The Northern Miner September 21 2015 Issue by The Northern Miner Group

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$3.99 • SEPTEMBER 21-27, 2015 • VOL. 101, NO. 32 • SINCE 1915

Sabina gets ‘more realistic’ at Back River in Nunavut

The Goose camp and airstrip, part of Sabina Gold & Silver’s Back River gold project in Nunavut. BY MATTHEW KEEVIL

VANCOUVER — Sabina Gold & Silver (TSX: SBB; US-OTC: SGSVF) is working hard to outline a development scenario at its Back River gold project in Nunavut that is viable in light of challenging capital markets. On Sept. 13 the company released its latest feasibility study that outlines a mine with a smaller capital cost and what it calls a “lower execution risk.” The major change for Sabina, which had released another alternative feasibility study on Back

River in late June, is halving throughput rates to 3,000 tonnes per day. The smaller mine plan results in a substantial drop in capital expenditures to $415 million and a decrease in sustaining capital to $185 million. The company’s previous plan had tallied $695 million in development costs and $440 million in sustaining capital. The latest study is based on reserves across the Goose Main, Llama and Umwelt deposits that include 7 million proven tonnes of 5.98 grams gold per tonne and 5.4

11-20

Rambler Metals and Thundermin propose merger

SABINA GOLD & SILVER

million probable tonnes grading 6.7 grams gold. A total of 2.3 million oz. gold would be recovered over the mine life, with cash costs estimated at US$534 per oz., including royalties. Gold mineralization at Back River is mostly hosted within the Lower Iron Formation and, to a much lesser extent, the underlying sediments. Goose Main, Umwelt and Llama are associated with anticlinal structures that have been structurally thickened, disrupted See SABINA, Page 2

share deal is a logical proLess than two months gression for both compaafter a prefeasibility nies, Rambler’s president study showed that Ramand CEO Norman Wilbler Metals & Mining liams says. (TSXV: RAB; LSE:RMM) “Their share price was could extend the life of at less than a cent, and its underground Ming they were having trouble copper-gold mine in raising funds,” Williams Newfoundland’s Baie Verte region from six to BY TRISH SAYWELL says in an interview shortly after the proposed 21 years, the company merger was made public. has signed a letter of intent to acquire Thundermin Re- “The market we’re in now is a tough sources (TSX: THR; US-OTC: market for miners in general, and TUDMF) and expand its footprint it’s even more so for junior explorers, and raising money is as tough on the island. Rambler Metals already holds a as it has ever been. They wanted to 50% stake in Thundermin’s flag- move their assets forward ... conship copper assets Little Deer and solidation is the theme of the day, Whalesback, and the proposed allSee RAMBLER, Page 10

Goldstrike strikes again at Plateau South BY LESLEY STOKES

VANCOUVER — Goldstrike Resources (TSXV: GSR) is gaining traction over a new gold district at its Plateau South project, 300 km east of Dawson City, Yukon, as recent drilling has expanded its high-grade gold targets. The drill program targeted extensions of an outcropping quartz vein at its Goldstack zone and re-

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turned 13.3 grams gold per tonne over 17.5 metres true width from 22 metres deep, including 35.3 grams per tonne over 5.7 metres true width. Another drill hole returned 2.4 grams gold over 38.1 metres true width from 25 metres deep, including 8.1 grams gold over 10.2 metres true width. William Chornobay, chief operating officer, tells The Northern Miner during a phone interview See GOLDSTRIKE, Page 22

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2 SEPTEMBER 21-27, 2015 THE NORTHERN MINER

Sabina gets ‘more realistic’

COMPANY INDEX

Careers............................. 22 Editorial.............................. 4 Events............................... 24 Meetings.......................... 24 Mining Jobs...................... 23 Metal Prices........................ 7 People................................ 5 Professional Directory.. 21-22 Stock Tables................... 6-10

SABINA, From Page 1

and cut by axial planar felsic dykes, which apparently trace the fluid pathways and are related to mineralization. “When we put out our feasibility study in June we were happy with the economic return. However, in this market the [capital expenditure] figure was going to be a challenge for a company of our size,” president and CEO Bruce McLeod said during a conference call. “Fortunately, the nature of Back River offers opportunity to scale the project, which enabled us to come up with a more compelling and financeable scenario to kick-start production in the district. We’ve drastically reduced the initial capital requirements and outlined a much simpler project that decreases execution risk,” he added. A boost in cut-off grade has resulted in an overall increase in anticipated head grade over the lifeof-mine to 6.3 grams gold. Sabina adds that the new plan results in a 49% improvement in capital efficiency and a “more simplified” mine. The new plan relies more heavily on open-pit mining. Before, the company assumed that 54% of the life-of-mine mill feed would come from open pits, but this has jumped

REGULAR DEPARTMENTS

Asarco.............................. 24 Augustine Ventures.......... 13 Barrick Gold...................... 16 Capstone Mining................ 3 Centerra Gold................... 16 Cliffs Natural Resources.... 11 Detour Gold..................... 19 Franco-Nevada................. 11 Freeport-McMoRan.......... 24 Galaxy Broadband.............. 5 Glencore........................... 24 Goldstrike Resources........... 1 Grupo Mexico.................. 24 Hitachi Construction Machinery..................... 5 Kirkland Lake Gold........... 17 Korea Resources................. 3 Lonmin............................. 11

Noront Resources............. 11 Polyus Gold........................ 5 Premier Gold Mines.......... 11 Pure Gold......................... 16 Rambler Metals & Mining... 1 Red Pine Exploration......... 13 Richmont Mines.......... 11,13 Sabina Gold & Silver........... 1 Spectrum Telecom.............. 5 Thundermin Resources....... 1 Timetric.............................. 5 Treasury Metals................ 20 Vale.................................. 18 Wallbridge Mining............ 11 Wenco International Mining Systems......................... 5 Wesdome Gold Mines. 13,15

STORIES WE’RE WORKING ON. . .

Since 1915

Sabina Gold & Silver’s Back River project is comprised of the George and Goose gold properties in western Nunavut. to 72% with the new plan. Assuming a gold price of US$1,150 per oz. the project would

generate a 24.2% after-tax internal rate of return and US$480-million net present value at a 5% discount

Our October 5 issue will include a special section covering the latest mineral and exploration activity in Quebec.

rate. Back River would crank out 200,000 oz. gold over its mine life. “We’ll be able to deliver the financing to cover the initial capital required for the project in a way that’s beneficial for our shareholders,” McLeod said. “The fact is the project has really been simplified since we’re looking at three open pits and one underground mine within 3 km of the processing facility, as opposed to 15 mining areas in the previous feasibility study that were as far as 15 km away.”

blocks at Back River, all hosting gold showings, have seen less work and are “relatively unexplored.” Global resources already include 28.2 million measured and indicated tonnes of 5.87 grams gold for 5.3 million contained oz. Inferred resources total 7.8 million tonnes of 7.4 grams gold for another 1.9 million contained oz. “Expanding a mine when you have the people and infrastructure on-site is nearly always

‘We’ve drastically reduced the initial capital requirements and outlined a much simpler project.’ — Bruce McLeod, president and CEO, Sabina Gold & Silver The company is now leaving a large amount of resources and exploration potential on the table for later expansions. The George property, 50 km north of Goose, has been removed from the mine plan entirely. George hosts 6.4 million indicated tonnes of 5.55 grams gold and 4.8 million inferred tonnes at 6.3 grams gold. Meanwhile, Sabina has lined up more than 50 potential drill targets on the George and Goose properties alone. The other claim

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cheaper. We’re really looking at this project as something that is truly scalable,” McLeod explained. “The best path would involve establishing a centre of operations, spending more dollars on exploration and determining what size of expansion will optimize the district. We know that the returns on those incremental and resources and reserves will definitely be higher once we’ve established our base operations.” BMO Capital Markets analyst Andrew Kaip notes that the new feasibility study “presents a more realistic development alternative for the project, and highlights the flexibility of development options available for Back River, which is supported by a combination of both open-pit and underground deposits.” BMO Research models average annual production at Back River of 189,000 oz. at all-in sustaining cash costs of US$585 per oz., beginning in 2020. Kaip has a “market perform” rating on Sabina with a 45¢-per-share price target. Sabina began Back River’s formal environmental assessment in 2012, and is 75% through the process. The company plans on filing its final environmental impact statement with the Nunavut Impact Review Board in November. Sabina shares have traded in a 52-week range of 28¢ to 75¢, and have declined 26% since mid-July en route to a 35¢-per-share close at press time. The company has 197 million shares outstanding for a $69-million market capitalization, and reported a $21-million cash balance at the end of June.

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THE NORTHERN MINER SEPTEMBER 21-27, 2015 3

Capstone cuts spending, suspends work at Santo Domingo in Chile

CAPSTONE MINING

An aerial view of Capstone Mining’s Minto copper mine in the Yukon, 240 km north of Whitehorse. VANCOUVER — Capstone Mining (TSX: CS; US-OTC: CSFFF) is the latest copper producer to announce spending cutbacks and strategy shifts in light of weakening metal prices. It now plans to slash capital expenses at its operating mines in the Yukon, Mexico and Arizona by nearly US$18 million, and suspend all work at its Santo Domingo development project in Chile. Capstone’s overall production guidance remains unchanged at 90,000 tonnes of copper in 2015, though it will lean more heavily on its Minto copper mine in the Yukon, where it has enjoyed a relatively strong year-to-date performance. Company-wide cash costs are an estimated US$1.90 to US$2.05 per lb. copper. Minto was slated to produce 13,000 tonnes copper this year at cash costs of between US$2.75 to US$2.85 per lb., but now it anticipates 15,500 tonnes copper at cash costs ranging from US$2.55 to US$2.65 per lb. Capital expenses at the mine have decreased to US$18 million from US$35 million, largely due to deferring capitalized stripping into 2016. The production boost at Minto is being offset by a drop at Capstone’s Cozamin operation in Mexico, which is scheduled to generate 15,500 tonnes copper at cash costs of US$1.55 per lb. The mine was expected to account for 18,000 tonnes copper at cash costs of US$1.40 per lb. Spending at Cozamin has been chopped by US$5 million to US$10.7 million. Capstone’s guidance at its Pinto Valley open-pit mine — 125 km east of Phoenix, Ariz. — remains unchanged at 59,000 tonnes copper, while cash costs have fallen US10¢ to US$2 per lb. The company cut sustaining capital at the project, but overall expenses have risen nearly US$4 million to US$90 million due to increased stripping.

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Capstone Mining (TSX:CS) $1.60 $1.40 $1.20 $1.00 $0.80 $0.60

Apr 2015

May 2015

Jun 2015

“As copper prices deteriorate, we have looked at a range of actions to preserve our financial flexibility. We’ve taken steps to reduce our overall capital expenditures and have reduced operating costs in order to enhance our financial position and provide sufficient liquidity to execute our operating plan in the current market environment,” president and CEO Darren Pylot said in the release. “This includes reducing and deferring capital expenditures at our operating mines, suspending all work on the Santo Domingo project, eliminating non-essential operating and general and administrative expenses, and reducing exploration expenditures,” he added. Capstone’s large-scale Santo Domingo iron oxide copper-gold joint venture lies 130 km northeast of Copiapo in Chile’s prolific Region III. The company holds a 70% interest in the project alongside

Jul 2015

Aug 2015

Sep 2015

state-owned Korea Resources (KORES). The move isn’t surprising given Santo Domingo’s significant capital requirements and economic sensitivity to low copper prices. The company released a feasibility study on Santo Domingo in June 2014, which models a US$1.7billion development that would produce 128 million lb. copper

(58,000 tonnes) annually over 18 years. The conceptual mine was based on proven and probable reserves of 392 million tonnes of 0.3% copper, 28.2% iron and 0.04 gram gold per tonne. Contained metals total 2.6 billion lb. copper, 75.1 million tonnes iron and 506,300 oz. gold. Capstone’s base case used a US$2.85 per lb. copper price, which resulted in a 17.9% aftertax internal rate of return (IRR) and US$797-million net present value (NPV) at an 8% discount rate. At US$2.57 per lb. copper, the project yielded a 15.2% IRR and US$584-million NPV. Capstone will reduce its previously disclosed US$19.4-million budget at Santo Domingo by US$2.5 million, including downsizing its Chilean operations. It says “holding and community relations” costs could average $2 million annually on a 100% basis, and it will incur a onetime restructuring charge of US$2 million in the third quarter. “While we believe that Santo Domingo is an excellent project, a number of factors — including uncertainty over the direction of copper prices and our financing capacity for the project — make capital preservation a priority at this time,” Pylot said. BMO Capital Markets analyst Aleksandra Bukacheva said the latest moves by Capstone are “highly

appropriate, given current market conditions.” BMO has an “outperform” rating on Capstone with a $2.50-per-share target price. Bukacheva had “previously ascribed a negative value to Santo Domingo and did not include production in its forecasts for [the company], or copper supply-demand forecasts.” Bank of America Merrill Lynch has a much more bearish outlook on Capstone, with an “underperform” rating and a price objective of 40¢ per share. Analysts Oscar Cabrera and Matthew Griffiths noted on Sept. 4 that due to a “revised earnings outlook and metal price forecast, it is difficult to see Capstone move forward with its Pinto Valley expansion. Given [the company’s] high-cost copper production and few actionable catalysts, we expect [Capstone shares] to underperform its mining peers.” Since May Capstone shares have fallen 60%, or 93¢, as copper prices took a dive. Shares have traded within a 52-week window of 55¢ to $2.58, and closed at 62¢ at press time. The company has 382 million shares outstanding for a $237-million market capitalization.

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SEPTEMBER 21-27, 2015

THE NORTHERN MINER

EDITORIAL

EDITOR-IN-CHIEF:

JOHN CUMMING, MSc (Geol) jcumming@northernminer.com

ANTHONY VACCARO, CFA, MBA

avaccaro@ 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 EDITORIAL: Toronto: 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 CIRCULATION: (416) 510-6789 (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$114.00 one year; Please add $6.00 S/H 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$114.00 one year +$6.00 S/H Foreign: US$151.00 one year +$6.00 S/H GST Registration # 809744071RT001 ART DIRECTOR: SHARON MALBON PRODUCTION MANAGER: JESSICA JUBB (416) 510-5213 jjubb@ glacierbizinfo.com (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 PAP Registration #09263 We acknowledge the financial support of the Government of Canada, through the Canadian Periodical Fund (CPF), for our publishing activities.

The Northern Miner USPS #001-462 is published weekly by BIG Mining L.P, a division of Glacier BIG Holdings Company Ltd. 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

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STAFF WRITER:

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C O M M E N TA R Y

Political risk never African expatriate salaries continue to fall far in Guatemala BY JOHN CUMMING

As miners active in Guatemala sit on the sidelines with furrowed brows, Guatemala has been embroiled in a political turmoil stoked by an anti-corruption drive that has led to the arrest of President Otto Perez Molina and the rise of a genial comic actor as the leading candidate to replace him. This latest round of national instability kicked off on April 16 with the release of a report by the internationally staffed UN anticorruption agency International Commission Against Impunity in Guatemala (CICIG) that implicated senior government officials with organized crime — including Vice-President Roxana Baldetti, Guatemala’s first-ever female VP. The CICIG, working with the country’s attorney general Thelma Aldana, had uncovered a scam known as “La Linea” whereby government officials accepted bribes from importers in return for reducing tariffs. Popular outrage soon led to the peaceful assembly of tens of thousands of ordinary citizens in Guatemala City to protest government corruption — a remarkable feat for a country with a deeply rooted history of political violence, including death squads. The vice-president was forced to resign, but the CICIG was only getting warmed up. It has since released a flurry of corruption reports, including one touching on the dubious and ultimately lethal outsourcing of dialysis services to an inexperienced Mexican firm, resulting in resignations of dozens of high-level government officials and members of opposition parties, plus at least 17 arrests on bribery-related charges. The climax was on Aug. 21, when CICIG and Aldana’s joint investigation showed that Perez Molina and Baldetti were in fact the leaders of La Linea. Baldetti was arrested, top cabinet members resigned and a defiant Perez Molina — temporarily immune from prosecution due to his position as president — appeared on national TV declaring he would stand firm. Popular opposition to the president intensified, resulting in more peaceful street marches, roadblocks, strikes and school and business closures around the country. Molina resigned as president on Sept. 2 after being impeached by Congress the day before, and he was summoned to the Justice Department for a legal audience regarding his role in La Linea. He’s now in jail. The stunning success of CICIG in Guatemala — an effective outsourcing of national anti-corruption investigative powers to an international body, headed by 60-year-old Colombian prosecutor Ivan Velasquez — has anti-corruption activists in countries such as Honduras and Mexico lobbying for the creation of similar bodies in their own countries. They point to the impressive record of CICIG since it was created in 2007 — more than 200 investigations resulting in charges against more than 160 current and former government officials — and conclude little of it would have been possible if the investigations had been carried out internally by Guatemalans alone. Meanwhile, Guatemalans voters are gearing up for the next round of the presidential election campaign that has seen the sudden rise of an unlikely candidate: former TV comedian and political neophyte Jimmy Morales, 46, who won the first round in early September running under the campaign slogan, “Neither corrupt nor a thief.” Morales is so far the leading candidate in the run-off vote set for late October, and he says he “won’t be able to govern without CICIG,” which operates under mandates that are renewed every two years. The biggest Canadian miners active in Guatemala are Tahoe Resource and Goldcorp, and thankfully their names have not been associated with the high-profile arrests. Still, the share price of Tahoe — with its one producing asset in Guatemala — has come under pressure with each bit of news of top-level resignations, even if the current anti-corruption drive in Guatemala is indeed heartening. After the president stepped down in early September, Tahoe said in a brief statement that “Congress’s removal of Perez Molina’s immunity and his subsequent resignation is viewed as a positive step in repairing a government divided by recent corruption,” and that its Escobal silver mine — the world’s third largest silver mine — was operating as usual. Send your Letters-to-the-Editor and op-ed submissions to the Editor-in-Chief at: tnm@northernminer.com or 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

Since 1915 The Northern Miner is published 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 Sept 21 2015 Issue.indd 4

ALISHA HIYATE, BA ahiyate@northernminer.com

SENIOR STAFF WRITER:

EDITORIAL: TOP STORY OF WEEK 37

GROUP PUBLISHER/ PUBLISHER:

EDITOR, SPECIAL PROJECTS:

& Developers Association of CanExpatriate salary benchmarks in ada convention in Toronto last Africa are trending downward March that 2015 would see imwith a 10% drop in base salaries provement for expatriates workover the past year, according to ing in African mining companies. research by our firm Globe 24-7, Our latest findings, however, inan African-specialist human redicate that over half of the expatrisources consultancy. ates didn’t receive a pay raise at all Our biannual African Remunerduring the first half of the year, and ation and Benefits Benchmarking of those that did, the average was Report gathers expatriate remuBY LACHLAN SPICER just over 3%. neration, benefits and employSPECIAL TO THE While there are pressures on ment conditions data from over 25 NORTHERN MINER mining operations to reduce payAfrican mining companies listed roll costs, short-term incentives on the Australian Securities Exchange, the Toronto Stock Exchange, the like production bonuses are back on the Johannesburg Stock Exchange and Lon- table after a lean couple of years. Three quarters of expatriates were paid don’s AIM. Companies have put the magnifying glass some form of short-term incentive in this over many areas of their business over the past 12-month period, and while they may past 12–18 months, and expatriate salaries not have been paid the “full” amount they are no exception. This is evidenced in the had targeted, there have been some returns sharp 10% reduction in the past 12 months to workers, which is good news. We saw companies realigning their key performance for all new hires.

Over half of the expatriates in Africa didn’t receive a pay raise at all during the first half of 2015. The most significant salary reductions are in the lower-level expatriate positions, as companies source labour from cheaper talent pools, or replace expatriates with local national workers. Expatriate Africans working within Africa account for 58% of our data. This shows there is growing confidence in the technical and operational competence of African mining professionals and, coupled with lower travel costs, we expect this figure to rise. We also believe that salary levels will be carefully monitored through 2015 and 2016, as cost management remains the order of the day. There was a sentiment at the Prospectors

indicators during 2013–14, which is now paying dividends. We also track rosters, travel and other benefits, as it’s important to view compensation in its entirety. Companies may not be increasing base salaries at the moment, but they offer other incentives, such as share plans, more family friendly rosters, improved insurance policies or even training opportunities. — Lachlan Spicer is CEO of Globe 24-7, an international human resources consulting and search firm that partners with mining, power, manufacturing and oil and gas companies around the world from its global offices. Please visit globe24-7.com.au for more information.

LETTERS TO THE EDITOR

Rick Rule’s ‘ridiculous construct’ I find Mr. Rule’s comments about junior resource companies to be incredibly frustrating and unhelpful (“Interview: Market insights from Sprott’s Rick Rule,” T.N.M., Aug. 31–Sept. 6/15). It’s easy to call for the wiping out of hundred of “superfluous” companies, but obviously neither he nor anyone else can say which of the hundreds should be euthanized. It’s a ridiculous construct. Take Esso Uranium. A 1¢ stock that the CEO loaned $500,000 to keep alive. Stupid, right? Wrong. It went to $6 after insanely high-grade discoveries at Patterson Lake in Saskatchewan. Alpha Uranium is a case in point that no company, however “superfluous,” should be written off. And what’s with the $1- to 2-million-peryear estimate for keeping a pubco alive? Way off! Wrong by a factor of 10. More like $100,000 to 150,000. Regarding the “800 schmucks and schmoes,” I personally try not to be so judgmental, as in my experience, often the people I think are the least likely to make discoveries suddenly emerge as heroes, having — often by sheer dint of perseverance — have made something amazing happen. The average prospector does not typically present as a Ross Beaty-style CEO. Speaking of Mr. Beaty, I find his 100 mil-

lion extremely cheap shares of Alterra Power akin to classic Howe Street. There is no law against loading up huge on cheap stock and selling on the way up (check SEDI — Ross is selling now). How do you think Ross got all his dough? He sold his stock. Is he a schmuck for doing it? Not in my books. The fact is, despite the doom-saying and misguided punditry, fewer companies have disappeared from the TSX Venture Exchange recently than before. Keep the faith, all you superfluous people. Hang in there. Tom Sheering via the internet

PM Harper at the PDAC Stephen Harper is the only Canadian prime minister to ever attend the annual Prospectors & Developers Association of Canada convention in Toronto. As a show of respect on election day Oct. 19, he’ll have my vote. J.C. Robin Gibson Manitoba exploration geologist (retired) Coquitlam, B.C.

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THE NORTHERN MINER SEPTEMBER 21-27, 2015 5

OP-ED

MATTERS OF GENERAL INTEREST

PEOPLE

SUPPLIERS NEWS

LatAm miners unhappy with costs, survey says Latin American miners gave low grades to equipment manufacturers in a recent survey by data and intelligence firm Timetric. The survey of more than 100 decision makers at mine sites in the region shows cost-related factors are the main concern — especially equipment maintenance and servicing costs. Respondents were asked to rate their equipment manufactures for 16 different categories related to cost, product attributes and supplier capabilities. Participants gave their lowest satisfaction ratings for maintenance and service costs, as well as the equipment price. Many respondents from Chile (53%), Peru (44%) and Brazil (22%) said cost reduction was the most important way their suppliers could improve. About a quarter of those surveyed said they are likely to switch equipment suppliers within the next five years. Another 25% said they are unsure about keeping their current arrangement. Timetric says the survey shows that suppliers need to focus on cutting costs to win or keep business in Latin America.

Wenco wins work at Siberian gold mine Polyus Gold (LSE: POLG) has tapped Wenco International Mining Systems to provide highprecision guidance for shovels and drills at its Blagodatnoye gold mine in eastern Siberia. The technology will be installed by the end of 2015. The deal will see Wenco install its shovel guidance system, which uses global navigation satellite system positioning “to precisely determine the shovel’s orientation and dig limits, providing operators with accurate, real-time face positions and cut-and-fill information,” the company says. “It pairs with … office software, which manages files and gives engineers real-time mining progress data.” In addition, Wenco will supply a high-precision drill navigation system for the drills at the site, which will help machine operators safely and accurately navigate their drills with minimal field surveying time, which is especially desirable in the Siberian climate. Wenco, a subsidiary of Hitachi Construction Machinery, has worked with Polyus in the past. Since 2008 the firm has installed fleet managements to boost productivity at Polyus’ three Siberian gold mines: Olimpiada, Titimukhta and Blagodatnoye. Based in Richmond, B.C., Wenco has served the mining industry for more than 25 years. The firm has offices on six continents. Polyus has five operating mines in Siberia and Russia’s Far East. In 2014 the miner produced 1.7 million oz. gold.

TNM Sept 21 2015 Issue.indd 5

Galaxy Broadband, Spectrum Telecom link up in northern Ontario Galaxy Broadband has announced that Spectrum Telecom will represent the enterprise telecommunications provider in northern Ontario. Spectrum has a network of offices in Sudbury, Kenora, North Bay, Thunder Bay, Sault Ste. Marie and Timmins, and is a leading wireless service provider in the region. Galaxy specializes in satellite Internet solutions for resource, construction and government sectors that operate in remote locations. “With [Galaxy’s] extensive history servicing federal, provincial and resource-based industries … we recognized the essential need to offer this enterprise service and offer redundancy applications to ensure our customers are prepared in case of system failures or emergencies,” Spectrum president and CEO Geoffrey Hatton said.

A Galaxy Broadband satellite at a camp in British Columbia. The partnership comes in response to demand in the region for reliable satellite Internet connectivity, Galaxy said in a release. Spectrum was a natural fit, as it has experience serving clients in the region, and of-

GALAXY BROADBAND

fers 24-hour technical support. Galaxy Broadband is headquartered in Mississauga, Ont., and has offices in Edmonton and Calgary, Alta.; Prince George, B.C.; and Midland, Texas.

EMED Mining — Jesus Fernandez Lopez appointed a director. Geomega Resources — Kiril Mugerman appointed president and CEO. Mindoro Resources — Federico Zarate appointed chairman of the board. Aaron Principe appointed a director. Newstrike Resources — Scott Kelly appointed president and CEO. Potash Corp. of Saskatchewan — Aaron W. Regent appointed a director. Red Pine Exploration — Appointed Mackenzie (Mac) Watson, James Franklin, and Jean-Philippe Desrochers to its new technical advisory committee. Redhawk Resources — Arthur Ratte appointed a director. Richmont Mines — Anne Day appointed vice-president of investor relations. Scorpio Gold — Paul Parisotto appointed a director. Vedanta Resources — Cynthia Carroll appointed chair.

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

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

* Powered by:

15-09-16 7:16 PM

6 SEPTEMBER 21-27, 2015 THE NORTHERN MINER

MARKET NEWS TORONTO STOCK EXCHANGE Canada’s main stock index fell 0.1% to 13,461.47 in the holiday-shortened trading week as Goldman Sachs trimmed its 2016 price forecasts for crude oil and the Bank of Canada said it would keep its key interest rate of 0.5% as the economy’s resource sector adjusts to lower oil, and other commodity prices. Goldman Sachs describes the oil market as “even more oversupplied than we had expected,” and forecasts the surplus will “persist” in 2016, mostly due to slowing demand in China. The Wall Street investment bank has cut its U.S. crude forecast for 2016 to US$45 per barrel from its previous US$57 estimate, and Brent crude from US$62 per barrel to US$49.50. The loonie closed at US75.45¢. Gold was down 1.4% to finish at US$1,107 per oz. The S&P/TSX Capped Diversified Metals & Mining Index rose 10.2% to 457.23, and the S&P/TSX Global Mining Index advanced 2.9% to 50.25. First Point Minerals jumped 60% to 8¢ per share after the company said it would re-establish full ownership of its flagship Decar nickel project in central B.C. First Point will acquire 60% of the asset from Cliffs Natural Resources for US$4.8 million in cash. As part of the transaction, Cliffs will dispose all of its 14,353,190 shares in the capital of First Point in private transactions for $0.0515 per

S E P T E M B E R 8 –11

share. To finance the deal, First Point completed an arm’s-length loan with an individual shareholder of the company through which the lender will lend US$5 million to First Point for five years at a 6.5% headline interest rate. Shares of Dominion Diamond advanced 63¢ to $15.61. The company reported a positive preliminary economic assessment of its fully permitted Sable pipe, beneath Sable Lake, 17 km northwest of the company’s Ekati mine infrastructure in the Northwest Territories. The PEA outlined a post-tax 17.3% internal rate of return. The pipe, which has 11.7 million carats in indicated resources, will be developed concurrently with the Jay pipe. Agrium posted the largest gain, climbing

TSX most active issues

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

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FM TCKB YRI ABX LUN BTO K POT ELD HGU

19773 7.88 6.90 7.75 + 1.97 11527 9.27 8.48 8.69 + 0.02 11482 2.32 1.89 2.09 - 0.06 11383 8.71 7.94 8.43 + 0.24 10523 4.47 4.14 4.43 + 0.43 8626 1.75 1.51 1.57 - 0.07 7445 2.23 1.79 2.01 - 0.11 6956 34.27 32.96 33.06 - 0.74 5475 3.81 3.26 3.62 + 0.06 5411 3.20 2.75 2.99 + 0.02

$3.57 to $136.12 per share on no corporate news, and despite lower reported prices for potash (in the interior of North America, fertilizer prices fell 6.6%, according to Salman Partners). Agrium’s CEO Charles Magro acquired a reported 3,800 shares of the company on Sept. 4, marking a 36.5% increase in his equity holdings in the fertilizer company. Shares of Potash Corp. of Saskatchewan fell 74¢ to $33.06. The company de-

clared a quarterly dividend of US38¢ per share payable Nov. 3 to shareholders of record. The company also appointed Aaron Regent to its board of directors. Regent is the founding partner of Magris Resources and was previously president and CEO of Barrick Gold. He was also the former president and CEO of Falconbridge, and after its merger with Noranda, served as president of the combined company.

TSX greatest percentage change

First Point TVI Pacific Talon Metals First Quantum Anaconda Mng Stonegate Agri Alderon Iron O Cardero Res Mawson West MDN Inc Ivernia Yellowhead Mng Verde Potash Canarc Res MBAC Fertilizr Mawson Res Victory Nickel Katanga Mng Silvercorp Mtl Nevada Copper

TSX greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FPX TVI TLO FM ANX ST ADV CDU MWE MDN IVW YMI NPK CCM MBC MAW NI KAT SVM NCU

571 43 202 19773 367 79 132 102 90 71 277 300 62 106 1646 30 244 343 680 194

0.08 0.02 0.13 7.88 0.05 0.02 0.22 0.03 0.03 0.03 0.02 0.06 0.38 0.06 0.04 0.29 0.04 0.19 0.97 1.20

0.05 0.01 0.10 6.90 0.04 0.02 0.17 0.02 0.03 0.03 0.01 0.05 0.31 0.05 0.03 0.22 0.03 0.16 0.76 0.98

0.08 0.02 0.12 7.75 0.04 0.02 0.21 0.03 0.03 0.03 0.01 0.05 0.31 0.05 0.03 0.23 0.03 0.18 0.77 1.04

+ 60.0 + 50.0 + 41.1 + 34.0 + 33.3 + 33.3 + 28.1 + 25.0 + 25.0 + 20.0 - 33.3 - 18.1 - 17.5 - 16.6 - 16.6 - 16.3 - 14.2 - 14.2 - 13.4 - 13.3

TSX VENTURE EXCHANGE The S&P/TSX Venture Composite Index closed in the red for the second week after a loss of 1%, or 5.41 points, en route to a 547.20-point close. Falling energy futures drove losses , while the U.S. Federal Reserve and the Bank of England reiterated intentions to raise interest rates near year-end, despite market woes related to the economic slowdown in China. Statistics Canada reported that the housing price index rose 0.1% in July, after a 0.3% increase in June. October contracts for West Texas Intermediate crude oil rallied early before losing momentum and closing down 2.9%, or US$1.31, at US$44.63 per barrel. December contracts for gold bullion dropped 1.5%, or US$16.40, en route to a US$1,103.50 per oz. close, while December contracts for copper jumped nearly 5%, or US12¢, before finishing at US$2.46 per lb. Explorer TerraX Minerals gained 26%, or 8¢, on 255,100 shares traded before closing at 38¢ per share. The company has found gold zones on the Hebert-Brent Shear at its Yellowknife City Gold project in the Northwest Territories. On Sept. 8 TerraX tabled assays from its newly mapped Barney deformation corridor. The company channel-sampled 1 km

TNM Sept 21 2015 Issue.indd 6

Agrium First Quantum Labdr I-Ore Ro Seabridge Gold HudBay Minls Russell Metals Dominion Diam Silver Wheaton Agnico-Eagle Richmont Mines Royal Gold Franco-Nevada Potash Cp Sask Imperial Metal Goldcorp Horizns G Bear Guyana Gldflds Royal Cdn Mint Nevada Copper Contintl Gold

AGU FM LIF SEA HBM RUS DDC SLW AEM RIC RGL FNV POT III G HGD GUY MNT NCU CNL

651756 136.12 19773127 7.75 1176957 16.75 144128 7.98 3880217 6.40 383359 21.43 1587439 15.61 2682711 15.42 2355804 29.36 141592 3.77 10847 58.53 1644417 53.54 6956478 33.06 82215 7.55 5142542 16.76 1397786 17.19 676495 3.79 123428 15.59 194191 1.04 636781 2.53

+ 3.57 + 1.97 + 0.88 + 0.72 + 0.70 + 0.69 + 0.63 + 0.60 + 0.52 + 0.51 - 1.72 - 1.36 - 0.74 - 0.39 - 0.23 - 0.19 - 0.19 - 0.16 - 0.16 - 0.16

S E P T E M B E R 8 –11

south of the Barney zone, where it drilled 22.4 metres of 6.35 grams gold per tonne in hole 95-16W1 last year. Assays are highlighted by 6 metres of 10.26 grams gold at the new Hebert-Brent South zone. TerraX also reported 15.3 metres of 2.23 grams gold at its Hebert-Brent East trench. There was buzz around the lithium market thanks to Bacanora Minerals and Rare Earth Minerals’ new offtake agreement with Elon Musk’s Tesla Motors’ to supply a new battery production facility outside of Reno, Nev. Bacanora gained another 13¢ on 90,000 shares traded, before closing at $1.90 per share. Musk says that the deal with Bacanora is not “exclusive,” and that Tesla might look for lithium sources in Nevada.

TSX-V most active issues

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Ashburton Vent ABR 11232 Ultra Lithium ULI 9311 Equitas Res EQT 6848 Graphite One R GPH 6745 Discovery Vent DVN 5127 CB Gold CBJ 4768 Gold Canyon GCU 4103 Alabama Graph ALP 4077 Nemaska Lith NMX 3771 Dajin Res DJI 3367

0.03 0.02 0.19 0.09 0.13 0.06 0.28 0.24 0.35 0.13

0.02 0.01 0.14 0.07 0.11 0.05 0.21 0.19 0.26 0.09

0.02 + 0.02 + 0.18 + 0.09 + 0.12 + 0.06 0.22 - 0.24 + 0.28 - 0.12 +

0.01 0.01 0.02 0.02 0.01 0.00 0.03 0.03 0.02 0.04

The news drove Dajin Resources up 4¢ on 3.4 million shares traded before closing at 12¢ per share. The company is advancing its wholly owned Teels Marsh claims in Mineral County, Nev., which host potential brine-based lithium targes. Ashburton Ventures topped the volume-traded column after news it is evaluating prospective lithium claims in Nevada.

The company saw over 11 million shares change hands, as it gained 1¢ before closing at 2¢ per share. Junior Ultra Lithium was the secondhighest traded stock, gaining 1¢ on 9.3 million shares traded, before finishing at 2¢ per share. The company holds a 100% interest in the Big Smoky Valley lithium project, also in Nevada.

TSX-V greatest percentage change

Plato Gold Santa Fe Metls Western Troy C Ashburton Vent Montero Mg&Ex MacDonald Mns Benton Cap Phoenix Gold Western Pac Rs Medallion Res Satori Res North Am Tung Oracle Mng Pac Coal Res Remington Res Laurion Mnl Ex AndeanGold Sultan Mnrls Berkwood Res Mountain Boy M

TSX-V greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

PGC SFM WRY ABR MON BMK BTC PXA WRP MDL BUD NTC OMN PAK RGM LME AAU SUL BKR MTB

153 150 309 11232 348 600 79 115 50 240 68 246 2558 186 13 988 94 84 500 10

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

0.01 0.02 0.01 0.02 0.01 0.01 0.02 0.01 0.01 0.03 0.02 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01

0.02 0.02 0.01 0.02 0.01 0.01 0.02 0.01 0.01 0.04 0.02 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01

+ 200.0 + 200.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 75.0 - 76.9 - 66.6 - 66.6 - 63.6 - 60.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

U.S. M ARKETS U.S. equities stayed in positive territory despite U.S. consumer sentiment in September hitting its lowest level in 12 months, flat domestic producer prices in August, and worries about China’s slowing growth and shrinking imports (data for August showed the Asian juggernaut’s imports fell 13.8% year-on-year, in the tenth straight monthly decline). The Dow Jones Industrial Average rose 2.1% to 16,433.09, and the S&P 500 Index climbed 2.1% to 1,961.05. The gains were driven in part by news that Beijing would remove tax on dividend incomes for investors who hold stocks for more than a year, and news that China’s Finance Ministry would strengthen fiscal policy, increase infrastructure spending and accelerate tax reform. The Philadelphia Gold and Silver Index fell 0.7% to 45.03. An updated preliminary economic assessment of its wholly owned Ann Mason copper-molybdenum porphyry deposit in Nevada lifted the shares of Entrée Gold by 7.4% to US26¢. The study incorporates the results of an infill drill program and a new resource estimate. The proposed open-pit and con-

WEEK VOLUME CLOSE CHANGE

Bacanora Mnls Reservoir Mnls Terrax Minls Hudson Res Titanium Corp Gold Std Vnt Antofagasta Gd Critical Elem Alphamin Res Otis Gold Pac Booker Min Energold Drill Chesapeake Gld Zenyatta Vent Marlin Gold Gold Reserve North Arrow Mn Satori Res Oceanus Res Lion One Mtls

BCN RMC TXR HUD TIC GSV AN CRE AFM OOO BKM EGD CKG ZEN MLN GRZ NAR BUD OCN LIO

89719 50374 234100 191830 53000 361298 400500 2154254 25000 468000 37096 36329 62680 170343 30774 19120 23995 68000 22500 96800

1.90 4.08 0.38 0.54 1.00 0.55 0.24 0.29 0.21 0.12 2.23 0.60 1.54 1.33 0.31 3.51 0.39 0.02 0.30 0.26

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

0.13 0.10 0.10 0.09 0.07 0.07 0.06 0.05 0.05 0.04 0.16 0.15 0.10 0.10 0.07 0.07 0.06 0.05 0.05 0.04

S E P T E M B E R 8 –11 ventional sulphide flotation operation — at 120,000 tonnes per day over a 21-year mine life — would serve up a 13.7% post-tax internal rate return and US$770-million net present value at a 7.5% discount rate. The base case uses US$3 per lb. copper, US$11 per lb. molybdenum, US$1,200 per oz. gold and US$20 per oz. silver. Development capital costs could reach US$1.4 billion, including a US$103-million contingency. Average lifeof-mine cash costs — net of by-product sales and including taxes — would come to US$1.74 per lb. copper, while average life-ofmine all-in-sustaining costs would average

U.S. most active issues

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 161585 11.64 10.08 11.40 + 1.36 Alcoa* AA 66962 9.87 9.51 9.65 + 0.31 Barrick Gold* ABX 51373 6.60 5.95 6.35 + 0.19 Kinross Gold* KGC 45046 1.69 1.35 1.52 - 0.12 Peabody Enrgy* BTU 29678 2.40 1.65 1.65 - 0.39 Goldcorp* GG 27355 13.51 12.19 12.63 - 0.16 Teck Res B* TCK 24274 7.00 6.39 6.54 + 0.01 Newmont Mng* NEM 22856 16.29 15.43 16.24 + 0.91 Gold Fields* GFI 22568 2.97 2.35 2.75 - 0.09 Consol Energy* CNX 18716 13.81 12.29 12.53 - 0.85

US$1.81 per lb. copper, net of by-product sales and including taxes. Shares of Harmony Gold Mining dropped 9.5% to US69¢. The company received a notice from the New York Stock Exchange that the trading price of its Amer-

ican Depository Receipts has fallen below the exchange’s continued listing standard. Under NYSE rules, the minimum average closing price for Harmony’s ADRs cannot fall below US$1 per share for 30 consecutive trading days.

U.S. greatest percentage change

Thompson Crk* Richmont Mine* Alderon Irn O* Timberline Rs* Freeport McMo* HudBay Mnls* Taseko Mines* Alum Cp China* Seabridge Gld* Intl Tower Hi* Arch Coal* Mechel* Peabody Enrgy* Cloud Peak En* Comstock Mng* Mines Managem* Uranium Res* Harmony Gold* Natural Rs Pt* Kinross Gold*

TC RIC AXX TLR FCX HBM TGB ACH SA THM ACI MTL BTU CLD LODE MGN URRE HMY NRP KGC

U.S. greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WEEK VOLUME CLOSE CHANGE

378 0.65 489 2.91 173 0.17 94 0.36 161585 11.64 64 5.01 351 0.55 68 8.65 971 6.35 53 0.26 10719 5.69 214 1.20 29678 2.40 1166 4.08 1012 0.62 69 0.34 64 0.85 9485 0.78 331 3.38 45046 1.69

Agrium* AGU 335789 102.63 Rio Tinto* RIO 2828544 37.21 Compass Mnls* CMP 210662 83.06 Cabot Corp* CBT 998564 34.06 BHP Billi-BBL* BBL 4091194 33.04 BHP Billi-BHP* BHP 9612916 34.07 Randgold Res* GOLD 2494167 57.84 Freeport McMo* FCX 161585238 11.40 Newmont Mng* NEM 22855517 16.24 Alum Cp China* ACH 67593 8.46 Arch Coal* ACI 10719133 3.93 Royal Gold* RGLD 2988402 44.24 Franco-Nevada* FNV 3323294 40.39 Consol Energy* CNX 18715895 12.53 Hi-Crush Part* HCLP 298175 12.65 Cloud Peak En* CLD 1166005 3.00 SunCoke Engy* SXC 564055 10.00 US Silica Hld* SLCA 1297754 17.74 Potash C Sask* POT 12582134 24.97 Peabody Enrgy* BTU 29678454 1.65

0.51 2.45 0.13 0.29 10.08 4.65 0.49 8.34 5.66 0.23 3.59 0.90 1.65 2.94 0.53 0.29 0.73 0.63 2.88 1.35

0.58 2.86 0.16 0.33 11.40 4.84 0.51 8.46 6.04 0.25 3.93 0.91 1.65 3.00 0.60 0.29 0.73 0.69 2.90 1.52

+ 24.4 + 17.2 + 17.1 + 17.0 + 13.5 + 12.3 + 11.7 + 11.3 + 11.0 + 9.6 - 32.1 - 21.5 - 19.1 - 17.5 - 10.4 - 10.4 - 9.9 - 9.5 - 9.0 - 7.3

+ 3.06 + 2.92 + 2.72 + 1.78 + 1.67 + 1.40 + 1.37 + 1.36 + 0.91 + 0.86 - 1.86 - 1.16 - 0.91 - 0.85 - 0.81 - 0.64 - 0.61 - 0.56 - 0.42 - 0.39

15-09-16 7:16 PM

THE NORTHERN MINER

SEPTEMBER 21-27, 2015

METALS, MINING AND MONEY MARKETS SPOT PRICES

PRODUCER AND DEALER PRICES

COURTESY OF SCOTIABANK

Tuesday, September 15, 2015 Precious Metals Price (US$/oz.) Gold $1105.50 Silver $14.35 Platinum $956.00 Palladium $590.00

Change -15.35 -0.28 -34.00 +9.00

Base Metals Nickel Copper Lead Zinc

Change +80.00 +13.50 +8.50 -26.00

Price (US$/tonne) $9995.00 $5322.50 $1683.00 $1725.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, September 14, 2015 (change from September 7, 2015 in brackets): Aluminium Alloy 12740 (0) Aluminium 3175875 (-44075) Copper 340875 (-11450) Lead 167950 (-6500) Nickel 448320 (-3642) Tin 5540 (-255) Zinc 593975 (+41325)

Thermal Coal CAPP: US$42.50 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$48.60 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.90 Coal: CME Group Futures Oct. 2015: US$42.50; Nov. 2015: US$42.50 Cobalt: US$12.70/lb. Copper: US$2.40/lb. Copper: CME Group Futures Oct. 2015: US$2.46/lb.; Nov. 2015: US$2.45/lb Ferro-Chrome: US$2.09/kg FerroTungsten: US$27.72/kg Ferrovanadium: US$19.64/kg Iridium: NY Dealer Mid-mkt US$500/tr oz. Iron Ore 62% Fe CFR China-S: US$56.40/tonne Iron Ore Fines: US$52.15/tonne Iron Ore Pellets: US$69.15/tonne Lead: US$0.75/lb. Magnesium: US$2.21/kg Manganese: US$1.78/kg Molybdenum Oxide: US$6.03/lb. Phosphate Rock: US$115/tonne Potash: US$307.00/tonne Rhodium: Mid-mkt US$780.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$14.37 per oz.; Handy & Harman Fabricated: US$17.96 per oz. Tantalite Ore: : US$170.28/kg Tin: US$7.10/lb. Uranium: U3O8, Trade Tech spot price: US$37.25/lb.; The UX Consulting Company spot price: US$37.25/lb. Zinc: US$0.77/lb. Prices current Sept. 16, 2015

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding at Aug. 31/15 (with changes from Aug. 15/15).

Largest short positions Lundin Mining LUN 39684608 New Gold NGD 31277766 Kinross Gold K 27563908 B2Gold BTO 25203872 PotashCorp POT 23158758 First Quantum FM 21991455 Teck Res. TCK.B 17781827 Yamana Gold YRI 13860366 Barrick Gold ABX 12788932 Denison Mines DML 12510711 Thompson Crk Mtl TCM 12372436 OceanaGold OGC 11812346 Detour Gold DGC 9546321 Copper Mountain Min. CUM 8637104 Goldcorp G 8455478 Largest increase in short position Alamos Gold AGI 5161156 Goldcorp G 8455478 OceanaGold OGC 11812346 First Quantum FM 21991455 Klondex Mines KDX 2352655 Largest decrease in short position Eldorado Gold ELD 5137077 First Maj. Silver FR 4987826 Detour Gold DGC 9546321 Hudbay Mining HBM 3715226 Mcewen Mining MUX 2876877

3706736 3697531 1485033 1361723 1044019 -3068260 -1989815 -1362572 -779624 -720033

3208900 -44331 522000 252500 -66695 301000 295000 16200 260000 236400 -25019 -1835500 -22600 2800 85658 3208900 522000 301000 295000 260000 -1835500 -930000 -717000 -255000 -199700

Sept 14 13353.34 544.10 787.19 118.33 440.07 44.27 105.22

Sept 11 13461.47 547.20 793.20 119.77 457.23 45.03 107.24

22 New Highs

Sept 10 13569.89 549.28 799.99 118.40 457.91 44.44 106.52

Sept 9 13531.85 550.35 797.69 118.42 452.73 44.48 106.68

Sept 8 13630.67 556.62 802.41 122.12 451.33 45.77 109.96

Low 12705.17 509.03 750.26 114.48 393.29 42.72 101.28

Pac Coal Res Pac Potash

Berkwood Res

Harmony Gold*

Pershimco Res

Bison Gold Res

Hecla Mining*

Phoenix Gold

Bitterroot Res

Highbank Res

Planet Mng

Bullman Mnls

HiHo Silver

Primero Mng

Canadn Arrow

Horizns G Bull

Primero Mng*

Canadn Int Mnl

IC Potash

Purepoint U

Canadn Plat

Iconic Mnls

Rambler Mg&Mtl

Canadn Zinc

Independence G

Randsburg Intl

Caracara Silvr

Intl Montoro R

Remington Res

Cascadero Copp

Iron South Mng

RJK Explor

Cassidy Gold

Ivernia

Royal Gold

Castle Peak Mg

J.A.G. Mines

Royal Gold*

Champion Bear

Jayden Res

Rupert Res

Chesapeake Gld

Karnalyte Res

Sage Gold

CMC Metals

Kermode Res

Sanatana Diam

Codrington Res

Kilo Goldmines

Santacruz Silv

Coeur Mng*

Kings Bay Gold

Satori Res

Colombia Crest

Kinross Gold

Selwyn Res

Silver Spruce

Colombian Mins

Kinross Gold*

Sentry Sl PrmM

Southern Arc

Condor Res

Kivalliq Enrgy

Signature Res

Sparton Res

Contl Precious

Klondike Gold

Silver Range R

Thunder Mtn Gd

Copper North M

Klondike Silv

Silver Wheatn*

194 New Lows

Corex Gold

Largo Res

Silver Wheaton

Corsa Coal

Laurion Mnl Ex

Silvercorp Mtl

Cypress Dev

Lomiko Mtls

Solvista Gold

Darnley Bay

Lucara Diam

Source Expl

Decade Res

MacDonald Mns

Southern Silvr

Discovery-Corp

Magellan Minls

St-Georges Plt

Eagle Plains

Mammoth Res

Stakeholdr Gld

El Tigre Silvr

Maudore Minls

Stans Energy

Eldorado Gold*

MDU Res*

Starcore Int V

Eldorado Gold

Melkior Res

Strategic Metl

Emerick Res

Mesa Expl

Sultan Mnrls

Excellon Res

Micrex Devel

SunCoke Engy*

Faircourt Gold

Mines Managmnt

Tajiri Res

First Majesti*

Mkango Res

Teras Res

First Majestic

Monarques Res

Tiller Res

Fortuna Silver

Mountain Boy M

Timmins Gold*

Fortuna Silvr*

Mundoro Cap

Timmins Gold

Frontline Gold

Nevada Clean M

TomaGold

Asher Res

Galore Res

Nevada Copper

Trueclaim Expl

Astur Gold

Geomega Res

NGEx Res

TVI Pacific

Athabasca Mnls

Global Met Cl

Nomad Ventures

Ultra Lithium

Atna Res Ltd

Gobimin

Noram Vent

US Silica Hld*

Aurcana Corp

Gold Bulln Dev

North Am Tung

VMS Vent

Baja Mng

Gold Fields*

Northern Abiti

West Af Iron O

Bandera Gold

Goldcorp*

Northern Gld M

Westkam Gold

Barisan Gold

Golden Band

NQ Expl

Westridge Res

Barker Mnrls

Golden Goliath

Nunavik Nickel

Wildcat Expl

Barrick Gold*

Golden Tag

NV Gold

Wolfden Res

Barrick Gold

Gran Colombia

Oracle Mng

Xmet

BCGold

Grande Portage

Orestone Mng

Yamana Gold*

Bear Creek Mng

Granite Ck Gld

Orocobre

Yamana Gold

Altiplano Mnls Amador Gold Aurania Res BCM Res Dajin Res Equitas Res Ethos Gold Inter-Rock Mnl Knick Expl MacMillan Mnls Nemaska Lith Northquest Orex Expl Otis Gold PC Gold Plato Gold Rusoro Mng

Aftermath Silv Alderon Iron O Aldrin Res Alexandria Mnl Alloycorp Alto Vent AndeanGold Anglo-Can Mng

Argus Metals

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1108.00 1106.35 1107.75 Gold PM 1104.80 1100.25 1109.50 Silver 14.43 14.58 14.72 Platinum 952.00 971.00 987.00 Palladium 589.00 587.00 591.00

1122.30 1109.85 14.77 992.00 581.00

Sept 8 1670/1685 1593/1614.50 5277/5255 1670/1683 9845/9890 15490/15200 1791/1793 1120.85 1121.15 14.63 998.00 595.00

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Sept 14 Sept 11 US$ in C$ 1.3270 1.3276 C$ in US$ 0.7536 0.7532

Sept 10 1.3219 0.7565

Sept 9 1.3223 0.7563

Sept 8 1.3195 0.7579

EXCHANGE RATES (Bank of Canada, September 8, 2015) Currency Aus $ Euro In C$ 0.9471 1.5003 In US$ 0.7137 1.1306

Japan 0.01107 0.00834

Mex P 0.07900 0.05953

SA Rand 0.09814 0.07370

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 Sept 21 2015 Issue.indd 7

Arian Silver Aroway Mnls

FOR DAILY MINING NEWS, VISIT WWW.NORTHERNMINER.COM

UK £ 2.0465 1.5422

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

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

Supplied by TMX Group Inc.

Great Atlantic

Argonaut Gold

Date Sept 14 Sept 11 Sept 10 Sept 9 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1685/1700 1695/1710 1690/1705 1705/1720 Aluminum 1598.50/1617.50 1613.50/1633.50 1607/1626 1627.50/1648.50 Copper 5323.50/5304 5351.50/5335 5399/5381.50 5365.50/5353 Lead 1665.50/1671 1701/1713 5399/5381.50 1711/1716 Nickel 9900/9985 10180/10230 1714/1723.50 10060/10095 Tin 16040/15525 15850/15450 10320/10355 15450/15050 Zinc 1763.50/1773 1787.50/1796 15650/15295 1814.50/1822

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.

Graphite One R

AQM Copper

DAILY METAL PRICES

TSX VENTURE EXCHANGE WARRANTS

Benton Cap

Adroit Res

High 15556.18 987.93 905.09 195.63 883.49 88.93 222.65

Supplied by TMX Group.

Bellhaven Cp&G

Adriana Res 52-week

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.

NEW 52-WEEK HIGHS AND LOWS — SEPTEMBER 7-11, 2015

Adamera Mnls

NORTH AMERICAN STOCK EXCHANGE INDICES Date TSX Composite S&P/TSX-Ven Comp S&P TSX 60 Global Gold TSX Metals & Mining Gold & Silver XAU Arca Gold Bugs

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.

Adroit Res

Largest short positions Equitas Res. EQT 3286400 Integra Gold ICG 663415 Bonterra Res. BTR 522000 Gold Reserve GRZ 463100 Nemaska Lithium NMX 428000 Arian Res. ARC 301000 Gowest Gold GWA 295000 Zenyatta Vent. ZEN 291700 CB Gold CBJ 260000 Minaurum Gold MGG 238000 Roxgold ROG 189981 Dajin Res. DJI 146500 Georox Res. GXR 127400 Northern Graphite NGC 111434 Pure Energy Min. PE 103958 Largest increase in short position Equitas Res. EQT 3286400 Bonterra Res. BTR 522000 Arian Res. ARC 301000 Gowest Gold GWA 295000 CB Gold CBJ 260000 Largest decrease in short position Dajin Res. DJI 146500 Ximen Mining XIM 0 Nippon Dragon Res. NIP 0 Emerita Res. EMO 0 Canasil Res. CLZ 300

528455 523662 -254215 -158188 532311 1361723 241866 710511 720217 903701 -42739 1485033 -1362572 -142981 3697531

TSX WARRANTS

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

REPRINTS Reprints of any article published in The Northern Miner or on our website are available. We will provide them in a “PDF” format for $350. Contact: moliveira@northernminer.com or 416-510-6768

15-09-16 7:16 PM

8 SEPTEMBER 21-27, 2015 THE NORTHERN MINER

STOCK TABLES (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 5375 0.06 0.05 0.05 + 0.01 0.09 0.03 Abcourt Mines V 3905 0.04 0.04 0.04 0.00 0.08 0.03 ABE Res V 570 0.05 0.03 0.04 + 0.01 0.10 0.03 Aben Res V 60 0.07 0.07 0.07 - 0.01 0.33 0.06 Abitibi Royalt V 92 2.49 2.26 2.26 - 0.04 5.10 1.53 Acme Res V 290 0.03 0.03 0.03 + 0.01 0.06 0.02 Actus Mnls V 10 0.02 0.02 0.02 - 0.01 0.12 0.01 Adamera Mnls V 260 0.03 0.03 0.03 0.00 0.08 0.03 Adriana Res V 2318 0.10 0.08 0.09 0.00 0.19 0.08 Adroit Res V 500 0.01 0.01 0.01 0.00 0.01 0.01 Adventure Gold V 1505 0.12 0.11 0.11 - 0.01 0.20 0.06 African Gold G V 3550 0.05 0.04 0.05 0.00 0.10 0.04 African Queen V 1280 0.02 0.01 0.02 + 0.01 0.03 0.01 Africo Res T 555 0.42 0.40 0.40 - 0.02 0.45 0.30 Aftermath Silv V 70 0.01 0.01 0.01 0.00 0.04 0.01 Agnico-Eagle* N 95109 23.27 21.22 22.15 + 0.45 37.08 21.00 Agnico-Eagle T 23558 30.82 28.15 29.36 + 0.52 43.70 25.05 Agrium* N 3357 104.00 100.92 102.63 + 3.06 116.77 82.04 Agrium T 6517 137.68 132.97 136.12 + 3.57 146.51 92.81 Alabama Graph V 40771 0.24 0.19 0.24 + 0.03 0.35 0.14 Alacer Gold T 18525 2.96 2.73 2.95 + 0.24 3.22 1.77 Alamos Gold* N 40369 4.52 4.03 4.20 + 0.22 9.51 2.98 Alamos Gold T 10140 5.96 5.38 5.53 + 0.20 10.31 3.90 Alberta Star V 350 0.03 0.03 0.03 0.00 0.08 0.02 Alcoa* N 669620 9.87 9.51 9.65 + 0.31 17.75 7.97 Alderon Irn O* X 1732 0.17 0.13 0.16 + 0.02 1.08 0.13 Alderon Iron O T 1324 0.22 0.17 0.21 + 0.05 1.18 0.17 Aldershot Res V 640 0.02 0.02 0.02 0.00 0.05 0.01 Aldridge Minls V 13 0.17 0.17 0.17 - 0.01 0.35 0.16 Aldrin Res V 703 0.13 0.11 0.13 - 0.01 0.33 0.11 Alexandria Mnl V 3488 0.04 0.03 0.03 0.00 0.07 0.03 Alexco Res T 650 0.44 0.40 0.44 + 0.04 1.09 0.34 Alexco Res* X 1715 0.33 0.30 0.33 + 0.03 0.96 0.26 Alix Res V 70 0.05 0.05 0.05 + 0.01 0.25 0.03 Alliance Mng V 40 0.01 0.01 0.01 0.00 0.06 0.01 Alliance Rs P* Q 5415 25.49 24.34 24.58 - 0.35 50.04 19.95 Alloycorp V 11420 0.03 0.02 0.02 0.00 0.10 0.02 Almaden Mnls* X 2749 0.57 0.51 0.53 + 0.01 1.43 0.49 Almaden Mnls T 423 0.73 0.68 0.69 + 0.01 1.80 0.65 Alpha Gold V 10 0.06 0.06 0.06 - 0.01 0.06 0.03 Alphamin Res V 250 0.21 0.21 0.21 + 0.05 0.32 0.11 Altai Res V 200 0.06 0.06 0.06 0.00 0.12 0.05 Altan Rio Mnls V 60 0.02 0.02 0.02 + 0.01 0.07 0.02 Altima Res V 3857 0.02 0.02 0.02 - 0.01 0.06 0.01 Altiplano Mnls V 100 0.06 0.06 0.06 + 0.01 0.06 0.02 Altius Mnrls T 1530 12.30 11.78 11.85 - 0.15 15.47 9.86 Alto Vent V 38 0.04 0.04 0.04 0.00 0.10 0.04 Alum Cp China* N 675 8.65 8.34 8.46 + 0.86 17.44 7.20 Am Creek Res V 3950 0.05 0.04 0.05 + 0.01 0.10 0.03 Amador Gold V 83 0.01 0.01 0.01 + 0.01 0.01 0.01 Amarc Res V 1709 0.10 0.08 0.08 - 0.03 0.18 0.06 Amarillo Gold V 847 0.13 0.12 0.13 - 0.01 0.15 0.04 Amato Expl V 50 0.02 0.02 0.02 0.00 0.03 0.01 American Vanad V 117 0.10 0.09 0.09 - 0.02 0.60 0.05 Amerigo Res T 290 0.26 0.24 0.24 - 0.02 0.47 0.22 Amex Expl V 490 0.04 0.04 0.04 0.00 0.09 0.03 AMI Res V 1090 0.05 0.05 0.05 + 0.01 0.06 0.01 Anaconda Mng T 3670 0.05 0.04 0.04 + 0.01 0.07 0.04 Anconia Res V 20 0.02 0.02 0.02 + 0.01 0.06 0.01 AndeanGold V 940 0.01 0.01 0.01 - 0.01 0.04 0.01 Anfield Nickel V 50 0.75 0.71 0.75 + 0.03 1.07 0.65 Anfield Res V 1096 0.17 0.15 0.16 - 0.01 0.53 0.07 Angel Gold V 30 0.05 0.05 0.05 - 0.01 0.10 0.02 Angkor Gold V 75 0.47 0.46 0.46 + 0.01 0.64 0.31 Anglo-Can Mng V 4031 0.01 0.01 0.01 0.00 0.02 0.01 AngloGold Ash* N 116387 7.95 6.83 7.38 + 0.07 16.57 5.64 Antofagasta Gd V 4005 0.24 0.16 0.24 + 0.06 0.25 0.09 Apogee Silver V 16 0.37 0.37 0.37 0.00 0.65 0.18 AQM Copper V 200 0.04 0.04 0.04 - 0.01 0.10 0.04 Aquila Res T 1100 0.15 0.14 0.15 + 0.02 0.19 0.09 Arch Coal* N 107191 5.69 3.59 3.93 - 1.86 31.40 1.00 Arctic Hntr Ur V 80 0.03 0.03 0.03 + 0.01 0.06 0.02 Arctic Star Rs V 19090 0.03 0.03 0.03 0.00 0.08 0.03 Argentex Mng V 2020 0.05 0.04 0.05 + 0.01 0.08 0.02 Argex Titanium T 1012 0.13 0.12 0.12 + 0.01 0.72 0.11 Argonaut Gold T 8693 1.22 1.14 1.19 + 0.03 4.72 1.14 Argus Metals V 190 0.02 0.02 0.02 0.00 0.11 0.02 Arian Silver V 424 0.20 0.17 0.17 - 0.04 0.75 0.17 Arianne Phosph V 1961 0.85 0.73 0.83 - 0.03 1.02 0.51 Armistice Res T 781 0.31 0.28 0.29 - 0.02 0.52 0.22 Aroway Mnls V 2284 0.01 0.01 0.01 - 0.01 0.24 0.01 ASA (Bermuda)* N 4206 8.30 7.56 7.77 + 0.54 13.94 7.15 Asanko Gold T 6833 2.14 1.96 1.98 - 0.05 2.80 1.50 Asanko Gold* X 155 1.67 1.49 1.49 - 0.07 2.55 1.26 Ascot Res V 316 1.50 1.43 1.49 - 0.01 2.19 1.01 Ashburton Vent V 112315 0.03 0.02 0.02 + 0.01 0.04 0.01 Asher Res V 450 0.03 0.03 0.03 0.00 0.08 0.03 Aston Bay V 5 0.13 0.13 0.13 0.00 0.18 0.08 Astur Gold V 501 0.02 0.02 0.02 0.00 0.28 0.02 Atac Res V 2441 0.44 0.40 0.43 - 0.02 0.85 0.31 Atacama Pac Gd V 375 0.16 0.15 0.15 + 0.01 0.77 0.14 Athabasca Mnls V 1964 0.36 0.28 0.32 - 0.02 2.64 0.28 Atico Mng V 310 0.38 0.36 0.38 + 0.02 0.82 0.35 Atlanta Gold V 350 0.08 0.07 0.07 0.00 0.35 0.05 Atna Res Ltd T 470 0.06 0.06 0.06 0.00 0.13 0.06 Augyva Mng V 240 0.12 0.12 0.12 0.00 0.15 0.07 Aura Mnls T 115 0.07 0.07 0.07 + 0.01 0.14 0.06 Aura Silver Rs V 345 0.02 0.01 0.02 0.00 0.03 0.01 Aurania Res V 55 0.40 0.35 0.35 + 0.05 0.40 0.30 Aurcana Corp V 953 0.14 0.13 0.14 + 0.02 0.57 0.13 Aureus Mng T 13 0.41 0.37 0.37 0.00 0.83 0.27 Aurvista Gold V 610 0.05 0.05 0.05 + 0.01 0.11 0.03 Avala Res V 2500 0.05 0.04 0.05 + 0.02 0.20 0.03 Avalon Rare M* X 5518 0.14 0.11 0.12 + 0.01 0.44 0.11 Avalon Rare Mt T 1577 0.18 0.15 0.16 - 0.01 0.50 0.15 Avino Silver V 460 1.27 1.21 1.23 + 0.01 2.40 1.15 Avino Silver* X 1569 0.97 0.92 0.93 - 0.03 2.07 0.90 Avnel Gold T 34 0.23 0.23 0.23 - 0.02 0.31 0.14 Avrupa Mnls V 50 0.12 0.12 0.12 + 0.01 0.40 0.07 Axmin Inc V 10 0.01 0.01 0.01 - 0.01 0.03 0.01 Azincourt Res V 272 0.04 0.04 0.04 - 0.01 0.36 0.03

B B2Gold* X 116072 B2Gold T 86262 Bacanora Mnls V 897 Baja Mng V 1060 Balmoral Res T 6031 Bama Gold V 400 Bandera Gold V 50 Banks Island G V 338 Banro T 6320 Banro* X 18349 Banyan Gold V 1670 Barisan Gold V 11974 Barker Mnrls V 300 Barkerville Go V 2207 Barrick Gold* N 513732 Barrick Gold T 113830 Batero Gold V 2280 Bayswater Uran V 41 BCGold V 47 BCM Res V 4440 Bear Creek Mng V 882 Beaufield Res V 2065 Bell Copper V 50 Bellhaven Cp&G V 73 Belmont Res V 250 Belo Sun Mng T 737 Benton Cap V 790 Benton Res V 3860 Berkwood Res V 5000 BHP Billi-BBL* N 40911 BHP Billi-BHP* N 96129 Big North Grap V 1285 BioteQ Env T 10 Bison Gold Res V 3000 Bitterroot Res V 80 Black Iron T 890 Black Widow Rs V 250 Blind Crk Res V 32

TNM Sept 21 2015 Issue.indd 8

1.32 1.13 1.19 - 0.05 2.46 0.98 1.75 1.51 1.57 - 0.07 2.88 1.30 1.90 1.60 1.90 + 0.13 2.05 0.56 0.03 0.02 0.02 0.00 0.06 0.02 0.57 0.50 0.52 - 0.05 1.67 0.49 0.08 0.07 0.08 + 0.01 0.23 0.05 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.02 0.02 - 0.01 0.48 0.02 0.25 0.23 0.24 + 0.01 0.47 0.13 0.19 0.18 0.18 + 0.00 0.40 0.12 0.04 0.03 0.03 - 0.01 0.10 0.02 0.04 0.02 0.02 - 0.02 0.20 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.23 0.20 0.20 0.00 0.40 0.11 6.60 5.95 6.35 + 0.19 17.87 5.95 8.71 7.94 8.43 + 0.24 19.64 7.94 0.08 0.07 0.07 0.00 0.11 0.06 0.02 0.02 0.02 0.00 0.08 0.02 0.02 0.01 0.02 0.00 0.04 0.01 0.05 0.05 0.05 0.00 0.05 0.02 0.68 0.63 0.63 + 0.02 3.58 0.63 0.05 0.04 0.05 + 0.01 0.08 0.03 0.04 0.04 0.04 - 0.01 0.05 0.01 0.15 0.10 0.10 0.00 0.45 0.10 0.04 0.04 0.04 - 0.01 0.11 0.03 0.18 0.16 0.18 + 0.02 0.30 0.11 0.02 0.02 0.02 + 0.01 0.04 0.02 0.05 0.05 0.05 + 0.01 0.07 0.03 0.01 0.01 0.01 - 0.01 0.07 0.01 33.83 32.56 33.04 + 1.67 59.54 30.24 35.40 33.62 34.07 + 1.40 63.99 31.59 0.06 0.03 0.04 + 0.01 0.85 0.03 0.03 0.03 0.03 0.00 0.06 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.04 0.04 0.00 0.13 0.02 0.03 0.03 0.03 - 0.01 0.08 0.01 0.05 0.05 0.05 0.00 0.10 0.04

(100s) Stock

Week

MINING STOCKS listed on NORTH AMERICAN EXCHANGES Trading: September 8-11, 2015 12-month

Exc Volume High Low Last Change High Low

Blue Rvr Res V 2980 Blue Sky Uran V 220 BMO Jr Gld ETF T 363 Bold Vent V 150 Bonterra Res V 4457 Bowmore Expl V 2680 Brazil Res V 4136 Brionor Res V 10 Brixton Mtls V 13 Bullman Mnls V 30 Burnstone Vent V 1150

0.04 0.03 0.03 + 0.01 0.07 0.03 0.06 0.05 0.05 - 0.01 0.26 0.05 4.96 4.48 4.70 - 0.04 8.26 4.45 0.03 0.03 0.03 0.00 0.07 0.03 0.21 0.19 0.21 + 0.01 0.43 0.09 0.03 0.03 0.03 0.00 0.11 0.03 0.54 0.49 0.50 - 0.04 0.92 0.43 0.02 0.02 0.02 + 0.01 0.03 0.01 0.07 0.07 0.07 - 0.01 0.31 0.06 0.05 0.05 0.05 - 0.07 0.30 0.05 0.02 0.02 0.02 0.00 0.04 0.01

Cabot Corp* N 9985 Cache Expl V 1760 Cadillac Vent V 1510 Caledonia Mng T 270 Calibre Mng V 1912 Calico Res V 1290 Callinex Mines V 405 Cameco Corp* N 53149 Cameco Corp T 23709 Camino Mnls V 175 Canada Carbon V 3124 Canada Zinc Mt V 2507 Canadn Arrow V 250 Canadn Int Mnl V 970 Canadn Mining V 748 Canadn Plat V 3500 Canadn Zinc T 6081 Canaf Group V 1960 Canamex Res V 2210 Canarc Res T 1059 Cancana Res V 1695 Candente Coppr T 1489 Cannon Pnt Res V 20 Canoe Mng Vnt V 650 Canstar Res V 450 Canterra Mnls V 1035 Capstone Mng T 24640 Caracara Silvr V 36 Cardero Res T 1017 Caribou King R V 155 Carlisle Goldf T 1399 Carmax Mng V 690 Cascadero Copp V 680 Cassidy Gold V 220 Castillian Res V 181 Castle Peak Mg V 350 Catalyst Coppr V 165 Caza Gold V 100 CB Gold V 47678 Centamin T 379 Centerra Gold T 13814 Central Fund* X 12963 Central Fund T 579 Central Gold-T T 12 Central GoldT* X 854 Centurion Mnls V 4500 Chalice Gold M T 15 Challenger Dee V 1005 Champion Bear V 20 Champion Iron T 1003 Chesapeake Gld V 626 Chiboug Ind Mn V 11 Chilean Gold V 300 Chimata Gold V 110 China Gold Int T 3975 Claude Res T 4425 Clear Mtn Res V 400 Cliffs Nat Rs* N 184151 Clifton Star V 15 Cloud Peak En* N 11660 CMC Metals V 2465 Codrington Res V 916 Coeur Mng* N 108868 Colombia Crest V 1116 Colombian Mins V 229 Colorado Res V 60 Colt Res V 2040 Columbus Gold V 1308 Commerce Res V 1348 Compass Mnls* N 2106 Compliance Eny V 292 Comstock Mng* X 10116 Comstock Mtls V 85 Condor Res V 5640 Confedertn Mls V 308 Cons Woodjam C V 2800 Consol Energy* N 187158 Constant Mtl R V 1595 Contintl Gold T 6367 Contl Precious T 12 Copper Ck Gold V 300 Copper Fox Mtl V 1462 Copper Mtn Mng T 14615 Copper North M V 5851 Corazon Gold V 100 Cordoba Mnls V 625 Corex Gold V 183 Cornerstone Ca V 3090 Coro Mining T 2690 Corsa Coal V 720 Corvus Gold T 175 Crazy Horse Rs V 3100 Critical Elem V 21542 Currie Rose Rs V 40 CVR Partners* N 737 Cypress Dev V 151

35.32 33.59 34.06 + 1.78 55.98 31.10 0.15 0.15 0.15 - 0.01 0.27 0.05 0.03 0.02 0.02 + 0.01 0.20 0.02 0.80 0.78 0.78 + 0.03 1.20 0.54 0.10 0.10 0.10 - 0.01 0.20 0.08 0.12 0.08 0.08 - 0.02 0.19 0.06 0.33 0.30 0.31 - 0.01 0.40 0.16 14.15 13.52 13.66 + 0.39 19.97 12.38 18.73 17.96 18.11 + 0.42 22.46 16.45 0.11 0.10 0.10 - 0.01 0.26 0.03 0.29 0.26 0.27 0.00 0.32 0.18 0.22 0.21 0.21 0.00 0.55 0.18 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.01 0.00 0.06 0.01 0.10 0.09 0.10 0.00 0.24 0.05 0.01 0.01 0.01 0.00 0.01 0.01 0.10 0.08 0.09 + 0.01 0.33 0.08 0.07 0.07 0.07 0.00 0.09 0.04 0.04 0.04 0.04 0.00 0.24 0.04 0.06 0.05 0.05 - 0.01 0.10 0.03 0.24 0.18 0.20 + 0.04 0.32 0.15 0.06 0.06 0.06 0.00 0.25 0.05 0.16 0.16 0.16 + 0.02 0.25 0.10 0.05 0.04 0.04 0.00 0.24 0.02 0.08 0.06 0.06 + 0.01 0.10 0.03 0.05 0.05 0.05 + 0.01 0.12 0.04 0.68 0.61 0.62 + 0.03 2.84 0.55 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.02 0.03 + 0.01 0.07 0.01 0.13 0.11 0.13 + 0.02 0.23 0.04 0.24 0.22 0.23 + 0.03 0.42 0.13 0.04 0.03 0.03 + 0.01 0.11 0.03 0.02 0.02 0.02 0.00 0.07 0.02 0.03 0.02 0.02 - 0.01 0.06 0.02 0.04 0.03 0.03 0.00 0.20 0.01 0.01 0.01 0.01 - 0.01 0.05 0.01 0.17 0.15 0.15 + 0.01 0.60 0.11 0.03 0.03 0.03 0.00 0.09 0.03 0.06 0.05 0.06 0.00 0.14 0.03 1.24 1.19 1.19 + 0.04 1.35 0.80 6.79 6.18 6.31 - 0.10 7.98 3.96 10.95 10.54 10.60 + 0.03 13.73 10.15 14.46 13.99 14.16 + 0.06 16.89 12.52 51.07 50.00 50.00 - 0.04 57.25 42.50 38.78 37.85 38.10 - 0.05 46.73 37.22 0.02 0.02 0.02 + 0.01 0.13 0.01 0.11 0.11 0.11 + 0.01 0.15 0.08 0.21 0.19 0.21 - 0.01 0.22 0.05 0.05 0.05 0.05 0.00 0.19 0.05 0.15 0.14 0.14 - 0.02 0.29 0.07 1.75 1.43 1.54 - 0.10 3.13 1.43 0.04 0.04 0.04 + 0.02 0.08 0.02 0.04 0.04 0.04 0.00 0.09 0.02 0.05 0.05 0.05 - 0.02 0.19 0.01 1.81 1.70 1.79 + 0.09 3.40 1.30 0.63 0.58 0.59 - 0.01 0.78 0.19 0.01 0.01 0.01 0.00 0.06 0.01 4.53 3.63 3.66 - 0.29 15.40 2.28 0.15 0.15 0.15 0.00 0.25 0.06 4.08 2.94 3.00 - 0.64 14.74 2.51 0.04 0.03 0.03 0.00 0.08 0.03 0.07 0.03 0.07 0.00 0.15 0.03 3.08 2.56 2.70 - 0.03 7.98 2.56 0.01 0.01 0.01 0.00 0.01 0.01 0.05 0.04 0.05 0.00 0.20 0.04 0.08 0.07 0.07 - 0.01 0.18 0.06 0.18 0.15 0.16 - 0.01 0.30 0.05 0.38 0.33 0.38 + 0.02 0.55 0.31 0.11 0.10 0.10 - 0.01 0.27 0.07 83.88 81.60 83.06 + 2.72 95.68 78.95 0.09 0.07 0.09 + 0.02 0.40 0.04 0.62 0.53 0.60 - 0.07 1.53 0.35 0.03 0.02 0.03 0.00 0.04 0.01 0.03 0.03 0.03 - 0.01 0.10 0.03 0.05 0.05 0.05 + 0.01 0.12 0.03 0.05 0.03 0.04 - 0.01 0.09 0.02 13.81 12.29 12.53 - 0.85 42.26 11.46 0.10 0.09 0.10 + 0.01 0.25 0.07 2.89 2.30 2.53 - 0.16 3.74 1.61 0.30 0.30 0.30 0.00 0.71 0.30 0.06 0.05 0.05 - 0.01 0.07 0.03 0.18 0.17 0.18 + 0.01 0.37 0.10 0.66 0.62 0.64 + 0.05 2.97 0.57 0.05 0.04 0.04 0.00 0.09 0.04 0.19 0.19 0.19 0.00 0.38 0.08 0.12 0.11 0.11 - 0.01 0.45 0.08 0.03 0.03 0.03 0.00 0.09 0.03 0.03 0.02 0.03 0.00 0.11 0.02 0.03 0.03 0.03 0.00 0.08 0.02 0.06 0.05 0.05 - 0.01 0.29 0.05 0.44 0.43 0.43 - 0.01 1.45 0.40 0.02 0.02 0.02 0.00 0.04 0.01 0.30 0.25 0.29 + 0.05 0.40 0.16 0.01 0.01 0.01 0.00 0.02 0.01 11.39 11.00 11.20 + 0.07 16.12 8.52 0.03 0.03 0.03 - 0.01 0.45 0.03

Dajin Res V 33670 Dalradian Res T 9632 Dalton Res Ltd V 880 Darnley Bay V 110 Decade Res V 1910 Defiance Silvr V 2969 Dejour Enterp T 127 Dejour Enterp* X 476 Delrand Res T 271 Denison Mines T 9693 Denison Mines* X 1980 Desert Star V 290 Detour Gold T 26127 Diagnos V 1205 Diamcor Mng V 15 Dios Expl V 419 Discovery Vent V 51270 Discovery-Corp V 10890 DNI Metals V 1027 Dolly Vard Sil V 778 Dominion Diam* N 4892 Dominion Diam T 15874 Dorex Minls V 500 Doubleview Cap V 1362 Dundee Prec Mt T 3479 Duran Vent V 65 Durango Res V 400 Dynacor Gold M T 660 Dynasty Gold V 1750 Dynasty Met&Mn T 92 Eagle Plains V 597 East Asia Mnls V 1430 Eastern Platin T 1291 Eastfield Res V 50 Eastmain Res T 1187 Eco Oro Mnls T 190 Ecuador G & C V 970 El Tigre Silvr V 530 Eldorado Gold* N 34525 Eldorado Gold T 54754 Electra Gold V 325

0.13 0.09 0.12 + 0.04 0.13 0.04 0.88 0.82 0.85 + 0.01 1.16 0.46 0.16 0.13 0.15 - 0.02 0.38 0.11 0.02 0.02 0.02 - 0.01 0.15 0.02 0.02 0.02 0.02 - 0.01 0.25 0.02 0.13 0.10 0.10 + 0.03 0.19 0.07 0.15 0.14 0.15 + 0.01 0.31 0.11 0.11 0.11 0.11 + 0.01 0.28 0.08 0.10 0.10 0.10 0.00 0.95 0.05 0.65 0.59 0.61 - 0.01 1.47 0.55 0.50 0.45 0.45 + 0.00 1.34 0.41 0.13 0.13 0.13 - 0.01 0.25 0.12 13.46 12.14 12.86 + 0.03 16.37 6.02 0.08 0.07 0.07 + 0.01 0.11 0.04 1.02 0.97 1.02 - 0.06 1.45 0.90 0.09 0.07 0.09 + 0.02 0.10 0.03 0.13 0.11 0.12 + 0.01 0.42 0.09 0.04 0.03 0.03 + 0.01 0.14 0.03 0.12 0.10 0.10 + 0.03 0.45 0.06 0.20 0.16 0.19 - 0.01 1.25 0.11 12.53 11.57 11.80 + 0.50 20.30 10.75 16.55 15.35 15.61 + 0.63 24.60 14.34 0.03 0.03 0.03 0.00 0.10 0.02 0.12 0.08 0.12 0.00 0.25 0.07 2.34 2.07 2.33 + 0.08 5.43 1.93 0.02 0.02 0.02 0.00 0.04 0.01 0.04 0.04 0.04 - 0.01 0.09 0.03 1.65 1.46 1.46 + 0.02 2.59 1.30 0.02 0.02 0.02 0.00 0.03 0.01 0.49 0.44 0.46 + 0.02 1.42 0.40 0.06 0.05 0.05 - 0.01 0.08 0.05 0.02 0.01 0.02 0.00 0.04 0.01 1.11 1.07 1.08 0.00 2.26 0.79 0.02 0.02 0.02 + 0.01 0.05 0.02 0.35 0.33 0.35 0.00 0.62 0.17 0.59 0.51 0.57 - 0.02 0.95 0.14 0.02 0.02 0.02 0.00 0.08 0.01 0.06 0.06 0.06 0.00 0.32 0.06 2.89 2.45 2.74 + 0.03 7.99 2.45 3.81 3.26 3.62 + 0.06 9.68 3.26 0.10 0.08 0.08 - 0.02 0.15 0.05

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Eloro Minls V 266 Ely Gold & Mnl V 5085 Emed Mining T 342 Emerick Res V 10 Encanto Potash V 4000 Endeavour Mng T 14299 Endeavr Silver T 2678 Endeavr Silve* N 3086 Energizer Res T 3294 Energold Drill V 363 Energy Fuels T 741 Entourage Mtls V 1433 Entree Gold* X 889 Entree Gold T 1468 Equitas Res V 68481 Equitorial Exp V 315 Erdene Res Dev T 251 Erin Ventures V 3149 Eskay Mng V 640 Ethos Gold V 1605 Eurasian Mnls* X 607 Eureka Res V 250 Evolving Gold C 98 Evrim Res V 50 Excellon Res T 506 Excelsior Mng V 2422 Exeter Res* X 223 Exeter Res T 255 Explor Res V 2155 Faircourt Gold T 410 Fairmont Res V 327 Falco Res V 1800 Falcon Gold V 1150 Fancamp Expl V 2705 Feronia V 25 Finlay Minrls V 200 Firebird Res V 250 First Bauxite V 70 First Lithium V 34 First Majesti* N 49420 First Majestic T 17906 First Mexican V 2060 First Point T 5713 First Quantum T 197731 Fission 3.0 V 4598 Fjordland Exp V 2643 Flinders Res V 786 Focus Graphite V 3756 Focus Vnt V 695 Foran Mng V 830 Formation Mtls T 652 Forsys Metals T 265 Fortuna Silver T 12786 Fortuna Silvr* N 9746 Fortune Bay T 42 Fortune Mnrls T 2483 Forum Uranium V 309 Franco-Nevada* N 33232 Franco-Nevada T 16444 Freeport McMo* N 1615852 Frontier Rr Er T 1004 Frontline Gold V 200

0.12 0.11 0.12 + 0.01 0.20 0.04 0.06 0.04 0.06 0.00 0.11 0.03 0.07 0.07 0.07 - 0.01 0.15 0.06 0.14 0.14 0.14 0.00 0.30 0.14 0.09 0.08 0.09 0.00 0.16 0.04 0.57 0.53 0.57 + 0.01 0.89 0.38 2.19 1.83 2.00 + 0.04 5.89 1.64 1.66 1.37 1.53 + 0.04 5.43 1.25 0.06 0.05 0.06 0.00 0.31 0.05 0.70 0.59 0.60 - 0.15 1.69 0.51 4.38 4.01 4.11 + 0.08 9.00 3.74 0.05 0.05 0.05 + 0.01 0.22 0.03 0.26 0.22 0.26 + 0.02 0.51 0.08 0.34 0.29 0.34 + 0.03 0.66 0.18 0.19 0.14 0.18 + 0.02 0.19 0.03 0.11 0.10 0.11 - 0.01 0.26 0.07 0.11 0.11 0.11 - 0.01 0.17 0.09 0.06 0.06 0.06 0.00 0.10 0.04 0.11 0.11 0.11 - 0.01 0.20 0.01 0.18 0.16 0.18 + 0.03 0.18 0.11 0.53 0.48 0.50 + 0.01 0.89 0.40 0.08 0.08 0.08 0.00 0.16 0.02 0.07 0.06 0.06 + 0.01 0.21 0.01 0.15 0.15 0.15 + 0.01 0.32 0.11 0.38 0.34 0.35 - 0.04 1.35 0.34 0.25 0.22 0.23 0.00 0.39 0.19 0.38 0.35 0.38 + 0.01 0.79 0.35 0.50 0.46 0.48 - 0.03 0.90 0.45 0.05 0.05 0.05 0.00 0.09 0.04 2.75 2.42 2.47 - 0.13 4.47 2.42 0.06 0.06 0.06 0.00 0.30 0.05 0.31 0.30 0.31 + 0.01 0.78 0.29 0.04 0.03 0.04 + 0.01 0.25 0.03 0.04 0.04 0.04 - 0.01 0.06 0.03 0.21 0.21 0.21 + 0.06 0.78 0.07 0.02 0.02 0.02 0.00 0.05 0.02 0.02 0.02 0.02 - 0.01 0.05 0.01 0.05 0.05 0.05 0.00 0.10 0.04 0.29 0.23 0.29 + 0.02 0.50 0.18 3.09 2.66 2.86 - 0.01 10.00 2.66 4.08 3.54 3.78 - 0.03 10.93 3.54 0.03 0.03 0.03 0.00 0.05 0.02 0.08 0.05 0.08 + 0.03 0.13 0.04 7.88 6.90 7.75 + 1.97 25.01 5.75 0.09 0.08 0.09 0.00 0.14 0.06 0.02 0.02 0.02 - 0.01 0.05 0.01 0.33 0.29 0.29 - 0.04 1.01 0.12 0.14 0.11 0.12 - 0.01 0.61 0.10 0.20 0.17 0.19 - 0.02 0.29 0.16 0.12 0.12 0.12 0.00 0.48 0.10 0.13 0.12 0.13 0.00 0.27 0.09 0.17 0.15 0.17 + 0.02 0.36 0.15 2.99 2.65 2.88 + 0.15 6.30 2.65 2.27 2.00 2.17 + 0.11 5.25 2.00 0.33 0.30 0.30 - 0.01 0.43 0.24 0.04 0.03 0.04 0.00 0.32 0.02 0.07 0.06 0.06 0.00 0.18 0.05 43.10 39.05 40.39 - 0.91 58.84 38.20 57.46 51.92 53.54 - 1.36 74.10 49.96 11.64 10.08 11.40 + 1.36 35.44 7.76 0.12 0.10 0.12 + 0.02 0.35 0.08 0.01 0.01 0.01 0.00 0.01 0.01

G-H Gabriel Res T 2021 Galane Gold V 150 Galore Res V 100 Galway Gold V 100 Galway Mtls V 91 GAMCO Glb Gld* X 8940 Garibaldi Res V 5982 Gem Intl Res V 86 General Moly* X 1152 Gensource Pot V 1180 Geodrill T 165 Geomega Res V 4923 Georox Res V 420 Giyani Gold V 880 Glen Eagle Res V 1730 Global Met Cl V 600 Globex Mng T 1237 GMV Minerals V 125 Gobimin V 60 GoGold Res T 77 Gold Bulln Dev V 2687 Gold Canyon V 41031 Gold Fields* N 225679 Gold Mtn Mng V 400 Gold Reach Res V 472 Gold Reserve V 191 Gold Resource* X 9614 Gold Std Vnt V 3612 Gold Std Vnt* X 4896 Goldbank Mng V 47 Goldcorp T 51425 Goldcorp* N 273552 Golden Arrow R V 148 Golden Band V 1333 Golden Dawn Ml V 230 Golden Goliath V 1770 Golden Hope V 710 Golden Mnls T 287 Golden Mnls* X 2252 Golden Predatr V 1497 Golden Queen T 1865 Golden Reign R V 310 Golden Star T 605 Golden Star* X 9204 Golden Tag V 1670 Golden Val Min V 2200 Goldex Res V 835 Goldeye Expl V 50 Goldfield* X 1341 Goldgroup Mng T 3355 GoldQuest Mng V 2117 Goldrea Res C 80 Goldrock Mines V 250 Goldsource Min V 1098 Goldstar Mnls V 45 Goldstrike Res V 13264 Gossan Res V 200 Gowest Gold V 3531 Gran Colombia T 1337 Grande Portage V 1100 Granite Ck Gld V 50 Graphite One R V 67451 Great Atlantic V 370 Great Bear Res V 40 Great Panther* X 3899 Great Panther T 1100 Great Quest Me V 50 Gresham Res V 6192 Grizzly Discvr V 325 Groundstar Res V 90 GTA Res & Mng V 640 Gunpoint Expl V 253 Guyana Gldflds T 6764 Guyana Prec Mt V 515 GWR Res V 2987 Happy Ck Minls V 1260 Harmony Gold* N 94850 Harte Gold T 9545 Hecla Mining* N 113906 Hi-Crush Part* N 2981 Highbank Res V 5301 Highway 50 Gld V 20 HiHo Silver C 11708 Homestake Res V 1100 Horizns G Bear T 13977 Horizns G Bull T 54113 Hornby Bay Mnl V 41 Houston Lake V 235 HudBay Minls T 38802

0.39 0.33 0.34 - 0.02 1.09 0.25 0.10 0.10 0.10 + 0.01 0.29 0.08 0.01 0.01 0.01 0.00 0.04 0.01 0.09 0.09 0.09 + 0.01 0.12 0.05 0.11 0.11 0.11 + 0.01 0.17 0.10 5.24 5.06 5.16 + 0.07 10.86 5.03 0.09 0.07 0.08 - 0.01 0.28 0.05 0.06 0.06 0.06 0.00 0.26 0.05 0.50 0.42 0.44 - 0.02 1.00 0.26 0.07 0.07 0.07 0.00 0.08 0.04 0.53 0.50 0.50 - 0.03 0.99 0.46 0.12 0.08 0.11 + 0.02 0.37 0.08 0.07 0.06 0.07 - 0.01 0.14 0.05 0.07 0.07 0.07 - 0.02 0.20 0.05 0.07 0.05 0.07 + 0.01 0.20 0.03 0.01 0.01 0.01 0.00 0.03 0.01 0.24 0.23 0.24 + 0.01 0.29 0.14 0.07 0.07 0.07 - 0.01 0.26 0.05 0.38 0.38 0.38 0.00 0.51 0.38 1.35 1.27 1.35 + 0.06 1.84 1.18 0.02 0.02 0.02 - 0.01 0.08 0.02 0.28 0.21 0.22 - 0.03 0.33 0.09 2.97 2.35 2.75 - 0.09 6.01 2.35 0.05 0.05 0.05 + 0.01 0.18 0.04 0.18 0.17 0.18 - 0.01 0.57 0.13 3.96 3.51 3.51 - 0.07 5.39 2.48 2.46 2.25 2.46 + 0.19 6.04 1.99 0.58 0.46 0.55 + 0.07 0.80 0.40 0.44 0.33 0.41 + 0.04 0.72 0.26 0.05 0.04 0.04 - 0.05 0.09 0.03 17.85 16.21 16.76 - 0.23 30.95 16.16 13.51 12.19 12.63 - 0.16 26.96 12.19 0.28 0.25 0.25 - 0.04 0.50 0.17 0.01 0.01 0.01 0.00 0.02 0.01 0.17 0.15 0.17 - 0.01 0.30 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.47 0.37 0.43 + 0.01 0.64 0.08 0.40 0.39 0.39 - 0.01 1.17 0.31 0.32 0.28 0.31 - 0.00 1.10 0.23 0.10 0.09 0.10 + 0.03 0.18 0.07 0.85 0.70 0.83 + 0.08 1.68 0.65 0.09 0.08 0.08 0.00 0.19 0.05 0.28 0.25 0.25 - 0.02 0.55 0.20 0.21 0.18 0.19 + 0.01 0.51 0.16 0.02 0.02 0.02 0.00 0.10 0.02 0.12 0.10 0.10 + 0.01 0.21 0.08 0.03 0.03 0.03 - 0.01 0.08 0.02 0.04 0.04 0.04 0.00 0.07 0.03 1.90 1.76 1.81 + 0.01 2.85 1.20 0.07 0.06 0.07 + 0.01 0.24 0.05 0.11 0.11 0.11 - 0.01 0.20 0.07 0.05 0.04 0.04 - 0.01 0.10 0.02 0.25 0.25 0.25 + 0.01 0.40 0.15 0.17 0.16 0.16 0.00 0.26 0.13 0.02 0.02 0.02 + 0.01 0.05 0.02 0.15 0.12 0.15 + 0.03 0.21 0.05 0.02 0.02 0.02 0.00 0.05 0.01 0.08 0.07 0.08 + 0.01 0.10 0.05 0.24 0.20 0.20 - 0.02 1.37 0.20 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.10 0.01 0.09 0.07 0.09 + 0.02 0.18 0.07 0.05 0.05 0.05 0.00 0.30 0.05 0.05 0.04 0.04 0.00 0.09 0.02 0.41 0.37 0.40 + 0.02 1.27 0.30 0.55 0.50 0.53 + 0.01 1.39 0.40 0.29 0.26 0.26 - 0.03 1.53 0.25 0.62 0.58 0.60 + 0.02 0.95 0.46 0.06 0.06 0.06 + 0.01 0.10 0.02 0.05 0.05 0.05 - 0.01 0.19 0.03 0.05 0.05 0.05 - 0.01 0.10 0.04 0.18 0.17 0.18 + 0.03 0.25 0.14 4.09 3.63 3.79 - 0.19 4.48 2.15 0.12 0.10 0.12 + 0.01 0.33 0.08 0.04 0.03 0.03 0.00 0.05 0.01 0.12 0.09 0.09 - 0.01 0.17 0.08 0.78 0.63 0.69 - 0.07 3.18 0.63 0.06 0.05 0.05 - 0.01 0.23 0.04 2.05 1.77 1.90 + 0.04 3.54 1.77 15.20 12.58 12.65 - 0.81 66.92 11.12 0.09 0.07 0.08 - 0.01 0.31 0.07 0.11 0.11 0.11 - 0.05 0.51 0.10 0.01 0.01 0.01 - 0.01 0.03 0.01 0.03 0.02 0.03 0.00 0.07 0.01 18.66 16.14 17.19 - 0.19 24.65 8.50 3.20 2.75 2.99 + 0.02 10.14 2.75 0.05 0.05 0.05 0.00 0.10 0.03 0.16 0.16 0.16 - 0.01 0.20 0.09 6.60 6.14 6.40 + 0.70 12.61 5.67

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

HudBay Mnls* N 644 5.01 4.65 4.84 + 0.53 10.44 4.27 Hudson Res V 1918 0.54 0.46 0.54 + 0.09 0.55 0.22 Hunt Mng V 225 0.03 0.03 0.03 0.00 0.40 0.02

I-J-K I-Minerals V 170 Iamgold* N 31726 Iamgold T 22862 IBC Adv Alloys V 6238 IC Potash T 2582 Iconic Mnls V 2850 IMPACT Silver V 1366 Imperial Metal T 822 Inca One Res V 704 Independence G V 290 Indico Res V 135 Integra Gold V 9294 Inter-Rock Mnl V 250 Intigold Mines V 190 Intl Bethl Mng V 680 Intl Lithium V 2690 Intl Montoro R V 4375 Intl Northair V 690 Intl Tower Hi* X 527 Intl Tower Hil T 530 Intl Vestr Res V 240 Intrepid Pots* N 3339 Iron South Mng V 180 ISh COMEX G Tr T 146 Ivanhoe Mines T 8077 Ivernia T 2769 J.A.G. Mines V 269 Jaguar Mng V 33 Jaxon Mnls V 100 Jayden Res T 25 Jet Gold V 2503 Kaminak Gold V 6066 Karmin Expl V 10 Karnalyte Res T 484 Katanga Mng T 3429 Kennady Diam V 67 Kermode Res V 100 Khalkos Expl V 26 Khan Res C 427 Kilo Goldmines V 35 Kincora Copper V 580 Kings Bay Gold V 1000 Kinross Gold T 74445 Kinross Gold* N 450457 Kirkland Lk Gd T 5131 Kiska Metals V 2815 Kivalliq Enrgy V 2862 Klondex Mns T 3680 Klondike Gold V 3188 Klondike Silv V 1843 Knick Expl V 10 Kobex Mnls V 1890 Kombat Copper V 9214 Kootenay Gold V 1246

0.26 0.25 0.25 + 0.01 0.31 0.14 1.60 1.34 1.47 - 0.11 3.86 1.16 2.10 1.77 1.94 - 0.15 4.23 1.50 0.14 0.11 0.13 - 0.02 0.25 0.09 0.12 0.10 0.11 0.00 0.31 0.10 0.04 0.03 0.03 - 0.01 0.10 0.03 0.19 0.15 0.16 - 0.01 0.46 0.14 8.49 7.47 7.55 - 0.39 13.69 7.07 0.12 0.12 0.12 0.00 0.29 0.10 0.08 0.07 0.08 0.00 0.12 0.07 0.09 0.08 0.08 - 0.02 0.16 0.02 0.29 0.27 0.29 + 0.01 0.36 0.14 0.03 0.03 0.03 + 0.01 0.03 0.01 0.14 0.12 0.12 - 0.04 0.32 0.03 0.02 0.02 0.02 + 0.01 0.03 0.01 0.08 0.06 0.07 + 0.02 0.09 0.02 0.05 0.04 0.05 - 0.01 0.10 0.04 0.05 0.05 0.05 + 0.01 0.17 0.04 0.26 0.23 0.25 + 0.02 0.68 0.20 0.35 0.31 0.31 - 0.03 0.75 0.26 0.04 0.04 0.04 0.00 0.27 0.02 7.53 7.07 7.23 0.00 16.75 6.97 0.05 0.05 0.05 0.00 0.21 0.05 14.40 14.02 14.22 - 0.13 15.78 12.61 0.71 0.66 0.69 0.00 1.43 0.62 0.02 0.01 0.01 - 0.01 0.13 0.01 0.03 0.02 0.03 - 0.01 0.06 0.02 0.18 0.13 0.18 0.00 0.84 0.12 0.05 0.05 0.05 0.00 0.06 0.01 0.06 0.05 0.05 - 0.01 0.17 0.05 0.04 0.04 0.04 + 0.01 0.15 0.03 0.85 0.80 0.81 - 0.03 1.15 0.53 0.33 0.33 0.33 - 0.01 0.50 0.21 0.68 0.60 0.60 - 0.08 1.15 0.60 0.19 0.16 0.18 - 0.03 0.50 0.14 3.40 3.40 3.40 + 0.08 8.14 3.00 0.01 0.01 0.01 0.00 0.02 0.01 0.09 0.09 0.09 - 0.01 0.12 0.06 0.52 0.48 0.51 - 0.01 0.80 0.33 0.04 0.04 0.04 - 0.01 0.20 0.04 0.03 0.03 0.03 - 0.01 0.06 0.02 0.01 0.01 0.01 - 0.01 0.02 0.01 2.23 1.79 2.01 - 0.11 4.48 1.79 1.69 1.35 1.52 - 0.12 3.88 1.35 5.28 4.85 4.96 - 0.14 6.88 2.79 0.03 0.03 0.03 0.00 0.09 0.02 0.09 0.08 0.08 0.00 0.23 0.08 3.50 3.17 3.26 - 0.12 3.87 1.68 0.10 0.08 0.09 - 0.01 0.28 0.08 0.02 0.02 0.02 - 0.01 0.05 0.02 0.02 0.02 0.02 + 0.01 0.02 0.01 0.58 0.55 0.55 - 0.03 0.65 0.46 0.08 0.04 0.08 + 0.03 0.11 0.03 0.27 0.23 0.25 + 0.02 0.56 0.22

Labdr I-Ore Ro T 11769 Lake Shore Gd* X 6227 Lake Shore Gld T 27153 Lakeland Res V 1865 Lara Expl V 100 Laramide Res T 3386 Largo Res V 352 Latin Am Mnls V 125 Laurion Mnl Ex V 9880 Legend Gold V 250 Lexam VG Gold T 610 Lincoln Mng V 20 Lion One Mtls V 968 Lomiko Mtls V 1782 Loncor Res T 1070 Lorraine Coppr V 1930 Los Andes Copp V 30 Lucara Diam T 5957 Luna Gold T 90 Lundin Mng T 105228 Lydian Intl T 904

17.13 15.95 16.75 + 0.88 29.33 10.81 0.80 0.74 0.78 - 0.01 1.14 0.60 1.07 0.98 1.04 + 0.04 1.38 0.70 0.04 0.03 0.04 + 0.01 0.16 0.03 0.23 0.23 0.23 - 0.01 0.77 0.20 0.27 0.24 0.26 + 0.01 0.58 0.19 0.50 0.47 0.49 - 0.01 3.10 0.47 0.01 0.01 0.01 0.00 0.19 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.04 0.04 0.04 + 0.01 0.20 0.03 0.08 0.08 0.08 0.00 0.13 0.06 0.04 0.04 0.04 - 0.01 0.20 0.03 0.29 0.25 0.26 - 0.04 0.60 0.17 0.03 0.03 0.03 0.00 0.11 0.03 0.06 0.06 0.06 0.00 0.13 0.03 0.05 0.05 0.05 + 0.01 0.08 0.03 0.17 0.17 0.17 + 0.01 0.23 0.09 1.64 1.55 1.59 0.00 2.41 1.55 0.07 0.06 0.06 0.00 0.88 0.05 4.47 4.14 4.43 + 0.43 6.46 3.68 0.31 0.30 0.30 - 0.01 0.99 0.26

MacDonald Mns V 6000 MacMillan Mnls V 643 Mag Silver T 2231 Mag Silver* X 95 Magellan Minls V 1430 Majestic Gold V 1900 Major Drilling T 4903 Makena Res V 974 Malbex Res V 370 Mammoth Res V 5710 Mandalay Res T 5333 Manitou Gold V 533 Marathon Gold T 471 Margaret Lk Di V 100 Marifil Mines V 320 Maritime Res V 25 Marlin Gold V 307 Mason Graphite V 671 Matamec Expl V 1036 Maudore Minls V 70 Mawson Res T 302 Mawson West T 900 Max Res V 100 Maya Gold & Si V 1741 MBAC Fertilizr T 16459 McEwen Mng* N 14060 McEwen Mng T 1129 MDN Inc T 710 MDU Res* N 35699 Meadow Bay Gd T 659 Mechel* N 2138 Medallion Res V 2398 Mega Copper V 64 Mega Uranium T 6803 Melkior Res V 2160 Merrex Gold V 376 Mesa Expl V 90 Mesabi Trust* N 893 Metalex Vent V 1190 Metallis Res V 806 Metals Ck Res V 230 Metanor Res V 11680 Micrex Devel V 954 Midas Gold T 3661 Midland Expl V 161 Midnight Sun M V 250 Migao T 30 Minas Buenavn* N 52595 Minaurum Gold V 2940 Minco Gold* X 796 Minco Gold T 100 Minco Silver T 795 Minera IRL T 1811 Mineral Mtn Rs V 3681 Mines Managem* X 691 Mines Managmnt T 80 Miranda Gold V 1124 Mirasol Res V 1764 Mkango Res V 611 Monarques Res V 1050 Moneta Porcpn T 7642 Montero Mg&Ex V 3476 Monument Mng V 1100 Mosaic* N 106510 Mountain Boy M V 100 Mountain Prov T 1222 MPVC V 770 Mundoro Cap V 75

0.01 0.01 0.01 + 0.01 0.02 0.01 0.20 0.16 0.17 + 0.03 0.20 0.05 9.25 8.60 9.21 + 0.28 11.00 6.56 6.96 6.50 6.94 + 0.23 9.17 5.60 0.05 0.05 0.05 - 0.01 0.12 0.05 0.06 0.05 0.05 0.00 0.08 0.03 4.74 3.86 4.60 + 0.49 8.04 3.75 0.03 0.03 0.03 0.00 0.06 0.02 0.03 0.03 0.03 - 0.01 0.06 0.01 0.01 0.01 0.01 0.00 0.07 0.01 0.81 0.72 0.72 - 0.02 1.10 0.70 0.03 0.03 0.03 + 0.01 0.05 0.01 0.24 0.21 0.24 0.00 0.60 0.18 0.10 0.10 0.10 + 0.02 0.28 0.08 0.02 0.02 0.02 + 0.01 0.02 0.01 0.11 0.11 0.11 + 0.01 0.24 0.08 0.36 0.31 0.31 - 0.07 1.09 0.30 0.41 0.38 0.40 + 0.03 0.81 0.37 0.04 0.04 0.04 0.00 0.07 0.02 0.01 0.01 0.01 - 0.01 0.05 0.01 0.29 0.22 0.23 - 0.05 0.35 0.15 0.03 0.03 0.03 + 0.01 0.29 0.02 0.05 0.05 0.05 - 0.02 0.30 0.04 0.20 0.19 0.19 - 0.02 0.37 0.11 0.04 0.03 0.03 - 0.01 0.22 0.01 0.86 0.77 0.84 + 0.04 2.70 0.65 1.13 1.03 1.10 + 0.03 2.95 0.84 0.03 0.03 0.03 + 0.01 0.08 0.02 16.83 16.15 16.43 + 0.24 31.67 16.15 0.18 0.16 0.18 + 0.03 0.31 0.10 1.20 0.90 0.91 - 0.25 1.88 0.42 0.04 0.03 0.04 + 0.02 0.13 0.01 0.03 0.03 0.03 - 0.01 0.07 0.02 0.08 0.08 0.08 0.00 0.27 0.07 0.03 0.02 0.02 - 0.01 0.06 0.02 0.16 0.16 0.16 + 0.01 0.23 0.05 0.02 0.02 0.02 0.00 0.04 0.02 13.21 12.50 12.58 - 0.26 21.93 9.08 0.06 0.05 0.06 - 0.02 0.12 0.03 0.05 0.04 0.04 - 0.02 0.17 0.01 0.09 0.07 0.09 + 0.01 0.28 0.05 0.05 0.05 0.05 0.00 0.13 0.04 0.02 0.01 0.02 0.00 0.05 0.01 0.41 0.39 0.40 + 0.02 0.72 0.31 0.63 0.57 0.60 0.00 0.90 0.54 0.12 0.11 0.11 - 0.01 0.25 0.10 0.64 0.62 0.64 + 0.03 1.70 0.57 6.39 5.86 6.16 + 0.32 14.13 5.73 0.06 0.05 0.06 - 0.01 0.10 0.05 0.20 0.18 0.19 + 0.00 0.43 0.15 0.25 0.24 0.25 - 0.02 0.46 0.20 0.42 0.37 0.40 - 0.03 1.04 0.32 0.07 0.06 0.07 0.00 0.21 0.04 0.03 0.02 0.02 - 0.01 0.06 0.02 0.34 0.29 0.29 - 0.03 0.74 0.28 0.44 0.39 0.39 - 0.09 0.86 0.39 0.08 0.08 0.08 - 0.01 0.15 0.07 0.90 0.86 0.88 + 0.03 1.35 0.82 0.02 0.01 0.02 0.00 0.24 0.01 0.09 0.07 0.08 - 0.01 0.14 0.07 0.09 0.07 0.08 - 0.01 0.10 0.04 0.01 0.01 0.01 + 0.01 0.03 0.01 0.10 0.09 0.10 + 0.01 0.22 0.09 41.35 38.75 39.14 + 0.19 53.83 37.20 0.01 0.01 0.01 - 0.01 0.03 0.01 4.15 4.02 4.03 - 0.13 5.80 4.00 0.03 0.02 0.03 - 0.01 0.12 0.02 0.08 0.07 0.07 - 0.01 0.26 0.07

15-09-16 7:16 PM

THE NORTHERN MINER SEPTEMBER 21-27, 2015 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Mustang Minls V 100 0.01 0.01 0.01 0.00 0.02 0.01

N-O Namibia Rare E T 95 Natural Rs Pt* N 3305 Nautilus Minls T 157 Nemaska Lith V 37705 Nevada Clean M V 4013 Nevada Copper T 1941 Nevada Expl V 100 Nevada Sunrise V 338 Nevado Res V 80 Nevsun Res T 14498 Nevsun Res* X 3236 New Carolin Gd V 520 New Dimen Res V 10 New Gold T 49150 New Gold* X 134216 New Millennium V 1687 New Milln Iron T 757 New Nadina V 1540 New Pac Metals T 15 Newmont Mng* N 228555 Newport Expl V 665 Newstrike Res V 10 NGEx Res T 1152 Nighthawk Gold V 300 Niogold Mng V 250 Nippon Dragon V 1175 Noka Res V 3945 Nomad Ventures V 690 Noram Vent V 200 Nordex V 1570 Noront Res V 914 North Am En P* N 112 North Am En Pa T 2327 North Am Nickl V 90 North Am Pall T 159 North Am Tung V 2458 North Arrow Mn V 239 North Country V 4699 Northcliff Res T 1893 Northern Abiti V 1900 Northern Dyn* X 1657 Northern Dyn M T 1079 Northern Freeg V 180 Northern Gld M V 2280 Northern Graph V 1166 Northern Iron V 573 Northern Lion V 110 Northern Shiel V 138 Northern Sup R V 1630 Northisle C&G V 909 Northquest V 2273 NovaCopper T 216 NovaCopper* X 1025 NovaGold Res T 4769 NovaGold Res* X 32851 NQ Expl V 350 NSX Silver V 628 NuLegacy Gold V 8268 Nunavik Nickel V 10 NV Gold V 10 Oban Mng T 7825 OceanaGold T 14766 Oceanus Res V 225 Odin Mng & Exp V 1990 Olivut Res V 185 Olympic Res V 800 OM Group* N 5558 Oracle Mng V 25580 Orbit Garant D T 1050 Orbite Alumnae T 44313 Orca Gold V 2974 Orestone Mng V 962 Orex Expl V 6635 Orex Minls V 627 Orezone Gold T 3572 Oroco Res V 800 Orocobre T 132 Orosur Mng T 115 Orvana Mnrls T 409 Otis Gold V 4680

0.10 0.09 0.09 - 0.01 0.25 0.08 3.38 2.88 2.90 - 0.29 15.52 2.21 0.40 0.38 0.38 - 0.02 0.56 0.33 0.35 0.26 0.28 - 0.02 0.35 0.12 0.03 0.03 0.03 0.00 0.06 0.03 1.20 0.98 1.04 - 0.16 2.20 0.98 0.22 0.22 0.22 - 0.04 0.40 0.05 0.17 0.15 0.15 - 0.04 0.83 0.13 0.02 0.02 0.02 0.00 0.07 0.02 4.03 3.72 3.86 + 0.04 5.35 3.41 3.06 2.81 2.92 + 0.03 4.51 2.57 0.05 0.05 0.05 - 0.01 0.08 0.02 0.06 0.06 0.06 - 0.01 0.11 0.04 3.21 2.69 3.02 + 0.10 6.95 2.52 2.43 2.02 2.28 + 0.07 6.36 1.90 0.15 0.12 0.15 + 0.02 0.50 0.10 0.11 0.10 0.10 - 0.01 0.36 0.08 0.01 0.01 0.01 0.00 0.03 0.01 0.16 0.16 0.16 + 0.01 0.28 0.14 16.29 15.43 16.24 + 0.91 27.90 15.39 0.26 0.23 0.26 + 0.02 0.49 0.20 0.06 0.06 0.06 + 0.01 0.08 0.02 0.65 0.57 0.65 + 0.05 1.97 0.57 0.07 0.07 0.07 - 0.01 0.56 0.06 0.34 0.33 0.34 + 0.02 0.43 0.22 0.04 0.04 0.04 + 0.01 0.13 0.03 0.04 0.04 0.04 0.00 0.45 0.03 0.02 0.02 0.02 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.03 0.01 0.12 0.09 0.12 + 0.02 0.45 0.06 0.37 0.35 0.36 + 0.01 0.67 0.25 2.19 2.00 2.10 + 0.10 6.76 1.60 2.89 2.68 2.71 + 0.07 7.44 2.10 0.18 0.17 0.17 - 0.02 0.33 0.16 5.15 4.47 5.10 + 0.50 188.00 3.87 0.01 0.01 0.01 - 0.01 0.07 0.01 0.45 0.34 0.39 - 0.06 1.34 0.33 0.11 0.10 0.10 0.00 0.14 0.03 0.11 0.08 0.09 - 0.01 0.27 0.08 0.01 0.01 0.01 0.00 0.02 0.01 0.43 0.38 0.43 + 0.02 0.72 0.28 0.55 0.50 0.55 + 0.03 0.83 0.37 0.06 0.06 0.06 + 0.01 0.40 0.04 0.02 0.01 0.01 - 0.01 0.04 0.01 0.40 0.36 0.40 + 0.04 1.16 0.28 0.02 0.01 0.01 - 0.01 0.05 0.01 0.05 0.05 0.05 0.00 0.40 0.05 0.03 0.03 0.03 - 0.01 0.05 0.01 0.03 0.03 0.03 + 0.01 0.04 0.02 0.03 0.02 0.02 - 0.01 0.09 0.02 0.18 0.12 0.15 0.00 0.18 0.07 0.62 0.55 0.59 - 0.02 1.26 0.45 0.49 0.43 0.45 - 0.01 1.15 0.35 4.88 4.53 4.87 + 0.29 5.22 2.65 3.69 3.43 3.68 + 0.24 4.25 2.33 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.04 0.04 + 0.01 0.10 0.03 0.13 0.09 0.10 - 0.01 0.18 0.06 0.05 0.05 0.05 0.00 0.18 0.05 0.02 0.02 0.02 - 0.01 0.28 0.02 1.43 1.25 1.34 - 0.04 3.40 1.15 2.41 2.26 2.32 + 0.06 3.15 1.70 0.35 0.29 0.30 - 0.05 0.52 0.14 0.25 0.25 0.25 + 0.01 0.64 0.21 0.09 0.09 0.09 0.00 0.23 0.08 0.12 0.10 0.10 - 0.02 0.32 0.03 33.79 33.27 33.69 + 0.20 35.00 21.87 0.01 0.01 0.01 - 0.01 0.09 0.01 0.95 0.88 0.88 - 0.07 1.50 0.79 0.26 0.23 0.25 + 0.02 0.51 0.20 0.18 0.16 0.18 - 0.02 0.54 0.16 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.02 0.00 0.02 0.01 0.19 0.18 0.19 + 0.01 0.43 0.14 0.32 0.27 0.27 0.00 1.05 0.26 0.03 0.03 0.03 - 0.01 0.06 0.02 1.54 1.45 1.45 - 0.01 3.05 1.45 0.12 0.12 0.12 + 0.01 0.29 0.12 0.20 0.18 0.18 - 0.01 0.49 0.15 0.14 0.10 0.12 + 0.04 0.14 0.02

Pac Booker Min V 370 Pac Booker Mn* X 140 Pac Coal Res V 1859 Pac North West V 600 Pac Potash V 2020 Pac Ridge Expl V 620 Paladin Energy T 6730 Pan Am Silver T 6889 Pan Am Silver* Q 61729 Pancontl Uran V 460 Parlane Res V 20 PC Gold V 19432 Peabody Enrgy* N 296784 Pelangio Expl V 3153 Pele Mtn Res V 1339 Peregrine Diam T 1955 Perseus Mng T 6483 Pershimco Res V 2514 Peruvian Prc M V 1402 Phoenix Gold V 1150 Pilot Gold T 2284 Pinecrest Res V 103 Pinetree Cap T 6435 Planet Mng V 70 Platinum Gp M* X 858 Platinum Gp Mt T 1791 Plato Gold V 1530 Playfair Mng V 544 Polaris Minls T 450 PolyMet Mng* X 1861 PolyMet Mng T 96 Potash C Sask* N 125821 Potash Cp Sask T 69564 Precipitate Gl V 70 Premier Gold M T 5993 Pretium Res* N 18552 Pretium Res T 7873 Primero Mng T 31972 Primero Mng* N 10144 Probe Mines V 623 Prophecy Coal T 5071

2.50 2.00 2.23 - 0.16 6.90 1.02 1.86 1.50 1.70 + 0.07 5.75 1.04 0.03 0.02 0.02 - 0.04 0.38 0.02 0.02 0.02 0.02 - 0.01 0.06 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.02 0.02 0.02 - 0.01 0.05 0.02 0.22 0.18 0.21 + 0.01 0.45 0.15 9.01 7.91 8.36 + 0.07 15.53 7.77 6.83 5.95 6.30 + 0.07 14.31 5.85 0.02 0.02 0.02 0.00 0.04 0.01 0.12 0.12 0.12 0.00 0.23 0.03 0.07 0.06 0.06 - 0.01 0.07 0.02 2.40 1.65 1.65 - 0.39 15.38 0.99 0.02 0.02 0.02 0.00 0.05 0.02 0.05 0.04 0.04 - 0.01 0.09 0.03 0.21 0.19 0.20 0.00 0.39 0.14 0.36 0.33 0.35 + 0.02 0.48 0.18 0.15 0.13 0.13 - 0.03 0.35 0.13 0.11 0.09 0.09 - 0.02 0.19 0.06 0.01 0.01 0.01 + 0.01 0.11 0.01 0.50 0.43 0.43 - 0.04 1.31 0.33 0.07 0.07 0.07 + 0.02 0.50 0.06 0.08 0.07 0.07 - 0.01 0.33 0.06 0.03 0.03 0.03 0.00 0.06 0.03 0.28 0.26 0.26 - 0.02 1.07 0.24 0.37 0.34 0.34 - 0.02 1.16 0.32 0.02 0.01 0.02 + 0.01 0.02 0.01 0.04 0.04 0.04 0.00 0.08 0.01 2.10 1.99 2.03 0.00 2.83 1.65 0.92 0.84 0.89 + 0.01 1.37 0.82 1.19 1.15 1.19 + 0.04 1.75 1.08 25.94 24.79 24.97 - 0.42 37.60 23.90 34.27 32.96 33.06 - 0.74 47.10 31.74 0.09 0.09 0.09 0.00 0.25 0.08 2.36 2.16 2.25 + 0.06 3.02 1.61 5.27 4.56 4.93 + 0.20 7.56 4.07 6.94 6.08 6.54 + 0.25 9.05 4.60 3.22 2.66 3.02 + 0.11 7.18 2.66 2.44 2.00 2.28 + 0.11 6.44 2.00 0.37 0.35 0.37 + 0.01 0.56 0.12 0.05 0.05 0.05 0.00 0.09 0.03

P-Q

Published by:

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Puma Expl V 1615 Purepoint U V 15015 QMX Gold V 381 Quaterra Res V 870 Quest Rare Mnl T 1886

0.10 0.09 0.09 - 0.01 0.18 0.07 0.03 0.02 0.02 - 0.01 0.07 0.02 0.03 0.02 0.02 - 0.01 0.05 0.01 0.09 0.07 0.07 - 0.01 0.15 0.04 0.11 0.10 0.10 + 0.01 0.29 0.09

Rackla Mtls V 750 Radisson Mng V 133 Radius Gold V 130 Rainy Mtn Royl V 150 Rambler Mg&Mtl V 280 Randgold Res* Q 24941 Randsburg Intl V 16 Range Engy Res C 1135 Rare Elemnt Rs T 78 Rare Elemt Re* X 1555 Rathdowney Res V 100 Red Eagle Mng V 1266 Red Moon Potsh V 50 Red Pine Expl V 1812 Red Tiger Mng V 360 Redhawk Res T 6686 Redhill Res V 295 Redstar Gold V 4250 Redstar Res V 10352 Regal Res C 790 Reliant Gold V 410 Remington Res V 125 Renaissance Gd T 11

0.02 0.02 0.02 + 0.01 0.03 0.01 0.14 0.13 0.13 0.00 0.15 0.08 0.07 0.07 0.07 0.00 0.12 0.07 0.03 0.03 0.03 - 0.01 0.11 0.02 0.17 0.15 0.15 - 0.04 0.49 0.15 58.10 55.82 57.84 + 1.37 85.84 55.66 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.03 0.05 + 0.01 0.10 0.01 0.50 0.49 0.50 - 0.01 1.31 0.30 0.39 0.37 0.38 + 0.00 1.11 0.24 0.14 0.14 0.14 0.00 0.35 0.11 0.31 0.28 0.29 0.00 0.36 0.18 0.03 0.03 0.03 + 0.01 0.09 0.02 0.06 0.05 0.05 0.00 0.18 0.03 0.03 0.03 0.03 - 0.01 0.30 0.03 0.05 0.04 0.04 0.00 0.22 0.04 0.13 0.09 0.12 0.00 0.57 0.07 0.04 0.04 0.04 0.00 0.06 0.03 0.04 0.03 0.04 + 0.01 0.15 0.02 0.08 0.08 0.08 0.00 0.15 0.04 0.02 0.02 0.02 - 0.01 0.06 0.01 0.01 0.01 0.01 - 0.02 0.05 0.01 0.16 0.16 0.16 + 0.01 0.46 0.14

ADVANTAGE

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Search Mnls V 120 Sego Res V 3980 Selwyn Res V 3 Semafo T 20757 Senator Minls V 245 Sennen Res V 165 Sentry Sl PrmM T 592 SGX Res V 720 Sherritt Intl T 36971 Shore Gold T 5408 Sienna Res V 1060 Sierra Iron Or V 2564 Sierra Metals T 1 Signature Res V 1225 Silver Bear Rs T 223 Silver Bull Re T 145 Silver Predatr V 400 Silver Range R V 2000 Silver Spruce V 2956 Silver Std Res T 6154 Silver Std Re* Q 30688 Silver Wheatn* N 166955 Silver Wheaton T 26827 Silvercorp Mt* N 1604 Silvercorp Mtl T 6796 SilverCrest M* X 7296 SilverCrest Mn T 5448 Silvore Fox Ml V 410 Sirios Res V 1701 Skeena Res V 3102 Skyharbour Res V 431

0.06 0.05 0.05 0.00 0.13 0.03 0.03 0.03 0.03 0.00 0.04 0.02 1.35 1.35 1.35 0.00 4.22 1.35 3.13 2.86 3.04 + 0.06 4.95 2.39 0.48 0.40 0.48 - 0.01 0.50 0.05 0.20 0.19 0.19 0.00 1.35 0.19 2.17 2.01 2.04 - 0.04 3.95 2.01 0.02 0.01 0.01 0.00 0.03 0.01 1.09 1.00 1.03 + 0.01 4.33 0.94 0.15 0.14 0.14 0.00 0.31 0.13 0.02 0.02 0.02 0.00 0.06 0.01 0.42 0.27 0.30 - 0.02 0.62 0.07 1.00 1.00 1.00 0.00 2.13 0.84 0.02 0.01 0.01 - 0.01 0.04 0.01 0.05 0.04 0.04 0.00 0.14 0.04 0.09 0.09 0.09 0.00 0.30 0.08 0.02 0.02 0.02 0.00 0.06 0.01 0.05 0.05 0.05 - 0.02 0.14 0.05 0.10 0.07 0.09 + 0.03 0.10 0.02 8.28 7.43 7.90 + 0.25 9.91 4.47 6.27 5.59 5.95 + 0.19 8.87 3.92 11.89 11.03 11.62 + 0.50 24.71 11.03 15.71 14.67 15.42 + 0.60 29.86 14.67 0.73 0.65 0.65 - 0.02 1.81 0.65 0.97 0.76 0.77 - 0.12 2.00 0.76 0.87 0.74 0.79 - 0.05 1.97 0.65 1.14 0.99 1.03 - 0.02 2.14 0.87 0.03 0.03 0.03 0.00 0.11 0.00 0.12 0.10 0.11 + 0.01 0.13 0.06 0.10 0.07 0.07 - 0.01 0.13 0.06 0.03 0.03 0.03 0.00 0.07 0.02

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www.northernminer.com 4.46 4.02 4.08 + 0.10 6.00 3.30 1.15 1.03 1.03 - 0.08 13.42 0.63 0.11 0.09 0.09 - 0.02 0.14 0.03 3.85 3.24 3.77 + 0.51 4.55 2.04 2.91 2.45 2.86 + 0.42 3.68 1.86 0.13 0.11 0.13 + 0.01 0.16 0.06 37.27 35.18 37.21 + 2.92 56.81 33.54 0.16 0.16 0.16 0.00 0.46 0.15 0.01 0.01 0.01 0.00 0.01 0.01 0.08 0.07 0.07 + 0.01 0.20 0.04 0.17 0.15 0.15 - 0.03 0.34 0.15 0.22 0.20 0.20 - 0.02 0.40 0.19 0.05 0.03 0.04 + 0.01 0.05 0.01 0.14 0.11 0.12 - 0.01 0.16 0.02 0.02 0.02 0.02 - 0.01 0.11 0.01 0.57 0.53 0.54 + 0.02 0.86 0.30 0.02 0.02 0.02 - 0.01 0.17 0.02 0.03 0.03 0.03 + 0.01 0.07 0.02 0.70 0.65 0.65 0.00 0.80 0.39 15.87 15.57 15.59 - 0.16 17.41 13.87 60.29 57.21 58.53 - 1.72 95.64 57.21 46.00 42.21 44.24 - 1.16 77.20 42.21 0.24 0.24 0.24 0.00 0.59 0.22 0.34 0.33 0.33 - 0.05 0.58 0.22 0.76 0.71 0.76 + 0.01 1.45 0.66 1.00 0.95 1.00 + 0.05 1.63 0.88 0.08 0.07 0.08 - 0.03 0.27 0.06 0.04 0.03 0.03 0.00 0.12 0.03 0.06 0.05 0.06 + 0.01 0.06 0.01 22.13 21.01 21.43 + 0.69 37.11 18.23 0.15 0.14 0.14 0.00 0.20 0.11

Sabina Gd&Slvr T 6214 Sable Res V 974 Sage Gold V 859 Saint Jean Car V 10620 Salazar Res V 443 Sama Res V 20 San Marco Res V 50 Sanatana Diam V 2244 Sandspring Res V 1669 Sandstorm Gld* X 14936 Sandstorm Gold T 3440 Santa Fe Metls V 1504 Santacruz Silv V 950 Sarama Res V 260 Satori Res V 680 Saturn Minls V 2351 Scorpio Gold V 465 Scorpio Mining T 6308 Seabridge Gld* N 9708 Seabridge Gold T 1441

0.35 0.33 0.33 - 0.01 0.82 0.28 0.02 0.02 0.02 0.00 0.09 0.01 0.05 0.04 0.04 - 0.01 0.20 0.04 0.03 0.02 0.02 0.00 0.04 0.01 0.08 0.05 0.05 0.00 0.25 0.04 0.13 0.13 0.13 0.00 0.30 0.10 0.03 0.03 0.03 + 0.01 0.13 0.02 0.03 0.02 0.02 0.00 0.15 0.02 0.08 0.06 0.07 + 0.01 0.26 0.05 2.65 2.40 2.55 - 0.02 5.60 2.20 3.50 3.19 3.37 + 0.01 6.15 2.80 0.02 0.02 0.02 + 0.01 0.04 0.01 0.14 0.14 0.14 - 0.01 1.00 0.14 0.09 0.07 0.07 - 0.01 0.12 0.03 0.05 0.02 0.02 - 0.05 0.50 0.02 0.13 0.12 0.13 0.00 0.24 0.11 0.10 0.09 0.10 + 0.01 0.20 0.08 0.15 0.14 0.15 0.00 0.33 0.14 6.35 5.66 6.04 + 0.60 10.77 3.31 8.39 7.55 7.98 + 0.72 12.12 4.34

Stock

Week

12-month

Exc Volume High Low Last Change High Low

Teck Res B* N 242735 Teck Res B T 115265 Temex Res V 7130 Teranga Gold T 8638 Teras Res V 691 Terraco Gold V 2020 Terrax Minls V 2341 Teuton Res V 100 Thompson Creek T 2967 Thompson Crk* N 3777 Thunder Mtn Gd V 10 Tiger Intl V 7 Tiller Res V 20 Timberline Res V 30 Timberline Rs* X 939 Timmins Gold* X 9548 Timmins Gold T 30548 Tinka Res V 512 Tintina Res V 250 Tirex Res V 1344 Titanium Corp V 530 TomaGold V 873 Torex Gold T 26209 Transition Mtl V 565 Treasury Metal T 718 Tres-Or Res V 1287 Trevali Mng T 12566 Tri Origin Exp V 193 TriMetals Mng T 152 True Gold Mng V 5949 True North Gem V 1265 Trueclaim Expl V 455 Tsodilo Res V 80 Turquoise HIl* N 7481 Turquoise Hill T 18106 TVI Pacific T 431

7.00 6.39 6.54 + 0.01 22.65 5.32 9.27 8.48 8.69 + 0.02 24.63 7.08 0.11 0.10 0.10 0.00 0.12 0.04 0.60 0.55 0.59 + 0.05 0.88 0.38 0.07 0.06 0.06 0.00 0.16 0.06 0.08 0.08 0.08 + 0.01 0.20 0.07 0.38 0.29 0.38 + 0.10 0.45 0.23 0.06 0.06 0.06 + 0.01 0.73 0.05 0.87 0.69 0.76 + 0.10 3.14 0.56 0.65 0.51 0.58 + 0.11 2.84 0.42 0.11 0.11 0.11 + 0.05 0.11 0.04 0.25 0.25 0.25 + 0.06 0.30 0.15 0.05 0.04 0.05 - 0.03 0.20 0.04 0.41 0.41 0.41 + 0.04 1.20 0.35 0.36 0.29 0.33 + 0.05 1.20 0.26 0.29 0.23 0.23 - 0.01 1.64 0.23 0.38 0.30 0.31 - 0.02 1.79 0.30 0.22 0.20 0.22 + 0.01 0.43 0.15 0.04 0.04 0.04 + 0.01 0.17 0.04 0.17 0.16 0.17 - 0.01 0.35 0.13 1.05 0.81 1.00 + 0.07 1.98 0.60 0.04 0.04 0.04 - 0.01 0.13 0.04 1.18 1.08 1.14 + 0.07 1.82 0.85 0.14 0.12 0.12 + 0.03 0.34 0.06 0.53 0.47 0.48 - 0.02 0.62 0.25 0.02 0.02 0.02 - 0.01 0.03 0.01 0.59 0.53 0.55 - 0.03 1.36 0.47 0.03 0.03 0.03 0.00 0.04 0.01 0.08 0.07 0.08 + 0.01 0.22 0.04 0.20 0.18 0.18 + 0.02 0.42 0.15 0.14 0.12 0.13 - 0.01 0.19 0.07 0.03 0.03 0.03 - 0.01 0.12 0.03 0.78 0.75 0.78 + 0.01 1.23 0.68 3.01 2.90 3.00 + 0.18 4.73 2.66 3.99 3.83 3.98 + 0.23 5.80 3.17 0.02 0.01 0.02 + 0.01 0.03 0.01

U3O8 Corp T 1186 UC Res V 63 Ucore Rare Mtl V 2515 UEX Corp T 5407 Ultra Lithium V 93105 Unigold V 150 Ur-Energy T 508 Ur-Energy* X 721 Uracan Res V 565 Uragold Bay Rs V 1110 Uranium Ener* X 3067 Uranium Partic T 3142 Uranium Res* Q 637 Uranium Valley V 10 US Energy* Q 1289 US Silica Hld* N 12977 Vale* N 174705 Valterra Res V 20 Vanstar Mng Rs V 50 Vendetta Mng V 200 Verde Potash T 618 Victoria Gold V 4344 Victory Nickel T 2437 Victory Res V 400 Victory Vent V 250 Vior Mining V 60 Viscount Mng V 2640 Visible Gold M V 9100 Vista Gold T 245 Vista Gold* X 3422 VMS Vent V 2735 Vulcan Mnrls V 130 VVC Expl V 9320

0.04 0.03 0.04 + 0.01 0.10 0.03 0.02 0.02 0.02 0.00 0.03 0.01 0.30 0.27 0.27 - 0.01 0.44 0.20 0.19 0.17 0.17 - 0.01 0.44 0.16 0.02 0.01 0.02 + 0.01 0.04 0.01 0.11 0.10 0.10 - 0.01 0.45 0.09 0.90 0.82 0.85 - 0.05 1.35 0.73 0.69 0.62 0.64 0.00 1.15 0.56 0.02 0.02 0.02 0.00 0.08 0.01 0.05 0.05 0.05 0.00 0.07 0.03 1.23 1.10 1.13 + 0.03 2.99 0.90 5.18 5.06 5.12 + 0.03 5.76 4.82 0.85 0.73 0.73 - 0.08 3.09 0.60 0.04 0.04 0.04 0.00 0.10 0.04 0.56 0.47 0.47 - 0.04 4.05 0.36 19.90 16.86 17.74 - 0.56 73.03 16.86 5.29 4.89 4.98 + 0.25 12.97 4.13 0.01 0.01 0.01 0.00 0.03 0.01 0.06 0.06 0.06 + 0.01 0.09 0.03 0.10 0.10 0.10 + 0.02 0.25 0.08 0.38 0.31 0.31 - 0.07 0.75 0.26 0.12 0.12 0.12 - 0.01 0.24 0.09 0.04 0.03 0.03 - 0.01 0.65 0.02 0.05 0.05 0.05 - 0.02 0.09 0.03 0.02 0.02 0.02 0.00 0.03 0.01 0.08 0.08 0.08 + 0.01 0.13 0.05 0.41 0.38 0.40 - 0.02 0.47 0.15 0.05 0.05 0.05 + 0.01 0.27 0.04 0.38 0.37 0.37 + 0.02 0.56 0.29 0.32 0.27 0.29 + 0.02 0.51 0.24 0.17 0.15 0.16 0.00 0.32 0.15 0.02 0.02 0.02 0.00 0.04 0.02 0.04 0.03 0.04 - 0.01 0.07 0.02

Wallbridge Mng T 1290 Wealth Minls V 855 Wescan Goldfie V 160 Wesdome Gold T 445 West Af Iron O V 1920 West High Yld V 454 West Kirkland V 1750 Westcore Energ V 780 Western Copper T 333 Western Coppr* X 339 Western Lithiu T 15941 Western Pac Rs V 500 Western Potash T 3413 Western Troy C V 3090 Westkam Gold V 449 Westminster Rs V 100 Westridge Res V 105 WGI Heavy Mnl T 824 Wildcat Expl V 260 Wolfden Res V 1005 Wolverine Mnls V 800 WPC Res V 2550 Xmet V 870 Yamana Gold* N 66474 Yamana Gold T 114824 Yanzhou Coal* N 1369 Yellowhead Mng T 3000 Zadar Vent V 400 Zazu Metals T 160 Zena Mng V 170 Zenyatta Vent V 1703 Zinco Mng V 220 Zonte Mtls V 60

0.04 0.04 0.04 0.00 0.08 0.03 0.25 0.18 0.18 + 0.01 0.42 0.03 0.02 0.02 0.02 - 0.01 0.05 0.01 0.95 0.90 0.90 - 0.02 1.40 0.62 0.03 0.03 0.03 - 0.01 0.15 0.03 0.34 0.30 0.34 - 0.04 0.43 0.11 0.05 0.05 0.05 0.00 0.14 0.05 0.03 0.02 0.03 - 0.01 0.04 0.01 0.43 0.38 0.41 - 0.02 0.79 0.36 0.35 0.29 0.32 - 0.00 0.72 0.27 0.42 0.36 0.36 0.00 1.00 0.33 0.01 0.01 0.01 + 0.01 0.18 0.01 0.26 0.24 0.25 - 0.02 0.39 0.20 0.01 0.01 0.01 + 0.01 0.02 0.01 0.03 0.03 0.03 0.00 0.07 0.03 0.02 0.02 0.02 0.00 0.25 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.26 0.25 0.26 + 0.01 0.78 0.00 0.02 0.02 0.02 - 0.01 0.17 0.02 0.08 0.07 0.07 - 0.03 0.32 0.07 0.04 0.04 0.04 0.00 0.13 0.03 0.05 0.04 0.04 - 0.01 0.08 0.03 0.01 0.01 0.01 0.00 0.07 0.01 1.75 1.43 1.58 - 0.05 8.15 1.43 2.32 1.89 2.09 - 0.06 9.01 1.89 4.79 4.63 4.66 + 0.29 12.24 4.28 0.06 0.05 0.05 - 0.01 0.18 0.01 0.01 0.01 0.01 0.00 0.08 0.01 0.16 0.15 0.15 - 0.01 0.57 0.15 0.07 0.07 0.07 - 0.01 0.15 0.06 1.46 1.33 1.33 - 0.10 2.61 1.05 0.03 0.03 0.03 - 0.01 0.09 0.02 0.04 0.04 0.04 - 0.01 0.08 0.03

U-V

Don’t miss a beat!

Reservoir Mnls V 503 Rhino Res* N 162 Richmond Mnls V 1155 Richmont Mines T 1415 Richmont Mine* X 4890 Rio Novo Gold T 426 Rio Tinto* N 28285 Riverside Res V 60 RJK Explor V 875 Robex Res V 950 Rockhaven Res V 216 Rockwell Diam T 1185 Rodinia Lithm V 5403 Rogue Iron Ore V 16793 Rokmaster Res V 58 Romarco Mnrls T 41390 Rome Res V 23 Romios Gold Rs V 410 Roxgold V 934 Royal Cdn Mint T 1234 Royal Gold T 108 Royal Gold* Q 29884 Royal Nickel T 1121 RPT Uranium V 38 Rubicon Mnls* X 22201 Rubicon Mnrls T 11446 Rugby Mng V 600 Rupert Res V 180 Rusoro Mng V 2012 Russell Metals T 3833 Rye Patch Gold V 1080

(100s)

SnipGold V 920 SNS Silver V 2953 Soc Quim&M Ch* N 17010 Solitario Ex&R T 10 Solitario Ex&* X 305 Solvista Gold V 4089 Sona Res V 88 Sonoro Mtls V 593 Source Expl V 1090 Southern Arc V 12472 Southern Silvr V 953 SouthGobi Res T 11 Spanish Mtn Gd V 1585 Sparton Res V 24425 Sprott Ph Silv T 382 Sprott Res T 5409 St Andrew Gldf T 6383 St Augustine T 1464 St-Georges Plt C 1000 Stakeholdr Gld V 200 Standard Graph V 570 Stans Energy V 1930 Starcore Int V T 1387 Stellar Pac Vt V 10 Stillwater Mg* N 52715 Stina Res V 116 Stonegate Agri T 790 Stornoway Diam T 5155 Strategic Metl V 465 Strategic Res V 16 Strike Graph V 625 StrikePoint Gd V 3506 Sulliden Mng C T 366 Sultan Mnrls V 840 SunCoke Engy* N 5640 Sunridge Gold V 4382 Superior Coppr V 4865 Sutter Gold V 1340

0.07 0.07 0.07 + 0.01 0.12 0.04 0.35 0.30 0.33 + 0.03 0.50 0.05 17.00 16.34 16.65 - 0.12 28.32 12.65 0.69 0.69 0.69 0.00 1.59 0.63 0.54 0.49 0.54 + 0.01 1.52 0.44 0.04 0.02 0.02 - 0.01 0.15 0.02 0.03 0.03 0.03 - 0.02 0.08 0.01 0.09 0.07 0.07 0.00 0.22 0.06 0.03 0.02 0.02 - 0.01 0.11 0.02 0.10 0.04 0.07 + 0.02 0.10 0.03 0.04 0.03 0.04 0.00 0.15 0.03 0.44 0.44 0.44 - 0.11 1.25 0.41 0.04 0.03 0.04 0.00 0.06 0.02 0.03 0.01 0.02 + 0.01 0.03 0.01 5.75 5.55 5.58 - 0.04 7.87 5.31 0.65 0.62 0.62 - 0.03 3.30 0.60 0.32 0.31 0.32 + 0.01 0.39 0.21 0.10 0.09 0.10 0.00 0.18 0.08 0.01 0.01 0.01 0.00 0.05 0.01 0.04 0.04 0.04 + 0.01 0.28 0.04 0.02 0.02 0.02 0.00 0.05 0.01 0.03 0.03 0.03 - 0.01 0.23 0.03 0.09 0.08 0.09 - 0.01 0.20 0.08 0.02 0.02 0.02 + 0.01 0.14 0.01 9.72 8.71 8.94 0.00 17.93 8.37 0.24 0.16 0.16 + 0.04 0.25 0.04 0.02 0.02 0.02 + 0.01 0.16 0.02 0.78 0.72 0.73 - 0.04 0.85 0.46 0.28 0.27 0.27 - 0.01 0.39 0.27 0.02 0.02 0.02 - 0.01 0.08 0.02 0.05 0.04 0.05 0.00 0.15 0.04 0.05 0.04 0.04 0.00 0.08 0.01 0.22 0.20 0.20 0.00 0.72 0.19 0.01 0.01 0.01 - 0.01 0.02 0.01 11.18 9.71 10.00 - 0.61 24.09 9.71 0.17 0.15 0.16 + 0.01 0.24 0.12 0.03 0.02 0.03 + 0.01 0.13 0.02 0.05 0.05 0.05 - 0.02 0.15 0.04

Tahoe Res* N 15351 Tahoe Res T 18085 Tajiri Res V 10 Takara Res V 170 Talon Metals T 2024 Tanz Roy Exp T 782 Tanz Roy Exp* X 4911 Taranis Res V 200 Taseko Mines* X 3510 Taseko Mines T 2023 Tasman Metals V 380 Tasman Mtls* X 561 Teck Res A T 47

8.34 7.40 7.77 + 0.40 24.76 7.33 11.01 9.81 10.30 + 0.50 27.47 9.66 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.03 0.03 + 0.01 0.06 0.01 0.13 0.10 0.12 + 0.04 0.55 0.08 0.42 0.36 0.41 + 0.02 2.70 0.32 0.32 0.27 0.31 + 0.01 2.45 0.25 0.06 0.05 0.05 - 0.02 0.15 0.03 0.55 0.49 0.51 + 0.05 2.18 0.32 0.72 0.63 0.68 + 0.06 2.37 0.51 0.51 0.50 0.50 0.00 1.02 0.36 0.40 0.36 0.39 + 0.03 0.93 0.25 10.83 10.30 10.30 + 0.10 26.69 8.55

W-Z

STOCK MISSING OR INCORRECT? Let us know at 1-416-510-6764 or tnm@northernminer.com. Data supplied by Reuters Canada.

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TNM Sept 21 2015 Issue.indd 9

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15-09-16 7:16 PM

SEPTEMBER 21-27, 2015

THE NORTHERN MINER

Rambler Metals and Thundermin propose merger RAMBLER, From Page 1

and it makes sense for us and for Thundermin’s shareholders.” Rambler already has much of the infrastructure needed if the neighbouring past-producing deposits get back into production. Little Deer and Whalesback sit 10–15 km from Rambler’s Goodyear’s Cove port site on the Baie Verte Peninsula, where Rambler loads concentrate from its Ming mine before shipping it to customers overseas. Ore from Little Deer and Whalesback could be sent to Goodyear’s Cove and barged 63 km up the coast to Rambler’s Nugget Pond facility. (Rambler’s Ming mine is 90 km northwest of Little Deer and Whalesback.) “That’s the key — this asset makes sense in our portfolio because we already have a base metal facility at Nugget Pond, so obviously there would be a whole lot less investment involved,” Williams says. “There’s great opportunity there. When you remove all that infrastructure cost from the mix, obviously your economics are THUNDERMIN RESOURCES going to make a lot more sense.” Drillers in 2014 at Thundermin Resources and Rambler Metals & Mining’s Little Deer copper project in Newfoundland. Williams notes that the asset “has a nice resource to start.” Little Deer — the biggest draw need more exploration and work tion could start at Little Deer and BRINEX accessed Little Deer via a for Rambler — has indicated re- before we can make any kind of Whalesback at the back-end of 1,140-metre drift on the 244-metre sources of 1.9 million tonnes at a decision,” he says. “There is defi- Ming’s mine life. level from the Whalesback mine to grade of 2.4% copper and inferred nitely a basis for further studies, but Thundermin and Rambler ac- the north. resources of 3.8 million tonnes at for us, it’s a longer-term view. We’ll quired the Little Deer property Green Bay Mining operated the 2.1% copper. Whalesback has indi- work it, but it’s not going to be in from Weyburn in June 2007. Little mine between 1973 and 1974 via a cated resources of 797,000 tonnes production in the next five years.” Deer is a volcanogenic massive sul- 330-metre decline. Between 1998 Williams says there could be a phide deposit, 10 km north of and 2000, Mutapa Gold Corp. unat 2015。5.19 1.7% copper and inferred re-1 2015/5/19 ��-英文118-190.pdf 22:22:11 sources of 443,000 tonnes at 1.6% lot of “optionality.” For instance, Springdale in north-central New- dertook geological mapping, surRambler could increase produc- foundland. Copper mineralization face and borehole geophysical surcopper. While the Ming mine is Ram- tion at its Nugget Pond mill if it puts was found in 1952 by Falconbridge veys, and 6,800 metres of diamond bler’s focus, Williams says, the Little Deer and Whalesback into Nickel and mined by British New- drilling in 12 holes. Mutapa intercompany is looking at the two as- production at the same time as the foundland Exploration Co. sected copper mineralization sets’ potential. “They definitely Ming mine. Alternatively, produc- (BRINEX) from 1970 to 1972. below and west of areas that had

been mined previously. Historic records say the westernmost hole returned a 10.3-metre intercept grading 3.8% copper. In 2000, Mutapa dropped the property due to low copper prices, and worked on redirecting the company to the high-tech sector. Whalesback is open along strike to the east and west, as well as downdip and down-plunge, and Little Deer is open to depth and along strike. More resource delineation and infill drilling is in store before a prefeasibility study. Under the proposed merger, holders of the 116.6 million issued Thundermin shares will receive 7.1 million Rambler shares valued at $0.013 per Thundermin share. If Thundermin’s shareholders approve the deal, Rambler’s current shareholders will hold 95.3% of the outstanding shares of the combined company, while current Thundermin shareholders will hold 4.7%. John Heslop, Thundermin’s president and CEO, noted in a press release that the merger would give Thundermin shareholders “an ongoing investment in a well-managed, copper-producing company, with an expected minimum 21-year mine life” at the Ming mine, “along with further upside potential with future production” from Little Deer and Whalesback. “Thundermin believes that this merger will provide the best opportunity for Thundermin’s shareholders to participate in the long-term value and advancement of Thundermin’s assets, which we have worked diligently to advance through difficult market conditions over the past couple of years.”

CMY

TNM Sept 21 2015 Issue.indd 10

15-09-16 7:16 PM

ONTARIO Pages 11-20

September 21-27, 2015

The secondary crusher building and a stockpile dome at Detour Gold’s Detour Lake gold mine in Ontario.

DETOUR GOLD

Noront CEO outlines big plans for Ring of Fire

Richmont goes deep at Island Gold mine

March when it acquired VANCOUVER —Noront 103 claims in the Ring of Resources (TSXV: NOT; Fire from beleaguered US-OTC: NOSOF) has U.S. iron ore and coal emerged as a leader across miner Cliffs Natural the Ring of Fire region in Resources (NYSE: the James Bay Lowlands of CLF) for US$27.5 milNorthern Ontario, and it lion. The deal was fihas a long-term plan in the nanced via a US$25works that it hopes will million loan and US$3.5 establish a world-class BY MATTHEW KEEVIL million cash-payment nickel sulphide and chroagreement that mite camp in the region. The company knows it won’t be saw Franco-Nevada (TSX: FNV; quick, but a commitment to social NYSE: FNV) pick up a 3% royalty license and First Nation partner- on the Black Thor chromite deships could lead to success where posit and a 2% royalty on Noront’s other properties in the region, larger companies have failed. Noront made headlines in late See NORONT, Page 14

Premier’s Downie bullish on Hasaga BY LESLEY STOKES

VANCOUVER — Premier Gold Mines (TSX: PG; US-OTC: PIRGF) is taking a new approach to exploration at its past-producing Hasaga gold property in the prolific Red Lake mining district of northwestern Ontario, and Ewan Downie, president and CEO, thinks the company could be onto something big. “The drills are turning and we’ve made what we think is a significant open-pit style discovery,” he tells The Northern Miner during a phone interview. The company revitalized exploration at Hasaga after acquiring the dormant property from Goldcorp (TSX: G; NYSE: GG) in

February, and Downie says results from the property’s Central zone are building a robust target. The reported drill holes hit widespread lower-grade gold mineralization around structures within the Dome Stock — a large granitic intrusive unit in the heart of the Red Lake camp. Intercepts included 0.94 gram gold per tonne over 306 metres, and 0.52 gram gold over 306 metres, within 500 by 400 metres of surface mineralization that is open in all directions. Downie says results from drilling this year have encouraged the company to double the drill budget to 40,000 metres, and more

BY TRISH SAYWELL

TNM Sept 21 2015 Issue.indd 11

plunge from the Island Gold reBY TRISH SAYWELL At a time when many companies source. “If you look at our current 1 milare putting exploration plans on hold to weather the downturn in lion oz. resource, it is mostly lometals markets, Richmont Mines cated between 500 metres and (TSX: RIC; NYSE-MKT: RIC) is 1,000 metres below surface — so 500 metres vertical by 1 to 1.2 km doing exactly the opposite. The company is pressing ahead laterally,” Richmont’s president with underground development at and CEO Renaud Adams says. its producing Island Gold gold “The latest exploration program mine in Ontario, and is adding will try to answer questions about 23,000 metres to its 61,000-metre the potential of the deposit down to 1,500 metres. We believe this drill program. In what it describes as a “deep deposit can host a significant redirectional” drill campaign, Rich- source base, and this is the idea mont says the extra 23,000 metres behind the more aggressive explowill follow up on a single deep hole ration to start unlocking the geodrilled in 2014 that returned an logical potential.” The accelerated program will intercept of 19.87 grams gold per to $4 million, tonne overGeotech_AD_NorthernMiner_Ontario_Sept2015.pdf 3.9 metres at 1,200 me- cost up 1 2015-09-11 9:20:17 AMwith $1 miltres deep — 280 metres down- lion spent on drilling 6,000 metres

RICHMONT MINES

this year, with 17,000 metres in 2016. The reason Richmont chose directional drilling, it says, is because it will lower costs by allowing multiple pierce points from three deep pilot holes and ensure more accurate targeting. Using three surface rigs, Richmont will drill three pilot holes, with 10 legs testing the targets. The 30 holes will help Richmont explore a part of the favourable shear zone covering 500 metres laterally and 640 metres vertically, between 860 and 1,500 metres deep. Adams says management knows the area could hold a highgrade extension, and that the deep drilling will detail the deposit at See RICHMONT, Page 12

See PREMIER, Page 16

Wallbridge lures Lonmin to Parkin project South Africa-based Lonmin (LSE: LMI), one of the world’s largest primary producers of platinum group metals (PGMs), has signed an option agreement to earn a 50% initial interest in Wallbridge Mining’s (TSX: WM) four Parkin properties in Sudbury, Ont. Under the deal, Lonmin will spend US$11 million on exploration over the next four years. Lonmin can also earn up to another 15% interest in each of the four properties at Parkin by committing to fund them through to a definitive feasibility study. “The transaction definitely speaks to the quality of the targets on the property,” Wallbridge’s vice-president of explo-

Underground workers at Richmont Mines’ Island Gold gold mine, 83 km northeast of Wawa, Ontario.

ration Joshua Bailey says in an interview from the company’s head office in Sudbury, 400 km north of Toronto.. Exploration at Parkin has focused on high-grade polymetallic nickel, copper and PGMs over a 9.5 km strike length of the Parkin offset dyke, and the property includes the past-producing Milnet mine, the high-grade Milnet 1,500 zone and the historic, near-surface Parkin resource, which is undercut by high-grade drill intersections associated with offhole borehole geophysics anomalies. The Lonmin-funded exploration program could start in October and include drilling to test the potential extension of the near-

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15-09-16 7:17 PM

Ontario

12 SEPTEMBER 21-27, 2015 THE NORTHERN MINER

Richmont goes deep at Island Gold mine RICHMONT, From Page 11

depth. The exploration work could also lead to a resource expansion and help Richmont refine its long-term development strategy for the mine. Island Gold has proven and probable reserves of 895,000 tonnes grading 6.39 grams gold per tonne for 183,750 contained oz. gold. Measured and indicated resources stand at 733,500 tonnes grading 9.29 grams gold for 219,050 contained oz. gold, while inferred resources measure 3.6 million tonnes at 8.79 grams gold for 1 million oz. gold. On the development front, Richmont has extended the main ramp to 700 metres deep, and plans to reach 750 metres deep before year-end. The goal is to extend the ramp down to 860 metres in the second half of 2016. “Our view is that as you go deeper, the deposit gets better and better in terms of width and grade, so the strategy is to reach the bottom of the phase-one ramp as fast as possible, with the view that we’ll be mining in the best ounces in the shorter term.” Other achievements so far this

Renaud Adams, Richmont Mines’ president and CEO. year include lengthening the 620 level drift to the east by 480 metres. The drift is being used to finish the company’s definition and delineation drill program budgeted for this year. Meanwhile, lateral ore development on levels 560, 585, 610 and 635 have advanced, and the company an-

An aerial view of Richmont Mines’ Island Gold mine in Ontario. ticipates production mining above the 635-metre level in the fourth quarter. Of the 61,000 metres of other exploration drilling this year, 20,000 metres will consist of un-

derground and surface testing the possible western and eastern lateral extension closer to surface, and 41,000 metres will be drilled from underground, mostly testing the possibility for an eastern lat-

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RICHMONT MINES

eral extension between the 450and 860-metre level. (Just 5,000 metres will test the western lateral extension at those depths.) Adams notes that the company has also seen improvements at the mill. While the facility is permitted for 900 tonnes per day, it has yet to meet that run rate, but he hopes that will change soon. “For two months in the second quarter we milled above the 800-tonne-per-day rate, so not only are we developing the mine, but at the same time we have been successful in increasing throughput at Island Gold,” he says. “Our milestone is to reach the 900-tonne-per-day mark. “It’s a positive story,” Adams says of the company and its Island Gold operation. “We’re well established in Ontario, and have great assets right in Canada’s backyard.” He notes all the development work at the mine earmarked for this year — $19.1 million in sustaining capital and $29.2 million of project-related capital — is fully funded. At the end of June, Richmont had $77.9 million in cash and just $6.2 million of long-term debt. The mine produced 25,761 oz. gold in the first half of 2015 (18% higher than in the same period of 2014) at a $1,120 per oz. cash cost and a $1,501 per oz. all-in sustaining cost (AISC). In the second quarter, cash costs were $954 per oz. and the AISC was $1,307 per oz., largely due to higher tonnage mined and processed in the second quarter. “The AISC may look a little high, but that includes corporate costs and sustaining capital,” Adams says. “But as we develop Island Gold and we mine at a much higher rate and at a higher grade, we will start positioning ourselves and lowering costs.” The other reason the AISC looked a little high in the first half, he explains, is that “50% of the tonnes that were milled at Island Gold was development ore coming from developing the mine, rather than what we would call ‘stoping.’ So actually we’re very, very pleased that we’ve been operating this company and generating free cash flow, considering the massive development activities that are going on.” Over the last year, Richmont’s shares have traded between $1.66 and $4.55 per share, and at press time traded at $3.31 apiece. The company has 58 million shares outstanding and management holds 9% of the shares, while institutional investors own 45–50%.

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 Sept 21 2015 Issue.indd 12

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Ontario

THE NORTHERN MINER

SEPTEMBER 21-27, 2015

Red Pine recruits veteran advisors Watson, Franklin, Desrochers for Wawa project At the end of August, Red Pine Exploration (TSXV: RPX; USOTC: RDEXF) completed its earn-in for a 30% stake in the Wawa gold project, which hosts eight past-producing gold mines with average grades of 8.9 grams gold per tonne, 2 km southeast of the historic mining town of Wawa in northern Ontario. The Toronto-based junior has moved quickly since then, setting up a technical advisory committee to help it advance the project with the help of heavyweights Mackenzie “Mac” Watson — who was inducted into the Canadian Mining Hall of Fame in January — James Franklin and JeanPhilippe Desrochers. Watson received Canada’s Prospector of the Year Award in 1991 for his contribution to the discovery of the Harker Holloway gold mine and the Long Lake zinc mine in Ontario, and the Icon-Sullivan copper mine, Ellison gold deposit and Hébécourt copper deposit in Quebec. He won it again in 2009 as part of the team responsible for chromite discoveries in northern Ontario’s Ring of Fire. Franklin is an expert on gold and volcanogenic massive sulphide (VMS) deposits in the Churchill and Superior provinces of the Canadian Shield, and Desrochers specializes in the field of structural geology applied to ore deposits in the search for Archean lode gold, VMS, porphyry copper, skarn and epithermal deposits. “The fact that they attach themselves to this project speaks well of it,” Red Pine’s president and CEO Quentin Yarie says. It’s also a huge win for the company. “We have a geologist in Mac, a geochemist in Franklin and a structural geologist in Desrochers — so that covers all three bases,” Yarie adds. The company also recently closed a non-brokered financing, raising $885,789, of which $80,000 was subscribed by insiders and employees of the company. The proceeds will be used for exploring Wawa to expand the inferred resource by defining gold mineralization in the hangingwall and footwall of the Surluga deposit, and by connecting that deposit with other historical mines on the property. “Our ability to raise funds in this tough market also speaks to the quality of the project,” Yarie says. “We plan on beginning a drill program this month — probably 3,000

Drill core from the Jubilee zone at Red Pine Exploration’s Wawa gold project in Ontario. metres.” In June, Red Pine updated the resource estimate for the Surluga

deposit, outlining a 19.8-milliontonne inferred resource grading 1.71 grams gold per tonne for 1.1

RED PINE EXPLORATION

million contained oz. gold. Surluga was last mined in 1989. Compared with the previous

resource estimate, the numbers marked a 14.7% improvement in grade and a 1.5% increase in gold content, all within less tonnes of ore. Surluga is also open at depth and along strike. Red Pine is the operator and its joint-venture partners are Citabar LLP, with a 40% stake; and Augustine Ventures (CNSX: WAW; US-OTC: AUGF), with a 30% stake. The Wawa project is 40 km from Richmont Mines’ (TSX: RIC; NYSE-MKT: RIC) Island Gold gold mine and 100 km from Wesdome Gold Mines’ (TSX: WDO; US-OTC: WDOFF) Eagle River gold mine. The project’s attributes include nearby road access, a rail line and a 230-kilovolt power line, which crosses the southern part of the property. A second power line intersects the western part of the property. At press time, Red Pine’s shares traded at 5¢ within a 52-week range of 2.5¢ to 17.5¢. The junior has 69 million shares outstanding.

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Ontario

14 SEPTEMBER 21-27, 2015 THE NORTHERN MINER

Noront CEO outlines big plans in the Ring of Fire

NORONT RESOURCES

Visiting the core shack at Noront Resources’ Esker camp in Ontario’s James Bay lowlands, from left: Victor Fedeli, Nipissing’s MPP; Patrick Brown, MPP for Simcoe and Progressive Conservative party leader; and Alan Coutts, Noront’s president and CEO. NORONT, From Page 11

with the exception of its advanced Eagle’s Nest nickel and platinum group metals project. “We’d always had our eye on consolidating the Ring of Fire, because we view it as an emerging camp ... you have a greenstone belt with a big ultramafic complex that seems to be chalk full of discovery potential,” president and CEO Alan Coutts said during an interview. “But from our point of view the prospectivity is only one attractive aspect of the big picture, because when it comes to dealing with regulatory agencies and First Nations, it becomes a lot easier when you have one industry voice with a singular vision in terms of development and infrastructure,” he continued. The Ontario government led by Premier Kathleen Wynne has earmarked $1 billion for infrastructure in the northern Ontario mining area, and had hoped a larger company like Cliffs could fasttrack a bulk-tonnage chromite project. The Ohio-based company exited Canada, however, after a collapse in iron ore and coal prices and a proxy battle that saw a full turnover in management. Coutts said the first message he needed to convey to the Ontario government was that Noront was not ready tackle a large-scale, infrastructure-intensive project. The company is focused on the more realistic goal of getting Eagle’s Nest into production, and

working on permitting and licensing at its chromite assets to prepare for a rebound in metals markets. “Most of the world’s chromite smelting — wherein you smelt chromite ore into ferrochrome — takes place in China, but interestingly they don’t have any real domestic supply of note. The current chromite ore is imported predominantly from South Africa, where it’s a by-product of platinum-palladium reef mining. Right now markets appear to be in balance, but what if things go wrong in South Africa?” Coutts mused. “If that does happen and it curtails those exports, there could be a dramatic impact on the global ferrochrome market. We have the world’s best undeveloped resources, and we really believe there will be a time and a place for these projects,” he continued. Meanwhile, Eagle’s Nest represents a relatively near-term opportunity that could be developed at a fraction of the cost. The deposit is a sub-vertically dipping body of massive magmatic sulphide (pyrrhotite, pentlandite, chalcopyrite and magnetite) in a pipe-like form that’s 200 metres long, up to several tens of metres thick and at least 1,650 metres deep. It strikes northeast–southwest and occupies the northwest of a vertically inclined, serpentinized peridotite dyke. Eagle’s Nest hosts proven and

NORONT RESOURCES

Noront Resources’ Esker exploration campin the distance, adjacent to the newly acquired Cliffs Natural Resources camp (green roofs) in Ontario’s Ring of Fire region. probable reserves of 11 million tonnes grading 1.7% nickel, 0.9% copper, 0.89 gram per tonne platinum and 3.09 grams per tonne palladium. In addition, the deposit has inferred resources of 9 million tonnes grading 1.1% nickel, 1.1% copper, 1.16 grams per tonne platinum and 3.49 grams per tonne palladium.

road access fees. “The feasibility study is a little bit dated at this point, so we’re updating it, but outside of the fact that it’s around three years old, it’s important to note the playing field really changed after acquiring Cliffs’ properties,” Coutts said. “One of the issues we dealt with was the lack of good, high

‘What we’ve done is put this land package together, so when the markets do turn, we’ll be positioned to take advantage.’ — Alan Coutts, president and CEO, Noront Resources Noront’s first step involves updating a 2012 feasibility study of the project. Metal prices have plummeted over the intervening three years, but Coutts said the high-grade asset is attractive, even in today’s market. Assuming current metal prices and exchange rates, the project has a 14.9% after-tax internal rate of return and a $165-million net present value at an 8% discount rate. The study models a $609-million development that would produce 150,000 tonnes of high-grade nickel-copper concentrate annually, with an estimated $97-pertonne operating cost, including

ground in the James Bay Lowlands, where we could build facilities and infrastructure. The thinking was that we’d build the mill underground, and that was built into our studies. Now that we have access to new ground, we’re looking at moving the facilities to surface and whether we’d be better situated — from a marketing and sales angle — producing separate concentrates,” he continued. In June the Ontario Ministry of Environment and Climate Change approved Noront’s terms of reference at Eagle’s Nest, which helps the company move forward

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on an environmental assessment for what could be the first mine in the Ring of Fire. The company also received permits to conduct regional geophysical surveys and drilling to advance propertywide exploration over a consolidated land package that covers 800 sq. km. In September Noront closed a $1.5-million non-brokered private placement, wherein it issued 2.9 million units priced at 33¢, and 1.5 million flow-through shares priced at 38¢. Each unit consists of a share and half a share purchase warrant exercisable for two years, with one full warrant allowing a holder to buy a share at 47¢. “I spent a number of years as operations manager up at the Raglan complex in northern Quebec, and there was just deposit after deposit along this favourable contact in the ultramafic rocks. We believe it’s the same thing we’re dealing with. We have 30 km of the favourable contact, and we’ve explored 4 km,” Coutts said. “We’re literally chomping at the bit to get back to exploration, because we think we have a nickel camp. What our investors are telling us right now, however, is that they want to see progress on permitting and development of a single mine.” He added that later this year the company would still do exploration work. Noront’s flow-through funds are earmarked for drilling on nickel-sulphide targets. The company has identified areas of interest and intends to complete ground-based geophysics. The drill program will consist of stepout holes along the contact corridor, in search of discoveries. Noront shares have traded within a 52-week range of 25¢ to 67¢, and gained 32% over the past nine months en route to a 36¢-pershare close at the press time. The company has 237 million shares outstanding for an $85-million market capitalization. “There are a lot people out there that really get this story. When we were out looking for support and financing to complete the Cliffs deal, Franco came to the table quickly. They recognize the regional potential and really liked the multi-metal nature of the camp,” Coutts said. “Franco wanted to get in early and backed us for in-ground royalties up there. What we’ve done is put this land package together, so when the markets do turn, we’ll be positioned to take advantage.”

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Ontario

THE NORTHERN MINER SEPTEMBER 21-27, 2015 15

Wesdome ‘proud’ of its Ontario gold mines BY TRISH SAYWELL

For a company that hasn’t had to raise equity since 2006 and whose last financing was a $7-million convertible debenture in 2012, which isn’t due until 2017, Wesdome Gold Mines (TSX: WDO; US-OTC: WDOFF) has performed fairly well since the recession struck in 2008. The company’s wholly owned Eagle River underground mine near Wawa, Ont., which started production in January 1996 and still has at least a five-year mine life ahead, also happens to have the third-highest reserve grade (10.10 grams gold per tonne) of all underground gold mines in North America, Wesdome says. And there seems to be no shortage of organic growth opportunities at Eagle River. Late last year, Wesdome discovered the No. 7 and 300 zones, which are parallel structures that are open laterally and at depth, with exploration targets and internal expansion potential for years to come, the company’s management says. “The two new high-grade parallel zones — No. 7 and 300 — are 100 and 300 metres from the 811 zone, which has been our main producing zone for the last couple of years,” Rolly Uloth, the company’s president and CEO, says in an interview. “We have just approached the 300 zone and started mining it about a month or so ago. We’re continuing with the exploration underground, and we’re increasing our drill program to explore other parallel zones and define the 7 zone and 300 zone at depth.” This year, Wesdome has budgeted $1 million for 17,000 metres of exploration drilling and $2 million for 34,000 metres of delineation drilling at Eagle River, and the drill campaigns are returning significant results. Highlights from drilling the 300 zone include intercepts of 230.19 grams gold over 2.5 metres, 12.61 grams gold over 1.95 metres, 65.15 grams gold over 4 metres and 79.13 grams gold over 3.5 metres. In the 7 zone, step-out holes returned intercepts of 20.41 grams gold over 5.6 metres, 101.2 grams over 2.7 metres and 20.6 grams gold over 3.7 metres. “We’re optimistic about our drill program,” Uloth says, adding that if gold prices come back, “we see nothing but blue sky ahead.” Last year the Eagle River mine produced 123,375 tonnes at a head grade of 12.7 grams per tonne. At a 96% recovery rate, the mine churned out 48,190 oz. gold, in a 12.5% increase from 2013’s 42,850 oz. This year the Eagle River mine is at a low-grade point in its cycle, and so far is averaging 8 grams gold per tonne. But Uloth says this is “still good by most mines’ standards — it’s just that we’ve been spoiled by having had upwards of 10 grams gold per tonne for the last 20 years, or an average of 9.5 grams, which is very high.” The company expects the grade at Eagle River will probably pick up in the second half of this year and average between 8 and 9 grams gold per tonne. Ten kilometres away, at Wesdome’s wholly owned Mishi openpit mine — which has a 10-year mine life ahead — the company produced 67,149 tonnes at a 2.5-gram-per-tonne head grade. At an 85% recovery rate, Mishi turned out 4,567 oz. gold, in a 93% increase over 2013. Mishi sits 2 km from the Eagle River complex’s 1,200-tonne-per-

TNM Sept 21 2015 Issue.indd 15

WESDOME GOLD MINES

Dumping a load in Wesdome Gold Mines’ Eagle River underground gold mine, 50 km west of Wawa, Ontario. day milling facility. The mill averages 1,000 tonnes per day, which is more than double the throughput of just two years ago, when a new management team took over the company, Uloth says. Together the two Ontario mines — 50 km west of Wawa and 60 km southeast of Hemlo — produced 52,757 oz gold in 2014, exceeding Wesdome’s 52,000 oz. guidance. This year, the miner expects to produce between 55,000 and 57,000 oz. gold — a 6–10% rise over 2014.

At the end of last year, Wesdome increased Eagle River’s proven and probable reserves by 57% to 816,000 tonnes grading 10.1 grams gold per tonne for 265,000 contained oz. gold. Inferred resources stand at 292,000 tonnes grading 8.5 grams gold for 80,000 contained oz. gold. The company also increased Mishi’s open-pit proven and probable reserves by 8%, net of depletion, and with the addition of a western extension, to 1.79 million tonnes grading 2.1 grams gold for 121,000

contained oz. gold. The open pit’s measured and indicated resource is 3.7 million tonnes grading 2.1 grams gold for 248,000 contained oz. gold. The inferred resource stands at 764,000 tonnes grading 2.4 grams gold for 59,000 oz. gold. Mishi’s underground measured and indicated resource tallies 567,000 tonnes grading 4.5 grams gold for 82,000 oz., and the inferred resource measures 437,000 tonnes grading 5.8 grams gold for

81,000 oz. gold. This year Wesdome is spending $500,000 for a 10,000-metre exploration and infill drilling program at Mishi, and a scoping study for expanding the pit is underway. The pit measures 1.5 km in both length and width. “The total strike is 7–8 km and we’re only doing 2 km of that strike. So we’re studying both ends of the pit to see how far they go and see if the grade really holds up, and if it’s worth expanding the mill beyond 1,500 tonnes per day,” Uloth says. “If Mishi proves what we think it will, we may have the need for a 10,000-tonne-per-day mill.” As for an underground mining component at Mishi, Uloth says, “that hasn’t been fully developed yet, but I’m going to say that’s a fifty-fifty proposition, and it would be really interesting. “We’re very optimistic and proud about our two producing mines and the future,” he adds. Elsewhere in Ontario, Wesdome owns the Moss Lake gold deposit, 100 km west of Thunder Bay. The deposit has measured and indicated resources of 39.8 million tonnes averaging 1.1 grams gold for 1.38 million contained oz. gold, and inferred resources of 50.4 million tonnes grading 1.1 grams gold for 1.75 million oz. gold. “Moss Lake is a property that we’re holding for an increasing gold price,” Uloth says. “It’s low grade and high volume, but there are a lot of similar properties like that around us that we may acquire, or they may want to acquire it, but at this stage it’s just an asset that we intend to hold onto.” Uloth says the company is “always looking for the right opportunity” to add to its property portfolio, and “would be willing to look at anything that makes sense. “There are a number of interesting opportunities in Ontario, and this low gold price has opened up a lot of doors for people who want to do M&A.” Over the last year, Wesdome’s shares have traded in a range of 62¢ to $1.40, and at press time changed hands at 94¢ a share. The company has 111 million shares outstanding, of which management and directors hold 8%. Major shareholders include Resolute Funds, Gabelli, Mackenzie Financial and Orell Capital.

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15-09-16 7:17 PM

Ontario

16 SEPTEMBER 21-27, 2015 THE NORTHERN MINER

Premier’s Downie bullish on Hasaga

PREMIER GOLD MINES

A drill rig, surrounded by sound walls, in the Central zone at Premier Gold Mines’ Hasaga gold project in northwestern Ontario. PREMIER, From Page 11

assays are expected over the coming weeks. “Most companies that go to the Red Lake camp are in search of elusive high-grade zones that are one of a kind, and finding them can be difficult,” he says. “So we believe there’s a lot of overlooked opportunity in the Red Lake camp for broad, low-grade, open-pittable mineralization, and that’s what we’re after.” Deposits in the district are hosted within the Red Lake greenstone belt, which dates back 3 billion years to the inhospitable Archean eon — a time when the earth’s crust was warped by extreme temperatures, variable chemistries and vigorous tectonism. During that time, a sequence of volcanic and volcaniclastic rocks

called the “Balmer” assemblage was tilted by an episode of intense deformation and eroded for 200 million years. The weathering draped a package of conglomerates discontinuously across the rocky paleo-surface, while plutonism from below — along with the active tectonism — introduced coffers of gold into the crust. Once the main surge of mineralization wrapped up, volcanoes towered the horizon once again and the gold-injected land was covered by the mafic flows belonging to the Confederation group. In the Red Lake district, most gold deposits in the district — such as Goldcorp’s Red Lake mine and Pure Gold’s (TSXV: PGM; USOTC: LRTNF) Madsen project —

PREMIER GOLD MINES

The historic headframe at Premier Gold Mines and Centerra Gold’s’ Trans-Canada gold project, 2 km north of Geraldton, Ontario. occurs within 500 metres to 1 km from the unconformity, according to a 2003 research report from the Geological Survey of Canada.

“We’re in a great position at Hasaga because we’re near that unconformity,” Downie says. “Our work has also identified a

‘There’s a lot of overlooked opportunity in the Red Lake camp for broad, low-grade, open-pittable mineralization, and that’s what we’re after.’ — Ewan Downie, president and CEO, Premier Gold Mines The report says the unconformity is built upon large-scale tectonism and magmatism that concentrated gold mineralization, so exploring the contact increases the chances of making a discovery that’s nearer to surface.

north-trending regional structure that may influence gold mineralization, so we’re planning drill trials.” The other target on the property — the Porphyry zone — will also have its share of drill holes this

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TNM Sept 21 2015 Issue.indd 16

year. The work will target lowergrade gold halos around the pastproducing Hasaga and Howey underground mines, which historically produced 640,000 oz. gold at grades of 4.9 grams gold. Downie adds that Premier considered Hasaga as an acquisition target after it transformed the Hardrock project, 2 km north of the town of Geraldton, Ont., from a historical underground gold operation into a robust open-pittable deposit, with 4.9 million indicated oz. gold. The indicated resource is within 83.9 million tonnes of open-pittable material at 1.47 grams gold, and 5.2 million tonnes of underground material at 5.4 grams gold (using a 0.5-gram-gold and 3-gram-gold cut-off for open pit and underground operations). Premier hooked up with gold miner Centerra Gold (TSX: CG; US-OTC: CAGDF) in February, and the fifty-fifty joint-venture partners are working towards a resource update and feasibility study for the project by late 2015, or early 2016. Downie says partnerships “spread the risk and the money we need to spend to advance our projects,” but adds the company is in a “unique” financial position relative to its peers, toting $80 million of cash in the bank. Another collaboration would be Premier’s 40% stake in Barrick Gold’s (TSX: ABX; NYSE: ABX) South Arturo mine in Nevada, which could quickly launch the explorer to producer status and deliver the partners US$85 million in free cash flow next year. Premier is also advancing its wholly owned McCoy-Cove gold project in Nevada’s prolific Carlin trend, and its 44% owned Rahill-Bonanza gold project in the Red Lake mining camp with Goldcorp. “Few companies with single assets achieve long-term success,” Downie notes. “We think we’ve done an outstanding job securing some of the best projects, in some of the best camps in North America.” Premier shares have traded within a 52-week range of $2.20 to $2.34, and closed at $2.31 at press time. The company has 170.7 million shares outstanding for a 394.3-million market capitalization.

15-09-16 7:17 PM

Ontario

THE NORTHERN MINER

SEPTEMBER 21-27, 2015

Kirkland Lake benefits from high grades at SMC

KIRKLAND LAKE GOLD

Workers at Kirkland Lake Gold’s mill at the Macassa gold-mining complex in northern Ontario. BY MATTHEW KEEVIL

VANCOUVER — Kirkland Lake Gold’s (TSX: KGI; LSE: KGI; USOTC: KGILF) quarterly results reveal that it has two advantages at its Macassa gold complex in northeastern Ontario: higher grades at its South Mine Complex (SMC), and a weakened Canadian dollar. On Sept. 14 the company reported it had achieved record gold production at Macassa, while generating $4.1 million in quarterly free cash flow and keeping a $81 million cash balance at the end of July. Kirkland milled 85,000 tonnes with a 15.4-gram-gold-per-tonne head grade at a 96.6% recovery rate, which produced 41,200 oz. gold. The company reported all-in sustaining costs of $1,193 per oz., which equates to a more tenable US$956 per oz., when taking foreign exchange rates into account. “I’m happy to say that we had another consecutive quarter of profitability and free cash flow generation,” president and CEO George Ogilvie said during a conference call. “We are showing steady improvements in most of our key performance metrics. Although our tonnes per day have flatlined, we’re confident that, with the additional trucking capability we expect in the short-term, we can further improve our margins.” SMC is a big win for Kirkland, and accounted for 71% of its milled tonnes during the quarter. The company is extending its underground development at the site, with its main ramp approaching the 5,600 level. A fifth stope was brought into production at SMC during the quarter, while another could hit production later this year. Meanwhile, Kirkland has modified its power infrastructure to further reduce costs, and invested in more equipment to help improve underground and surface operations. “We continue to explore [SMC] on the HM claims, further pushing it to the east and to depth. We’re also doing a bit of exploration work up and around the 3,400 level, where we released good assay results earlier this year,” Ogilvie said. “Hopefully some time [next year] we’ll have a large-enough new reserve and resource that will give us another mining front and more opportunity for getting the tonnes per day up.” In June Kirkland released under-

TNM Sept 21 2015 Issue.indd 17

An LHD loader in a tunnel at the Macassa gold-mining complex. ground drill results from SMC’s HM claim area, which lies 610 metres southeast of the No. 2 shaft at the main Macassa complex. The company has been testing inferred resource blocks, as well as fringe areas around the New South Zone (NSZ) and a parallel Hanging Wall Zone (HWZ).

The program extended NSZ and defined HWZ over a 60-metre strike length, with assay highlights including: 276 grams gold over 2 metres true width in hole 53-2705; 136 grams gold over 2 metres true width in hole 53-2822; 104.2 grams gold over 4.8 metres true width in hole 53-2701; and 126.5 grams gold

KIRKLAND LAKE GOLD

over 2.1 metres true width in hole 53-2699. Kirkland expects its eight-month gold production will total between 90,000 and 100,000 oz. gold from May through December. All-in cash cost guidance increased roughly $50, reaching $1,300 to $1,400 per oz. Full-year production

in 2016 could total between 160,000 and 180,000 oz. BMO Capital Markets analyst Brian Quast has a “market perform” rating on Kirkland, with a $6.75-per-share price target. BMO Research noted on Sept. 15 that the company’s adjusted earnings came in slightly lower than expected at 6¢ per share due to higher-thananticipated operating costs, though it notes there were “no surprises” on the revenue line. “Operationally, the focus remains on completing the ramp to the 5,600 level, with development progressing as planned [and completion expected in January 2016]. BMO Research sees this as positive, as grades are expected to increase at depth,” Quast wrote in a research comment. Kirkland has been a big bounceback story since a 74% surge in share price over the past nine months. The company has traded within a 52-week window of $2.79 to $6.88, and closed at $5.08 per share at press time. Kirkland Lake Gold has 80.4 million shares outstanding for a $407.5-million market capitalization.

•

ConstruCtion AnD Mining serviCes

15-09-16 7:17 PM

18 SEPTEMBER 21-27, 2015 THE NORTHERN MINER

Ontario

Wallbridge lures Lonmin to Parkin project WALLBRIDGE, From Page 11

surface resource, and the extent of higher-grade PGM zones within the mineral envelope. Parkin’s resource outcrops and extends at least 100 metres deep, but Bailey sees potential to put together between 1.5 and 5 million tonnes of resource from surface down to 600 metres deep. “That’s the target area we’re focused on,” he says. “I’m obliged to say that we haven’t defined a resource that size yet, and more drilling is required — but that goal is based on the room we see there, on the mineralization that we see there; the holes under the historic resource; the geophysics that we have from the borehole geophysics that we’ve done to date; and our understanding of how these deposits occur in the various offset dykes in Sudbury.” Bailey says the nickel-copperPGM mineralization at Parkin is typical of that hosted by the quartz diorite offset dykes in the Sudbury mining camp, such as Vale’s (NYSE: VALE) Totten deposit in the Worthington offset dyke and KGHM International’s Victoria project in the Worthington offset dyke. “Parkin has an identical mineralization style, it’s in a similar offset dyke and has the same assemblages of minerals, similar metal ratios, similar grade variations and associated rock types,” Bailey says. “The deposits in Sudbury tend to start from surface and can go to several kilometres deep, so Parkin is probably one of the better targets in the area, because it’s so shallow,” he adds. “Most of the other work done in Sudbury is exploring for similar types of targets, but at depths that are well below 1 to 2 km ... being in that top 500 metres of surface — so close to infrastructure in the Sudbury area — is appealing.” The 22.8 sq. km Parkin property, 40 km northeast of the city, is also within 4 to 5 km of two past-producing mines — KGHM’s Podolsky and Vale’s Whistle — both of which were “significant deposits,” Bailey says. In April, Wallbridge reported results from four holes testing three target areas beneath the near-surface resource. All of the

WALLBRIDGE MINING

Wallbridge Mining’s Broken Hammer copper-nickel-PGM mine in Ontario.

WALLBRIDGE MINING

Nickel-copper-PGM sulphide exposure at Wallbridge Mining’s Parkin project in Sudbury, Ontario. holes intersected nickel-copperPGMs, and downhole geophysics identified conductive zones next to the holes. The holes ranged from 100 to 300 metres below the historic resource, which measures 264,000 tonnes averaging 0.7% copper, 0.7% nickel, 0.62 gram platinum per tonne, 0.80 gram palladium per tonne, 0.23 gram gold per tonne, 0.03% cobalt and 6.3 grams silver per tonne in the indicated category, and 87,000 tonnes of inferred resources averaging 0.7% copper, 0.4% nickel, 1.2 grams platinum, 1 gram palladium, 0.6 gram gold, 0.02% cobalt and 8.8 grams silver. Drill highlights include 4 metres grading 2.96% copper, 0.7% nickel and 2.31 grams total precious metals (TPM, or platinum plus palladium plus gold), and another intercept of 11.6 metres at 0.6% copper, 0.8% nickel and 1.11 grams TPM, including 2.3 metres of 0.96% copper, 1.2% nickel and 4.58 grams TPM. In June, Wallbridge uncovered

massive sulphide nickel-copperPGM mineralization at Parkin, after mechanical stripping exposed six areas with massive, semi-massive and net-textured sulphide mineralization at Parkin’s surface. The company began mechanical stripping to determine mineralization continuity and better understand geological controls to help future drill efforts. The individual mineralized lenses range from 2 to 10 metres wide with up to a 25-metre strike length, and occur along a 700metre strike length of the Parkin offset dyke. The company is in the process of channel sampling and detailed geological mapping. Lonmin agreed to pay the fees associated with Wallbridge’s option agreement earlier this year to acquire another 46% stake in Parkin from its former joint-venture partner Impala Platinum Holdings. Bailey says the total dollar figure due to Impala hasn’t been

released (it has made a $100,000 payment so far), but confirms that the price tag is significantly less than the $7.2 million Impala has invested in the project to date. Parkin is not the only Wallbridge property in Ontario that has attracted investment from Lonmin. The Canadian junior has 15 projects in Sudbury that are being explored for copper, nickel and PGMs, as part of the North Range joint venture funded by Lonmin. It also has nine other projects in the area under the umbrella of the Sudbury Camp joint-venture, which is funded by Lonmin. Wallbridge has a producing open-pit mine named Broken Hammer — also near Sudbury — that started commercial production last year, and will reach the end of its mine life sometime before October. (As of July 31, the company had mined 235,000 tonnes from Broken Hammer, leaving 35% of the in-pit resource to be mined.) “Broken Hammer has been an excellent opportunity for us to show our capability in bringing a project from the grassroots exploration stage into production, and it’s definitely been nice to have that revenue.” Bailey says the company is looking at opportunities in Ontario that must be within a couple of years of either a prefeasibility

study or a production decision. “The main criteria is the timeline to production, and of course it needs to be a project that is close to processing facilities,” he says. “We’re not looking necessarily at enormous projects, but perhaps they would be non-core for a larger firm. There are other juniors that are pursuing a similar strategy, but we feel we’d be a good candidate, because of the 2012_Pro_TH_PC capabilities we’ve SMSJ_Sept demonstrated at Broken Hammer. Our ability Mobile Equipment to maintain long-term, joint- for venture relationships withProductivity comSafety and panies like Lonmin also speaks to the quality of our e ocated to atechnicalsq ft team.” Wallbridge has had joint ventures with Lonmin since 2002, and with Glencore (LSE: GLEN) since 1999. At its East Range properties, Wallbridge has a joint-venture with Glencore on the Frost Lake property. It also has a joint-venture with Glencore and Vale on the SMSJ_Sept SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC Capreol project. UnderMobile its latest earn-in Equipment forarrangement with Lonmin on the Parkin Safety and Productivity property, has Re-LocatedWallbridge to a 50,000 sq .ft.granted PLant! Lonmin a substantial reduction in the minimum expenditure commitments on the Sudbury Camp joint venture and the North Range Joint Venture properties to $250,000 per year per joint venture, for two years from October 1, 2015. Wallbridge was set up in Sudbury, one of the most productive mining camps in the world, in 1996. The ore deposits in Sudbury areAuthorized located around the rim of theToyota Sudbury basin, and are beLandcruiser lieved toDealer be the remains of a 1.9-billion-year-old meteorite impact crater.

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TNM Sept 21 2015 Issue.indd 18

15-09-16 7:17 PM

Ontario

THE NORTHERN MINER

SEPTEMBER 21-27, 2015

Detour Gold surmounting weak gold prices, CEO says

Trucks at the Detour Lake gold mine in Ontario.

Workers inside the mill at Detour Gold’s Detour Lake gold mine in Ontario, 300 km northeast of Timmins. “Now we’re getting into the real improvement of the operation from multiple fronts … and we look forward to a run of free cash flow for the first time in the company’s history.” Second-quarter production from the open-pit operation totalled 25.5 million tonnes of waste and ore, in a 34% increase com-

BY LESLEY STOKES

VANCOUVER — Detour Gold (TSX: DGC; US-OTC: DRGDF) is picking up momentum at its Detour Lake gold mine, 300 km northeast of Timmins, as the company anticipates first-ever positive cash flows since the operation reached commercial production two years ago.

‘The company can not only weather this weak gold price environment, but also increase its cash resources.’ — Paul Martin, president and CEO, Detour Gold pared to the second quarter of 2014, boosted in part to finishing an extensive overburden removal program that slowed production last year. The mill outperformed expectations, hitting a record of 5.2 million tonnes of ore, or 57,015 tonnes per day, which exceeded its daily design capacity of 55,000 tonnes, due

President and CEO Paul Martin said in a second-quarter conference call that the company has achieved a number of milestones this quarter, which include reaching “significant” production rates at an “all-time low” cash cost of US$734 per oz. gold. “I’m extremely proud of our team’s achievements,” he said.

DETOUR GOLD

to changes to its conveyors and secondary crushers. Total cash costs improved, falling US$200 per oz. gold from the second quarter of 2014 to US$734 per oz. gold, thanks to the weakening Canadian dollar against the U.S. dollar. All-in-sustainingcosts amounted to US$1,030 per oz. gold. During the quarter, Detour sold 123,296 oz. gold, compared to 107,206 oz. gold the year earlier. But despite the volume increase, revenue was hit by lower average realized prices of US$1,215 per oz. gold compared to US$1,294 per oz. gold the year before. The cost of sales, including production costs, depreciation and depletion, generated US$147.5 million in revenue for the company, with adjusted net earnings reaching break even at US$544,000. “With expectations of stronger operational performance in the second half and continued benefit of our 80% exposure to the Canadian dollar, the company can not only weather this weak

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gold price environment, but also increase its cash resources,” Martin added. The company’s goals for the year are to lower cash costs and keep its daily waste and ore mining rate production guidance between 250,000 to 290,000 tonnes, focusing on higher grades from the eastern part of the former Campbell pit. “We don’t want to chase tonnes because it’s capital intensive, and it’s higher risk from an execution standpoint,” he said. “Our plan has shifted towards controlling dilution and improving feed grades … which should lead to another step downward in cash costs at year-end.” The company also intends to unveil its updated life-of-mine plan by early 2016, which will contemplate a second feed from Block A, 1 km northwest of Detour Lake, along with a tonnage rationalization study to optimize mining rates for both deposits. The company is exploring the option of processing fines from its low-grade stockpile that run 0.62

DETOUR GOLD

gram gold per tonne, according to internal company studies. “We must be adaptable to the current gold price environment that we are facing,” Martin said, adding he is “confident that the update will generate solid economics over a lower risk profile.” Detour has an open-pit reserve of 15 million oz. gold within 459 million tonnes grading 1 gram gold, using a cut-off grade of 0.5 gram gold and a more than 20year mine life. “With over two years behind us, we certainly understand our capabilities and operational capacity much better now, so we can make the most informed decision on how best to proceed,” he said. Detour Gold has traded within a 52-week range of $6 to $16.4, and closed at $13.2 at press time. The company has 170.7 million shares outstanding for a $2.3-billion market capitalization. Meanwhile the Ontario Provincial Police and Ministry of Labour are investigating the circumstances surrounding an employee’s death at the mine on June 3, 2015.

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TNM Sept 21 2015 Issue.indd 19

15-09-16 7:17 PM

20 SEPTEMBER 21-27, 2015 THE NORTHERN MINER

Ontario

Treasury Metals upgrades Goliath resource

TREASURY METALS

Project geologists Adam Larsen (left) and Paul Dunbar examine a map of Treasury Metals’ Goliath gold project. Ahead of a feasibility study due before year-end, Treasury Metals (TSX: TML; US-OTC: TSRMF) has increased by 44% the measured and indicated resources of its Goliath gold project near Dryden in northern Ontario. Most of the resource is in the indicated category, with combined open-pit and underground resources totalling 1.1 million equivalent oz. gold in 19.4 million tonnes, grading 1.72 equivalent grams gold per tonne. The measured category adds 90,300 equivalent oz. gold of openpit and underground resources in 1.1 million tonnes grading 2.51 grams per equivalent tonne gold. Inferred resources total 341,300 equivalent oz. gold in 3.5 million tonnes at 3.06 equivalent grams gold. The resource incorporates another 173 diamond drill holes over a 2011 estimate.

Euro Pacific mining analyst Ryan Walker notes that while measured and indicated resources increased with the update, overall contained gold resources decreased by 11%. But the resource is at a higher confidence level (65% of the previous resource was in the inferred category), and calculated more conservatively, Walker wrote in a client note. Underground resources at the project have also seen a boost to 4.95 equivalent grams gold per tonne, from 3.7 grams before. The company used a 0.35-gramper-equivalent-tonne gold cut-off grade to calculate open-pit resources, and 1.9 equivalent grams gold per tonne for underground resources. The estimate used three-year average trailing prices of US$1,397 per oz. gold and US$22.93 per oz. silver, and a gold-to-silver ratio of

82.68, and did not incorporate potential by-product credits from lead or zinc. Walker rates Treasury Metals as a “speculative buy,” with a 65¢-per-share price target. The permitting process for open-pit mining at Goliath is already underway, and Walker forecasts the start of production in the third quarter of 2017. The company, which has a $6-million working capital deficit,

A drill rig at Treasury Metals’ Goliath gold project in Ontario. is working to replace a $5-million loan from RMB Resources that matures in June 2016. A 2012 preliminary economic study pegged Goliath’s preproduction capital costs at $92 million, and life-of-mine capex at $201 million. The study forecast producing 80,000 equivalent oz. gold per

TREASURY METALS

year over a 10.3-year mine life, with total cash costs of $700 per oz., a $144.3-million after-tax net present value (at a 5% discount rate) and a 32.4% internal rate of return. At press time Treasury Metals shares traded at 48¢, in a 52-week range of 25–62¢. It has 76.4 million shares outstanding.

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SEPTEMBER 21-27, 2015

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Goldstrike strikes again at Plateau South

GOLDSTRIKE RESOURCES

William Chornobay, Goldstrike Resources’ chief operating officer, examines a core sample from the Plateau South gold project, 300 km east of Dawson City in the Yukon. GOLDSTRIKE, From Page 1

that the drill intercepts confirm that the vein and its stockworks widen downdip and extend to at least 95 metres. “Our drilling has demonstrated that there’s continuity there,” he says. “We bottomed in mineralization, so it’s definitely given us some bulletproof targets for follow-up next year.” He says the drill results are “ex-

TNM Sept 21 2015 Issue.indd 22

ceptional” and show the property “climbs the ladder very quickly,” adding that “there wasn’t a single Minfile or claim staked anywhere on that property until we showed up in 2012. To date we’ve only spent 15 weeks exploring with our boots on the ground, and everything we do seems to return impressive results.” The discovery outcrop at the Goldstack zone consists of a 7-me-

tre-wide quartz vein along a 4 km northwest gold-showings trend flanking the Hess River valley and adjacent tributaries. The Gold Dome — located 17 km east of Goldstack at a 1,770-metre elevation — was also drilled midyear, and aimed for various blind targets across 450 square metres, including step-outs along a 2013 discovery hole that returned 7.6 grams gold over 9 metres. Intercepts returned 9.1 grams gold over 1.5 metres near surface and defined new mineralized zones downhole, including 12.7 grams gold over 0.5 metre at 117 metres deep. Sitting between the Gold Bank and Gold stack zones is an 11 km long undrilled target called the “Gold Bank,” which boasts grab sample grades up to 639.8 grams gold. “The mineralization we’re seeing at Plateau South is part of a large zone of deformation that’s on a district scale of at least 25 km,” he says. “It’s a unique opportunity to have something of this size, and the project keeps getting better.” But what impresses Chornobay the most is how Goldstrike chief geologist and director Trevor Bremner and the rest of the technical team have executed the exploration programs. “We’ve been sticklers about

compiling our data and looking at all variables to determine the best approach for our programs,” he says. “What we’ve accomplished so far is a reflection of careful planning in order to generate something meaningful.”

posits around younger Cretaceous intrusions. “There are some people who assume our mineralization is related to those younger porphyries, but this is certainly not the case,” he says. “We’ve had a number of ex-

‘It’s a really unique opportunity to have something of this size, and the project keeps getting better.’ — William Chornobay, chief operating officer, Goldstrike Resources Meanwhile, the intrigue for Bremner — a former chief geologist for the Yukon Geological Survey — is the property’s mineralization. “I haven’t seen anything like this before. None of us has,” Bremner says. “This is all totally new and radically different for this part of the Yukon — it’s an original discovery.” He explains that mineralization was emplaced in veins and stockworks at mid-crustal levels during thrust faulting and deformation that he estimates happened in the late Jurassic. He adds that the property lies within the Selwyn basin — an area largely explored in the 1970s for its shale-hosted, lead-zinc-silver deposits, and porphyry tungsten de-

perts look at the property, and all the evidence points to a mesothermal lode gold style system.” Chornobay didn’t reveal details of a follow-up drill program, which could start in first-quarter 2016, but says the property is gaining attention. “We’ve had a great deal of interest from all the right places,” he says. “So we’re going to weigh our options going forward, but we’re confident that the project is advancing in the right direction, and we’re all very excited.” Goldstrike shares have traded within a 52-week range of 13¢ to 15¢, and closed at 15¢ at press time. The company has 97.7 million shares outstanding for a $14.2-million market capitalization.

15-09-16 7:18 PM

THE NORTHERN MINER SEPTEMBER 21-27, 2015 23

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Track Drift Miner/Leader RedLake, ON Online Reference No: 62417 Minimum 5 years experience with Jackleg/Stoper and Long-tom for a leader position and 3 year for a miners position. Duties and Responsibilities: Track Drift development of numerous meters experience on Long-tom, inspect the workplace and make safe as required,perform equipment checks, Recognize hazards and take corrective action.

Journeyperson Carpenter/Scaffolder Rabbit Lake Operation Online Reference No: 62348 POSITION AND RESPONSIBILITIES: You will perform carpentry and related building maintenance duties. Responsibilities include the installation, maintenance and repair of surface and camp buildings and equipment. You will perform other duties as required and requested

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.

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

Chief Metallurgist Saskatoon, Saskatchewan Online Reference No: 62338 We are looking for a new team member to join the corporate technical services department at Cameco. Our team is involved in new and challenging metallurgical projects that arise from Cameco’s diverse ore body geology. We have properties in Canada, the United States, Kazakhstan and Australia, where processing technologies cover a wide array of uranium extraction techniques ranging from traditional tank leach/SX to ISR/IX circuits.

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.

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.

You will be responsible for conducting environmental monitoring and inspections, collecting daily samples, measuring and recording of data, as well as assisting the site environment lab while building technical skills and knowledge through applied practice and mentorship. In addition, you will apply a practical understanding of codes, regulations and policies to the work area.

Electrical, Foreman Saskatchewan, Canada Online Reference No: 62385 As a part of Key Lake’s maintenance team, you will be responsible for supervising various trades-people in multiple disciplines, ensuring safe work practices are followed, setting priorities and assigning work on a regular basis.

Discipline Engineer – Civil/ Structural, North Bay, Ontario Online Reference No: 62341 Key Accountabilities: Be a champion for safety, advocating safe behaviour while incorporating safety into the designs produced. As requested, attend technical conferences, representing Cementations capabilities, and attend seminars that will further Cementation’s knowledge. Collaborate with Project Services and Operations to produce “Best For Project” designs that are safe, reflect the client’s operability requirements first, and are constructible.

Category Manager Saskatoon, Saskatchewan Online Reference No: 62335

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Environmental Specialist Rainy River, ON Online Reference No: 62226

Technician, Environment Key Lake Operation Online Reference No: 62434

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In this pivotal role you will be responsible for managing the materials and equipment portfolio of categories, including MRO, mobile equipment, bulks and other related categories. Working closely with supply chain management business partners in our mining, major projects and fuel services divisions, you will develop sourcing strategies for these categories, manage contracts with and performance of Cameco’s Tier 1 vendors, as well as maintain category expertise and market knowledge necessary to maximize value from periodic rate and service level negotiations.

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.

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24 SEPTEMBER 21-27, 2015 THE NORTHERN MINER

EVENTS Sep 24 GSM Free Lecture Series: Rick Howes Fraser Auditorium, Laurentian University, Sudbury, ON sx1_patterson@laurentian.ca 705-675-1151 Ext. 7221 http:// laurentian.ca/goodmanschoolofmines/ Oct 7-8 AEMQ XPLOR 2015 Place Bonaventure, QC info@aemq.org (819) 762-1599; 1-877-762-1599 http://aemq. org/EN/XPLOR Nov 4-5 World Mining Summit Toronto, ON lawrence.smithson@americanleaders. com +1 312 582 4273 www. worldminingsummit.com Nov 18-20 Manitoba Mining & Minerals Convention Winnipeg, MA convention@ gov.mb.ca (204) 945-2691; 1-800-2235215 manitoba.ca/iem/convention

Glencore latest to slash near-term copper production

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KATANGA MINING

The grinding circuit at Katanga Mining’s Kamoto copper-processing facility in the Democratic Republic of the Congo. Glencore owns 74.4% of Katanga. BY MATTHEW KEEVIL

VANCOUVER — Copper producers have seen margins come under pressure, as spot prices for the red metal hover near six-year lows well below the US$3 per lb. level over the medium-term. Londonbased Glencore (LSE: GLEN) is the latest miner to respond by shuttering higher-cost copper operations in an attempt to lower companywide cash costs. On Sept. 7 the company said it would suspend work for 18 months at the Katanga copper operation in the Democratic Republic of the Congo and the Mopani copper mine in Zambia. The shutdown is part of a business review that Glencore hopes will lower its copper cash costs to US$1.68 per lb. at both operations, which were most recently producing copper at US$2.50 per lb. The company says the suspension will remove 400,000 tonnes of copper cathode from the market, which equates to 1.2% of forecasted copper supply in 2016 on an annualized basis. CEO Ivan Glasenberg said on a conference call that the cuts are meant to show leadership and im-

pact the market, while pointing out that China has seen 2–3% yearon-year growth in copper demand in 2015, and that the company’s order book is looks “stronger” for the rest of the year.

“We still forecast strong supply growth next year, but we believe the market reaction could be positive for copper prices near-term, especially if it triggers significant short covering,” she added.

Glencore’s move follows other cuts to global copper production that could lead to tighter supply worldwide over the next two years. Copper is a major part of Glencore’s business, as it cranked out 663,000 tonnes of the metal in the first half of 2015. The company reported a US$676-million net loss in the first half of the year. Glencore said it would ramp up production at the African copper mines in 2017 after the suspension, with costs cut to improve profit margins. BMO Capital Markets analyst Jessica Fung described Glencore’s decision as a “significant announcement” that affects the 545,000-tonne global copper surplus she expected in 2016.

Glencore’s move follows other cuts to global copper production that could lead to tighter supply over the next two years. In August Freeport-McMoRan (NYSE: FCX) announced “revised plans” for its North American assets, which include suspending operations at its Miami mine, a 50% reduction in mining rates at the Tyrone mine and “adjustments to rates at other U.S. mines.” The company estimates its copper sales will drop by 150 million lb. (68,000 tonnes) per year in 2016 and 2017. Meanwhile, Grupo Mexico’s

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TNM Sept 21 2015 Issue.indd 24

U.S. copper subsidiary Asarco also announced it would limit operations at its Ray mine and shut down its Hayden concentrator — both in Arizona. In addition to Ray, Tucsonbased Asarco operates the Silver Bell and Mission copper mines in the state, and produces 363 million lb. (164,000 tonnes) of copper per year. Asarco’s Hayden smelter has a 653,100-tonne annual capacity. “We think this should tighten the copper market and help put a floor under prices. [Glasenberg] is putting his money where his mouth is, having often chastised fellow CEOs for oversupplying commodity markets,” Bank of America Merrill Lynch analysts noted in early September. “That said, demand in China has disappointed to the downside this year, meaning that copper is in the dangerous position of having high expectations and seeing demand disappoint.” Glencore also announced it will join a growing list of miners looking to strengthen balance sheets. The company committed to pay down US$10.2 billion in debt to alleviate market concerns that it is over-leveraged. The plan includes up to US$2.5 billion in equity financing, suspending its final 2015 and interim 2016 dividends, and raising US$2 billion through minority asset sales. “Recent stakeholder engagement in response to market speculation around the sustainability of our leverage highlights the desire to strengthen and protect our balance sheet amid the current market uncertainty,” Glasenberg said. “We remain positive on the long-term outlook for our business, and this is reinforced by senior management’s commitment to take up 22% of the proposed equity issuance. Copper and zinc are both supply-challenged, and an essential ingredient of future global growth.” BMO Capital Markets analyst David Gagliano calls the financing “slightly negative,” and says “given the fall in the share price over the last six months, the raise is likely to be fairly dilutive. However, the market may well like the strengthening of the balance sheet and reduce fears around a rating downgrade.” BMO Research has an “outperform” rating on Glencore with a £2.50 price target. Glencore has traded within a 52-week window of £1.22 to £3.72 per share, and jumped over 8% after the cost-savings news, en route to a £1.35-per-share close at press time.

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