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Randgold, AngloGold to revive Obuasi invested US$600 milIn what would become lion into the mine from their third partnership its corporate funds and in a decade, Randgold pumped another Resources (LSE: RRS; US$500 million into the NASDAQ: GOLD) and operation from funds AngloGold Ashanti generated by the mine (NYSE: AU) have signed itself.) an investment agreeIn May 2014, Angloment to consider setting up a joint venture that BY TRISH SAYWELL Gold announced that Obuasi would be manwould redevelop and aged as a special project operate the iconic but troubled Obuasi gold mine in to address operational challenges, and in December susGhana. Randgold will lead and fund a pended underground producdevelopment plan for Obuasi that tion and retrenched the mine’s will build on an internal feasibility entire workforce. It pushed study AngloGold finished earlier ahead with a decline ramp, howthis year. The development plan ever, as well as processed tailwill look at ways to create a more ings and above-ground stockefficient and mechanized opera- piles, while embarking on the tion, and will be submitted to the feasibility study. Obuasi — a large, high-grade boards of both companies for apgold deposit, 320 km northwest of proval by Jan. 31, 2016. “Obuasi is a world-class re- the capital Accra in Ghana’s source — we now have to see if we Ashanti region — has proven and can convert it into a world-class probable reserves of 24.5 million mine,” Randgold’s CEO Mark Bris- tonnes grading 6.70 grams gold tow said in a press release an- per tonne for 5.29 million oz. The mine has produced 5.6 milnouncing the agreement. AngloGold acquired Obuasi in lion oz. gold over the past 15 years 2004 when the company merged at total cash costs of US$519 per with Ashanti Goldfields, but has oz., according to an analysis by impaired the value of the asset BMO Capital Markets’ mining at various stages of its ownership analyst Andrew Breichmanas. by US$1 billion. (AngloGold has See RANDGOLD, Page 11
Optimists see ‘gems’ in besieged coal markets BY MATTHEW KEEVIL
VANCOUVER — Attending the Coal Association of Canada’s annual gathering here in downtown Vancouver, it’s clear its a pretty terrible time to be in the coal business, and that goes for both the metallurgical (met or coking) and thermal sectors of the industry. Green energy reforms in the U.S. have made thermal coal a bit of a dirty word, while industrial slowdowns in Asian economies — which played a large part in the coking coal boom of the late 2000s — haven’t helped the matter. Worldwide industrial demand growth drove large-scale mergers and acquisitions among U.S. producers and integrated miners looking to capture strong margins, as met coal prices hit highs in 2011. The global economic recession, however, has triggered a slew of bankruptcies, as producers find themselves over-leveraged in tough markets. U.S. coal miners Alpha Natural Resources, Walter Energy
TNM Sep 28 2015 Issue.indd 1
and Patriot Coal have all filed for bankruptcy protection this year amid an industry slump that has driven quarterly benchmark prices for steelmaking coal to a 10-year low. Prices for met products have fallen 72% over the past four years, from a high of US$331 per tonne in 2011 to nearly US$90 per tonne in early July. During his conference presentation, Virginia-based FBR Capital Markets’s managing director Kurt Oehlberg described the coal industry as undergoing its yet another “transformation” that historically involves volatile commodity swings and prolific dealmaking. Oehlberg argued that the time is ripe for new coal outfits to find “gems in the rough” that could pay dividends when markets recover. “There were, unfortunately, a lot of transactions completed at very difficult or very high-priced times in the met coal market. We’re now in a challenging environment to try to stay alive. Discipline remains the See COAL, Page 13
Cancels dividend, cuts capex
Editorial 3
Burkina Faso stung by instability
Agnico Eagle Mines 4
Keeps drills turning in Mexico
16
Pretium lands US$540M to build Brucejack
PRETIUM RESOURCES
Pretium Resources’ Brucejack gold project in northwestern British Columbia. BY MATTHEW KEEVIL
VANCOUVER — Pretium Resources (TSX: PVG; NYSE: PVG) is proving that struggling equity markets and global economic woes can’t keep a good project down. On Sept. 15 the company announced terms for a US$540-million construction financing that
sets the stage for commercial production at its high-grade Brucejack gold property in northwestern B.C. The capital raise provides access to US$340 million at closing and will fund a “substantial portion” of the costs to develop an underground operation on Preti-
Sawiris-backed La Mancha to buy 30% of Endeavour Mining BY TRISH SAYWELL
La Mancha, a privately held investment company controlled by the family of Egyptian billionaire Naguib Sawiris — who earlier this month tweeted that he wants to buy an island in Europe to provide a home for refugees fleeing wartorn Syria — is taking a 30% stake in Endeavour Mining (TSX: EDV; US-OTC: EDVMF). Sawiris controls the Orascom Group — one of Egypt’s largest and most diversified conglomerates, with interests in telecommunications, fertilizers, real estate and construction — and is best known in Canada (before his tweet on Sept. 3 that went viral) for providing some of the funding for launching Wind Mobile as a competitor to the country’s largest wireless carriers. Sawiris’ holding company Orascom World Investment acquired La Mancha for $500 million in 2012, and the privately held company’s investment in Endeavour underscores his commitment
to “the future of Africa and the gold mining industry.” “By combining our African assets and management skills, we will grasp future opportunities to create a leading African gold producer,” Sawiris said in a prepared statement on Sept. 21. “My strategic goal is to create value with a long-term approach. The Endeavour board and management shares this objective, and has a successful track record of building and acquiring assets in Africa.” Under the transaction, Endeavour will acquire La Mancha’s 55% stake in the Ity gold mine in the Côte d’Ivoire, US$63 million in cash and 3,500 sq. km of regional exploration properties in the West African nation. The deal also includes an in-principle commitment from La Mancha of up to US$75 million more funding to support growth “beyond immediate priorities.” In exchange, La Mancha will be given 177.1 million Endeavour shares, or 30% of the
um’s Valley of Kings and West zones. Orion Mine Finance and Blackstone Tactical Opportunities will provide the cash, which is comprised of a US$350-million credit facility; US$150-million prepayment under a callable gold and silver stream agreement; and a US$40-million private placement. The streaming component applies to 8% of life-of-mine precious metal production of 7.1 million oz. refined gold and 26.3 million oz. refined silver. Orion and Blackstone also signed up for See PRETIUM, Page 2 PM40069240
See ENDEAVOUR, Page 14
15-09-23 5:12 PM
2 SEPTEMBER 28-OCTOBER 4, 2015 THE NORTHERN MINER
Pretium lands US$540M
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Careers............................. 13 Editorial.............................. 4 Events............................... 16 Meetings.......................... 16 Mining Jobs...................... 15 Metal Prices........................ 7 Professional Directory.. 12-13 Stock Tables................... 6-10
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Limpopo University............. 5 Pacific Booker Minerals....... 2 Patriot Coal........................ 1 Pretium Resources.............. 1 Randgold Resources........... 1 Seabridge Gold................... 2 Sherritt International........... 3 SNC-Lavalin........................ 3 Sumitomo........................... 3 Taseko Mines...................... 2 Walter Energy..................... 1 Zijin Mining Group............. 3
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PRETIUM RESOURCES
Pretium Resources’ president Joseph Ovsenek underground at the Brucejack gold project in British Columbia. PRETIUM, From Page 1
an offtake agreement wherein they will buy gold based on prevailing market prices. “We always focused on a financing that featured 50% debt and the rest a split between a metal stream and equity. We ran an internal process to figure out the ideal structure, and it was important we maintain the buy-back right on the stream, and cap the number of ounces,” Pretium president Joseph Ovsenek says during an interview.
ing cash costs of US$448 per oz. Assuming a US$1,100 per oz. gold price, the project features a US$1.5billion post-tax net present value at a 5% discount rate, and a 28.5% internal rate of return. The crown jewel at Brucejack is the high-grade Valley of Kings deposit, which hosts high-grade gold mineralization in a broad, deformed stockwork. The company hit a milestone in 2013 after a 10,000-tonne bulk sample that confirmed both lateral and verti-
‘It’s a great time to build a mine.’ — Joseph Ovsenek, president, Pretium Resources
“The big difference over the past four years is that we could have had more competitive attention from the equity markets, but there remains a lot of debt available. We’re fortunate with the high-grade nature of the deposit because it created that competition on terms and rates,” he added. Pretium has a couple of options in terms of buying back the stream and offtake components. The company can repurchase 50% or 75% of the off-take at the end of 2018 for $11 per oz., or at the end of 2019 for $13 per oz. remaining gold to be produced. Most of the metal streams can be bought back for US$237 million in 2018, or for US$272 million in at the end of 2019. Pretium can also lower the stream to 3% by paying US$150 million in 2018, or to 4% by paying US$150 million in 2019. Regarding the equity, Orion and Blackstone will both subscribe for 3.8 million Pretium shares priced at US$5.20 per share. The financing follows on the heels of Pretium securing its mine permits. In March the company scored its environmental assessment certificate from the B.C. Minister of the Environment and Minister of Energy and Mines, while the Federal Minister of the Environment delivered a positive decision in July. Pretium’s current mine plan is based on a feasibility study the company released in mid-2014 that envisions a US$747-million development featuring a 2,700-tonne-per-day gravity and flotation plant. Brucejack would produce 404,000 oz. gold annually over an 18-year mine life at all-in sustain-
TNM Sep 28 2015 Issue.indd 2
cal continuity of the vein systems comprising the stockwork, and the location of high-grade mineralization corridors. The Valley of the Kings remains open to the east and west along strike and at depth. Proven and probable reserves at the Valley of Kings total 13.6 million tonnes grading 15.7 grams gold per tonne and 11 grams silver per tonne for 6.9 million contained oz. gold, and 4.6 million contained oz. silver. These reserves would account for the first decade of Brucejack’s life, while the lower-grade West zone would account for the balance. West hosts 2.9 million proven and probable tonnes of 6.9 grams gold and 279 grams silver for 600,000 contained oz. gold and 26 million contained oz. silver. “We have most of the funding in place, and the feasibility study figure was based on much higher Canadian dollars, so we’re likely looking at a better currency market for mine building,” Ovsenek says. “We’ve also advanced the project as we’ve waited for permits, and some of that has been paid for out of those capital expenditure dollars. We’ve seen some drop in oil, cement and steel prices, though labour costs haven’t really changed. On the material side it’s a great time to build a mine, because there aren’t that many competitors in development.” The development is a big win for B.C.’s mining industry, since miners active in the province have seen a number of largescale development projects stall in recent years due to permit complications. Taseko Mines (TSX: TKO; NYSE-MKT: TGB) failed to pass
the regulatory finish line at its New Prosperity copper-gold project, 125 km southwest of Williams Lake; while Pacific Booker Minerals (NYSE-MKT: PBM) is stuck in a permitting quagmire at its Morrison copper-gold project, 65 km northeast of Smithers. A tailings dam failure at Imperial Metals’ (TSX: III) Mount Polley copper-gold mine last year further muddied the regulatory waters. Other B.C.-based projects face infrastructure and financing hurdles that could make development challenging over the near-term. For example, Seabridge Gold’s (TSX: SEA; NYSE: SA) Kerr-Sulphurets-Mitchell bulk-tonnage copper property received its construction permits in late 2014, but the mine would cost more than US$5 billion to develop. Brucejack sits 275 km northwest of Smithers, and a mine there would create 900 jobs during construction and 600 full-time jobs during production. “From a developer’s angle the
Pretium Resources’ Brucejack gold project near Stewart, British Columbia. permitting is never quite as quick as you want it, but the fact we received our environmental assessment certificate in just over two years is pretty good in this day and
A worker at Pretium Resources’ Brucejack gold project.
age,” Ovsenek says. “The small footprint of the project definitely helped, and following some trade-off studies, we See PRETIUM, Page 3
PRETIUM RESOURCES
15-09-23 5:12 PM
THE NORTHERN MINER SEPTEMBER 28-OCTOBER 4, 2015 3
Pretium PRETIUM, From Page 2
opted to go with flotation and gravity — so we weren’t dealing with any cyanide. That definitely helped since the Mount Polley situation, and the concerns surrounding tailings ponds. I really think if we had a significant dam or something similar, we wouldn’t have moved through the process as quickly,” he adds. Pretium hasn’t slowed down development at Brucejack as it waits on permits. The company closed a US$81-million “strategic financing” with China’s Z ijin Mining Group in late 2014 to fund capital expenses, including procuring long-lead items and camp infrastructure. Pretium is in the midst of a 40,000-metre preproduction drill program, with bulk earthworks and transmission line construction underway. Ovsenek adds that Pretium’s focus is delivering Bruejack “on time and on budget,” but the company is also optimistic about exploration upside across a regional property package that encompasses over 100 sq. km. In May the company negotiated a $6-million private placement, wherein it issued 685,700 flowthrough shares priced at $8.75 per share. The proceeds will fund between 10,000 metres and 15,000 metres of grassroots drilling this year, which will target geophysical anomalies east of the Valley of Kings. “The grassroots exploration is really exciting for us, and we feel that aspect of the story can get lost at times due to all the excitement surrounding the mine. We have a big claim package, and the Valley of the Kings is on the western margin ... to the east we have a lot of potential, and we felt it would be beneficial to keep our exploration guys in the field while we build,” Ovsenek said. On Sept. 21 Pretium released assays from a drill program at the Flow Dome zone, east of Brucejack. The company says highgrade intersections — along with long intervals of low-grade mineralization — suggest a new stockwork zone, or an extension of the Valley of the Kings. The second area of interest is the Kitchenview target, which was also identified as “a potential porphyry and epithermal-style mineralized zone.” Highlights from the Flow Dome include: 21.87 grams gold over 9 metres, including 203 grams gold over 0.5 metre, from 930 metres deep in hole 657; 16.9 grams gold over 1.5 metres from 877 metres deep in hole 654; and 6.2 grams gold over 2.4 metres from 778 metres deep in hole 658. Pretium shares have traded in a 52-week range of $4.60 to $9.05, and jumped nearly 10% on the financing news to close at $7.18 per share at press time. The company has 133.5 million shares outstanding for a $952-million market capitalization. “We’ve heard quite a lot in our investment talks about that market bottom, but in truth, you never really know. The one thing we continue to hear is that if you look at the funds, the generalist investor hasn’t come back yet. Some people hint that they’re starting to look, but looking and buying are two separate things. I think until gold sentiment changes the market is going to look like it does today, but if we stay at current gold prices, we’d still look good,” Ovsenek says.
TNM Sep 28 2015 Issue.indd 3
Sherritt scraps dividend, moves to protect liquidity
SHERRITT INTERNATIONAL
Sherritt International’s 40%-owned Ambatovy nickel project in Madagascar. David Pathe, president and CEO of Sherritt International (TSX: S), did not mince words when he said the company needed to take action to protect its balance sheet so that it could withstand lower commodity prices, with “more than 60% of global nickel production underwater on a cash-cost basis.” Sherritt announced after markets closed on Sept. 17 that it has suspended its 1¢-per-share quarterly dividend, noting that at current spot prices of US$4.50 per lb., nickel is down 32% since the company last cut its dividend in the first quarter of 2014, from 4.3¢ per share to 1¢ per share.
joint-venture financing (on a 100% basis and balance at June 30, 2015) becomes non-recourse to all the Ambatovy partners. (The company achieved this ahead of schedule, on Sept. 21). Sherritt is the operator with a 40% stake, and its partners are Sumitomo (27.5%), Korea Resources (27.5%) and SNC-Lavalin (5%). Commenting on the cost-cutting news, base metals analyst Raymond Goldie of Salman Partners in Toronto said “the depletion of China’s inventories of highgrade nickel laterite ores, around the end of October, is likely to trigger a bull market in nickel,” adding that “the situation reported
Ambatovy reached commercial production in January 2014, and produced 37,000 tonnes of finished nickel. A world leader in mining and refining nickel from lateritic ores and the largest independent energy producer in Cuba — with oil and power operations across the island — Sherritt said prices for nickel and crude oil haven’t traded so low since 2009. Sherritt also said it would cut capital expenses in 2016 by as much as 35%. Earlier this year the company trimmed its 2015 capex guidance by $15 million to $195 million. Pathe was unavailable for an interview to discuss the cost-cutting measures, but in a press release the company said that suspending the dividend and cutting capital spending and operating costs are part of a strategy to maximize liquidity by conserving cash and equivalents, and short-term investments; manage capital spending and operating costs by aligning capital spending with cash-flow generation in 2016; and achieving financial completion at Ambatovy in Madagascar by the end of September, at which point the US$1.7-billion Ambatovy
by Sherritt is likely to be one of the factors propelling nickel prices upward.” At BMO Capital Markets, analyst Aleksandra Bukacheva estimated that eliminating the dividend would preserve $12 million a year, while reduced capital expenditures will save $68 million. “Positively, the company’s focus on capital conservation is an adequate and welcome response to the continued and potentially extended commodity price downturn,” she wrote in a client note, adding that the move will “somewhat alleviate the company’s projected treasury depletion associated with corporate expenditures, interest and principal repayments, including its share of Ambatovy joint-venture debt interest and principal repayments, estimated at $123 million in 2016.” But the analyst also said that the reductions “appear insufficient to align the company’s cash balances and cash generation with the timing of its debt maturity (i.e., a $250-million note due in
Sherritt International (TSX:S)
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2018) if the nickel price were to remain at the current level,” and pointed out that Sherritt’s overall debt levels “also remain high at $3.3 billion.” In addition, Bukacheva said that while Sherritt expects to achieve financial completion at the Ambatovy project in Madagascar by the end of this month, “further operating cost reductions would be required to bring the mine into the positive cash flow territory,” given that its second-quarter cost of US$5.48 per lb. nickel “was 18% above the spot nickel price.” At steady state production next year, however, she estimates that cash costs at Ambatovy will fall to
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US$4.11 per lb., or 9% below the current spot price. Ambatovy is the largest finished nickel and finished cobalt operation from lateritic ore in the world, and has an annual design capacity of 60,000 tonnes of nickel and 5,600 tonnes of cobalt. The mine life is a projected 29 years, and the plant facilities were commissioned in 2012, starting up the same year. Ambatovy reached commercial production in January 2014, and produced 14,821 tonnes of finished nickel (on a 40% basis). News of the dividend and capex cuts sent Sherritt’s shares down 6¢ to 94¢, on 11.5 million shares traded.
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EDITORIAL
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Burkina Faso rattled by coup BY JOHN CUMMING
For global gold miners, the emerging gold mining industry in Burkina Faso has been a wonderful success story of discovery and mine development in a land that until recently had little modern industry of any kind, or infrastructure. Out of nowhere, Burkina Faso has become Africa’s fifth-largest gold producer after South Africa, Ghana, Tanzania and Mali. Thanks to higher head grades at Iamgold’s Essakane mine in the northeast and Semafo’s Mana in the west, Burkina Faso’s gold production rose 10% last year to 1.2 million oz., compared to 93,000 oz. gold as recently as 2007. Equally as important, most foreign gold mining companies and their personnel on the ground in the former French colony have genuine affection for the welcoming and peaceful local population, and hope modern gold mining carried out to international standards can bring wealth to the 18 million people living in one of the world’s poorest countries. And so there was concern by miners over the past week, with news of a coup d’état by the presidential guard in the capital Ouagadougou on Sept. 16 — only weeks before a national election that would have tested the country’s transition to democratic rule. The dispute began with last November’s ouster of former president Blaise Compaoré, who fled after three days of street protests across the country by mostly young citizens tired of his 27 years of autocratic rule. The country transitioned to interim president Michel Kafando, who was supposed to govern until the general election that had been scheduled Oct. 11, 2015. This arrangement held up for months until last week’s coup, which saw Compaoré loyalists in the presidential guard seize the country’s leadership during a cabinet meeting and install coup leader General Gilbert Diendéré as president. The guard also seized the state broadcasting station and postponed the election indefinitely. The looming election was indeed a catalyst, with former members of Compaoré’s ruling party banned from running under an election code adopted earlier this year. The presidential guard was also set to be disbanded, and had been under investigation by the interim government for the 1987 assassination of junta leader Thomas Sankara, which helped bring Compaoré to power. The coup was immediately denounced by the interim government’s most powerful allies France and the U.S., as well as the African Union, while regional powers such as Nigeria, Senegal and Benin stepped in as valuable mediators. The Burkinabe population wasn’t about to see its fledgling democracy slip away either, and again took to the streets in protest, with some 10 people killed and 100 injured in confrontations. Across the country, the army left their barracks in several towns to march on their own capital on Sept. 21, vowing to remove the coup leaders without bloodshed. French President François Hollande said the coup leaders would “face the consequences” if they did not “immediately lay down arms and hand over power to the legitimate authorities.” This seems to have done the trick: coup leader Diendéré soon pledged to hand over power to civil authorities based on proposals of the regional mediators, and released captive Prime Minister Yacouba Isaac Zida. At press time, Diendéré had apologized to the nation, the army headed back to their barracks and Kafondo has been formally reinstated as interim president in a ceremony in the capital. While the coup was a shock and setback, its quick resolution in a way reaffirms the generally peaceful and pragmatic ways of Burkinabe political life. Gold miners declared that their operations weren’t affected by the past week’s events, and this is quite believable, as their mines are well away from the centre of the action in Ouagadougou, and under such circumstances staff in corporate offices in the capital can usually hunker down for at least a few weeks and carry out limited activities, without much long-term effect.
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FA C T S ‘ N ’ F I G U R E S
Roskill: Innovation and consolidation in order for proppant sector
The following is an edited summary from Roskill Information Services, outlining its new report, Frac Sands & Proppants North America: Industry, Markets & Outlook 2015. The report provides a detailed technical and economic analysis of the sector. For more information and to buy the full report, visit www.roskill.com. Over the last year North American proppant and frac sands producers have faced a whole new paradigm with lower oil prices. The North American petroleum industry and its suppliers were taken by surprise by a drop in oil prices from US$105 per barrel in June 2014 to below US$45 per barrel by the end of January 2015 (along with a quantum drop in natural gas prices).
sources so quickly in North America was the explosive expansion in output of hydraulic fracturing proppants, particularly natural frac sand. The tempo of development is unprecedented in the mineral extractive industry. Industrial sand production in the U.S. had reached a 30-year plateau of 20 to 25 megatonnes per year by 1970, with frac sand for conventional oil and gas wells accounting for 1% of its usage. Since then, a 200-fold increase in frac sand volume has occurred — most of it since 2002. By the end of 2014, natural frac sand accounted for over twothirds of the U.S. 75 megatonnes per year production of industrial sand. Demand for proppants, however, has not been a simple linear function of oil and gas
The key to unlocking vast shale oil and gas resources so quickly in North America was the explosive expansion in output of hydraulic fracturing proppants, particularly natural frac sand. Petroleum companies reacted quickly, and the number of drilling rigs operating halved between June 2014 and May 2015. The brunt of the drop in demand for proppants fell on ceramic- and resin-coated sand producers, as shale drillers substituted natural sand for these higher-priced proppants and suspended plans for the deep shale resource exploitation, where they are most required. However, frac sand producers have also been hit hard by falling prices, cost-cutting and consolidation. As demand drifted away, attention became focused on cost cutting in both the oil and proppant industries, an activity for which there was little time during market expansion. Significant success has already been realized. With lower fuel prices, further savings on mining, processing and transportation will increase profitability of frac sands at lower prices. In the oil sector, according to EOG Resources, the return on investment in 2012 at US$95 per barrel oil was lower than in 2014, at US$65 per barrel oil. The current challenges should not detract from the overall key trends in the frac sands and proppant industries. The hectic pace of shale hydrocarbon exploitation in the U.S. and Canada within the last 10 years has reversed the decline in exploitable oil and gas reserves, and pushed so-called peak oil (and gas) decades into the future. The key to unlocking vast shale oil and gas re-
development. Rapid changes in drilling technology and evolution of hydraulic fracturing techniques have accelerated the rate of proppant application per hole drilled, and the full potential is still to be realized. A major innovation of the proppants industry has been to take control of the logistics chain from plant loading, long distance transportation, portable storage near the destination market, transloading and “last mile” trucking to the shale drilling project. This practice for successful proppant suppliers is driving consolidation toward large, experienced companies. Small companies are becoming suppliers of washed or crude sand to some of the big operators. Another key development in the industry has been the vertical integration of a few major petroleum companies into frac sand mining and processing to ensure timely delivery of supplies. Roskill has developed analysis techniques to forecast the variable decline in demand and prices for the three proppant types, and their expected recovery periods and future prices. This also served to identify the beginning of a major change in the dynamics of future oil and gas prices as a result of the success of hydraulic fracturing. This change might be described as the “commoditization” of oil and gas. With the expansion of shale exploitation outside of North America, many of North See FACT ‘N’ FIGURES, Page 5
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TNM Sep 28 2015 Issue.indd 4
ALISHA HIYATE, BA ahiyate@northernminer.com
SENIOR STAFF WRITER:
EDITORIAL: TOP STORY OF WEEK 38
GROUP PUBLISHER/ PUBLISHER:
EDITOR, SPECIAL PROJECTS:
PHOTO BY MATTHEW KEEVIL
A truck receives a load at Victory Nickel’s Seven Persons frac sand processing plant near Medicine Hat, Alberta.
15-09-23 5:12 PM
THE NORTHERN MINER SEPTEMBER 28-OCTOBER 4, 2015 5
OP-ED
MATTERS OF GENERAL INTEREST
Ivanhoe sparks Laurentian-Limpopo partnership Ivanhoe Mines (TSX: IVN; USOTC: IVPAF) has partnered with Laurentian University in Sudbury and Limpopo University in South Africa to develop Limpopo’s geology department into a “centre of excellence in geosciences.” Ivanhoe, through its South African subsidiary Ivanplats, has committed US$2.5 million to fund the renewable partnership for its first five years. The partners’ goals for the project include: improving training and curriculum for economic geology and mineral exploration at Limpopo; more teaching and research for graduate students; equipping laboratories; buying a vehicle and trailer for field trips; and collaborating with Laurentian to improve Limpopo’s learning programs. The partnership will also see Ivanplats provide training opportunities for students from both universities, and help them with research on the Northern Limb of the Bushveld Complex in South Africa. Laurentian providing $500,000, which it received from the Queen Elizabeth II Graduate Scholarship in Science and Technology. Another $570,000 comes from Laurentian, via Canada’s International Development Research Corp. The money will bring 35 Limpopo students to Laurentian to study mineral exploration and economic geology, at both undergraduate and graduate levels. Advanced graduate students from Laurentian will also travel to Limpopo, where they will teach and help junior faculty. “Canada’s Sudbury basin and South Africa’s bushveld complex are two of the most extraordinary geological features on earth, and now host two of the largest mining districts on earth — as well as these two enterprising universities,” Ivanhoe founder and chairman Robert Friedland said.. “The University of Limpopo can now draw on Laurentian’s vast experience to enhance its preparation of young South Africans with knowledge and skills that are re-
Roskill FACT ‘N’ FIGURES, From Page 4
America’s existing proppants producers will be in a good position to supply foreign projects and return to full capacity. Ceramic proppants, primarily for deep, high-pressure wells, are also covered in Roskill’s report as imports play a role in the U.S. Ceramic proppants are produced by just five companies in the U.S., but by over 90 companies in the largest producer, China, two in Brazil, three in Russia and one in Italy. Chinese shipments enter North America through the port of Seattle and thence by rail to producer-owned or contracted transload facilities near shale plays in North America. Only one Russian producer serves the North American market. It ships from St. Petersburg to Duluth, Minn., via the St. Lawrence Seaway, and onward by rail to its own transload terminals near the main shale plays in the U.S. and Canada. One producer in Brazil ships to Houston, where it has contracted with a logistics/distributor for supplying market areas.
TNM Sep 28 2015 Issue.indd 5
IVANHOE MINES
Representatives of the South African and Canadian governments, Ivanhoe Mines and Laurentian and Limpopo universities mark the educational partnership last month at Limpopo’s Turfloop campus in Polokwane, South Africa. quired tickets to productive, rewarding careers in their modernizing mining industry,” he said.
For Ivanplats, the project is a “pillar of its social and labour plan,” Ivanplats managing director Patri-
cia Makhesha said. “It’s part of our commitment to contributing to sustainable communities.”
Ivanhoe is advancing its 64%owned Platreef polymetallic project in the Bushveld Complex’s Northern Limb, 280 km northeast of Johannesburg. In early August the company started a feasibility study for Platreef, having releasing a positive prefeasibility study for the project in January 2015. That study outlined a large underground operation and 4-million-tonne-per-year concentrator, with a 31-year mine life. The study estimated US$1.2 billion in preproduction costs and an initial annual production of 433,000 combined oz. platinum, palladium, rhodium and gold, plus 19 million lb. nickel and 12 million lb. copper. The mining plan requires two shafts. Work on sinking the first shaft is underway and expected by 2018, with a 7.3-metre diameter and at 975 metres deep. Early works for the second shaft are scheduled this year.
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15-09-23 5:12 PM
6 SEPTEMBER 28-OCTOBER 4, 2015 THE NORTHERN MINER
MARKET NEWS TORONTO STOCK EXCHANGE Canada’s benchmark index gained ground during the week, adding 185.33 points, or 1.4%, to close at 13,646.80 points, as investors took in the U.S. Federal Reserve’s decision to keep interest rates near zero. Gold miners enjoyed a strong run, with the S&P/TSX Global Gold Index advancing 7.2% to 128.40 points. The boost came after the spot gold price added US$31 to finish at US$1,139.90 per oz. Base metal firms were less fortunate, as the S&P/TSX Capped Diversified Metals & Mining Index fell 4.8% to 435.10. Spot prices for copper, lead, nickel and zinc all finished lower. Stonegate Agricom soared 50% to close at 3¢ per share. On Sept. 16, it reported that recent work has confirmed previous groundwater pumping assumptions used in a 2012 feasibility study for its Paris Hills underground phosphate mine in Idaho. As result, Stonegate intends to restart permitting activities for Paris Hills, which it suspended in January 2015 due to uncertainty over the groundwater estimates. The company expects to receive final permits for the Paris Hills Lower Zone mine in 2016. Once up and running, the mine should produce 904,000 tonnes of saleable phosphate rock concentrate a year over an estimated 19-year life.
S E P T 14 -18
Alexco Resource shares rose 41% to 62¢ on strong drill results from its 2015 program at the Bermingham deposit in the Yukon. Notable true width intercepts include 5 metres grading 7,462 grams silver per tonne, 4.8 metres at 2,357 grams silver and 2.4 metres of 3,774 grams silver. Alexco notes the 2015 drilling — combined with the highgrade discovery intercept from 2014 — has outlined a high-grade silver- and gold-bearing zone over 140 metres down-plunge across 40 metres wide. The zone, which Alexco suggests could be a “game changer” for the Keno Hill silver district, averages 3.7 metres in true thickness and remains open for expansion.
TSX most active issues
Romarco Mnrls Timmins Gold Yamana Gold Perseus Mng First Quantum Barrick Gold B2Gold Eldorado Gold Kinross Gold Sherritt Intl
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
R TMM YRI PRU FM ABX BTO ELD K S
35969 34079 32674 31108 25151 24723 22697 20813 20610 16407
0.56 0.33 2.34 0.36 7.85 9.23 1.66 4.18 2.45 1.05
0.52 0.26 1.95 0.29 6.85 8.14 1.45 3.43 1.90 0.91
0.52 - 0.02 0.27 - 0.04 2.26 + 0.17 0.29 - 0.07 6.95 - 0.80 8.93 + 0.50 1.61 + 0.04 4.15 + 0.53 2.42 + 0.41 0.94 - 0.09
Torex Gold Resources jumped 21% to $1.38 per share after the company resettled 102 families in the La Fundicion village at its wholly owned Morelos gold property in Mexico. The relocation enables waste stripping of the El Limon pit to start in support of reaching full production rates of 14,000 tonnes per day by late 2016. The project remains fully funded and on track for first gold production in late 2015. On Sept. 21, the com-
pany signed a letter of intent with the Guerrero state government to have permanent police presence near Morelos, in light of recent security concerns in the area. Royalty and streaming firms Royal Gold and Franco-Nevada led the week’s value gainers on the back of higher gold prices. Royal Gold jumped $4.78 to $63.31 per share, and Franco Nevada added $4.38 to finish at $57.92 per share.
TSX greatest percentage change
Redhawk Res Stonegate Agri Alexco Res Golden Queen Entree Gold Moneta Porcpn Stockport Expl Iamgold Mines Managmnt Torex Gold Cardero Res TVI Pacific Inspiration Mg Contintl Gold Frontier Rr Er Nautilus Minls Talon Metals Gabriel Res Perseus Mng Horizns G Bear
TSX greatest value change
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
RDK ST AXR GQM ETG ME SPT IMG MGT TXG CDU TVI ISM CNL FRO NUS TLO GBU PRU HGD
558 0.08 1558 0.03 540 0.65 93 1.12 381 0.45 306 0.10 359 0.03 8630 2.39 15 0.48 7741 1.39 131 0.02 741 0.02 67 0.05 9319 2.57 292 0.11 584 0.39 225 0.12 10397 0.35 31108 0.36 2592 17.94
0.05 0.02 0.45 0.83 0.33 0.08 0.02 1.88 0.34 1.10 0.02 0.01 0.05 1.86 0.08 0.30 0.09 0.27 0.29 14.18
0.08 0.03 0.62 1.10 0.45 0.10 0.03 2.39 0.48 1.38 0.02 0.01 0.05 1.98 0.09 0.30 0.10 0.28 0.29 14.58
+ 100.0 + 50.0 + 40.9 + 32.5 + 32.3 + 26.6 + 25.0 + 23.2 + 21.7 + 21.0 - 40.0 - 33.3 - 30.7 - 21.7 - 21.7 - 21.0 - 20.8 - 19.1 - 18.5 - 15.1
WEEK VOLUME CLOSE CHANGE
Royal Gold Franco-Nevada Agnico-Eagle Detour Gold Centerra Gold Goldcorp Pan Am Silver Silver Std Res Silver Wheaton Tahoe Res Agrium Horizns G Bear Dominion Diam Potash Cp Sask First Quantum Labdr I-Ore Ro Teck Res B Contintl Gold Cameco Corp North Am Pall
RGL FNV AEM DGC CG G PAA SSO SLW THO AGU HGD DDC POT FM LIF TCKB CNL CCO PDL
TSX VENTURE EXCHANGE The S&P/TSX Venture Composite Index had a bumpy ride, but gained 2.71 points en route to a 549.91-point close. The uneven trading sessions followed the rise and fall of copper and oil futures, which started strong before stumbling later in the week. Markets dealt with uncertainty over a U.S. interest rate hike after the Federal Reserve deferred a decision on an increase until year-end, while Statistics Canada reported that the Canadian financial system gained 12,000 jobs in August, as full-time employment rose by 54,400. November contracts for West Texas Intermediate crude oil briefly hit a four-week high of US$47, before taking a dive and finishing relatively flat at US$44.87 per barrel. December contracts for copper dropped 2%, or US5¢, en route to a US$2.40 close, while December contracts for gold gained 3.1%, or US$34.20, before closing at US$1,138.10 per oz. Abitibi Royalties approached the top of the value-added column after acquiring a royalty near an advanced-stage Canadian gold project. The company gained 13¢ on 23,100 shares traded before closing at $2.39 per share. Abitibi paid $12,000 in cash for
TNM Sep 28 2015 Issue.indd 6
+ 4.78 + 4.38 + 2.94 + 1.79 + 1.20 + 1.12 + 1.07 + 1.03 + 0.93 + 0.87 - 4.46 - 2.61 - 1.45 - 0.80 - 0.80 - 0.75 - 0.57 - 0.55 - 0.49 - 0.47
S E P T 14 -18
a 2% net smelter return royalty on privately held claims located 2 km west of New Gold’s Rainy River project, 65 km northwest of Fort Frances, Ont. The junior gets 15% of any cash proceeds if the project is sold or joint-ventured. New Gold is targeting production in 2017 at Rainy River, which could produce 325,000 oz. gold and 480,000 oz. silver annually over a 14-year mine life. Explorer Kennady Diamonds led the value-lost category after announcing a $48-million private placement to advance its Kennady North project in the Northwest Territories. The company dropped 55¢ on 271,000 shares traded, before finishing near a 52-week low of
TSX-V most active issues
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
Ashburton Vent ABR 20113 Graphite One R GPH 11778 Equitas Res EQT 10926 Dajin Res DJI 7666 Medallion Res MDL 7514 CB Gold CBJ 7026 Discovery Vent DVN 6221 Ultra Lithium ULI 5083 True Gold Mng TGM 4328 Temex Res TME 3516
0.03 0.09 0.22 0.16 0.04 0.07 0.18 0.02 0.19 0.13
0.02 0.08 0.16 0.11 0.03 0.06 0.12 0.01 0.15 0.10
0.02 - 0.09 0.19 + 0.12 - 0.03 - 0.07 + 0.16 + 0.01 - 0.16 - 0.12 +
0.01 0.00 0.01 0.01 0.01 0.02 0.04 0.01 0.02 0.02
$2.85 per share. Kennady said the placement would include shares priced at $2.75, though part “may be brokered” and “include the issuance of flow-through shares” at $3.40. The proceeds are earmarked for work through 2017, including drilling and bulk sampling, evaluation, a preliminary economic assessment, a definitive feasibility study and permitting.
Junior Ashburton Ventures had the most trades after announcing a project acquisition in the Clayton Valley lithium district of Nevada. The company saw 20 million of its shares change hands, but lost 1¢ before finishing at 2¢ per share. On Sept. 15 Ashburton reported it had acquired a 100% interest in the Elon lithium claims in exchange for 5 million shares.
TSX-V greatest percentage change
Canuc Res Tearlach Res Wildcat Expl Goldbank Mng Metalcorp Anglo-Can Mng Laurion Mnl Ex Castle Peak Mg Troymet Expl Copper One Samco Gold Kettle River Pac Casc Minls MacDonald Mns AurCrest Gold Carlin Gold Astorius Res Aguila Am Res Almonty Ind Secova Mtls
TSX-V greatest value change
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
CDA TEA WEL GLB MTC URA LME CAP TYE CUO SGA KRR PCV BMK AGO CGD ASQ AGL AII SEK
11 50 90 30 97 1858 1175 301 2197 100 35 11 40 198 94 2182 70 84 72 1902
0.08 0.05 0.05 0.09 0.01 0.02 0.01 0.01 0.02 0.01 0.18 0.01 0.01 0.01 0.01 0.01 0.02 0.05 0.78 0.06
0.08 0.05 0.02 0.09 0.01 0.01 0.01 0.01 0.01 0.01 0.13 0.01 0.01 0.01 0.01 0.01 0.02 0.05 0.47 0.05
0.08 0.05 0.05 0.09 0.01 0.01 0.01 0.01 0.01 0.01 0.13 0.01 0.01 0.01 0.01 0.01 0.02 0.05 0.52 0.05
+ 433.3 + 233.3 + 125.0 + 112.5 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 56.6 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 40.0 - 35.7 - 35.8 - 35.7
U.S. M ARKETS The U.S. Federal Reserve’s decision to keep interest rates near zero heightened worries about how weak global economic growth would affect U.S. corporate earnings. Fed Chair Janet Yellen said the impact of the global economic slowdown on the U.S., along with financial market volatility and languishing inflation at home, were all factors in her decision not to raise rates. The Fed’s next meeting will be held on Oct. 27–28. The Dow Jones Industrial Average fell 0.3% to 16,384.79 and the S&P 500 Index dropped 0.2% to 1,958.03. For the week, gold rose 2.8% to US$1,139.80 per oz. and the Philadelphia Gold and Silver Index advanced 8.1% to 48.67. Copper fell 2.2% to US$2.39 per lb., nickel was down 6.5% to US$4.37 per lb., lead dropped 1% to US76¢ per lb. and zinc fell 7.9% to US76¢ per lb. Freeport-McMoRan was the most actively traded stock after filing a prospectus supplement with the U.S. Securities and Exchange Commission, under which it may offer and sell more shares of stock for gross proceeds of up to US$1 billion. The move coincided with news that Freeport had
12257 63.31 3982946 57.92 6809395 32.30 7119431 14.65 8788406 7.51 15053832 17.85 1999104 9.43 1869426 8.93 10799252 16.35 3441984 11.14 2245035 131.66 2592239 14.58 1628499 14.16 10977012 32.26 25150783 6.95 1650306 16.00 15587009 8.12 9318961 1.98 8783534 17.62 13394 4.63
WEEK VOLUME CLOSE CHANGE
Reservoir Mnls Abitibi Royalt Timberline Res Avino Silver Energold Drill Lion One Mtls Canuc Res Kobex Mnls Nevada Expl Atac Res Kennady Diam Almonty Ind Titanium Corp Samco Gold Largo Res Midland Expl Bacanora Mnls Ascot Res Lowell Copper Chesapeake Gld
RMC RZZ TBR ASM EGD LIO CDA KXM NGE ATC KDI AII TIC SGA LGO MD BCN AOT JDL CKG
837305 23088 154205 50184 42728 144386 10683 233138 84555 265183 270743 71820 96035 35000 451648 128200 148621 28015 21476 84983
4.37 2.39 0.52 1.34 0.70 0.32 0.08 0.60 0.27 0.48 2.85 0.52 0.80 0.13 0.35 0.50 1.80 1.40 0.25 1.48
+ + + + + + + + + + - - - - - - - - - -
0.29 0.13 0.11 0.11 0.10 0.07 0.07 0.05 0.05 0.05 0.55 0.29 0.20 0.17 0.14 0.10 0.10 0.09 0.08 0.06
S E P T 14 -18 raised US$1 billion in proceeds from selling 96.7 million shares of stock in open market transactions since Aug. 10. The company also said it “continues to engage in discussions to partner with strategic investors interested in investing capital in the development of its oil and gas properties and to consider the previously announced potential initial public offering of a minority interest in Freeport-McMoRan Oil & Gas Inc., as market conditions warrant.” Freeport’s shares fell US52¢, or 4.5%, to US$10.88. Shares of Randgold Resources and
U.S. most active issues
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
Freeport McMo* FCX Alcoa* AA Barrick Gold* ABX Harmony Gold* HMY Kinross Gold* KGC Goldcorp* GG Newmont Mng* NEM Peabody Enrgy* BTU Gold Fields* GFI Coeur Mng* CDE
213461 12.59 10.54 10.88 - 0.52 122521 10.16 9.32 9.97 + 0.32 112762 7.04 6.14 6.75 + 0.40 60915 0.96 0.68 0.80 + 0.11 57349 1.87 1.43 1.85 + 0.33 56215 14.06 12.43 13.53 + 0.92 51781 17.65 15.71 16.98 + 0.74 50942 1.71 1.30 1.41 - 0.24 50830 2.90 2.52 2.87 + 0.12 37307 3.37 2.52 3.12 + 0.42
AngloGold Ashanti closed higher after the two companies signed an agreement to form a joint venture that will redevelop and operate AngloGold’s iconic but underperforming Obuasi gold mine in Ghana. Under the deal, Randgold will work on a
development plan to make the mine more efficient and mechanized, and submit the plan to both boards in January. Randgold would be operator if development is endorsed, and both companies would fund redevelopment.
U.S. greatest percentage change
Uranium Res* Alexco Res* Timberline Rs* Mines Managem* Entree Gold* Golden Star* Kinross Gold* Iamgold* Intl Tower Hi* Hecla Mining* Cliffs Nat Rs* Peabody Enrgy* Taseko Mines* Arch Coal* Minco Gold* Dominion Diam* Intrepid Pots* Northern Dyn* Tasman Mtls* Teck Res B*
VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE
URRE AXU TLR MGN EGI GSS KGC IAG THM HL CLF BTU TGB ACI MGH DDC IPI NAK TAS TCK
720 1.34 1688 0.50 810 0.53 150 0.39 478 0.34 3010 0.25 57349 1.87 8746 1.80 108 0.30 30997 2.26 24151 3.71 50942 1.71 575 0.52 15283 5.22 400 0.19 959 11.63 858 7.49 422 0.48 148 0.40 32566 6.75
0.72 0.32 0.33 0.26 0.24 0.19 1.43 1.43 0.23 1.86 2.96 1.30 0.45 3.38 0.16 10.47 6.64 0.38 0.33 6.06
1.34 0.46 0.45 0.39 0.34 0.23 1.85 1.79 0.29 2.22 3.08 1.41 0.45 3.48 0.17 10.74 6.69 0.40 0.37 6.15
+ 83.3 + 40.6 + 36.3 + 34.4 + 28.8 + 23.1 + 21.7 + 21.7 + 17.8 + 16.8 - 15.8 - 14.5 - 12.2 - 11.4 - 10.5 - 8.9 - 7.4 - 7.2 - 5.9 - 5.9
U.S. greatest value change WEEK VOLUME CLOSE CHANGE
Royal Gold* RGLD 4887807 47.81 Franco-Nevada* FNV 7357304 43.90 Randgold Res* GOLD 6505752 60.44 Agnico-Eagle* AEM 18712025 24.46 Central GoldT* GTU 330430 40.00 AngloGold Ash* AU 25012587 8.50 Goldcorp* GG 56215320 13.53 Mesabi Trust* MSB 126333 13.45 Pan Am Silver* PAAS 15707838 7.10 Silver Std Re* SSRI 8476825 6.74 Agrium* AGU 646494 99.91 Mosaic* MOS 20888245 36.98 Rio Tinto* RIO 6031909 35.52 Dominion Diam* DDC 959292 10.74 Cliffs Nat Rs* CLF 24151224 3.08 Intrepid Pots* IPI 857943 6.69 Freeport McMo* FCX 213460721 10.88 Potash C Sask* POT 23578534 24.45 Arch Coal* ACI 15282985 3.48 Hi-Crush Part* HCLP 740203 12.25
+ 3.57 + 3.51 + 2.60 + 2.31 + 1.90 + 1.12 + 0.92 + 0.87 + 0.80 + 0.79 - 2.72 - 2.16 - 1.69 - 1.06 - 0.58 - 0.54 - 0.52 - 0.52 - 0.45 - 0.40
15-09-23 5:12 PM
THE NORTHERN MINER
7
SEPTEMBER 28-OCTOBER 4, 2015
METALS, MINING AND MONEY MARKETS SPOT PRICES
PRODUCER AND DEALER PRICES
COURTESY OF SCOTIABANK
Tuesday, September 22, 2015 Precious Metals Price (US$/oz.) Gold $1129.30 Silver $14.94 Platinum $980.00 Palladium $601.00
Change +23.80 +0.59 +24.00 +11.00
Base Metals Nickel Copper Lead Zinc
Change -175.00 -191.00 -22.50 -29.00
Price (US$/tonne) $9630.00 $5075.00 $1681.50 $1621.50
LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, September 21, 2015 (change from September 14, 2015 in brackets): Aluminium Alloy 12740 (0) Aluminium 3224425 (+48550) Copper 335850 (-5025) Lead 165450 (-2500) Nickel 454122 (+5802) Tin 5105 (-435) Zinc 605675 (+11700)
Thermal Coal CAPP: US$42.50 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$48.65 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.90 Coal: CME Group Futures Oct. 2015: US$42.13; Nov. 2015: US$42.13 Cobalt: US$12.70/lb. Copper: US$2.33/lb. Copper: CME Group Futures Oct. 2015: US$2.30/lb.; Nov. 2015: US$2.30/lb Ferro-Chrome: US$2.09/kg FerroTungsten: US$27.72/kg Ferrovanadium: US$19.64/kg Iridium: NY Dealer Mid-mkt US$510/tr oz. Iron Ore 62% Fe CFR China-S: US$57.10/tonne Iron Ore Fines: US$52.15/tonne Iron Ore Pellets: US$69.15/tonne Lead: US$0.76/lb. Magnesium: US$2.21/kg Manganese: US$1.78/kg Molybdenum Oxide: US$5.58/lb. Phosphate Rock: US$115/tonne Potash: US$307.00/tonne Rhodium: Mid-mkt US$765.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$14.80 per oz.; Handy & Harman Fabricated: US$18.50 per oz. Tantalite Ore: : US$170.28/kg Tin: US$6.83/lb. Uranium: U3O8, Trade Tech spot price: US$37.25/lb.; The UX Consulting Company spot price: US$37.25/lb. Zinc: US$0.73/lb. Prices current Sept. 23, 2015
TSX SHORT POSITIONS
TSX VENTURE SHORT POSITIONS
Short positions outstanding at Aug. 31/15 (with changes from Aug. 15/15).
Short positions outstanding at Aug. 31/15 (with changes from Aug. 15/15).
Largest short positions Lundin Mining LUN 39684608 New Gold NGD 31277766 Kinross Gold K 27563908 B2Gold BTO 25203872 PotashCorp POT 23158758 First Quantum FM 21991455 Teck Res. TCK.B 17781827 Yamana Gold YRI 13860366 Barrick Gold ABX 12788932 Denison Mines DML 12510711 Thompson Crk Mtl TCM 12372436 OceanaGold OGC 11812346 Detour Gold DGC 9546321 Copper Mountain Min. CUM 8637104 Goldcorp G 8455478 Largest increase in short position Alamos Gold AGI 5161156 Goldcorp G 8455478 OceanaGold OGC 11812346 First Quantum FM 21991455 Klondex Mines KDX 2352655 Largest decrease in short position Eldorado Gold ELD 5137077 First Maj. Silver FR 4987826 Detour Gold DGC 9546321 Hudbay Mining HBM 3715226 Mcewen Mining MUX 2876877
Largest short positions Equitas Res. EQT 3286400 Integra Gold ICG 663415 Bonterra Res. BTR 522000 Gold Reserve GRZ 463100 Nemaska Lithium NMX 428000 Arian Res. ARC 301000 Gowest Gold GWA 295000 Zenyatta Vent. ZEN 291700 CB Gold CBJ 260000 Minaurum Gold MGG 238000 Roxgold ROG 189981 Dajin Res. DJI 146500 Georox Res. GXR 127400 Northern Graphite NGC 111434 Pure Energy Min. PE 103958 Largest increase in short position Equitas Res. EQT 3286400 Bonterra Res. BTR 522000 Arian Res. ARC 301000 Gowest Gold GWA 295000 CB Gold CBJ 260000 Largest decrease in short position Dajin Res. DJI 146500 Ximen Mining XIM 0 Nippon Dragon Res. NIP 0 Emerita Res. EMO 0 Canasil Res. CLZ 300
528455 523662 -254215 -158188 532311 1361723 241866 710511 720217 903701 -42739 1485033 -1362572 -142981 3697531 3706736 3697531 1485033 1361723 1044019 -3068260 -1989815 -1362572 -779624 -720033
3208900 -44331 522000 252500 -66695 301000 295000 16200 260000 236400 -25019 -1835500 -22600 2800 85658 3208900 522000 301000 295000 260000 -1835500 -930000 -717000 -255000 -199700
NORTH AMERICAN STOCK EXCHANGE INDICES 52-week
Date TSX Composite S&P/TSX-Ven Comp S&P TSX 60 Global Gold TSX Metals & Mining Gold & Silver XAU Arca Gold Bugs
Sept 21 13779.44 549.76 811.47 126.13 413.25 47.45 112.37
Sept 18 13646.90 549.91 803.73 128.40 435.10 48.67 116.10
Sept 17 13787.16 551.32 812.13 127.68 456.51 48.47 114.55
Sept 16 13763.78 553.38 811.31 124.61 453.57 47.31 111.76
Sept 15 13462.71 548.43 793.57 118.03 444.10 44.27 104.97
High 15524.75 955.17 905.09 195.63 883.42 84.58 211.23
Low 12705.17 509.03 750.26 114.48 393.29 42.72 101.28
DAILY METAL PRICES Date Sept 21 Sept 18 Sept 17 Sept 16 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1730/1740 1695/1710 1695/1710 1700/1710 Aluminum 1611.50/1622 1624/1635 1606/1618 1598/1618 Copper 5266/5253 5357/5348 5368/5361 5349/5347 Lead 1666/1679 1689/1705 1700/1717 1693/1706 Nickel 9700/9750 9750/9790 9885/9890 10105/10155 Tin 15300/15200 15000/15000 15550/15425 15875/15650 Zinc 1651.50/1664 1697.50/1716 1694.50/1716 1701/1727
1700/1710 1600/1615 5288/5276 1662/1675 9845/9870 15600/15475 1694.50/1715
PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1136.85 1136.00 1118.15 Gold PM 1133.25 1141.50 1117.50 Silver 15.18 15.26 14.76 Platinum 972.00 988.00 960.00 Palladium 602.00 611.00 602.00
1105.50 1105.95 14.35 959.00 596.00
1109.75 1117.60 14.51 964.00 598.00
Sept 15
EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Sept 21 Sept 18 US$ in C$ 1.3250 1.3147 C$ in US$ 0.7547 0.7606
Sept 17 1.3186 0.7584
Sept 6 1.3178 0.7588
Sept 15 1.3263 0.7540
EXCHANGE RATES (Bank of Canada, September 21, 2015) Currency Aus $ Euro Japan In C$ 0.9436 1.4845 0.01100 In US$ 0.7424 1.1204 0.00830
Mex P 0.07936 0.05989
SA Rand 0.09827 0.07417
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 Sep 28 2015 Issue.indd 7
UK £ 2.0544 1.5505
STAFF INVESTMENT POLICY
TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ US$29.48 to Aug 30/18. Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17. Crocodile Gold (CRK.WT) - Wt buys sh @ $2.25 to Mar 24/16. Dalradian Resources (DNA.WT) - Wt buys sh @ $1.50 to Jul 31/17. Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov. 20/15. Franco-Nevada (FNV.WT.A) - Wt buys sh @ $75 to Jun 16/17. Gran Colombia Gold (GCM.WT) - Wt buys sh @ $65.00 to Aug 24/15. (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19. Hudbay Minerals (HBM.WT) - Wt buys sh @ $15.00 to Jul 20/18. IMX Resources (IXR.WT) - Wt buys sh @ C$0.62 or A$0.60 to Sep 14/15. Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.80 to Dec 10/15. MBAC Fertilizer (MBC.WT) - Wt buys sh @$1.00 to Apr 17/19. New Gold A (NGD.WT.A) - Wt buys sh @ $15 to June 28/17. Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.50 to Feb 18/22 Primero Mining (P.WT) - Wt buys sh @ $8 to July 20/15 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $.40 to Jul 17/17. Royal Nickel (RNX.WT) - Wt buys sh @ $.80 to Jul 11/16. RTG Mining (RTG.WT) - Wt buys sh @ $1.50 to Jun 4/17. Rubicon Minerals (RMX.WT) – Wt buys sh @$2 to Mar 12/15. Sandstorm Gold (SSI.WT.A) Wt buys 1/5 sh @ US$5 to Oct 19/15. (SSI.WT.B) Wt buys sh @ US$14 to Sep 7/17. (SSI.WT.C) Wt entitles holder to receive 0.145 of a sh to Oct 7/14.
Stonegate Agricom (ST.WT.A) - Wt buys sh @ $0.40 to Jul 24/15. Stornoway Diamond (SWY.WT.A) - Wt buys sh @ $0.90 to Jul 3/16. Vista Gold (VGZ.WT.U) - Wt buys sh @ US$5 to Oct 22/15. Supplied by TMX Group.
TSX VENTURE EXCHANGE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.60 to Aug 20/18. Avala Resources (AVZ.WT) - Wt buys sh @ $4.80 to Mar 6/16. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18. Cornerstone Capital Resources (CGP.WT) - Wt buys sh @ $0.35 to Apr 7/19. Delta Gold (DLT.WT) - Wt buys sh @ $0.17 to Sep 14/17. Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19. Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 30/16. Monarques Resources (MQR.WT) - Wt buys sh @ $0.20 to Dec 14/15. (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17. NexGen Energy (NXE.WT) – Wt buys sh @ $o.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15. (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15. Sunridge Gold (SGC.WT) – Wt buys sh @ $0.35 to Oct 18/17. West African Resources (WAF.WT) - Wt buys sh @ $0.40 to Jan 17/17. West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.30 to Apr 17/19. Supplied by TMX Group Inc.
NEW 52-WEEK HIGHS AND LOWS — SEPTEMBER 14-18, 2015 26 New Highs Adroit Res African Queen Alacer Gold AMI Res Anglo-Can Mng Aurania Res BCM Res Challenger Dee China Mnls Mng Dajin Res Equitas Res Ethos Gold Globex Mng Goldbank Mng MacMillan Mnls Menika Mining Metalcorp Minsud Res Moneta Porcpn MPH Vent Orex Expl Plato Gold Rusoro Mng Temex Res UC Res Virginia Engy
266 New Lows Aben Res Aberdeen Intl Adamera Mnls Adroit Res Aldershot Res Aldrin Res Alexandria Mnl Alloycorp Almaden Mnls* Almaden Mnls Almonty Ind Amador Gold Anaconda Mng Anconia Res AQM Copper Arctic Star Rs Argex Titanium Argus Metals Arian Silver Asher Res Astorius Res Astur Gold Atna Res Ltd Augen Gold Aura Mnls Aurcana Corp AurCrest Gold Baja Mng Bannerman Res Bard Vent Barisan Gold Bear Creek Mng Bellhaven Cp&G Benton Cap Bitterroot Res Burnstone Vent Canada Rare Ea Canada Zinc Mt Canadn Arrow Canadn Int Mnl Canadn Orebods Canadn Plat Canadn Zinc Canasil Res
CaNickel Mng Canuc Res Capstone Mng Caracara Silvr Castle Peak Mg Central Iron O Centurion Mnls Champion Bear China Mnls Mng CMC Metals Coeur Mng* Colibri Res Colombia Crest Commander Res Condor Res Contl Precious Copper Mtn Mng Copper North M Coronado Res Corsa Coal Corvus Gold Crazy Horse Rs Cypress Dev Decade Res Defiance Silvr Discovery-Corp Dominion Diam* Dominion Diam Eagle Plains Ecuador G & C Edgewater Expl El Nino Vent El Tigre Silvr Emerick Res Europn Uran Rs Excalibur Res Fieldex Expl Forsys Metals Forum Uranium Freeport Res Frontline Gold Galore Res Galway Mtls GAMCO Glb Gld* Geodex Mnrls Geologix Ex Gitennes Expl Gobimin Gold Bulln Dev Gold Finder Ex Goldcliff Res Golden Band Golden Tag Gran Colombia Grande Portage Granite Ck Gld Great Atlantic Great Quest Me Handa Copper Happy Ck Minls Harvest Gold Heatherdale Rs Highbank Res Highway 50 Gld HiHo Silver Hinterland Mtl Hunt Mng Iconic Mnls IEMR Res Inca One Res Independence G Intl Montoro R Intrepid Pots* INV Metals
Ivernia J.A.G. Mines Jayden Res Kennady Diam Kettle River Kings Bay Gold Kivalliq Enrgy Klondike Gold Klondike Silv Kootenay Gold Lakeland Res Largo Res Laurion Mnl Ex Lomiko Mtls Lucara Diam MacDonald Mns Magellan Minls Makena Res Marengo Mng Marifil Mines Marlin Gold Mason Graphite Maudore Minls Megastar Dev Melior Res Mesa Expl Metalcorp Midland Expl Mines Managem* Mines Managmnt Monarques Res Mosaic* Mountain Boy M Mountain Prov Mundoro Cap Mustang Minls Namibia Rare E Nautilus Minls Nevada Clean M Nevada Copper New Nadina Newmac Res Nomad Ventures Noram Vent North Am Nickl North Am Tung North Arrow Mn Northcliff Res Northern Abiti Northern Freeg Northern Gld M Northern Lion NV Gold Oceanic Iron O Opta Minls Oracle Mng Orestone Mng Orezone Gold Orocobre Orosur Mng Pac Casc Minls Pac Coal Res Pac Potash Philippine Mtl Phoenix Gold Pinecrest Res Planet Mng Precipitate Gl Proam Expl Puma Expl Purepoint U QMC Quantum Ml Radius Gold Randgold Res*
Randsburg Intl Ratel Grp Rathdowney Res Red Tiger Mng Redzone Res Remington Res Riverside Res RJK Explor Rockhaven Res Rockwell Diam Romios Gold Rs Sable Res Sage Gold Samco Gold Sanatana Diam Santacruz Silv Savant Expl Selwyn Res Sennen Res Serengeti Res Sherritt Intl Silver Bear Rs Silver Mtn Mns Silver Range R Silver Wheatn* Silver Wheaton Silvercorp Mtl Solitario Ex&R Solvista Gold Source Expl Southern Silvr SouthGobi Res Sprott Res St-Georges Plt Stakeholdr Gld Standard Graph Stans Energy Stellar Pac Vt Strategic Metl Sulliden Mng C Sultan Mnrls Sutter Gold TAD Mnl Expl Tanzania Mnls Teras Res Teuton Res Timmins Gold* Timmins Gold TNR Gold Tres-Or Res True Gold Mng Trueclaim Expl TVI Pacific UEX Corp Ultra Lithium Unigold ValGold Res Vangold Res Vena Res Vendome Res VMS Vent WCB Res West Af Iron O West Kirkland Western Melv M Westkam Gold Wildcat Expl Wolfden Res Wolverine Mnls Xmet Xtierra Zazu Metals Zimtu Capital Zinco Mng
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The Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public offerings or to engage in short selling.
CONVERSIONS OF WEIGHTS & MEASURES 1 troy ounce = 31.1 grams 1 kilogram = 32.15 troy ounces 1 kilogram = 2.2046 pounds 1 (metric) tonne = 1,000 kilograms 1 (metric) tonne = 2,204.6 pounds 1 (short) ton = 2,000 pounds 1 (metric) tonne = 1.1023 (short) tons
1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres
REPRINTS Reprints of any article published in The Northern Miner or on our website are available. We will provide them in a “PDF” format for $350. Contact: moliveira@northernminer.com or 416-510-6768
15-09-23 5:12 PM
8 SEPTEMBER 28-OCTOBER 4, 2015 THE NORTHERN MINER
STOCK TABLES (100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
A Abacus Mng&Ex V 8794 0.08 0.06 0.08 + 0.03 0.09 0.03 Abcourt Mines V 6955 0.04 0.04 0.04 + 0.01 0.07 0.03 ABE Res V 119 0.03 0.03 0.03 - 0.01 0.10 0.03 Aben Res V 187 0.07 0.06 0.06 - 0.01 0.33 0.06 Aberdeen Intl T 16210 0.13 0.11 0.11 - 0.01 0.20 0.11 Abitibi Royalt V 230 2.40 2.20 2.39 + 0.13 5.10 1.53 Actus Mnls V 40 0.02 0.02 0.02 0.00 0.12 0.01 Adamera Mnls V 1058 0.03 0.03 0.03 0.00 0.08 0.03 Adanac Moly V 45 0.19 0.19 0.19 - 0.01 0.20 0.15 Adex Mining V 80 0.01 0.01 0.01 0.00 0.02 0.01 Adriana Res V 1885 0.10 0.09 0.09 - 0.01 0.19 0.08 Adroit Res V 5688 0.01 0.01 0.01 0.00 0.01 0.01 Adventure Gold V 1310 0.14 0.12 0.13 + 0.02 0.19 0.06 African Gold G V 1390 0.05 0.04 0.05 0.00 0.10 0.04 African Queen V 12386 0.03 0.02 0.03 + 0.01 0.03 0.01 Africo Res T 1979 0.41 0.37 0.41 + 0.01 0.43 0.30 Agnico-Eagle* N 187120 25.49 21.52 24.46 + 2.31 35.25 21.00 Agnico-Eagle T 68093 33.30 28.53 32.30 + 2.94 43.70 25.05 Agrium* N 6464 105.60 99.63 99.91 - 2.72 116.77 82.04 Agrium T 22450 139.10 130.27 131.66 - 4.46 146.51 92.81 Aguila Am Res V 835 0.05 0.05 0.05 - 0.03 0.13 0.03 Alabama Graph V 6711 0.24 0.20 0.21 - 0.03 0.35 0.14 Alacer Gold T 113167 3.23 2.82 3.10 + 0.15 3.23 1.77 Alamos Gold* N 111783 4.72 4.12 4.70 + 0.50 9.07 2.98 Alamos Gold T 28747 6.21 5.43 6.13 + 0.60 10.31 3.90 Alberta Star V 4498 0.04 0.03 0.03 0.00 0.08 0.02 Alcoa* N 1225214 10.16 9.32 9.97 + 0.32 17.75 7.97 Alderon Irn O* X 658 0.17 0.14 0.16 + 0.00 0.95 0.13 Alderon Iron O T 1060 0.21 0.19 0.20 - 0.01 1.03 0.17 Aldershot Res V 140 0.01 0.01 0.01 0.00 0.05 0.01 Aldridge Minls V 104 0.18 0.17 0.17 0.00 0.30 0.16 Aldrin Res V 1039 0.14 0.11 0.13 + 0.01 0.30 0.11 Alexander Nubi V 325 0.08 0.07 0.08 - 0.03 0.28 0.06 Alexandria Mnl V 2751 0.03 0.03 0.03 0.00 0.07 0.03 Alexco Res T 5402 0.65 0.45 0.62 + 0.18 1.09 0.34 Alexco Res* X 16880 0.50 0.32 0.46 + 0.13 0.96 0.26 Alix Res V 90 0.06 0.05 0.06 + 0.01 0.20 0.03 Alliance Mng V 2546 0.01 0.01 0.01 0.00 0.06 0.01 Alliance Rs P* Q 10540 25.10 24.24 24.86 + 0.28 50.02 19.95 Alloycorp V 7412 0.02 0.02 0.02 0.00 0.10 0.02 Almaden Mnls* X 3019 0.55 0.48 0.52 - 0.01 1.43 0.48 Almaden Mnls T 918 0.72 0.65 0.70 + 0.01 1.80 0.65 Almonty Ind V 718 0.78 0.47 0.52 - 0.29 0.86 0.47 Alpha Gold V 23 0.05 0.05 0.05 - 0.01 0.06 0.03 Alphamin Res V 480 0.21 0.21 0.21 - 0.01 0.32 0.11 Altai Res V 200 0.06 0.06 0.06 0.00 0.12 0.05 Altan Rio Mnls V 3435 0.02 0.02 0.02 0.00 0.06 0.02 Altima Res V 3270 0.02 0.02 0.02 - 0.01 0.06 0.01 Altitude Res V 185 0.13 0.10 0.12 - 0.03 0.30 0.09 Altius Mnrls T 3538 12.05 11.25 11.63 - 0.22 15.47 9.86 Alum Cp China* N 966 8.79 8.33 8.44 - 0.02 17.44 7.20 Am Creek Res V 200 0.05 0.05 0.05 0.00 0.10 0.03 Amador Gold V 63 0.01 0.01 0.01 - 0.01 0.01 0.01 Amarc Res V 2556 0.11 0.09 0.09 + 0.01 0.18 0.07 Amarillo Gold V 680 0.13 0.12 0.13 0.00 0.15 0.04 American Manga V 770 0.02 0.01 0.01 - 0.01 0.04 0.01 American Vanad V 1129 0.09 0.08 0.09 - 0.01 0.57 0.05 Amerigo Res T 488 0.26 0.24 0.24 0.00 0.45 0.22 Amex Expl V 25 0.04 0.04 0.04 0.00 0.09 0.03 AMI Res V 300 0.06 0.06 0.06 + 0.01 0.06 0.01 Anaconda Mng T 7485 0.04 0.04 0.04 0.00 0.07 0.04 Anconia Res V 75 0.01 0.01 0.01 - 0.01 0.05 0.01 AndeanGold V 7506 0.02 0.02 0.02 + 0.01 0.04 0.01 Anfield Nickel V 248 0.75 0.72 0.72 - 0.03 1.05 0.65 Anfield Res V 124 0.17 0.15 0.17 + 0.01 0.52 0.07 Angel Gold V 70 0.05 0.05 0.05 0.00 0.10 0.02 Angkor Gold V 5566 0.46 0.38 0.43 - 0.03 0.64 0.33 Anglo-Can Mng V 18575 0.02 0.01 0.01 + 0.01 0.02 0.01 AngloGold Ash* N 250125 8.60 7.18 8.50 + 1.12 14.04 5.64 Antioquia Gold V 2639 0.05 0.04 0.04 - 0.01 0.07 0.01 Antofagasta Gd V 15525 0.24 0.19 0.24 0.00 0.25 0.09 Apogee Silver V 202 0.58 0.37 0.41 + 0.04 0.65 0.18 AQM Copper V 187 0.04 0.04 0.04 + 0.01 0.10 0.04 Aquila Res T 1776 0.15 0.13 0.14 - 0.01 0.19 0.09 Arch Coal* N 152829 5.22 3.38 3.48 - 0.45 29.50 1.00 Arctic Star Rs V 6165 0.03 0.03 0.03 0.00 0.08 0.03 Argentex Mng V 1379 0.04 0.04 0.04 - 0.01 0.08 0.02 Argex Titanium T 13221 0.13 0.10 0.11 - 0.01 0.72 0.10 Argonaut Gold T 23586 1.43 1.15 1.40 + 0.21 4.27 1.14 Argus Metals V 55 0.03 0.02 0.03 + 0.01 0.11 0.02 Arian Silver V 2302 0.19 0.14 0.17 - 0.01 0.75 0.14 Arianne Phosph V 5200 0.85 0.80 0.83 0.00 1.02 0.51 Armistice Res T 128 0.29 0.28 0.29 + 0.01 0.52 0.22 Aroway Mnls V 2010 0.01 0.01 0.01 0.00 0.22 0.01 Arrowstar Res V 93 0.06 0.04 0.06 - 0.01 0.25 0.04 ASA (Bermuda)* N 2927 8.46 7.66 8.25 + 0.48 13.21 7.15 Asanko Gold T 46667 2.23 1.88 2.03 + 0.05 2.80 1.50 Asanko Gold* X 783 1.70 1.42 1.57 + 0.08 2.55 1.26 Ascot Res V 280 1.49 1.37 1.40 - 0.09 2.13 1.01 Ashburton Vent V 201128 0.03 0.02 0.02 - 0.01 0.04 0.01 Asher Res V 1080 0.03 0.02 0.03 0.00 0.08 0.02 Asian Minl Res V 750 0.05 0.05 0.05 - 0.01 0.08 0.03 Aston Bay V 320 0.15 0.14 0.15 + 0.02 0.17 0.08 Astorius Res V 700 0.02 0.02 0.02 - 0.01 0.05 0.02 Astur Gold V 10940 0.02 0.02 0.02 0.00 0.26 0.02 Atac Res V 2651 0.49 0.42 0.48 + 0.05 0.80 0.31 Athabasca Mnls V 946 0.32 0.29 0.29 - 0.03 2.44 0.28 Atico Mng V 7674 0.38 0.36 0.38 - 0.01 0.79 0.35 Atlanta Gold V 589 0.09 0.07 0.08 + 0.01 0.30 0.05 Atna Res Ltd T 2072 0.07 0.06 0.07 + 0.01 0.12 0.06 Augen Gold V 2856 0.02 0.01 0.02 + 0.01 0.07 0.01 Augyva Mng V 1028 0.11 0.09 0.10 - 0.02 0.15 0.07 Aura Mnls T 410 0.07 0.06 0.07 + 0.01 0.13 0.06 Aura Silver Rs V 2245 0.02 0.01 0.02 0.00 0.03 0.01 Aurania Res V 35 0.45 0.45 0.45 + 0.10 0.45 0.30 Aurcana Corp V 3081 0.15 0.13 0.14 + 0.01 0.49 0.13 AurCrest Gold V 940 0.01 0.01 0.01 - 0.01 0.06 0.01 Aureus Mng T 132 0.40 0.38 0.38 + 0.01 0.83 0.27 Aurion Res V 40 0.05 0.05 0.05 0.00 0.08 0.03 Aurvista Gold V 2110 0.07 0.05 0.07 + 0.02 0.11 0.03 Avala Res V 57 0.04 0.04 0.04 - 0.02 0.20 0.03 Avalon Rare M* X 10596 0.13 0.12 0.12 0.00 0.41 0.11 Avalon Rare Mt T 1283 0.18 0.16 0.16 0.00 0.48 0.15 Avino Silver V 501 1.34 1.20 1.34 + 0.11 2.40 1.15 Avino Silver* X 2326 1.02 0.91 0.99 + 0.06 1.97 0.90 Avnel Gold T 230 0.23 0.23 0.23 + 0.01 0.31 0.14 Avrupa Mnls V 25 0.13 0.12 0.12 0.00 0.40 0.07 Azimut Expl V 275 0.20 0.16 0.16 - 0.04 0.32 0.13 Azincourt Res V 210 0.04 0.04 0.04 0.00 0.36 0.03
B B2Gold* X 245109 B2Gold T 226969 Bacanora Mnls V 1486 Baja Mng V 15358 Balmoral Res T 5937 Banks Island G V 5448 Bannerman Res T 334 Banro T 11091 Banro* X 34826 Banyan Gold V 1640 Bard Vent V 1611 Barisan Gold V 2785 Barkerville Go V 5523 Barrick Gold* N 1127624 Barrick Gold T 247228 Batero Gold V 1397 Bayswater Uran V 876 BCGold V 40 BCM Res V 845 Bear Creek Mng V 3314 Beaufield Res V 4010 Bell Copper V 1010 Bellhaven Cp&G V 5 Belmont Res V 137 Belo Sun Mng T 2558 Belvedere Res V 255
TNM Sep 28 2015 Issue.indd 8
1.27 1.09 1.24 + 0.05 2.38 0.98 1.66 1.45 1.61 + 0.04 2.88 1.30 2.00 1.70 1.80 - 0.10 2.05 0.56 0.02 0.02 0.02 0.00 0.06 0.02 0.57 0.51 0.52 0.00 1.67 0.49 0.03 0.02 0.03 + 0.01 0.44 0.02 0.03 0.03 0.03 0.00 0.09 0.03 0.26 0.24 0.26 + 0.02 0.47 0.13 0.20 0.18 0.19 + 0.01 0.40 0.12 0.04 0.03 0.03 - 0.01 0.10 0.02 0.02 0.01 0.02 + 0.01 0.05 0.01 0.03 0.02 0.02 0.00 0.17 0.02 0.24 0.20 0.24 + 0.04 0.40 0.11 7.04 6.14 6.75 + 0.40 16.72 5.95 9.23 8.14 8.93 + 0.50 18.48 7.94 0.08 0.07 0.08 + 0.01 0.11 0.06 0.03 0.02 0.03 + 0.01 0.08 0.02 0.02 0.01 0.02 0.00 0.04 0.01 0.06 0.05 0.06 + 0.01 0.06 0.02 0.71 0.61 0.62 - 0.01 2.71 0.61 0.05 0.04 0.05 0.00 0.08 0.03 0.04 0.03 0.04 - 0.01 0.05 0.01 0.10 0.10 0.10 0.00 0.45 0.10 0.04 0.04 0.04 0.00 0.11 0.03 0.19 0.17 0.19 + 0.01 0.30 0.11 0.04 0.04 0.04 0.00 0.18 0.04
(100s) Stock
Week
MINING STOCKS listed on NORTH AMERICAN EXCHANGES Trading: September 14-18, 2015 12-month
Exc Volume High Low Last Change High Low
Benton Cap V 1545 Benton Res V 4755 BHP Billi-BBL* N 84133 BHP Billi-BHP* N 151899 BioteQ Env T 18 Bison Gold Res V 20 Bitterroot Res V 2010 Black Iron T 3762 Black Isle Res V 45 Blue Rvr Res V 5990 Blue Sky Uran V 495 Bluestone Res V 15 BMO Jr Gld ETF T 1254 Bold Vent V 860 Bonterra Res V 3885 Bowmore Expl V 570 Bravada Gold V 793 Brazil Res V 3400 Brionor Res V 46 Brixton Mtls V 172 Burnstone Vent V 16585
0.02 0.02 0.02 0.00 0.04 0.02 0.06 0.05 0.05 0.00 0.06 0.03 35.31 32.21 33.80 + 0.76 57.90 30.24 36.14 33.31 34.60 + 0.53 62.48 31.59 0.03 0.03 0.03 0.00 0.06 0.02 0.01 0.01 0.01 + 0.01 0.04 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.04 0.04 0.00 0.12 0.02 0.04 0.04 0.04 - 0.01 0.09 0.02 0.05 0.04 0.05 + 0.02 0.06 0.03 0.06 0.05 0.06 + 0.01 0.26 0.05 0.09 0.09 0.09 + 0.02 0.25 0.05 5.25 4.63 5.22 + 0.52 7.65 4.45 0.03 0.03 0.03 0.00 0.07 0.03 0.21 0.18 0.21 0.00 0.43 0.09 0.03 0.03 0.03 0.00 0.11 0.03 0.04 0.03 0.03 0.00 0.07 0.02 0.53 0.48 0.50 0.00 0.87 0.43 0.01 0.01 0.01 - 0.01 0.03 0.01 0.10 0.07 0.08 + 0.01 0.27 0.06 0.02 0.01 0.01 - 0.01 0.04 0.01
Cabot Corp* N 13407 Cache Expl V 2135 Cadillac Vent V 1000 Caledonia Mng T 629 Calibre Mng V 4820 Calico Res V 450 Callinex Mines V 3568 Cameco Corp* N 113783 Cameco Corp T 87835 Camino Mnls V 700 Canada Carbon V 7458 Canada Rare Ea V 2280 Canada Zinc Mt V 1957 Canadn Arrow V 310 Canadn Int Mnl V 1280 Canadn Mining V 1146 Canadn Orebods V 79 Canadn Plat V 330 Canadn Zinc T 14175 Canaf Group V 5870 Canamex Res V 1366 Canarc Res T 30797 Canasil Res V 8338 Cancana Res V 2737 Candente Coppr T 5001 CaNickel Mng T 83 Cannon Pnt Res V 255 Canoe Mng Vnt V 530 Canstar Res V 451 Canterra Mnls V 1265 Cantex Mn Dev V 30 Canuc Res V 106 Cap-Ex Vent V 916 Capstone Mng T 68639 Caracara Silvr V 250 Cardero Res T 1306 Caribou King R V 5740 Carlin Gold V 21820 Carlisle Goldf T 1731 Carmax Mng V 1142 Cascadero Copp V 7750 Cassius Vent V 20 Castillian Res V 143 Castle Peak Mg V 3010 Catalyst Coppr V 417 CB Gold V 70264 Centamin T 588 Centerra Gold T 87884 Central Fund* X 33531 Central Fund T 1829 Central Gold-T T 79 Central GoldT* X 3304 Central Iron O V 1600 Centurion Mnls V 130 Century Iron M T 20 Chalice Gold M T 500 Challenger Dee V 1550 Champion Bear V 2610 Champion Iron T 3585 Chesapeake Gld V 849 Chiboug Ind Mn V 146 Chilean Gold V 370 Chimata Gold V 11 China Gold Int T 16835 China Mnls Mng V 2399 Claude Res T 6964 Clear Mtn Res V 1100 Cliffs Nat Rs* N 241512 Clifton Star V 202 Cloud Peak En* N 39592 CMC Metals V 10029 Codrington Res V 1005 Coeur Mng* N 373067 Colibri Res V 20 Colombia Crest V 4645 Colonial Coal V 1277 Colorado Res V 1510 Colt Res V 3140 Columbus Gold V 904 Commander Res V 1545 Commerce Res V 2796 Compass Mnls* N 3024 Compliance Eny V 250 Comstock Mng* X 6528 Comstock Mtls V 1610 Condor Res V 415 Confedertn Mls V 470 Cons Richland V 50 Cons Woodjam C V 1060 Consol Energy* N 330782 Constant Mtl R V 3600 Contintl Gold T 93189 Contl Precious T 24 Copper Ck Gold V 70 Copper Fox Mtl V 3512 Copper Mtn Mng T 31658 Copper North M V 570 Copper One V 1000 Coral Gold V 665 Corazon Gold V 27 Cordoba Mnls V 1040 Cornerstone Ca V 4705 Coro Mining T 6304 Coronado Res V 528 Coronet Mtls V 366 Corsa Coal V 3430 Corvus Gold T 842 Cougar Mnls V 150 Crazy Horse Rs V 4068 Cresval Cap V 1000 Critical Elem V 10763 Crown Gold V 130 CVR Partners* N 3425 Cypress Dev V 337
35.04 33.15 33.93 - 0.13 55.98 31.10 0.16 0.15 0.15 0.00 0.27 0.05 0.02 0.02 0.02 0.00 0.20 0.02 0.80 0.72 0.74 - 0.04 1.12 0.54 0.10 0.09 0.09 - 0.01 0.20 0.08 0.12 0.11 0.11 + 0.03 0.19 0.06 0.39 0.32 0.35 + 0.04 0.40 0.16 14.25 13.21 13.32 - 0.34 19.97 12.38 18.77 17.45 17.62 - 0.49 22.46 16.45 0.11 0.09 0.09 - 0.01 0.26 0.03 0.27 0.25 0.27 + 0.01 0.32 0.18 0.03 0.03 0.03 0.00 0.11 0.03 0.22 0.18 0.20 - 0.01 0.51 0.18 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.02 + 0.01 0.05 0.01 0.10 0.09 0.10 0.00 0.24 0.05 0.03 0.02 0.02 - 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.09 0.08 0.09 0.00 0.32 0.08 0.07 0.07 0.07 0.00 0.09 0.04 0.05 0.04 0.04 0.00 0.20 0.04 0.07 0.05 0.06 + 0.01 0.10 0.03 0.04 0.03 0.04 + 0.01 0.08 0.03 0.24 0.20 0.24 + 0.04 0.32 0.15 0.07 0.05 0.05 - 0.01 0.22 0.05 0.14 0.08 0.14 + 0.02 0.48 0.08 0.16 0.16 0.16 0.00 0.25 0.10 0.04 0.04 0.04 - 0.01 0.24 0.02 0.07 0.06 0.06 0.00 0.10 0.03 0.05 0.05 0.05 + 0.01 0.11 0.04 0.04 0.04 0.04 - 0.01 0.09 0.03 0.08 0.08 0.08 + 0.07 0.35 0.08 0.02 0.02 0.02 - 0.01 0.06 0.01 0.62 0.50 0.54 - 0.08 2.58 0.50 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.02 0.02 - 0.01 0.07 0.01 0.11 0.10 0.10 - 0.03 0.22 0.04 0.01 0.01 0.01 - 0.01 0.02 0.01 0.25 0.21 0.23 + 0.01 0.42 0.13 0.03 0.03 0.03 0.00 0.11 0.03 0.03 0.02 0.03 + 0.01 0.07 0.02 0.02 0.02 0.02 0.00 0.07 0.02 0.03 0.03 0.03 0.00 0.20 0.01 0.01 0.01 0.01 + 0.01 0.05 0.01 0.16 0.13 0.16 + 0.01 0.54 0.11 0.07 0.06 0.07 + 0.02 0.14 0.03 1.34 1.15 1.34 + 0.15 1.35 0.80 7.55 6.32 7.51 + 1.20 7.98 3.96 11.23 10.50 11.15 + 0.55 13.73 10.15 14.75 13.92 14.75 + 0.59 16.89 12.52 52.70 50.00 52.70 + 2.70 57.25 42.50 40.35 37.74 40.00 + 1.90 46.73 37.22 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.13 0.01 0.30 0.30 0.30 + 0.04 0.44 0.22 0.12 0.10 0.10 - 0.01 0.15 0.08 0.22 0.18 0.22 + 0.01 0.22 0.05 0.09 0.05 0.07 + 0.02 0.19 0.05 0.16 0.13 0.15 + 0.01 0.27 0.07 1.60 1.45 1.48 - 0.06 3.12 1.43 0.03 0.02 0.03 - 0.01 0.05 0.02 0.04 0.04 0.04 0.00 0.09 0.02 0.06 0.06 0.06 + 0.02 0.19 0.01 2.07 1.73 1.98 + 0.19 3.40 1.30 0.01 0.01 0.01 0.00 0.01 0.01 0.64 0.57 0.64 + 0.05 0.78 0.19 0.01 0.01 0.01 0.00 0.06 0.01 3.71 2.96 3.08 - 0.58 15.40 2.28 0.15 0.14 0.15 0.00 0.25 0.06 3.25 2.80 2.85 - 0.15 13.95 2.51 0.04 0.03 0.04 + 0.01 0.08 0.03 0.07 0.04 0.07 0.00 0.15 0.03 3.37 2.52 3.12 + 0.42 7.45 2.52 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.05 0.04 0.05 0.00 0.16 0.04 0.09 0.07 0.07 0.00 0.18 0.06 0.17 0.14 0.15 - 0.01 0.30 0.05 0.38 0.34 0.37 - 0.01 0.55 0.31 0.02 0.02 0.02 - 0.01 0.04 0.02 0.10 0.09 0.10 0.00 0.27 0.07 85.93 82.03 83.72 + 0.66 95.68 78.95 0.09 0.09 0.09 0.00 0.40 0.04 0.66 0.55 0.66 + 0.06 1.42 0.35 0.04 0.03 0.03 0.00 0.04 0.01 0.03 0.02 0.03 0.00 0.09 0.02 0.05 0.04 0.04 - 0.01 0.12 0.03 0.02 0.02 0.02 0.00 0.05 0.01 0.04 0.04 0.04 - 0.01 0.09 0.02 14.05 12.15 13.02 + 0.49 42.26 11.46 0.11 0.09 0.11 + 0.01 0.23 0.07 2.57 1.86 1.98 - 0.55 3.74 1.61 0.30 0.30 0.30 0.00 0.71 0.30 0.06 0.06 0.06 + 0.01 0.07 0.03 0.17 0.16 0.16 - 0.02 0.37 0.10 0.64 0.55 0.59 - 0.05 2.84 0.55 0.04 0.04 0.04 0.00 0.09 0.04 0.01 0.01 0.01 + 0.01 0.07 0.01 0.13 0.09 0.12 + 0.03 0.22 0.06 0.19 0.18 0.18 - 0.01 0.38 0.09 0.11 0.11 0.11 0.00 0.39 0.08 0.03 0.03 0.03 0.00 0.11 0.02 0.03 0.03 0.03 0.00 0.08 0.02 0.21 0.20 0.20 0.00 1.16 0.20 0.03 0.03 0.03 0.00 0.18 0.02 0.06 0.05 0.05 0.00 0.27 0.05 0.50 0.38 0.45 + 0.02 1.35 0.38 0.05 0.04 0.04 - 0.01 0.30 0.03 0.02 0.01 0.02 + 0.01 0.04 0.01 0.05 0.05 0.05 - 0.02 0.06 0.01 0.29 0.25 0.25 - 0.04 0.40 0.16 0.04 0.04 0.04 + 0.01 0.14 0.03 11.37 10.60 11.33 + 0.13 16.12 8.52 0.03 0.03 0.03 0.00 0.40 0.03
Dajin Res V 76663 Dalradian Res T 19577 Dalton Res Ltd V 100 Decade Res V 342 Defiance Silvr V 5373 Dejour Enterp T 581 Dejour Enterp* X 1213 Denison Mines T 29137 Denison Mines* X 3261
0.16 0.11 0.12 - 0.01 0.16 0.04 0.85 0.74 0.77 - 0.08 1.16 0.46 0.13 0.13 0.13 - 0.02 0.38 0.11 0.03 0.02 0.03 + 0.01 0.14 0.02 0.10 0.07 0.08 - 0.02 0.19 0.07 0.15 0.13 0.14 - 0.01 0.31 0.11 0.11 0.10 0.11 - 0.00 0.28 0.08 0.60 0.56 0.56 - 0.05 1.39 0.55 0.46 0.42 0.44 - 0.02 1.26 0.41
C
D-F
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Desert Star V 1230 Detour Gold T 71194 Diagnos V 1593 Diamcor Mng V 167 Diamond Fields V 110 Dios Expl V 129 Discovery Vent V 62211 Discovery-Corp V 2438 DNI Metals V 345 Dolly Vard Sil V 770 Dominion Diam* N 9592 Dominion Diam T 16284 Dorex Minls V 1750 Doubleview Cap V 2632 Dundee Prec Mt T 7937 Duran Vent V 12435 Durango Res V 3140 Dynacor Gold M T 1102 Dynasty Gold V 415 Dynasty Met&Mn T 1124 Eagle Plains V 1998 East Asia Mnls V 11893 Eastern Platin T 3848 Eastmain Res T 3018 Eco Oro Mnls T 592 Ecuador G & C V 4233 Edgewater Expl V 200 El Nino Vent V 19 El Tigre Silvr V 3272 Eldorado Gold* N 90315 Eldorado Gold T 208130 Electra Gold V 1961 Eloro Minls V 12 Ely Gold & Mnl V 166 Emed Mining T 150 Emerick Res V 265 Emgold Mng V 60 Encanto Potash V 22149 Endeavour Mng T 52515 Endeavr Silver T 6064 Endeavr Silve* N 8694 Endurance Gold V 100 Energizer Res T 6420 Energold Drill V 427 Energy Fuels T 1534 Entourage Mtls V 9767 Entree Gold* X 4782 Entree Gold T 3808 Equitas Res V 109260 Equitorial Exp V 3625 Erdene Res Dev T 359 Erin Ventures V 6148 Eskay Mng V 1178 Ethos Gold V 1536 Eurasian Mnls* X 680 EurOmax Res V 151 Europn Uran Rs V 14 Everton Res V 3115 Excalibur Res C 532 Excellon Res T 620 Excelsior Mng V 1358 Exeter Res* X 1848 Exeter Res T 1170 Explor Res V 7623 Faircourt Gold T 1101 Fairmont Res V 290 Falco Res V 5358 Falcon Gold V 2630 Fancamp Expl V 1208 Fieldex Expl V 30 Finlay Minrls V 1300 Firebird Res V 1300 First Bauxite V 80 First Lithium V 591 First Majesti* N 211731 First Majestic T 39066 First Mexican V 4140 First Point T 1050 First Quantum T 251507 Fission 3.0 V 4364 Fjordland Exp V 1040 Flinders Res V 505 Focus Graphite V 7098 Focus Vnt V 785 Foraco Intl T 5 Foran Mng V 1170 Formation Mtls T 711 Forsys Metals T 35 Fortuna Silver T 66962 Fortuna Silvr* N 19752 Fortune Bay T 87 Fortune Mnrls T 4345 Forum Uranium V 1725 Franco-Nevada* N 73573 Franco-Nevada T 39829 Freegold Vent T 232 Freeport McMo* N 2134607 Freeport Res V 180 Frontier Rr Er T 2915 Frontline Gold V 180
0.13 0.13 0.13 0.00 0.25 0.12 14.89 12.69 14.65 + 1.79 16.37 6.02 0.07 0.07 0.07 0.00 0.11 0.04 1.02 1.00 1.00 - 0.02 1.45 0.90 0.02 0.02 0.02 + 0.01 0.05 0.01 0.09 0.07 0.07 - 0.02 0.10 0.03 0.18 0.12 0.16 + 0.04 0.35 0.09 0.04 0.03 0.04 + 0.01 0.14 0.03 0.11 0.09 0.09 - 0.01 0.45 0.06 0.19 0.18 0.19 - 0.01 1.25 0.11 11.63 10.47 10.74 - 1.06 20.30 10.47 15.40 13.80 14.16 - 1.45 24.60 13.80 0.03 0.03 0.03 0.00 0.10 0.02 0.12 0.11 0.12 + 0.01 0.25 0.07 2.49 2.25 2.38 + 0.05 5.40 1.93 0.03 0.02 0.02 + 0.01 0.04 0.01 0.05 0.04 0.04 + 0.01 0.08 0.03 1.62 1.45 1.62 + 0.16 2.59 1.30 0.02 0.01 0.02 0.00 0.03 0.01 0.49 0.42 0.45 - 0.01 1.40 0.40 0.05 0.05 0.05 0.00 0.08 0.05 0.02 0.01 0.02 0.00 0.04 0.01 1.40 1.06 1.25 + 0.17 2.26 0.79 0.35 0.32 0.32 - 0.03 0.62 0.17 0.62 0.57 0.62 + 0.05 0.95 0.14 0.02 0.01 0.02 + 0.01 0.08 0.01 0.01 0.01 0.01 0.00 0.07 0.01 0.02 0.02 0.02 0.00 0.06 0.02 0.08 0.06 0.07 + 0.02 0.30 0.06 3.20 2.59 3.17 + 0.43 7.99 2.45 4.18 3.43 4.15 + 0.53 9.68 3.26 0.08 0.08 0.08 - 0.01 0.14 0.05 0.12 0.12 0.12 0.00 0.20 0.04 0.06 0.06 0.06 0.00 0.10 0.03 0.07 0.07 0.07 0.00 0.14 0.06 0.14 0.13 0.13 - 0.01 0.30 0.13 0.01 0.01 0.01 0.00 0.03 0.01 0.09 0.08 0.08 - 0.01 0.16 0.04 0.62 0.54 0.60 + 0.03 0.88 0.38 2.23 1.97 2.16 + 0.16 5.88 1.64 1.70 1.48 1.60 + 0.07 5.35 1.25 0.03 0.03 0.03 - 0.01 0.08 0.02 0.06 0.05 0.06 0.00 0.31 0.05 0.79 0.62 0.70 + 0.10 1.61 0.51 4.58 3.85 4.31 + 0.20 9.00 3.74 0.07 0.05 0.07 + 0.02 0.22 0.03 0.34 0.24 0.34 + 0.08 0.51 0.08 0.45 0.33 0.45 + 0.11 0.66 0.18 0.22 0.16 0.19 + 0.01 0.22 0.03 0.10 0.08 0.09 - 0.02 0.26 0.07 0.11 0.11 0.11 0.00 0.17 0.09 0.06 0.05 0.06 0.00 0.10 0.04 0.15 0.10 0.15 + 0.04 0.20 0.01 0.19 0.15 0.19 + 0.01 0.19 0.11 0.53 0.48 0.48 - 0.02 0.89 0.40 0.35 0.32 0.35 - 0.05 0.57 0.17 0.01 0.01 0.01 0.00 0.04 0.01 0.04 0.03 0.03 - 0.01 0.07 0.02 0.01 0.01 0.01 - 0.01 0.07 0.01 0.44 0.35 0.42 + 0.07 1.22 0.34 0.24 0.23 0.24 + 0.01 0.39 0.19 0.38 0.35 0.37 - 0.02 0.79 0.35 0.50 0.46 0.48 + 0.01 0.90 0.45 0.05 0.05 0.05 0.00 0.09 0.04 2.70 2.45 2.68 + 0.21 4.38 2.42 0.06 0.06 0.06 + 0.01 0.30 0.05 0.32 0.29 0.32 + 0.01 0.78 0.29 0.04 0.04 0.04 0.00 0.25 0.03 0.04 0.04 0.04 0.00 0.06 0.03 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.03 0.03 + 0.01 0.05 0.02 0.03 0.03 0.03 + 0.01 0.05 0.01 0.05 0.05 0.05 - 0.01 0.10 0.04 0.30 0.28 0.30 + 0.02 0.48 0.18 3.37 2.77 3.24 + 0.38 9.33 2.66 4.40 3.67 4.35 + 0.57 10.32 3.54 0.04 0.03 0.04 + 0.01 0.05 0.02 0.09 0.08 0.08 - 0.01 0.09 0.04 7.85 6.85 6.95 - 0.80 24.12 5.75 0.09 0.08 0.08 - 0.01 0.14 0.06 0.02 0.02 0.02 + 0.01 0.05 0.01 0.33 0.29 0.32 + 0.04 0.87 0.12 0.15 0.12 0.12 + 0.01 0.55 0.10 0.19 0.18 0.19 0.00 0.29 0.16 0.23 0.23 0.23 - 0.04 0.77 0.15 0.14 0.12 0.14 + 0.03 0.48 0.10 0.13 0.12 0.13 0.00 0.23 0.09 0.15 0.14 0.15 0.00 0.36 0.14 3.19 2.67 3.15 + 0.27 6.30 2.65 2.45 2.04 2.44 + 0.27 5.25 2.00 0.32 0.30 0.31 + 0.01 0.43 0.24 0.04 0.03 0.04 0.00 0.30 0.02 0.06 0.05 0.06 0.00 0.16 0.05 44.79 39.97 43.90 + 3.51 58.84 38.20 58.50 52.99 57.92 + 4.38 74.10 49.96 0.13 0.09 0.12 + 0.02 0.24 0.07 12.59 10.54 10.88 - 0.52 34.87 7.76 0.02 0.02 0.02 0.00 0.03 0.02 0.11 0.08 0.09 - 0.03 0.35 0.08 0.01 0.01 0.01 0.00 0.01 0.01
Gabriel Res T 103966 Galane Gold V 250 Galantas Gold V 1652 Galore Res V 1330 Galway Gold V 1676 Galway Mtls V 1482 GAMCO Glb Gld* X 20059 Garibaldi Res V 7362 General Moly* X 2835 Gensource Pot V 4110 Geodex Mnrls V 284 Geodrill T 30103 Geologix Ex T 4970 Geomega Res V 1072 Georox Res V 545 Getty Copper V 60 GFK Res V 250 GGL Res V 100 Gitennes Expl V 260 Giyani Gold V 1842 Glen Eagle Res V 2028 Globex Mng T 2710 GMV Minerals V 90 Gobimin V 2594 GoGold Res T 460 Gold Bulln Dev V 10504 Gold Canyon V 30757 Gold Fields* N 508295 Gold Finder Ex V 65 Gold Mtn Mng V 40 Gold Reach Res V 670 Gold Reserve V 446 Gold Resource* X 21612 Gold Std Vnt V 3000 Gold Std Vnt* X 6020 Goldbank Mng V 300 Goldcliff Res V 19179 Goldcorp T 150538 Goldcorp* N 562153 Golden Arrow R V 923 Golden Band V 511 Golden Dawn Ml V 5006 Golden Hope V 370 Golden Mnls T 421 Golden Mnls* X 2819 Golden Peak Mn V 210 Golden Predatr V 743
0.35 0.27 0.28 - 0.07 1.09 0.25 0.10 0.09 0.10 0.00 0.27 0.08 0.11 0.09 0.09 - 0.02 0.18 0.05 0.01 0.01 0.01 0.00 0.04 0.01 0.09 0.08 0.09 - 0.01 0.12 0.05 0.11 0.09 0.11 0.00 0.17 0.09 5.35 5.00 5.24 + 0.15 10.28 5.00 0.10 0.08 0.10 + 0.02 0.27 0.05 0.49 0.42 0.49 + 0.05 1.00 0.26 0.07 0.07 0.07 0.00 0.08 0.04 0.01 0.01 0.01 - 0.01 0.07 0.01 0.58 0.48 0.58 + 0.08 0.99 0.46 0.03 0.03 0.03 0.00 0.07 0.03 0.11 0.10 0.10 - 0.01 0.29 0.08 0.07 0.06 0.07 + 0.01 0.14 0.05 0.04 0.02 0.04 + 0.01 0.07 0.02 0.10 0.06 0.10 - 0.03 0.20 0.03 0.03 0.03 0.03 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.08 0.07 0.07 0.00 0.20 0.05 0.08 0.07 0.08 + 0.01 0.20 0.03 0.31 0.24 0.29 + 0.05 0.31 0.14 0.10 0.08 0.09 + 0.02 0.26 0.05 0.40 0.36 0.40 + 0.02 0.51 0.36 1.32 1.30 1.30 - 0.05 1.84 1.18 0.02 0.02 0.02 + 0.01 0.06 0.02 0.26 0.21 0.26 + 0.04 0.33 0.09 2.90 2.52 2.87 + 0.12 6.01 2.35 0.03 0.03 0.03 - 0.01 0.07 0.03 0.05 0.05 0.05 0.00 0.18 0.04 0.18 0.17 0.18 0.00 0.52 0.13 3.65 3.12 3.48 - 0.03 5.39 2.48 2.72 2.35 2.70 + 0.24 6.04 1.99 0.58 0.50 0.58 + 0.03 0.80 0.40 0.44 0.39 0.43 + 0.02 0.72 0.26 0.09 0.09 0.09 + 0.05 0.09 0.03 0.01 0.01 0.01 0.00 0.02 0.01 18.37 16.47 17.85 + 1.12 30.95 16.16 14.06 12.43 13.53 + 0.92 25.60 12.19 0.29 0.24 0.28 + 0.04 0.50 0.17 0.01 0.01 0.01 0.00 0.02 0.01 0.19 0.11 0.18 + 0.02 0.30 0.01 0.45 0.42 0.42 - 0.01 0.64 0.08 0.43 0.34 0.40 + 0.01 0.91 0.31 0.33 0.28 0.32 + 0.01 0.78 0.23 0.07 0.05 0.07 + 0.02 0.17 0.04 0.15 0.10 0.15 + 0.05 0.17 0.07
G-H
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Golden Queen T 927 Golden Reign R V 470 Golden Share M V 480 Golden Star T 939 Golden Star* X 30100 Golden Tag V 3140 Golden Val Min V 1734 Goldex Res V 400 Goldeye Expl V 438 Goldfield* X 2203 Goldgroup Mng T 5267 GoldQuest Mng V 2078 Goldrea Res C 10 Goldrock Mines V 1402 Goldrush Res V 4765 Goldsource Min V 518 Goldstrike Res V 10249 Gonzaga Res V 120 Gossan Res V 10 Gowest Gold V 862 Gran Colombia T 1415 Grande Portage V 4010 Granite Ck Gld V 500 Graphite One R V 117780 Great Atlantic V 550 Great Panther* X 11726 Great Panther T 2355 Great Quest Me V 415 Greencastle Rs V 2110 Gresham Res V 28431 Grizzly Discvr V 2077 GTA Res & Mng V 60 Gunpoint Expl V 225 Guyana Gldflds T 35973 Guyana Prec Mt V 1765 GWR Res V 1040 Handa Copper V 70 Happy Ck Minls V 2861 Harmony Gold* N 609150 Harte Gold T 3656 Harvest Gold V 1270 Heatherdale Rs V 9437 Hecla Mining* N 309966 Helio Res V 1277 Hi-Crush Part* N 7402 Highbank Res V 11609 Highland Res V 230 Highway 50 Gld V 60 HiHo Silver C 136020 Hinterland Mtl V 580 Homestake Res V 3350 Horizns G Bear T 25922 Horizns G Bull T 100516 Hornby Bay Mnl V 194 Houston Lake V 1688 HudBay Minls T 47478 HudBay Mnls* N 630 Hudson Res V 732 Hunt Mng V 2229
1.12 0.83 1.10 + 0.27 1.68 0.65 0.08 0.08 0.08 0.00 0.19 0.05 0.04 0.04 0.04 0.00 0.09 0.03 0.31 0.25 0.29 + 0.05 0.55 0.20 0.25 0.19 0.23 + 0.04 0.51 0.16 0.02 0.02 0.02 0.00 0.10 0.02 0.11 0.10 0.11 + 0.01 0.21 0.08 0.04 0.03 0.03 - 0.01 0.08 0.02 0.04 0.04 0.04 - 0.01 0.07 0.03 1.82 1.74 1.77 - 0.04 2.85 1.20 0.06 0.06 0.06 - 0.01 0.24 0.05 0.11 0.10 0.11 0.00 0.20 0.07 0.05 0.05 0.05 + 0.01 0.10 0.02 0.24 0.20 0.20 - 0.05 0.40 0.15 0.02 0.02 0.02 - 0.01 0.03 0.01 0.17 0.16 0.16 0.00 0.26 0.13 0.15 0.13 0.15 0.00 0.21 0.05 0.03 0.03 0.03 - 0.01 0.15 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.08 0.07 0.08 0.00 0.10 0.05 0.21 0.18 0.21 + 0.01 1.06 0.18 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 0.08 0.09 0.00 0.18 0.07 0.05 0.05 0.05 0.00 0.30 0.05 0.43 0.37 0.40 - 0.00 1.27 0.30 0.56 0.49 0.54 + 0.01 1.39 0.40 0.29 0.24 0.26 + 0.01 1.52 0.24 0.08 0.06 0.08 + 0.02 0.10 0.05 0.66 0.58 0.64 + 0.04 0.95 0.46 0.07 0.06 0.06 0.00 0.10 0.02 0.05 0.05 0.05 - 0.01 0.10 0.04 0.18 0.16 0.18 + 0.02 0.25 0.14 4.44 3.71 4.43 + 0.64 4.48 2.15 0.12 0.10 0.11 - 0.01 0.33 0.08 0.04 0.03 0.03 0.00 0.05 0.01 0.07 0.06 0.07 + 0.01 0.12 0.06 0.10 0.08 0.08 - 0.01 0.17 0.08 0.96 0.68 0.80 + 0.11 3.18 0.63 0.06 0.05 0.06 + 0.01 0.14 0.04 0.02 0.02 0.02 + 0.01 0.06 0.02 0.03 0.02 0.02 - 0.01 0.07 0.02 2.26 1.86 2.22 + 0.32 3.54 1.77 0.03 0.03 0.03 + 0.01 0.07 0.02 14.03 11.90 12.25 - 0.40 64.92 11.12 0.09 0.07 0.08 - 0.01 0.31 0.07 0.16 0.13 0.13 - 0.04 0.56 0.10 0.10 0.10 0.10 - 0.01 0.51 0.10 0.01 0.01 0.01 + 0.01 0.03 0.01 0.02 0.01 0.01 - 0.01 0.04 0.01 0.03 0.02 0.03 + 0.01 0.06 0.01 17.94 14.18 14.58 - 2.61 24.65 8.50 3.56 2.85 3.47 + 0.48 8.89 2.75 0.05 0.04 0.04 - 0.01 0.10 0.03 0.16 0.14 0.16 0.00 0.20 0.09 7.10 6.12 6.47 + 0.07 12.61 5.67 5.41 4.64 4.88 + 0.04 10.37 4.27 0.54 0.47 0.50 - 0.05 0.55 0.22 0.04 0.02 0.03 0.00 0.40 0.02
I-Minerals V 260 Iamgold* N 87455 Iamgold T 86299 IBC Adv Alloys V 2103 IC Potash T 1009 Iconic Mnls V 2150 IEMR Res V 100 IMPACT Silver V 1841 Imperial Metal T 2128 Inca One Res V 9037 Independence G V 2977 Indico Res V 100 Indigo Expl V 90 Inspiration Mg T 666 Integra Gold V 11244 Inter-Rock Mnl V 10 Intigold Mines V 2600 Intl Bethl Mng V 6175 Intl Lithium V 2413 Intl Montoro R V 2660 Intl Northair V 3732 Intl Tower Hi* X 1076 Intl Tower Hil T 497 Intl Vestr Res V 1670 Intrepid Pots* N 8579 INV Metals T 1160 ISh COMEX G Tr T 120 Ivanhoe Mines T 21396 Ivernia T 9017 J.A.G. Mines V 2082 Jaxon Mnls V 1030 Jayden Res T 10 Jazz Res V 5 Jet Gold V 300 Kaminak Gold V 4882 Karmin Expl V 519 Karnalyte Res T 69 Katanga Mng T 2112 Kennady Diam V 2707 Kesselrun Res V 3100 Kestrel Gold V 59 Kettle River V 110 Khalkos Expl V 14 Khan Res C 3704 Kilo Goldmines V 6355 Kincora Copper V 936 Kings Bay Gold V 1700 Kinross Gold T 206103 Kinross Gold* N 573491 Kirkland Lk Gd T 31625 Kiska Metals V 1444 Kivalliq Enrgy V 12466 Klondex Mns T 7449 Klondike Gold V 2550 Klondike Silv V 1069 Kobex Mnls V 2331 Kombat Copper V 6439 Kootenay Gold V 5106
0.25 0.21 0.21 - 0.04 0.31 0.14 1.80 1.43 1.79 + 0.32 3.47 1.16 2.39 1.88 2.39 + 0.45 4.09 1.50 0.13 0.12 0.13 + 0.01 0.21 0.09 0.12 0.11 0.11 0.00 0.31 0.10 0.03 0.03 0.03 0.00 0.10 0.03 0.01 0.01 0.01 0.00 0.01 0.01 0.17 0.15 0.16 0.00 0.43 0.14 7.80 7.28 7.60 + 0.05 13.69 7.07 0.12 0.09 0.10 - 0.02 0.29 0.09 0.08 0.07 0.08 0.00 0.11 0.07 0.10 0.10 0.10 + 0.02 0.16 0.02 0.01 0.01 0.01 0.00 0.03 0.01 0.05 0.05 0.05 - 0.02 0.58 0.04 0.29 0.27 0.28 - 0.01 0.36 0.14 0.02 0.02 0.02 - 0.02 0.03 0.01 0.14 0.12 0.14 + 0.02 0.32 0.03 0.02 0.01 0.02 0.00 0.03 0.01 0.08 0.06 0.06 - 0.01 0.09 0.02 0.05 0.04 0.05 0.00 0.10 0.04 0.05 0.04 0.05 - 0.01 0.14 0.04 0.30 0.23 0.29 + 0.04 0.62 0.20 0.38 0.30 0.37 + 0.06 0.75 0.26 0.03 0.03 0.03 - 0.01 0.25 0.02 7.49 6.64 6.69 - 0.54 16.75 6.64 0.13 0.08 0.12 0.00 0.31 0.08 14.50 14.03 14.48 + 0.26 15.78 12.61 0.73 0.68 0.69 0.00 1.37 0.62 0.01 0.01 0.01 0.00 0.13 0.01 0.03 0.02 0.03 0.00 0.06 0.02 0.05 0.04 0.05 0.00 0.06 0.01 0.05 0.05 0.05 0.00 0.16 0.05 0.18 0.18 0.18 0.00 0.23 0.03 0.05 0.04 0.04 0.00 0.15 0.03 0.85 0.79 0.82 + 0.01 1.15 0.53 0.33 0.28 0.32 - 0.02 0.50 0.21 0.64 0.61 0.63 + 0.03 1.08 0.60 0.19 0.16 0.18 0.00 0.47 0.14 3.40 2.84 2.85 - 0.55 8.14 2.84 0.04 0.03 0.04 + 0.01 0.06 0.01 0.03 0.03 0.03 - 0.01 0.07 0.02 0.01 0.01 0.01 - 0.01 0.02 0.01 0.09 0.09 0.09 0.00 0.12 0.06 0.53 0.48 0.48 - 0.03 0.80 0.33 0.05 0.04 0.05 + 0.02 0.16 0.04 0.03 0.03 0.03 0.00 0.05 0.02 0.01 0.01 0.01 0.00 0.01 0.01 2.45 1.90 2.42 + 0.41 4.48 1.79 1.87 1.43 1.85 + 0.33 3.84 1.35 5.79 5.02 5.60 + 0.64 6.88 2.79 0.03 0.02 0.03 0.00 0.07 0.02 0.08 0.07 0.07 - 0.01 0.22 0.07 3.43 3.19 3.36 + 0.10 3.87 1.68 0.09 0.08 0.08 - 0.01 0.28 0.08 0.02 0.02 0.02 0.00 0.05 0.02 0.60 0.55 0.60 + 0.05 0.65 0.46 0.07 0.05 0.05 - 0.03 0.11 0.03 0.25 0.20 0.24 - 0.01 0.56 0.20
Labdr I-Ore Ro T 16503 Lago Dourado M V 129 Lake Shore Gd* X 12210 Lake Shore Gld T 90109 Lakeland Res V 6050 Lara Expl V 626 Laramide Res T 1105 Largo Res V 4516 Latin Am Mnls V 1400 Laurion Mnl Ex V 11745 Legend Gold V 860 Lexam VG Gold T 2718 Lion One Mtls V 1443 Lomiko Mtls V 4058 Loncor Res T 1000 Long Harbour E V 236 Lorraine Coppr V 2070 Los Andes Copp V 775 Lowell Copper V 214 Lucara Diam T 14822 Luna Gold T 2354 Lundin Mng T 94851 Lydian Intl T 774
17.17 15.97 16.00 - 0.75 26.93 10.81 0.06 0.06 0.06 0.00 0.20 0.05 0.94 0.75 0.88 + 0.10 1.14 0.60 1.22 1.00 1.15 + 0.11 1.38 0.70 0.04 0.03 0.04 0.00 0.16 0.03 0.27 0.23 0.25 + 0.02 0.77 0.20 0.26 0.23 0.23 - 0.03 0.55 0.19 0.49 0.35 0.35 - 0.14 2.95 0.35 0.02 0.01 0.02 + 0.01 0.16 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.05 0.04 0.05 + 0.01 0.18 0.03 0.09 0.07 0.08 0.00 0.12 0.06 0.34 0.24 0.32 + 0.07 0.60 0.17 0.03 0.03 0.03 0.00 0.09 0.03 0.06 0.06 0.06 0.00 0.13 0.03 0.07 0.07 0.07 0.00 0.15 0.04 0.05 0.04 0.04 - 0.01 0.08 0.03 0.14 0.14 0.14 - 0.03 0.23 0.09 0.26 0.24 0.25 - 0.08 0.52 0.21 1.60 1.43 1.43 - 0.16 2.41 1.43 0.08 0.06 0.07 + 0.01 0.84 0.05 4.54 4.11 4.16 - 0.27 6.46 3.68 0.30 0.27 0.29 - 0.01 0.85 0.26
I-J-K
L
M MacDonald Mns V 1978 0.01 0.01 0.01 - 0.01 0.02 0.01
15-09-23 5:12 PM
THE NORTHERN MINER SEPTEMBER 28-OCTOBER 4, 2015 9
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
MacMillan Mnls V 1457 Mag Silver T 5924 Mag Silver* X 238 Magellan Minls V 279 Majestic Gold V 730 Major Drilling T 29893 Makena Res V 18769 Malbex Res V 1920 Mandalay Res T 27135 Manitou Gold V 1020 Manson Creek V 2292 Marathon Gold T 6360 Marengo Mng T 500 Margaret Lk Di V 325 Marifil Mines V 465 Marlin Gold V 3589 Mason Graphite V 1944 Matamec Expl V 5107 Maudore Minls V 104 Mawson Res T 8 Mawson West T 1980 Max Res V 390 Maya Gold & Si V 2807 MBAC Fertilizr T 9887 McEwen Mng* N 41554 McEwen Mng T 3142 MDN Inc T 1990 MDU Res* N 53970 Meadow Bay Gd T 927 Mechel* N 31201 Medallion Res V 75143 Mega Uranium T 7182 Megastar Dev V 900 Melior Res V 1410 Melkior Res V 2100 Menika Mining V 888 Merrex Gold V 2770 Mesa Expl V 564 Mesabi Trust* N 1263 Metalcorp V 965 Metalex Vent V 4602 Metalore Res T 17 Metals Ck Res V 470 Metanor Res V 14454 Micrex Devel V 20 Midas Gold T 2482 Midland Expl V 1282 Midnight Sun M V 100 Migao T 585 Millrock Res V 110 Millstream Min V 241 Minas Buenavn* N 92803 Minaurum Gold V 979 Minco Gold* X 4001 Minco Gold T 294 Minco Silver T 230 Minera IRL T 100 Mineral Mtn Rs V 5504 Mines Managem* X 1502 Mines Managmnt T 145 Minsud Res V 20 Miranda Gold V 3977 Mirasol Res V 315 Mkango Res V 80 Monarques Res V 1805 Moneta Porcpn T 3060 Monster Uran V 1900 Montero Mg&Ex V 5300 Monument Mng V 743 Mosaic* N 208882 Mountain Boy M V 208 Mountain Prov T 5248 MPH Vent V 1550 MPVC V 10525 Mundoro Cap V 448 Musgrove Mnls V 10 Mustang Minls V 1050
0.22 0.18 0.19 + 0.03 0.22 0.05 9.75 8.76 9.65 + 0.44 11.00 6.56 7.43 6.63 7.30 + 0.36 9.17 5.60 0.05 0.05 0.05 + 0.01 0.12 0.05 0.05 0.05 0.05 0.00 0.08 0.03 4.51 4.13 4.51 - 0.09 7.49 3.75 0.04 0.02 0.03 + 0.01 0.06 0.02 0.03 0.03 0.03 0.00 0.06 0.01 0.80 0.72 0.76 + 0.04 1.06 0.70 0.03 0.03 0.03 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.12 0.01 0.24 0.22 0.24 + 0.01 0.47 0.18 0.01 0.01 0.01 0.00 0.02 0.01 0.10 0.09 0.09 - 0.02 0.27 0.08 0.02 0.01 0.02 - 0.01 0.02 0.01 0.32 0.25 0.27 - 0.04 1.09 0.25 0.44 0.36 0.37 - 0.03 0.76 0.36 0.04 0.04 0.04 - 0.01 0.07 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.23 0.23 0.23 0.00 0.35 0.15 0.03 0.02 0.03 0.00 0.26 0.02 0.07 0.06 0.06 + 0.01 0.20 0.04 0.19 0.18 0.19 - 0.01 0.34 0.11 0.03 0.03 0.03 0.00 0.19 0.01 0.99 0.80 0.96 + 0.12 2.48 0.65 1.30 1.06 1.28 + 0.18 2.73 0.84 0.03 0.03 0.03 0.00 0.08 0.02 17.85 16.30 17.15 + 0.72 29.50 16.15 0.20 0.17 0.18 0.00 0.31 0.10 1.00 0.86 0.86 - 0.05 1.88 0.42 0.04 0.03 0.03 - 0.01 0.12 0.01 0.08 0.07 0.08 + 0.01 0.25 0.07 0.03 0.02 0.02 - 0.01 0.07 0.02 0.04 0.03 0.04 0.00 0.12 0.03 0.02 0.02 0.02 + 0.01 0.06 0.02 0.15 0.06 0.13 + 0.04 0.15 0.05 0.17 0.10 0.17 + 0.02 0.23 0.05 0.03 0.02 0.02 0.00 0.04 0.02 13.45 12.50 13.45 + 0.87 21.93 9.08 0.01 0.01 0.01 + 0.01 0.01 0.01 0.06 0.05 0.06 0.00 0.12 0.03 3.03 2.75 2.75 - 0.10 3.72 2.41 0.09 0.08 0.09 - 0.01 0.28 0.05 0.05 0.04 0.05 0.00 0.12 0.04 0.02 0.02 0.02 0.00 0.05 0.01 0.39 0.35 0.37 - 0.03 0.70 0.31 0.58 0.50 0.50 - 0.10 0.90 0.50 0.13 0.13 0.13 + 0.02 0.25 0.10 0.62 0.58 0.60 - 0.04 1.70 0.57 0.23 0.21 0.23 + 0.02 0.60 0.20 0.03 0.02 0.03 + 0.01 0.08 0.01 6.98 5.97 6.91 + 0.75 13.56 5.73 0.06 0.05 0.05 - 0.01 0.10 0.05 0.19 0.16 0.17 - 0.02 0.42 0.15 0.25 0.21 0.25 0.00 0.45 0.20 0.42 0.38 0.38 - 0.02 1.02 0.32 0.08 0.08 0.08 + 0.01 0.21 0.04 0.03 0.02 0.03 + 0.01 0.06 0.02 0.39 0.26 0.39 + 0.10 0.74 0.26 0.48 0.34 0.48 + 0.09 0.86 0.34 0.09 0.09 0.09 0.00 0.09 0.03 0.08 0.08 0.08 + 0.01 0.15 0.07 0.90 0.84 0.90 + 0.02 1.22 0.82 0.02 0.02 0.02 + 0.01 0.24 0.01 0.09 0.07 0.09 + 0.01 0.14 0.07 0.10 0.08 0.10 + 0.02 0.10 0.04 0.05 0.05 0.05 - 0.01 0.12 0.02 0.02 0.01 0.01 0.00 0.03 0.01 0.10 0.09 0.10 - 0.01 0.21 0.09 39.67 36.92 36.98 - 2.16 53.83 36.92 0.01 0.01 0.01 0.00 0.02 0.01 4.10 3.75 3.93 - 0.10 5.80 3.75 0.08 0.06 0.06 + 0.01 0.08 0.04 0.03 0.02 0.02 - 0.01 0.10 0.02 0.08 0.07 0.08 + 0.01 0.26 0.07 0.10 0.10 0.10 + 0.01 0.35 0.06 0.01 0.01 0.01 0.00 0.02 0.01
Namibia Rare E T 1032 Natural Rs Pt* N 2457 Nautilus Minls T 5839 Nemaska Lith V 26627 Nevada Clean M V 430 Nevada Copper T 924 Nevada Expl V 845 Nevada Sunrise V 1694 Nevsun Res T 13865 Nevsun Res* X 7022 New Carolin Gd V 1416 New Dimen Res V 282 New Gold T 93078 New Gold* X 265963 New Millennium V 661 New Milln Iron T 4046 New Nadina V 570 Newmac Res V 71 Newmont Mng* N 517806 Newport Expl V 930 Newstrike Res V 30 NGEx Res T 351 Nighthawk Gold V 1774 Niogold Mng V 775 Nippon Dragon V 4768 Noka Res V 4675 Nomad Ventures V 580 Noram Vent V 990 Nordex V 360 Noront Res V 2222 North Am En P* N 108 North Am En Pa T 1686 North Am Nickl V 735 North Am Pall T 133 North Am Tung V 6170 North Arrow Mn V 677 North Country V 15170 Northcliff Res T 1904 Northern Abiti V 4119 Northern Dyn* X 4218 Northern Dyn M T 3320 Northern Freeg V 1662 Northern Gld M V 405 Northern Graph V 817 Northern Lion V 25 Northern Shiel V 218 Northern Sun M V 10 Northern Sup R V 670 Northern Vertx V 250 Northisle C&G V 250 Northquest V 477 NovaCopper T 775 NovaCopper* X 2487 NovaGold Res T 23421 NovaGold Res* X 87480 NuLegacy Gold V 5553 NV Gold V 132 Oban Mng T 1970 OceanaGold T 77555 Oceanic Iron O V 86 Oceanus Res V 130 Odin Mng & Exp V 3270 Olivut Res V 293 Olympic Res V 15 OM Group* N 15519 Omineca Mg&Mtl V 85 Opawica Expl V 606 Opta Minls T 75 Oracle Mng V 1450 Orbit Garant D T 401 Orbite Alumnae T 31854 Orca Gold V 3742 Orestone Mng V 120 Orex Expl V 8342 Orex Minls V 724 Orezone Gold T 2342 Oroco Res V 290 Orocobre T 163 Orofino Mnls V 33 Orosur Mng T 419
0.09 0.08 0.08 - 0.01 0.22 0.08 3.25 2.75 3.00 + 0.10 15.18 2.21 0.39 0.30 0.30 - 0.08 0.56 0.30 0.30 0.26 0.29 + 0.02 0.35 0.12 0.03 0.03 0.03 0.00 0.06 0.03 1.12 0.98 0.99 - 0.05 2.20 0.98 0.27 0.16 0.27 + 0.05 0.40 0.05 0.16 0.15 0.16 + 0.01 0.72 0.13 4.07 3.73 3.89 + 0.03 5.35 3.41 3.09 2.80 2.93 + 0.01 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 3.44 2.78 3.27 + 0.25 6.77 2.52 2.64 2.10 2.50 + 0.22 6.16 1.90 0.14 0.12 0.12 - 0.03 0.49 0.10 0.11 0.09 0.09 - 0.01 0.33 0.08 0.01 0.01 0.01 0.00 0.03 0.01 0.11 0.10 0.11 - 0.05 0.29 0.10 17.65 15.71 16.98 + 0.74 27.90 15.39 0.26 0.22 0.25 - 0.01 0.49 0.20 0.06 0.06 0.06 0.00 0.08 0.02 0.67 0.60 0.62 - 0.03 1.95 0.57 0.07 0.06 0.07 0.00 0.55 0.06 0.35 0.33 0.34 + 0.01 0.43 0.22 0.04 0.04 0.04 - 0.01 0.13 0.03 0.05 0.04 0.04 0.00 0.40 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 0.14 0.10 0.13 + 0.01 0.45 0.06 0.37 0.34 0.34 - 0.03 0.67 0.25 2.27 1.88 2.00 - 0.10 6.69 1.60 3.05 2.48 2.62 - 0.09 7.44 2.10 0.17 0.16 0.17 0.00 0.32 0.16 5.20 4.61 4.63 - 0.47 188.00 3.87 0.01 0.01 0.01 0.00 0.07 0.01 0.39 0.31 0.33 - 0.06 1.34 0.31 0.11 0.09 0.11 + 0.01 0.14 0.03 0.09 0.07 0.08 - 0.01 0.27 0.07 0.01 0.01 0.01 0.00 0.02 0.01 0.48 0.38 0.40 - 0.03 0.72 0.28 0.58 0.49 0.54 - 0.01 0.83 0.37 0.05 0.04 0.04 - 0.01 0.35 0.04 0.02 0.01 0.01 0.00 0.04 0.01 0.42 0.33 0.35 - 0.05 1.08 0.28 0.03 0.03 0.03 - 0.02 0.40 0.03 0.03 0.03 0.03 - 0.01 0.04 0.01 0.11 0.11 0.11 - 0.08 0.30 0.03 0.03 0.03 0.03 0.00 0.04 0.02 0.21 0.20 0.20 - 0.01 0.29 0.09 0.03 0.02 0.02 0.00 0.09 0.02 0.17 0.14 0.16 + 0.01 0.18 0.07 0.60 0.54 0.55 - 0.04 1.18 0.45 0.47 0.40 0.44 - 0.01 1.10 0.35 4.97 4.54 4.95 + 0.08 5.22 2.65 3.79 3.44 3.74 + 0.06 4.25 2.33 0.11 0.08 0.09 - 0.01 0.18 0.06 0.02 0.02 0.02 0.00 0.26 0.02 1.38 1.31 1.32 - 0.02 3.40 1.15 2.40 2.22 2.28 - 0.04 3.15 1.70 0.09 0.08 0.08 - 0.01 0.30 0.08 0.33 0.30 0.30 0.00 0.52 0.14 0.25 0.24 0.24 - 0.01 0.60 0.21 0.12 0.09 0.12 + 0.03 0.21 0.08 0.11 0.11 0.11 + 0.01 0.32 0.03 33.89 33.26 33.51 - 0.18 35.00 21.87 0.03 0.03 0.03 - 0.04 0.11 0.01 0.02 0.01 0.02 0.00 0.06 0.01 0.45 0.35 0.35 - 0.15 2.35 0.35 0.01 0.01 0.01 0.00 0.09 0.01 0.90 0.88 0.90 + 0.02 1.50 0.79 0.26 0.24 0.24 - 0.01 0.51 0.20 0.20 0.17 0.20 + 0.02 0.49 0.16 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 0.20 0.17 0.18 - 0.01 0.43 0.14 0.27 0.25 0.27 + 0.01 0.89 0.25 0.03 0.03 0.03 0.00 0.06 0.02 1.46 1.38 1.46 + 0.01 2.97 1.38 0.06 0.06 0.06 0.00 0.30 0.05 0.12 0.11 0.12 - 0.01 0.25 0.11
N-O
TNM Sep 28 2015 Issue.indd 9
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Orvana Mnrls T 2523 0.19 0.17 0.18 - 0.01 0.49 0.15 Otis Gold V 2657 0.12 0.10 0.11 - 0.01 0.14 0.02
P-Q Pac Bay Mnrls V 142 Pac Booker Min V 74 Pac Booker Mn* X 47 Pac Casc Minls V 400 Pac Coal Res V 3087 Pac North West V 1449 Pac Potash V 816 Pac Ridge Expl V 782 Paladin Energy T 6957 Palmer Res V 690 Pan Am Silver T 19991 Pan Am Silver* Q 157078 Pan Global Res V 20 Pancontl Uran V 417 Panoro Minls V 17227 Parlane Res V 800 PC Gold V 6857 Peabody Enrgy* N 509417 Pelangio Expl V 265 Pele Mtn Res V 3796
0.05 0.05 0.05 + 0.01 0.07 0.02 2.40 2.01 2.01 - 0.22 6.90 1.02 1.82 1.60 1.66 - 0.04 5.75 1.04 0.01 0.01 0.01 - 0.01 0.04 0.01 0.02 0.02 0.02 - 0.01 0.38 0.02 0.03 0.02 0.02 + 0.01 0.05 0.01 0.06 0.04 0.05 0.00 0.45 0.04 0.03 0.02 0.02 0.00 0.04 0.02 0.21 0.19 0.20 - 0.01 0.43 0.15 0.02 0.02 0.02 0.00 0.08 0.01 9.47 8.13 9.43 + 1.07 15.06 7.77 7.24 6.13 7.10 + 0.80 12.96 5.85 0.01 0.01 0.01 0.00 0.10 0.01 0.02 0.02 0.02 0.00 0.04 0.01 0.13 0.12 0.13 + 0.02 0.46 0.10 0.14 0.13 0.13 + 0.01 0.23 0.03 0.07 0.06 0.07 + 0.01 0.07 0.02 1.71 1.30 1.41 - 0.24 14.60 0.99 0.03 0.02 0.02 0.00 0.05 0.02 0.05 0.04 0.04 + 0.01 0.09 0.03
ADVANTAGE
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Royal Cdn Mint T 241 Royal Gold T 122 Royal Gold* Q 48878 Royal Nickel T 2998 RPT Uranium V 80 Rubicon Mnls* X 41597 Rubicon Mnrls T 30005 Rugby Mng V 228 Running Fox Rs V 2770 Rusoro Mng V 7368 Russell Metals T 8889 Rye Patch Gold V 4500
16.01 15.55 16.01 + 0.42 17.41 13.87 63.72 58.05 63.31 + 4.78 95.64 57.21 49.98 43.66 47.81 + 3.57 77.20 42.21 0.25 0.24 0.25 + 0.01 0.59 0.22 0.37 0.33 0.33 0.00 0.55 0.22 0.87 0.72 0.81 + 0.06 1.45 0.66 1.13 0.96 1.03 + 0.03 1.63 0.88 0.07 0.07 0.07 - 0.01 0.27 0.06 0.02 0.02 0.02 + 0.01 0.03 0.01 0.07 0.06 0.06 + 0.01 0.07 0.01 22.83 21.13 22.02 + 0.59 37.11 18.23 0.15 0.13 0.13 - 0.01 0.20 0.11
Sabina Gd&Slvr T 16125 Sable Res V 30 Sage Gold V 1520 Saint Jean Car V 8835 Salazar Res V 830 Sama Res V 2510 Samco Gold V 350 San Marco Res V 2680 Sanatana Diam V 32504 Sandspring Res V 5979
0.38 0.34 0.36 + 0.03 0.75 0.28 0.01 0.01 0.01 - 0.01 0.09 0.01 0.07 0.04 0.04 0.00 0.20 0.04 0.03 0.02 0.02 0.00 0.04 0.01 0.05 0.05 0.05 0.00 0.20 0.04 0.13 0.12 0.13 - 0.01 0.30 0.10 0.18 0.13 0.13 - 0.17 0.80 0.13 0.04 0.02 0.04 + 0.02 0.13 0.02 0.03 0.02 0.02 0.00 0.15 0.02 0.23 0.07 0.20 - 0.01 0.72 0.05
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www.northernminer.com Peregrine Diam T 5481 Perseus Mng T 311077 Pershimco Res V 2083 Peruvian Prc M V 6154 Philippine Mtl V 10 Phoenix Gold V 1660 Pilot Gold T 6107 Pinecrest Res V 119 Pinetree Cap T 23194 PJX Res V 1180 Planet Mng V 40 Plata Latina M V 100 Platinum Gp M* X 1184 Platinum Gp Mt T 8952 Plato Gold V 1600 Playfair Mng V 245 Polaris Minls T 459 PolyMet Mng* X 5500 PolyMet Mng T 403 Potash C Sask* N 235785 Potash Cp Sask T 109770 Precipitate Gl V 386 Premier Gold M T 22959 Pretium Res* N 50071 Pretium Res T 19545 Prime Merid Rs V 102 Primero Mng T 44831 Primero Mng* N 139832 Proam Expl V 50 Probe Mines V 1186 Prophecy Coal T 5294 Prospero Silve V 40 Puma Expl V 6329 Purepoint U V 1905 Q-Gold Res V 12 QMC Quantum Ml V 390 QMX Gold V 958 Quaterra Res V 1313 Quest Rare Mnl T 2295
0.19 0.17 0.18 - 0.02 0.39 0.14 0.36 0.29 0.29 - 0.07 0.48 0.18 0.16 0.13 0.15 + 0.03 0.31 0.13 0.10 0.08 0.09 + 0.01 0.19 0.06 0.03 0.03 0.03 0.00 0.07 0.03 0.01 0.01 0.01 0.00 0.11 0.01 0.45 0.36 0.39 - 0.04 1.31 0.33 0.09 0.06 0.07 - 0.01 0.50 0.06 0.08 0.07 0.07 0.00 0.31 0.06 0.20 0.18 0.19 - 0.01 0.29 0.10 0.03 0.03 0.03 0.00 0.06 0.03 0.02 0.02 0.02 0.00 0.20 0.01 0.28 0.25 0.26 + 0.00 1.02 0.24 0.40 0.32 0.40 + 0.06 1.14 0.32 0.02 0.01 0.01 - 0.01 0.02 0.01 0.04 0.03 0.03 - 0.01 0.08 0.01 2.25 2.10 2.10 + 0.07 2.83 1.65 0.90 0.84 0.84 - 0.05 1.37 0.82 1.17 1.10 1.15 - 0.04 1.75 1.08 25.58 24.37 24.45 - 0.52 37.60 23.90 33.70 32.03 32.26 - 0.80 47.10 31.74 0.09 0.08 0.08 - 0.02 0.25 0.08 2.47 2.20 2.41 + 0.16 3.02 1.61 5.79 4.79 5.58 + 0.65 7.56 4.07 7.56 6.35 7.30 + 0.76 9.05 4.60 0.08 0.07 0.07 0.00 0.19 0.06 3.64 2.85 3.44 + 0.42 6.85 2.66 2.72 2.15 2.58 + 0.30 6.20 2.00 0.01 0.01 0.01 - 0.01 0.02 0.01 0.38 0.36 0.36 - 0.01 0.56 0.12 0.05 0.05 0.05 0.00 0.08 0.03 0.08 0.08 0.08 - 0.02 0.25 0.05 0.09 0.07 0.09 0.00 0.18 0.07 0.03 0.02 0.03 + 0.01 0.07 0.02 0.03 0.03 0.03 + 0.01 0.07 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01 0.08 0.07 0.07 - 0.01 0.15 0.04 0.11 0.10 0.10 0.00 0.29 0.09
Radisson Mng V 70 Radius Gold V 309 Rambler Mg&Mtl V 341 Randgold Res* Q 65057 Randsburg Intl V 470 Range Engy Res C 2875 Rapier Gold V 34 Rare Elemnt Rs T 261 Rare Elemt Re* X 3134 Ratel Grp T 7692 Rathdowney Res V 260 Red Eagle Mng V 2179 Red Pine Expl V 5453 Red Tiger Mng V 112 Redhawk Res T 5577 Redhill Res V 41 Redstar Gold V 1706 Redstar Res V 305 Redzone Res V 3040 Regal Res C 1810 Reliance Res V 356 Remington Res V 175 Remo Res V 80 Renaissance Gd T 1067 Reservoir Capt V 412 Reservoir Mnls V 8373 Reunion Gold V 8590 Revolver Res V 50 Rhino Res* N 222 Richmond Mnls V 2145 Richmont Mines T 4109 Richmont Mine* X 14553 Rio Novo Gold T 488 Rio Silver V 500 Rio Tinto* N 60319 Riverside Res V 443 RJK Explor V 290 Robex Res V 1946 Rock Tech Lith V 100 RockBridge Res V 60 Rockhaven Res V 700 Rockridge Cap V 10 Rockwell Diam T 5567 Rodinia Lithm V 3899 Rogue Iron Ore V 10105 Rokmaster Res V 1027 Romarco Mnrls T 359687 Rome Res V 97 Romios Gold Rs V 1181 Roxgold V 9368
0.13 0.13 0.13 0.00 0.15 0.08 0.07 0.07 0.07 0.00 0.11 0.07 0.17 0.16 0.16 + 0.01 0.49 0.15 60.98 54.88 60.44 + 2.60 85.84 54.88 0.01 0.01 0.01 0.00 0.02 0.01 0.06 0.04 0.04 - 0.01 0.10 0.01 0.03 0.03 0.03 + 0.01 0.06 0.01 0.52 0.49 0.50 0.00 1.31 0.30 0.40 0.36 0.39 + 0.01 1.06 0.24 0.48 0.48 0.48 - 0.04 1.20 0.48 0.14 0.11 0.14 0.00 0.35 0.11 0.31 0.27 0.31 + 0.02 0.36 0.18 0.07 0.05 0.06 + 0.01 0.18 0.03 0.03 0.03 0.03 - 0.01 0.30 0.03 0.08 0.05 0.08 + 0.04 0.18 0.04 0.10 0.09 0.09 - 0.03 0.57 0.07 0.04 0.04 0.04 0.00 0.06 0.03 0.04 0.03 0.04 0.00 0.15 0.02 0.02 0.01 0.02 - 0.01 0.05 0.01 0.09 0.07 0.08 0.00 0.15 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.05 0.05 0.05 0.00 0.13 0.04 0.20 0.16 0.16 - 0.01 0.43 0.14 0.32 0.29 0.32 + 0.01 0.80 0.21 4.41 4.15 4.37 + 0.29 5.48 3.30 0.01 0.01 0.01 0.00 0.10 0.01 0.04 0.04 0.04 0.00 0.08 0.02 1.09 0.95 1.00 - 0.03 12.39 0.63 0.11 0.09 0.11 + 0.02 0.14 0.03 4.05 3.76 3.96 + 0.19 4.55 2.04 3.10 2.82 3.03 + 0.17 3.68 1.86 0.13 0.11 0.12 - 0.01 0.16 0.06 0.02 0.02 0.02 0.00 0.04 0.01 37.47 35.27 35.52 - 1.69 56.81 33.54 0.17 0.15 0.16 0.00 0.41 0.15 0.01 0.01 0.01 0.00 0.01 0.01 0.08 0.07 0.08 + 0.01 0.19 0.04 0.04 0.04 0.04 0.00 0.10 0.03 0.02 0.02 0.02 + 0.01 0.09 0.02 0.17 0.14 0.15 0.00 0.29 0.14 0.05 0.05 0.05 0.00 0.20 0.04 0.21 0.19 0.20 0.00 0.40 0.19 0.04 0.04 0.04 - 0.01 0.05 0.01 0.13 0.10 0.12 - 0.01 0.16 0.02 0.03 0.02 0.03 + 0.01 0.10 0.01 0.56 0.52 0.52 - 0.02 0.85 0.30 0.02 0.02 0.02 0.00 0.17 0.02 0.03 0.02 0.03 - 0.01 0.07 0.02 0.67 0.55 0.60 - 0.05 0.79 0.39
R
(100s) Stock
Week
12-month
Exc Volume High Low Last Change High Low
Superior Coppr V 4430 0.03 0.02 0.03 0.00 0.10 0.02 Sutter Gold V 175 0.04 0.04 0.04 - 0.01 0.15 0.04
T TAD Mnl Expl V 1202 Tahoe Res* N 37365 Tahoe Res T 34419 Takara Res V 127 Talon Metals T 2250 Tanz Roy Exp T 629 Tanz Roy Exp* X 5036 Tanzania Mnls V 725 Taseko Mines* X 5745 Taseko Mines T 4126 Tasman Metals V 625 Tasman Mtls* X 1477 Tearlach Res V 500 Teck Res A T 94 Teck Res B* N 325663 Teck Res B T 155870 Tembo Gold V 660 Temex Res V 35162 Teranga Gold T 32947 Teras Res V 3233 Terraco Gold V 7120 Terrax Minls V 4845 Teryl Res Corp V 1920 Teuton Res V 1117 Thompson Creek T 10985 Thompson Crk* N 9371 Tiger Intl V 15 Timberline Res V 1542 Timberline Rs* X 8097 Timmins Gold* X 64826 Timmins Gold T 340789 Tinka Res V 1927 Tintina Mines V 75 Tintina Res V 2270 Tirex Res V 1438 Titanium Corp V 960 TNR Gold V 350 TomaGold V 13687 Torex Gold T 77414 Transition Mtl V 10 Treasury Metal T 5824 Tres-Or Res V 1250 Trevali Mng T 25810 Tri Origin Exp V 126 Tribute Res V 160 TriMetals Mng T 1958 Troymet Expl V 21970 True Gold Mng V 43276 True North Gem V 455 Trueclaim Expl V 1288 Tsodilo Res V 75 Turquoise HIl* N 19103 Turquoise Hill T 35507 TVI Pacific T 7405 Typhoon Expl V 20
0.01 0.01 0.01 0.00 0.01 0.01 8.61 7.44 8.47 + 0.72 23.36 7.33 11.25 9.86 11.14 + 0.87 25.76 9.66 0.03 0.03 0.03 0.00 0.06 0.01 0.12 0.09 0.10 - 0.03 0.47 0.08 0.42 0.38 0.41 0.00 2.70 0.32 0.33 0.28 0.31 + 0.00 2.45 0.25 0.01 0.01 0.01 0.00 0.07 0.01 0.52 0.45 0.45 - 0.06 2.01 0.32 0.68 0.62 0.62 - 0.06 2.23 0.51 0.54 0.48 0.48 - 0.02 0.99 0.36 0.40 0.33 0.37 - 0.02 0.86 0.25 0.05 0.05 0.05 + 0.04 0.07 0.02 10.67 9.66 9.95 - 0.35 25.17 8.55 6.75 6.06 6.15 - 0.39 21.74 5.32 8.88 8.02 8.12 - 0.57 23.84 7.08 0.03 0.02 0.03 - 0.01 0.06 0.02 0.13 0.10 0.12 + 0.02 0.13 0.04 0.64 0.57 0.62 + 0.03 0.88 0.38 0.07 0.06 0.06 0.00 0.16 0.06 0.08 0.07 0.08 0.00 0.20 0.07 0.39 0.33 0.39 + 0.01 0.44 0.23 0.02 0.02 0.02 + 0.01 0.03 0.01 0.05 0.05 0.05 - 0.01 0.55 0.05 0.80 0.65 0.68 - 0.08 3.04 0.56 0.60 0.50 0.56 - 0.02 2.76 0.42 0.19 0.19 0.19 - 0.06 0.30 0.15 0.67 0.50 0.52 + 0.11 1.02 0.35 0.53 0.33 0.45 + 0.12 1.07 0.26 0.26 0.20 0.23 - 0.01 1.55 0.20 0.33 0.26 0.27 - 0.04 1.71 0.26 0.23 0.20 0.21 - 0.01 0.43 0.15 0.05 0.04 0.05 + 0.02 0.07 0.02 0.04 0.04 0.04 0.00 0.17 0.04 0.17 0.16 0.17 0.00 0.35 0.13 1.02 0.80 0.80 - 0.20 1.75 0.60 0.01 0.01 0.01 0.00 0.03 0.01 0.05 0.04 0.05 + 0.01 0.13 0.04 1.39 1.10 1.38 + 0.24 1.79 0.85 0.13 0.13 0.13 + 0.01 0.30 0.06 0.54 0.41 0.47 - 0.02 0.62 0.25 0.02 0.01 0.02 0.00 0.03 0.01 0.57 0.51 0.51 - 0.04 1.33 0.47 0.03 0.03 0.03 0.00 0.04 0.01 0.06 0.06 0.06 - 0.02 0.12 0.04 0.08 0.07 0.07 - 0.01 0.19 0.04 0.02 0.01 0.01 + 0.01 0.02 0.01 0.19 0.15 0.16 - 0.02 0.40 0.15 0.14 0.13 0.14 + 0.01 0.19 0.07 0.02 0.02 0.02 - 0.01 0.10 0.02 0.92 0.77 0.92 + 0.14 1.23 0.68 3.06 2.91 2.99 - 0.01 4.73 2.66 4.03 3.83 3.93 - 0.05 5.80 3.17 0.02 0.01 0.01 - 0.01 0.03 0.01 0.05 0.05 0.05 + 0.01 0.09 0.03
U3O8 Corp T 21439 UC Res V 63 Ucore Rare Mtl V 3482 UEX Corp T 15177 Ultra Lithium V 50830 Unigold V 874 Unity Energy V 100 Ur-Energy T 3640 Ur-Energy* X 1138 Uracan Res V 372 Uragold Bay Rs V 2185 Uranium Ener* X 4735 Uranium Partic T 2459 Uranium Res* Q 7199 Uranium Valley V 84 Uravan Minls V 820 US Energy* Q 3230 US Silica Hld* N 20398 Vale* N 279709 ValGold Res V 10 Valterra Res V 10 Vangold Res V 700 Vanstar Mng Rs V 20 Vantex Res V 2200 Vena Res T 1328 Vendetta Mng V 180 Vendome Res V 6229 Verde Potash T 146 Victoria Gold V 6651 Victory Nickel T 3482 Victory Res V 2520 Victory Vent V 760 Vior Mining V 179 Virginia Engy V 30 Viscount Mng V 3380 Visible Gold M V 3260 Vista Gold T 485 Vista Gold* X 5058 VMS Vent V 4230 Vulcan Mnrls V 1480 VVC Expl V 2015
0.04 0.03 0.04 0.00 0.09 0.03 0.03 0.02 0.02 0.00 0.03 0.01 0.30 0.26 0.27 0.00 0.44 0.20 0.17 0.15 0.15 - 0.02 0.39 0.15 0.02 0.01 0.01 - 0.01 0.40 0.01 0.12 0.09 0.10 0.00 0.40 0.09 0.06 0.06 0.06 0.00 0.10 0.03 0.84 0.75 0.75 - 0.10 1.35 0.73 0.64 0.58 0.60 - 0.04 1.15 0.56 0.02 0.01 0.01 - 0.01 0.08 0.01 0.05 0.04 0.05 0.00 0.07 0.03 1.20 1.06 1.09 - 0.04 2.99 0.90 5.17 5.10 5.13 + 0.01 5.76 4.82 1.34 0.72 1.34 + 0.61 2.91 0.60 0.04 0.04 0.04 0.00 0.10 0.04 0.15 0.12 0.15 + 0.03 0.17 0.03 0.54 0.46 0.53 + 0.06 3.90 0.36 19.45 17.10 18.09 + 0.35 73.03 16.86 5.30 4.79 4.98 0.00 12.73 4.13 0.01 0.01 0.01 0.00 0.04 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.05 0.05 - 0.01 0.09 0.03 0.02 0.02 0.02 + 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.17 0.03 0.11 0.10 0.10 0.00 0.24 0.08 0.01 0.01 0.01 0.00 0.04 0.01 0.30 0.27 0.29 - 0.02 0.70 0.26 0.13 0.12 0.13 + 0.01 0.24 0.09 0.04 0.03 0.03 0.00 0.60 0.02 0.05 0.04 0.05 + 0.01 0.09 0.03 0.02 0.02 0.02 - 0.01 0.03 0.01 0.08 0.07 0.07 - 0.01 0.13 0.05 0.08 0.08 0.08 + 0.03 0.08 0.03 0.42 0.37 0.38 - 0.03 0.47 0.15 0.05 0.05 0.05 - 0.01 0.27 0.04 0.38 0.34 0.38 + 0.02 0.56 0.29 0.29 0.25 0.28 - 0.01 0.49 0.24 0.16 0.14 0.15 - 0.01 0.32 0.14 0.02 0.02 0.02 0.00 0.04 0.02 0.04 0.03 0.03 - 0.01 0.05 0.02
Wallbridge Mng T 3286 War Eagle Mg V 13 Waseco Res V 400 WCB Res V 130 Wealth Minls V 2270 Wesdome Gold T 756 West Af Iron O V 577 West High Yld V 520 West Kirkland V 269 Westcore Energ V 1000 Western Copper T 250 Western Coppr* X 404 Western Lithiu T 20306 Western Melv M V 382 Western Pac Rs V 100 Western Potash T 5655 Western Troy C V 290 Westhaven Vent V 30 Westkam Gold V 2221 Westminster Rs V 450 WGI Heavy Mnl T 636 Wildcat Expl V 903 Wolfden Res V 7070 Wolverine Mnls V 120 WPC Res V 1232 Xmet V 1500 Xtierra V 100 Xtra-Gold Res T 835 Yamana Gold* N 158323 Yamana Gold T 326739 Yanzhou Coal* N 3786 Yellowhead Mng T 1524 Zadar Vent V 30 Zazu Metals T 718 Zena Mng V 40 Zenyatta Vent V 1742 Zephyr Mnls V 230 Zimtu Capital V 161 Zinco Mng V 300
0.04 0.04 0.04 0.00 0.08 0.03 0.02 0.02 0.02 - 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.07 0.02 0.10 0.10 0.10 0.00 0.35 0.10 0.19 0.15 0.18 0.00 0.42 0.03 0.94 0.89 0.93 + 0.03 1.40 0.62 0.03 0.02 0.02 - 0.01 0.15 0.02 0.39 0.33 0.37 + 0.03 0.43 0.11 0.05 0.05 0.05 0.00 0.14 0.05 0.03 0.02 0.03 0.00 0.04 0.01 0.48 0.41 0.45 + 0.05 0.78 0.36 0.36 0.31 0.34 + 0.02 0.68 0.27 0.37 0.34 0.35 - 0.01 0.96 0.33 0.04 0.03 0.03 - 0.01 0.30 0.03 0.01 0.01 0.01 0.00 0.18 0.01 0.28 0.24 0.28 + 0.03 0.37 0.20 0.01 0.01 0.01 0.00 0.02 0.01 0.06 0.06 0.06 0.00 0.14 0.05 0.04 0.03 0.04 + 0.01 0.07 0.03 0.02 0.02 0.02 0.00 0.20 0.01 0.25 0.24 0.25 - 0.01 0.78 0.00 0.05 0.02 0.05 + 0.03 0.17 0.02 0.08 0.06 0.06 - 0.01 0.32 0.06 0.04 0.03 0.03 - 0.01 0.13 0.03 0.06 0.04 0.04 0.00 0.08 0.03 0.01 0.01 0.01 0.00 0.07 0.01 0.01 0.01 0.01 0.00 0.09 0.01 0.22 0.18 0.20 - 0.02 0.31 0.10 1.79 1.47 1.75 + 0.17 7.38 1.43 2.34 1.95 2.26 + 0.17 8.18 1.89 5.12 4.58 4.92 + 0.26 12.24 4.28 0.05 0.05 0.05 + 0.01 0.18 0.04 0.01 0.01 0.01 0.00 0.08 0.01 0.15 0.14 0.15 0.00 0.56 0.14 0.09 0.09 0.09 + 0.03 0.15 0.06 1.38 1.29 1.30 - 0.03 2.61 1.05 0.16 0.15 0.16 0.00 0.22 0.09 0.24 0.19 0.22 + 0.02 0.52 0.19 0.03 0.02 0.02 - 0.01 0.09 0.02
U-V Sandstorm Gld* X 36596 Sandstorm Gold T 9029 Santa Fe Metls V 14708 Santacruz Silv V 2612 Sarama Res V 1024 Satori Res V 90 Saturn Minls V 3447 Savant Expl V 2840 Scorpio Gold V 1194 Scorpio Mining T 11479 Seabridge Gld* N 21780 Seabridge Gold T 3031 Search Mnls V 1720 Secova Mtls V 19022 Sego Res V 150 Selwyn Res V 3 Semafo T 115657 Senator Minls V 25 Sennen Res V 220 Sentry Sl PrmM T 993 Serabi Gold T 260 Serengeti Res V 300 SG Spirit Gold V 919 SGX Res V 890 Sherritt Intl T 164067 Shore Gold T 13575 Sienna Res V 10796 Sierra Iron Or V 1106 Sierra Metals T 87 Signature Res V 393 Silver Bear Rs T 7461 Silver Bull Re T 185 Silver Grail R V 81 Silver Mtn Mns V 300 Silver Predatr V 6350 Silver Range R V 30 Silver Spruce V 2299 Silver Std Res T 18694 Silver Std Re* Q 84768 Silver Wheatn* N 333743 Silver Wheaton T 107992 Silvercorp Mtl T 37269 SilverCrest M* X 5657 SilverCrest Mn T 12015 Sirios Res V 461 Skeena Res V 5796 Skyharbour Res V 2060 Slam Exploratn V 1283 Sniper Res V 747 SnipGold V 118 SNS Silver V 1520 Soc Quim&M Ch* N 24826 Softrock Mnrl V 250 Solitario Ex&R T 70 Solitario Ex&* X 1734 Solvista Gold V 2196 Sona Res V 30 Sonoro Mtls V 500 Source Expl V 3129 Southern Arc V 6423 Southern Silvr V 4732 SouthGobi Res T 1318 Spanish Mtn Gd V 6808 Sparton Res V 10695 Sprott Ph Silv T 392 Sprott Res T 11527 Spruce Ridge R V 100 St Andrew Gldf T 3962 St Augustine T 2330 St-Georges Plt C 4130 Stakeholdr Gld V 1471 Standard Graph V 110 Stans Energy V 4483 Starcore Int V T 2563 Stellar Pac Vt V 205 Stelmine Can V 10 Stillwater Mg* N 87803 Stina Res V 160 Stockport Expl T 3590 Stonegate Agri T 15583 Stornoway Diam T 8090 Strategic Metl V 2905 Strategic Res V 96 Stratton Res V 210 Strike Graph V 3292 StrikePoint Gd V 20255 Strongbow Expl V 275 Sulliden Mng C T 4577 Sultan Mnrls V 200 SunCoke Engy* N 10461 Sunridge Gold V 17503 Suparna Gold V 2560
2.98 2.41 2.85 + 0.30 5.29 2.20 3.87 3.20 3.84 + 0.47 5.81 2.80 0.03 0.01 0.03 + 0.01 0.04 0.01 0.15 0.13 0.14 - 0.01 0.99 0.13 0.09 0.07 0.07 0.00 0.12 0.03 0.05 0.04 0.05 + 0.04 0.45 0.02 0.13 0.12 0.13 0.00 0.24 0.11 0.01 0.01 0.01 0.00 0.05 0.01 0.10 0.09 0.10 0.00 0.20 0.08 0.18 0.14 0.17 + 0.02 0.29 0.14 6.68 5.76 6.47 + 0.43 9.89 3.31 8.65 7.65 8.49 + 0.51 12.12 4.34 0.07 0.05 0.06 + 0.01 0.13 0.03 0.06 0.05 0.05 - 0.03 0.09 0.03 0.02 0.02 0.02 - 0.01 0.03 0.02 1.35 1.35 1.35 0.00 3.75 1.35 3.24 2.51 3.14 + 0.10 4.49 2.39 0.32 0.29 0.29 - 0.19 0.50 0.05 0.19 0.16 0.17 - 0.02 1.35 0.16 2.29 2.02 2.24 + 0.20 3.74 2.01 0.07 0.07 0.07 0.00 0.11 0.06 0.02 0.02 0.02 - 0.01 0.08 0.02 0.15 0.07 0.10 + 0.04 0.40 0.06 0.02 0.01 0.01 0.00 0.02 0.01 1.05 0.91 0.94 - 0.09 3.86 0.91 0.16 0.14 0.15 + 0.01 0.31 0.13 0.03 0.02 0.03 + 0.01 0.05 0.01 0.34 0.28 0.34 + 0.04 0.62 0.07 1.00 1.00 1.00 + 0.02 2.13 0.84 0.02 0.02 0.02 + 0.01 0.04 0.01 0.04 0.03 0.04 - 0.01 0.13 0.03 0.11 0.10 0.10 + 0.01 0.30 0.08 0.03 0.02 0.03 - 0.01 0.07 0.02 0.01 0.01 0.01 - 0.01 0.06 0.01 0.02 0.02 0.02 + 0.01 0.06 0.01 0.05 0.05 0.05 - 0.01 0.14 0.05 0.08 0.05 0.06 - 0.03 0.10 0.02 9.29 7.62 8.93 + 1.03 9.46 4.47 7.07 5.74 6.74 + 0.79 7.60 3.92 12.85 11.03 12.40 + 0.78 24.22 11.03 16.77 14.62 16.35 + 0.93 29.86 14.62 1.02 0.75 0.90 + 0.13 2.00 0.75 0.94 0.78 0.90 + 0.11 1.76 0.65 1.24 1.02 1.18 + 0.15 1.97 0.87 0.11 0.10 0.11 0.00 0.13 0.06 0.08 0.07 0.08 + 0.01 0.13 0.06 0.03 0.03 0.03 0.00 0.07 0.02 0.02 0.02 0.02 - 0.01 0.08 0.01 0.06 0.04 0.06 0.00 0.09 0.01 0.08 0.06 0.08 + 0.02 0.11 0.04 0.33 0.28 0.30 - 0.03 0.50 0.05 17.57 16.32 16.40 - 0.25 28.32 12.65 0.02 0.02 0.02 0.00 0.03 0.01 0.69 0.63 0.68 - 0.01 1.43 0.63 0.57 0.50 0.53 - 0.01 1.40 0.44 0.03 0.02 0.03 + 0.01 0.15 0.02 0.03 0.03 0.03 0.00 0.08 0.01 0.09 0.07 0.09 + 0.03 0.22 0.06 0.03 0.02 0.02 0.00 0.11 0.02 0.06 0.04 0.05 - 0.02 0.10 0.03 0.05 0.03 0.05 + 0.01 0.13 0.03 0.43 0.39 0.40 - 0.04 1.25 0.39 0.04 0.03 0.03 - 0.01 0.05 0.02 0.02 0.02 0.02 0.00 0.03 0.01 5.97 5.51 5.91 + 0.33 7.79 5.31 0.62 0.59 0.62 0.00 3.17 0.59 0.02 0.02 0.02 0.00 0.04 0.01 0.31 0.29 0.31 - 0.01 0.39 0.21 0.10 0.10 0.10 0.00 0.18 0.08 0.02 0.01 0.02 + 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.28 0.03 0.01 0.01 0.01 - 0.01 0.05 0.01 0.03 0.02 0.03 0.00 0.23 0.02 0.11 0.09 0.10 + 0.01 0.19 0.08 0.02 0.01 0.01 - 0.01 0.14 0.01 0.01 0.01 0.01 0.00 0.05 0.01 9.48 8.59 8.98 + 0.04 17.48 8.37 0.20 0.16 0.18 + 0.02 0.25 0.04 0.03 0.02 0.03 + 0.01 0.06 0.02 0.03 0.02 0.03 + 0.01 0.16 0.02 0.78 0.73 0.73 0.00 0.85 0.46 0.27 0.26 0.27 + 0.01 0.37 0.26 0.02 0.02 0.02 0.00 0.08 0.02 0.10 0.10 0.10 0.00 0.23 0.06 0.05 0.04 0.04 - 0.01 0.15 0.04 0.06 0.04 0.06 + 0.02 0.08 0.01 0.11 0.11 0.11 - 0.01 0.18 0.06 0.22 0.19 0.20 0.00 0.72 0.19 0.01 0.01 0.01 0.00 0.02 0.01 10.68 9.77 10.44 + 0.44 24.09 9.71 0.21 0.16 0.20 + 0.04 0.24 0.12 0.02 0.02 0.02 0.00 0.16 0.02
W-Z
STOCK MISSING OR INCORRECT? Let us know at 1-416-510-6764 or tnm@northernminer.com. Data supplied by Reuters Canada.
15-09-23 5:12 PM
10 SEPTEMBER 28-OCTOBER 4, 2015 THE NORTHERN MINER
BID-ASK — SEPTEMBER 14-18, 2015 STOCK
12-MONTH
EXC BID ASK LAST HIGH LOW
Abzu Gold V 0.03 0.03 0.03 0.10 0.02 Acme Res V 0.02 0.03 0.03 0.06 0.02 Advance Gold V 0.02 0.03 0.02 0.08 0.02 Aegean Metals V 0.03 0.05 0.03 0.11 0.00 Afferro Mng V 1.10 2.50 1.57 2.40 0.00 African Metals V 0.05 0.06 0.05 0.29 0.03 Aftermath Silv V 0.01 0.01 0.01 0.04 0.01 AgriMinco V 0.01 0.01 0.01 0.01 0.01 Alder Res V 0.01 0.01 0.01 0.05 0.00 Alhambra Res V 0.02 0.03 0.02 0.09 0.02 Allana Potash T 0.50 0.50 0.50 0.50 0.00 Allied Gold T 2.25 2.29 2.25 3.70 0.00 Allied Nevada T 0.16 0.16 1.08 4.45 0.00 Allied Nevada* X 0.86 0.86 0.86 6.70 0.00 Alpha Mnls V 5.55 5.68 5.45 7.60 0.00 Altair Vent V 0.10 0.12 0.08 0.60 0.06 Altan Nev Mnls V 0.01 0.01 0.01 0.05 0.01 Altiplano Mnls V 0.05 0.06 0.06 0.06 0.02 Alto Vent V 0.04 0.04 0.04 0.10 0.04 Alturas Minls V 0.01 0.01 0.01 0.02 0.01 Am Cons Minls V 0.04 0.04 0.04 0.07 0.00 AM Gold V 0.05 0.07 0.05 0.10 0.02 Amara Mng T 0.20 0.29 0.21 1.72 0.00 Amato Expl V 0.01 0.02 0.02 0.03 0.01 Amcol Intl* N 45.74 45.75 45.74 47.09 0.00 American Bonan T 0.02 0.02 0.02 0.06 0.00 Anglo Pac Grp T 1.25 1.90 1.25 3.48 1.00 Anglo-Bomarc V 0.19 0.25 0.20 0.30 0.02 Archon Mineral V 1.75 2.00 1.98 2.05 0.77 Arco Res V 0.06 0.06 0.06 0.09 0.03 Arctic Hntr Ur V 0.03 0.04 0.03 0.06 0.02 Arcturus Res V 0.01 0.02 0.01 0.03 0.01 Arcus Dev Grp V 0.01 0.02 0.02 0.04 0.01 Argentum Silvr V 0.02 0.03 0.02 0.09 0.02 Armadillo Res C 0.01 0.02 0.02 0.02 0.01 AsiaBaseMetals V 0.05 0.10 0.03 0.20 0.04 Astar Mnls V 0.09 0.10 0.10 0.16 0.09 Atacama Pac Gd V 0.15 0.17 0.15 0.71 0.14 Augusta Res T 3.15 3.50 3.55 4.18 0.00 Auramex Res V 0.01 0.02 0.01 0.03 0.01 AuRico Gold* N 2.87 2.88 2.86 4.69 0.00 AuRico Gold T 3.58 3.73 3.58 5.12 0.00 Axmin Inc V 0.01 0.02 0.01 0.03 0.01 Azumah Res T 0.02 0.03 0.02 0.11 0.00 Bama Gold V 0.06 0.10 0.08 0.23 0.05 Bandera Gold V 0.01 0.01 0.01 0.05 0.01 Barker Mnrls V 0.01 0.01 0.01 0.02 0.01 Baroyeca Go&Si V 0.01 0.01 0.01 0.02 0.01 Bayfield Vent V 0.24 0.25 0.24 0.41 0.00 BE Res V 0.02 0.02 0.35 0.35 0.35 Bear Lake Gold V 0.03 0.04 0.04 0.06 0.00 Bearclaw Cap V 0.02 0.03 0.03 0.06 0.02 Bearing Res V 0.03 0.05 0.03 0.07 0.02 Berkwood Res V 0.01 0.01 0.01 0.07 0.01 Besra Gold T 0.02 0.02 0.02 0.07 0.00 Big North Grap V 0.04 0.05 0.04 0.80 0.03 Black Widow Rs V 0.03 0.03 0.03 0.08 0.01 Blackstone Ven V 0.01 0.01 0.01 0.01 0.01 Blind Crk Res V 0.05 0.06 0.05 0.10 0.04 Blue Gold Mng V 0.46 0.49 0.47 0.95 0.00 Bonaparte Res V 0.05 0.12 0.05 0.11 0.00 Bralorne Gold V 0.19 0.19 0.20 0.45 0.00 Brazilian Gold V 0.10 0.10 0.11 0.25 0.00 Buccaneer Gold V 0.02 0.03 0.02 0.04 0.02 Bullman Mnls V 0.05 0.16 0.05 0.23 0.05 Cadan Res V 0.05 0.09 0.06 0.20 0.04 Calvista Gold T 1.09 1.10 1.09 1.10 0.00 Canada Fluorsp V 0.35 0.35 0.35 0.35 0.00 Canadn Silvr H V 0.01 0.02 0.02 0.07 0.01 Cancor Mines C 0.01 0.02 0.01 0.05 0.00 Cangold V 0.03 0.04 0.03 0.15 0.00 Canyon Copper V 0.03 0.04 0.03 0.12 0.03 Cariboo Rose V 0.03 0.04 0.03 0.07 0.02 Carrie Arran R V 0.05 0.06 0.05 0.07 0.05 Cassidy Gold V 0.02 0.03 0.02 0.06 0.02 Cavan Vent V 0.02 0.02 0.02 0.04 0.02 Cayden Res V 2.40 2.49 2.40 3.49 0.00 Caza Gold V 0.03 0.04 0.03 0.09 0.03 Celeste Copper V 0.01 0.01 0.01 0.01 0.01 Chalice Diam V 0.07 0.07 0.07 0.08 0.00 Channel Res V 0.04 0.06 0.05 0.09 0.00 CIC Energy T 1.99 2.00 1.99 2.45 0.00 Citation Res V 0.07 0.08 0.07 0.10 0.00 Claim Post Res V 0.01 0.02 0.01 0.13 0.01 Cliffmont Res V 0.01 0.01 0.01 0.03 0.01 Cline Mng T 0.01 0.01 0.01 0.84 0.00 CMQ Res V 0.02 0.04 0.02 0.05 0.00 Coalspur Mines T 0.02 0.02 0.02 0.08 0.00 Cobriza Mtls V 0.12 0.13 0.12 0.16 0.00 Coeur Mng T 12.03 12.64 12.09 20.14 0.00 Colombian Mins V 0.04 0.05 0.05 0.20 0.04 Colossus Minls T 0.02 0.02 0.04 3.40 0.00 Columbus Expl V 0.13 0.25 0.19 0.20 0.10 Comet Inds V 1.15 1.75 1.20 1.75 1.00 Conquest Res V 0.01 0.01 0.01 0.02 0.01 Contintl Nickl V 0.40 0.90 0.40 1.12 0.00 Corex Gold V 0.03 0.04 0.03 0.09 0.03 Cortez Gold V 0.18 0.32 0.32 1.00 0.00 Creso Expl V 0.12 0.12 0.12 0.13 0.00 Crosshair Eny* X 0.02 0.03 0.02 0.26 0.00 Cuervo Res C 0.01 0.01 0.01 0.01 0.00 Curis Res T 0.68 0.72 0.70 0.99 0.00 Currie Rose Rs V 0.01 0.02 0.01 0.02 0.01 Darnley Bay V 0.02 0.02 0.02 0.13 0.02 Darwin Res V 0.05 0.05 0.05 0.20 0.00 Desert Gold V 0.10 0.19 0.09 0.90 0.08 Diamonds North V 0.02 0.03 0.02 0.08 0.00 Discovery Harb V 0.03 0.04 0.03 0.11 0.02 Dominion Mnls* Q 0.08 0.18 0.01 0.09 0.00 Duluth Metals T 0.45 0.45 0.45 1.00 0.00 Dunav Res V 0.01 0.02 0.02 0.14 0.00 Duncan Park H V 0.01 0.01 0.01 0.03 0.01 DV Res V 0.04 0.05 0.04 0.06 0.04 E-Energy Vent V 0.01 0.01 0.01 0.01 0.01 Eagle Hill Exp V 0.60 0.65 0.65 0.93 0.00 Eagle Mtn Gold V 0.14 0.17 0.13 0.42 0.00 Eastern Merid V 0.04 0.10 0.05 0.11 0.04 Eastfield Res V 0.02 0.02 0.02 0.05 0.02 Elemental Mnls T 0.18 0.25 0.20 0.55 0.00 Elgin Mng T 0.41 0.42 0.42 0.45 0.00 Elissa Res V 0.14 0.14 0.14 0.25 0.06 Esperanza Res V 1.01 1.03 1.01 1.70 0.00 Estrella Gold V 0.03 0.04 0.03 0.08 0.00 Eurasian Minls V 0.62 0.68 0.66 0.97 0.53 Eureka Res V 0.07 0.12 0.08 0.16 0.02 Eurotin V 0.01 0.02 0.02 0.10 0.02 Evolving Gold C 0.06 0.08 0.06 0.21 0.01 Evrim Res V 0.13 0.15 0.15 0.29 0.11 Extorre Gold M T 4.27 4.28 4.27 11.27 0.00
Published by:
STOCK
12-MONTH
EXC BID ASK LAST HIGH LOW
Feronia V 0.14 0.20 0.21 0.70 0.07 Ferrum Am Mng V 0.01 0.02 0.01 0.05 0.01 Firesteel Res V 0.02 0.02 0.01 0.08 0.01 Firestone Vent V 0.01 0.01 0.01 0.02 0.01 First Nickel T 0.01 0.01 0.01 0.03 0.01 Fort St J Nick V 0.01 0.02 0.01 0.03 0.01 Full Metal Mnl V 0.03 0.05 0.03 0.35 0.03 Gem Intl Res V 0.05 0.07 0.06 0.26 0.05 Gentor Res V 0.03 0.04 0.03 0.17 0.03 Geocom Res* Q 0.05 0.09 0.02 0.03 0.00 Geomark Expl V 0.96 1.00 0.98 1.00 0.00 Global Hunter V 0.02 0.03 0.02 0.08 0.02 Global Met Cl V 0.01 0.01 0.01 0.03 0.01 Global Ur Fund T 1.64 1.67 1.64 2.05 0.00 Gold Ridge Exp V 0.02 0.02 0.02 0.05 0.02 Golden Goliath V 0.01 0.01 0.01 0.03 0.01 Golden Harp V 0.04 0.06 0.04 0.07 0.03 GoldMountain* Q 0.04 0.05 0.05 0.35 0.00 Goldstar Mnls V 0.02 0.03 0.02 0.05 0.02 Gray Rock Res V 0.03 0.04 0.04 0.05 0.02 Great Bear Res V 0.05 0.05 0.04 0.09 0.02 Green Swan Cap V 0.01 0.02 0.01 0.06 0.01 Green Valley M V 0.01 0.01 0.01 0.01 0.01 Grenville Gold V 0.06 0.09 0.08 0.15 0.04 Groundstar Res V 0.05 0.06 0.05 0.18 0.03 Gryphon Gold T 0.01 0.01 0.01 0.13 0.00 GTO Res V 0.10 0.16 0.11 0.11 0.00 Hansa Res V 0.01 0.02 0.02 0.03 0.01 Hawkeye Gld&Di V 0.05 0.06 0.05 0.08 0.02 Highbury Proj V 0.10 0.24 0.19 0.40 0.15 Highvista Gold V 0.12 0.15 0.17 0.28 0.06 Honey Badger E V 0.01 0.01 0.01 0.05 0.01 Horizonte Mnls T 0.03 0.04 0.04 0.09 0.04 Hudson River M V 0.01 0.01 0.01 0.01 0.01 Huntington Exp V 0.01 0.01 0.01 0.04 0.01 ICN Res V 0.06 0.07 0.06 0.30 0.00 Inform Res V 0.01 0.03 0.03 0.07 0.01 Inova Res T 0.16 0.20 0.15 0.60 0.00 Inter-Citic Mn T 2.04 2.05 2.04 2.05 0.00 Intl Enexco V 0.41 0.41 0.41 0.55 0.00 Intl Millm Mng V 0.01 0.02 0.04 0.04 0.04 Intl Minls Crp T 2.80 2.83 2.83 4.92 0.00 Intl Samuel Ex V 0.01 0.01 0.01 0.03 0.01 Intrepid Mns T 0.25 0.26 0.26 0.31 0.00 Iron South Mng V 0.05 0.09 0.05 0.21 0.05 Iron Tank Res V 0.03 0.04 0.04 0.16 0.02 Jaguar Mng V 0.14 0.18 0.18 0.84 0.12 Jasper Mng V 0.04 0.12 0.04 0.10 0.03 Jiulian Res V 0.03 0.05 0.03 0.06 0.02 Jourdan Res V 0.04 0.05 0.07 0.15 0.03 Kazax Mnls V 0.02 0.05 0.02 0.06 0.02 Kermode Res V 0.01 0.01 0.01 0.02 0.01 Kimber Res T 0.15 0.16 0.15 0.40 0.00 Knick Expl V 0.02 0.02 0.02 0.02 0.01 KWG Res V 0.02 0.03 0.02 0.09 0.00 La Quinta Res V 0.01 0.02 0.01 0.02 0.01 Labdr Iron Mns T 0.02 0.02 0.02 0.14 0.00 Lachlan Star T 0.01 0.01 0.02 0.28 0.00 Letho Res V 0.07 0.09 0.08 0.18 0.05 Liberty Silver T 0.05 0.08 0.04 0.13 0.00 Lincoln Mng V 0.04 0.05 0.04 0.20 0.03 Lipari Energy T 0.46 0.49 0.47 0.49 0.00 Lithium Americ T 0.29 0.30 0.30 0.49 0.00 Lithium One V 1.15 1.18 1.15 1.46 0.00 Logan Res V 0.05 0.06 0.05 0.06 0.03 Lornex Cap V 0.10 0.18 0.10 0.20 0.00 Lovitt Res V 0.04 0.09 0.05 0.06 0.03 Lucky Mnls V 0.07 0.11 0.13 0.16 0.08 MagIndustries T 0.10 0.04 0.13 0.26 0.00 Magma Metals T 0.09 0.09 0.09 0.28 0.00 Mahdia Gold C 0.01 0.17 0.01 0.03 0.01 Mainstream Mnl V 0.01 0.01 0.01 0.01 0.01 Majescor Res V 0.03 0.04 0.05 0.06 0.03 Mammoth Res V 0.01 0.01 0.01 0.07 0.01 Manado Gold V 0.03 0.03 0.03 0.08 0.01 Maritime Res V 0.11 0.17 0.11 0.24 0.08 Marklnd AGF PM T 5.86 8.25 5.82 10.41 0.00 Masuparia Gold V 0.04 0.07 0.04 0.10 0.04 McChip Res V 0.83 1.09 0.90 1.37 0.85 McVicar Res V 0.47 0.49 0.49 0.52 0.00 Mega Copper V 0.03 0.04 0.03 0.07 0.02 Mega Precs Mtl V 0.08 0.09 0.08 0.13 0.00 Mercator Mnls T 0.01 0.01 0.03 0.12 0.00 Messina Minls V 0.06 0.10 0.06 0.13 0.00 Metallis Res V 0.04 0.05 0.04 0.14 0.01 Midasco Cap V 0.09 0.12 0.09 0.10 0.05 Midway Gold T 0.13 0.13 0.09 1.30 0.00 Midway Gold* X 0.07 0.08 0.04 1.17 0.00 Milner Con Slv V 0.02 0.03 0.02 0.10 0.02 Mindoro Res V 0.01 0.01 0.01 0.06 0.01 Minemakers T 0.08 0.12 0.09 0.11 0.06 Mineral Depost T 5.00 5.09 4.75 6.95 0.00 Mineral Hill V 0.04 0.14 0.14 0.14 0.07 Minfocus Expl V 0.01 0.02 0.01 0.04 0.01 Mirabela Nickl T 0.02 0.02 0.02 0.62 0.00 Moly Mines T 0.06 0.07 0.06 0.15 0.00 Monster Mng V 0.01 0.01 0.01 0.01 0.01 Mountain Lake V 0.32 0.35 0.32 0.82 0.00 Murgor Res V 0.02 0.02 0.02 0.03 0.00 Nebu Res V 0.02 0.02 0.02 0.05 0.01 Network Expl V 0.03 0.03 0.03 0.06 0.03 Nevado Res V 0.02 0.03 0.02 0.07 0.02 New Dawn Mng T 0.10 0.16 0.13 1.10 0.00 New Destiny Mg V 0.01 0.02 0.01 0.05 0.01 New Oroperu Rs V 0.10 0.11 0.10 0.23 0.07 New Pac Metals T 0.15 0.17 0.16 0.28 0.14 New World Res V 0.02 0.03 0.02 0.12 0.01 Newcrest Mng T 12.10 12.90 12.11 31.00 0.00 Newmont Mng T 26.37 26.90 26.25 44.66 0.00 Newstrike Cap V 0.66 0.70 0.70 1.22 0.00 Nikos Expl V 0.03 0.04 0.03 0.15 0.03 Nitinat Mnls V 0.05 0.06 0.06 0.09 0.03 NMC Res V 0.17 0.17 0.19 0.19 0.00 Noble Metal Gr V 0.01 0.01 0.01 0.01 0.01 Noble Mnl Expl V 0.01 0.01 0.01 0.02 0.01 Nortec Mnls V 0.02 0.02 0.02 0.12 0.02 North Am Pot D V 0.01 0.01 0.01 0.02 0.01 Northern Iron V 0.01 0.02 0.01 0.05 0.01 NQ Expl V 0.01 0.01 0.01 0.02 0.01 NSGold V 0.04 0.09 0.04 0.65 0.04 NSX Silver V 0.03 0.05 0.04 0.07 0.03 Nubian Res V 0.01 0.02 0.01 0.03 0.01 Nuinsco Res T 0.01 0.01 0.01 0.03 0.00 Nunavik Nickel V 0.05 0.06 0.05 0.18 0.05 NWM Mng V 0.01 0.01 0.01 0.01 0.01 NWT Uranium V 0.02 0.02 0.05 0.05 0.05 Open Gold V 0.01 0.01 0.01 0.02 0.01 Orefinders Res V 0.01 0.02 0.01 0.10 0.01
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Oremex Silver V 0.02 0.03 0.03 0.03 0.02 Orko Silver V 1.94 1.99 1.99 2.63 0.00 Oronova Res V 0.03 0.05 0.03 0.04 0.03 Orsa Vent V 0.10 0.10 0.10 0.15 0.00 Otterburn Res V 0.09 0.20 0.20 0.20 0.20 Pac Arc Res V 0.01 0.01 0.01 0.01 0.01 Pac Imp Mines V 0.01 0.01 0.01 0.02 0.01 Pac Iron Ore V 0.07 0.14 0.13 0.35 0.10 Pac Rim Mining T 0.07 0.08 0.07 0.11 0.00 Pac Wildcat Re V 0.01 0.01 0.02 0.05 0.01 Paget Mnls V 0.01 0.01 0.01 0.01 0.01 Palladon Vent V 0.01 0.01 0.01 1.12 0.01 Pantheon Vent V 0.11 0.11 0.10 0.13 0.03 Paragon Minls V 0.06 0.07 0.06 0.12 0.00 Parallel Mng V 0.03 0.04 0.04 0.07 0.03 Paramount Gold T 1.20 1.20 1.52 1.88 0.00 Passprt Potash V 0.02 0.02 0.02 0.05 0.01 Peat Res V 0.01 0.02 0.01 0.03 0.01 Penteco Res V 0.05 0.06 0.05 0.06 0.00 Petaquilla Mnl T 0.03 0.03 0.03 0.31 0.00 Pitchstone Exp V 0.09 0.09 0.09 0.21 0.00 Plate Res V 0.02 0.03 0.02 0.07 0.02 Platinex V 0.01 0.01 0.01 0.01 0.01 PMI Gold T 0.48 0.50 0.48 0.72 0.00 PNG Gold V 0.01 0.01 0.01 0.02 0.01 Polar Star Mng T 0.01 0.02 0.01 0.17 0.00 Portage Mnls C 0.01 0.02 0.02 0.03 0.00 Portola Res V 0.20 0.01 0.20 0.20 0.20 Premier Roy T 0.74 0.76 0.76 2.60 0.00 Providence Res V 0.04 0.09 0.05 0.12 0.00 PVR Partners* N 27.44 27.46 27.44 29.22 0.00 Quartz Mtn Res V 0.01 0.02 0.01 0.06 0.01 Quia Res V 0.01 0.01 0.01 0.04 0.01 Rackla Mtls V 0.01 0.02 0.02 0.03 0.01 Rainy Mtn Royl V 0.03 0.04 0.03 0.11 0.02 Rainy River Rs T 3.37 3.37 3.42 6.10 0.00 REBgold V 0.13 0.14 0.16 0.16 0.00 Red Cresc Res T 0.02 0.02 0.01 0.11 0.00 Red Moon Potsh V 0.02 0.05 0.03 0.09 0.02 Red Rock Enrgy V 0.02 0.02 0.02 0.06 0.01 Regulus Res V 0.26 0.31 0.24 0.61 0.00 Reliant Gold V 0.01 0.02 0.02 0.06 0.01 Resolve Vent V 0.04 0.06 0.05 0.08 0.05 Reva Res V 0.02 0.04 0.02 0.06 0.02 Revett Mnls T 0.56 0.65 0.57 1.42 0.00 Rhyolite Res V 0.06 0.11 0.11 0.32 0.11 Ridgemont Ir O V 0.02 0.02 0.02 0.28 0.00 Rio Alto Mng T 3.47 3.51 3.48 3.99 0.00 Rio Alto Mng* N 2.46 2.48 2.47 3.18 0.00 Roca Mines V 0.03 0.03 0.03 0.03 0.00 Rochester Res V 0.03 0.04 0.04 0.15 0.03 Rockcliff Res V 0.03 0.03 0.03 0.07 0.00 Rockex Mng T 0.03 0.04 0.04 0.30 0.00 Rockgate Cap T 0.30 0.35 0.30 0.53 0.00 Rockland Mnls V 0.03 0.04 0.03 0.06 0.03 Romulus Res V 0.10 0.14 0.16 0.24 0.12 Rotation Mnls V 0.02 0.20 0.05 0.15 0.01 Royal Coal V 0.03 0.01 0.01 0.21 0.00 RT Minerals V 0.01 0.01 0.01 0.07 0.01 Rupert Res V 0.03 0.04 0.03 0.11 0.03 RX Gold & Silv V 0.23 0.24 0.24 0.60 0.00 Ryan Gold V 0.11 0.12 0.12 0.16 0.00 Sandstorm Mt&E V 1.20 1.37 1.36 3.54 0.00 Saville Res V 0.02 0.04 0.02 0.13 0.02 Senior Gld Prd T 4.78 4.88 4.78 7.48 0.00 Signal Expl V 0.02 0.05 0.03 0.05 0.02 Silver Pursuit V 0.03 0.03 0.03 0.06 0.02 Silvercorp Mt* N 0.65 0.65 0.65 1.81 0.00 Silvermet V 0.05 0.05 0.05 0.11 0.03 Silvermex Res T 0.50 0.55 0.53 0.88 0.00 Silvore Fox Ml V 0.03 0.03 0.03 0.11 0.00 Sirocco Mng T 0.34 0.36 0.35 0.89 0.00 Slater Mng V 0.03 0.05 0.03 0.05 0.02 Soltoro V 0.30 0.30 0.32 0.34 0.00 Sonora Gld & S V 0.01 0.02 0.01 0.03 0.01 Southern Hemis V 0.04 0.06 0.04 0.20 0.00 Stikine Energy V 0.01 0.01 0.01 0.02 0.01 Strata Mnls V 0.01 0.01 0.01 0.12 0.01 Stratabd Mnr V 0.01 0.01 0.01 0.07 0.01 Stroud Res V 0.01 0.01 0.01 0.01 0.01 Sunset Cove Mg V 0.01 0.01 0.01 0.06 0.01 Sunward Res T 0.17 0.18 0.18 0.24 0.00 Taipan Res V 0.35 0.45 0.03 3.95 0.02 Tajiri Res V 0.01 0.02 0.01 0.04 0.01 Taranis Res V 0.05 0.09 0.05 0.15 0.03 Tasca Res V 0.01 0.02 0.02 0.08 0.01 Tawsho Mng V 0.01 0.02 0.01 0.05 0.01 Terreno Res V 0.04 0.14 0.07 0.10 0.04 Theia Res V 0.06 0.09 0.07 0.20 0.06 Thelon Cap V 0.10 0.10 0.05 0.17 0.00 Themac Res V 0.02 0.03 0.03 0.04 0.01 Thor Expl V 0.02 0.03 0.02 0.08 0.02 Thunder Mtn Gd V 0.05 0.09 0.11 0.11 0.04 Tigray Res V 0.09 0.13 0.10 0.15 0.00 Tiller Res V 0.04 0.08 0.05 0.20 0.04 Tolima Gold V 0.01 0.01 0.01 0.05 0.01 Trend Mng* Q 0.05 0.05 0.01 0.11 0.00 Tri-River Vent V 0.05 0.17 0.05 0.07 0.03 TriAusMin T 0.06 0.07 0.07 0.08 0.00 Trio Gold Corp V 0.01 0.01 0.01 0.02 0.01 Troy Res T 0.43 0.44 0.43 1.27 0.00 Tyhee Gold V 0.01 0.02 0.01 0.10 0.01 United Silver T 0.01 0.01 0.02 0.14 0.00 Uranerz Energy T 1.41 1.44 1.44 1.70 0.00 Uranium One T 2.85 2.86 2.85 2.86 0.00 US SIlver & Go T 0.34 0.35 0.35 0.67 0.00 Vaaldiam Mng T 0.26 0.27 0.26 0.27 0.00 Venerable Vent V 0.01 0.02 0.01 0.03 0.01 Veris Gold T 0.10 0.10 0.15 0.95 0.00 Viking Gold V 0.01 0.01 0.01 0.01 0.01 Virginia Mines T 14.65 15.22 14.99 17.20 0.00 Volcanic Mtls V 0.05 0.09 0.05 0.16 0.05 Volta Res T 0.33 0.34 0.33 0.57 0.00 Walter Energy* N 0.16 0.17 0.16 6.84 0.00 Walter Energy T 7.10 7.82 7.15 21.20 0.00 Waymar Res V 0.09 0.13 0.10 0.20 0.00 Wescan Goldfie V 0.02 0.03 0.02 0.05 0.01 West Cirque Rs V 0.23 0.26 0.26 0.54 0.00 Western Areas T 3.75 8.54 4.00 6.11 0.00 Westridge Res V 0.01 0.02 0.01 0.05 0.01 Whetstone Mnls V 0.01 0.01 0.01 0.04 0.00 White Pine Res V 0.01 0.01 0.01 0.09 0.01 Williams Creek V 0.01 0.02 0.02 0.11 0.01 Windarra Minls V 0.05 0.07 0.06 0.09 0.00 Windstorm Res V 0.04 0.05 0.05 0.19 0.00 Witwatersrand T 1.08 1.18 1.08 1.50 0.00 World Vent* Q 0.01 0.51 0.02 0.10 0.00 Xemplar Energy V 0.02 0.02 0.02 0.05 0.02 Xinergy T 0.02 0.02 0.02 0.48 0.00 Zonte Mtls V 0.04 0.05 0.04 0.08 0.03
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THE NORTHERN MINER SEPTEMBER 28-OCTOBER 4, 2015 11
Randgold, AngloGold to revive Obuasi
ANGLOGOLD ASHANTI
Mark Bristow (left), Randgold CEO, and Srinivasan Venkatakrishnan, Anglogold Ashanti CEO, at the press conference announcing the Obuasi deal in Ghana.
But in recent years, Obuasi’s cash costs and all-in sustaining costs have soared. AngloGold reported total cash costs of US$1,086 per oz. in 2014, US$1,406 per oz. in 2013 and US$1,187 per oz. in 2012, while all-in sustaining costs reached US$1,374 per oz. in 2014, US$2,214 per oz. in 2013 and US$2,201 per oz. in 2012. “The bottom line was that it was a mining method ill-suited to the mine, and as a result, productivity was nowhere near where it needed to be for an asset like that,” AngloGold’s senior vice-president of investor relations and corporate communications Stewart Bailey explains. “In layman’s terms, you had people drilling the orebody using handheld drills. The mine had just been operated in a manual fashion.” “Now what you’re going to have is jumbos — mechanized drill rigs with several drill bits that can drill at a fast rate — and the advancement rate will greatly improve,” the executive says in a telephone interview from the sidelines of the Denver Gold Forum. Another constraint was the lack of flexibility in getting men and material underground to depths of 1,500 metres, and retrieving the ore from underground to surface, Bailey continues. In 2012 the company developed a ramp access in order to supplement the vertical hoisting infrastructure and help debottleneck the operation. “We think the combination of the decline ramp and the existing shaft infrastructure will get the productivity up,” Bailey says. “It’s difficult to just snap your fingers and change the mine from a labourintensive one into a mechanized operation. You need to redesign it and retrench a lot of people, and that’s a difficult transition to make. We’ve done it now, and that transition has been made. “Let’s not forget that it’s a world-class orebody,” he adds. “It’s big, it’s high-grade and there’s potential to convert resource to reserves, but it only works if the mine is making a margin, and this is what this redevelopment plan with Randgold is aimed at doing.” In a presentation at the Denver Gold Forum, AngloGold’s CEO Srinivasan Venkatakrishnan pointed out that the companies have worked together on two mines — Morila in Mali and Kibali in the Democratic Republic of the Congo — with excellent results, and noted that “this move for us is a no-brainer. “Both companies bring in complementary skills and have mutual respect for one another, and need-
TNM Sep 28 2015 Issue.indd 11
less to say, Mark’s track record in continental Africa is well understood by everybody.” If Randgold’s development plan meets both parties’ investment criteria, the groups will form a joint-venture company and jointly fund Obuasi’s redevelopment. Both companies will have an equal number of directors on the board.
eight mines in production — and enjoys a stable government, has a favourable mining and tax code, excellent infrastructure and a well-trained labour force. BMO Capital Markets’ Breichmanas estimates that following redevelopment, the mine “should be capable of reaching production rates of 450,000 to 550,000 oz. per annum achieved before operating problems emerged.
turn approaching 20% if costs comparable to those achieved at [Randgold’s] Loulo can be demonstrated.” As for Randgold, the proposed joint venture for the revival of Obuasi “shows we’ve still got lots of energy, and certainly have no intention of losing our momentum or direction,” Bristow said during a presentation at the Denver Gold Forum, adding that the
‘This move for us was a no-brainer.’ — Srinivasan Venkatakrishnan, CEO, AngloGold Ashanti “While the development plan should better demonstrate the capital required and the anticipated economics, the ability to acquire an interest in a world-class asset through sharing costs and investing in infrastructure appears to enable Randgold to achieve its investment criteria,” the Londonbased analyst wrote in a client research note. “For example, assuming total capital costs of US$0.5–1 billion and production of 500,000 oz. per annum ... the project could generate an internal rate of re-
debt-free company he heads celebrated its twentieth birthday in August. “Unlike many of our peers, we are not worrying about survival, we are planning for growth,” Bristow continued. “Organic growth through discovery and development remains our core growth strategy, but as the recent Obuasi deal shows, we are also ready to take other routes to test whether we are able to convert world-class deposits into world-class mines, when the situation meets our investment criteria.”
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RANDGOLD, From Page 1
Alka Singh, an independent mining analyst in Toronto, points out that Randgold’s Bristow “has talked for months about the company’s willingness to acquire the right asset to add to its operating mines. “Among the major gold producers, Randgold has coped with the declining gold price and other problems affecting the industry better than most of its rivals,” she says. “In my view, it is a better operator than AngloGold, and their history of working as partners will help in pooling the resources at Obuasi and turning it around.” Singh notes that Ghana is one of the most geologically prospective countries in Africa, with four main gold belts — Kibi, Ashanti, Asankrangwa and Sefwi — and that the Ashanti belt, home to Obuasi, has been the most productive gold-bearing zone in the area to date, having produced gold for centuries, and mined by European operators since the 1800s. “If I had to go and build a mine in Africa, Ghana would be my first and only choice,” she says, noting that Ghana is the continent’s second-largest gold producer — with
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Optimists see ‘gems’ in besieged coal markets COAL, From Page 1
order of the day, so those in bankruptcy are being forced to restructure and reorganize portfolios. Many companies are looking for a realistic core basket of assets around which they can survive.” In the international sphere , he said there’s “less likelihood of dramatic restructuring, but they’re all looking at their portfolios and refocusing. That means there is an active transaction environment. Most of us realize that pretty much any project you wanted to discuss right now would be on the table. Almost everything is for sale.” But transactions can be a tricky business when the commodity in question has an uncertain outlook. According to Oehlberg, there is plenty of demand on the buy side for coal assets, but companies with quality mines are hesitant to sell, since these projects often service high debt loads. Industry-altering deals aren’t yet a reality. In late 2014, Peabody and Glencore (LSE: GLEN) merged a pair of neighbouring Australian mines to save costs, while Alpha sold off its Amfire assets in Pennsylvania to Rosebud Mining for US$86 million. Blackhawk Mining recently picked up most of Patriot’s operations in a bankruptcy auction, which included measures to “appease creditors.”
TNM Sep 28 2015 Issue.indd 13
The Donkin coal project in Nova Scotia which owned by Kameron Collieries, a Cline Group subsidiary. “There are better acquisition opportunities out there than we’ve seen for over a decade,” Oehlberg said. “More often than not the gems are diamonds in the rough. These are assets that need to be worked on and honed to become an asset that supports a new company. These assets tend to be a little cheaper because you have to spend money, and someone has to de-risk it. We all want excellent coal quality, long-life reserves, low cash costs and good infrastructure. But you won’t find all of that at a good valuation. We need to go into tough places and figure out the upside.”
Virginia-born coal magnate Christopher Cline has already waded into the acquisition market and picked up a pair of coal assets in Canada. Cline’s new private company Cutlass Collieries is on the lookout for undervalued projects that fit the so-called “gem” criteria. In late 2014, Cutlass picked up a 75% interest in the fully permitted Donkin coal project in Nova Scotia from Glencore for an undisclosed amount. The company hopes to hit production in early 2016, and produce thermal coal for Canadian and export markets.
MORIEN RESOURCES
Cutlass followed up by acquiring Coalspur Mines (TSX: CPT; ASX: CPL) and its Vista coal project in Alberta for US$12 million in early March. “We’ve embarked on a few international endeavours,” Cutlass CEO Paul Vining, who previously helmed Alpha, told conference attendees. “Somebody had asked who has ‘dry powder,’ or, in other words: ‘Who else is buying?’ Look at who is acquiring the bonds of the coal companies in the U.S., because that’s a proxy on who is making a bet on coal. When we looked at Donkin we analyzed logistics, cost structures, access to ports, the re-
source and the local workforce.” Vining said Vista is “a great lowcost project, but it’s a long way from a port. We’ll take a look at the mine design, and do things a little more economically. It’s a two-year build out once you get started, so we need a little light at the end of the tunnel. It’s a bit of a longer play, though it’s permitted and ready to go.” BMO Capital Markets analysts said in late August that North American thermal coal is one of the “most challenged” sectors within its metals and mining coverage. Meanwhile, BMO analyst Jessica Fung wrote in mid-September that the outlook for met coal is “relatively weak” due to falling steel and scrap prices. Oehlberg wrapped up his talk by noting that “investors are interested in finding a way to position themselves for the upturn, and though financial markets are guarded, equity players are warily watching what is occurring in the coal industry. “There are things that will change the marketplace and there are investors who want to provide capital to the right management team looking at the right gem. The world needs reliable electricity, and we’re shooting ourselves in the foot with some of these beliefs in certain forms of energy that defy logic and economic assessment.”
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14 SEPTEMBER 28-OCTOBER 4, 2015 THE NORTHERN MINER
La Mancha to acquire 30% of Endeavour Mining
ENDEAVOUR MINING
The Ity mine gold mine in Côte d’Ivoire. Endeavour Mining is acquiring a 55% stake in Ity from La Mancha. ENDEAVOUR, From Page 1
company’s enlarged share capital. If Endeavour’s shareholders approve the deal, the Vancouverbased company will add a fifth gold mine in West Africa to its portfolio; increase total gold production to a rate of 580,000 oz. per
year; and strengthen its balance sheet by reducing net debt from US$242 million to US$159 million, and slashing its net debt to earnings before interest, taxes, depreciation and amortization ratio from 1.3 times to 0.7 times. The transaction also increases
Endeavour’s attributable proven and probable reserves by 22% to 4.8 million oz. gold (measured and indicated resources rise by 23% to 8.5 million oz. gold), and will fund development of Endeavour’s Houndé project in Burkina Faso, after a construction decision early next year. The agreement includes a twoyear lock-up on the Endeavour shares issued to La Mancha. Sawiris will also be appointed to Endeavour’s board of directors, along with La Mancha’s current president and CEO Sébastien de Montessus. (De Montessus will also become Endeavour’s president, and within 24 months, transition to CEO.) Endeavour estimates that it is paying US$17 per oz. for Ity based on the mine’s attributable proven and probable reserves (55% of 1.6 million oz.), or US$9 per oz., based on the mine’s measured and indicated resources (55% of 2.9 million oz.). Looking at the deal based on Endeavour’s market value of 58¢ per share, the value of the 177.1 million new shares issued to La Mancha is US$77.9 million. “This kind of transaction doesn’t happen every day, particularly in the current depressed state of the
market, and commodity prices more generally,” Doug Reddy, Endeavour’s executive vice-president of business development, says in an interview from the sidelines of the Denver Gold Forum. “Instead of going out and doing an equity raise, we’ve got something that no matter how we look at it,
‘This kind of transaction doesn’t happen every day, particularly in the current depressed state of the market, and commodity prices more generally.’ — Doug Reddy, executive VP of business development, Endeavour Mining there are pluses to it for Endeavour, with the exception of dilution. “It boils down to a new investor becoming a major shareholder with a standstill and lock-up of his interest, and he is doing that because he’s got the same view of Endeavour that we have, which is that it’s a good platform for creating a premier African gold mining company — and that’s why he’s coming in to be our number-one shareholder.
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He’s in it for the long-term.” Endeavour has four mines in West Africa producing 500,000 oz. gold a year at all-in sustaining costs of just over US$900 per oz. Endeavour CEO Neil Woodyer founded the company and acquired its first mine — Youga in Burkina Faso — in 2010. A year
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later management picked up a second mine — Nzema, in Ghana — followed by Tabakoto in Mali, in 2013. Endeavour built its fourth mine — Agbaou, in Côte d’Ivoire— taking it into commercial production in 2014. “Our history has been acquisition, build, improve, move on and bring the cost down,” Woodyer said in a presentation at the Denver Gold Forum. “If you look at our cost profile over this period of time, we started near US$1,200 per oz., and we brought it down progressively to just over US$900 per oz.” Outlining the benefits of the latest transaction with La Mancha, Woodyer said the US$63 million in cash “is a tremendous benefit — it gives us a step-change in strengthening the balance sheet,” and helps “finance the construction of the Houndé project from our own resources.” It also adds a fifth producing mine and more cash flow, and gives it more exploration projects, which Endeavour says would make it the largest exploration company in Côte d’Ivoire. The mining executive — whose 30 years in the resource sector includes a stint as CEO of Lloyds International Trading, a subsidiary of Lloyds Bank PLC, specializing in project and trade finance and commodity trading — also pointed to La Mancha’s track record over the last three years. Not only has the company increased production from about 50,000 oz. gold a year to 85,000 oz. gold, but it has cut costs, too, with AISC in the first half of 2015 about US$700 per oz. La Mancha has also shown solid exploration results, he says, enlarging its resource base since 2011 from 200,000 oz. gold to 2.9 million oz. “They’ve spent US$25 million on exploration over the last few years and that program is ongoing, so we’d look to add ounces going forward,” he says. “We’re buying a viable mine, with big upside potential in terms of cash generation.” La Mancha could bolster Ity by adding a carbon-in-leach circuit (CIL), with an expansion project winding its way through a final feasibility study. Ity’s heap-leach reserves support a three-year mine life, which could extend to five years by using some of the oxide reserves that are slated for the CIL project. If the CIL processing plant is built in 2017, gold production could begin in 2019, with the mine life extending until 2029. Other shareholders in the Ity mine, 480 km northwest of Abidjan, are Côte d’Ivoire’s state mining company Sodemi (30%), the government directly (10%) and Ivorian professional soccer player Didier Drogba, who plays for the Montreal Impact club (5%).
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TNM Sep 28 2015 Issue.indd 14
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THE NORTHERN MINER SEPTEMBER 28-OCTOBER 4, 2015 15
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TNM Sep 28 2015 Issue.indd 15
15-09-23 5:13 PM
16 SEPTEMBER 28-OCTOBER 4, 2015 THE NORTHERN MINER
Agnico Eagle has 10 rigs turning at El Barqueño
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The historic open pit area at Agnico Eagle Mines’ El Barqueno gold project in Jalisco, Mexico.
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Agnico Eagle Mines (TSX: AEM; NYSE: AEM) says the El Barqueno gold project in Mexico could become a heap-leach operation similar to its La India gold mine and the stand-alone Creston Mascota pit, near its Pinos Altos gold mine. “We’ve got a minimum of La India-type open-pit material, and we do think there is potential ultimately for a Pinos Altos-style underground — but we are still working there,” Sean Boyd, the company’s vice-chairman and CEO, said at the Denver Gold Forum. On Sept. 21, Agnico reported that recent drilling at the 328 sq. km property in Jalisco state expands mineralized zones. El Barqueno has three blocks of land, including the original El Barqueno package acquired from Cayden Resources last November, and two nearby blocks bought from Soltoro Ltd. in June 2015. During the first eight months of 2015, Agnico drilled 36,000 metres in 148 holes on the project to delineate the limits of the AztecaZapoteca, Angostura and Pena de Oro prospects, as well as test for other mineralized structures and extensions. The main mineralized trend at El Barqueno has at least 8 km of strike potential. A recent hole from AztecaZapoteca returned 8.04 grams gold per tonne over 5 metres at 227 metres deep. Another hole
hit four lenses between 173 and 303 metres deep, including 2.25 grams gold over 3.6 metres at 303 metres deep. The prospect has a 1.2 km strike length and is open at depth and along strike. Some 800 metres northwest of Azteca-Zapoteca, a hole at Angostura cut 15.4 grams gold over 3 metres at 87 metres deep. The prospect has a more than 1 km strike length, and seems to plunge shallowly southwest.
AGNICO EAGLE MINES
ing, are also underway. BMO analyst Andrew Kaip notes that El Barqueno “reflects an important greenfield project for Agnico Eagle, with similarities to the company’s existing Mexican heap-leach operations.” While Kaip has no value on the project, he says an initial resource estimate or technical report showing “economic viability of a potential operation may provide upside to the Agnico Eagle
Agnico Eagle has budgeted $22 million to explore El Barqueño this year. At the Pena de Oro prospect, 6 km east of Azteca-Zapoteca, drilling has extended the target’s strike length to over 800 metres, with recent intercepts including 10.82 grams gold over 4.9 metres at 32 metres deep, and 2.69 grams gold over 27.5 metres at surface. “On the advanced exploration stage the one that has jumped ahead of everything else at this point, in addition to Amaruq, would be El Barqueno,” Boyd says. Under this year’s $22-million budget for El Barqueno, Agnico has 10 rigs turning on the property, and plans another 32,000 metres by year-end. A maiden resource estimate should be out by mid-February 2016. Preliminary studies on mine design, as well as metallurgical test-
valuation.” In northern Mexico, drilling at Creston Mascota and La India are showing potential for growth. Recent infill drilling at Creston Mascota in Chihuahua state has indicated higher-grade and wide intercepts within the pit boundaries. This could increase reserves and extend the mine life beyond 2018. At the nearby La India mine in Sonora state, infill drilling and mine reconciliation data, combined with metallurgical test work on sulphide mineralization, should add to both oxide and sulphide reserves and resources, and could increase the mine’s life beyond 2020. Kaip has a $30 price target and “market perform” rating on the stock.
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TNM Sep 28 2015 Issue.indd 16
Drillers at Agnico Eagle Mines’ El Barqueño gold project in Mexico.
AGNICO EAGLE MINES
15-09-23 5:13 PM