all-in sustaining costs of US$590 per oz. gold. Analysts from Macquarie Securities Group have Roxgold as a top pick in the developer space, placing a target price of $1.35 per share for the company. Money is pouring into aspiring miner Kennady Diamonds, as shares rose 0.2% to $3.10,

after closing its non-brokered private placement totalling $48.1 million. The capital will be used to deliver a maiden resource at its Kelvin kimberlite pipe, 280 kilometres east of Yellowknife, N.W.T., and help drive the project towards full feasibility by 2017. Irish Billionaire Dermot Desmond kept his 23.6% share standing in the company by acquiring another 4.5 million shares of Kennady for $12.4 million. The project is located to the north and west of the developing Gahcho Kué diamond mine — a joint venture between De Beers Canada and Mountain Province Diamonds — which is due to start production in the second half of next year. Shares of Karmin Exploration went up 4% TSX-V MOST ACTIVE ISSUES VOLUME

Equitorial Exp Equitas Res Metanor Res Gold Bulln Dev Discovery Vent Gold Canyon Adroit Res Purepoint U Cornerstone Ca Decade Res

EXX EQT MTO GBB DVN GCU ADT PTU CGP DEC

WEEK (000s)

HIGH

LOW

10271 9837 8067 6503 5587 5436 4660 4660 4373 4205

0.09 0.21 0.07 0.03 0.18 0.33 0.01 0.03 0.03 0.02

0.07 0.15 0.05 0.02 0.15 0.27 0.01 0.02 0.03 0.01

CLOSE CHANGE

0.09 0.19 0.06 0.03 0.16 0.32 0.01 0.03 0.03 0.01

+ + + + + + +

0.01 0.03 0.01 0.02 0.01 0.05 0.01 0.01 0.00 - 0.01

to 27¢ after the firm updated its Aripuana zinc project in northwestern Brazil, with 70% joint-venture partner and Peru-based miner Milpo. The partners filed an environmental impact study with Brazilian authorities, and confirmed that the project is on schedule to deliver a definitive feasibility study by next year.

Aripuana is a volcanogenic massive sulphide deposit that hosts measured and indicated resources of 19.1 million tonnes of 3.9% zinc, 1.4% lead, 0.3% copper and 0.25 gram gold. The partners envision a 5,000-tonne-perday underground mine over a 15-year mine life, producing an average 65,000 tonnes of zinc, 25,000 tonnes of lead and 5,000 tonnes of copper-in-concentrate.

TSX-V GREATEST PERCENTAGE CHANGE VOLUME

Bitterroot Res Rock Tech Lith Adroit Res Europn Uran Rs North Am Tung Monster Mng Grande Portage Orex Expl Reliant Gold Gold Bulln Dev Honey Badger E Maudore Minls Themac Res Minfocus Expl Silver Grail R Xmet Emgold Mng Red Moon Potsh BCGold Berkwood Res

BTT RCK ADT EUU NTC MAN GPG OX REC GBB TUF MAO MAC MFX SVG XME EMR RMK BCG BKR

WEEK (000s)

HIGH

LOW

86 307 4660 69 490 51 403 208 83 6503 20 10 287 30 275 516 10 262 200 190

0.07 0.08 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.03 0.01 0.01 0.02 0.01 0.03 0.01 0.01 0.03 0.01 0.01

0.06 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.03 0.01 0.01

TSX-V GREATEST VALUE CHANGE WEEK VOLUME

CLOSE CHANGE

0.06 0.08 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.03 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.03 0.01 0.01

+1000.0 + 150.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

Gold Reserve Kennady Diam Abitibi Royalt Avino Silver Athabasca Mnls Bear Creek Mng Probe Mines Guyana Prec Mt Ascot Res Diamcor Mng Mirasol Res Sierra Iron Or Zenyatta Vent Gresham Res Golden Hope Titanium Corp Tasman Metals Alphamin Res Almonty Ind Highway 50 Gld

GRZ KDI RZZ ASM ABM BCM PRB GPM AOT DMI MRZ NAA ZEN GRC GNH TIC TSM AFM AII HWY

45315 15500 18822 66833 165850 473415 688695 1231875 37125 157620 137046 90600 534031 1322989 351700 632256 210075 69900 131670 115000

3.84 3.10 2.45 1.39 0.33 0.75 0.43 0.20 1.26 0.94 0.77 0.35 1.11 0.59 0.30 1.35 0.33 0.16 0.53 0.10

CHANGE

+ + + + + + + + + + -

0.29 0.18 0.14 0.13 0.07 0.07 0.07 0.07 0.06 0.06 0.09 0.08 0.06 0.05 0.05 0.05 0.05 0.05 0.05 0.05

U.S. MARKETS / OCTOBER 2–8 U.S. equities advanced, with the Dow Jones Industrial Average climbing 4.8% to 17,050.75. The S&P 500 Index advanced 4.7% to 2,103.43 for its highest level in seven weeks. The Nasdaq Composite jumped 4% to 4,810.79. The spot price for gold gained US$33, or 2.9%, to close at US$1,145 per oz. The Federal Reserve’s latest policy meeting indicated low inflation could limit interest rates in the near-term. As a result, the US Dollar Index fell 0.8% to close at 95.30. Oil prices traded above US$50 a barrel for the first time since July, after a positive outlook from PIRA Energy Group. The closely watched oil forecaster estimates prices will climb to US$75 per barrel in the next two years. Teck Resources was the week’s percentage winner, soaring 59% to US$7.31 per share. On Oct. 7, the firm reported a long-term silver streaming agreement with Franco-Nevada for its Antamina copper-zinc-silver mine in Peru. Teck owns a 22.5% interest in the mine, along with BHP Billiton (33.75%), Glencore (33.75%) and Mitsubishi (10%). In exchange, Franco-Nevada will make a one-time US$650-million payment, and pay 5% of the spot price at the time of delivery for each silver ounce delivered under the stream. After 86 million oz. silver have been delivered, estimated

TNM Oct 19 2015 MKT and Tables.indd 6

to occur in 30 years, the stream will be reduced by one-third. Haywood Securities analyst Kerry Smith sees the transaction as a “good deal” for Teck, as it helps strengthen the company’s balance sheet and offsets the development costs for the Fort Hills oilsands project in Alberta. BMO analyst Andrew Kaip says annual stream contributions could average 3.2 million oz. silver, which would increase Franco-Nevada’s gold-equivalent ounce profi le by 13%. “The transaction adds a low-cost, long-life operation to the FNV profile, with meaningful exploration potential beyond the current mine plan,” Kaip writes. Rubicon Minerals was the biggest percentage U.S. MOST ACTIVE ISSUES VOLUME

WEEK (000s)

HIGH

Freeport McMo* FCX 276596 13.62 Alcoa* AA 210331 11.18 Barrick Gold* ABX 112295 7.52 Teck Res B* TCK 68454 7.37 Goldcorp* GG 59524 14.17 Potash C Sask* POT 59313 22.20 Kinross Gold* KGC 58912 2.27 Newmont Mng* NEM 55687 19.41 Consol Energy* CNX 53021 11.96 Hecla Mining* HL 46908 2.44

LOW

9.62 9.10 6.42 4.59 12.54 19.47 1.72 16.29 8.95 1.94

CLOSE CHANGE

13.46 11.01 7.16 7.31 13.57 21.90 2.13 18.66 11.60 2.31

+ + + + + + + + + +

3.64 1.75 0.97 2.71 1.43 2.58 0.45 2.82 2.46 0.41

loser, dropping 27% to US53¢. On Oct. 5, the company said the Ministry of Environment and Climate Change ordered it to suspend mill operations at its Phoenix gold project in Ontario so it could treat elevated ammonia levels, discharge water from its tailings management facility and

upgrade the facility by certain timelines. Rubicon says Phoenix’s underground development, construction and trial stoping haven't stopped, and its mill will resume shortly. Rubicon appointed director Michael Winship as interim president and CEO, after Michael Lalonde left the company.

U.S. GREATEST PERCENTAGE CHANGE VOLUME

Teck Res B* HudBay Mnls* Yamana Gold* Thompson Crk* Freeport McMo* PolyMet Mng* Peabody Enrgy* Northern Dyn* Cliffs Nat Rs* Denison Mines* Rubicon Mnls* Tasman Mtls* NovaCopper* North Am En P* Vista Gold* Gold Std Vnt* Almaden Mnls* Mesabi Trust* Alderon Irn O* Tanz Roy Exp*

TCK HBM AUY TC FCX PLM BTU NAK CLF DNN RBY TAS NCQ NOA VGZ GSV AAU MSB AXX TRX

WEEK (000s)

HIGH

LOW

68454 7.37 4.59 150 5.40 3.75 17025 2.48 1.68 439 0.58 0.40 276596 13.62 9.62 1105 0.85 0.64 7902 28.00 17.19 392 0.43 0.31 41704 3.73 2.33 540 0.52 0.38 26448 0.77 0.43 204 0.30 0.26 393 0.39 0.35 35 2.40 2.06 434 0.35 0.28 565 0.42 0.35 215 0.58 0.52 194 12.29 11.50 49 0.15 0.12 782 0.32 0.29

U.S. GREATEST VALUE CHANGE

CLOSE CHANGE

7.31 5.31 2.33 0.56 13.46 0.83 24.00 0.42 3.12 0.51 0.53 0.27 0.36 2.23 0.29 0.38 0.56 11.68 0.14 0.30

+ + + + + + + + + + -

58.9 43.5 42.0 39.5 37.0 36.0 35.3 35.0 32.2 32.0 26.9 6.0 3.7 3.4 2.6 2.0 1.9 1.2 0.7 0.3

Agrium* Randgold Res* Peabody Enrgy* Cabot Corp* Compass Mnls* BHP Billi-BHP* Rio Tinto* Franco-Nevada* BHP Billi-BBL* US Silica Hld* Rubicon Mnls* Mesabi Trust* North Am En P* Tasman Mtls* NovaCopper* Almaden Mnls* Vista Gold* Gold Std Vnt* Tanz Roy Exp* Alderon Irn O*

AGU GOLD BTU CBT CMP BHP RIO FNV BBL SLCA RBY MSB NOA TAS NCQ AAU VGZ GSV TRX AXX

WEEK VOLUME

CHANGE

570839 5367936 7902176 2483560 266667 22871837 6610198 7056141 11761638 2036525 26448180 194179 34594 203902 393387 215440 433688 564572 781607 49380

95.53 65.55 24.00 37.24 84.28 37.32 38.81 47.90 35.67 17.67 0.53 11.68 2.23 0.27 0.36 0.56 0.29 0.38 0.30 0.14

+ + + + + + + + + + -

7.57 6.82 6.27 5.47 5.46 5.23 5.05 4.99 4.40 3.89 0.20 0.15 0.08 0.02 0.01 0.01 0.01 0.01 0.00 0.00

15-10-13 7:23 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 19–25, 2015

SPECIAL INDUSTRY FOCUS

SILVER & PGMs Stillwater Mining’s namesake PGM mine near Nye, Montana.

STILLWATER MINING

Wellgreen eyes revival under new management SITE VISIT

| Envisioning a large PGM mine at historic project in the Yukon

Golden Arrow may point to more ore for Silver Standard ARGENTINA SILVER

By Matthew Keevil

oughly 30 km southeast from the small settlement of Destruction Bay along the Alaska Highway, which traces the picturesque shores of Kluane Lake in southwestern Yukon, lies Wellgreen Platinum’s (TSX: WG; US-OTC: WGPLF) base of operations. The company is the latest in a long line of suitors hoping to unlock the prolific mineral potential that lies in the shadow of the Saint Elias Mountains. Wellgreen’s current management team took control of the large platinum group metals (PGMs) enriched Wellgreen nickel-sulphide deposit back in 2012, but the project has a lengthy history. Prospectors W. Green, C. Aird and C. Hankins staked the first recorded mineral claims on the property in 1952, while Hudbay Minerals (TSX: HBM; NYSE: HBM) didn’t have much luck operating an underground mine at the site in the early 1970s. The company’s camp is an easy drive along the all-season highway, after a prerequisite detour to check out the world’s largest gold pan. And it’s quite evident that Wellgreen is only the most recent company to occupy the site, which hosts an extensive bunk area and the skeletons of old machinery. The property lies in the the Kluane Ranges, which are a continuous chain of foothills spattered along the eastern flank of the Saint Elias Mountains. The Wellgreen deposit lies within an Upper Triassic ultramafic body within the Quill Creek Complex, which is 20 km long and closely intrudes along the contact between the Station Creek and Hasen Creek formations. President and CEO Greg Johnson explains from the company’s extensive core shack that Wellgreen is analogous to gabbro-associated nickel deposits, with notable examples including Noril’sk in Russia, Raglan in northern Quebec, Stillwater in Montana and Sudbury in Ontario. “This type of system with the platinum group metals (PGMs) enrichment is quite rare, since these ultramafic rock packages don’t occur in many places around the world,” Johnson says. “One of the areas of focus for our team over the past couple of years has been to take the geologic context from five generations of exploration history, including production data from the high-grade underground mine.” Something that certainly isn’t a problem at the project is size and growth potential. Wellgreen hosts 330 million measured and indicated tonnes grading 0.24 gram platinum per tonne, 0.24 gram palladium per tonne, 0.045 gram gold per tonne, 0.3% nickel, 0.1% copper and 0.02% cobalt. Inferred resources include 846 million tonnes of 0.23 gram platinum, 0.23 gram palladium, 0.047 gram gold, 0.2% nickel, 0.1% copper and 0.02% cobalt. All resource estimates assume a 0.57-gram platinum See WELLGREEN / 8

TNM Oct 19 2015 Special Sec.indd 7

Chinchillas could extend Pirquitas’ life

mkeevil@northernminer.com DESTRUCTION BAY, YUKON

TRISH SAYWELL

Wellgreen Platinum president and CEO Greg Johnson in the core shack at the company’s namesake project in southwest Yukon, 315 km west of the capital Whitehorse. PHOTO BY MATTHEW KEEVIL

tsaywell@northernminer.com

ilver Standard Resources’ (TSX: SSO; NASDAQ: SSRI) Pirquitas silver mine in northern Argentina’s Jujuy province is 35 km from Golden Arrow Resources’ (TSXV: GRG) wholly owned Chinchillas silverlead-zinc project, and the companies have hatched a plan to see whether they should become joint venture partners. Over the next 18 months, Silver Standard will study Chinchillas to see whether it makes sense to send ore from the project to its Pirquitas mill. If the answer is yes, Silver Standard would take 75% of the joint-venture and be See SILVER STANDARD / 10

MANITOBA MINING & MINERALS CONVENTION RBC Convention Centre 375 York Avenue, Winnipeg November 18-20, 2015 HOURS

Wednesday, November 18 - Noon - 8:00 p.m. Thursday, November 19 - 8:30 a.m. - 5:00 p.m. Friday, November 20 - 8:30 a.m. - 4:00 p.m.

WEDNESDAY, NOVEMBER 18 Technical session: Aboriginal Engagement Session

Short Course: Geology and Mineral Potential of Manitoba’s Premier Mineral Belts: Thompson Nickel Belt Social event: Welcoming Reception hosted by Manitoba Mining Communities

FRIDAY, NOVEMBER 20

Technical sessions: Mineral Exploration and Geoscience Highlights: II – Northern Superior Province III – Thompson Nickel Belt IV – Phanerozoic Strata V – Far North

PUBLIC OPEN HOUSE

Free to the public! Discover Manitoba’s geology with hands-on activities (2:00 p.m. - 4:00 p.m.)

THURSDAY, NOVEMBER 19

EXHIBIT ROOM

Technical sessions: Development Highlights Mining Sector Issues Mineral Exploration and Geoscience Highlights: I – Flin Flon-Lynn Lake

Property Showcase Tables - Showcase Manitoba mineral properties available for option or investment

Social events: Mining and Minerals Luncheon, Sponsorship Reception, Industry Dinner and Social Evening

Technical Poster Displays - Showcase the results of this season’s geological investigations

Opening session: Opening Remarks - Minister, Manitoba Mineral Resources

Commercial Trade Show Booths - Display investment, exploration and mining products and services

For more information call toll free at 1-800-223-5215 convention@gov.mb.ca • www.mineralsconvention.com

15-10-13 7:30 PM

SILVER & PGMs

OCTOBER 19–25, 2015 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Wellgreen eyes revival under new management “IT’S EXCITING IN GENERAL THAT THERE ARE SO MANY OPPORTUNITIES HERE.”

WELLGREEN From 7

equivalent cut-off grade. Why is the new Wellgreen team so confident it can bring the deposit to production, when previous operators have failed to solve the puzzle? The simplest answer is an abundance of experience with similar deposits, and proven ability to raise capital. Johnson co-founded NovaGold Resources (TSX: NG; NYSE-MKT: NG), while chief operating officer John Sagman has experience working in Xstrata’s nickel division including the Raglan complex. Management has flexed its financial muscle by raising over $40 million in cash since taking control of the project three years ago. “Hudbay chased higher grades along narrow horizons, and that proved really difficult, because they pinch and swell. For us those high-grade massive sulphides are sweeteners within our open-pit, bulk-tonnage plan, so we’ll avoid that difficulty of maintaining grade control,” Johnson adds. “One of the main benefits at Wellgreen is that the drill holes are still largely on-site, and we really worked on systematically correlating all that data. When we first got here there was this massive inferred resource,

GREG JOHNSON PRESIDENT AND CEO, WELLGREEN PLATINUM

Workers are a drill site at Wellgreen Platinum’s flagship platinum project in southwest Yukon. PHOTO BY MATTHEW KEEVIL

and we really prioritized updating our confidence in that resource over further expansion — but there’s still a lot of potential out here.” Th is growth potential is apparent during a drive out to the main Wellgreen zone along the deposit’s eastern edges. Johnson says the “mountainous topography” is a benefit to mine planning, as it helps the company minimize

strip ratio due to the tabular nature of the ultramafic rock package. He gestures to the mountain peak where the company is conducting infill drilling, though it is shrouded in a veil of thick, low-lying fog on this day. “We’re also fortunate that some of our highest-grade zones come right to surface, which allows us to have starter pits over our first five years of

operation,” Johnson says. The trucks roll to a stop on a valley floor along the edges of Quill Creek. Sagman points out the proposed tailings and processing facility nearby, and explains that the mine layout minimizes impacts on regional watersheds. Wellgreen figures that the central valley location can be used to process mill feed from its deposit, as well as any satellite discoveries it makes in the future. “We based the layout on the design of the Raglan camp up in Baffin Island where the complex is quite contained, so it’s efficient for maintenance and operations,” Sagman elaborates. “We believe it’s highly probable we find other mineralization zones. If the

“Each project – and each location – comes with its own set of regulations.” People who know Mining, know BDO.

The Natural Resources Practice at BDO The mining sector is uncertain by nature. Your success hinges on volatile commodity markets, globalization, and complex regulatory, reporting, and tax requirements. Whether you’re an exploration company looking for financing or a producing company working to maximize profitability, BDO’s deep industry knowledge and seamless global network can help you respond to the ever-changing issues facing your business. Assurance | Accounting | Tax | Advisory www.bdo.ca/natural-resources

material is at surface, you might snap it right into your mine plan.” Wellgreen outlined its early vision for the mine in February with a preliminary economic assessment that models a staged build running at 25,000 tonnes per day for five years, before graduating to 50,000 tonnes per day for the remaining 20 years. Johnson points out that the 25-year mine life uses only “one-third” of total pit-constrained resources. Pre-production capital expenses are pegged at US$586 million, but that’s only a fraction of life-of-mine capital requirements of US$1.6 billion. The big spend is on expansion and sustaining capital, which total US$889 million. Wellgreen would annually produce 177,500 oz. platinum-palladium-gold (3E), 68 million lb. nickel and 44 million lb. copper. Sagman adds that two starter pits would target higher-grade, near-surface mineralization in the mine’s early years, which would improve payback and provide cash flow to fund the costly expansion. The company’s economic base case assumes US$1,450 per oz. platinum, US$800 per oz. palladium, US$1,250 per oz. gold, US$8 per lb. nickel and US$3 per lb. copper. The model features a $1.2-billion after-tax net present value at a 7.5% discount rate, and a 24.6% internal rate of return. The tour continues along the wellkept gravel service road, which tilts upwards as it leads towards Wellgreen’s current drill collars. Johnson points out Hudbay’s old access portal, and explains the company expects to include some of the historic, high-grade material in the mine plan. “From an underground point of view, there’s some opportunity for us in the historic workings,” Johnson says. “For example, the main underground workings have nice high-grade material that we could access quite quickly. That ore might come forward in the mine plan, compared to sticking solely to open-pit methods. I think it’s exciting in general that there are so many opportunities here in terms of potential expansion of future pits, and underground opportunities that could add real value,” he adds. Wellgreen’s regional scale is evident during a drive over the property despite the fog. The main deposit is part of an 18 km system of ultramafic rocks that could host more mineralization. The trucks roll by a small hill atop the company’s Quill target, which is another geophysical anomaly awaiting drilling. Johnson explains that similar ultramafic geophysical signatures have been traced another 4 km toward its Burwash target. “Our ultramafic intrusions occur for at least 150 km along a major break. It’s thought that related systems continue up through Alaska and down through northern B.C.,” he adds. The next steps at Wellgreen will tweak project metallurgy, with the company hoping to improve recoveries by adding another regrind and flotation element to its circuit. Sagman says there’s also potential in “exotic PGM” production, which includes rhodium, iridium, osmium and ruthenium. One thing that hasn’t gone according to plan is a steep drop in metal prices over the past year. Since early January, three-month future contracts for Platinum have dropped US$263 en route to US$950 per oz. at press time, while two-month contracts for palladium are down US$95 at US$702 per oz. Meanwhile, nickel has fallen from near US$10 per lb. a year ago to US$4.59 per lb. Wellgreen shares have followed metal prices downward, as its share price has dropped 64%, or 41¢ yearto-date, en route to a 23¢-per-share close at the time of writing. The company reported $5.8 million in cash and equivalents at the end of June, and has 112 million shares outstanding for a $25.8-million market capitalization. TNM

Seiter&Miller 001223 Pub. The Northern Miner Size. 8 x 10 Issue April 2014 Art Director: sd/lg Copywriter: ms Account Executive: wt Date 03/05/14 TNM Oct 19 2015 Special Sec.indd 8

15-10-13 7:30 PM

SILVER & PGMs

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 19–25, 2015

North American Palladium emphasizes performance at LDI RESTRUCTURING

| Beleaguered miner lays off 44 in drive to return to profitability

North American Palladium’s Lac des Îles palladium mine, 90 km northwest of Thunder Bay, Ontario.

NORTH AMERICAN PALLADIUM

“IT’S REALLY ABOUT HAVING A LASERLIKE FOCUS ON OPERATIONAL PERFORMANCE AND THE LONGTERM SUCCESS.”

BY SALMA TARIKH

starikh@northernminer.com

orth American Palladium (TSX: PDL; US-OTC: PALDF) has let go 44 workers at its Lac des Îles (LDI) palladium mine near Thunder Bay, Ont., due to weaker metal prices and a reduced milling schedule. While the move was unfortunate, it was part of the company’s efforts to drive down operating costs, PDL’s new president and CEO Jim Gallagher says in an interview. Affected employees include 18 staff and 26 unionized members. The company will leave another 17 positions vacant, resulting in 61 fewer positions. After the scale-back, the LDI mine will employ 422 workers. Other cost-saving initiatives include PDL’s move to stop blending low-grade surface stockpile with the mine’s higher-grade underground ore. Processing the stockpile, which grades less than 1 gram per tonne palladium, is not economic at current metal prices, Gallagher says. When the miner announced the job cuts on Sept. 30, the palladium spot price was trading at US$651 per oz., down 18% year-to-date. (The price rose two days later to US$698 per oz.) The underground mine will run as is, Gallagher says, explaining there’s not enough feed to keep the mill running. “We do have a large mill. Its nameplate capacity is 15,000 tonnes a day, and we are producing 4,500 tonnes a day from underground. Without the supplemental low-grade stockpile, we simply cannot run the mill full-time.” As a result, the mill will return to a 14-day on and 14-day off schedule. Planned throughput should average 1,340 tonnes per day when in operation. Since the schedule change and temporary mill shutdown in the second quarter, PDL has lowered its 2015 production guidance. It expects to produce 160,000 to 170,000 oz. palladium, compared to the previous estimate of 185,000 to 205,000 oz. The junior announced in late July that it was reviewing its guidance and anticipated an adverse outcome after the mill was suspended for six weeks in May and June, due to high water levels in the containment ponds. This was resolved by control-releasing water into the environment in June. But this took a toll on production, revenues and earnings. PDL posted a net $97-million loss in the June quarter, compared to a $10-million loss in the same period last year. The cash-strapped firm kept going with a US$25-million bridge loan from Brookfield Capital Partners Ltd. in June, as the miner agreed to a proposed financial restructuring.

TNM Oct 19 2015 Special Sec.indd 9

SMSJ_Sept 2012_Pro_TH_PC

Mobile Equipment for Safety and Productivity

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

JIM GALLAGHER PRESIDENT AND CEO, NORTH AMERICAN PALLADIUM

SMSJ_Sept SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC

A jumbo underground at the Lac Mobile Equipment for des Îles palladium mine in Ontario.

Mobile Equipment for Safety and Productivity theto restructuring, completed RUnder e-Located a 50,000 sq.ft . PLant! on Aug. 6, PDL converted the outstanding loans it owed Brookfield, minus the bridge loan, into equity representing 92% of its outstanding shares. It also converted its 2012 and 2014 convertible debentures into equity, giving the debenture holders 6% of the company. PDL shareholders kept 2% of the firm. (Afterwards the miner underwent a 1-to-400 share consolidation.) It also consolidated its corporate roles. On Aug. 12, Gallagher, formerly the chief Authorized operating officer, took over the president and CEO roles from Toyota Landcruiser Phil du Toit,Dealer who resigned. Corporate controller Christine Napierala became

NORTH AMERICAN PALLADIUM

interim vice-president of finance and chief financial officer, after David Langille stepped down. “We streamlined the operations at the corporate level. We will be downsizing our office space in the near future. So we’re saving between $2 million and $2.5 million a year, with the head office reductions,” Gallagher says. Gallagher, Napierala and David Peck, the company’s vice-president of exploration, now make up PDL’s management team. To inject more capital into the miner, PDL completed a $50-million rights offering in September. It will use the funds to repay the US$25-million

bridge loan and continue working on the LDI mine. “It’s really about having a laser-like focus on operational performance and long-term success,” Gallagher says. While most companies are reining in their exploration and capital programs, PDL, with the support of Brookfield, is investing in the LDI mine and exploration. “In fact, we are ramping up both our underground and our surface greenfield property exploration. And we continue to invest capital for the long-term sustainability of the current mine operations.” PDL’s exploration budget for 2015 is just under $10 million. It has four drills

turning, including two underground at the LDI mine. The company will invest heavily into the mine as well as exploration in the next two years, Gallagher says, highlighting his bullish stance on palladium. “Despite recent dynamics in the commodities market, including palladium, we certainly believe in the long-term story for palladium, and most investors are still bullish on palladium. It has actually been one of the better performers in the recent turmoil. We are committed to our long-term story here, and I think that’s what people have to be looking for.” In the near-term, investors should keep an eye on the company’s cash flow, with Gallagher expecting positive operating cash flow by year-end. “We will actually be there in December, and we will be in that position throughout 2016.” TNM

LAKE CENTRAL AIR SERVICES

Authorized Authorized Toyota Toyota Landcruiser Landcruiser Dealer Dealer

Design, Manufacturing & Approvals. Canadian STC’s for over 80 Makes & Models of Fixed & Rotary Wing Aircraft.

INTRODUCING THE NEWEST MID-RANGE UTILITY VEHICLE

x 5 5x5 5

Lake Central is a General Aviation full service and repair facility, with manufacturing approvals. This service includes an in house TC Design Approval Representative. We have been FIVE TON involved with FIVE TON FIVE YEAR WARRANTY FIVE YEAR WARRANTY design, manufacture

INTRODUCING THE NEWEST MID-RANGE UTILITY VEHICLE

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

Sales Sales && Rental Rental && Service ServiceSales & Rental & Service Phone: Phone: (705) (705) 476-4500 476-4500

Phone: (705) 476-4500

Email: Email: mtsales@millertechnology.com mtsales@millertechnology.com Email: mtsales@millertechnology.com Website: Website: www.millertechnology.com www.millertechnology.com

Website: www.millertechnology.com

Sales & Rental & Service Phone: (705) 476-4500 Email: mtsales@millertechnology.com Website: www.millertechnology.com

LAKE CENTRAL AIR SERVICES

RR # 1 Gravenhurst, Ontario Canada P1P 1R1 Phone 1-705-687-4343 • Fax 1-705-687-8983 Email lakecent@muskoka.com Web page www.lakecentral.com

15-10-13 7:30 PM

SILVER & PGMs

OCTOBER 19–25, 2015 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Silver Standard looks to Golden Arrow for more ore SILVER STANDARD From 7

its operator, and Golden Arrow will own the remaining 25%. On paper, the pairing makes sense, and if the joint venture goes ahead, Chinchillas could supply feed to Pirquitas as early as the second half of 2017. The open-pit mine entered production in December 2009, and as of December 2014 had four years of reserves remaining. The agreement involves staged expenses over the year-and-a-half assessment period, in which Silver Standard examines the technical and economic viability of processing Chinchilla mineralization. Silver Standard’s minimum expense commitment is $4 million, and could rise to $12.6 million or more as required. In the first six months, Golden Arrow will oversee up to 17,000 metres of drilling and provide operational support for Silver Standard’s exploration and technical teams. If Silver Standard proceeds with a joint venture, it will pay Golden Arrow 25% of all mine earnings from Chinchillas and Pirquitas (retroactive from Sept. 30, 2015). Paul Benson, Silver Standard’s president and CEO, said in a news release that the plan could extend the mine life at Pirquitas, leverage its infrastructure and workforce to accelerate Chinchillas’ development, and offers exposure to exploration upside at the project. “It’s a good example of risk-sharing,” Silver Standard’s vice-president in charge of business development and strategy John DeCooman says in an interview. “It really is an option earn-in type of opportunity for which the guys at Golden Arrow need not find

Silver Standard Resources’ Pirquitas silver mine in northern Argentina's Jujuy province. SILVER STANDARD RESOURCES

the capital, and in this market, it’s challenging for anyone to get capital — and I would include us in that.” DeCooman notes that the deal not only “pushes the Chinchillas project forward,” but “gives all of us an opportunity that, when the cycle changes — and it will — it will provide a lot of prospectivity, so that you’re not caught f lat-footed when the market turns around, and you’re not overexposed if the market takes longer to recover.” “We have to be practical,” he adds. “Pirquitas has well short of a five-year mine life, and we have to focus on mine life extension today.” As of July 2015, Chinchilla has an indicated resource of 25.9 million tonnes grading 77.2 grams silver per tonne, 0.7% lead and 0.7% zinc, for 64 million contained oz. silver, 379 million lb. lead and 379 million lb. zinc.

In the inferred resource category, it has 47.2 million tonnes averaging 50.2 grams silver per tonne, 0.5% lead and 0.6% zinc for 76 million contained oz. silver, 544 million lb. lead and 661 million lb. zinc. Jesuit missionaries first prospected the Chinchillas area and mined it on a small scale in the 18th century. A small local company using adits and tunnels then mined it in the late 1960s. It wasn’t until early 2011 that Golden Arrow identified the property as an advanced acquisition target. The project comprises three contiguous claims totalling 20.4 sq. km, and the deposit hosts silver-lead-zinc mineralization in four areas: the silver mantos and mantos basement zones in the west, and the Socavon del Diablo and Socavon basement zones. The deposit is considered part of

Golden Arrow Resources’ Chinchillas silver-lead-zinc property in Argentina, 35 km from Silver Standard's Pirquitas silver mine. GOLDEN ARROW RESOURCES

“WE HAVE TO BE PRACTICAL — PIRQUITAS HAS WELL SHORT OF A FIVE-YEAR MINE LIFE, AND WE HAVE TO FOCUS ON MINE LIFE EXTENSION TODAY.” JOHN DECOOMAN VICE-PRESIDENT OF BUSINESS DEVELOPMENT AND STRATEGY, SILVER STANDARD RESOURCES

the Bolivian tin-silver-zinc belt that extends from the San Rafael tin-copper deposit in southern Peru into the Puna region of Jujuy. According to Golden Arrow, deposits with similar environments and mineralization styles include San Cristobal, Potosi, Pulacayo and Pirquitas. Golden Arrow has finished four drilling programs. In the first phase, in May 2012, the junior drilled 27 holes totalling 3,200 metres. The second program took place between November 2012 and February 2013, and included 49 drill holes and 7,300 metres of drilling. Between February 2014 and June 2014, Golden Arrow

fi nished its third phase of drilling, completing 38 holes totalling 9,000 metres. The fourth phase of drilling program lasted from November 2014 to April 2015, and included 55 drill holes over 11,200 metres. As for Pirquitas, Silver Standard expects the mine will produce up to 10.5 million oz. silver and 12 million lb. zinc this year. Last year the mine turned out 8.7 million oz. silver and 30 million lb. zinc. The company has cut cash costs at Pirquitas from US$13.32 per oz. silver in the third quarter of 2013 to US$9.45 per oz. silver in this year’s second quarter. TNM

For 35 years, your safest choice for… Bring this ad to life with

Contract Mining Shaft Sinking

INTERACTIVE PRINT

Raise Boring and Raise Excavation Mine Construction and Infrastructure Mine Development and Rehabilitation

Download the free Layar App

Headframes and Hoisting Plants Ground Freezing and Grouting Programs Engineering Design and Feasibility Studies Property Development through

Scan this page

Equity Investment, Partnerships or Joint Ventures

Discover interactive content

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

www.dmcmining.com

TNM Oct 19 2015 Special Sec.indd 10

15-10-13 7:30 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 19–25, 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 13, 2015 Precious Metals Price (US$/oz.) Gold $1154.40 Silver $15.61 Platinum $986.00 Palladium $713.00

Change +17.50 -0.06 +64.00 +4.00

Base Metals Nickel Copper Lead Zinc

Change -175.00 -42.00 -32.00 -23.00

Price (US$/tonne) $10420.00 $5253.50 $1775.00 $1810.50

Thermal Coal CAPP: US$42.13 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$48.15 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$10.70 Coal: CME Group Futures Nov. 2015: US$42.05; Dec. 2015: US$42.05 Cobalt: US$12.47/lb. Copper: US$2.42/lb. Copper: CME Group Futures Nov. 2015: US$2.389/lb.; Nov. 2015: US$2.386/lb Ferro-Chrome: US$2.12/kg Ferro Titanium: US$4.93/kg FerroTungsten: US$26.69/kg Ferrovanadium: US$18.18/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$55.70/tonne Iron Ore Fines: US$55.73/tonne Iron Ore Pellets: US$61.26/tonne Lead: US$0.81/lb. Magnesium: US$2.07/kg Manganese: US$1.75/kg Molybdenum Oxide: US$4.85/lb. Phosphate Rock: US$115.00/tonne Potash: US$303.00/tonne Rhodium: Mid-mkt US$755.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$15.91 per oz.; Handy & Harman Fabricated: US$19.88 per oz. Tantalite Ore: : US$170.28/kg Tin: US$7.31/lb. Uranium: U3O8, Trade Tech spot price: US$36.60/lb.; The UX Consulting Company spot price: US$37.00/lb. Zinc: US$0.83/lb. Prices current Oct. 13, 2015

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, October 12, 2015 (change from October 5, 2015 in brackets): Aluminium Alloy 12140 (0) Aluminium 3122900 (-40225) Copper 303200 (-14400) Lead 155300 (-4700) Nickel 439794 (-13656) Tin 4580 (-95) Zinc 589875 (-2825)

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

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

Largest short positions Lundin Mining LUN 39012558 First Quantum FM 31600080 New Gold NGD 31485137 Kinross Gold K 30579520 B2Gold BTO 24941677 PotashCorp POT 23493570 OceanaGold OGC 20531454 Teck Res. TCK.B 19842525 Yamana Gold YRI 19328604 Paramount Res. POU 13607344 Thompson Crk Mtl TCM 12453056 Barrick Gold ABX 12398554 Eldorado Gold ELD 12206802 Detour Gold DGC 10392039 Copper Mountain CUM 10197288 Largest increase in short position First Quantum FM 31600080 OceanaGold OGC 20531454 Paramount Res. POU 13607344 Eldorado Gold ELD 12206802 Teck Res. TCK.B 19842525 Largest decrease in short position Denison Mines DML 9221729 Orbite Tech. AIF 816405 Lake Shore Gold LSG 1031415 Barrick Gold ABX 12398554 Dominion Diamond DDC 311335

Largest short positions Equitas Res. EQT 4190100 First Mining Finance FF 1435500 Gold Reserve GRZ 473100 Nemaska Lithium NMX 432413 Nevada Sunrise Gold NEV 400600 Minaurum Gold MGG 337000 Zenyatta Ventures ZEN 308300 Largo Res. LGO 291000 Maya Gold & Silver MYA 270500 Pure Energy Minerals PE 251000 Altan Rio Minerals AMO 244000 Roxgold ROG 193181 Avarone Metals AVM 147500 North Arrow Min. NAR 144500 Alix Resources AIX 115000 Largest increase in short position Nevada Sunrise Gold NEV 400600 Maya Gold & Silver MYA 270500 Altan Rio Minerals AMO 244000 First Mining Finance FF 1435500 Pure Energy Minerals PE 251000 Largest decrease in short position Dajin Resources DJI 59700 Nemaska Lithium NMX 432413 Viscount Mining QIC 100 Arian Resources VML 18100 CB Gold ARC 0

736258 8572685 -1016721 387352 -1603925 -1537200 5866794 2220609 1258715 5493168 74812 -2853070 5119687 231834 1411151 8572685 5866794 5493168 5119687 2220609 -3566591 -3346370 -3229388 -2853070 -1713703

-164300 216677 -100 -416587 400600 157000 20500 166200 270500 175300 244000 -194000 147500 144500 95000 400600 270500 244000 216677 175300 -739500 -416587 -372500 -229100 -212000

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 12 N/A N/A N/A N/A N/A 53.95 N/A

Oct 9 13.964.36 552.29 818.49 140.16 497.28 56.04 133.36

Oct 8 13978.66 547.04 819.87 135.20 487.74 53.65 125.55

Oct 7 13868.35 542.68 813.55 136.51 482.65 53.98 126.24

Oct 6 13647.26 538.69 800.12 136.23 435.86 53.38 125.84

High 15524.75 825.53 905.09 195.63 832.42 82.19 211.23

Low 12705.17 509.03 750.26 114.48 339.80 42.72 101.28

DAILY METAL PRICES Date Oct 12 Oct 9 Oct 8 Oct 7 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1680/1690 1685/1695 1670/1680 1675/1685 Aluminum 1607/1626.50 1606/1622.50 1551.50/1567.50 1566.50/1579 Copper 5330/5323 5318/5303 5155/5148 5240/5239 Lead 1791/1805 1771/1764 1667/1674.50 1649.50/1661 Nickel 10630/10650 10705/10725 10065/10130 10215/10265 Tin 16100/16125 16300/161110 15950/15840 16250/15975 Zinc 1833/1860 1824/1838 1662/1685 1670/1694.50 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1164.20 1151.50 1143.30 Gold PM 1164.90 1151.55 1140.00 Silver 15.96 15.99 15.61 Platinum 993.00 978.00 934.00 Palladium 711.00 723.00 694.00

Oct 6 1670/1680 1546/1556 5174.50/5159 1618.50/1630 9900/9930 15825/15550 1636/1660

1147.90 1144.60 15.82 945.00 696.00

1136.90 1147.50 15.67 931.00 701.00

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Oct 12 Oct 9 US$ in C$ N/A 1.2946 C$ in US$ N/A 0.7724

Oct 8 1.3018 0.7682

Oct 7 1.3036 0.7671

Oct 6 1.3056 0.7659

EXCHANGE RATES (Bank of Canada, October 9, 2015) Currency Aus $ Euro In C$ 0.9486 1.4711 In US$ 0.7327 1.1363

Japan 0.01076 0.00831

Mex P 0.07886 0.06091

SA Rand 0.09719 0.07507

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

Stonegate Agricom (ST.WT.A) - Wt buys sh @ $0.40 to Jul 24/15. Stornoway Diamond (SWY.WT.A) - Wt buys sh @ $0.90 to Jul 3/16. Vista Gold (VGZ.WT.U) - Wt buys sh @ US$5 to Oct 22/15. Supplied by TMX Group.

TSX VENTURE EXCHANGE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.60 to Aug 20/18. Avala Resources (AVZ.WT) - Wt buys sh @ $4.80 to Mar 6/16. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18. Cornerstone Capital Resources (CGP.WT) - Wt buys sh @ $0.35 to Apr 7/19. Delta Gold (DLT.WT) - Wt buys sh @ $0.17 to Sep 14/17. Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19. Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 30/16. Monarques Resources (MQR.WT) - Wt buys sh @ $0.20 to Dec 14/15. (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17. NexGen Energy (NXE.WT) – Wt buys sh @ $o.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15. (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15. Sunridge Gold (SGC.WT) – Wt buys sh @ $0.35 to Oct 18/17. West African Resources (WAF.WT) - Wt buys sh @ $0.40 to Jan 17/17. West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.30 to Apr 17/19. Supplied by TMX Group Inc.

NEW 52-WEEK HIGHS AND LOWS — OCTOBER 2–8, 2015 23 New Highs Adroit Res Aston Bay China Mnls Mng Colombia Crest Frontline Gold Gensource Pot Gold Canyon Goldeye Expl Karnalyte Res Minemakers Moneta Porcpn Monster Mng MPH Vent Northquest Orex Expl PC Gold Rio Novo Gold Running Fox Rs Saint Jean Car Silver Std Res Silver Std Re* Tearlach Res Tri-River Vent

284 New Lows Acme Res Adamera Mnls Adroit Res Advance Gold African Gold G Alderon Irn O* Alexandria Mnl Altai Res Altitude Res Alto Vent Amador Gold Anaconda Mng Anglo-Can Mng AQM Copper Arctic Star Rs Argentum Silvr Argex Titanium Arian Silver Aroway Mnls Ashburton Vent Astorius Res Astur Gold Augen Gold Aurania Res AurCrest Gold Avala Res Avalon Rare M* Avalon Rare Mt Azimut Expl Azincourt Res Balmoral Res Bandera Gold Bannerman Res Barisan Gold Barker Mnrls BCGold Bellhaven Cp&G Belvedere Res Benton Cap Berkwood Res Blue Sky Uran Bold Vent Brionor Res Canada Zinc Mt Canadn Arrow Canadn Int Mnl Canadn Orebods Canadn Silvr H Canadn Zinc Candente Coppr CaNickel Mng

Canterra Mnls Canyon Copper Cap-Ex Vent Caracara Silvr Cassidy Gold Champion Bear China Mnls Mng Claim Post Res Clear Mtn Res CMC Metals Colombia Crest Colombian Mins Commerce Res Condor Res Confedertn Mls Conquest Res Copper North M Copper One Coro Mining Coronado Res Corsa Coal Crazy Horse Rs Cypress Dev Darnley Bay Decade Res Defiance Silvr Discovery Harb DV Res Dynasty Met&Mn Eagle Plains Ecuador G & C El Nino Vent Emgold Mng Endurance Gold Equitorial Exp Europn Uran Rs Fairmont Res Falco Res Falcon Gold Fancamp Expl Ferrum Am Mng Firesteel Res Fjordland Exp Focus Vnt Foran Mng Forum Uranium Frontline Gold Full Metal Mnl Galway Mtls Geodex Mnrls Geomega Res Gitennes Expl Gobimin Gold Bulln Dev Gold Mtn Mng Goldcliff Res Golden Band Golden Goliath Grande Portage Granite Ck Gld Great Atlantic Great Quest Me Handa Copper Heatherdale Rs Hi-Crush Part* Highway 50 Gld HiHo Silver Hinterland Mtl Honey Badger E Horizonte Mnls Hunt Mng Huntington Exp IC Potash Imperial Metal Independence G Inspiration Mg Intl Montoro R

Intl Samuel Ex Intrepid Pots* Kermode Res Kestrel Gold Kilo Goldmines Kincora Copper Kings Bay Gold Laramide Res Laurion Mnl Ex Lomiko Mtls Lucky Mnls Luna Gold MacDonald Mns Magellan Minls Mammoth Res Marathon Gold Marengo Mng Margaret Lk Di Maudore Minls MDN Inc Melior Res Melkior Res Midas Gold Midland Expl Millrock Res Milner Con Slv Minco Gold* Minco Gold Mindoro Res Minfocus Expl Miranda Gold Mirasol Res Monarques Res Mosaic* Mountain Boy M Mundoro Cap Mustang Minls Namibia Rare E Nautilus Minls Network Expl Nevado Res New Millennium New Milln Iron Newmac Res Nighthawk Gold Nikos Expl Nomad Ventures Nortec Mnls North Arrow Mn Northern Abiti Northern Freeg Northern Gld M Northisle C&G NovaCopper NovaCopper* NSGold Nubian Res Nunavik Nickel NV Gold Oban Mng Oceanic Iron O Oracle Mng Orex Minls Orosur Mng Pac Coal Res Pac Imp Mines Pac Potash Paget Mnls Palmer Res Pan Global Res Pele Mtn Res Pershimco Res Pinetree Cap Platinex Plato Gold Potash C Sask* Potash Cp Sask Precipitate Gl

Puma Expl Purepoint U Quest Rare Mnl Red Tiger Mng Redstar Res Redzone Res Reliant Gold Remington Res Riverside Res RJK Explor Rockhaven Res Rockwell Diam Romios Gold Rs Rubicon Mnls* Rubicon Mnrls Sage Gold Santacruz Silv Savant Expl Scorpio Gold Sego Res Sennen Res Serabi Gold Serengeti Res Shore Gold Signature Res Silver Grail R Silver Mtn Mns Silver Pursuit Silver Range R Silvermet Skyharbour Res Solitario Ex&R Sonoro Mtls Source Expl Southern Arc SouthGobi Res Sprott Res St Augustine Stockport Expl Strata Mnls Strategic Metl Strike Graph Sultan Mnrls Suparna Gold Superior Coppr Tasca Res Tasman Metals Tembo Gold Teras Res Themac Res Thompson Crk* TVI Pacific Typhoon Expl U3O8 Corp Ultra Lithium Ur-Energy Uracan Res US Silica Hld* ValGold Res Vantex Res Vena Res Vendome Res Vior Mining VMS Vent Vulcan Mnrls West Af Iron O Western Lithiu Western Troy C Westkam Gold Westridge Res Wolfden Res Xmet Xtierra Yellowhead Mng Zazu Metals Zena Mng Zenyatta Vent Zonte Mtls

For daily mining news, visit www.northernminer.com UK £ 1.9825 1.5314 GLOBAL MINING NEWS · SINCE 1915

LEGEND A – Australian Stock Exchange C – CNSX Canadian National Stock Exchange J – Johannesburg Stock Exchange L – London Stock Exchange M – Mexico Stock Exchange N – New York Stock Exchange O – U.S. over-the-counter Q – NASDAQ or U.S. OTC T – Toronto Stock Exchange V – TSX Venture Exchange X – NYSE Alternext U.S. * – Denotes price in U.S.$

TNM Oct 19 2015 MKT and Tables.indd 11

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

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

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

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

Contact: moliveira@northernminer.com or 416-510-6768

15-10-13 7:24 PM

WWW.NORTHERNMINER.COM

OCTOBER 19–25, 2015 / THE NORTHERN MINER

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: OCTOBER 2–8, 2015 (100s) Stock

Week

S TO C K TA BLES 12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 2987 0.07 0.06 0.07 0.00 0.09 0.03 Abcourt Mines V 1975 0.04 0.03 0.04 0.00 0.07 0.03 ABE Res V 30 0.03 0.03 0.03 0.00 0.07 0.03 Aberdeen Intl T 1323 0.12 0.11 0.11 - 0.01 0.20 0.11 Abitibi Royalt V 188 2.50 2.37 2.45 + 0.14 5.10 1.53 Acme Res V 81 0.02 0.02 0.02 - 0.01 0.06 0.02 Adamera Mnls V 2566 0.03 0.02 0.02 - 0.01 0.06 0.02 Adex Mining V 1960 0.01 0.01 0.01 0.00 0.02 0.01 Adriana Res V 22874 0.11 0.08 0.11 + 0.03 0.19 0.08 Adroit Res V 46604 0.01 0.01 0.01 + 0.01 0.01 0.01 Advance Gold V 14 0.02 0.02 0.02 - 0.01 0.08 0.02 Adventure Gold V 475 0.16 0.12 0.16 + 0.02 0.17 0.06 African Gold G V 1948 0.04 0.04 0.04 0.00 0.08 0.04 Africo Res T 231 0.42 0.38 0.40 - 0.01 0.43 0.30 Agnico-Eagle* N 240704 29.46 25.92 27.50 + 2.79 34.89 21.00 Agnico-Eagle T 73825 38.42 34.27 35.78 + 3.03 43.70 25.05 Agrium* N 5708 96.34 86.84 95.53 + 7.57 116.77 82.04 Agrium T 21240 125.36 114.87 124.38 + 7.96 146.51 92.81 Alabama Graph V 4129 0.20 0.19 0.20 + 0.01 0.35 0.14 Alacer Gold T 67780 3.05 2.78 2.85 + 0.02 3.23 1.77 Alamos Gold* N 71877 4.63 3.69 4.44 + 0.82 9.07 2.98 Alamos Gold T 33506 6.00 4.89 5.82 + 1.04 10.31 3.90 Alberta Star V 1280 0.04 0.03 0.03 - 0.01 0.07 0.02 Alcoa* N 2103309 11.18 9.10 11.01 + 1.75 17.75 7.97 Alderon Irn O* X 493 0.15 0.12 0.14 - 0.00 0.71 0.12 Alderon Iron O T 788 0.19 0.17 0.18 0.00 0.83 0.17 Aldershot Res V 820 0.02 0.02 0.02 + 0.01 0.05 0.01 Aldridge Minls V 10 0.17 0.17 0.17 0.00 0.26 0.16 Aldrin Res V 1750 0.15 0.12 0.12 - 0.02 0.26 0.11 Alexander Nubi V 141 0.09 0.08 0.09 + 0.02 0.28 0.06 Alexandria Mnl V 10710 0.03 0.03 0.03 0.00 0.06 0.03 Alexco Res T 1463 0.63 0.56 0.62 + 0.08 0.81 0.34 Alexco Res* X 7930 0.49 0.42 0.48 + 0.06 0.68 0.26 Alita Res V 4467 0.10 0.08 0.09 - 0.01 0.47 0.08 Alix Res V 30 0.05 0.05 0.05 - 0.01 0.20 0.03 Alliance Mng V 3448 0.01 0.01 0.01 0.00 0.06 0.01 Alliance Rs P* Q 13101 24.37 21.08 24.11 + 2.58 50.02 19.95 Alloycorp V 4510 0.03 0.02 0.03 0.00 0.09 0.02 Almaden Mnls* X 2154 0.58 0.52 0.56 - 0.01 1.18 0.48 Almaden Mnls T 274 0.75 0.71 0.71 - 0.04 1.57 0.65 Almonty Ind V 1316 0.57 0.48 0.53 - 0.05 0.86 0.47 Alpha Gold V 112 0.06 0.05 0.06 + 0.01 0.06 0.03 Alphamin Res V 699 0.20 0.15 0.16 - 0.05 0.32 0.11 Altai Res V 779 0.06 0.05 0.06 + 0.01 0.12 0.05 Altan Rio Mnls V 230 0.02 0.02 0.02 0.00 0.06 0.02 Altima Res V 250 0.02 0.02 0.02 0.00 0.06 0.01 Altiplano Mnls V 30 0.05 0.05 0.05 + 0.01 0.06 0.02 Altitude Res V 20 0.07 0.07 0.07 - 0.02 0.30 0.07 Altius Mnrls T 6818 13.75 12.27 13.32 + 1.06 15.47 9.86 Alto Vent V 880 0.04 0.03 0.03 - 0.01 0.10 0.03 Alum Cp China* N 1255 9.07 8.09 8.98 + 1.13 17.44 7.20 Am Creek Res V 2020 0.05 0.04 0.04 + 0.01 0.10 0.03 AM Gold V 140 0.04 0.03 0.03 - 0.02 0.07 0.02 Amador Gold V 180 0.01 0.01 0.01 0.00 0.01 0.01 Amarc Res V 2203 0.11 0.08 0.10 - 0.01 0.18 0.07 Amato Expl V 500 0.02 0.02 0.02 + 0.01 0.03 0.01 American Vanad V 1530 0.09 0.07 0.09 0.00 0.49 0.05 Amerigo Res T 1499 0.34 0.28 0.32 + 0.04 0.45 0.22 AMI Res V 369 0.06 0.05 0.05 - 0.01 0.06 0.01 Anaconda Mng T 790 0.04 0.04 0.04 0.00 0.07 0.04 Anfield Nickel V 54 0.69 0.68 0.69 - 0.01 0.96 0.65 Anfield Res V 339 0.12 0.11 0.11 - 0.01 0.52 0.07 Angel Gold V 62 0.06 0.05 0.06 + 0.01 0.10 0.02 Angkor Gold V 1388 0.45 0.40 0.43 - 0.03 0.64 0.33 Anglo-Can Mng V 1270 0.01 0.01 0.01 0.00 0.02 0.01 AngloGold Ash* N 337601 9.38 8.21 9.06 + 1.09 13.12 5.64 Antioquia Gold V 5785 0.06 0.04 0.06 + 0.02 0.07 0.01 Antofagasta Gd V 1561 0.24 0.20 0.20 - 0.04 0.25 0.09 Apogee Silver V 30 0.34 0.34 0.34 + 0.01 0.65 0.18 AQM Copper V 77 0.04 0.04 0.04 + 0.01 0.09 0.04 Aquila Res T 1492 0.16 0.13 0.15 + 0.01 0.19 0.09 Arch Coal* N 138650 4.80 3.20 4.32 + 0.94 29.30 1.00 Archon Mineral V 5 1.75 1.75 1.75 - 0.23 2.05 0.77 Arctic Hntr Ur V 930 0.04 0.04 0.04 + 0.01 0.06 0.02 Arctic Star Rs V 2313 0.03 0.02 0.02 - 0.01 0.07 0.02 Arcus Dev Grp V 553 0.02 0.02 0.02 - 0.01 0.04 0.01 Argentex Mng V 195 0.04 0.04 0.04 0.00 0.08 0.02 Argentum Silvr V 2629 0.05 0.02 0.03 - 0.02 0.07 0.02 Argex Titanium T 20982 0.08 0.06 0.08 + 0.01 0.72 0.06 Argonaut Gold T 29507 1.60 1.37 1.51 + 0.20 3.95 1.14 Arian Silver V 12548 0.17 0.14 0.16 - 0.01 0.75 0.14 Arianne Phosph V 2912 0.90 0.84 0.86 + 0.02 0.98 0.51 Armistice Res T 2386 0.33 0.25 0.33 + 0.09 0.52 0.22 Aroway Mnls V 7250 0.01 0.01 0.01 0.00 0.22 0.01 Arrowstar Res V 61 0.07 0.04 0.07 + 0.01 0.20 0.04 ASA (Bermuda)* N 3392 8.90 7.78 8.64 + 1.07 12.31 7.00 Asanko Gold T 55743 2.09 1.92 1.99 + 0.06 2.55 1.50 Asanko Gold* X 712 1.57 1.46 1.52 + 0.07 2.16 1.26 Ascot Res V 371 1.35 1.22 1.26 + 0.06 2.13 1.01 Ashburton Vent V 21090 0.02 0.01 0.02 + 0.01 0.03 0.01 AsiaBaseMetals V 20 0.05 0.05 0.05 - 0.01 0.16 0.04 Asian Minl Res V 2083 0.05 0.04 0.04 0.00 0.08 0.03 Aston Bay V 180 0.16 0.15 0.15 + 0.02 0.16 0.08 Astorius Res V 105 0.02 0.02 0.02 0.00 0.05 0.02 Astur Gold V 3148 0.02 0.01 0.02 0.00 0.20 0.01 Atac Res V 1810 0.46 0.42 0.43 0.00 0.78 0.31 Atacama Pac Gd V 100 0.15 0.15 0.15 - 0.03 0.60 0.14 Athabasca Mnls V 1658 0.35 0.24 0.33 + 0.07 2.14 0.20 Atico Mng V 7983 0.36 0.34 0.35 0.00 0.75 0.33 Atlanta Gold V 730 0.07 0.05 0.07 0.00 0.25 0.05 Atna Res Ltd T 4433 0.07 0.06 0.06 0.00 0.12 0.06 Augen Gold V 274 0.02 0.01 0.01 0.00 0.06 0.01 Augyva Mng V 950 0.11 0.11 0.11 0.00 0.15 0.07 Aura Mnls T 2890 0.09 0.08 0.08 + 0.01 0.12 0.06 Aura Silver Rs V 828 0.02 0.01 0.01 - 0.01 0.03 0.01 Aurania Res V 10 0.30 0.30 0.30 - 0.15 0.45 0.30 Aurcana Corp V 6980 0.19 0.14 0.17 + 0.03 0.44 0.13 AurCrest Gold V 60 0.01 0.01 0.01 0.00 0.06 0.01 Aureus Mng T 96 0.44 0.35 0.42 + 0.08 0.83 0.27 Aurion Res V 140 0.06 0.06 0.06 - 0.01 0.08 0.03 Aurvista Gold V 1640 0.05 0.04 0.05 - 0.01 0.11 0.03 Avala Res V 11570 0.03 0.03 0.03 - 0.01 0.20 0.03 Avalon Rare M* X 23028 0.10 0.08 0.09 + 0.00 0.40 0.08 Avalon Rare Mt T 47821 0.13 0.11 0.12 - 0.01 0.48 0.11 Avino Silver V 668 1.50 1.22 1.39 + 0.13 2.40 1.15 Avino Silver* X 3755 1.14 0.92 1.08 + 0.17 1.97 0.89 Avnel Gold T 1715 0.25 0.24 0.25 + 0.02 0.31 0.15 Avrupa Mnls V 630 0.15 0.13 0.15 + 0.01 0.40 0.07 Axmin Inc V 992 0.01 0.01 0.01 0.00 0.03 0.01 Azimut Expl V 485 0.15 0.10 0.15 0.00 0.29 0.10 Azincourt Res V 374 0.07 0.06 0.06 - 0.01 0.72 0.06

B B2Gold* X 109427 B2Gold T 200016 Bacanora Mnls V 533 Baja Mng V 22010 Balmoral Res T 9162 Bandera Gold V 74 Banks Island G V 3590 Bannerman Res T 1554 Banro T 11238 Banro* X 34800 Bard Vent V 1771 Barisan Gold V 5438 Barker Mnrls V 110 Barkerville Go V 6228 Barrick Gold* N 1122951 Barrick Gold T 171510 Batero Gold V 2050 Bayswater Uran V 1905 BCGold V 2000 Bear Creek Mng V 4734 Beaufield Res V 1260 Bell Copper V 1280 Bellhaven Cp&G V 85 Belmont Res V 850 Belo Sun Mng T 49293 Belvedere Res V 1360 Benton Cap V 25 Benton Res V 3900

1.30 1.07 1.25 + 0.20 2.38 0.98 1.68 1.43 1.64 + 0.26 2.88 1.30 1.85 1.55 1.85 + 0.05 2.05 0.56 0.03 0.02 0.03 0.00 0.06 0.02 0.51 0.48 0.50 + 0.01 1.63 0.48 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.03 0.03 + 0.01 0.40 0.02 0.03 0.03 0.03 0.00 0.09 0.03 0.24 0.22 0.23 + 0.01 0.47 0.13 0.18 0.17 0.18 + 0.01 0.40 0.12 0.02 0.02 0.02 + 0.01 0.05 0.01 0.03 0.02 0.02 - 0.01 0.16 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.28 0.24 0.27 + 0.04 0.40 0.11 7.52 6.42 7.16 + 0.97 14.90 5.91 9.77 8.50 9.33 + 1.14 16.80 7.89 0.08 0.07 0.07 - 0.01 0.11 0.06 0.03 0.02 0.03 + 0.01 0.08 0.02 0.01 0.01 0.01 - 0.01 0.03 0.01 0.78 0.65 0.75 + 0.07 1.94 0.58 0.05 0.04 0.05 0.00 0.07 0.03 0.04 0.03 0.03 - 0.01 0.05 0.01 0.07 0.03 0.07 - 0.05 0.45 0.03 0.03 0.03 0.03 0.00 0.09 0.03 0.23 0.18 0.21 + 0.03 0.30 0.11 0.05 0.03 0.04 - 0.01 0.17 0.03 0.02 0.02 0.02 0.00 0.04 0.02 0.05 0.04 0.04 - 0.01 0.06 0.03

TNM Oct 19 2015 MKT and Tables.indd 12

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Berkwood Res V 1900 BHP Billi-BBL* N 117616 BHP Billi-BHP* N 228718 Big North Grap V 1200 BioteQ Env T 320 Bitterroot Res V 860 Black Iron T 5950 Black Widow Rs V 150 Blue Rvr Res V 1180 Blue Sky Uran V 1369 Bluestone Res V 30 BMO Jr Gld ETF T 1263 Bold Vent V 7180 Bonterra Res V 2807 Bowmore Expl V 1245 Brazil Res V 4086 Brionor Res V 315 Brixton Mtls V 145 Burnstone Vent V 440

0.01 0.01 0.01 - 0.01 0.07 0.01 35.78 30.84 35.67 + 4.40 52.34 29.19 37.51 31.79 37.32 + 5.23 57.18 30.15 0.03 0.03 0.03 - 0.01 0.60 0.03 0.03 0.03 0.03 0.00 0.06 0.02 0.07 0.06 0.06 + 0.05 0.15 0.05 0.04 0.04 0.04 - 0.01 0.11 0.02 0.03 0.03 0.03 - 0.01 0.08 0.01 0.04 0.04 0.04 - 0.01 0.05 0.03 0.07 0.05 0.05 - 0.02 0.26 0.05 0.08 0.08 0.08 - 0.01 0.25 0.05 5.70 4.94 5.51 + 0.75 7.65 4.45 0.03 0.02 0.03 0.00 0.06 0.02 0.20 0.19 0.19 - 0.01 0.43 0.09 0.04 0.03 0.04 + 0.01 0.11 0.03 0.60 0.55 0.56 0.00 0.85 0.43 0.01 0.01 0.01 0.00 0.03 0.01 0.08 0.08 0.08 - 0.03 0.24 0.06 0.02 0.02 0.02 0.00 0.04 0.01

Cabot Corp* N 24835 Cache Expl V 303 Caledonia Mng T 2068 Calibre Mng V 2181 Calico Res V 295 Callinex Mines V 674 Cameco Corp* N 91438 Cameco Corp T 60837 Camino Mnls V 140 Canada Carbon V 8962 Canada Rare Ea V 1230 Canada Zinc Mt V 1561 Canadn Arrow V 200 Canadn Int Mnl V 613 Canadn Mining V 2206 Canadn Orebods V 2068 Canadn Silvr H V 310 Canadn Zinc T 34732 Canamex Res V 1560 Canarc Res T 2110 Canasil Res V 20 Cancana Res V 665 Candente Coppr T 5403 CaNickel Mng T 102 Cannon Pnt Res V 2500 Canoe Mng Vnt V 448 Canstar Res V 740 Canterra Mnls V 651 Cantex Mn Dev V 10 Canuc Res V 91 Canyon Copper V 13 Cap-Ex Vent V 1522 Capstone Mng T 204274 Caracara Silvr V 550 Cardero Res T 418 Cariboo Rose V 350 Caribou King R V 712 Carlin Gold V 1970 Carlisle Goldf T 2422 Carmax Mng V 17 Cascadero Copp V 500 Cassidy Gold V 9050 Castillian Res V 168 Catalyst Coppr V 208 Caza Gold V 343 CB Gold V 1395 Centamin T 954 Centerra Gold T 45834 Central Fund* X 28277 Central Fund T 2110 Central Gold-T T 7 Central GoldT* X 2175 Century Iron M T 385 Chalice Gold M T 97 Challenger Dee V 740 Champion Bear V 265 Champion Iron T 6884 Chesapeake Gld V 866 Chiboug Ind Mn V 2087 Chilean Gold V 867 China Gold Int T 15610 China Mnls Mng V 1110 Claim Post Res V 660 Claude Res T 27985 Clear Mtn Res V 2800 Cliffs Nat Rs* N 417038 Clifton Star V 2319 Cloud Peak En* N 29953 CMC Metals V 11165 Codrington Res V 785 Coeur Mng* N 191662 Colibri Res V 2030 Colombia Crest V 400 Colombian Mins V 105 Colonial Coal V 2935 Colorado Res V 2897 Colt Res V 14740 Columbus Gold V 1454 Commerce Res V 25463 Compass Mnls* N 2666 Compliance Eny V 30 Comstock Mng* X 5612 Comstock Mtls V 510 Condor Res V 11020 Confedertn Mls V 1162 Conquest Res V 950 Cons Richland V 10 Cons Woodjam C V 1271 Consol Energy* N 530208 Constant Mtl R V 1255 Contintl Gold T 14550 Copper Ck Gold V 468 Copper Fox Mtl V 3759 Copper Mtn Mng T 50740 Copper North M V 4255 Copper One V 3000 Coral Gold V 400 Corazon Gold V 11 Cordoba Mnls V 65 Corex Gold V 6765 Cornerstone Ca V 43727 Coro Mining T 7317 Coronado Res V 147 Corsa Coal V 1410 Corvus Gold T 1096 Crazy Horse Rs V 1200 Cresval Cap V 250 Critical Elem V 7252 Crown Gold V 500 CVR Partners* N 1878 Cypress Dev V 195

37.32 31.18 37.24 + 5.47 49.69 30.70 0.14 0.12 0.14 - 0.01 0.27 0.05 0.81 0.75 0.81 + 0.01 1.07 0.54 0.11 0.09 0.09 - 0.01 0.20 0.08 0.11 0.11 0.11 + 0.01 0.19 0.06 0.37 0.32 0.34 + 0.03 0.40 0.16 14.27 11.99 14.15 + 2.09 19.97 11.60 18.56 15.88 18.43 + 2.44 22.46 15.50 0.10 0.08 0.10 - 0.05 0.26 0.04 0.26 0.25 0.26 + 0.01 0.32 0.18 0.04 0.03 0.03 0.00 0.11 0.03 0.20 0.17 0.19 - 0.01 0.47 0.17 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.01 - 0.01 0.05 0.01 0.09 0.08 0.08 - 0.01 0.21 0.05 0.02 0.02 0.02 0.00 0.08 0.02 0.01 0.01 0.01 - 0.01 0.07 0.01 0.08 0.06 0.08 + 0.01 0.28 0.06 0.04 0.04 0.04 0.00 0.20 0.04 0.07 0.06 0.07 + 0.01 0.10 0.03 0.04 0.04 0.04 0.00 0.07 0.03 0.25 0.20 0.23 - 0.02 0.32 0.15 0.05 0.04 0.05 0.00 0.20 0.04 0.07 0.07 0.07 - 0.01 0.37 0.07 0.17 0.16 0.16 + 0.01 0.25 0.10 0.04 0.04 0.04 0.00 0.24 0.02 0.07 0.06 0.06 - 0.01 0.10 0.03 0.05 0.04 0.05 0.00 0.11 0.04 0.04 0.04 0.04 0.00 0.09 0.03 0.07 0.07 0.07 + 0.01 0.35 0.06 0.03 0.03 0.03 0.00 0.12 0.03 0.02 0.01 0.02 0.00 0.05 0.01 0.63 0.44 0.62 + 0.19 2.28 0.43 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.02 0.02 + 0.01 0.07 0.01 0.04 0.03 0.04 0.00 0.07 0.02 0.10 0.10 0.10 - 0.01 0.22 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.27 0.23 0.26 + 0.03 0.42 0.16 0.03 0.03 0.03 0.00 0.10 0.03 0.03 0.03 0.03 0.00 0.05 0.02 0.02 0.02 0.02 0.00 0.05 0.02 0.03 0.03 0.03 0.00 0.20 0.01 0.20 0.14 0.16 + 0.01 0.53 0.11 0.03 0.03 0.03 - 0.02 0.09 0.03 0.07 0.06 0.06 - 0.01 0.14 0.03 1.32 1.24 1.30 + 0.07 1.35 0.80 7.93 7.36 7.54 + 0.25 7.98 3.96 11.32 10.79 11.12 + 0.48 13.73 10.15 14.75 14.27 14.47 + 0.37 16.89 12.52 53.30 53.00 53.30 - 0.55 57.25 42.50 40.98 40.10 40.35 + 0.75 46.73 37.22 0.25 0.20 0.25 + 0.04 0.44 0.17 0.10 0.10 0.10 + 0.01 0.15 0.08 0.20 0.18 0.20 + 0.03 0.22 0.05 0.06 0.05 0.06 + 0.01 0.19 0.05 0.22 0.14 0.20 + 0.05 0.23 0.07 1.64 1.44 1.53 + 0.05 2.93 1.39 0.04 0.03 0.04 + 0.02 0.05 0.02 0.04 0.03 0.03 0.00 0.09 0.02 1.97 1.76 1.78 - 0.10 3.37 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 0.72 0.63 0.72 + 0.09 0.78 0.19 0.01 0.01 0.01 - 0.01 0.04 0.01 3.73 2.33 3.12 + 0.76 11.70 2.28 0.16 0.11 0.16 + 0.01 0.25 0.06 3.43 2.57 3.35 + 0.78 13.95 2.42 0.04 0.03 0.03 - 0.01 0.08 0.03 0.06 0.05 0.05 - 0.01 0.14 0.03 3.35 2.82 3.00 + 0.25 7.45 2.52 0.03 0.03 0.03 + 0.01 0.23 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.04 0.04 - 0.01 0.19 0.04 0.05 0.05 0.05 + 0.01 0.15 0.04 0.08 0.07 0.07 0.00 0.17 0.06 0.16 0.14 0.14 - 0.01 0.30 0.05 0.41 0.38 0.41 + 0.03 0.55 0.31 0.08 0.07 0.07 - 0.01 0.25 0.07 85.19 78.42 84.28 + 5.46 95.68 77.13 0.08 0.08 0.08 - 0.01 0.40 0.04 0.68 0.60 0.65 + 0.03 1.36 0.35 0.02 0.02 0.02 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.08 0.02 0.04 0.03 0.04 0.00 0.12 0.03 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 0.00 0.05 0.01 0.04 0.04 0.04 - 0.01 0.09 0.02 11.96 8.95 11.60 + 2.46 42.26 8.68 0.12 0.09 0.10 - 0.01 0.18 0.07 1.92 1.67 1.87 + 0.22 3.28 1.61 0.06 0.05 0.05 - 0.01 0.07 0.03 0.17 0.15 0.16 + 0.01 0.37 0.10 0.63 0.38 0.61 + 0.23 2.43 0.38 0.05 0.04 0.05 + 0.01 0.09 0.04 0.01 0.01 0.01 0.00 0.07 0.01 0.09 0.08 0.09 0.00 0.20 0.06 0.18 0.18 0.18 0.00 0.38 0.11 0.12 0.11 0.12 + 0.01 0.25 0.08 0.07 0.05 0.06 + 0.01 0.09 0.03 0.03 0.03 0.03 0.00 0.11 0.02 0.03 0.02 0.02 0.00 0.08 0.02 0.25 0.20 0.25 + 0.05 0.98 0.20 0.05 0.04 0.04 - 0.01 0.27 0.04 0.67 0.39 0.63 + 0.23 1.29 0.37 0.02 0.01 0.02 0.00 0.03 0.01 0.04 0.04 0.04 - 0.01 0.06 0.01 0.21 0.17 0.18 - 0.02 0.35 0.16 0.05 0.05 0.05 + 0.01 0.08 0.03 10.73 9.46 10.33 + 0.58 16.12 8.52 0.03 0.02 0.03 0.00 0.40 0.02

Dajin Res V 32376 Dalradian Res T 19128 Darnley Bay V 40 Decade Res V 42052 Defiance Silvr V 5206 Dejour Enterp T 1584 Dejour Enterp* X 3656 Denison Mines T 39017 Denison Mines* X 5402 Desert Gold V 12 Desert Star V 505 Detour Gold T 78623 Diagnos V 10414 Diamcor Mng V 1576 Diamond Fields V 10 Dios Expl V 1050 Discovery Harb V 673 Discovery Vent V 55865

0.14 0.12 0.13 + 0.02 0.16 0.04 0.73 0.69 0.71 + 0.03 1.16 0.46 0.02 0.02 0.02 - 0.01 0.13 0.02 0.02 0.01 0.01 - 0.01 0.14 0.01 0.09 0.07 0.08 + 0.01 0.19 0.07 0.15 0.11 0.15 + 0.03 0.31 0.11 0.12 0.09 0.12 + 0.03 0.28 0.08 0.68 0.51 0.66 + 0.15 1.39 0.48 0.52 0.38 0.51 + 0.12 1.22 0.36 0.11 0.11 0.11 - 0.02 0.90 0.08 0.13 0.13 0.13 0.00 0.22 0.12 16.02 14.37 15.23 + 1.20 16.37 6.02 0.06 0.05 0.05 - 0.01 0.11 0.04 0.97 0.88 0.94 + 0.06 1.45 0.80 0.02 0.02 0.02 - 0.01 0.05 0.01 0.09 0.07 0.08 + 0.02 0.10 0.04 0.02 0.02 0.02 - 0.01 0.11 0.02 0.18 0.15 0.16 + 0.01 0.28 0.09

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Discovery-Corp V 625 DNI Metals V 7212 Dolly Vard Sil V 2488 Dominion Diam* N 10588 Dominion Diam T 17842 Doubleview Cap V 2550 Dundee Prec Mt T 9495 Duran Vent V 400 Durango Res V 16875 DV Res V 110 Dynacor Gold M T 1256 Dynasty Gold V 2785 Dynasty Met&Mn T 1284 Eagle Plains V 1140 East Asia Mnls V 979 Eastern Platin T 4133 Eastfield Res V 250 Eastmain Res T 10769 Eco Oro Mnls T 286 Ecuador G & C V 4035 El Nino Vent V 1000 Eldorado Gold* N 88582 Eldorado Gold T 174601 Electra Gold V 455 Eloro Minls V 1000 Ely Gold & Mnl V 1940 Emed Mining T 440 Emerick Res V 417 Emgold Mng V 100 Encanto Potash V 18917 Endeavour Mng T 71434 Endeavr Silver T 5763 Endeavr Silve* N 7342 Endurance Gold V 1850 Energizer Res T 33029 Energold Drill V 964 Energy Fuels T 1917 Entourage Mtls V 530 Entree Gold* X 1486 Entree Gold T 2787 Equitas Res V 98365 Equitorial Exp V 102709 Erdene Res Dev T 5322 Erin Ventures V 1360 Eskay Mng V 2344 Ethos Gold V 4885 Eurasian Minls V 56 Eurasian Mnls* X 1316 EurOmax Res V 20 Europn Uran Rs V 690 Everton Res V 862 Evolving Gold C 330 Evrim Res V 250 Excellon Res T 1486 Excelsior Mng V 3777 Exeter Res* X 900 Exeter Res T 496 Explor Res V 10816 Faircourt Gold T 1067 Fairmont Res V 250 Falco Res V 8586 Falcon Gold V 850 Fancamp Expl V 27367 Feronia V 10 Ferrum Am Mng V 104 Finlay Minrls V 2139 Firebird Res V 470 Firesteel Res V 3309 Firestone Vent V 3720 First Bauxite V 50 First Lithium V 2431 First Majesti* N 152445 First Majestic T 60489 First Mexican V 5036 First Point T 2032 First Quantum T 444896 Fission 3.0 V 5365 Fjordland Exp V 3720 Flinders Res V 207 Focus Graphite V 11056 Focus Vnt V 1610 Foraco Intl T 1020 Foran Mng V 3490 Formation Mtls T 1969 Forsys Metals T 90 Fortuna Silver T 36987 Fortuna Silvr* N 23755 Fortune Bay T 330 Fortune Mnrls T 8878 Forum Uranium V 919 Franco-Nevada* N 70561 Franco-Nevada T 35265 Freegold Vent T 20 Freeport McMo* N 2765957 Frontline Gold V 513 Full Metal Mnl V 8429

0.04 0.04 0.04 0.00 0.14 0.03 0.12 0.08 0.11 + 0.02 0.45 0.06 0.19 0.18 0.18 - 0.01 1.05 0.11 11.47 10.44 11.04 + 0.85 20.30 9.62 15.00 13.79 14.37 + 0.89 24.60 12.81 0.12 0.08 0.11 + 0.02 0.22 0.07 2.34 2.08 2.13 - 0.06 4.91 1.93 0.02 0.02 0.02 0.00 0.04 0.01 0.05 0.04 0.05 + 0.02 0.08 0.03 0.04 0.03 0.03 - 0.01 0.06 0.03 1.77 1.48 1.77 + 0.31 2.59 1.30 0.02 0.01 0.01 - 0.01 0.03 0.01 0.41 0.36 0.38 - 0.03 1.22 0.36 0.05 0.05 0.05 + 0.01 0.08 0.05 0.02 0.01 0.01 - 0.01 0.04 0.01 1.10 1.03 1.08 + 0.01 2.26 0.79 0.02 0.02 0.02 0.00 0.05 0.02 0.32 0.30 0.31 - 0.01 0.62 0.17 0.63 0.54 0.60 + 0.03 0.95 0.14 0.02 0.01 0.02 0.00 0.08 0.01 0.02 0.02 0.02 0.00 0.05 0.02 4.02 3.12 3.74 + 0.69 7.99 2.45 5.21 4.13 4.87 + 0.82 9.68 3.26 0.09 0.07 0.08 + 0.02 0.14 0.05 0.11 0.11 0.11 0.00 0.20 0.04 0.07 0.06 0.06 0.00 0.09 0.03 0.07 0.07 0.07 + 0.01 0.14 0.06 0.14 0.14 0.14 0.00 0.30 0.13 0.01 0.01 0.01 - 0.01 0.03 0.01 0.08 0.06 0.07 - 0.01 0.16 0.04 0.62 0.56 0.60 + 0.05 0.70 0.38 2.39 2.15 2.26 + 0.12 5.14 1.64 1.83 1.63 1.74 + 0.12 4.59 1.25 0.02 0.02 0.02 - 0.01 0.08 0.02 0.05 0.04 0.05 + 0.02 0.22 0.03 0.68 0.58 0.60 0.00 1.50 0.51 4.50 3.69 4.45 + 0.72 9.00 3.68 0.05 0.04 0.05 - 0.01 0.22 0.03 0.30 0.27 0.29 + 0.02 0.51 0.08 0.40 0.35 0.35 - 0.05 0.66 0.18 0.21 0.15 0.19 + 0.03 0.22 0.03 0.09 0.07 0.09 + 0.01 0.26 0.07 0.16 0.12 0.15 + 0.04 0.17 0.09 0.06 0.05 0.06 0.00 0.08 0.04 0.15 0.11 0.15 + 0.03 0.20 0.01 0.19 0.18 0.18 - 0.02 0.23 0.11 0.63 0.60 0.60 - 0.06 0.97 0.53 0.52 0.45 0.48 + 0.02 0.89 0.40 0.35 0.35 0.35 0.00 0.57 0.17 0.01 0.01 0.01 + 0.01 0.04 0.01 0.04 0.03 0.03 - 0.01 0.07 0.02 0.06 0.06 0.06 - 0.01 0.14 0.01 0.14 0.14 0.14 0.00 0.29 0.11 0.40 0.36 0.39 + 0.03 1.22 0.34 0.25 0.22 0.24 + 0.01 0.39 0.19 0.36 0.31 0.35 + 0.04 0.79 0.30 0.47 0.42 0.45 + 0.02 0.90 0.41 0.07 0.06 0.07 + 0.02 0.09 0.04 2.81 2.56 2.76 + 0.21 4.38 2.42 0.05 0.05 0.05 0.00 0.27 0.05 0.28 0.23 0.25 - 0.01 0.69 0.23 0.03 0.02 0.02 - 0.02 0.24 0.02 0.03 0.02 0.03 + 0.01 0.06 0.02 0.10 0.10 0.10 - 0.11 0.70 0.07 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.03 0.03 0.00 0.04 0.02 0.02 0.02 0.02 - 0.01 0.05 0.01 0.02 0.01 0.01 0.00 0.08 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.05 0.05 0.05 + 0.01 0.10 0.04 0.35 0.31 0.31 - 0.04 0.42 0.18 3.91 3.20 3.67 + 0.55 7.91 2.66 5.09 4.24 4.77 + 0.64 8.98 3.54 0.04 0.04 0.04 0.00 0.05 0.02 0.08 0.06 0.06 - 0.02 0.09 0.04 8.93 4.71 8.56 + 3.67 22.40 4.52 0.08 0.07 0.07 0.00 0.14 0.06 0.02 0.01 0.02 0.00 0.05 0.01 0.27 0.24 0.25 + 0.02 0.72 0.12 0.13 0.11 0.11 - 0.01 0.53 0.10 0.16 0.14 0.15 + 0.01 0.27 0.14 0.27 0.22 0.22 + 0.01 0.77 0.15 0.12 0.10 0.12 + 0.01 0.48 0.10 0.14 0.12 0.14 + 0.02 0.22 0.09 0.15 0.15 0.15 + 0.02 0.36 0.12 3.45 2.96 3.34 + 0.47 6.30 2.65 2.66 2.23 2.56 + 0.38 5.25 2.00 0.30 0.28 0.29 - 0.02 0.43 0.24 0.04 0.03 0.03 - 0.01 0.24 0.02 0.06 0.05 0.05 - 0.01 0.14 0.05 49.93 44.14 47.90 + 4.99 58.84 38.20 64.84 58.39 62.42 + 5.61 74.10 49.96 0.10 0.10 0.10 + 0.01 0.24 0.07 13.62 9.62 13.46 + 3.64 32.69 7.76 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.03 0.04 + 0.01 0.35 0.03

Gabriel Res T 11964 Galane Gold V 219 Galantas Gold V 349 Galore Res V 210 Galway Gold V 3580 Galway Mtls V 606 GAMCO Glb Gld* X 30807 Garibaldi Res V 14842 Gem Intl Res V 800 General Moly* X 3262 Gensource Pot V 3490 Gentor Res V 70 Geodex Mnrls V 50 Geodrill T 53 Geologix Ex T 2254 Geomega Res V 3908 Georox Res V 341 Getty Copper V 1090 GFK Res V 50 GGL Res V 110 Gitennes Expl V 890 Giyani Gold V 872 Glen Eagle Res V 11243 Globex Mng T 2272 GMV Minerals V 1565 Gobimin V 8140 GoGold Res T 1499 Gold Bulln Dev V 65033 Gold Canyon V 54362 Gold Fields* N 467336 Gold Mtn Mng V 420 Gold Reach Res V 326 Gold Reserve V 453 Gold Resource* X 22921 Gold Std Vnt V 8349 Gold Std Vnt* X 5645 Goldbank Mng V 900 Goldcliff Res V 3240 Goldcorp T 139379 Goldcorp* N 595239 Golden Arrow R V 1309 Golden Band V 1130 Golden Dawn Ml V 9795 Golden Goliath V 323 Golden Hope V 3517 Golden Mnls T 348 Golden Mnls* X 3138 Golden Peak Mn V 50 Golden Predatr V 809 Golden Queen T 136 Golden Reign R V 767 Golden Share M V 843 Golden Star T 460 Golden Star* X 24192 Golden Tag V 995

0.27 0.25 0.25 - 0.01 1.09 0.23 0.11 0.09 0.11 0.00 0.23 0.08 0.11 0.11 0.11 - 0.02 0.18 0.05 0.03 0.03 0.03 - 0.01 0.04 0.01 0.09 0.08 0.08 0.00 0.12 0.05 0.11 0.09 0.11 + 0.01 0.16 0.09 5.60 4.94 5.48 + 0.58 9.33 4.90 0.13 0.09 0.13 + 0.04 0.23 0.05 0.09 0.08 0.08 + 0.01 0.26 0.05 0.34 0.29 0.33 + 0.01 1.00 0.25 0.07 0.06 0.06 - 0.02 0.07 0.04 0.04 0.04 0.04 + 0.01 0.14 0.03 0.01 0.01 0.01 0.00 0.06 0.01 0.60 0.57 0.60 0.00 0.99 0.46 0.03 0.03 0.03 + 0.01 0.06 0.03 0.08 0.07 0.07 - 0.01 0.29 0.07 0.07 0.07 0.07 + 0.01 0.14 0.05 0.02 0.02 0.02 0.00 0.07 0.02 0.12 0.08 0.12 + 0.03 0.18 0.03 0.03 0.03 0.03 0.00 0.06 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.09 0.09 0.09 + 0.01 0.20 0.05 0.06 0.05 0.05 - 0.01 0.20 0.03 0.33 0.27 0.30 - 0.01 0.35 0.14 0.08 0.07 0.08 - 0.01 0.26 0.05 0.40 0.35 0.40 - 0.01 0.51 0.35 1.27 1.23 1.24 - 0.01 1.79 1.18 0.03 0.02 0.03 + 0.02 0.06 0.02 0.33 0.27 0.32 + 0.05 0.33 0.09 2.99 2.64 2.85 + 0.29 6.01 2.35 0.04 0.03 0.04 0.00 0.14 0.03 0.17 0.15 0.16 - 0.01 0.50 0.13 3.85 3.26 3.84 + 0.29 5.39 2.48 3.15 2.56 2.82 + 0.32 5.36 1.99 0.56 0.46 0.50 - 0.01 0.73 0.40 0.42 0.35 0.38 - 0.01 0.66 0.26 0.05 0.05 0.05 + 0.02 0.09 0.03 0.01 0.01 0.01 0.00 0.02 0.01 18.39 16.59 17.68 + 1.59 30.95 15.99 14.17 12.54 13.57 + 1.43 25.00 11.95 0.27 0.25 0.27 0.00 0.50 0.17 0.01 0.01 0.01 0.00 0.01 0.01 0.21 0.17 0.19 0.00 0.30 0.01 0.01 0.01 0.01 - 0.01 0.02 0.01 0.35 0.28 0.30 - 0.05 0.64 0.08 0.41 0.35 0.41 + 0.07 0.91 0.31 0.32 0.28 0.31 + 0.03 0.78 0.23 0.05 0.05 0.05 0.00 0.17 0.04 0.13 0.12 0.12 0.00 0.15 0.07 1.00 0.92 0.93 - 0.06 1.68 0.65 0.09 0.08 0.09 + 0.01 0.19 0.05 0.07 0.05 0.06 + 0.01 0.08 0.03 0.30 0.27 0.30 + 0.03 0.51 0.20 0.23 0.20 0.22 + 0.02 0.43 0.16 0.03 0.02 0.02 0.00 0.10 0.02

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Golden Val Min V 2375 Goldeye Expl V 560 Goldfield* X 2002 T 5454 Goldgroup Mng V 6724 GoldQuest Mng Goldrea Res C 70 V 2275 Goldrock Mines Goldrush Res V 3800 V 553 Goldsource Min V 3431 Goldstrike Res Gossan Res V 222 Gowest Gold V 2180 T 1273 Gran Colombia V 4030 Grande Portage 40 Granite Ck Gld V Graphite One R V 20551 60 Gray Rock Res V Great Atlantic V 2922 Great Bear Res V 3340 19667 X Great Panther* Great Panther T 7702 631 Great Quest Me V V 80 Greencastle Rs Gresham Res V 13229 Grizzly Discvr V 2537 38 GTA Res & Mng V Gunpoint Expl V 172 T 14748 Guyana Gldflds Guyana Prec Mt V 12318 GWR Res V 8069 Handa Copper V 63 Hansa Res V 100 Happy Ck Minls V 1270 172092 N Harmony Gold* Harte Gold T 8832 V 20 Heatherdale Rs 469079 Hecla Mining* N Helio Res V 990 Hi-Crush Part* N 6782 Highbank Res V 5220 Highland Res V 50 Highway 50 Gld V 1150 HiHo Silver C 1050 Hinterland Mtl V 100 V 3378 Homestake Res 200 Honey Badger E V Horizns G Bear T 55872 Horizns G Bull T 87113 T 300 Horizonte Mnls 176 Hornby Bay Mnl V Houston Lake V 1141 HudBay Minls T 94269 HudBay Mnls* N 1504 Hudson Res V 725 Hunt Mng V 2751 V 18 Huntington Exp

0.11 0.10 0.10 + 0.01 0.21 0.08 0.03 0.06 - 0.01 0.06 0.06 0.05 1.20 1.74 + 0.09 2.85 1.76 1.64 0.05 0.07 + 0.01 0.24 0.07 0.06 0.07 0.12 + 0.02 0.20 0.13 0.11 0.02 0.04 - 0.01 0.10 0.04 0.04 0.15 0.21 + 0.01 0.40 0.24 0.20 0.01 0.02 0.00 0.03 0.02 0.02 0.13 0.18 + 0.02 0.26 0.18 0.16 0.05 0.01 0.21 + 0.13 0.13 0.11 0.01 0.02 - 0.01 0.05 0.02 0.02 0.05 0.07 + 0.01 0.10 0.08 0.07 0.18 0.18 - 0.05 0.97 0.23 0.18 0.01 0.01 + 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.10 0.01 0.09 0.08 0.08 + 0.01 0.14 0.07 0.03 0.03 0.03 + 0.01 0.05 0.02 0.04 0.05 0.00 0.30 0.05 0.04 0.05 0.04 0.04 0.00 0.09 0.02 0.30 0.47 + 0.08 1.04 0.49 0.40 0.40 0.62 + 0.09 1.16 0.66 0.53 0.28 0.22 0.25 + 0.01 1.29 0.22 0.05 0.06 - 0.01 0.09 0.06 0.06 0.46 0.59 - 0.05 0.95 0.64 0.58 0.02 0.06 0.00 0.10 0.07 0.06 0.04 0.04 0.04 - 0.01 0.10 0.04 0.14 0.16 - 0.01 0.20 0.17 0.16 2.15 3.64 + 0.11 4.48 3.93 3.61 0.22 0.12 0.20 + 0.07 0.33 0.08 0.01 0.04 + 0.02 0.05 0.04 0.03 0.05 0.05 - 0.01 0.12 0.05 0.05 0.01 0.02 + 0.01 0.03 0.02 0.02 0.12 0.10 0.12 + 0.01 0.17 0.08 0.57 0.67 + 0.10 3.18 0.72 0.59 0.04 0.05 - 0.01 0.10 0.06 0.05 0.01 0.02 0.00 0.06 0.02 0.01 1.77 2.31 + 0.41 3.54 2.44 1.94 0.02 0.03 0.00 0.07 0.03 0.03 8.89 7.01 8.58 + 1.19 55.64 7.01 0.07 0.08 + 0.01 0.30 0.08 0.07 0.10 0.13 - 0.02 0.50 0.13 0.13 0.11 0.10 0.10 - 0.05 0.51 0.10 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 - 0.01 0.04 0.02 0.01 0.01 0.02 + 0.01 0.06 0.02 0.02 0.01 0.01 0.01 - 0.01 0.05 0.01 15.13 11.52 12.55 - 3.59 24.65 8.50 4.05 3.16 3.73 + 0.75 8.86 2.75 0.03 0.03 - 0.01 0.08 0.03 0.03 0.03 0.03 0.03 - 0.01 0.10 0.03 0.09 0.15 0.00 0.20 0.17 0.15 7.04 4.91 6.91 + 1.90 12.61 4.82 5.40 3.75 5.31 + 1.61 10.37 3.62 0.22 0.48 + 0.01 0.55 0.50 0.46 0.02 0.02 - 0.01 0.40 0.02 0.02 0.01 0.01 0.00 0.03 0.01 0.01

I-Minerals V 1318 81789 Iamgold* N T 93436 Iamgold IBC Adv Alloys V 9658 IC Potash T 2333 Iconic Mnls V 1180 IMPACT Silver V 3523 Imperial Metal T 1486 Inca One Res V 5170 V 3800 Independence G Indico Res V 640 Inspiration Mg T 1600 Integra Gold V 27803 Intigold Mines V 2230 Intl Bethl Mng V 10011 Intl Lithium V 390 13 Intl Montoro R V Intl Northair V 570 Intl Samuel Ex V 1182 Intl Tower Hi* X 1405 T 1571 Intl Tower Hil Intl Vestr Res V 6363 Intrepid Pots* N 17666 INV Metals T 480 216 ISh COMEX G Tr T Ivanhoe Mines T 65796 T 5260 Ivernia Jaguar Mng V 815 Jaxon Mnls V 10 Jiulian Res V 20 Kaminak Gold V 9608 Karmin Expl V 751 Karnalyte Res T 7086 Katanga Mng T 992 Kazax Mnls V 250 Kennady Diam V 155 Kermode Res V 115 Kesselrun Res V 50 Kestrel Gold V 365 Khalkos Expl V 330 Khan Res C 6039 V 16176 Kilo Goldmines V 8860 Kincora Copper 400 Kings Bay Gold V 143888 Kinross Gold T 589119 Kinross Gold* N Kirkland Lk Gd T 23855 Kiska Metals V 7322 Kivalliq Enrgy V 3818 Klondex Mns T 8496 Klondike Gold V 3046 Klondike Silv V 10 Knick Expl V 2939 Kobex Mnls V 13442 V 4029 Kombat Copper V 2201 Kootenay Gold

0.14 0.22 + 0.04 0.31 0.22 0.17 1.16 1.85 + 0.30 3.39 2.00 1.59 1.50 2.43 + 0.38 4.09 2.60 2.11 0.11 0.10 0.11 0.00 0.17 0.09 0.10 0.12 + 0.02 0.31 0.12 0.10 0.03 0.04 0.00 0.10 0.04 0.03 0.14 0.16 + 0.01 0.39 0.17 0.15 7.67 6.01 7.59 + 1.45 13.69 6.01 0.15 0.11 0.13 + 0.02 0.29 0.09 0.07 0.07 0.00 0.11 0.08 0.07 0.02 0.07 - 0.01 0.16 0.07 0.07 0.04 0.05 + 0.01 0.43 0.05 0.04 0.14 0.30 + 0.02 0.36 0.30 0.28 0.03 0.09 - 0.04 0.32 0.12 0.09 0.02 0.02 0.02 + 0.01 0.03 0.01 0.02 0.07 0.00 0.09 0.08 0.07 0.04 0.04 0.04 - 0.01 0.10 0.04 0.04 0.05 0.00 0.11 0.05 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.35 0.30 0.35 + 0.04 0.62 0.20 0.47 0.41 0.46 + 0.03 0.75 0.26 0.02 0.02 0.02 - 0.01 0.19 0.02 6.92 5.34 6.73 + 1.35 15.56 5.34 0.08 0.12 + 0.01 0.29 0.14 0.12 14.54 14.30 14.30 + 0.08 15.78 12.61 0.62 0.70 + 0.06 1.36 0.75 0.64 0.01 0.01 0.00 0.11 0.02 0.01 0.12 0.20 0.00 0.84 0.20 0.18 0.01 0.04 - 0.01 0.06 0.04 0.04 0.02 0.03 0.00 0.06 0.03 0.03 0.53 0.80 0.00 1.15 0.82 0.78 0.21 0.27 + 0.04 0.50 0.27 0.23 0.52 1.11 + 0.17 1.33 1.33 0.93 0.14 0.17 + 0.02 0.44 0.18 0.16 0.02 0.03 + 0.01 0.06 0.03 0.03 2.80 3.10 + 0.18 8.14 3.28 2.92 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 0.00 0.07 0.03 0.02 0.06 0.07 - 0.02 0.12 0.08 0.07 0.33 0.50 + 0.04 0.80 0.53 0.48 0.04 0.04 - 0.02 0.16 0.04 0.04 0.02 0.02 0.00 0.05 0.03 0.02 0.01 0.01 0.00 0.01 0.01 0.01 1.79 2.79 + 0.55 4.48 2.94 2.29 1.35 2.13 + 0.45 3.71 2.27 1.72 6.15 5.66 5.76 + 0.21 6.88 2.79 0.02 0.03 + 0.01 0.07 0.03 0.02 0.06 0.07 + 0.01 0.22 0.08 0.07 1.68 3.35 + 0.27 3.87 3.36 3.10 0.08 0.12 + 0.02 0.28 0.14 0.09 0.02 0.02 0.00 0.05 0.02 0.02 0.01 0.02 - 0.01 0.02 0.02 0.01 0.46 0.56 + 0.01 0.65 0.56 0.54 0.03 0.07 + 0.01 0.11 0.07 0.06 0.20 0.26 + 0.03 0.56 0.29 0.22

821 La Quinta Res V Labdr I-Ore Ro T 18851 Lake Shore Gd* X 21336 Lake Shore Gld T 84112 Lara Expl V 778 Laramide Res T 10959 Largo Res V 2555 Latin Am Mnls V 15517 738 Laurion Mnl Ex V Legend Gold V 70 Letho Res V 13 Lexam VG Gold T 1300 650 Lion One Mtls V Lomiko Mtls V 2577 Los Andes Copp V 1210 Lowell Copper V 5105 Lucara Diam T 9491 Lucky Mnls V 1200 Luna Gold T 2129 270872 Lundin Mng T Lydian Intl T 6493

0.02 0.01 0.01 0.00 0.02 0.01 17.00 14.06 16.37 + 2.37 23.18 10.81 0.92 0.84 0.87 + 0.05 1.14 0.60 1.19 1.10 1.14 + 0.07 1.38 0.70 0.20 0.29 + 0.04 0.62 0.31 0.27 0.16 0.17 0.00 0.51 0.18 0.16 0.29 0.34 + 0.02 2.65 0.40 0.30 0.02 0.01 0.01 0.00 0.16 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.03 0.04 0.00 0.14 0.04 0.04 0.05 0.08 0.00 0.18 0.08 0.08 0.09 0.07 0.08 - 0.01 0.11 0.06 0.38 0.30 0.35 + 0.06 0.60 0.17 0.03 0.03 0.00 0.09 0.03 0.03 0.10 0.09 0.10 - 0.01 0.23 0.05 0.21 0.26 - 0.01 0.52 0.28 0.26 1.42 1.75 + 0.24 2.41 1.75 1.51 0.08 0.10 - 0.03 0.16 0.10 0.08 0.05 0.05 - 0.01 0.76 0.06 0.05 3.68 4.65 + 0.80 6.46 4.69 3.83 0.26 0.28 + 0.01 0.84 0.29 0.27

V 1302 MacDonald Mns V 230 MacMillan Mnls T 10287 Mag Silver Mag Silver* X 340 V 2060 Magellan Minls Majescor Res V 472 Majestic Gold V 2585 Major Drilling T 5787 Makena Res V 6869 Malbex Res V 5686 Mammoth Res V 900 Mandalay Res T 14614

0.01 0.01 0.00 0.02 0.01 0.01 0.05 0.18 - 0.02 0.24 0.20 0.18 10.65 9.39 9.86 + 0.62 11.00 6.56 5.60 7.55 + 0.55 9.17 8.11 7.02 0.04 0.05 0.00 0.12 0.05 0.04 0.03 0.04 - 0.02 0.06 0.06 0.04 0.03 0.05 + 0.01 0.08 0.05 0.04 3.75 5.11 + 0.91 7.49 5.32 4.19 0.02 0.03 0.00 0.06 0.03 0.03 0.01 0.03 0.00 0.06 0.03 0.03 0.01 0.01 0.00 0.07 0.01 0.01 0.69 0.80 + 0.07 1.05 0.84 0.75

I-J-K

15-10-13 7:24 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 19–25, 2015

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

Week

12-month

Exc Volume High Low Last Change High Low

Manitou Gold V 390 Manson Creek V 694 Marathon Gold T 2610 Marengo Mng T 600 Margaret Lk Di V 85 Marifil Mines V 35 Maritime Res V 2005 Marlin Gold V 4810 Mason Graphite V 1415 Matamec Expl V 2035 Maudore Minls V 100 Mawson Res T 141 Mawson West T 20558 Max Res V 20 Maya Gold & Si V 2059 MBAC Fertilizr T 39349 McEwen Mng* N 40957 McEwen Mng T 4067 MDN Inc T 1980 MDU Res* N 67021 Meadow Bay Gd T 1570 Mechel* N 4635 Medallion Res V 6530 Mega Copper V 12 Mega Uranium T 15175 Melior Res V 520 Melkior Res V 1751 Merrex Gold V 318 Mesabi Trust* N 1941 Metalex Vent V 3415 Metalore Res T 12 Metals Ck Res V 402 Metanor Res V 80673 Micrex Devel V 350 Midas Gold T 14447 Midland Expl V 529 Midnight Sun M V 10 Migao T 1139 Millrock Res V 10 Millstream Min V 50 Milner Con Slv V 40 Minas Buenavn* N 126198 Minaurum Gold V 910 Minco Gold* X 1918 Minco Gold T 361 Minco Silver T 2928 Mindoro Res V 5840 Minemakers T 870 Mineral Mtn Rs V 1910 Mines Managem* X 1112 Mines Managmnt T 40 Minfocus Expl V 300 Miranda Gold V 40090 Mirasol Res V 1370 Monarques Res V 1585 Moneta Porcpn T 12571 Monster Mng V 510 Monster Uran V 90 Montero Mg&Ex V 1090 Monument Mng V 4276 Mosaic* N 321031 Mountain Boy M V 2630 Mountain Prov T 2788 MPH Vent V 530 MPVC V 606 Mundoro Cap V 2074 Mustang Minls V 50

0.02 0.02 0.02 - 0.01 0.04 0.01 0.02 0.02 0.02 + 0.01 0.03 0.01 0.23 0.18 0.21 - 0.01 0.39 0.18 0.01 0.01 0.01 0.00 0.02 0.01 0.12 0.07 0.10 + 0.01 0.26 0.07 0.02 0.02 0.02 - 0.01 0.02 0.01 0.16 0.12 0.12 + 0.02 0.24 0.08 0.32 0.27 0.32 + 0.05 1.09 0.25 0.45 0.41 0.44 0.00 0.75 0.36 0.04 0.03 0.03 - 0.01 0.07 0.02 0.01 0.01 0.01 - 0.01 0.02 0.01 0.22 0.20 0.22 + 0.03 0.32 0.15 0.02 0.02 0.02 + 0.01 0.24 0.01 0.08 0.08 0.08 + 0.02 0.20 0.04 0.20 0.15 0.19 + 0.02 0.31 0.11 0.05 0.04 0.04 0.00 0.18 0.01 0.99 0.89 0.93 + 0.07 1.98 0.65 1.30 1.18 1.21 + 0.06 2.25 0.84 0.03 0.02 0.03 0.00 0.08 0.02 19.40 16.71 19.40 + 2.55 28.51 16.15 0.17 0.12 0.15 - 0.02 0.31 0.10 0.94 0.86 0.94 + 0.04 1.88 0.42 0.03 0.03 0.03 + 0.01 0.12 0.01 0.03 0.03 0.03 - 0.01 0.05 0.02 0.09 0.08 0.09 + 0.01 0.25 0.07 0.03 0.02 0.02 0.00 0.12 0.02 0.03 0.02 0.03 + 0.01 0.06 0.02 0.15 0.14 0.15 + 0.01 0.23 0.05 12.29 11.50 11.68 - 0.15 21.35 9.08 0.06 0.05 0.05 - 0.01 0.12 0.03 3.20 3.20 3.20 + 0.01 3.72 2.41 0.09 0.07 0.09 + 0.02 0.28 0.05 0.07 0.05 0.06 - 0.01 0.10 0.04 0.03 0.03 0.03 + 0.01 0.05 0.01 0.31 0.27 0.28 - 0.01 0.63 0.27 0.56 0.47 0.56 + 0.01 0.89 0.47 0.17 0.17 0.17 + 0.07 0.24 0.08 0.55 0.52 0.52 - 0.03 1.59 0.50 0.23 0.19 0.19 0.00 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 7.68 6.15 7.18 + 1.09 12.51 5.73 0.06 0.05 0.06 + 0.01 0.10 0.05 0.19 0.15 0.17 0.00 0.40 0.15 0.25 0.20 0.22 - 0.01 0.45 0.20 0.42 0.39 0.40 + 0.02 0.98 0.32 0.01 0.01 0.01 0.00 0.05 0.01 0.13 0.13 0.13 + 0.04 0.13 0.06 0.03 0.02 0.03 + 0.01 0.06 0.02 0.31 0.27 0.31 + 0.01 0.74 0.26 0.44 0.36 0.44 + 0.08 0.85 0.34 0.01 0.01 0.01 - 0.01 0.04 0.01 0.08 0.07 0.08 - 0.01 0.14 0.07 0.85 0.74 0.77 - 0.09 1.20 0.74 0.08 0.07 0.07 - 0.01 0.14 0.07 0.11 0.08 0.11 + 0.03 0.11 0.04 0.01 0.01 0.01 + 0.01 0.01 0.01 0.06 0.04 0.04 - 0.01 0.12 0.02 0.01 0.01 0.01 0.00 0.03 0.01 0.13 0.11 0.12 - 0.02 0.20 0.08 34.07 29.61 33.89 + 3.75 53.83 29.61 0.01 0.01 0.01 0.00 0.02 0.01 4.28 3.72 4.16 + 0.46 5.67 3.38 0.10 0.08 0.09 + 0.01 0.10 0.04 0.02 0.02 0.02 0.00 0.10 0.02 0.08 0.07 0.07 - 0.01 0.25 0.07 0.01 0.01 0.01 - 0.01 0.02 0.01

N-O Namibia Rare E T 4297 Natural Rs Pt* N 2852 Nautilus Minls T 8446 Nebu Res V 33 Nemaska Lith V 14069 Network Expl V 224 Nevada Clean M V 1720 Nevada Copper T 640 Nevada Expl V 160 Nevada Sunrise V 13775 Nevado Res V 7490 Nevsun Res T 12764 Nevsun Res* X 4506 New Carolin Gd V 3220 New Destiny Mg V 280 New Gold T 98672 New Gold* X 258756 New Millennium V 7910 New Milln Iron T 4444 New Nadina V 1250 New Oroperu Rs V 18 New Pac Metals T 21 New World Res V 370 Newmac Res V 1095 Newmont Mng* N 556871 Newport Expl V 4250 Newstrike Res V 200 NGEx Res T 1346 Nighthawk Gold V 1694 Nikos Expl V 10 Niogold Mng V 3631 Nippon Dragon V 2162 Nitinat Mnls V 1188 Noka Res V 3750 Nomad Ventures V 8503 Noram Vent V 1040 Nordex V 823 Noront Res V 3918 Nortec Mnls V 28 North Am En P* N 345 North Am En Pa T 997 North Am Nickl V 1872 North Am Pall T 227 North Am Tung V 4900 North Arrow Mn V 3186 Northcliff Res T 3601 Northern Abiti V 134 Northern Dyn* X 3924 Northern Dyn M T 1070 Northern Freeg V 1216 Northern Gld M V 6641 Northern Graph V 3824 Northern Iron V 1780 Northern Lion V 100 Northern Shiel V 2549 Northern Sun M V 752 Northern Vertx V 606 Northisle C&G V 4009 Northquest V 4663 NovaCopper T 354 NovaCopper* X 3933 NovaGold Res T 11969 NovaGold Res* X 75281 NSGold V 167 NSX Silver V 207 Nubian Res V 402 NuLegacy Gold V 3448 Nunavik Nickel V 149 NV Gold V 10 Oban Mng T 5513 OceanaGold T 116843 Oceanic Iron O V 123 Oceanus Res V 275 Odin Mng & Exp V 12 Olivut Res V 198 Olympic Res V 340 OM Group* N 26524 Omineca Mg&Mtl V 15 Opawica Expl V 183 Opta Minls T 20 Oracle Mng V 430 Orbit Garant D T 5 Orbite Alumnae T 141761 Orca Gold V 1147

0.06 0.05 0.05 - 0.01 0.22 0.05 2.99 2.42 2.80 + 0.34 13.79 2.21 0.30 0.24 0.26 - 0.05 0.56 0.24 0.02 0.02 0.02 0.00 0.05 0.01 0.30 0.28 0.29 + 0.01 0.35 0.12 0.03 0.02 0.02 0.00 0.05 0.02 0.04 0.03 0.04 0.00 0.06 0.03 0.99 0.88 0.97 + 0.07 2.03 0.75 0.18 0.18 0.18 - 0.01 0.35 0.05 0.23 0.20 0.20 0.00 0.62 0.13 0.02 0.01 0.02 - 0.01 0.06 0.01 4.27 3.95 4.17 + 0.23 5.35 3.41 3.28 2.97 3.19 + 0.23 4.51 2.57 0.05 0.05 0.05 + 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.05 0.01 3.84 2.99 3.73 + 0.84 6.04 2.52 2.96 2.26 2.84 + 0.66 5.27 1.90 0.12 0.10 0.11 - 0.01 0.37 0.10 0.09 0.08 0.08 0.00 0.30 0.08 0.01 0.01 0.01 0.00 0.03 0.01 0.09 0.09 0.09 - 0.01 0.20 0.07 0.15 0.15 0.15 - 0.02 0.28 0.14 0.02 0.02 0.02 0.00 0.12 0.01 0.11 0.10 0.10 - 0.01 0.29 0.10 19.41 16.29 18.66 + 2.82 27.90 15.39 0.26 0.22 0.26 + 0.02 0.49 0.20 0.05 0.04 0.04 - 0.02 0.08 0.02 0.55 0.52 0.52 + 0.01 1.88 0.50 0.06 0.06 0.06 0.00 0.50 0.06 0.03 0.03 0.03 - 0.01 0.15 0.03 0.36 0.30 0.36 + 0.05 0.43 0.22 0.05 0.04 0.04 - 0.01 0.12 0.03 0.06 0.05 0.06 + 0.02 0.09 0.03 0.05 0.04 0.05 + 0.01 0.35 0.03 0.03 0.02 0.02 - 0.01 0.07 0.02 0.02 0.01 0.02 + 0.01 0.03 0.01 0.15 0.13 0.15 + 0.02 0.44 0.06 0.34 0.32 0.32 - 0.01 0.67 0.25 0.02 0.02 0.02 0.00 0.09 0.02 2.40 2.06 2.23 - 0.08 6.60 1.60 3.09 2.71 2.87 - 0.13 7.44 2.10 0.17 0.15 0.15 0.00 0.28 0.12 4.28 4.01 4.01 - 0.18 188.00 3.87 0.01 0.01 0.01 + 0.01 0.07 0.01 0.30 0.26 0.30 + 0.01 1.34 0.26 0.08 0.08 0.08 + 0.01 0.27 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.43 0.31 0.42 + 0.11 0.72 0.28 0.55 0.41 0.55 + 0.15 0.83 0.37 0.05 0.04 0.05 - 0.01 0.30 0.04 0.02 0.01 0.02 0.00 0.04 0.01 0.36 0.27 0.31 + 0.05 0.93 0.26 0.01 0.01 0.01 0.00 0.05 0.01 0.06 0.05 0.05 + 0.01 0.40 0.03 0.02 0.02 0.02 0.00 0.04 0.01 0.11 0.07 0.11 + 0.01 0.30 0.03 0.22 0.21 0.21 + 0.03 0.26 0.09 0.02 0.02 0.02 + 0.01 0.07 0.02 0.32 0.17 0.19 + 0.01 0.32 0.07 0.50 0.41 0.45 - 0.04 1.11 0.41 0.39 0.35 0.36 - 0.01 1.06 0.35 5.03 4.63 4.81 + 0.21 5.22 2.65 3.86 3.56 3.69 + 0.23 4.25 2.33 0.04 0.04 0.04 0.00 0.65 0.04 0.03 0.03 0.03 + 0.01 0.07 0.03 0.01 0.01 0.01 0.00 0.03 0.01 0.12 0.09 0.12 + 0.01 0.17 0.06 0.05 0.04 0.05 - 0.01 0.18 0.04 0.01 0.01 0.01 - 0.01 0.20 0.01 1.23 1.15 1.20 + 0.01 3.40 1.15 2.38 1.86 2.31 + 0.47 3.15 1.70 0.08 0.08 0.08 0.00 0.30 0.08 0.26 0.23 0.23 + 0.03 0.48 0.14 0.25 0.25 0.25 + 0.01 0.58 0.21 0.12 0.08 0.08 - 0.04 0.19 0.08 0.11 0.09 0.11 0.00 0.32 0.03 33.91 32.83 33.90 + 0.91 35.00 21.87 0.03 0.03 0.03 - 0.03 0.11 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.29 0.27 0.27 - 0.08 2.35 0.25 0.01 0.01 0.01 0.00 0.09 0.01 0.95 0.95 0.95 + 0.03 1.50 0.79 0.36 0.26 0.31 + 0.05 0.48 0.20 0.20 0.18 0.20 + 0.02 0.49 0.16

TNM Oct 19 2015 MKT and Tables.indd 13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Orefinders Res V 460 Orex Expl V 2080 Orex Minls V 1364 Orezone Gold T 3330 Oroco Res V 300 Orocobre T 512 Orosur Mng T 77 Orvana Mnrls T 6683 Otis Gold V 3020

0.02 0.01 0.01 0.00 0.10 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 0.13 0.11 0.13 + 0.01 0.34 0.11 0.28 0.23 0.24 + 0.01 0.75 0.22 0.03 0.03 0.03 0.00 0.06 0.02 1.70 1.55 1.69 + 0.17 2.88 1.38 0.11 0.10 0.11 + 0.01 0.24 0.10 0.20 0.17 0.19 + 0.01 0.49 0.15 0.09 0.08 0.08 0.00 0.14 0.02

Pac Bay Mnrls V 500 Pac Booker Min V 52 Pac Booker Mn* X 39 Pac Casc Minls V 102 Pac Coal Res V 1680 Pac Imp Mines V 4000 Pac Iron Ore V 637 Pac North West V 46 Pac Potash V 300 Pac Ridge Expl V 663 Paget Mnls V 100 Paladin Energy T 8108 Palmer Res V 1340 Pan Am Silver T 21998 Pan Am Silver* Q 173431 Pan Global Res V 600

0.05 0.05 0.05 + 0.01 0.07 0.02 2.48 2.12 2.39 - 0.10 6.90 1.02 1.90 1.71 1.72 - 0.13 5.75 1.04 0.01 0.01 0.01 + 0.01 0.04 0.01 0.01 0.01 0.01 0.00 0.38 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.38 0.28 0.33 + 0.05 0.39 0.10 0.02 0.02 0.02 + 0.01 0.05 0.01 0.05 0.03 0.04 - 0.01 0.45 0.03 0.02 0.02 0.02 0.00 0.04 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.18 0.16 0.18 + 0.02 0.43 0.15 0.01 0.01 0.01 - 0.01 0.08 0.01 10.40 8.38 9.76 + 1.60 15.06 7.77 7.98 6.34 7.50 + 1.34 12.05 5.85 0.01 0.01 0.01 0.00 0.08 0.01

P-Q

ADVANTAGE

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

RJK Explor V 400 Robex Res V 1280 Rock Tech Lith V 3073 Rockhaven Res V 2934 Rockridge Cap V 311 Rockwell Diam T 1608 Rodinia Lithm V 1989 Rogue Iron Ore V 5035 Rokmaster Res V 470 Romarco Mnrls T 55359 Rome Res V 62 Romios Gold Rs V 1819 Romulus Res V 120 Roxgold V 11169 Royal Cdn Mint T 2100 Royal Gold T 214 Royal Gold* Q 39957 Royal Nickel T 3752 RPT Uranium V 74 RT Minerals V 1310 Rubicon Mnls* X 264481 Rubicon Mnrls T 297619 Rugby Mng V 20 Running Fox Rs V 100 Rupert Res V 810 Rusoro Mng V 134 Russell Metals T 30725 Rye Patch Gold V 2818

0.01 0.01 0.01 0.00 0.01 0.01 0.08 0.07 0.08 + 0.01 0.16 0.04 0.08 0.05 0.08 + 0.05 0.10 0.03 0.15 0.13 0.14 - 0.03 0.27 0.13 0.06 0.05 0.06 + 0.02 0.18 0.04 0.20 0.18 0.20 0.00 0.37 0.18 0.04 0.03 0.04 + 0.01 0.05 0.01 0.10 0.09 0.09 0.00 0.16 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.48 0.45 0.46 + 0.02 0.82 0.00 0.02 0.02 0.02 - 0.01 0.17 0.02 0.03 0.02 0.03 + 0.01 0.07 0.02 0.13 0.13 0.13 + 0.03 0.24 0.10 0.63 0.56 0.61 + 0.04 0.77 0.39 16.12 15.78 15.78 + 0.05 17.41 13.87 66.62 62.50 64.60 + 3.29 95.64 57.21 51.28 46.90 49.58 + 3.39 77.20 42.21 0.25 0.23 0.24 + 0.01 0.59 0.22 0.34 0.32 0.34 + 0.05 0.55 0.22 0.01 0.01 0.01 0.00 0.06 0.01 0.77 0.43 0.53 - 0.20 1.42 0.43 1.00 0.57 0.70 - 0.25 1.63 0.57 0.07 0.07 0.07 - 0.01 0.27 0.06 0.02 0.02 0.02 + 0.01 0.02 0.01 0.03 0.03 0.03 0.00 0.11 0.03 0.05 0.05 0.05 - 0.01 0.07 0.01 24.05 21.17 21.55 0.00 35.11 18.23 0.13 0.12 0.12 0.00 0.20 0.11

ESSENTIAL MINING NEWS

IN YOUR INBOX EVERY DAY

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

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

www.northernminer.com Pancontl Uran V 491 Panoro Minls V 7578 Parlane Res V 50 PC Gold V 27616 Peabody Enrgy* N 79021 Peat Res V 20 Pelangio Expl V 202 Pele Mtn Res V 2252 Peregrine Diam T 17601 Perseus Mng T 68065 Pershimco Res V 1357 Peruvian Prc M V 5044 Pilot Gold T 4601 Pinecrest Res V 51 Pinetree Cap T 9023 PJX Res V 367 Plata Latina M V 50 Plate Res V 830 Platinex V 500 Platinum Gp M* X 6019 Platinum Gp Mt T 22372 Plato Gold V 33 Playfair Mng V 60 Polaris Minls T 977 PolyMet Mng* X 11052 PolyMet Mng T 1978 Potash C Sask* N 593132 Potash Cp Sask T 161142 Precipitate Gl V 150 Premier Gold M T 27167 Pretium Res* N 40294 Pretium Res T 32571 Primero Mng T 42029 Primero Mng* N 12490 Probe Mines V 6886 Prophecy Coal T 9637 Prospero Silve V 100 Puma Expl V 3230 Purepoint U V 46597 Q-Gold Res V 150 QMX Gold V 328 Quaterra Res V 2683 Quest Rare Mnl T 11309

0.02 0.02 0.02 0.00 0.04 0.01 0.13 0.12 0.12 - 0.01 0.41 0.10 0.12 0.10 0.12 0.00 0.23 0.03 0.09 0.07 0.08 + 0.01 0.09 0.02 28.00 17.19 24.00 + 6.27 179.40 14.85 0.02 0.01 0.01 0.00 0.03 0.01 0.02 0.02 0.02 0.00 0.05 0.02 0.04 0.03 0.04 + 0.01 0.09 0.03 0.17 0.16 0.17 + 0.01 0.39 0.14 0.34 0.30 0.33 + 0.04 0.48 0.18 0.15 0.13 0.14 0.00 0.30 0.13 0.10 0.08 0.09 - 0.02 0.19 0.06 0.39 0.36 0.38 + 0.02 1.27 0.33 0.07 0.07 0.07 - 0.01 0.50 0.06 0.07 0.06 0.07 0.00 0.24 0.06 0.18 0.18 0.18 0.00 0.29 0.10 0.02 0.02 0.02 + 0.01 0.13 0.01 0.02 0.02 0.02 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.29 0.23 0.28 + 0.04 0.94 0.22 0.37 0.30 0.37 + 0.06 1.10 0.29 0.01 0.01 0.01 - 0.01 0.02 0.01 0.05 0.05 0.05 0.00 0.08 0.01 2.00 1.66 1.85 + 0.07 2.83 1.65 0.85 0.64 0.83 + 0.22 1.37 0.55 1.10 0.84 1.07 + 0.28 1.75 0.76 22.20 19.47 21.90 + 2.58 37.60 19.47 29.01 25.80 28.53 + 2.95 47.10 25.80 0.08 0.07 0.08 + 0.01 0.21 0.07 2.53 2.27 2.42 + 0.21 2.83 1.61 6.91 6.06 6.62 + 0.64 7.56 4.07 9.00 8.04 8.63 + 0.71 9.05 4.60 3.89 3.06 3.77 + 0.78 6.06 2.66 2.98 2.31 2.89 + 0.63 5.11 2.00 0.45 0.36 0.43 + 0.07 0.56 0.12 0.05 0.04 0.04 - 0.01 0.08 0.03 0.07 0.07 0.07 0.00 0.25 0.05 0.07 0.06 0.06 0.00 0.18 0.06 0.03 0.02 0.03 + 0.01 0.07 0.02 0.03 0.03 0.03 0.00 0.07 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.10 0.08 0.09 + 0.01 0.15 0.04 0.08 0.07 0.07 - 0.01 0.29 0.07

R Radisson Mng V 33 Radius Gold V 3261 Rambler Mg&Mtl V 1500 Randgold Res* Q 53679 Rapier Gold V 630 Rare Elemnt Rs T 549 Rare Elemt Re* X 3545 Ratel Grp T 1130 Rathdowney Res V 34 Red Eagle Mng V 3888 Red Moon Potsh V 2615 Red Pine Expl V 130 Red Rock Enrgy V 317 Red Tiger Mng V 46 Redhawk Res T 1040 Redhill Res V 55 Redstar Gold V 4771 Redstar Res V 23275 Redzone Res V 5 Regal Res C 1510 Regulus Res V 677 Reliant Gold V 830 Remington Res V 20 Remo Res V 20 Renaissance Gd T 1099 Reservoir Capt V 496 Reservoir Mnls V 581 Reunion Gold V 38194 Revolver Res V 1031 Rhino Res* N 359 Richmond Mnls V 2888 Richmont Mines T 5718 Richmont Mine* X 6802 Rio Novo Gold T 2879 Rio Tinto* N 66101 Riverside Res V 374

0.13 0.12 0.13 + 0.01 0.15 0.08 0.08 0.07 0.08 + 0.01 0.11 0.06 0.14 0.13 0.14 + 0.02 0.49 0.13 67.50 60.64 65.55 + 6.82 85.84 54.88 0.06 0.04 0.06 + 0.01 0.08 0.01 0.44 0.37 0.37 - 0.04 1.31 0.30 0.31 0.28 0.30 + 0.00 1.06 0.24 0.46 0.44 0.46 - 0.01 1.00 0.40 0.15 0.13 0.15 0.00 0.35 0.11 0.30 0.28 0.30 + 0.02 0.36 0.18 0.03 0.03 0.03 - 0.03 0.09 0.02 0.08 0.07 0.08 + 0.01 0.18 0.03 0.01 0.01 0.01 - 0.01 0.06 0.01 0.02 0.02 0.02 0.00 0.22 0.02 0.07 0.06 0.06 - 0.01 0.15 0.04 0.09 0.09 0.09 - 0.01 0.54 0.07 0.04 0.04 0.04 - 0.01 0.06 0.03 0.03 0.02 0.03 - 0.01 0.15 0.02 0.06 0.06 0.06 + 0.05 0.50 0.06 0.11 0.08 0.09 + 0.01 0.15 0.04 0.23 0.21 0.21 - 0.02 0.54 0.00 0.02 0.01 0.02 + 0.01 0.06 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.05 0.05 0.05 0.00 0.13 0.04 0.25 0.22 0.25 + 0.01 0.42 0.14 0.50 0.38 0.44 + 0.05 0.62 0.21 4.40 4.08 4.27 + 0.04 5.09 3.30 0.02 0.01 0.02 0.00 0.10 0.01 0.06 0.05 0.06 + 0.02 0.08 0.02 0.98 0.72 0.91 + 0.14 12.07 0.63 0.14 0.11 0.13 + 0.02 0.14 0.03 4.18 3.61 3.95 + 0.36 4.55 2.07 3.19 2.74 3.03 + 0.35 3.68 1.86 0.16 0.11 0.14 + 0.04 0.16 0.06 38.95 33.45 38.81 + 5.05 56.81 31.97 0.16 0.15 0.15 - 0.01 0.40 0.15

S Sabina Gd&Slvr T 20472 Sage Gold V 131 Saint Jean Car V 11836 Salazar Res V 10 Sama Res V 4080 San Marco Res V 180 Sanatana Diam V 570 Sandspring Res V 7099 Sandstorm Gld* X 29715 Sandstorm Gold T 7353 Santa Fe Metls V 2140 Santacruz Silv V 4213 Sarama Res V 1410 Satori Res V 525 Saturn Minls V 11123 Savant Expl V 17790 Saville Res V 145 Scorpio Gold V 5358 Scorpio Mining T 11102 Seabridge Gld* N 16172 Seabridge Gold T 3069 Search Mnls V 1621 Secova Mtls V 404 Sego Res V 3210 Semafo T 90983 Sennen Res V 3434 Sentry Sl PrmM T 3148 Serabi Gold T 2500 Serengeti Res V 1460 SGX Res V 870 Sherritt Intl T 95052 Shore Gold T 19310 Sienna Res V 5256 Sierra Iron Or V 906 Sierra Metals T 6996 Signature Res V 330 Silver Bear Rs T 17392 Silver Bull Re T 545 Silver Grail R V 2750 Silver Mtn Mns V 2170 Silver Predatr V 250 Silver Pursuit V 22 Silver Range R V 1190 Silver Spruce V 1222 Silver Std Res T 33980 Silver Std Re* Q 100819 Silver Wheatn* N 409940 Silver Wheaton T 110104 Silvercorp Mtl T 17216 SilverCrest Mn T 18519 Silvermet V 31703 Silvore Fox Ml V 19 Sirios Res V 2247 Skeena Res V 11709 Skyharbour Res V 2870 Slam Exploratn V 3270 SnipGold V 546 SNS Silver V 2330 Soc Quim&M Ch* N 31361 Solitario Ex&R T 65 Solitario Ex&* X 1215 Solvista Gold V 1903 Sonoro Mtls V 450 Source Expl V 6173 Southern Arc V 52 Southern Silvr V 440 SouthGobi Res T 12472 Spanish Mtn Gd V 3933 Sparton Res V 3824 Sprott Ph Silv T 163 Sprott Res T 19175 Spruce Ridge R V 495 St Andrew Gldf T 12962 St Augustine T 1135 St-Georges Plt C 2250 Stakeholdr Gld V 437 Standard Graph V 100 Stans Energy V 4794 Starcore Int V T 2618

0.49 0.40 0.45 + 0.06 0.58 0.28 0.05 0.04 0.04 - 0.01 0.20 0.04 0.04 0.03 0.04 + 0.01 0.04 0.01 0.05 0.05 0.05 0.00 0.19 0.04 0.17 0.13 0.15 + 0.01 0.30 0.10 0.03 0.02 0.03 0.00 0.13 0.02 0.03 0.03 0.03 0.00 0.15 0.02 0.17 0.14 0.16 + 0.01 0.69 0.13 3.06 2.65 2.81 + 0.24 4.65 2.20 4.00 3.49 3.66 + 0.24 5.30 2.80 0.02 0.02 0.02 - 0.01 0.03 0.01 0.14 0.11 0.13 + 0.01 0.74 0.11 0.10 0.08 0.08 + 0.01 0.12 0.03 0.06 0.03 0.04 - 0.01 0.45 0.02 0.14 0.12 0.13 + 0.01 0.24 0.11 0.01 0.01 0.01 0.00 0.05 0.01 0.04 0.03 0.04 - 0.01 0.13 0.02 0.09 0.08 0.08 - 0.01 0.20 0.08 0.19 0.16 0.18 + 0.02 0.28 0.14 6.97 5.75 6.62 + 0.96 9.89 3.31 9.08 7.58 8.64 + 1.15 12.12 4.34 0.06 0.04 0.06 - 0.01 0.13 0.03 0.07 0.07 0.07 + 0.01 0.09 0.03 0.02 0.02 0.02 0.00 0.03 0.02 3.27 2.83 3.10 + 0.33 4.49 2.39 0.13 0.10 0.11 - 0.01 1.35 0.10 2.39 2.15 2.31 + 0.20 3.49 2.01 0.06 0.06 0.06 - 0.01 0.10 0.06 0.03 0.02 0.03 + 0.01 0.08 0.02 0.01 0.01 0.01 - 0.01 0.02 0.01 1.09 0.72 1.06 + 0.34 3.29 0.70 0.18 0.13 0.17 + 0.03 0.31 0.13 0.02 0.02 0.02 0.00 0.04 0.01 0.42 0.31 0.35 - 0.08 0.62 0.07 1.03 0.95 1.00 - 0.15 2.13 0.84 0.02 0.01 0.01 0.00 0.04 0.01 0.04 0.03 0.04 + 0.01 0.13 0.03 0.09 0.08 0.09 - 0.02 0.30 0.07 0.03 0.02 0.02 - 0.02 0.05 0.02 0.02 0.01 0.02 + 0.01 0.06 0.01 0.02 0.02 0.02 + 0.01 0.05 0.01 0.03 0.02 0.02 - 0.01 0.06 0.02 0.04 0.04 0.04 + 0.01 0.11 0.04 0.09 0.08 0.09 0.00 0.10 0.02 10.02 8.44 9.03 + 0.91 10.02 4.47 7.67 6.37 6.92 + 0.77 7.67 3.92 14.72 11.78 14.18 + 2.65 24.22 11.03 19.10 15.59 18.47 + 3.20 29.86 14.62 0.94 0.85 0.88 + 0.03 2.00 0.75 1.43 1.18 1.40 + 0.24 1.97 0.00 0.03 0.02 0.02 - 0.01 0.11 0.02 0.03 0.03 0.03 - 0.01 0.11 0.00 0.12 0.11 0.12 - 0.01 0.13 0.06 0.10 0.07 0.09 + 0.02 0.13 0.06 0.03 0.02 0.03 0.00 0.07 0.02 0.05 0.03 0.03 + 0.01 0.07 0.01 0.06 0.05 0.05 - 0.01 0.11 0.04 0.34 0.23 0.31 + 0.04 0.50 0.05 17.21 14.57 17.00 + 2.02 28.32 12.65 0.70 0.60 0.70 + 0.10 1.36 0.60 0.56 0.44 0.56 + 0.10 1.24 0.40 0.04 0.03 0.03 - 0.01 0.12 0.02 0.06 0.04 0.05 - 0.01 0.22 0.04 0.02 0.02 0.02 + 0.01 0.10 0.02 0.32 0.25 0.32 + 0.28 1.00 0.25 0.07 0.05 0.07 + 0.01 0.13 0.03 0.45 0.26 0.45 + 0.06 1.25 0.26 0.03 0.03 0.03 - 0.01 0.05 0.02 0.02 0.01 0.02 0.00 0.03 0.01 6.21 5.81 6.10 + 0.40 7.43 5.31 0.63 0.59 0.62 + 0.02 2.86 0.59 0.03 0.03 0.03 + 0.01 0.04 0.01 0.34 0.31 0.33 + 0.03 0.39 0.21 0.09 0.07 0.07 - 0.01 0.18 0.07 0.02 0.02 0.02 0.00 0.05 0.01 0.03 0.03 0.03 + 0.01 0.28 0.02 0.02 0.02 0.02 0.00 0.04 0.01 0.04 0.03 0.04 + 0.01 0.20 0.01 0.11 0.09 0.10 + 0.01 0.18 0.08

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Stillwater Mg* N 99014 Stockport Expl T 330 Stonegate Agri T 2490 Stornoway Diam T 6876 Strata Mnls V 50 Strategic Metl V 4063 Strategic Res V 120 Stratton Res V 5 Strike Graph V 3760 StrikePoint Gd V 29019 Strongbow Expl V 5 Sulliden Mng C T 6640 Sultan Mnrls V 100 SunCoke Engy* N 11142 Sunridge Gold V 4107 Suparna Gold V 300 Superior Coppr V 13120 Sutter Gold V 1350

11.94 10.38 11.82 + 1.41 15.37 8.36 0.02 0.02 0.02 0.00 0.06 0.02 0.03 0.02 0.02 0.00 0.11 0.02 0.73 0.68 0.72 + 0.03 0.85 0.46 0.01 0.01 0.01 - 0.01 0.12 0.01 0.29 0.26 0.29 + 0.02 0.37 0.26 0.03 0.03 0.03 + 0.01 0.08 0.02 0.08 0.08 0.08 - 0.02 0.18 0.06 0.05 0.04 0.04 + 0.01 0.15 0.04 0.05 0.04 0.05 + 0.01 0.08 0.01 0.10 0.10 0.10 - 0.01 0.18 0.06 0.25 0.20 0.25 + 0.05 0.50 0.19 0.01 0.01 0.01 0.00 0.02 0.01 9.71 8.26 9.63 + 1.26 24.09 7.66 0.18 0.17 0.17 - 0.01 0.24 0.12 0.02 0.02 0.02 0.00 0.16 0.02 0.02 0.02 0.02 0.00 0.08 0.02 0.07 0.05 0.07 + 0.02 0.15 0.04

Tahoe Res* N 36492 Tahoe Res T 53811 Taipan Res V 544 Tajiri Res V 220 Talon Metals T 3034 Tanz Roy Exp T 1401 Tanz Roy Exp* X 7816 Tasca Res V 250 Taseko Mines* X 11823 Taseko Mines T 4728 Tasman Metals V 2100 Tasman Mtls* X 2039 Tearlach Res V 800 Teck Res A T 228 Teck Res B* N 684536 Teck Res B T 360680 Tembo Gold V 275 Teranga Gold T 48676 Teras Res V 21345 Terraco Gold V 1536 Terrax Minls V 2312 Teuton Res V 240 Themac Res V 2870 Thompson Creek T 6188 Thompson Crk* N 4393 Thor Expl V 15 Timberline Res V 38 Timberline Rs* X 461 Timmins Gold* X 56506 Timmins Gold T 85226 Tinka Res V 4545 Tintina Mines V 150 Tintina Res V 6638 Tirex Res V 1101 Titanium Corp V 6322 TNR Gold V 50 TomaGold V 11779 Torex Gold T 100305 Transition Mtl V 330 Treasury Metal T 1455 Tres-Or Res V 1375 Trevali Mng T 65908 Tri Origin Exp V 165 Tri-River Vent V 20 Tribute Res V 1690 TriMetals Mng T 1877 Troymet Expl V 5690 True Gold Mng V 14562 True North Gem V 4277 Tsodilo Res V 60 Turquoise HIl* N 31722 Turquoise Hill T 48745 TVI Pacific T 8810 Typhoon Expl V 642

9.80 7.95 9.41 + 1.72 21.70 7.33 12.75 10.53 12.25 + 2.05 24.43 9.66 0.24 0.19 0.19 0.00 3.75 0.18 0.01 0.01 0.01 - 0.01 0.04 0.01 0.14 0.09 0.14 + 0.04 0.39 0.08 0.42 0.39 0.39 - 0.01 2.40 0.32 0.32 0.29 0.30 - 0.00 2.12 0.25 0.01 0.01 0.01 - 0.01 0.08 0.01 0.53 0.41 0.52 + 0.09 1.75 0.32 0.69 0.56 0.68 + 0.10 1.94 0.51 0.38 0.33 0.33 - 0.05 0.99 0.33 0.30 0.26 0.27 - 0.02 0.79 0.25 0.11 0.09 0.11 + 0.01 0.11 0.02 11.50 8.14 11.50 + 3.72 22.64 7.74 7.37 4.59 7.31 + 2.71 18.65 4.39 9.57 6.08 9.53 + 3.44 21.17 5.87 0.02 0.02 0.02 0.00 0.06 0.02 0.59 0.54 0.55 0.00 0.82 0.38 0.09 0.05 0.08 + 0.03 0.16 0.05 0.08 0.07 0.08 + 0.01 0.20 0.07 0.40 0.36 0.36 + 0.01 0.44 0.23 0.06 0.05 0.06 0.00 0.53 0.05 0.02 0.01 0.01 - 0.01 0.04 0.01 0.75 0.54 0.73 + 0.20 2.57 0.53 0.58 0.40 0.56 + 0.16 2.26 0.40 0.03 0.03 0.03 0.00 0.08 0.02 0.65 0.60 0.65 + 0.01 1.02 0.35 0.53 0.46 0.53 + 0.07 0.96 0.26 0.30 0.26 0.27 + 0.01 1.35 0.20 0.39 0.34 0.35 + 0.01 1.53 0.26 0.20 0.18 0.19 - 0.02 0.43 0.15 0.04 0.04 0.04 - 0.02 0.07 0.02 0.05 0.04 0.05 0.00 0.17 0.04 0.15 0.14 0.14 + 0.01 0.35 0.13 1.54 1.22 1.35 - 0.05 1.70 0.60 0.01 0.01 0.01 0.00 0.03 0.01 0.05 0.04 0.05 0.00 0.13 0.04 1.39 1.25 1.32 + 0.10 1.73 0.85 0.10 0.09 0.09 + 0.01 0.27 0.06 0.48 0.44 0.44 - 0.01 0.62 0.25 0.03 0.02 0.03 + 0.01 0.03 0.01 0.45 0.32 0.42 + 0.09 1.24 0.31 0.03 0.03 0.03 + 0.01 0.04 0.01 0.17 0.17 0.17 + 0.11 0.17 0.03 0.06 0.05 0.06 + 0.01 0.12 0.04 0.09 0.07 0.09 + 0.02 0.17 0.04 0.02 0.01 0.02 - 0.01 0.03 0.01 0.19 0.16 0.17 + 0.01 0.35 0.15 0.14 0.11 0.14 + 0.02 0.19 0.07 0.81 0.81 0.81 - 0.22 1.19 0.68 3.01 2.46 2.99 + 0.51 4.73 2.41 3.92 3.28 3.89 + 0.62 5.80 3.17 0.02 0.01 0.02 + 0.01 0.03 0.01 0.04 0.03 0.03 - 0.01 0.09 0.03

U3O8 Corp T 31576 UC Res V 971 Ucore Rare Mtl V 5013 UEX Corp T 55900 Ultra Lithium V 1430 Unigold V 4454 Ur-Energy T 1755 Ur-Energy* X 530 Uracan Res V 20550 Uragold Bay Rs V 1914 Uranium Ener* X 7497 Uranium Partic T 9947 Uranium Res* Q 2694 Uravan Minls V 10 US Energy* Q 3650 US Silica Hld* N 20365 Vale* N 410539 ValGold Res V 71 Vantex Res V 1027 Vena Res T 111 Vendetta Mng V 210 Vendome Res V 140 Verde Potash T 393 Victoria Gold V 15102 Victory Nickel T 3847 Victory Res V 2592 Victory Vent V 110 Vior Mining V 526 Virginia Engy V 46 Viscount Mng V 2255 Visible Gold M V 1950 Vista Gold T 287 Vista Gold* X 4336 VMS Vent V 3305 Vulcan Mnrls V 1020

0.03 0.03 0.03 - 0.01 0.08 0.03 0.02 0.02 0.02 0.00 0.03 0.01 0.27 0.24 0.24 - 0.01 0.44 0.20 0.14 0.12 0.14 + 0.02 0.37 0.11 0.10 0.05 0.10 + 0.05 0.35 0.05 0.11 0.10 0.10 0.00 0.35 0.09 0.87 0.72 0.84 + 0.10 1.35 0.72 0.67 0.55 0.63 + 0.06 1.07 0.53 0.02 0.01 0.01 0.00 0.08 0.01 0.05 0.04 0.04 0.00 0.07 0.03 1.24 0.98 1.23 + 0.23 2.99 0.90 5.30 4.91 5.22 + 0.22 5.76 4.82 0.85 0.75 0.80 0.00 2.67 0.60 0.14 0.14 0.14 0.00 0.17 0.03 0.57 0.42 0.49 + 0.08 3.00 0.36 17.88 13.50 17.67 + 3.89 60.48 13.50 5.35 4.17 5.27 + 1.01 11.95 4.03 0.01 0.01 0.01 0.00 0.03 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.03 0.03 0.00 0.17 0.03 0.11 0.10 0.10 - 0.01 0.22 0.08 0.01 0.01 0.01 0.00 0.04 0.01 0.38 0.25 0.38 + 0.12 0.70 0.24 0.15 0.12 0.15 + 0.02 0.24 0.09 0.03 0.03 0.03 0.00 0.54 0.02 0.05 0.04 0.05 0.00 0.09 0.03 0.03 0.03 0.03 + 0.01 0.03 0.01 0.06 0.05 0.05 - 0.01 0.13 0.05 0.06 0.06 0.06 - 0.04 0.10 0.03 0.37 0.35 0.35 + 0.01 0.47 0.15 0.06 0.05 0.06 + 0.01 0.27 0.04 0.45 0.38 0.38 - 0.04 0.56 0.29 0.35 0.28 0.29 - 0.01 0.45 0.24 0.12 0.10 0.11 0.00 0.32 0.10 0.02 0.02 0.02 - 0.01 0.04 0.02

Wallbridge Mng T 1310 Wealth Minls V 1445 Wescan Goldfie V 86 Wesdome Gold T 2507 West Af Iron O V 64 West High Yld V 143 West Kirkland V 4217 Westcore Energ V 96 Western Copper T 908 Western Coppr* X 431 Western Lithiu T 46588 Western Pac Rs V 70 Western Potash T 8479 Western Troy C V 50 Westkam Gold V 1920 Westminster Rs V 615 Westridge Res V 145 WGI Heavy Mnl T 8243 White Pine Res V 5659 Wildcat Expl V 500 Williams Creek V 765 Wolfden Res V 35247 Wolverine Mnls V 50 WPC Res V 6895 Xmet V 5163 Xtierra V 970 Yamana Gold* N 170251 Yamana Gold T 244363 Yanzhou Coal* N 2973 Yellowhead Mng T 1740 Zazu Metals T 845 Zena Mng V 520 Zenyatta Vent V 5340 Zephyr Mnls V 20 Zimtu Capital V 75 Zinco Mng V 405 Zonte Mtls V 545

0.04 0.03 0.04 0.00 0.08 0.03 0.21 0.18 0.20 + 0.03 0.42 0.03 0.02 0.02 0.02 0.00 0.05 0.01 1.03 0.95 1.00 + 0.01 1.40 0.62 0.02 0.02 0.02 0.00 0.15 0.02 0.31 0.28 0.28 - 0.03 0.43 0.11 0.06 0.05 0.05 0.00 0.12 0.05 0.03 0.03 0.03 + 0.01 0.04 0.01 0.43 0.37 0.43 + 0.03 0.78 0.34 0.34 0.29 0.33 + 0.03 0.68 0.27 0.31 0.26 0.28 - 0.03 0.96 0.26 0.01 0.01 0.01 + 0.01 0.18 0.01 0.28 0.25 0.25 - 0.02 0.37 0.20 0.01 0.01 0.01 - 0.01 0.02 0.01 0.03 0.03 0.03 - 0.01 0.05 0.03 0.02 0.02 0.02 0.00 0.15 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.23 0.21 0.23 0.00 0.78 0.00 0.01 0.01 0.01 0.00 0.09 0.01 0.04 0.03 0.03 0.00 0.12 0.02 0.04 0.03 0.04 + 0.01 0.11 0.01 0.10 0.05 0.09 + 0.03 0.32 0.05 0.04 0.04 0.04 + 0.01 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 2.48 1.68 2.33 + 0.69 6.17 1.43 3.22 2.22 3.05 + 0.90 6.87 1.89 5.36 4.61 5.34 + 0.88 12.24 4.28 0.05 0.04 0.05 0.00 0.18 0.04 0.14 0.12 0.14 + 0.01 0.52 0.12 0.06 0.06 0.06 - 0.01 0.12 0.06 1.16 1.05 1.11 - 0.06 2.61 1.05 0.16 0.16 0.16 + 0.01 0.22 0.09 0.24 0.20 0.24 + 0.04 0.50 0.19 0.03 0.03 0.03 0.00 0.09 0.02 0.05 0.02 0.04 0.00 0.08 0.02

U-V

W-Z

15-10-13 7:24 PM

WWW.NORTHERNMINER.COM

OCTOBER 19–25, 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 Oct 19 2015 MKT and Tables.indd 14

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

15-10-13 7:25 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 19–25, 2015

CAREER OPPORTUNITIES

PROFESSIONAL DIRECTORY MINERAL PROCESSING

CAREERS ADVERTISING RATES $12.65 per agate line. Minimum size 2 columns x 1” $354.20. Closing date is 10 days prior to

Rentals and Sales Sales and Rentals: of instruments for: 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

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

publication date. All Cdn. orders subject to applicable taxes. For further Careers advertising information contact: Joe Crofts (416) 510-6816, jcrofts@northernminer.com,

SURVEYORS & CORE SYSTEMS

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

Land & Mining Surveyors – 3D Scanning GYRO-THEODOLITE, UNDERGROUND CONTROL PHOTOGRAMMETRIC MAPPING (AIRBORNE LIDAR AND DRONE), CAVITY SCANNING, BOREHOLE AND BATHYMETRIC SURVEYS 1085, 3rd Avenue West, Val-d’Or (Quebec) J9P 1T5 Tel: (819) 825-3702 Fax: (819) 825-2863 E-mail: bureau@corriveaujl.com www.corriveaujl.com

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

Also, Magnetic probe surveys

rvi

Toll free North America: 1-888-502-3456, (ext. 43729 / 43730) Fax: (416) 447-7658

s Latest Jobs

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

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

National Mining Hall of Fame to induct five more HALL OF FAME From 5

Gila Bend Railway. It was at NCC where Greenway reached the pinnacle of his career. Copper mineralization at Ajo was remote, had no water, and the low-grade copper deposit resisted conventional processing methods. Greenway led NCC in taking on the Ajo challenge. He led the development of the Ajo townsite. For water he found an ancient lava flow, which he tapped into using a large oil rig. Man-made caverns housed the pumps and a pipeline brought the water across miles of desert into town. Ore processing was the next challenge. Greenway and L. D. Ricketts developed, demonstrated and patented a new process. Leaching ores with dilute sulphuric acid in lead-lined vats — followed by electrowinning copper directly from solution — yielded cathode-grade copper which converted the recalcitrant Ajo mineralization into a lucrative mining venture. The railroad company began operation that same year, efficiently connecting mine to market. Between 1918 and 1957, NCC and its successor Phelps Dodge shipped over 3 billion lb. copper from the facility. After opening copper mining in Arizona, Greenway once again joined the military in World War I, and for bravery was awarded the Croixs de Guerre and l’Etoile, the Legion of Honor and the Distinguished Service Cross. In 1930, General Greenway’s statue was placed in the U.S. Capitol National Statuary Hall Collection. Theodore Roosevelt described Greenway as one of two or three men he turned to when there was a need to fi nd a man for a duty of particular hazard or peculiar responsibility. A eulogy in the New York Herald Tribune said that “when Greenway came upon the field of athletics or

TNM Oct 19 2015 Front.indd 15

war, confidence ran through team or regiment. To know why, to analyze the reasons, would be to analyze life itself, but some of the component elements all men know — courage, leadership, common sense, unselfishness, loyalty, mercy. All these Greenway had.” In his will, Greenway left US$100,000 to the miners of NCC

Edward Steidle (1887–1977) Edward Steidle was one of the most influential early leaders of U.S. mineral education. A man of vision, Steidle was blessed with a keen appreciation of a need to bring science and technology under one roof to discover, extract, process, use and conserve mineral wealth for the benefit of mankind. In addition to being an imaginative and inspirational college administrator, Steidle was an excellent engineering teacher and an enthusiastic and great public servant. Born in Williamsport, Pa., in 1887, Steidle received his BS and EM degrees in Mining Engineering from Pen State University. From 1912 to 1916, he rose from foreman miner in the new U.S. Bureau of Mines to assistant to the Bureau’s chief mining engineer, and gained a reputation for his ability to establish agreeable relations with miners and operators, and for authoring incisive publications on coal mine safety. During World War I, Steidle served in the U.S. Army in France and was wounded three times, earning the

Victory Medal, the Pershing Citation and the Purple Heart. Steidle subsequently joined the Carnegie Institute of Technology as an associate professor of mining engineering, collaborating and organizing research with the U.S. Bureau of Mines and mining and metallurgical companies in the Pittsburgh area. In 1928, Steidle was appointed dean of the School of Mining and Metallurgy at Penn State. From that time to his retirement in 1953 as the dean of the College of Mineral Industries, his planning, actions and decisions were responsible for creating the modern College of Earth and Mineral Sciences. He brought together earth-

related disciplines formerly dispersed among other colleges into the School of Mineral Industries. He added petroleum and natural gas engineering, fuel technology, mineral economics, geography and meteorology. Unifying these earth-related educational program brought a greater understanding of the resource extraction, use and conservation cycle. Steidle expressed many of his ideas and philosophy on mineral education and conservation in numerous articles and books, including: A Philosophy of Conservation, Mineral Industries Education, and Mineral Forecast 2000 A.D. He collected original prints and paintings depicting all facets of mineral

industry operations from the 1930s to illustrate the intersection of art, industry and education and the vital role these industries played in the nation’s growth. The Steidle Collection remains one of the world’s finest industrial arts collections. In 1953, President Eisenhower appointed Steidle Chairman of the Federal Coal Mine Safety Board of Review and he served until 1967. His expertise in mineral education was in constant demand by U.S. and foreign governments, and by the United Nations. In 1978, the Mineral Industries Building in Penn State’s University Park Campus was renamed the Steidle Building.

SAVE UP TO 50% OFF WITH SITE LICENSE THE NORTHERN MINER TEAM ACCOUNTS Save Up to 50% with The Northern Miner Group Account Subscriptions Each member of your team can have their own access to reliable, timely and informed analysis of global mining and exploration activity. For pricing and other inquiries please email Dan Bond at

dbond@northernminer.com or call 1-888-502-3456 ext. 43715

Trusted provider of global mining & exploration intelligence since 1915.

15-10-13 7:20 PM

WWW.NORTHERNMINER.COM

OCTOBER 19–25, 2015 / THE NORTHERN MINER

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

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

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

Senior Financial Accountant Ontario, Canada Online Reference No: 62586 The Senior Financial Accountant is a key member of the Finance group. This position’s main purpose is in the assistance of planning, controlling, reporting, and measuring the financial information of J.S. Redpath Limited. The Senior Financial Accountant produces and analyzes financial information critical to the business as well as creates and presents reports to management regarding the accounting data to enable knowledge-based decision making and forecasts.

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.

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.

One listing is all you need 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.

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.

Print Edition. Circulated to TNM 20K+ readership + 4 INDUSTRY JOB BOARDS

CANADIAN Mining Journal

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.

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

Precambrian Geoscientist Sudbury, Ontario Online Reference No: 62437 Are you interested in contributing your geoscience expertise to an organization that prides itself on providing opportunities for personal growth, continuous learning and work-life balance? If so, then consider joining our team at the Ontario Geological Survey.

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

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

MJobsOctober 19 2015.indd 16

15-10-09 12:16 PM